David Burnett

EnPro Industries, Inc.
Charlotte, NC

I run the worldwide Tax and Treasury functions for a global manufacturer of products that are critical to systems and equipment in more than 40 industries with thousands of applications, ranging from jet engines to chemical plants, oil wells to semiconductor clean rooms, and Navy ships to tractor-trailer trucks.

Major issues encountered:

Our products are sold around the world, with nearly half of our sales generated outside of the United States. Our products are strong in the U.S., Canada, Europe, Asia-Pacific, and Central and South America, and are purchased in more than 100 countries. It is imperative that we stay abreast of ever-changing international tax policy and regulations.

Years as a Bloomberg BNA subscriber:

I don’t ever remember not having the Bloomberg BNA Portfolios.

Bloomberg BNA products most often used:

Foreign Income Portfolios, specifically the Country Portfolios.

Real Problems. Real Solutions.

As a growing company, we constantly evaluate expansion opportunities, often in new regions. We recently used the Bloomberg BNA Foreign Income Portfolios to help assess an investment in Taiwan. We compared Singapore and Hong Kong to determine a holding company preference, and the Country Portfolios for all three jurisdictions were critical in our decision process. They gave us a systematic approach to transaction structure, as well as non-tax considerations such as currency controls and labor regulations.

When it comes to strategic assessments of procurement, manufacturing, warehousing, logistics, and distribution, we cannot make global supply chain decisions without Bloomberg BNA. Between the Country Portfolios and the Transfer Pricing Portfolios, we are able to review, document, manage, and defend our transfer pricing policies and processes, and align them with our business strategy.

As Treasurer, I also highly value the Bloomberg BNA U.S. Income Portfolios, such as No. 188, Taxation of Equity Derivatives. This Portfolio, for instance, helps ensure that we understand the tax consequences of our economic decisions about options, forward contracts, and our convertible debt.

I used to carry Bloomberg BNA’s Tax Portfolios around in my briefcase when they came as separate spiral-bound journals. In today’s electronic world, Bloomberg BNA’s Tax and Accounting Center dashboard is still my go-to resource when I need practical expert analysis.