SMURFIT WESTROCK PLC, 10-Q filed on 11/4/2026
Quarterly Report
v3.26.3
Cover - shares
 9 Months Ended
Sep. 30, 2026
Oct. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2026  
Document Transition Report false  
Entity File Number 001-42161  
Registrant Name Smurfit Westrock plc  
Entity Incorporation, State or Country Code L2  
Entity Tax Identification Number 98-1776979  
Entity Address, Address Line One Beech Hill, Clonskeagh,  
Entity Address, City or Town Dublin 4  
Entity Address, Postal Zip Code D04 N2R2  
Entity Address, Country IE  
City Area Code +353  
Local Phone Number 1 202 7000  
Title of 12(b) Security Ordinary shares, par value $0.001 per share  
Trading Symbol SW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   524,526,976
Entity Central Index Key 0002005951  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) Q3  
Amendment Flag false  
v3.26.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
Net sales $ 8,161 $ 8,003 $ 23,904 $ 23,599
Cost of goods sold (6,721) (6,434) (19,797) (18,938)
Gross profit 1,440 1,569 4,107 4,661
Selling, general and administrative expenses (927) (963) (2,858) (2,899)
Impairment and restructuring costs (26) (65) (199) (360)
Transaction and integration-related expenses associated with the Combination 0 (15) (1) (72)
Operating profit 487 526 1,049 1,330
Interest expense, net (174) (177) (519) (526)
Pension and other postretirement non-service income, net 8 8 26 24
Other expense, net (7) (21) (30) (44)
Income before income taxes 314 336 526 784
Income tax expense (95) (91) (156) (183)
Net income 219 245 370 601
Net loss attributable to noncontrolling interests 3 1 6 1
Net income attributable to common shareholders $ 222 $ 246 $ 376 $ 602
Basic earnings per share attributable to common shareholders (in dollars per share) $ 0.42 $ 0.47 $ 0.72 $ 1.15
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.42 $ 0.47 $ 0.71 $ 1.14
v3.26.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 219 $ 245 $ 370 $ 601
Other comprehensive (loss) income, net of tax:        
Foreign currency translation (loss) gain (74) 66 (55) 1,156
Defined benefit pension and other postretirement benefit plans 9 14 39 (56)
Net gain (loss) on cash flow hedges 0 1 0 (1)
Other comprehensive (loss) income, net of tax (65) 81 (16) 1,099
Comprehensive income 154 326 354 1,700
Comprehensive loss attributable to noncontrolling interests 3 1 6 1
Comprehensive income attributable to common shareholders $ 157 $ 327 $ 360 $ 1,701
v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents (amounts related to consolidated variable interest entities of $1 million and $3 million at September 30, 2026 and December 31, 2025, respectively) $ 723 $ 892
Accounts receivable, net (amounts related to consolidated variable interest entities of $858 million and $876 million at September 30, 2026 and December 31, 2025, respectively) 4,946 4,268
Inventories 3,768 3,693
Other current assets 1,697 1,586
Total current assets 11,134 10,439
Property, plant and equipment, net 22,467 23,232
Goodwill 7,153 7,218
Intangibles, net 991 1,059
Prepaid pension asset 712 616
Other non-current assets (amounts related to consolidated variable interest entities of $398 million and $393 million at September 30, 2026 and December 31, 2025, respectively) 2,688 2,593
Total assets 45,145 45,157
Current liabilities:    
Accounts payable 3,521 3,597
Accrued expenses 712 601
Accrued compensation and benefits 900 997
Current portion of debt 842 346
Other current liabilities 1,569 1,523
Total current liabilities 7,544 7,064
Non-current debt due after one year (amounts related to consolidated variable interest entities of $365 million and $376 million at September 30, 2026 and December 31, 2025, respectively) 13,207 13,427
Deferred tax liabilities 3,321 3,297
Pension liabilities and other postretirement benefits, net of current portion 668 697
Other non-current liabilities (amounts related to consolidated variable interest entities of $336 million and $335 million at September 30, 2026 and December 31, 2025, respectively) 2,391 2,318
Total liabilities 27,131 26,803
Commitments and Contingencies (Note 14)
Equity:    
Preferred stock, $0.001 par value; 500,000,000 shares authorized; 10,000 shares outstanding 0 0
Common stock, $0.001 par value; 9,500,000,000 shares authorized; 524,526,075 and 522,310,486 shares outstanding at September 30, 2026 and December 31, 2025, respectively 1 1
Treasury stock, at cost; 706,129 and 1,449,320 common stock at September 30, 2026, and December 31, 2025, respectively (34) (64)
Capital in excess of par value 16,152 16,083
Accumulated other comprehensive loss (364) (348)
Retained earnings 2,238 2,655
Total shareholders’ equity 17,993 18,327
Noncontrolling interests 21 27
Total equity 18,014 18,354
Total liabilities and equity $ 45,145 $ 45,157
v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Cash and cash equivalents $ 723 $ 892
Accounts receivable 4,946 4,268
Other non-current assets 2,688 2,593
Non-current debt due after one year 13,207 13,427
Other non-current liabilities $ 2,391 $ 2,318
Preferred stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 500,000,000 500,000,000
Preferred stock, shares outstanding (in shares) 10,000 10,000
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 9,500,000,000 9,500,000,000
Common stock, shares outstanding (in shares) 524,526,075 522,310,486
Common stock shares issued not disclosed (in shares) true  
Treasury stock, common (in shares) 706,129 1,449,320
Variable interest entity, primary beneficiary    
Cash and cash equivalents $ 1 $ 3
Accounts receivable 858 876
Other non-current assets 398 393
Non-current debt due after one year 365 376
Other non-current liabilities $ 336 $ 335
v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 370 $ 601
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 2,084 1,875
Impairment of assets 108 242
Cash surrender value increase in excess of premiums paid (31) (34)
Share-based compensation expense 76 114
Deferred income tax benefit (91) (139)
Pension and other postretirement funding more than cost (85) (83)
Other 1 21
Change in operating assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable (711) (249)
Inventories (100) (59)
Other assets 19 (19)
Accounts payable 163 (142)
Income taxes (29) 8
Accrued liabilities and other 69 61
Net cash provided by operating activities 1,843 2,197
Investing activities:    
Capital expenditures (1,603) (1,609)
Cash paid for purchase of businesses, net of cash acquired (20) (5)
Proceeds from corporate owned life insurance 30 20
Proceeds from sale of property, plant and equipment 39 15
Other 0 15
Net cash used for investing activities (1,554) (1,564)
Financing activities:    
Additions to debt 50 510
Repayments of debt (51) (146)
Debt issuance costs (5) (8)
Changes in commercial paper, net 363 (245)
Other debt additions (repayments), net 10 (16)
Repayments of finance lease liabilities (38) (29)
Proceeds from re-issuance of shares from treasury stock 14 0
Tax paid in connection with shares withheld from employees (72) (68)
Cash dividends paid to shareholders (712) (675)
Other 1 3
Net cash used for financing activities (440) (674)
Effect of exchange rate changes on cash and cash equivalents (18) 37
Decrease in cash and cash equivalents (169) (4)
Cash and cash equivalents at beginning of period 892 855
Cash and cash equivalents at end of period $ 723 $ 851
v3.26.3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Total Shareholders' Equity
Common Stock
Capital in Excess of Par Value
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024     520,000,000          
Beginning balance at Dec. 31, 2024 $ 17,387 $ 17,360 $ 1 $ 15,948 $ (93) $ 2,950 $ (1,446) $ 27
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 601 602       602   (1)
Other comprehensive (loss) income, net of tax 1,099 1,099         1,099  
Share-based compensation 113 113   113        
Shares distributed by Smurfit Kappa Employee Trust, net of tax paid in connection with shares withheld from employees 0     (17) 17      
Issuance of common stock net of tax paid in connection with shares withheld from employees (in shares)     2,000,000          
Issuance of common stock net of tax paid in connection with shares withheld from employees (66) (66)   2   (68)    
Cancellation of shares held in treasury stock by Smurfit Kappa Employee Trust 0       11 (11)    
Dividends declared [1] (675) (675)   11   (686)    
Ending balance (in shares) at Sep. 30, 2025     522,000,000          
Ending balance at Sep. 30, 2025 18,459 18,433 $ 1 16,057 (65) 2,787 (347) 26
Beginning balance (in shares) at Jun. 30, 2025     522,000,000          
Beginning balance at Jun. 30, 2025 18,324 18,297 $ 1 16,018 (65) 2,771 (428) 27
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 245 246       246   (1)
Other comprehensive (loss) income, net of tax 81 81         81  
Share-based compensation 34 34   34        
Issuance of common stock net of tax paid in connection with shares withheld from employees 0 0   1   (1)    
Dividends declared [2] (225) (225)   4   (229)    
Ending balance (in shares) at Sep. 30, 2025     522,000,000          
Ending balance at Sep. 30, 2025 $ 18,459 18,433 $ 1 16,057 (65) 2,787 (347) 26
Beginning balance (in shares) at Dec. 31, 2025 522,310,486   522,000,000          
Beginning balance at Dec. 31, 2025 $ 18,354 18,327 $ 1 16,083 (64) 2,655 (348) 27
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 370 376       376   (6)
Other comprehensive (loss) income, net of tax (16) (16)         (16)  
Share-based compensation 75 75   75        
Shares distributed by Smurfit Kappa Employee Trust, net of tax paid in connection with shares withheld from employees (15) (15)   (18) 18 (15)    
Re-issuance of shares by Smurfit Kappa Employee Trust 14 14   3 11      
Issuance of common stock net of tax paid in connection with shares withheld from employees (in shares)     3,000,000          
Issuance of common stock net of tax paid in connection with shares withheld from employees (56) (56)   1   (57)    
Cancellation of shares held in treasury stock by Smurfit Kappa Employee Trust 0       1 (1)    
Dividends declared [3] $ (712) (712)   8   (720)    
Ending balance (in shares) at Sep. 30, 2026 524,526,075   525,000,000          
Ending balance at Sep. 30, 2026 $ 18,014 17,993 $ 1 16,152 (34) 2,238 (364) 21
Beginning balance (in shares) at Jun. 30, 2026     525,000,000          
Beginning balance at Jun. 30, 2026 18,060 18,036 $ 1 16,125 (34) 2,243 (299) 24
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 219 222       222   (3)
Other comprehensive (loss) income, net of tax (65) (65)         (65)  
Share-based compensation 25 25   25        
Issuance of common stock net of tax paid in connection with shares withheld from employees 13 13       13    
Dividends declared [2] $ (238) (238)   2   (240)    
Ending balance (in shares) at Sep. 30, 2026 524,526,075   525,000,000          
Ending balance at Sep. 30, 2026 $ 18,014 $ 17,993 $ 1 $ 16,152 $ (34) $ 2,238 $ (364) $ 21
[1] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[2] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[3] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
v3.26.3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Stockholders' Equity [Abstract]        
Dividends per share, declared (USD per share) $ 0.45 [1] $ 0.43 [1] $ 1.36 [2] $ 1.29 [3]
[1] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[2] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[3] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
v3.26.3
Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies 1.  Description of Business and Summary of Significant Accounting Policies1.1.  Description of Business
Unless the context otherwise requires, or unless indicated otherwise, “we”, “us”, “our”, “Smurfit Westrock” and “the Company” refer
to the business of Smurfit Westrock plc, its wholly-owned subsidiaries and its partially-owned consolidated subsidiaries.
Smurfit Westrock plc is a company limited by shares that is incorporated in Ireland. We are a multinational provider of sustainable
fiber-based paper and packaging solutions. We partner with our customers to provide differentiated, sustainable paper and packaging
solutions that enhance our customers’ prospects of success in their markets. Our team members support customers around the world
from our operating and business locations in North America, South America, Europe, Asia, Africa, and Australia.
1.2.  Basis of Presentation
We derived the Condensed Consolidated Balance Sheet at December 31, 2025 from the audited consolidated financial statements
included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Consolidated Financial
Statements”). In the opinion of management, all normal recurring adjustments necessary for a fair statement of the Condensed
Consolidated Financial Statements have been included for the interim periods reported.
The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting
principles generally accepted in the U.S. for interim financial information and with Article 10 of Regulation S-X of the Securities and
Exchange Commission. Accordingly, they omit certain notes and other information from the 2025 Consolidated Financial Statements.
Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with the 2025 Consolidated Financial
Statements. The results for the three and nine months ended September 30, 2026 are not necessarily indicative of results that may be
expected for the full year.
The preparation of the Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements, disclosures
about gain contingencies and contingent liabilities and the reported amounts of revenues and expenses, including income taxes during
the reporting period.
On September 23, 2026, the Company announced that it had entered into an agreement to acquire the Chilean Containerboard and
Corrugated business of Empresas CMPC S.A. (“CMPC”) for consideration of $420 million. The acquisition is expected to close
during the first half of 2027, subject to customary closing conditions, including regulatory approvals.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may
not precisely reflect the absolute figures.
1.3.  Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies as described in “Note 1. Description of Business and
Summary of Significant Accounting Policies” of the 2025 Consolidated Financial Statements.
1.4.  New Accounting Standards Recently Adopted
During the nine months ended September 30, 2026 there were no newly issued or newly applicable accounting pronouncements
adopted that had, or are expected to have, a material impact on the Condensed Consolidated Financial Statements.
1.5.  New Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation
Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). This ASU requires new financial
statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. ASU 2024-03
will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
Adoption is either with a prospective method or a retrospective method of transition. Early adoption is permitted. The Company is
currently evaluating the impact of this standard on its disclosures in the consolidated financial statements.
v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information 2.  Segment Information
We report our financial results of operations in the following three reportable segments:
i.North America, which includes operations in the U.S., Canada and Mexico.
ii.Europe, the Middle East and Africa (“MEA”) and Asia-Pacific (“APAC”).
iii.Latin America (“LATAM”), which includes operations in Central America and the Caribbean, Argentina, Brazil, Chile, Colombia,
Ecuador and Peru.
Segment profitability is measured based on Adjusted EBITDA, defined as income before income taxes, unallocated corporate costs,
depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income, net, share-based
compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated
with the Combination and other specific items that management believes are not indicative of the ongoing operating results of the
business.
The following tables show selected financial data for our segments. Total assets by segment are not disclosed as this information is not
regularly provided to the Company’s chief operating decision maker (“CODM”).
Three months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$4,750
$2,824
$587
$8,161
Add net sales (intersegment)
109
12
1
122
Net sales (aggregate)
4,859
2,836
588
8,283
Less segment expenses:
Segment cost of goods sold
(3,656)
(2,144)
(407)
Segment selling, general and administrative expenses
(443)
(313)
(55)
(4,099)
(2,457)
(462)
(7,018)
Segment Adjusted EBITDA
$760
$379
$126
$1,265
Unallocated corporate costs
(60)
Depreciation, depletion and amortization
(678)
Impairment and restructuring costs
(26)
Interest expense, net
(174)
Pension and other postretirement non-service income, net
8
Share-based compensation expense
(21)
Other expense, net
(7)
Other adjustments
7
Income before income taxes
$314
Other adjustments in the table above include a reduction in the Italian Competition Authority fine inclusive of costs of $13 million,
partly offset by losses at closed facilities of $6 million.
Three months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$4,639
$2,819
$545
$8,003
Add net sales (intersegment)
82
12
—
94
Net sales (aggregate)
4,721
2,831
545
8,097
Less segment expenses:
Segment cost of goods sold
(3,454)
(2,085)
(387)
Segment selling, general and administrative expenses
(457)
(327)
(42)
(3,911)
(2,412)
(429)
(6,752)
Segment Adjusted EBITDA
$810
$419
$116
$1,345
Unallocated corporate costs
(43)
Depreciation, depletion and amortization
(659)
Impairment and restructuring costs
(65)
Transaction and integration-related expenses associated with
the Combination
(15)
Interest expense, net
(177)
Pension and other postretirement non-service income, net
8
Share-based compensation expense
(35)
Other expense, net
(21)
Other adjustments
(2)
Income before income taxes
$336
Other adjustments in the table above include losses at closed facilities of $2 million.
Nine months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$13,813
$8,405
$1,686
$23,904
Add net sales (intersegment)
291
28
1
320
Net sales (aggregate)
14,104
8,433
1,687
24,224
Less segment expenses:
Segment cost of goods sold
(10,711)
(6,286)
(1,170)
Segment selling, general and administrative expenses
(1,332)
(967)
(158)
(12,043)
(7,253)
(1,328)
(20,624)
Segment Adjusted EBITDA
$2,061
$1,180
$359
$3,600
Unallocated corporate costs
(179)
Depreciation, depletion and amortization
(2,084)
Impairment and restructuring costs
(199)
Transaction and integration-related expenses associated with
the Combination
(1)
Interest expense, net
(519)
Pension and other postretirement non-service income, net
26
Share-based compensation expense
(76)
Other expense, net
(30)
Other adjustments
(12)
Income before income taxes
$526
Other adjustments in the table above include losses at closed facilities of $25 million, partly offset by a reduction in the Italian
Competition Authority fine inclusive of costs of $13 million.
Nine months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$13,869
$8,168
$1,562
$23,599
Add net sales (intersegment)
276
23
14
313
Net sales (aggregate)
14,145
8,191
1,576
23,912
Less segment expenses:
Segment cost of goods sold
(10,368)
(6,059)
(1,091)
Segment selling, general and administrative expenses
(1,430)
(952)
(131)
(11,798)
(7,011)
(1,222)
(20,031)
Segment Adjusted EBITDA
$2,347
$1,180
$354
$3,881
Unallocated corporate costs
(114)
Depreciation, depletion and amortization
(1,875)
Impairment and restructuring costs
(360)
Transaction and integration-related expenses associated with
the Combination
(72)
Interest expense, net
(526)
Pension and other postretirement non-service income, net
24
Share-based compensation expense
(114)
Other expense, net
(44)
Other adjustments
(16)
Income before income taxes
$784
Other adjustments in the table above include losses at closed facilities of $16 million.
Nine months ended September 30,
2026
2025
Capital expenditures:
North America
$855
$936
Europe, MEA and APAC
554
500
LATAM
164
151
Total per reportable segments
$1,573
$1,587
Corporate
30
22
Total capital expenditures
$1,603
$1,609
v3.26.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 3.  Revenue Recognition
Disaggregated Revenue
The following tables summarize our disaggregated revenue with unaffiliated customers by product type and segment for the three and
nine months ended September 30, 2026 and 2025. Net sales are attributed to segments based on the location of production.
Three months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$1,189
$398
$45
$1,632
Packaging
3,561
2,426
542
6,529
Total
$4,750
$2,824
$587
$8,161
Three months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$1,107
$385
$55
$1,547
Packaging
3,532
2,434
490
6,456
Total
$4,639
$2,819
$545
$8,003
Nine months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$3,424
$1,174
$131
$4,729
Packaging
10,389
7,231
1,555
19,175
Total
$13,813
$8,405
$1,686
$23,904
Nine months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$3,325
$1,169
$151
$4,645
Packaging
10,544
6,999
1,411
18,954
Total
$13,869
$8,168
$1,562
$23,599
Packaging revenue is derived mainly from the sale of corrugated and consumer packaging products. The remainder of packaging
revenue is composed of bag-in-box, packaging solutions and other paper-based packaging products.
Revenue Contract Balances
Contract assets relate to the manufacture of certain products that have no alternative use to us, with right to payment for performance
completed to date on these products, including a reasonable profit. Contract assets are reduced when the customer takes title to the
goods and assumes the risks and rewards for the goods. Contract liabilities represent obligations to transfer goods or services to a
customer for which we have received consideration and are reduced once control of the goods is transferred to the customer.
On the Condensed Consolidated Balance Sheets, contract assets reported within “Other current assets” were $178 million and
$170 million at September 30, 2026 and December 31, 2025, respectively, and contract liabilities reported within “Other current
liabilities” were $7 million and $6 million at September 30, 2026 and December 31, 2025, respectively.
v3.26.3
Impairment and Restructuring Costs
 9 Months Ended
Sep. 30, 2026
Restructuring Costs and Asset Impairment Charges [Abstract]  
Impairment and Restructuring Costs 4.  Impairment and Restructuring Costs
During 2026, the Company implemented a number of restructuring actions focused on reducing costs and prioritizing capital
allocation to enhance future performance, including certain facility and asset rationalizations. These actions are not individually
material.
During 2025, the Company implemented a number of restructuring actions, including the April 2025 announcement of (i) the
permanent closure of the coated recycled board mill in St. Paul, Minnesota, U.S., (ii) discontinued production at our containerboard
mill in Forney, Texas, U.S., and (iii) the closure of two converting facilities in Germany (the “April 2025 Announced Closures”).
The components of impairment and restructuring costs are as follows for the three and nine months ended September 30, 2026 and
2025:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Impairment charges
$1
$58
$108
$242
Restructuring costs
25
7
91
118
Impairment and restructuring costs
$26
$65
$199
$360
Impairment Charges
The components of impairment charges for the three and nine months ended September 30, 2026 and 2025 are as follows:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Impairment of property, plant and equipment
$1
$41
$78
$208
Impairment of other assets
—
17
30
34
Total impairment charges
$1
$58
$108
$242
These impairment charges are recognized in the Condensed Consolidated Statements of Operations caption “Impairment and
restructuring costs”.
In the three and nine months ended September 30, 2026, the Company recorded asset impairment charges of $1 million and
$108 million, respectively. The largest charges related to closing and consolidating paper mill capacity in Europe, MEA and APAC.
In the three and nine months ended September 30, 2025, the Company recorded asset impairment charges of $58 million and
$242 million, respectively. The largest charges related to the April 2025 Announced Closures.
The fair value of the property, plant and equipment assets was determined based on their estimated selling price in an orderly
transaction between market participants at the measurement date.
The segmental split of the impairment charges recognized for property, plant and equipment for the three and nine months ended
September 30, 2026 and 2025 is as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
North America
$1
$12
$24
$168
Europe, MEA and APAC
—
28
54
39
LATAM
—
1
—
1
Total impairment charges recognized for property,
plant and equipment
$1
$41
$78
$208
Restructuring Costs
The segmental split of the restructuring costs shown in the table above for the three and nine months ended September 30, 2026 and
2025 is as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
North America
$13
$6
$49
$60
Europe, MEA and APAC
12
1
43
55
LATAM
—
—
(1)
3
Total restructuring costs
$25
$7
$91
$118
The table below sets forth restructuring costs by type incurred:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Severance charges
$9
$1
$52
$72
Other costs
16
6
39
46
Total restructuring costs
$25
$7
$91
$118
These restructuring costs are recognized in the Condensed Consolidated Statements of Operations caption “Impairment and
restructuring costs”.
As of September 30, 2026, the Company expects any future additional charges related to restructuring initiatives implemented through
that date to be immaterial.
As of September 30, 2026 and December 31, 2025, the Company had accrued liabilities of $63 million and $78 million, respectively,
related to severance charges and other costs associated with the restructuring initiatives. These are included in "Other current
liabilities" in the Company's Condensed Consolidated Balance Sheets.
The remaining obligations as at September 30, 2026 are expected to be paid within 12 months of the reporting date.
v3.26.3
Accounts Receivable, net
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Accounts Receivable, net 5.  Accounts Receivable, net
Accounts receivable consists of the following:
September 30,
December 31,
2026
2025
Gross accounts receivable
$5,169
$4,506
Less: Allowances
(223)
(238)
Accounts receivable
$4,946
$4,268
Allowances include the reserves for allowance for estimated credit impairment losses, returns, early settlement discounts and rebates
(where netting requirements are met).
v3.26.3
Inventories
 9 Months Ended
Sep. 30, 2026
Inventory Disclosure [Abstract]  
Inventories 6.  Inventories
Inventories are as follows:
September 30,
December 31,
2026
2025
Finished goods
$1,354
$1,432
Work-in-progress
232
192
Raw materials
1,334
1,287
Consumables and spare parts
848
782
Inventories
$3,768
$3,693
v3.26.3
Property, Plant, and Equipment, net
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment, net 7.  Property, Plant and Equipment, net
Property, plant and equipment consists of the following:
September 30,
December 31,
2026
2025
Land and buildings
$6,010
$5,939
Plant and equipment
26,146
25,118
Construction-in-progress
1,429
1,705
Finance lease right-of-use assets
494
472
Property, plant and equipment at cost, excluding forestlands
34,079
33,234
Less: Accumulated depreciation and impairment
(11,940)
(10,295)
Property, plant and equipment, net, excluding forestlands
22,139
22,939
Forestlands, net of depletion
328
293
Property, plant and equipment, net
$22,467
$23,232
Depreciation and depletion expense for the three months ended September 30, 2026 and 2025 was $642 million, and $620 million,
respectively, and for nine months ended September 30, 2026 and 2025, was $1,971 million and $1,764 million, respectively. This is
recognized within “Cost of goods sold” and “Selling, general and administrative expenses” in the Condensed Consolidated Statements
of Operations. Depreciation and depletion expense for the three and nine months ended September 30, 2026 includes $3 million and
$74 million, respectively, of accelerated depreciation related to machine closures (three and nine months ended September 30, 2025:
$— million).
Non-cash additions to property, plant and equipment included within accounts payable were $297 million and $518 million at
September 30, 2026 and December 31, 2025, respectively.
v3.26.3
Interest
 9 Months Ended
Sep. 30, 2026
Interest Income (Expense), Nonoperating [Abstract]  
Interest 8.  Interest
The components of interest expense, net are as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Interest expense
$(202)
$(204)
$(608)
$(607)
Interest income
28
27
89
81
Interest expense, net
$(174)
$(177)
$(519)
$(526)
Total cash paid for interest, net of interest received was $478 million and $496 million for the nine months ended September 30, 2026
and 2025, respectively. Of this, capitalized interest paid was $7 million and $20 million for the nine months ended September 30, 2026
and 2025, respectively.
v3.26.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement 9.  Fair Value Measurement
The carrying values, net of deferred debt issuance costs, and estimated fair values of debt with fixed interest rates (classified as Level
2 in the fair value hierarchy) were as follows:
September 30, 2026
December 31, 2025
Book Value
Fair Value
Book Value
Fair Value
Debt with fixed interest rates
$11,394
$10,885
$11,492
$11,616
The fair value of the Company's debt with fixed interest rates is based on quoted market prices. With the exception of debt with fixed
interest rates, the carrying amounts of all other debt instruments approximate their fair values. The variable nature and repricing dates
of the receivables securitization facilities and the revolving credit facility result in carrying values approximating their fair values.
Both the revolving credit facility and the receivables securitization facilities are classified as Level 2 in the fair value hierarchy.
Accounts Receivable Monetization Agreements
On September 15, 2026, we amended the $700 million accounts receivable monetization agreement with Coöperatieve Rabobank
U.A., New York Branch, to extend the maturity date by one year to September 15, 2027.
The following table presents a summary of the accounts receivable monetization agreements for the nine months ended September 30,
2026 and September 30, 2025:
Nine months ended September 30,
2026
2025
Receivable from financial institutions at January 1
$—
$—
Receivables sold to the financial institutions and derecognized
(1,680)
(1,973)
Receivables collected by financial institutions
1,730
2,020
Cash payments to financial institutions
(50)
(47)
Receivable from financial institutions at September 30
$—
$—
Receivables sold under these accounts receivable monetization agreements as of the respective balance sheet dates were $609 million
and $659 million at September 30, 2026 and December 31, 2025, respectively.
Cash proceeds or payments related to the receivables sold are included in “Net cash provided by operating activities” in the Condensed
Consolidated Statements of Cash Flows in the “Accounts receivable” line item. The expense related to the sale of receivables for the
three months ended September 30, 2026 and 2025 was $8 million and $9 million respectively, and for the nine months ended
September 30, 2026 and 2025, was $23 million and $29 million, respectively. The expense recorded may vary depending on current
rates and levels of receivables sold and is recorded in “Other expense, net” in the Condensed Consolidated Statements of Operations.
Although the sales are made without recourse, we maintain continuing involvement with the receivables sold as we provide collections
services related to the transferred assets. The associated servicing liability is not material given the high credit quality of the customers
underlying the receivables and the anticipated short collection period.
v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt 10.  Debt
The following were individual components of debt:
 
September 30,
December 31,
2026
2025
$600 million senior notes due 2028
$600
$600
$500 million senior notes due 2028
500
500
$750 million senior notes due 2029
750
750
€500 million senior green notes due 2029
567
587
€230 million receivables securitization due 2029
250
257
€100 million receivables securitization due 2029
113
117
$400 million senior notes due 2030
400
400
$750 million senior green notes due 2030
750
750
$300 million senior notes due 2031
300
300
$600 million receivables securitization due 2031
550
550
€500 million senior green notes due 2031
567
587
$500 million senior notes due 2032
500
500
$76 million senior notes due 2032
76
76
€600 million senior green notes due 2032
680
704
$600 million senior notes due 2033
600
600
€500 million senior green notes due 2033
567
587
$1,000 million senior green notes due 2034
1,000
1,000
$850 million senior green notes due 2035
850
850
$800 million senior green notes due 2036
800
800
€600 million senior green notes due 2036
680
704
$3 million senior notes due 2037
3
3
$150 million senior notes due 2047
150
150
$1,000 million senior green notes due 2054
1,000
1,000
Commercial paper
518
155
Vendor financing and commercial card programs
100
99
Farm credit facility
600
600
Other bank loans
123
93
Finance lease obligations
539
548
Total debt, excluding fair value adjustments, bond discounts and debt issuance costs
14,133
13,867
Unamortized fair value adjustments, bond discounts and debt issuance costs
(84)
(94)
Total debt
14,049
13,773
Less: Current portion of debt
(842)
(346)
Non-current debt due after one year
$13,207
$13,427
For the terms attached to the senior notes, the revolving credit facility, the term loans and the commercial paper programs, refer to the
narrative included in “Note 15. Debt” of the 2025 Consolidated Financial Statements. The carrying amount of borrowings which are
designated as net investment hedges, as outlined therein, has not changed materially and no ineffectiveness was recognized in the
period.
In June 2026, we exercised the second one-year extension option under our $4,500 million revolving credit facility, extending the
maturity date to June 2031. At September 30, 2026 there were no amounts drawn under the revolving credit facility. There were no
new issuances or redemptions during the period in relation to the senior notes. During the quarter, the Company activated the
sustainability-linked provisions under its revolving credit facility. The sustainability performance targets are aligned with the
Company's sustainability metrics and targets as disclosed in the Company's Sustainability Report. Performance against the applicable
annual targets may result in increases or decreases to the applicable margin and facility fees.
At September 30, 2026, all of our debt was unsecured with the exception of our receivables securitization facilities and finance lease
obligations.
Receivables Securitization Facilities
We have three trade receivables securitization programs. For the size, terms and maturities attached to these programs, refer to the
narrative included in “Note 15. Debt” of the 2025 Consolidated Financial Statements.
As of September 30, 2026, the gross amount of receivables collateralizing the euro-denominated trade receivables programs was
€759 million (December 31, 2025: €749 million). At September 30, 2026, maximum available borrowings, when excluding amounts
drawn under these programs, were $11 million (December 31, 2025: $13 million). During the quarter, the Company activated the
sustainability-linked provisions under its euro-denominated trade receivables programs. The sustainability performance targets are
aligned with the Company's sustainability metrics and targets as disclosed in the Company's Sustainability Report. Performance
against the applicable annual targets may result in increases or decreases to the applicable margin and facility fees.
As of September 30, 2026, the gross amount of receivables collateralizing the U.S. dollar-denominated trade receivables program was
$1,207 million (December 31, 2025: $1,043 million). At September 30, 2026, maximum available borrowings, when excluding
amounts drawn under these programs, were $50 million (December 31, 2025: $47 million). In June 2026, we amended and extended
the U.S. dollar-denominated trade receivables program, reducing the facility size from $700 million to $600 million and extending the
maturity date to June 2031.
v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes 11.  Income Taxes
The effective tax rate for the three and nine months ended September 30, 2026 was 30.3% and 29.7%, respectively.
For the three months ended September 30, 2026, the effective tax rate was primarily impacted by (i) the tax benefit associated with the
decrease of $16 million of unrecognized tax benefits, (ii) tax benefit associated with a non-recurring adjustment to certain deferred tax
assets of $14 million, (iii) the geographical mix of where earnings are generated, (iv) losses during the period that have not been
recognized due to uncertainty regarding their future realization, (v) tax expense associated with a change in the realizability of certain
deferred tax assets of $22 million, and (vi) certain non-deductible expenses and other non-recurring items.
For the nine months ended September 30, 2026, the effective tax rate was primarily impacted by (i) the tax benefit associated with the
decrease of $23 million of unrecognized tax benefits, (ii) the increase of $14 million of accrued interest and penalties associated with
the unrecognized tax benefits, (iii) tax benefit associated with non-recurring adjustments to certain deferred tax assets of $25 million,
(iv) the geographical mix of where earnings are generated, (v) losses during the period that have not been recognized due to
uncertainty regarding their future realization, (vi) tax expense associated with a change in the realizability of certain deferred tax assets
of $22 million and (vii) certain non-deductible expenses and other non-recurring items.
The effective tax rate for the three and nine months ended September 30, 2025 was 27.1% and 23.3%, respectively. For the three
months ended September 30, 2025, the effective tax rate was primarily impacted by (i) tax expense associated with an increase in
unrecognized tax benefits (offset by certain indirect tax benefits) of $26 million, (ii) tax benefit associated with the resolution of
$7 million of unrecognized tax benefits (due to the settlement of a tax authority examination), along with the release of $13 million of
accrued interest and other impacts associated with the uncertain tax benefits, (iii) tax benefit associated with a non-recurring
adjustment to certain deferred tax assets of $25 million (iv) losses during the period that have not been recognized due to uncertainty
regarding their future realization, and (v) certain non-deductible expenses and other non-recurring items. For the nine months ended
September 30, 2025, the effective tax rate was primarily impacted by (i) tax expense associated with an increase in unrecognized tax
benefits (offset by certain indirect tax benefits) of $40 million, (ii) tax benefit associated with the resolution of $7 million of
unrecognized tax benefits (due to the settlement of a tax authority examination), along with the release of $13 million of accrued
interest and other impacts associated with the uncertain tax benefits, (iii) the tax benefit associated with the resolution of $72 million
of unrecognized tax benefits (due to the lapse of the statute of limitations), along with the release of $24 million of accrued interest
and penalties associated with the unrecognized tax benefits, (iv) tax benefit associated with a non-recurring adjustment to certain
deferred tax assets of $25 million, (v) losses during the period that have not been recognized due to uncertainty regarding their future
realization, (vi) the geographical mix of where earnings are generated, and (vii) certain non-deductible expenses and other non-
recurring items.
During the nine months ended September 30, 2026 and September 30, 2025, cash paid for income taxes, net of refunds, was
$276 million and $314 million, respectively.
v3.26.3
Retirement Plans and Deferred Compensation Arrangements
 9 Months Ended
Sep. 30, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Retirement Plans and Deferred Compensation Arrangements 12.  Retirement Plans and Deferred Compensation Arrangements
The net periodic benefit (income) cost recognized in the Condensed Consolidated Statements of Operations includes the following:
Defined Benefit Pension Plans
U.S. Plans
Non-U.S. Plans
U.S. Plans
Non-U.S. Plans
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
2026
2025
2026
2025
Service cost
$4
$5
$10
$10
$14
$15
$28
$28
Interest cost
50
51
39
36
151
155
117
106
Expected return on
assets
(71)
(68)
(37)
(37)
(214)
(204)
(111)
(109)
Amortization of:
Net actuarial loss
—
—
9
9
—
—
26
25
Prior service credit
—
—
—
—
—
—
—
(1)
Curtailment gain
—
—
—
—
—
—
(1)
—
Settlement gain
—
—
(1)
—
—
—
—
—
Net periodic benefit
(income) cost
$(17)
$(12)
$20
$18
$(49)
$(34)
$59
$49
Service cost is included within “Cost of goods sold” and “Selling, general and administrative expenses” while all other components
are recorded within “Pension and other postretirement non-service income, net”.
Pension Plan Contributions and Benefit Payments
There were no changes in the period in connection to the funding standards and funding requirements for our qualified and approved
pension plans.
The contributions paid and expected to be paid during the current fiscal year are not significantly different from the amounts as
disclosed in “Note 19. Retirement Plans and Deferred Compensation Arrangements” of the 2025 Consolidated Financial Statements.
Deferred Compensation Arrangements
We have financial assets related to supplemental retirement savings plans (“Supplemental Plans”) that are carried at cash surrender
value. These Supplemental Plans are non-qualified deferred compensation plans where participants’ accounts are credited with
investment gains and losses in accordance with their investment election or elections. The investment alternatives under the
Supplemental Plans are generally similar to investment alternatives available under 401(k) plans. Assets and liabilities held in respect
of these Supplemental Plans were carried at $200 million and $163 million, respectively, as of September 30, 2026 (December 31,
2025: $203 million and $158 million, respectively).
v3.26.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share 13.  Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three months ended September
Nine months ended September 30,
2026
2025
2026
2025
Numerator:
Net income attributable to common shareholders
$222
$246
$376
$602
Denominator:
Basic weighted average shares outstanding
524
522
524
521
Effect of dilutive share options
4
4
3
4
Diluted weighted average shares outstanding
528
526
527
525
Basic earnings per share attributable to common
shareholders
$0.42
$0.47
$0.72
$1.15
Diluted earnings per share attributable to common
shareholders
$0.42
$0.47
$0.71
$1.14
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. These comprise restricted stock units, performance stock units and performance
shares issued under the Company’s long-term incentive plans.
For the three and nine months ended September 30, 2026 and September 30, 2025, respectively, there were no material weighted
average share-based compensation awards excluded from the diluted earnings per share computation because the effect would have
been antidilutive.
v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 14.  Commitments and Contingencies
Brazil Tax Liability
Our subsidiary, WestRock, is challenging claims by the Brazil Federal Revenue Department that we underpaid taxes as a result of
amortization of goodwill generated by the 2002 merger of two of its Brazilian subsidiaries. The matter has proceeded through the
Brazil Administrative Council of Tax Appeals (“CARF”) principally in two proceedings, covering tax years 2003 to 2008 and 2009 to
2012. WestRock was assessed additional taxes, penalties, and interest in both CARF proceedings. In the proceeding for the tax years
2003 to 2008, WestRock was also assessed penalties and interest for fraud, but WestRock won the fraud claim in the proceeding for
the tax years 2009 to 2012. WestRock subsequently filed two lawsuits in Brazilian federal courts seeking annulment of the adverse
CARF decisions. In February 2025, the federal court adjudicating the WestRock challenge to CARF's decision against WestRock for
the 2003 to 2008 period issued a ruling in favor of WestRock nullifying the financial assessments in that case. The decision of the
federal court was appealed by the tax authorities.
The goodwill generated and amortized during the 2003 to 2012 period gave rise to tax credits that were subsequently utilized by
WestRock to offset federal tax liabilities. The Brazil Federal Revenue Department challenged such offsets on the grounds that they
derived from the tax assessments described above, resulting in two additional administrative proceedings. In July 2026, WestRock
received a final administrative decision upholding the disallowance of its offsets of corporate income tax credits arising from the tax
assessment for the 2003 to 2008 period described above. On August 20, 2026, WestRock filed a third annulment action in the
Brazilian federal courts challenging this decision, secured by a surety bond, and collection of the related amounts has been suspended
pending the outcome. A similar disallowance of tax credit offsets arising from the assessment for the 2009 to 2012 period remains
pending before CARF.
We assert that we have no liability in these matters. The total amount in dispute in the case before CARF and in the three annulment
actions relating to the claimed tax deficiency was R$820 million ($158 million) as of September 30, 2026, including various penalties
and interest. Resolution of the tax positions could have a material adverse effect on our cash flows and results of operations or
materially benefit our results of operations in future periods depending upon their ultimate resolution.
Asbestos-Related Litigation
We have been named as a defendant in asbestos-related personal injury litigation, primarily in relation to the historical operations of
certain companies acquired by the Company. To date, the costs resulting from the litigation, including settlement costs, have not been
significant. We accrue for the estimated value of pending claims and litigation costs using historical claims information, as well as the
estimated value of future claims based on our historical claims experience. As of September 30, 2026, there were approximately 930
such lawsuits. We believe that we have substantial insurance coverage, subject to applicable deductibles and policy limits, with respect
to asbestos claims. We also believe we have valid defenses to these asbestos-related personal injury claims and intend to continue to
contest these matters vigorously. Should the Company’s litigation profile change substantially, or if there are adverse developments in
applicable law, it is possible that the Company could incur significantly more costs resolving these cases. We record asbestos-related
insurance recoveries that are deemed probable. In assessing the probability of insurance recovery, we make judgments concerning
insurance coverage that we believe are reasonable and consistent with our historical dealings and our knowledge of any pertinent
solvency issues surrounding the insurers. The Company currently does not expect the resolution of pending asbestos litigation and
proceedings to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. As of
September 30, 2026, the Company had estimated liabilities in respect of these matters of $71 million and estimated insurance
recoveries of $48 million.
Environmental Contingencies
The Company is subject to a variety of environmental laws and regulations.
The Company has recorded aggregate accruals of $66 million and $67 million on an undiscounted basis at September 30, 2026 and
December 31, 2025, respectively. The accruals primarily relate to environmental matters, including cleanup, investigation and
remediation obligations arising in connection with some of our current or former facilities, as well as third-party owned sites.
Liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and these
estimates may change. However, the Company does not believe that its potential environmental obligations will have a material
adverse effect upon its liquidity, results of operations, or financial condition.
Italian Competition Authority Investigation
In August 2019, the Italian Competition Authority (the “AGCM”) notified approximately 30 companies, of which Smurfit Kappa
Italia, a subsidiary of Smurfit Westrock, was one, that an investigation had found the companies to have engaged in anti-competitive
practices, in relation to which the AGCM levied a fine of approximately $138 million on Smurfit Kappa Italia, which was paid in
2021.
In October 2019, Smurfit Kappa Italia appealed the AGCM’s decision to the First Administrative Court of Appeal (TAR Lazio),
however Smurfit Kappa Italia was later notified that this appeal had been unsuccessful. In September 2021, Smurfit Kappa Italia filed
a further appeal to the Council of State which published its ruling in February 2023. While some grounds of appeal were dismissed,
the Council of State upheld Smurfit Kappa Italia’s arguments regarding the quantification of the fine. As a result, the AGCM was
directed to recalculate Smurfit Kappa Italia’s fine. On March 7, 2024, the AGCM notified Smurfit Kappa Italia that its fine had been
reduced by approximately $18 million and reimbursed the Company for this amount in 2024. Smurfit Kappa Italia appealed the
amount of this reduction and on April 22, 2026, the Council of State directed the AGCM to further reduce the fine by approximately
$16 million, plus interest. On July 29, 2026, the AGCM confirmed the amount of this reduction and this was recorded during the third
quarter.
Separate to these proceedings regarding the fine, in May 2023, Smurfit Kappa Italia filed an application with the Council of State for
revocation of the February 2023 ruling to the extent that it failed to consider certain pleas that had been raised by Smurfit Kappa Italia
on appeal. That application was rejected in July 2025.
After publication of the AGCM’s August 2019 decision, a number of purchasers of corrugated sheets and boxes initiated litigation
proceedings against Smurfit Kappa companies, alleging that they were harmed by the alleged anti-competitive practices and seeking
damages. In addition, other parties have threatened litigation against Smurfit Westrock seeking damages (either specified or
unspecified). The Company believes it has significant defenses to the damages claims and intends to vigorously defend the current and
any future litigation.
International Arbitration Against Venezuela
Smurfit Kappa, which is now a subsidiary of Smurfit Westrock, announced in 2018 that due to the Government of Venezuela’s
measures, Smurfit Kappa no longer exercised control over the business of Smurfit Kappa Carton de Venezuela. Smurfit Kappa’s
Venezuelan operations were therefore deconsolidated in the third quarter of 2018. Later that year, Smurfit Kappa’s wholly owned
subsidiary, Smurfit Holdings BV, filed an international arbitration claim against the Bolivarian Republic of Venezuela before the
World Bank’s International Center for Settlement of Investment Disputes (“ICSID”) seeking compensation for Venezuela’s unlawful
seizure of its Venezuelan business as well as for other arbitrary, inconsistent and disproportionate State measures that destroyed the
value of its investments in Venezuela. Following the exchange of written submissions, an oral hearing was held in September 2022 in
Paris.
On August 28, 2024, upon the completion of its deliberations, the arbitral tribunal issued an award granting Smurfit Holdings BV,
then a wholly owned subsidiary of Smurfit Westrock, compensation in excess of $469 million, plus legal costs of $5 million, plus
interest from May 31, 2024, until the date of payment (the “Award”). In September 2024, Smurfit Holdings BV initiated proceedings
against the Bolivarian Republic of Venezuela to enforce the Award. In December 2024, the Bolivarian Republic of Venezuela applied
to ICSID to annul the Award. An Annulment Committee has been formed by ICSID to decide on this application and an oral hearing
took place at the end of March 2026. A decision on annulment is expected in the first quarter of 2027.
U.S. Antitrust Violations Class Action
On July 29, 2025, Smurfit Westrock plc, Smurfit Kappa North America LLC, WestRock CP, LLC and seven other industry
participants were named as defendants in a class action lawsuit filed in the U.S. District Court for the Northern District of Illinois
alleging violations of U.S. antitrust laws. The lawsuit alleges violations of Sections 1 and 3 of the Sherman Act, asserting that the
defendants conspired to fix, raise and maintain supracompetitive prices for containerboard sheets, linerboard sheets, and finished
packaging products made from containerboard and/or linerboard in the United States. The complaint seeks damages, including treble
damages under the Clayton Act, pre- and post-judgment interest, injunctive relief and litigation expenses and attorneys’ fees. On
October 17, 2025, the plaintiff voluntarily dismissed Smurfit Westrock plc from the lawsuit without prejudice to seek to rejoin it at a
later date. The Company’s subsidiaries Smurfit Kappa North America LLC and WestRock CP, LLC remain defendants in the lawsuit.
On January 20, 2026, the Company completed briefing the court on its motion to dismiss the complaint, which was filed on October
20, 2025. On September 4, 2026, the court denied the motion to dismiss the complaint. The Company believes that it has substantial
defenses and intends to vigorously defend against the lawsuit.
In addition to the class action lawsuit, on September 22, 2026, the U.S. Department of Justice issued a subpoena to Smurfit Westrock
plc in connection with a grand jury investigation in the Northern District of Illinois regarding the pricing and sale of containerboard
and related products. We are fully cooperating with the investigation.
The Company believes that its business practices and those of its subsidiaries have been conducted in compliance with U.S. antitrust
laws. While the Company is currently unable to determine the ultimate outcome of these matters or estimate the range of potential loss
due to the early stage of these proceedings, it is possible that an adverse outcome could have a material impact on its financial
condition, results of operations, or cash flows.
Other Litigation
We are a defendant in a number of other lawsuits and claims arising out of the conduct of our business. While the ultimate results of
such suits or other proceedings against us cannot be predicted as of the date of this Quarterly Report on Form 10-Q, we believe the
resolution of these other matters will not have a material adverse effect on our results of operations, financial condition or cash flows.
v3.26.3
Supplier Finance Program Obligations
 9 Months Ended
Sep. 30, 2026
Payables and Accruals [Abstract]  
Supplier Finance Program Obligations 15.  Supplier Finance Program Obligations
The outstanding payment obligations to financial institutions under supplier finance programs were $357 million and $361 million as
of September 30, 2026 and December 31, 2025, respectively.
v3.26.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities 16.  Variable Interest Entities
Trade Receivables Securitization Arrangements
The Company is a party to arrangements involving securitization of its trade receivables. The carrying values of the restricted asset
and limited recourse liability as of September 30, 2026 ($858 million and $363 million, respectively) and as of December 31, 2025
($874 million and $374 million, respectively) approximate their fair values due to the short-term nature of the securitized assets and
the floating rates of the liabilities.
Timber Note Receivable Securitization Arrangement
The Company is also a party to an arrangement involving securitization of its note receivable. The carrying values of the restricted
asset and non-recourse liability as of September 30, 2026 ($394 million and $336 million, respectively) and as of December 31, 2025
($391 million and $335 million, respectively) approximate their fair values due to their floating rates. The fair values of the restricted
assets and non-recourse liabilities are classified as level 2 within the fair value hierarchy.
For the details of the structure, purpose, legal terms and conclusions as to the primary beneficiary of these Variable Interest Entities
(“VIEs”), refer to “Note 22. Variable Interest Entities” of the 2025 Consolidated Financial Statements.
The carrying amounts of the assets and liabilities of VIEs reported within the Condensed Consolidated Balance Sheets are set out in
the following table:
September 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$1
$3
Accounts receivable
858
876
Inventories
—
1
Other current assets
4
4
Non-current assets:
Property, plant and equipment, net
65
60
Other non-current assets
398
393
Total assets
$1,326
$1,337
Liabilities
Current liabilities:
Accounts payable
$1
$1
Current portion of debt
1
1
Other current liabilities
6
7
Non-current liabilities:
Non-current debt due after one year
365
376
Other non-current liabilities
336
335
Total liabilities
$709
$720
v3.26.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss 17.  Accumulated Other Comprehensive Loss
The tables below summarize the changes in accumulated other comprehensive loss by component for the three months ended
September 30, 2026 and 2025:
Foreign Currency
Translation
Cash Flow
Hedges
Defined Benefit
Pension and
Other
Postretirement
Benefit Plans
Other
Adjustments(1)
Total(2)
Balance at June 30, 2025
$594
$18
$567
$(751)
$428
Other comprehensive income
(66)
(1)
(14)
—
(81)
Balance at September 30, 2025
$528
$17
$553
$(751)
$347
Balance at June 30, 2026
$446
$17
$587
$(751)
$299
Other comprehensive loss (income)
74
—
(9)
—
65
Balance at September 30, 2026
$520
$17
$578
$(751)
$364
(1) This relates to a reverse acquisition reserve which arose on the creation of a new parent of the Company prior to the United Kingdom and Ireland listings.
(2) All amounts are net of tax and noncontrolling interests.
The tables below summarize the changes in accumulated other comprehensive loss by component for the nine months ended
September 30, 2026 and 2025:
Foreign Currency
Translation
Cash Flow
Hedges
Defined Benefit
Pension and
Other
Postretirement
Benefit Plans
Other
Adjustments(1)
Total(2)
Balance at December 31, 2024
$1,684
$16
$497
$(751)
$1,446
Other comprehensive (income) loss
(1,156)
1
56
—
(1,099)
Balance at September 30, 2025
$528
$17
$553
$(751)
$347
Balance at December 31, 2025
$465
$17
$617
$(751)
$348
Other comprehensive loss (income)
55
—
(39)
—
16
Balance at September 30, 2026
$520
$17
$578
$(751)
$364
(1) This relates to a reverse acquisition reserve which arose on the creation of a new parent of the Company prior to the United Kingdom and Ireland listings.
(2) All amounts are net of tax and noncontrolling interests.
A summary of the components of other comprehensive (loss) income, including noncontrolling interests, for the three months ended
September 30, 2026, and 2025, is as follows:
Three months ended September 30,
2026
2025
Pre-Tax
Tax
Net of
Tax
Pre-Tax
Tax
Net of
Tax
Foreign currency translation (loss) gain
$(74)
$—
$(74)
$66
$—
$66
Defined benefit pension and other postretirement benefit plans:
Amortization and settlement recognition of net actuarial loss
9
(2)
7
8
(1)
7
Foreign currency gain - pensions
2
—
2
7
—
7
Changes in fair value of cash flow hedges
—
—
—
1
—
1
Consolidated other comprehensive (loss) income
(63)
(2)
(65)
82
(1)
81
Other comprehensive income attributable to noncontrolling interests
—
—
—
—
—
—
Other comprehensive (loss) income attributable to common shareholders
$(63)
$(2)
$(65)
$82
$(1)
$81
A summary of the components of other comprehensive (loss) income, including noncontrolling interests, for the nine months ended
September 30, 2026, and 2025, is as follows:
Nine months ended September 30,
2026
2025
Pre-Tax
Tax
Net of
Tax
Pre-Tax
Tax
Net of
Tax
Foreign currency translation (loss) gain
$(55)
$—
$(55)
$1,156
$—
$1,156
Defined benefit pension and other postretirement benefit plans:
Net actuarial gain (loss) arising during the period
8
(2)
6
(14)
4
(10)
Amortization and settlement recognition of net actuarial loss
25
(6)
19
24
(4)
20
Prior service cost arising during period
—
—
—
(5)
1
(4)
Amortization of prior service credit
—
—
—
(1)
—
(1)
Foreign currency gain (loss) - pensions
14
—
14
(61)
—
(61)
Changes in fair value of cash flow hedges
—
—
—
(1)
—
(1)
Consolidated other comprehensive (loss) income
(8)
(8)
(16)
1,098
1
1,099
Other comprehensive income attributable to noncontrolling interests
—
—
—
—
—
—
Other comprehensive (loss) income attributable to common shareholders
$(8)
$(8)
$(16)
$1,098
$1
$1,099
v3.26.3
Subsequent Events
 9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events 18.  Subsequent Events
Dividend Approval
On October 28, 2026, the Company announced that its Board of Directors approved a quarterly dividend of $0.4523 per share on its
ordinary shares. The quarterly dividend of $0.4523 per ordinary share is payable on December 10, 2026 to shareholders of record at
the close of business on November 13, 2026.
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.3
Description of Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Basic of Presentation 1.2.  Basis of Presentation
We derived the Condensed Consolidated Balance Sheet at December 31, 2025 from the audited consolidated financial statements
included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Consolidated Financial
Statements”). In the opinion of management, all normal recurring adjustments necessary for a fair statement of the Condensed
Consolidated Financial Statements have been included for the interim periods reported.
The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting
principles generally accepted in the U.S. for interim financial information and with Article 10 of Regulation S-X of the Securities and
Exchange Commission. Accordingly, they omit certain notes and other information from the 2025 Consolidated Financial Statements.
Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with the 2025 Consolidated Financial
Statements. The results for the three and nine months ended September 30, 2026 are not necessarily indicative of results that may be
expected for the full year.
The preparation of the Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements, disclosures
about gain contingencies and contingent liabilities and the reported amounts of revenues and expenses, including income taxes during
the reporting period.
On September 23, 2026, the Company announced that it had entered into an agreement to acquire the Chilean Containerboard and
Corrugated business of Empresas CMPC S.A. (“CMPC”) for consideration of $420 million. The acquisition is expected to close
during the first half of 2027, subject to customary closing conditions, including regulatory approvals.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may
not precisely reflect the absolute figures.
New Accounting Standards Recently Adopted and New Accounting Standards Not Yet Adopted 1.4.  New Accounting Standards Recently Adopted
During the nine months ended September 30, 2026 there were no newly issued or newly applicable accounting pronouncements
adopted that had, or are expected to have, a material impact on the Condensed Consolidated Financial Statements.
1.5.  New Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation
Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). This ASU requires new financial
statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. ASU 2024-03
will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
Adoption is either with a prospective method or a retrospective method of transition. Early adoption is permitted. The Company is
currently evaluating the impact of this standard on its disclosures in the consolidated financial statements.
v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated The following tables show selected financial data for our segments. Total assets by segment are not disclosed as this information is not
regularly provided to the Company’s chief operating decision maker (“CODM”).
Three months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$4,750
$2,824
$587
$8,161
Add net sales (intersegment)
109
12
1
122
Net sales (aggregate)
4,859
2,836
588
8,283
Less segment expenses:
Segment cost of goods sold
(3,656)
(2,144)
(407)
Segment selling, general and administrative expenses
(443)
(313)
(55)
(4,099)
(2,457)
(462)
(7,018)
Segment Adjusted EBITDA
$760
$379
$126
$1,265
Unallocated corporate costs
(60)
Depreciation, depletion and amortization
(678)
Impairment and restructuring costs
(26)
Interest expense, net
(174)
Pension and other postretirement non-service income, net
8
Share-based compensation expense
(21)
Other expense, net
(7)
Other adjustments
7
Income before income taxes
$314
Three months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$4,639
$2,819
$545
$8,003
Add net sales (intersegment)
82
12
—
94
Net sales (aggregate)
4,721
2,831
545
8,097
Less segment expenses:
Segment cost of goods sold
(3,454)
(2,085)
(387)
Segment selling, general and administrative expenses
(457)
(327)
(42)
(3,911)
(2,412)
(429)
(6,752)
Segment Adjusted EBITDA
$810
$419
$116
$1,345
Unallocated corporate costs
(43)
Depreciation, depletion and amortization
(659)
Impairment and restructuring costs
(65)
Transaction and integration-related expenses associated with
the Combination
(15)
Interest expense, net
(177)
Pension and other postretirement non-service income, net
8
Share-based compensation expense
(35)
Other expense, net
(21)
Other adjustments
(2)
Income before income taxes
$336
Nine months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$13,813
$8,405
$1,686
$23,904
Add net sales (intersegment)
291
28
1
320
Net sales (aggregate)
14,104
8,433
1,687
24,224
Less segment expenses:
Segment cost of goods sold
(10,711)
(6,286)
(1,170)
Segment selling, general and administrative expenses
(1,332)
(967)
(158)
(12,043)
(7,253)
(1,328)
(20,624)
Segment Adjusted EBITDA
$2,061
$1,180
$359
$3,600
Unallocated corporate costs
(179)
Depreciation, depletion and amortization
(2,084)
Impairment and restructuring costs
(199)
Transaction and integration-related expenses associated with
the Combination
(1)
Interest expense, net
(519)
Pension and other postretirement non-service income, net
26
Share-based compensation expense
(76)
Other expense, net
(30)
Other adjustments
(12)
Income before income taxes
$526
Nine months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$13,869
$8,168
$1,562
$23,599
Add net sales (intersegment)
276
23
14
313
Net sales (aggregate)
14,145
8,191
1,576
23,912
Less segment expenses:
Segment cost of goods sold
(10,368)
(6,059)
(1,091)
Segment selling, general and administrative expenses
(1,430)
(952)
(131)
(11,798)
(7,011)
(1,222)
(20,031)
Segment Adjusted EBITDA
$2,347
$1,180
$354
$3,881
Unallocated corporate costs
(114)
Depreciation, depletion and amortization
(1,875)
Impairment and restructuring costs
(360)
Transaction and integration-related expenses associated with
the Combination
(72)
Interest expense, net
(526)
Pension and other postretirement non-service income, net
24
Share-based compensation expense
(114)
Other expense, net
(44)
Other adjustments
(16)
Income before income taxes
$784
Schedule of Segment Reporting Information, by Segment
Nine months ended September 30,
2026
2025
Capital expenditures:
North America
$855
$936
Europe, MEA and APAC
554
500
LATAM
164
151
Total per reportable segments
$1,573
$1,587
Corporate
30
22
Total capital expenditures
$1,603
$1,609
v3.26.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenue With Unaffiliated Customers The following tables summarize our disaggregated revenue with unaffiliated customers by product type and segment for the three and
nine months ended September 30, 2026 and 2025. Net sales are attributed to segments based on the location of production.
Three months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$1,189
$398
$45
$1,632
Packaging
3,561
2,426
542
6,529
Total
$4,750
$2,824
$587
$8,161
Three months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$1,107
$385
$55
$1,547
Packaging
3,532
2,434
490
6,456
Total
$4,639
$2,819
$545
$8,003
Nine months ended September 30, 2026
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$3,424
$1,174
$131
$4,729
Packaging
10,389
7,231
1,555
19,175
Total
$13,813
$8,405
$1,686
$23,904
Nine months ended September 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Revenue by product:
Paper
$3,325
$1,169
$151
$4,645
Packaging
10,544
6,999
1,411
18,954
Total
$13,869
$8,168
$1,562
$23,599
v3.26.3
Impairment and Restructuring Costs (Tables)
 9 Months Ended
Sep. 30, 2026
Restructuring Costs and Asset Impairment Charges [Abstract]  
Schedule of Restructuring Costs and Asset Impairment Charges The components of impairment and restructuring costs are as follows for the three and nine months ended September 30, 2026 and
2025:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Impairment charges
$1
$58
$108
$242
Restructuring costs
25
7
91
118
Impairment and restructuring costs
$26
$65
$199
$360
Impairment Charges
The components of impairment charges for the three and nine months ended September 30, 2026 and 2025 are as follows:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Impairment of property, plant and equipment
$1
$41
$78
$208
Impairment of other assets
—
17
30
34
Total impairment charges
$1
$58
$108
$242
Schedule of Impaired Tangible Assets The segmental split of the impairment charges recognized for property, plant and equipment for the three and nine months ended
September 30, 2026 and 2025 is as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
North America
$1
$12
$24
$168
Europe, MEA and APAC
—
28
54
39
LATAM
—
1
—
1
Total impairment charges recognized for property,
plant and equipment
$1
$41
$78
$208
Schedule of Restructuring and Related Costs The segmental split of the restructuring costs shown in the table above for the three and nine months ended September 30, 2026 and
2025 is as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
North America
$13
$6
$49
$60
Europe, MEA and APAC
12
1
43
55
LATAM
—
—
(1)
3
Total restructuring costs
$25
$7
$91
$118
The table below sets forth restructuring costs by type incurred:
Three months ended September 30,
Nine months ended September 30,
 
2026
2025
2026
2025
Severance charges
$9
$1
$52
$72
Other costs
16
6
39
46
Total restructuring costs
$25
$7
$91
$118
v3.26.3
Accounts Receivable, net (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Accounts Receivable Accounts receivable consists of the following:
September 30,
December 31,
2026
2025
Gross accounts receivable
$5,169
$4,506
Less: Allowances
(223)
(238)
Accounts receivable
$4,946
$4,268
v3.26.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories Inventories are as follows:
September 30,
December 31,
2026
2025
Finished goods
$1,354
$1,432
Work-in-progress
232
192
Raw materials
1,334
1,287
Consumables and spare parts
848
782
Inventories
$3,768
$3,693
v3.26.3
Property, Plant, and Equipment, net (Tables)
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property, Plant and Equipment Property, plant and equipment consists of the following:
September 30,
December 31,
2026
2025
Land and buildings
$6,010
$5,939
Plant and equipment
26,146
25,118
Construction-in-progress
1,429
1,705
Finance lease right-of-use assets
494
472
Property, plant and equipment at cost, excluding forestlands
34,079
33,234
Less: Accumulated depreciation and impairment
(11,940)
(10,295)
Property, plant and equipment, net, excluding forestlands
22,139
22,939
Forestlands, net of depletion
328
293
Property, plant and equipment, net
$22,467
$23,232
v3.26.3
Interest (Tables)
 9 Months Ended
Sep. 30, 2026
Interest Income (Expense), Nonoperating [Abstract]  
Schedule of Components of Interest Expense The components of interest expense, net are as follows:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Interest expense
$(202)
$(204)
$(608)
$(607)
Interest income
28
27
89
81
Interest expense, net
$(174)
$(177)
$(519)
$(526)
v3.26.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The carrying values, net of deferred debt issuance costs, and estimated fair values of debt with fixed interest rates (classified as Level
2 in the fair value hierarchy) were as follows:
September 30, 2026
December 31, 2025
Book Value
Fair Value
Book Value
Fair Value
Debt with fixed interest rates
$11,394
$10,885
$11,492
$11,616
Schedule of Accounts Receivable Monetization Agreements The following table presents a summary of the accounts receivable monetization agreements for the nine months ended September 30,
2026 and September 30, 2025:
Nine months ended September 30,
2026
2025
Receivable from financial institutions at January 1
$—
$—
Receivables sold to the financial institutions and derecognized
(1,680)
(1,973)
Receivables collected by financial institutions
1,730
2,020
Cash payments to financial institutions
(50)
(47)
Receivable from financial institutions at September 30
$—
$—
v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Individual Components of Debt The following were individual components of debt:
 
September 30,
December 31,
2026
2025
$600 million senior notes due 2028
$600
$600
$500 million senior notes due 2028
500
500
$750 million senior notes due 2029
750
750
€500 million senior green notes due 2029
567
587
€230 million receivables securitization due 2029
250
257
€100 million receivables securitization due 2029
113
117
$400 million senior notes due 2030
400
400
$750 million senior green notes due 2030
750
750
$300 million senior notes due 2031
300
300
$600 million receivables securitization due 2031
550
550
€500 million senior green notes due 2031
567
587
$500 million senior notes due 2032
500
500
$76 million senior notes due 2032
76
76
€600 million senior green notes due 2032
680
704
$600 million senior notes due 2033
600
600
€500 million senior green notes due 2033
567
587
$1,000 million senior green notes due 2034
1,000
1,000
$850 million senior green notes due 2035
850
850
$800 million senior green notes due 2036
800
800
€600 million senior green notes due 2036
680
704
$3 million senior notes due 2037
3
3
$150 million senior notes due 2047
150
150
$1,000 million senior green notes due 2054
1,000
1,000
Commercial paper
518
155
Vendor financing and commercial card programs
100
99
Farm credit facility
600
600
Other bank loans
123
93
Finance lease obligations
539
548
Total debt, excluding fair value adjustments, bond discounts and debt issuance costs
14,133
13,867
Unamortized fair value adjustments, bond discounts and debt issuance costs
(84)
(94)
Total debt
14,049
13,773
Less: Current portion of debt
(842)
(346)
Non-current debt due after one year
$13,207
$13,427
v3.26.3
Retirement Plans and Deferred Compensation Arrangements (Tables)
 9 Months Ended
Sep. 30, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Benefit Costs The net periodic benefit (income) cost recognized in the Condensed Consolidated Statements of Operations includes the following:
Defined Benefit Pension Plans
U.S. Plans
Non-U.S. Plans
U.S. Plans
Non-U.S. Plans
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
2026
2025
2026
2025
Service cost
$4
$5
$10
$10
$14
$15
$28
$28
Interest cost
50
51
39
36
151
155
117
106
Expected return on
assets
(71)
(68)
(37)
(37)
(214)
(204)
(111)
(109)
Amortization of:
Net actuarial loss
—
—
9
9
—
—
26
25
Prior service credit
—
—
—
—
—
—
—
(1)
Curtailment gain
—
—
—
—
—
—
(1)
—
Settlement gain
—
—
(1)
—
—
—
—
—
Net periodic benefit
(income) cost
$(17)
$(12)
$20
$18
$(49)
$(34)
$59
$49
v3.26.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the computation of basic and diluted earnings per share:
Three months ended September
Nine months ended September 30,
2026
2025
2026
2025
Numerator:
Net income attributable to common shareholders
$222
$246
$376
$602
Denominator:
Basic weighted average shares outstanding
524
522
524
521
Effect of dilutive share options
4
4
3
4
Diluted weighted average shares outstanding
528
526
527
525
Basic earnings per share attributable to common
shareholders
$0.42
$0.47
$0.72
$1.15
Diluted earnings per share attributable to common
shareholders
$0.42
$0.47
$0.71
$1.14
v3.26.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities The carrying amounts of the assets and liabilities of VIEs reported within the Condensed Consolidated Balance Sheets are set out in
the following table:
September 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$1
$3
Accounts receivable
858
876
Inventories
—
1
Other current assets
4
4
Non-current assets:
Property, plant and equipment, net
65
60
Other non-current assets
398
393
Total assets
$1,326
$1,337
Liabilities
Current liabilities:
Accounts payable
$1
$1
Current portion of debt
1
1
Other current liabilities
6
7
Non-current liabilities:
Non-current debt due after one year
365
376
Other non-current liabilities
336
335
Total liabilities
$709
$720
v3.26.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The tables below summarize the changes in accumulated other comprehensive loss by component for the three months ended
September 30, 2026 and 2025:
Foreign Currency
Translation
Cash Flow
Hedges
Defined Benefit
Pension and
Other
Postretirement
Benefit Plans
Other
Adjustments(1)
Total(2)
Balance at June 30, 2025
$594
$18
$567
$(751)
$428
Other comprehensive income
(66)
(1)
(14)
—
(81)
Balance at September 30, 2025
$528
$17
$553
$(751)
$347
Balance at June 30, 2026
$446
$17
$587
$(751)
$299
Other comprehensive loss (income)
74
—
(9)
—
65
Balance at September 30, 2026
$520
$17
$578
$(751)
$364
(1) This relates to a reverse acquisition reserve which arose on the creation of a new parent of the Company prior to the United Kingdom and Ireland listings.
(2) All amounts are net of tax and noncontrolling interests.
The tables below summarize the changes in accumulated other comprehensive loss by component for the nine months ended
September 30, 2026 and 2025:
Foreign Currency
Translation
Cash Flow
Hedges
Defined Benefit
Pension and
Other
Postretirement
Benefit Plans
Other
Adjustments(1)
Total(2)
Balance at December 31, 2024
$1,684
$16
$497
$(751)
$1,446
Other comprehensive (income) loss
(1,156)
1
56
—
(1,099)
Balance at September 30, 2025
$528
$17
$553
$(751)
$347
Balance at December 31, 2025
$465
$17
$617
$(751)
$348
Other comprehensive loss (income)
55
—
(39)
—
16
Balance at September 30, 2026
$520
$17
$578
$(751)
$364
(1) This relates to a reverse acquisition reserve which arose on the creation of a new parent of the Company prior to the United Kingdom and Ireland listings.
(2) All amounts are net of tax and noncontrolling interests.
A summary of the components of other comprehensive (loss) income, including noncontrolling interests, for the three months ended
September 30, 2026, and 2025, is as follows:
Three months ended September 30,
2026
2025
Pre-Tax
Tax
Net of
Tax
Pre-Tax
Tax
Net of
Tax
Foreign currency translation (loss) gain
$(74)
$—
$(74)
$66
$—
$66
Defined benefit pension and other postretirement benefit plans:
Amortization and settlement recognition of net actuarial loss
9
(2)
7
8
(1)
7
Foreign currency gain - pensions
2
—
2
7
—
7
Changes in fair value of cash flow hedges
—
—
—
1
—
1
Consolidated other comprehensive (loss) income
(63)
(2)
(65)
82
(1)
81
Other comprehensive income attributable to noncontrolling interests
—
—
—
—
—
—
Other comprehensive (loss) income attributable to common shareholders
$(63)
$(2)
$(65)
$82
$(1)
$81
A summary of the components of other comprehensive (loss) income, including noncontrolling interests, for the nine months ended
September 30, 2026, and 2025, is as follows:
Nine months ended September 30,
2026
2025
Pre-Tax
Tax
Net of
Tax
Pre-Tax
Tax
Net of
Tax
Foreign currency translation (loss) gain
$(55)
$—
$(55)
$1,156
$—
$1,156
Defined benefit pension and other postretirement benefit plans:
Net actuarial gain (loss) arising during the period
8
(2)
6
(14)
4
(10)
Amortization and settlement recognition of net actuarial loss
25
(6)
19
24
(4)
20
Prior service cost arising during period
—
—
—
(5)
1
(4)
Amortization of prior service credit
—
—
—
(1)
—
(1)
Foreign currency gain (loss) - pensions
14
—
14
(61)
—
(61)
Changes in fair value of cash flow hedges
—
—
—
(1)
—
(1)
Consolidated other comprehensive (loss) income
(8)
(8)
(16)
1,098
1
1,099
Other comprehensive income attributable to noncontrolling interests
—
—
—
—
—
—
Other comprehensive (loss) income attributable to common shareholders
$(8)
$(8)
$(16)
$1,098
$1
$1,099
v3.26.3
Description of Business and Summary of Significant Accounting Policies (Details)
$ in Millions
Sep. 23, 2026
USD ($)
Chilean Containerboard and Corrugated business of Empresas CMPC S.A. (“CMPC”)  
Business Combination [Line Items]  
Business consideration transferred $ 420
v3.26.3
Segment Information - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
segment
Sep. 30, 2025
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Regulatory fines reimbursement inclusive of costs | $ $ 13   $ 13  
Losses at closed facilities | $ $ 6 $ 2 $ 25 $ 16
v3.26.3
Segment Information - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Net sales (aggregate) $ 8,161 $ 8,003 $ 23,904 $ 23,599
Segment cost of goods sold (6,721) (6,434) (19,797) (18,938)
Segment selling, general and administrative expenses (927) (963) (2,858) (2,899)
Unallocated corporate costs (60) (43) (179) (114)
Depreciation, depletion and amortization (678) (659) (2,084) (1,875)
Impairment and restructuring costs (26) (65) (199) (360)
Transaction and integration-related expenses associated with the Combination 0 (15) (1) (72)
Interest expense, net (174) (177) (519) (526)
Pension and other postretirement non-service income, net 8 8 26 24
Share-based compensation expense (21) (35) (76) (114)
Other expense, net (7) (21) (30) (44)
Other adjustments 7 (2) (12) (16)
Income before income taxes 314 336 526 784
North America        
Segment Reporting [Line Items]        
Net sales (aggregate) 4,750 4,639 13,813 13,869
Europe, MEA and APAC        
Segment Reporting [Line Items]        
Net sales (aggregate) 2,824 2,819 8,405 8,168
LATAM        
Segment Reporting [Line Items]        
Net sales (aggregate) 587 545 1,686 1,562
Intersegment eliminations        
Segment Reporting [Line Items]        
Net sales (aggregate) (122) (94) (320) (313)
Intersegment eliminations | North America        
Segment Reporting [Line Items]        
Net sales (aggregate) (109) (82) (291) (276)
Intersegment eliminations | Europe, MEA and APAC        
Segment Reporting [Line Items]        
Net sales (aggregate) (12) (12) (28) (23)
Intersegment eliminations | LATAM        
Segment Reporting [Line Items]        
Net sales (aggregate) (1) 0 (1) (14)
Operating segments        
Segment Reporting [Line Items]        
Net sales (aggregate) 8,283 8,097 24,224 23,912
Operating expenses (7,018) (6,752) (20,624) (20,031)
Segment Adjusted EBITDA 1,265 1,345 3,600 3,881
Operating segments | North America        
Segment Reporting [Line Items]        
Net sales (aggregate) 4,859 4,721 14,104 14,145
Segment cost of goods sold (3,656) (3,454) (10,711) (10,368)
Segment selling, general and administrative expenses (443) (457) (1,332) (1,430)
Operating expenses (4,099) (3,911) (12,043) (11,798)
Segment Adjusted EBITDA 760 810 2,061 2,347
Operating segments | Europe, MEA and APAC        
Segment Reporting [Line Items]        
Net sales (aggregate) 2,836 2,831 8,433 8,191
Segment cost of goods sold (2,144) (2,085) (6,286) (6,059)
Segment selling, general and administrative expenses (313) (327) (967) (952)
Operating expenses (2,457) (2,412) (7,253) (7,011)
Segment Adjusted EBITDA 379 419 1,180 1,180
Operating segments | LATAM        
Segment Reporting [Line Items]        
Net sales (aggregate) 588 545 1,687 1,576
Segment cost of goods sold (407) (387) (1,170) (1,091)
Segment selling, general and administrative expenses (55) (42) (158) (131)
Operating expenses (462) (429) (1,328) (1,222)
Segment Adjusted EBITDA $ 126 $ 116 $ 359 $ 354
v3.26.3
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]    
Total capital expenditures $ 1,603 $ 1,609
Operating segments    
Segment Reporting [Line Items]    
Total capital expenditures 1,573 1,587
Operating segments | North America    
Segment Reporting [Line Items]    
Total capital expenditures 855 936
Operating segments | Europe, MEA and APAC    
Segment Reporting [Line Items]    
Total capital expenditures 554 500
Operating segments | LATAM    
Segment Reporting [Line Items]    
Total capital expenditures 164 151
Corporate    
Segment Reporting [Line Items]    
Total capital expenditures $ 30 $ 22
v3.26.3
Revenue Recognition - Schedule of Disaggregated Revenue With Unaffiliated Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Disaggregation of Revenue [Line Items]        
Net sales $ 8,161 $ 8,003 $ 23,904 $ 23,599
North America        
Disaggregation of Revenue [Line Items]        
Net sales 4,750 4,639 13,813 13,869
Europe, MEA and APAC        
Disaggregation of Revenue [Line Items]        
Net sales 2,824 2,819 8,405 8,168
LATAM        
Disaggregation of Revenue [Line Items]        
Net sales 587 545 1,686 1,562
Paper        
Disaggregation of Revenue [Line Items]        
Net sales 1,632 1,547 4,729 4,645
Paper | North America        
Disaggregation of Revenue [Line Items]        
Net sales 1,189 1,107 3,424 3,325
Paper | Europe, MEA and APAC        
Disaggregation of Revenue [Line Items]        
Net sales 398 385 1,174 1,169
Paper | LATAM        
Disaggregation of Revenue [Line Items]        
Net sales 45 55 131 151
Packaging        
Disaggregation of Revenue [Line Items]        
Net sales 6,529 6,456 19,175 18,954
Packaging | North America        
Disaggregation of Revenue [Line Items]        
Net sales 3,561 3,532 10,389 10,544
Packaging | Europe, MEA and APAC        
Disaggregation of Revenue [Line Items]        
Net sales 2,426 2,434 7,231 6,999
Packaging | LATAM        
Disaggregation of Revenue [Line Items]        
Net sales $ 542 $ 490 $ 1,555 $ 1,411
v3.26.3
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract assets and liabilities, contract assets (short-term) $ 178 $ 170
Contract assets and liabilities, contract liabilities (short-term) $ 7 $ 6
v3.26.3
Impairment and Restructuring Costs - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Apr. 30, 2025
facility
Restructuring Cost and Reserve [Line Items]            
Impairment of assets $ 1 $ 58 $ 108 $ 242    
Restructuring reserve, current $ 63   $ 63   $ 78  
April 2025 announced closures            
Restructuring Cost and Reserve [Line Items]            
Number of converting facilities | facility           2
v3.26.3
Impairment and Restructuring Costs - Restructuring Costs and Asset Impairment Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Costs and Asset Impairment Charges [Abstract]        
Impairment charges $ 1 $ 58 $ 108 $ 242
Restructuring costs 25 7 91 118
Impairment and restructuring costs 26 65 199 360
Impairment Charges        
Impairment of property, plant and equipment 1 41 78 208
Impairment of other assets 0 17 30 34
Total impairment charges $ 1 $ 58 $ 108 $ 242
v3.26.3
Impairment and Restructuring Costs - Impairment Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]        
Total impairment charges recognized for property, plant and equipment $ 1 $ 41 $ 78 $ 208
North America        
Restructuring Cost and Reserve [Line Items]        
Total impairment charges recognized for property, plant and equipment 1 12 24 168
Europe, MEA and APAC        
Restructuring Cost and Reserve [Line Items]        
Total impairment charges recognized for property, plant and equipment 0 28 54 39
LATAM        
Restructuring Cost and Reserve [Line Items]        
Total impairment charges recognized for property, plant and equipment $ 0 $ 1 $ 0 $ 1
v3.26.3
Impairment and Restructuring Costs - Total Restructuring Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs $ 25 $ 7 $ 91 $ 118
North America        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs 13 6 49 60
Europe, MEA and APAC        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs 12 1 43 55
LATAM        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs $ 0 $ 0 $ (1) $ 3
v3.26.3
Impairment and Restructuring Costs - Type of Restructuring Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Costs and Asset Impairment Charges [Abstract]        
Severance charges $ 9 $ 1 $ 52 $ 72
Other costs 16 6 39 46
Total restructuring costs $ 25 $ 7 $ 91 $ 118
v3.26.3
Accounts Receivable, net (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Receivables [Abstract]    
Gross accounts receivable $ 5,169 $ 4,506
Less: Allowances (223) (238)
Accounts receivable $ 4,946 $ 4,268
v3.26.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Finished goods $ 1,354 $ 1,432
Work-in-progress 232 192
Raw materials 1,334 1,287
Consumables and spare parts 848 782
Inventories $ 3,768 $ 3,693
v3.26.3
Property, Plant, and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Finance lease right-of-use assets $ 494 $ 472
Property, plant and equipment at cost, excluding forestlands 34,079 33,234
Less: Accumulated depreciation and impairment (11,940) (10,295)
Property, plant and equipment, net, excluding forestlands 22,139 22,939
Property, plant and equipment, net 22,467 23,232
Land and buildings    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 6,010 5,939
Plant and equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 26,146 25,118
Construction-in-progress    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross 1,429 1,705
Forestlands, net of depletion    
Property, Plant, and Equipment [Line Items]    
Property, plant and equipment, gross $ 328 $ 293
v3.26.3
Property, Plant, and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]          
Depreciation, depletion and amortization $ 678 $ 659 $ 2,084 $ 1,875  
Accelerated depreciation 3 0 74 0  
Accounts payable, non-cash additions to property, plant and equipment 297   297   $ 518
Property, Plant and Equipment          
Property, Plant, and Equipment [Line Items]          
Depreciation, depletion and amortization $ 642 $ 620 $ 1,971 $ 1,764  
v3.26.3
Interest - Schedule of Components of Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest Income (Expense), Nonoperating [Abstract]        
Interest expense $ (202) $ (204) $ (608) $ (607)
Interest income 28 27 89 81
Interest expense, net $ (174) $ (177) $ (519) $ (526)
v3.26.3
Interest - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Interest Income (Expense), Nonoperating [Abstract]    
Cash paid for interest, net of interest received $ 478 $ 496
Interest costs capitalized $ 7 $ 20
v3.26.3
Fair Value Measurement - Carrying Value and Fair Value of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Book Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt with fixed interest rates $ 11,394 $ 11,492
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt with fixed interest rates $ 10,885 $ 11,616
v3.26.3
Fair Value Measurement - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Sep. 15, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Receivables sold under these accounts receivable monetization agreements $ 609   $ 609     $ 659
Expense related to sale of receivables $ 8 $ 9 $ 23 $ 29    
700 Million Receivable Monetization Facility            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Maximum eligible receivables that may be sold         $ 700  
v3.26.3
Fair Value Measurement - Schedule of Accounts Receivable Monetization Agreements (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Accounts Receivable From Financial Institutions [Roll Forward]    
Receivable from financial institutions at January 1 $ 0 $ 0
Receivables sold to the financial institutions and derecognized (1,680) (1,973)
Receivables collected by financial institutions 1,730 2,020
Cash payments to financial institutions (50) (47)
Receivable from financial institutions at September 30 $ 0 $ 0
v3.26.3
Debt - Schedule of Individual Components of Debt (Details)
€ in Millions, $ in Millions
Sep. 30, 2026
USD ($)
Sep. 30, 2026
EUR (€)
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Finance lease obligations $ 539     $ 548
Total debt, excluding fair value adjustments, bond discounts and debt issuance costs 14,133     13,867
Unamortized fair value adjustments, bond discounts and debt issuance costs (84)     (94)
Total debt 14,049     13,773
Less: Current portion of debt (842)     (346)
Non-current debt due after one year 13,207     13,427
Senior notes | $600 million senior notes due 2028        
Debt Instrument [Line Items]        
Debt instrument, face amount 600      
Debt, long-term and short-term, combined amount 600     600
Senior notes | $500 million senior notes due 2028        
Debt Instrument [Line Items]        
Debt instrument, face amount 500      
Debt, long-term and short-term, combined amount 500     500
Senior notes | $750 million senior notes due 2029        
Debt Instrument [Line Items]        
Debt instrument, face amount 750      
Debt, long-term and short-term, combined amount 750     750
Senior notes | €500 million senior green notes due 2029        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   € 500    
Debt, long-term and short-term, combined amount 567     587
Senior notes | $400 million senior notes due 2030        
Debt Instrument [Line Items]        
Debt instrument, face amount 400      
Debt, long-term and short-term, combined amount 400     400
Senior notes | $750 million senior green notes due 2030        
Debt Instrument [Line Items]        
Debt instrument, face amount 750      
Debt, long-term and short-term, combined amount 750     750
Senior notes | $300 million senior notes due 2031        
Debt Instrument [Line Items]        
Debt instrument, face amount 300      
Debt, long-term and short-term, combined amount 300     300
Senior notes | €500 million senior green notes due 2031        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   500    
Debt, long-term and short-term, combined amount 567     587
Senior notes | $500 million senior notes due 2032        
Debt Instrument [Line Items]        
Debt instrument, face amount 500      
Debt, long-term and short-term, combined amount 500     500
Senior notes | $76 million senior notes due 2032        
Debt Instrument [Line Items]        
Debt instrument, face amount 76      
Debt, long-term and short-term, combined amount 76     76
Senior notes | €600 million senior green notes due 2032        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   600    
Debt, long-term and short-term, combined amount 680     704
Senior notes | $600 million senior notes due 2033        
Debt Instrument [Line Items]        
Debt instrument, face amount 600      
Debt, long-term and short-term, combined amount 600     600
Senior notes | €500 million senior green notes due 2033        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   500    
Debt, long-term and short-term, combined amount 567     587
Senior notes | $1,000 million senior green notes due 2034        
Debt Instrument [Line Items]        
Debt instrument, face amount 1,000      
Debt, long-term and short-term, combined amount 1,000     1,000
Senior notes | $850 million senior green notes due 2035        
Debt Instrument [Line Items]        
Debt instrument, face amount 850      
Debt, long-term and short-term, combined amount 850     850
Senior notes | $800 million senior green notes due 2036        
Debt Instrument [Line Items]        
Debt instrument, face amount 800      
Debt, long-term and short-term, combined amount 800     800
Senior notes | €600 million senior green notes due 2036        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   600    
Debt, long-term and short-term, combined amount 680     704
Senior notes | $3 million senior notes due 2037        
Debt Instrument [Line Items]        
Debt instrument, face amount 3      
Debt, long-term and short-term, combined amount 3     3
Senior notes | $150 million senior notes due 2047        
Debt Instrument [Line Items]        
Debt instrument, face amount 150      
Debt, long-term and short-term, combined amount 150     150
Senior notes | $1,000 million senior green notes due 2054        
Debt Instrument [Line Items]        
Debt instrument, face amount 1,000      
Debt, long-term and short-term, combined amount 1,000     1,000
Secured debt | €230 million receivables securitization due 2029        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   230    
Debt, long-term and short-term, combined amount 250     257
Secured debt | €100 million receivables securitization due 2029        
Debt Instrument [Line Items]        
Debt instrument, face amount | €   € 100    
Debt, long-term and short-term, combined amount 113     117
Secured debt | $600 million receivables securitization due 2031        
Debt Instrument [Line Items]        
Debt instrument, face amount 600   $ 600  
Debt, long-term and short-term, combined amount 550     550
Commercial paper        
Debt Instrument [Line Items]        
Debt, long-term and short-term, combined amount 518     155
Vendor financing and commercial card programs        
Debt Instrument [Line Items]        
Debt, long-term and short-term, combined amount 100     99
Farm credit facility        
Debt Instrument [Line Items]        
Debt, long-term and short-term, combined amount 600     600
Other bank loans        
Debt Instrument [Line Items]        
Debt, long-term and short-term, combined amount $ 123     $ 93
v3.26.3
Debt - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended
Jun. 30, 2026
USD ($)
Sep. 30, 2026
USD ($)
program
Sep. 30, 2026
EUR (€)
program
Jun. 29, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Debt Instrument [Line Items]            
Number of trade receivables securitization programs | program   3 3      
330 Million Receivables Securitization Variable Funding Notes Due 2029            
Debt Instrument [Line Items]            
Transfers accounted for as secured borrowings, carrying amount | €     € 759     € 749
Remaining borrowing capacity   $ 11     $ 13  
$600 million receivables securitization due 2031            
Debt Instrument [Line Items]            
Transfers accounted for as secured borrowings, carrying amount   1,207     1,043  
Remaining borrowing capacity   50     $ 47  
$600 million receivables securitization due 2031 | Secured debt            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 600 $ 600        
700 Million Receivables Securitization Due 2027 | Secured debt            
Debt Instrument [Line Items]            
Debt instrument, face amount       $ 700    
Revolving Credit Facility | Revolving Credit Facilities Agreement | Line of Credit            
Debt Instrument [Line Items]            
Debt extension period 1 year          
Borrowing capacity $ 4,500          
v3.26.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation (in percentage) 30.30% 27.10% 29.70% 23.30%
Unrecognized tax benefits, decrease resulting from current period tax positions $ 16   $ 23  
Non-recurring adjustment to certain deferred tax assets 14 $ 25 25 $ 25
Tax expense associated with realizability of certain deferred tax assets $ 22   22  
Unrecognized tax benefits, increase resulting from interest and penalties     14  
Tax expense associated with an increase in unrecognized tax benefits   26   40
Unrecognized tax benefits due to the settlement of a tax authority examination   7   7
Accrued interest and settlement of a tax authority examination   $ 13   13
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations       72
Unrecognized tax benefits, decrease resulting from reversal of interest and penalties       24
Net income taxes paid     $ 276 $ 314
v3.26.3
Retirement Plans and Deferred Compensation Arrangements - Schedule of Net Benefit Costs (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
U.S. Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost $ 4 $ 5 $ 14 $ 15
Interest cost 50 51 151 155
Expected return on assets (71) (68) (214) (204)
Amortization of:        
Net actuarial loss 0 0 0 0
Prior service credit 0 0 0 0
Curtailment gain 0 0 0 0
Settlement gain 0 0 0 0
Net periodic benefit (income) cost (17) (12) (49) (34)
Non-U.S. Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost 10 10 28 28
Interest cost 39 36 117 106
Expected return on assets (37) (37) (111) (109)
Amortization of:        
Net actuarial loss 9 9 26 25
Prior service credit 0 0 0 (1)
Curtailment gain 0 0 (1) 0
Settlement gain (1) 0 0 0
Net periodic benefit (income) cost $ 20 $ 18 $ 59 $ 49
v3.26.3
Retirement Plans and Deferred Compensation Arrangements - Narrative (Details) - Supplemental employee retirement plan - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, plan assets $ 200 $ 203
Defined benefit plan, benefit obligation $ 163 $ 158
v3.26.3
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Numerator:        
Net income attributable to common shareholders $ 222 $ 246 $ 376 $ 602
Net income attributable to common shareholders $ 222 $ 246 $ 376 $ 602
Denominator:        
Basic weighted average shares outstanding (in shares) 524 522 524 521
Effect of dilutive share options (in shares) 4 4 3 4
Diluted weighted average shares outstanding (in shares) 528 526 527 525
Earnings Per Share, Basic and Diluted EPS [Abstract]        
Basic earnings per share attributable to common shareholders (in dollars per share) $ 0.42 $ 0.47 $ 0.72 $ 1.15
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.42 $ 0.47 $ 0.71 $ 1.14
v3.26.3
Commitments and Contingencies (Details)
R$ in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Apr. 22, 2026
USD ($)
Aug. 28, 2024
USD ($)
Mar. 07, 2024
USD ($)
Sep. 30, 2026
BRL (R$)
action
proceeding
Sep. 30, 2026
USD ($)
subsidiary
action
lawsuit
proceeding
Dec. 31, 2021
USD ($)
Dec. 31, 2025
USD ($)
Jul. 29, 2025
action
Aug. 31, 2019
company
Brazil tax liability | Secretariat of the Federal Revenue Bureau of Brazil                  
Loss Contingencies [Line Items]                  
Merger, number of subsidiaries | subsidiary         2        
Number of proceedings | proceeding         2        
Number of lawsuits | lawsuit         2        
Number of additional administrative proceedings | proceeding       2 2        
Number of annulment action | action       3 3        
Damages sought       R$ 820 $ 158        
Asbestos litigation                  
Loss Contingencies [Line Items]                  
Number of lawsuits | lawsuit         930        
Accrual for pending claims and litigation costs         $ 71        
Loss contingency, estimated insurance recovery         48        
Environmental Issue                  
Loss Contingencies [Line Items]                  
Accrual for pending claims and litigation costs         $ 66   $ 67    
Italian competition authority investigation                  
Loss Contingencies [Line Items]                  
Litigation, total number of companies | company                 30
Fine paid           $ 138      
Reduction in fine $ 16   $ 18            
International arbitration against Venezuela                  
Loss Contingencies [Line Items]                  
Compensation awarded   $ 469              
Legal costs awarded   $ 5              
Supracompetitive prices litigation                  
Loss Contingencies [Line Items]                  
Litigation, number of other industry participants | action               7  
v3.26.3
Supplier Finance Program Obligations (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Supplier finance program, obligation, current $ 357 $ 361
v3.26.3
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Assets $ 45,145 $ 45,157
Liabilities 27,131 26,803
Variable interest entity, primary beneficiary    
Variable Interest Entity [Line Items]    
Assets 1,326 1,337
Liabilities 709 720
Transfers accounted for as secured borrowings, carrying amount 394 391
Transfers accounted for as secured borrowings, associated liabilities, carrying amount 336 335
Variable interest entity, primary beneficiary | Recourse    
Variable Interest Entity [Line Items]    
Liabilities 363 374
Variable interest entity, primary beneficiary | Asset pledged as collateral    
Variable Interest Entity [Line Items]    
Assets $ 858 $ 874
v3.26.3
Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 723 $ 892
Accounts receivable 4,946 4,268
Inventories 3,768 3,693
Other current assets 1,697 1,586
Non-current assets:    
Property, plant and equipment, net 22,467 23,232
Other non-current assets 2,688 2,593
Total assets 45,145 45,157
Current liabilities:    
Accounts payable 3,521 3,597
Current portion of debt 842 346
Other current liabilities 1,569 1,523
Non-current liabilities:    
Non-current debt due after one year 13,207 13,427
Other non-current liabilities 2,391 2,318
Total liabilities 27,131 26,803
Variable interest entity, primary beneficiary    
Current assets:    
Cash and cash equivalents 1 3
Accounts receivable 858 876
Inventories 0 1
Other current assets 4 4
Non-current assets:    
Property, plant and equipment, net 65 60
Other non-current assets 398 393
Total assets 1,326 1,337
Current liabilities:    
Accounts payable 1 1
Current portion of debt 1 1
Other current liabilities 6 7
Non-current liabilities:    
Non-current debt due after one year 365 376
Other non-current liabilities 336 335
Total liabilities $ 709 $ 720
v3.26.3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ (18,060) $ (18,324) $ (18,354) $ (17,387)
Ending balance (18,014) (18,459) (18,014) (18,459)
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 299 428 348 1,446
Other comprehensive (income) loss 65 (81) 16 (1,099)
Ending balance 364 347 364 347
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 446 594 465 1,684
Other comprehensive (income) loss 74 (66) 55 (1,156)
Ending balance 520 528 520 528
Cash Flow Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 17 18 17 16
Other comprehensive (income) loss 0 (1) 0 1
Ending balance 17 17 17 17
Defined Benefit Pension and Other Postretirement Benefit Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 587 567 617 497
Other comprehensive (income) loss (9) (14) (39) 56
Ending balance 578 553 578 553
Other Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (751) (751) (751) (751)
Other comprehensive (income) loss 0 0 0 0
Ending balance $ (751) $ (751) $ (751) $ (751)
v3.26.3
Accumulated Other Comprehensive Loss - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax $ (63) $ 82 $ (8) $ 1,098
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax (2) (1) (8) 1
Net of Tax        
Other comprehensive (loss) income, net of tax (65) 81 (16) 1,099
Foreign currency translation (loss) gain        
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax (74) 66 (55) 1,156
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax 0 0 0 0
Net of Tax        
Other comprehensive (loss) income, net of tax (74) 66 (55) 1,156
Net actuarial gain (loss)        
Pre-Tax        
OCI before reclassifications     8 (14)
Reclassification from AOCI 9 8 25 24
Tax        
OCI before reclassifications     (2) 4
Reclassification from AOCI (2) (1) (6) (4)
Net of Tax        
OCI before reclassifications     6 (10)
Reclassification from AOCI 7 7 19 20
Prior service (cost) credit        
Pre-Tax        
OCI before reclassifications     0 (5)
Reclassification from AOCI     0 (1)
Tax        
OCI before reclassifications     0 1
Reclassification from AOCI     0 0
Net of Tax        
OCI before reclassifications     0 (4)
Reclassification from AOCI     0 (1)
Foreign currency gain (loss) - pensions        
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax 2 7 14 (61)
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax 0 0 0 0
Net of Tax        
Other comprehensive (loss) income, net of tax 2 7 14 (61)
Changes in fair value of cash flow hedges        
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax 0 1 0 (1)
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax 0 0 0 0
Net of Tax        
Other comprehensive (loss) income, net of tax 0 1 0 (1)
Other comprehensive income attributable to noncontrolling interests        
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax 0 0 0 0
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax 0 0 0 0
Net of Tax        
Other comprehensive (loss) income, net of tax 0 0 0 0
Other comprehensive (loss) income attributable to common shareholders        
Pre-Tax        
Other comprehensive income (loss) attributable to common shareholders, pre-tax (63) 82 (8) 1,098
Tax        
Other comprehensive income (loss) attributable to common shareholders, tax (2) (1) (8) 1
Net of Tax        
OCI before reclassifications (65) 81 (16) 1,099
Other comprehensive (loss) income, net of tax $ (65) $ 81 $ (16) $ 1,099
v3.26.3
Subsequent Events (Details) - $ / shares
 3 Months Ended 9 Months Ended
Oct. 28, 2026
Sep. 30, 2026
 [1]
Sep. 30, 2025
 [1]
Sep. 30, 2026
 [2]
Sep. 30, 2025
 [3]
Subsequent Event [Line Items]          
Dividends per share, declared (USD per share)   $ 0.45 $ 0.43 $ 1.36 $ 1.29
Subsequent event          
Subsequent Event [Line Items]          
Dividends per share, declared (USD per share) $ 0.4523        
[1] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[2] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.
[3] Includes cash dividends and dividend equivalent units declared on certain unvested share-based payment awards.