ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of January 31, 2025:

In millions
Cash and temporary investments	$	453
Accounts and notes receivable, net	1,375
Inventories	851
Other current assets	223
Plants, properties and equipment	6,732
Intangibles	3,998
Goodwill	4,091
Overfunded pension plan assets	79
Right of use assets	252
Deferred charges and other assets	91
Total assets acquired	18,145
Notes payable and current maturities of long-term debt	60
Accounts payable	1,664
Accrued payroll and benefits	224
Other current liabilities	725
Long-term debt	3,640
Deferred income taxes	1,501
Underfunded pension benefit obligation	78
Long-term lease obligations	174
Other liabilities	170
Total liabilities assumed	8,236
Net assets acquired	$	9,909

Finite and Indefinite-Lived Intangible Assets

Identifiable intangible assets comprised of the following: 

	June 30, 2025							December 31, 2024
In millions	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets			Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets
Customer relationships and lists	$	4,319	$	452	$	3,867		$	489	$	360	$	129
Tradenames, patents and trademarks, and developed technology	589		178		411			170		162		8
Software	121		16		105		(a)	12		12		—
Land and water rights	8		2		6			8		2		6
Other	24		7		17			7		5		2
Total	$	5,061	$	655	$	4,406		$	686	$	541	$	145

(a) Of this balance, $68 million has been placed in service and $37 million is in development.

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived

The identifiable intangible assets acquired in connection with the acquisition of DS Smith included the following:

In millions	Estimated Fair Value		Average Useful Life
Customer relationships and lists	$	3,514	19 years
Tradenames, patents and trademarks, and developed technology	379		15 years
Software (a)	90		3 - 5 years
Other	15		Indefinite lived
Total	$	3,998

(a) Of this balance, $57 million has been placed in service and $33 million is in development.

Business Combination, Pro Forma Information

Below are the consolidated results on an unaudited pro forma basis assuming the DS Smith acquisition had closed on January 1, 2024:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025 (Unaudited)		2024 (Unaudited)		2025 (Unaudited)		2024 (Unaudited)
Net Sales	$	6,767	$	6,831	$	13,403	$	13,557
Net Earnings (Loss)	104		475		(16)		453