ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2025

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

Schedule of Net Assets Acquired

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	$	448
Accounts and notes receivable, net	1,379
Contract assets	236
Inventories	639
Other current assets	234
Plants, properties and equipment	6,643
Intangibles	3,987
Goodwill	4,229
Overfunded pension plan assets	79
Right of use assets	256
Deferred charges and other assets	84
Total assets acquired	18,214
Notes payable and current maturities of long-term debt	60
Accounts payable	1,664
Accrued payroll and benefits	219
Other current liabilities	744
Long-term debt	3,640
Deferred income taxes	1,538
Underfunded pension benefit obligation	78
Long-term lease obligations	174
Other liabilities	188
Total liabilities assumed	8,305
Net assets acquired	$	9,909

Schedule of Intangible Assets Acquired

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	$	3,502	19 years
Tradenames, patents and trademarks, and developed technology	381		15 years
Software (a)	90		3 - 5 years
Other	14		Indefinite lived
Total	$	3,987

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

Schedule of 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 September 30,				Nine Months Ended September 30,
In millions	2025 (Unaudited)		2024 (Unaudited)		2025 (Unaudited)		2024 (Unaudited)
Net Sales	$	6,222	$	6,131	$	18,364	$	18,270
Net Earnings (Loss)	(1,131)		80		(1,148)		565