Newell Brands (NWL) presents a deeply negative liquidation recovery posture at March 31, 2026. Total assets of $10.86B carry severe haircuts under the liquidation lens: cash of $201M recovers at par; AR of $893M recovers roughly $849M at 95%; inventory of $1.49B recovers approximately $896M at 60%; PP&E net of $1.19B recovers roughly $597M–$836M at 50–70%; operating ROU assets of $467M recover nil; deferred tax assets of $814M recover nil; goodwill of $3.09B recovers nil; other intangibles net of $1.61B recover nil; other noncurrent assets of $772M recover nil. Rough liquidation asset pool: approximately $2.6–2.9B. Against this, liabilities stand at $8.52B at face value, including $4.97B total debt (revolver $425M classified current, long-term notes $4.54B), current liabilities of $2.80B, operating lease liabilities of $558M ($115M current, $443M noncurrent), and other noncurrent liabilities of $734M. Recovery to equity is deeply negative—consistent with MFFAIS CLV of negative $7.58B and LLV of negative $6.68B. The primary drivers of this deficit are the $3.09B goodwill balance (recovers zero), $1.61B net intangibles (recovers zero), $4.97B total debt stack at face, and $558M lease liability. Since the prior annual filing (December 31, 2025), total debt increased by $292M ($4.67B to $4.97B), driven by revolver draws increasing from $130M to $425M. Cash declined modestly. The company drew $295M net on the revolving credit facility in Q1 2026 to fund operating cash outflow of $233M plus capex of $37M. The Credit Revolver ($1.0B facility maturing August 2027) had net availability of only $327M at quarter-end after $425M in borrowings and $37M in standby letters of credit; separately, collateral-based availability was $789M pre-draws. The Total Net Leverage Ratio covenant steps down at September 30, 2026, representing a near-term covenant risk not separately XBRL-tagged. The company also discloses approximately $120M of IEEPA tariff payments in 2025 for which no refund receivable has been recorded as of March 31, 2026, representing a contingent asset excluded from the balance sheet. Pension obligations, restructuring reserves, and environmental accruals add incremental face-value liabilities. Accumulated deficit stands at negative $3.26B; AOCI is negative $974M.
▼ Community Notes