ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2026

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


In millions
Cash and temporary investments	$	448
Accounts and notes receivable	1,301
Contract assets	236
Inventories	626
Other current assets	311
Plants, properties and equipment	6,707
Intangibles	3,915
Goodwill	4,335
Overfunded pension plan assets	79
Right of use assets	270
Deferred charges and other assets	84
Total assets acquired	18,312
Notes payable and current maturities of long-term debt	118
Accounts payable	1,660
Accrued payroll and benefits	232
Other current liabilities	783
Long-term debt	3,571
Deferred income taxes	1,513
Underfunded pension benefit obligation	71
Long-term lease obligations	199
Other liabilities	256
Total liabilities assumed	8,403
Net assets acquired	$	9,909

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	$	3,434	19 years
Tradenames	363		15 years
Software (a)	90		3 - 5 years
Other (b)	28		10 years
Total	$	3,915

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

(b) Includes $10 million of intangible assets with indefinite lives.

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

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.