ACQUISITIONS (Notes)

6 Months Ended

Jun. 30, 2019

Business Combination Disclosure [Text Block]

On June 28, 2019, the Company closed on the previously announced acquisition of two packaging businesses located in Portugal (Ovar) and France (Torigni and Cabourg) from DS Smith Packaging. The total purchase consideration, inclusive of working capital adjustments, was approximately €73 million (approximately $83 million at current exchange rates), subject to post-closing adjustments.

The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of June 30, 2019:



In millions	June 30, 2019
Cash and temporary investments	$	1
Accounts and notes receivable	23
Inventory	8
Plants, properties and equipment	22
Goodwill	56
Right of use assets	2
Total assets acquired	112
Accounts payable and accrued liabilities	21
Other current liabilities	1
Long-term debt	2
Postretirement and postemployment benefit obligation	3
Long-term lease obligations	2
Total liabilities assumed	29
Net assets acquired	$	83

Due to the timing of the completion of the acquisition, the purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding assets acquired and liabilities assumed, and revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to inventory, property, plant and equipment and intangible assets. Adjustments, if any, to provisional amounts will be finalized within the adjustment period of up to one year from the acquisition date.

Pro forma information has not been included as it is impracticable to obtain the information due to the lack of availability of historical U.S. GAAP financial data and the results of the operations of these businesses do not have a material effect on the Company's consolidated results of operations.

The Company has accounted for the above acquisition under ASC 805, "Business Combinations" and the results of operations have been included in International Paper's financial statements beginning with the date of acquisition.