v3.26.3
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the provisional fair values assigned to assets and liabilities acquired as of June 4, 2026:
In millions
Cash and temporary investments$7 
Accounts and notes receivable57 
Inventories43 
Other current assets2 
Plants, properties and equipment338 
Deferred charges and other assets3 
Total assets acquired450 
Accounts payable69 
Accrued payroll and benefits5 
Other current liabilities10 
Deferred income taxes4 
Total liabilities assumed88 
Net assets acquired$362 
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 receivable1,301 
Contract assets236 
Inventories626 
Other current assets311 
Plants, properties and equipment6,707 
Intangibles3,915 
Goodwill4,335 
Overfunded pension plan assets79 
Right of use assets270 
Deferred charges and other assets84 
Total assets acquired18,312 
Notes payable and current maturities of long-term debt118 
Accounts payable1,660 
Accrued payroll and benefits232 
Other current liabilities783 
Long-term debt3,571 
Deferred income taxes1,513 
Underfunded pension benefit obligation71 
Long-term lease obligations199 
Other liabilities256 
Total liabilities assumed8,403 
Net assets acquired$9,909 
Schedule of Pro Forma Information
Below are the consolidated results on an unaudited pro forma basis assuming the NORPAC acquisition had closed on January 1, 2025:

(Unaudited)Three Months Ended
September 30		Nine Months Ended
September 30
In millions2026202520262025
Net Sales$6,197 $6,355 $18,455 $18,069 
Net Earnings (Loss)(1,126)(1,113)(1,092)(1,163)
Below are the consolidated results on an unaudited pro forma basis assuming the DS Smith acquisition had closed on January 1, 2024:

(Unaudited)
In millionsThree Months Ended September 30, 2025Nine Months Ended September 30, 2025
Net Sales$6,222 $18,364 
Net Earnings (Loss)(1,131)(1,148)
Schedule of Intangible Assets Acquired
The identifiable intangible assets acquired in connection with the acquisition of DS Smith included the following:
In millionsEstimated Fair ValueAverage Useful Life
Customer relationships and lists$3,434 
19 years
Tradenames363 
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.