According to the footnotes, what is the total acquisition cost of Land that Newell Brands owns as of December 31, 2020? newellBRANDSConsolidated Balance SheetsIn millions of dollarsAs ofAs ofASSETSDec 31, 2020Dec 31, 2019Cash and cash equivalents$ 981$ 349Accounts receivable, net1,6781,842Inventories1,6381,606Prepaid expenses and other current assets331313Total current assets$ 4,628$ 4,110Property, plant, and equipment, net1,1761,155Goodwill3,5533,709Other long-term assets5,3436,668Total assets$ 14,700$ 15,642LIABILITIES AND STOCKHOLDERS' EQUITYAccounts payable$ 1,526$ 1,102Wages payable236204Current portion of long-term debt466332Other current liabilities1,3931,340Total current liabilities3,6212,978Long-term debt5,1415,391Other noncurrent liabilities2,0382,277Total liabilities10,80010,646Common stock3,4484,447Retained earnings452549Total stockholders' equity3,9004,996Total liabilities and stockholders' equity$ 14,700$ 15,642 1.1. Description of BusinessNewell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, includingRubbermaid®, Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Marmot®, Oster®,Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®,Calphalon®, Contigo®, First Alert®, Mapa®, Spontex® and Yankee Candle®. Newell Brands is committed toenhancing the lives of consumers around the world with planet friendly, innovative and attractive products that createmoments of joy and provide peace of mind. The Company sells its products in nearly 200 countries around the worldand has operations on the ground in over 40 of these countries, excluding third-party distributors.6. Property, Plant, and EquipmentProperty, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed asincurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined bythe Company are as follows: buildings and improvements (20 – 40 years) and machinery and equipment (3 -15 years). Depreciation expense was $200 million, and $254 million in 2020, and 2019, respectively.The following table summarizes property and equnent (inAs of December 31,20202019Land$ 86$ 86Buildings and improvementsMachinery and equipment6646412,3143,064|(1,888)$ 1,1762,1512,878|(1,723)$ 1,155Total property, plant and equipmentAccumulated depreciationProperty, plant and equipment, net7. Goodwill and Intangible AssetsThe Company evaluates goodwill for impairment annually at the reporting unit level. The Company also testsfor impairment if events and circumstances indicate that it is more likely than not that the fair value of areporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fairvalue, impairment may be present. The Company measures the amount of any goodwill impairment bycomparing the fair value to the carrying value of the reporting unit. An impairment charge is recognized to theextent the carrying value of the reporting unit exceeds the fair value. The Company evaluates indefinite-livedintangible assets (primarily trademarks and tradenames) for impairment annually. The Company also tests forimpairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount.The following table reflects goodwill activity for fiscal 2020 and 2019 (in millions):Goodwill balance as of December 31, 2018 $ 3,874AcquisitionsOtherGoodwill balance as of December 31, 2019 $ 3,709AcquisitionsOther(165)(156)Goodwill balance as of December 31, 2020 $ 3,553Total amortization expense for intangible assets subject to amortization was $157 million and $192 million in2020 and 2019, respectively.Fo

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Answered: According to the footnotes, what is the…

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According to the footnotes, what is the total acquisition cost of Land that Newell Brands owns as of December 31, 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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