1. 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 point) $ 3064 (in millions) 2. According to the footnotes, what is the total acquisition cost of Land that Newell Brands owns as of December 31, 2020? (1 point) $_86 (in millions) 3. According to the footnotes, which of the following methods does Newell Brands use to depreciate its Property, Plant, and Equipment? (Circle one) (1 point) Double-Declining- Straight-Line Units-of-Activity Balance Newell Brands, Inc. Financial Statements (partial) Notes to Consolidated Financial Statements (partial) Footnote 1. Summary Of Significant Accounting Policies newell BRANDS 1.1. Description of Business Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Paper Mate8, Sharpies, Dymo, EXPOR, Parker, Elmer's, Coleman 8, Marmota, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalona, Contigo, First Alert, Mapa, Spontex and Yankee Candle8. Newell Brands is committed to enhancing the lives of consumers around the world with planet friendly, innovative and attractive products that create moments of joy and provide peace of mind. The Company sells its products in nearly 200 countries around the world and has operations on the ground in over 40 of these countries, excluding third-party distributors. Consolidated Balance Sheets In millions of dollars As of ASSETS Dec 31, 2020 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 $ 349 1.842 1.606 313 $4.110 1.155 3.709 6,668 $ 15,642 6. Property, Plant, and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the 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 equipment (in millions): Land Buildings and improvements Machinery and equipment Total property, plant and equipment Accumulated depreciation Property, plant and equipment, net As of December 31, 2020 2019 $ 86 $ 86 664 641 2,314 2,151 3,064 2,878 (1.888) (1,723) $ 1,176 $1.155 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Wages payable Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt Other noncurrent liabilities S 1,526 236 466 1,393 3,621 5.141 2,038 10.800 3.448 452 S 1.102 204 332 1,340 2,978 5,391 2.277 10,646 4,447 Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 7. Goodwill and Intangible Assets The Company evaluates goodwill forimpairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is belowits carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company measures the amount of any goodwill impairment by comparing the fair value to the carrying value of the reporting unit. An impairment charge is recognized to the extent the carrying value of the reporting unit exceeds the fair value. The Company evaluates indefinite- lived intangible assets (primarily trademarks and tradenames) for impairment annually. The Company also tests for impairment 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 $ 3,874 Acquisitions 0 Other (165) Goodwill balance as of December 31, 2019 $ 3.709 Acquisitions 0 Other Goodwill balance as of December 31, 2020 $ 3.553 549 4.996 3,900 $ 14,700 $ 15,642 (156) Total amortization expense for intangible assets subject to amortization was $157 million and $192 million in 2020 and 2019, respectively. 1. 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 point) $ 3064 (in millions) 2. According to the footnotes, what is the total acquisition cost of Land that Newell Brands owns as of December 31, 2020? (1 point) $_86 (in millions) 3. According to the footnotes, which of the following methods does Newell Brands use to depreciate its Property, Plant, and Equipment? (Circle one) (1 point) Double-Declining- Straight-Line Units-of-Activity Balance Newell Brands, Inc. Financial Statements (partial) Notes to Consolidated Financial Statements (partial) Footnote 1. Summary Of Significant Accounting Policies newell BRANDS 1.1. Description of Business Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Paper Mate8, Sharpies, Dymo, EXPOR, Parker, Elmer's, Coleman 8, Marmota, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalona, Contigo, First Alert, Mapa, Spontex and Yankee Candle8. Newell Brands is committed to enhancing the lives of consumers around the world with planet friendly, innovative and attractive products that create moments of joy and provide peace of mind. The Company sells its products in nearly 200 countries around the world and has operations on the ground in over 40 of these countries, excluding third-party distributors. Consolidated Balance Sheets In millions of dollars As of ASSETS Dec 31, 2020 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 $ 349 1.842 1.606 313 $4.110 1.155 3.709 6,668 $ 15,642 6. Property, Plant, and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the 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 equipment (in millions): Land Buildings and improvements Machinery and equipment Total property, plant and equipment Accumulated depreciation Property, plant and equipment, net As of December 31, 2020 2019 $ 86 $ 86 664 641 2,314 2,151 3,064 2,878 (1.888) (1,723) $ 1,176 $1.155 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Wages payable Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt Other noncurrent liabilities S 1,526 236 466 1,393 3,621 5.141 2,038 10.800 3.448 452 S 1.102 204 332 1,340 2,978 5,391 2.277 10,646 4,447 Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 7. Goodwill and Intangible Assets The Company evaluates goodwill forimpairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is belowits carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company measures the amount of any goodwill impairment by comparing the fair value to the carrying value of the reporting unit. An impairment charge is recognized to the extent the carrying value of the reporting unit exceeds the fair value. The Company evaluates indefinite- lived intangible assets (primarily trademarks and tradenames) for impairment annually. The Company also tests for impairment 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 $ 3,874 Acquisitions 0 Other (165) Goodwill balance as of December 31, 2019 $ 3.709 Acquisitions 0 Other Goodwill balance as of December 31, 2020 $ 3.553 549 4.996 3,900 $ 14,700 $ 15,642 (156) Total amortization expense for intangible assets subject to amortization was $157 million and $192 million in 2020 and 2019, respectively