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ACQUISITIONS (Tables) | 9 Months Ended
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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 |

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