According to the footnotes, what was the initial total acquisition cost of the Property, Plant, and Equipment that Newell Brands owns as of December 31, 2020? ### 1.1 Description of BusinessNewell Brands is a premier global consumer goods company, known for its extensive portfolio of popular brands, such as Rubbermaid®, 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®. Committed to delivering planet-friendly, innovative, and attractive products, Newell Brands aims to enhance consumer lives by creating joyful moments and providing peace of mind. Operating in almost 200 countries worldwide, the company has a direct presence in over 40 of these countries excluding third-party distributors.### 6. Property, Plant, and EquipmentProperty, plant, and equipment costs are stated at cost, with maintenance and repair expenses expensed when incurred. The depreciation expense is calculated using the straight-line method, with useful lives determined as 20–40 years for buildings and improvements, and 3–15 years for machinery and equipment. The depreciation expense was reported as $200 million in 2020, and $254 million in 2019. Below is a table summarizing the property and equipment in millions of dollars:| | As of December 31, ||---------------------|--------------------|| | 2020 | 2019 || Land | $86 | $86 || Buildings and improvements | 664 | 641 || Machinery and equipment | 2,314 | 2,151 || **Total property, plant and equipment** | **3,064** | **2,878** || Accumulated depreciation | (1,888) | (1,723) || **Property, plant and equipment, net** | **$1,176** | **$1,155** |### 7. Goodwill and Intangible Assets The company assesses goodwill for impairment annually at the reporting unit level and evaluates indefinite-lived intangible assets (mainly trademarks and trade names) for impairment annually as well. An impairment charge occurs when the carrying amount exceeds the fair value of the reporting unit. Below is a table displaying goodwill activity for fiscal years 2020 and 2019:| | (in millions) ||------------------------------------ **Consolidated Balance Sheets***In millions of dollars*---**Newell Brands****As of Dec 31, 2020**- **Assets** - Cash and cash equivalents: $981 - Accounts receivable, net: $1,678 - Inventories: $1,638 - Prepaid expenses and other current assets: $331 - **Total current assets:** $4,628 - Property, plant, and equipment, net: $1,176 - Goodwill: $3,553 - Other long-term assets: $5,343 - **Total assets:** $14,700**As of Dec 31, 2019**- **Assets** - Cash and cash equivalents: $349 - Accounts receivable, net: $1,842 - Inventories: $1,606 - Prepaid expenses and other current assets: $313 - **Total current assets:** $4,110 - Property, plant, and equipment, net: $1,155 - Goodwill: $3,709 - Other long-term assets: $6,668 - **Total assets:** $15,642---**Liabilities and Stockholders' Equity****As of Dec 31, 2020**- **Liabilities** - Accounts payable: $1,526 - Wages payable: $236 - Current portion of long-term debt: $466 - Other current liabilities: $1,393 - **Total current liabilities:** $3,621 - Long-term debt: $5,141 - Other noncurrent liabilities: $2,038 - **Total liabilities:** $10,800- **Stockholders' Equity** - Common stock: $3,448 - Retained earnings: $452 - **Total stockholders' equity:** $3,900 - **Total liabilities and stockholders' equity:** $14,700**As of Dec 31, 2019**- **Liabilities** - Accounts payable: $1,102 - Wages payable: $204 - Current portion of long-term debt: $332 - Other current liabilities: $1,340 - **Total current liabilities:** $2

Total acquisition costs are the costs incurred to bring the fixed assets into present location and condition.The Property, Plant and Equipment is shown by disclosing the total cost of acquisition, accumulated depreciation and net book value in vertical format. Accumulated depreciation is deducted from the total cost of acquisition to arrive at net book value in the footnotes. The total cost of acquisition is shown at $3,064 million for the year 2020 in the footnotes.Hence, the initial total acquisition cost of the Property, Plant, and Equipment that Newell Brands owns as of December 31, 2020 is "$3,064 million" according to the footnotes.

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Question

According to the footnotes, what was the initial total acquisition cost of the Property, Plant, and Equipment that Newell Brands owns as of December 31, 2020?

### 1.1 Description of Business

Newell Brands is a premier global consumer goods company, known for its extensive portfolio of popular brands, such as Rubbermaid®, 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®. Committed to delivering planet-friendly, innovative, and attractive products, Newell Brands aims to enhance consumer lives by creating joyful moments and providing peace of mind. Operating in almost 200 countries worldwide, the company has a direct presence in over 40 of these countries excluding third-party distributors.

### 6. Property, Plant, and Equipment

Property, plant, and equipment costs are stated at cost, with maintenance and repair expenses expensed when incurred. The depreciation expense is calculated using the straight-line method, with useful lives determined as 20–40 years for buildings and improvements, and 3–15 years for machinery and equipment. The depreciation expense was reported as $200 million in 2020, and $254 million in 2019. Below is a table summarizing the property and equipment in millions of dollars:

| | As of December 31, |
|---------------------|--------------------|
| | 2020 | 2019 |
| Land | $86 | $86 |
| Buildings and improvements | 664 | 641 |
| Machinery and equipment | 2,314 | 2,151 |
| **Total property, plant and equipment** | **3,064** | **2,878** |
| Accumulated depreciation | (1,888) | (1,723) |
| **Property, plant and equipment, net** | **$1,176** | **$1,155** |

### 7. Goodwill and Intangible Assets

The company assesses goodwill for impairment annually at the reporting unit level and evaluates indefinite-lived intangible assets (mainly trademarks and trade names) for impairment annually as well. An impairment charge occurs when the carrying amount exceeds the fair value of the reporting unit. Below is a table displaying goodwill activity for fiscal years 2020 and 2019:

| | (in millions) |
|------------------------------------

**Consolidated Balance Sheets**

*In millions of dollars*

---

**Newell Brands**

**As of Dec 31, 2020**
- **Assets**
- Cash and cash equivalents: $981
- Accounts receivable, net: $1,678
- Inventories: $1,638
- Prepaid expenses and other current assets: $331
- **Total current assets:** $4,628
- Property, plant, and equipment, net: $1,176
- Goodwill: $3,553
- Other long-term assets: $5,343
- **Total assets:** $14,700

**As of Dec 31, 2019**
- **Assets**
- Cash and cash equivalents: $349
- Accounts receivable, net: $1,842
- Inventories: $1,606
- Prepaid expenses and other current assets: $313
- **Total current assets:** $4,110
- Property, plant, and equipment, net: $1,155
- Goodwill: $3,709
- Other long-term assets: $6,668
- **Total assets:** $15,642

---

**Liabilities and Stockholders' Equity**

**As of Dec 31, 2020**
- **Liabilities**
- Accounts payable: $1,526
- Wages payable: $236
- Current portion of long-term debt: $466
- Other current liabilities: $1,393
- **Total current liabilities:** $3,621
- Long-term debt: $5,141
- Other noncurrent liabilities: $2,038
- **Total liabilities:** $10,800
- **Stockholders' Equity**
- Common stock: $3,448
- Retained earnings: $452
- **Total stockholders' equity:** $3,900
- **Total liabilities and stockholders' equity:** $14,700

**As of Dec 31, 2019**
- **Liabilities**
- Accounts payable: $1,102
- Wages payable: $204
- Current portion of long-term debt: $332
- Other current liabilities: $1,340
- **Total current liabilities:** $2

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