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The Tax Aspects of PVH and Warnaco's Corporate Environmental Energy Tax Savers The EPAct 179D Experts The Tax Aspects of PVH and Warnaco’s Corporate Environmental Policy By Charles R. Goulding, Andressa Bonafe, and Andrea Albanese Analysts at Energy Tax Savers take a look at Phillips-Van Heusen Corporation’s environmental sustainability initiatives. ounded in the 19th century, Phillips- EPAct Tax Deductions Van Heusen Corporation (PVH) is a Pursuant to Code Sec. 179D, as global company with revenues of enacted by the Energy Policy Act of 2005 1 Fover $5.5 billion . Amongst the (EPAct)7, properties that make qualifying world’s largest apparel corporation, PVH energy-reducing investments in new or owns internationally recognized brands existing locations can obtain immediate tax such as Calvin Klein, Tommy Hilfiger, and deductions of up to $1.80 per square foot. Van Heusen. PVH is in the process of If the building project does not acquiring Warnaco Group, Inc., a Delaware qualify for the maximum EPAct $1.80 per corporation that owns brands such as square foot immediate tax deduction, there Speedo, Chaps, Warner’s, and Olga. are tax deductions of up to $0.60 per square After this recently announced foot for each of the three major building acquisition, PVH-Warnaco will become an subsystems: lighting, HVAC (heating, $8 billion sales company. Aware of the ventilating, and air conditioning), and the impacts of its global activities and based on building envelope. The building envelope the acknowledgement of earth’s limited comprises of every item on the building's natural resources, PVH has developed a exterior perimeter that touches the outside series of environmental commitments with world including roof, walls, insulation, the objective of incorporating sustainability doors, windows, and foundation. into all aspects of its operations. Similar to Exhibit 1 presents potential EPAct 2 other major companies, such as Walmart , tax savings for PVH’s retail locations, 3 4 PepsiCo , Baxter International , Procter & warehouses, distribution centers, and 5 6 Gamble , and Target , PVH has designed a offices, as well Warnaco’s retail locations comprehensive environmental policy that and offices. focuses on three main areas: facilities, products/packaging, and supply chain. This article will discuss how EPAct Tax Credits tax deductions can play a significant role in Pursuant to the Internal Revenue carbon footprint minimization and supply Code Sec. 48, companies or individuals chain sustainability aspects of PVH’s installing various qualifying alternative program. energy technology can use a variety of 10% and 30% alternative energy tax credits. Energy Tax Savers The EPAct 179D Experts Exhibit 1: Minimizing PVH’s Carbon Footprint Responsibility Report8, presents PVH’s emission sources. PVH understands that the goal of According to the same report, in reducing the environmental impact of its 2011, PVH’s U.S. facilities have consumed operations is intrinsically related to 146,922,705 kWh. Building Energy was minimizing its greenhouse gas emissions. responsible for virtually the totality (95%) of To this end, the company has developed the company’s carbon footprint, particularly programs to monitor and decrease its retail and office locations, which present the energy consumption. Exhibit 2, originally highest emissions per square foot (see featured in the 2011 PVH Corporate Social Exhibit 3). Energy Tax Savers The EPAct 179D Experts Exhibit 2: Exhibit 39: According to the company’s Corporate Responsibility Website10, energy efficiency measures are underway to minimize the carbon footprint of its facilities. In 2011, PVH initiated a series of lighting retrofit projects (installation of LED and motion sensors) and implemented energy scans to assist in its decision to replace HVAC units. Such projects are likely to qualify for EPAct tax savings (see Exhibit 1), meaning that PVH investment costs to achieve its sustainability goals can be significantly reduced. Moreover, the company has started implementing renewable energy projects, which can also qualify for tax incentives. restricted substances and the improvement of material and energy efficiency. To this Promoting Supply Chain Sustainability end, the company has developed two PVH’s approach to sustainability is environmental assessment tools: (1) the based on the notion of variable influence environmental profile tool and (2) the and impact. Especially with regards to the water, energy, and carbon footprint tool. supply chain, the company acknowledges Launched in September 2011, the that although operations are not under its water, energy, and carbon footprint tool direct control, their impact on the was initially applied to 64% of PVH’s environment is undeniable and cannot be internal supply chain, excluding Tommy disregarded. That is why PVH is mobilizing Hilfiger11. It encompasses five different its efforts to reinforce its influence over its objectives, as presented below: supply chain, particularly through the implementation of environmental management systems, the elimination of Energy Tax Savers The EPAct 179D Experts Demonstrating links Understanding and Monitoring energy and between good tracking environmental water consumption environmental impacts along with its costs management and cost savings Converting energy Understanding water consumption into and energy carbon emissions consumption trends according to international standards PVH as a Sustainable Supplier Conclusion While PVH requires sustainable PVH’s Corporate Environmental practices from its suppliers, it must respond Policy simultaneously responds to its to demands from its consumers. A clients’ sustainability standards and raises considerable amount of the company’s new requirements to its own business revenues come from retailers and wholesale partners. The environmental commitments buyers, such as Macy’s, Walmart, JCPenney, stated are going to drive important and Kohl's, which have their own supplier improvements not only on PVH’s facilities sustainability programs. In 2010, sales to its but throughout its supply chain. The five largest clients accounted for more than ongoing acquisition of the Warnaco Group, 20% of PVH’s revenue12. As a Walmart Inc. is bound to intensify this phenomenon. business partner, PVH is required to A variety of energy-related Code Sec. 179D respond to 15 Sustainability Supplier and alternative energy tax credits are Assessment Questions, concerning energy available to support these measures. and climate, materials efficiency, nature and resources, and people and community13. Similarly, Kohl’s evaluates its Charles R. Goulding, Attorney/CPA is the suppliers using the Higg Index, a “common, President of Energy Tax Savers Inc., The EPAct industry-wide tool for measuring the 179D Experts, an interdisciplinary tax and environmental and social performance of engineering firm that specializes in the energy- apparel products and the supply chains that efficient aspects of buildings. produce them”14, developed by the Sustainable Apparel Coalition. According to Andressa Bonafe is a Tax Analyst with Energy the retailers’ website, this tool was first Tax Savers, Inc., The EPAct 179D Experts. implemented in 2011 and is expected to Andrea Albanese is a Tax Analyst with Energy drive major sustainability improvements Tax Savers, Inc., The EPAct 179D Experts. through its supply chain. PVH’s supply chain position is a Contact the experts at Energy Tax Savers today good example of how companies, by at www.energytaxsavers.com or by email at establishing sustainability goals, have the [email protected]. power of triggering similar behaviors from its immediate suppliers, spreading 1 sustainable practices through the lowest More information available online at tiers of the supply chain. http://www.pvh.com/. Energy Tax Savers The EPAct 179D Experts 2 Charles Goulding, Jacob Goldman, and Christopher Winslow, The EPAct and Alternative Energy Tax Aspects of Walmart’s Supplier Sustainability Program, Corp. Bus. Tax'n Monthly, June 2011, at 13. 3 Charles R. Goulding, Charles G. Goulding, and Jennifer Pariante, The Tax Aspects of the PepsiCo Sustainability Supply Chain, Corp. Bus. Tax'n Monthly, Nov. 2012, at 15. 4 Charles R. Goulding, Jennifer Pariante, and Charles G. Goulding, The Tax Aspects of the Baxter International Medical Device Sustainability Supply Chain, Corp. Bus. Tax'n Monthly, Nov. 2012, at 11. 5 Charles R. Goulding, Charles G. Goulding, and Andressa Bonafe, The Tax Aspects of the Procter & Gamble Sustainability Program, To be published in Corp. Bus. Tax'n Monthly. 6 Charles R. Goulding, Andressa Bonafe, and Raymond Kumar, The Tax Aspects of Target’s Corporate Responsibility Program, To be published in Corp. Bus. Tax'n Monthly. 7 Energy Policy Act of 2005 (P.L. 109‐58). 8 2011 PVH Corporate Social Responsibility Report, at 59. Available online at: http://www.pvhcsr.com/csr2011/pdf/PVH_CSR_2011.pdf. 9 2011 PVH Corporate Social Responsibility Report, at 58. Available online at: http://www.pvhcsr.com/csr2011/pdf/PVH_CSR_2011.pdf. 10 PVH Corporate Responsibility Website, 2011 Performance, available online at: http://www.pvhcsr.com/csr2011/environment_2011_perf ormance.aspx. 11 PVH Corporate Responsibility Website, 2011 Performance, available online at http://www.pvhcsr.com/csr2011/environment_2011_perf ormance.aspx. 12 PVH Corporation’s 10‐K Filing. Available online at: http://google.brand.edgar‐ online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=7 828144&SessionID=0ObcFC9nzzwcg02. 13 Charles Goulding, Jacob Goldman, and Christopher Winslow, The EPAct and Alternative Energy Tax Aspects of Walmart’s Supplier Sustainability Program, Corp. Bus. Tax'n Monthly, June 2011, at 13. 14 Kohl’s Cares, Advancing Environmental Solutions. Available online at: http://www.kohlsgreenscene.com/3‐ SupplyChain/SupplyChain.html. .
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