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Tables in the 10-Q of Smurfit Westrock plc
37 tables with numbers, filed May 9, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Page |
| EXPLANATORY NOTE | 3 |
| PART I - FINANCIAL INFORMATION | 6 |
| Item 1. Financial Statements | 6 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 43 |
| Item 4. Controls and Procedures | 43 |
| PART II - OTHER INFORMATION | 45 |
First 8 of 16 rows. The CSV has all of them.
| Page |
| Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 7 |
| Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 | 8 |
| Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and March 31, 2024 | 9 |
| Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and March 31, 2024 | 10 |
| Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and March 31, 2024 | 11 |
| Notes to the Condensed Consolidated Financial Statements | 12 |
| March 31, 2025 | December 31, 2024 |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents (amounts related to consolidated variable interest entities of $7 million and $2 million at March 31, 2025 and December 31, 2024, respectively) | $797 | $855 |
| Accounts receivable, net (amounts related to consolidated variable interest entities of $806 million and $767 million at March 31, 2025 and December 31, 2024, respectively) | 4,548 | 4,117 |
| Inventories | 3,670 | 3,550 |
| Other current assets | 1,615 | 1,533 |
| Total current assets | 10,630 | 10,055 |
First 8 of 39 rows. The CSV has all of them.
| Three months ended March 31, | |
| 2025 | 2024 |
| Net sales | $7,656 | $2,930 |
| Cost of goods sold | (6,079) | (2,220) |
| Gross profit | 1,577 | 710 |
| Selling, general and administrative expenses | (988) | (380) |
| Transaction and integration-related expenses associated with the Combination | (36) | (23) |
| Operating profit | 553 | 307 |
First 8 of 19 rows. The CSV has all of them.
| Three months ended March 31, | |
| 2025 | 2024 |
| Net income | $382 | $191 |
| Other comprehensive income (loss), net of tax: | | |
| Foreign currency translation gain (loss) | 378 | (116) |
| Defined benefit pension and other postretirement benefit plans adjustments | (14) | 16 |
| Net gain (loss) on cash flow hedging derivatives | 3 | (3) |
| Other comprehensive income (loss), net of tax | 367 | (103) |
First 8 of 12 rows. The CSV has all of them.
| Three months ended March 31, | |
| 2025 | 2024 |
| Operating activities: | | |
| Net income | $382 | $191 |
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | | |
| Depreciation, depletion and amortization | 603 | 148 |
| Cash surrender value increase in excess of premiums paid | (5) | — |
| Share-based compensation expense | 43 | 15 |
First 8 of 40 rows. The CSV has all of them.
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest (“NCI”) | Total |
| Balance at December 31, 2024 | 520 | $1 | $15,948 | $(93) | $2,950 | $(1,446) | $17,360 | $27 | $17,387 |
| Net income | — | — | — | — | 384 | — | 384 | (2) | 382 |
| Other comprehensive income, net of tax | — | — | — | — | — | 367 | 367 | — | 367 |
| Share-based compensation | — | — | 41 | — | — | — | 41 | — | 41 |
| Shares distributed by Smurfit Kappa Employee Trust | — | — | (17) | 17 | — | — | — | — | — |
| Issuance of common stock net of tax paid in connection with shares withheld from employees | 2 | — | 1 | — | (64) | — | (63) | — | (63) |
| Cancellation of deferred shares by Smurfit Kappa Employee Trust | — | — | — | 11 | (11) | — | — | — | — |
First 8 of 10 rows. The CSV has all of them.
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest (“NCI”) | Total |
| Balance at December 31, 2023(1) | 260 | $— | $3,575 | $(91) | $3,521 | $(847) | $6,158 | $16 | $6,174 |
| Net income | — | — | — | — | 191 | — | 191 | — | 191 |
| Other comprehensive loss, net of tax | — | — | — | — | — | (103) | (103) | — | (103) |
| Share-based compensation | — | — | 14 | — | — | — | 14 | — | 14 |
| Shares distributed by Smurfit Kappa Employee Trust | — | — | (25) | 25 | — | — | — | — | — |
| Purchases of treasury stock | — | — | — | (27) | — | — | (27) | — | (27) |
| Issuance of common stock | 1 | — | — | — | — | — | — | — | — |
First 8 of 9 rows. The CSV has all of them.
Table 9 after “The following tables show selected financial data for our segments.”
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| Three months ended March 31, 2025 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $4,578 | $2,576 | $502 | $7,656 |
| Add net sales (intersegment) | 91 | 6 | 11 | 108 |
| Net sales (aggregate) | $4,669 | $2,582 | $513 | $7,764 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | $(3,387) | $(1,902) | $(347) | |
| Segment selling, general and administrative expenses | (497) | (291) | (51) | |
| $(3,884) | $(2,193) | $(398) | $(6,475) |
First 8 of 18 rows. The CSV has all of them.
| Three months ended March 31, 2024 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $412 | $2,190 | $328 | $2,930 |
| Add net sales (intersegment) | — | 4 | 13 | 17 |
| Net sales (aggregate) | $412 | $2,194 | $341 | $2,947 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | $(304) | $(1,548) | $(256) | |
| Segment selling, general and administrative expenses | (49) | (261) | (31) | |
| $(353) | $(1,809) | $(287) | $(2,449) |
First 8 of 18 rows. The CSV has all of them.
| Three months ended March 31, | |
| 2025 | 2024 |
| Capital expenditures: | | |
| North America | $293 | $29 |
| Europe, MEA and APAC | 139 | 126 |
| LATAM | 38 | 45 |
| Total reportable segments | $470 | $200 |
| Corporate | 7 | 8 |
First 8 of 9 rows. The CSV has all of them.
| March 31, | December 31, |
| 2025 | 2024 |
| Assets: | | |
| North America | $29,150 | $29,078 |
| Europe, MEA and APAC | 11,389 | 10,723 |
| LATAM | 3,368 | 3,180 |
| Total reportable segments | $43,907 | $42,981 |
| Corporate(1) | 742 | 778 |
First 8 of 9 rows. The CSV has all of them.
Table 13 after “attributed to segments based on the location of production.”
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| Three months ended March 31, 2025 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $1,126 | $410 | $46 | $1,582 |
| Packaging | 3,452 | 2,166 | 456 | 6,074 |
| Total | $4,578 | $2,576 | $502 | $7,656 |
Table 14 after “attributed to segments based on the location of production.”
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| Three months ended March 31, 2024 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $27 | $334 | $16 | $377 |
| Packaging | 385 | 1,856 | 312 | 2,553 |
| Total | $412 | $2,190 | $328 | $2,930 |
Table 15 after “Condensed Consolidated Balance Sheets.”
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| Contract Assets (Short-Term) | Contract Liabilities(Short-Term) |
| Beginning balance - January 1, 2025 | $197 | $5 |
| Decrease | (2) | (1) |
| Ending balance - March 31, 2025 | $195 | $4 |
Table 16 after “The following table summarizes the transaction and integration costs associated with the Combination:”
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| Three months ended March 31, | |
| 2025 | 2024 |
| Transaction-related costs associated with the Combination | $(2) | $(23) |
| Integration-related costs associated with the Combination | (34) | — |
| Total transaction and integration-related costs associated with the Combination | $(36) | $(23) |
Table 17 after “Accounts receivable consists of the following:”
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| March 31, | December 31, |
| 2025 | 2024 |
| Gross accounts receivable | $4,761 | $4,339 |
| Less: Allowances | (213) | (222) |
| Accounts receivable, net | $4,548 | $4,117 |
| March 31, | December 31, |
| 2025 | 2024 |
| Finished goods | $1,403 | $1,374 |
| Work-in-progress | 210 | 206 |
| Raw materials | 1,353 | 1,288 |
| Consumables and spare parts | 704 | 682 |
| Inventories | $3,670 | $3,550 |
Table 19 after “Property, plant and equipment consists of the following:”
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| March 31, | December 31, |
| 2025 | 2024 |
| Land and buildings | $5,486 | $5,337 |
| Plant and equipment | 22,960 | 22,306 |
| Construction in progress | 1,621 | 1,517 |
| Finance lease right-of-use assets | 432 | 419 |
| Property, plant and equipment at cost, excluding forestlands | 30,499 | 29,579 |
| Less: Accumulated depreciation and amortization | (7,977) | (7,155) |
First 8 of 11 rows. The CSV has all of them.
Table 20 after “The components of interest expense, net are as follows:”
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| Three months ended March 31, | |
| 2025 | 2024 |
| Interest expense | $(195) | $(37) |
| Interest income | 28 | 12 |
| Interest expense, net | $(167) | $(25) |
Table 21 after “2 in the fair value hierarchy) were as follows:”
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| March 31, 2025 | December 31, 2024 | | |
| Book Value | Fair Value | Book Value | Fair Value |
| Debt with fixed interest rates | $11,498 | $11,410 | $11,370 | $11,289 |
| Level 1 | | Level 2 | | | | |
| March 31, | | December 31, | | March 31, | | December 31, | |
| 2025 | | 2024 | | 2025 | | 2024 | |
| Assets | | | | | | | |
| Other Investments: | | | | | | | |
| Listed | $2 | | $2 | | $— | | $— |
| Unlisted | — | | — | | 10 | | 10 |
| Derivatives in cash flow hedging relationships | — | | — | | 3 | | 3 |
First 8 of 14 rows. The CSV has all of them.
| Receivable from financial institutions at December 31, 2024 | $— |
| Receivables sold to the financial institutions and derecognized | (657) |
| Receivables collected by financial institutions | 696 |
| Cash payments to financial institutions | (39) |
| Receivable from financial institutions at March 31, 2025 | $— |
Table 24 after “The following were individual components of debt:”
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| March 31, | December 31, |
| 2025 | 2024 |
| $292 million senior debentures due 2025 | $292 | $292 |
| $500 million senior notes due 2027 | 481 | 479 |
| $700 million receivables securitization due 2027 | 550 | 435 |
| €750 million senior notes due 2027 | 812 | 781 |
| $500 million senior notes due 2028 | 482 | 481 |
| $600 million senior notes due 2028 | 581 | 580 |
First 8 of 36 rows. The CSV has all of them.
Table 25 after “recognized in the Condensed Consolidated Statements of Operations is composed of the following:”
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| Defined Benefit Pension Plans | | | |
| U.S. Plans | Non-U.S. Plans | | |
| Three months ended March 31, | Three months ended March 31, | | |
| 2025 | 2024 | 2025 | 2024 |
| Service cost | $5 | $— | $9 | $6 |
| Interest cost | 52 | 1 | 34 | 22 |
| Expected return on assets | (68) | (1) | (35) | (22) |
| Amortization of: | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 26 after “recognized in the Condensed Consolidated Statements of Operations is composed of the following:”
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| Other Postretirement Benefit Plans | |
| Three months ended March 31, | |
| 2025 | 2024 |
| Service cost | $1 | $1 |
| Interest cost | 1 | — |
| Net periodic benefit cost | $2 | $1 |
Table 27 after “The Company’s contributions to the plans were as follows:”
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| Three months ended March 31, | |
| 2025 | 2024 |
| Defined Benefit Pension Plans Contributions | $26 | $24 |
| Other Postretirement Benefit Plans Contributions | 3 | 1 |
Table 28 after “The following table sets forth the computation of basic and diluted earnings per share:”
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| Three months ended March 31, | |
| 2025 | 2024 |
| Numerator: | | |
| Net income attributable to common shareholders | $384 | $191 |
| Denominator: | | |
| Basic weighted average shares outstanding | 521 | 259 |
| Effect of dilutive share options | 5 | 1 |
| Diluted weighted average shares outstanding | 526 | 260 |
First 8 of 10 rows. The CSV has all of them.
| March 31, | December 31, |
| 2025 | 2024 |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $7 | $2 |
| Accounts receivable | 806 | 767 |
| Non-current assets: | | |
| Property, plant and equipment, net | 59 | 60 |
First 8 of 19 rows. The CSV has all of them.
| Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension and Postretirement Plans | Other Reserves(1) | Total(2) |
| Balance at December 31, 2023 | $789 | $16 | $793 | $(751) | $847 |
| Other comprehensive loss (income) | 116 | 3 | (16) | — | 103 |
| Balance at March 31, 2024 | $905 | $19 | $777 | $(751) | $950 |
| Balance at December 31, 2024 | $1,684 | $16 | $497 | $(751) | $1,446 |
| Other comprehensive (income) loss | (378) | (3) | 14 | — | (367) |
| Balance at March 31, 2025 | $1,306 | $13 | $511 | $(751) | $1,079 |
| Three months ended March 31, | | | | | |
| 2025 | | 2024 | | | |
| Pre-Tax | Tax | Net of Tax | Pre-Tax | Tax | Net of Tax |
| Foreign currency translation gain (loss) | $378 | $— | $378 | $(116) | $— | $(116) |
| Defined benefit pension and other post-retirement benefit plans: | | | | | | |
| Net actuarial loss arising during period | — | — | — | (1) | — | (1) |
| Amortization and settlement recognition of net actuarial loss | 8 | 1 | 9 | 10 | (3) | 7 |
| Amortization of prior service credit | (1) | — | (1) | — | — | — |
First 8 of 14 rows. The CSV has all of them.
Table 32 after “The following table summarizes Smurfit Westrock’s consolidated results for the periods presented ($ in millions):”
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| Three months ended March 31, | |
| 2025 | 2024 |
| Net sales | $7,656 | $2,930 |
| Cost of goods sold | (6,079) | (2,220) |
| Gross profit | 1,577 | 710 |
| Selling, general and administrative expenses | (988) | (380) |
| Transaction and integration-related expenses associated with the Combination | (36) | (23) |
| Operating profit | 553 | 307 |
First 8 of 16 rows. The CSV has all of them.
| Three months ended March 31, | |
| 2025 | 2024 |
| Net sales (aggregate):(1) | | |
| North America | $4,669 | $412 |
| Europe, MEA and APAC | 2,582 | 2,194 |
| LATAM | 513 | 341 |
| Segment Adjusted EBITDA: | | |
| North America | $785 | $59 |
First 8 of 10 rows. The CSV has all of them.
| Three months ended March 31, | |
| ($ in millions) | |
| 2025 | 2024 |
| Net cash provided by operating activities | $235 | $42 |
| Net cash used for investing activities | $(476) | $(207) |
| Net cash provided by financing activities | $151 | $— |
Table 35 after “GAAP measure, for the periods indicated.”
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| Three months ended March 31, | |
| ($ in millions) | |
| 2025 | 2024 |
| Net income | $382 | $191 |
| Income tax expense | 8 | 76 |
| Depreciation, depletion and amortization | 603 | 148 |
| Transaction and integration-related expenses associated with the Combination | 36 | 23 |
| Interest expense, net | 167 | 25 |
First 8 of 13 rows. The CSV has all of them.
Table 36 after “The following table provides information relating to our repurchase of ordinary shares during the three months ended March 31, 2025:”
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| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs |
| January 1, 2025 – January 31, 2025 | — | $— | — | — |
| February 1, 2025 – February 28, 2025 | 217,536 | 54.65 | — | — |
| March 1, 2025 – March 31, 2025 | — | — | — | — |
| Total | 217,536 | | — | |
| ExhibitNumber | Description of Exhibit |
| 3.1 | Amended Constitution of Smurfit Westrock plc (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on July 8, 2024). |
| 10.1† | Offer Letter between Smurfit Westrock and Ben Garren, dated June 27, 2024. |
| 10.2† | Form of PSU Award Agreement (Employee) under the Smurfit Westrock plc 2024 Long-Term Incentive Plan. |
| 10.3† | Form of RSU Award Agreement (Employee) under the Smurfit Westrock plc 2024 Long-Term Incentive Plan. |
| 31.1† | Certification of the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2† | Certification of the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32†* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
First 8 of 15 rows. The CSV has all of them.