Question

Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting standards (Topic 842) in its 10-Q report for the quarter ended March 31, 2019.
The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 842 were as follows:

($ millions) Prepaid expenses and other Operating lease right-of-use assets Other assets Accounts payable and accrued liabilities Other current liabilities Current operating lease liabilities Deferred income taxes Noncurrent operating lease liabilities Other liabilities Retained earnings Noncontrolling interests Adjustments At Dec 31, 2018 due to Topic 842 At Jan. 1, 2019 $5,453 $(329) $5,124 23,241 23,241 11,717 (2,048) 9,669 22,501 (3) 22,498 8,239 (2) 8,237 2,931 2,931 33,795 139 33,934 19,203 19,203 13,922 (1,815) 12,107 43,542 410 43,952 1,565 1 1,566

Rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either Cost of services of Selling, general and administrative expense in our condensed consolidated statements of income, based on the use of the facility on which rent is being paid.

What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard?

Answer 1

The answer is 23,241

Answer 2

Amount 23241 is the right-of-use asset the company added to Balance Sheet upon adoption of the new standard.