On September 2, 2025, we completed the Greif Acquisition for $1.8 billion in cash. For tax purposes, the acquisition of Greif’s containerboard business was primarily structured as an asset acquisition. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. Greif’s financial results are included in the Packaging segment from the date of acquisition. The following table summarizes the purchase consideration for the Greif Acquisition (in millions):

The Company accounted for the Greif Acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the allocation of the purchase price to the assets acquired and the liabilities assumed, based on our current estimates of the fair value at the date of acquisition (dollars in millions):


	12/31/25 Allocation		Adjustments			Revised Allocation
Current Assets:
Cash	$	0.1	$	—		$	0.1
Accounts receivable		97.6		—			97.6
Inventories		122.8		—			122.8
Prepaid expenses and other current assets		1.4		—			1.4
Total current assets		221.9		—			221.9
Property, plant, and equipment (a)		761.6		(30.2	)		731.4
Operating lease right-of-use assets		72.1		—			72.1
Intangible assets (b):
Customer relationships		420.0		—			420.0
Trademarks		40.0		—			40.0
Goodwill (c)		449.9		29.9			479.8
Assets acquired		1,965.5		(0.3	)		1,965.2

Accounts payable		67.1		(0.7	)		66.4
Accrued liabilities		22.0		—			22.0
Current operating lease obligations		11.9		—			11.9
Long-term operating lease obligations		60.2		—			60.2
Long-term finance lease obligations		0.6		—			0.6
Other long-term liabilities		3.2		—			3.2
Liabilities assumed		165.0		(0.7	)		164.3

Net assets acquired	$	1,800.5	$	0.4		$	1,800.9

(a)

Property, plant and equipment are being depreciated on a straight-line basis over their preliminary estimated useful lives ranging from one to 40 years.

(b)

We are amortizing intangible assets on a straight-line basis for customer relationships and trademarks over our preliminary estimates of their useful lives of 15 years and five years, respectively, in the Packaging segment.

(c)

Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is deductible for tax purposes.

The purchase price allocation remains preliminary and is subject to the finalization of various valuations and assessments. These may affect the consideration paid and may materially impact the valuations and subsequent assessments. During the six months ended June 30, 2026, the Company recorded measurement period adjustments, including $30.2 million related to the valuation of certain fixed assets acquired. We expect to finalize the valuation within the 12-month period following the acquisition date.

For the three and six months ended June 30, 2026, the Company incurred $3.3 million and $6.7 million, respectively, of charges for acquisition and integration costs related to recent acquisitions, which were recorded in “Other expense, net” in the Consolidated Statements of Income. For both the three and six months ended June 30, 2025, the Company incurred $1.6 million of charges for acquisition and integration costs related to the Greif Acquisition, which were recorded in “Other expense, net” in the Consolidated Statements of Income.