Acquisitions (Note)

12 Months Ended

Dec. 31, 2019

EMEA PACKAGING BUSINESSES

2019: On June 28, 2019, the Company completed the acquisition of two packaging businesses located in Portugal (Ovar) and France (Torigni and Cabourg) from DS Smith Packaging. The total purchase consideration, inclusive of working capital adjustments, was approximately €71 million (approximately $81 million at current exchange rates).

The following table summarizes the consideration paid and the amounts of the assets and liabilities assumed as of June 28, 2019:



In millions	June 28, 2019
Cash and temporary investments	$	2
Accounts and notes receivable	22
Inventory	8
Plants, properties and equipment	40
Goodwill	23
Intangible assets	16
Right of use assets	3
Deferred charges and other assets	1
Total assets acquired	115
Short-term debt	2
Accounts payable and accrued liabilities	21
Other current liabilities	4
Deferred income taxes	3
Long-term lease obligations	3
Other Liabilities	1
Total liabilities assumed	34
Net assets acquired	$	81

Since the date of acquisition, Net sales of $50 million and Earnings (loss) from continuing operations before income taxes and equity earnings of $4 million from the acquired businesses have been included in the Company's consolidated statement of operations for the year ended December 31, 2019.

The allocation of the consideration paid is preliminary and could be revised as a result of additional information obtained regarding assets acquired and liabilities assumed, and revisions to provisional estimates of fair

values, including, but not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and acquired intangible assets. Adjustments to provisional amounts will be finalized as new information becomes available, but within the adjustment period of up to one year from the acquisition date.

Pro forma information has not been included as it is impracticable to obtain the information due to the lack of availability of historical U.S. GAAP financial data. The results of the operations of these businesses do not have a material effect on the Company's consolidated results of operations.

TANGIER, MOROCCO FACILITY

2017: On June 30, 2017, the Company completed the acquisition of Europac's Tangier, Morocco facility, a corrugated packaging facility, for €40 million (approximately $46 million using the June 30, 2017 exchange rate). After working capital and other post-close adjustments, final consideration exchanged was €33 million (approximately $38 million using the June 30, 2017 exchange rate).

The following table summarizes the final fair value assigned to assets and liabilities acquired as of June 30, 2017:



In millions	June 30, 2017
Cash and temporary investments	$	1
Accounts and notes receivable	7
Inventory	3
Plants, properties and equipment	31
Goodwill	4
Other intangible assets	5
Deferred charges and other assets	4
Total assets acquired	55
Accounts payable and accrued liabilities	4
Long-term debt	11
Other long-term liabilities	2
Total liabilities assumed	17
Net assets acquired	$	38