Smurfit Westrock (SW) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	333-278185
Entity 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, Country	IE
Entity Address, Postal Zip Code	D04 N2R2
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		519,358,323
Entity Central Index Key	0002005951
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 26,762	$ 111
Total Assets	26,762	111
Liabilities and Equity
Accounts payable	12,300
Total liabilities	12,300
Commitments and Contingencies
Equity:
Deferred shares, €1: 25,000 shares authorized, 0 issued at June 30, 2024 (0 authorized or issued at December 31, 2023)
Accumulated other comprehensive loss	(204)	(3)
Retained earnings	(12,300)
Total stockholders' equity	14,462	111
Total liabilities and equity	26,762	111
Common stock, par value one Euro
Equity:
Common stock	26,966	114
Common stock, par value dollars 0.001
Equity:
Common stock

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical)	Jun. 30, 2024 € / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 € / shares shares	Dec. 31, 2023 $ / shares shares
Common stock, par value | $ / shares		$ 0.001
Common stock, shares authorized			0	0
Deferred stock, par or stated value | € / shares	€ 1		€ 1
Deferred stock, shares issued	0	0	0	0
Deferred stock, shares authorized	25,000	25,000	0	0
Common stock, par value one Euro
Common stock, par value | € / shares	€ 1		€ 1
Common stock, shares authorized	25,000	25,000	100	100
Common stock, shares outstanding	25,000	25,000	100	100
Common stock, par value dollars 0.001
Common stock, par value | $ / shares		$ 0.001		$ 0.001
Common stock, shares issued	0	0
Common stock, shares authorized	9,500,000,000	9,500,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Administrative expenses	$ (12,300)	$ (12,300)
Loss before income taxes	(12,300)	(12,300)
Consolidated net loss attributable to common stockholders	$ (12,300)	$ (12,300)
Basic loss per share attributable to common stockholders	$ (2.56)	$ (5.04)
Diluted loss per share attributable to common stockholders	$ (2.56)	$ (5.04)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Unaudited)
Consolidated net loss	$ (12,300)	$ (12,300)
Foreign currency:
Foreign currency translation (loss)/gain	(198)	(201)	$ 2
Comprehensive (loss)/income	$ (12,498)	$ (12,501)	$ 2

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Consolidated net loss	$ (12,300)	$ 0	$ (12,300)
Change in operating assets and liabilities:
Accounts payable			12,300
Net cash provided by operating activities			0	$ 0
Investing activities:
Net cash provided by investing activities			0	0
Financing activities:
Issuances of common stock			26,852
Net cash provided by financing activities			26,852	0
Increase in cash and cash equivalents			26,852	0
Cash and cash equivalents at beginning of period			111	107
Effect of exchange rates on cash and cash equivalents			(201)	2
Cash and cash equivalents at end of period	$ 26,762	$ 109	$ 26,762	$ 109

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)	Common Shares	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Total
Balance at beginning at Dec. 31, 2022	$ 114		$ (7)	$ 107
Balance at beginning (in shares) at Dec. 31, 2022	100
STATEMENTS OF CHANGES IN EQUITY
Other comprehensive income			2	2
Balance at ending at Jun. 30, 2023	$ 114		(5)	109
Balance at ending (in shares) at Jun. 30, 2023	100
Balance at beginning at Mar. 31, 2023	$ 114		(5)	109
Balance at beginning (in shares) at Mar. 31, 2023	100
STATEMENTS OF CHANGES IN EQUITY
Net Income (Loss)	$ 0			0
Balance at ending at Jun. 30, 2023	$ 114		(5)	109
Balance at ending (in shares) at Jun. 30, 2023	100
Balance at beginning at Dec. 31, 2023	$ 114		(3)	111
Balance at beginning (in shares) at Dec. 31, 2023	100
STATEMENTS OF CHANGES IN EQUITY
Net Income (Loss)		$ (12,300)		(12,300)
Other comprehensive income			(201)	(201)
Issuances of common stock	$ 26,852			26,852
Issuances of common stock (in shares)	24,900
Balance at ending at Jun. 30, 2024	$ 26,966	(12,300)	(204)	14,462
Balance at ending (in shares) at Jun. 30, 2024	25,000
Balance at beginning at Mar. 31, 2024	$ 114		(6)	108
Balance at beginning (in shares) at Mar. 31, 2024	100
STATEMENTS OF CHANGES IN EQUITY
Net Income (Loss)		(12,300)		(12,300)
Other comprehensive income			(198)	(198)
Issuances of common stock	$ 26,852			26,852
Issuances of common stock (in shares)	24,900
Balance at ending at Jun. 30, 2024	$ 26,966	$ (12,300)	$ (204)	$ 14,462
Balance at ending (in shares) at Jun. 30, 2024	25,000

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Description of Business and Summary of Significant Accounting Policies
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Smurfit Westrock plc (formerly known as Cepheidway Limited and Smurfit WestRock Limited) (“Smurfit Westrock,” or the “Company”) is a company limited by shares that was incorporated in Ireland on July 6, 2017. The registered office of the Company is Beech Hill, Clonskeagh, Dublin 4, Ireland, which is also the principal place of business of the Company. On December 11, 2023, Smurfit Westrock changed its name to Smurfit WestRock Limited, and then on June 18, 2024, it re-registered as an Irish public limited company and renamed Smurfit Westrock plc. Other than activities related to its formation and in anticipation of the combination with WestRock, the Company has not conducted any operations since its incorporation through the end of the quarter covered by this Quarterly Report on Form 10-Q. Unless the context otherwise requires, Smurfit Westrock and “the Company” refer to the business of Smurfit Westrock and its wholly-owned subsidiaries, which, as of June 30, 2024, did not include Smurfit Kappa Group plc (“Smurfit Kappa”), or WestRock Company (“WestRock”). Basis of Presentation Our independent registered public accounting firm has not audited the accompanying consolidated interim financial statements. The unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. The consolidated balance sheet at December 31, 2023, was derived from the audited consolidated financial statements included within Smurfit Westrock’s Registration Statement on Form S-4, which was declared effective on April 26, 2024 (as supplemented by the prospectus filed with the SEC on April 26, 2024, the “Registration Statement”). The unaudited consolidated interim financial statements are presented in United States Dollars. In the opinion of the Company’s management, the accompanying unaudited consolidated interim financial statements contain all the adjustments necessary for a fair statement of the financial position and the results of operations and cash flows for the interim periods and as at the dates presented. The results of operations for the three and six months ended June 30, 2024, are not necessarily indicative of the operating results for the full fiscal year or any future period because prior to the completion of the Combination, Smurfit Westrock had no assets, no operations, and only nominal capitalization. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Registration Statement. Summary of Significant Accounting Policies See “Note 1 Description of Business and Summary of Significant Accounting Policies” of the notes to the Consolidated Financial Statements of the Company included in the Registration Statement for a summary of our significant accounting policies.

Transaction Agreement and Combi

Transaction Agreement and Combination with WestRock	6 Months Ended
	Jun. 30, 2024
Transaction Agreement and Combination with WestRock
Transaction Agreement and Combination with WestRock	2. Transaction Agreement and Combination with WestRock On September 12, 2023, Smurfit Kappa and WestRock, a public company incorporated in Delaware, announced they had reached a definitive agreement on the terms of a proposed combination (the “Transaction Agreement”). On July 5, 2024, pursuant to the Transaction Agreement between Smurfit Kappa, WestRock, Smurfit Westrock and Sun Merger Sub, LLC (“Merger Sub”): (i) Smurfit Westrock acquired Smurfit Kappa by means of a scheme of arrangement (the “Scheme”) under the Companies Act 2014 of Ireland (as amended) (the “Smurfit Kappa Share Exchange”), and (ii) Merger Sub merged with and into WestRock, with WestRock continuing as the surviving entity (the “Merger,” and together with the Smurfit Kappa Share Exchange, the “Combination”). The Combination was subject to certain conditions set forth in the Transaction Agreement, including, but not limited to: certain regulatory clearances, approval by the stockholders of Smurfit Kappa and stockholders of WestRock, sanction of the Scheme by the High Court of Ireland, the Registration Statement for the offer of the shares of Smurfit Westrock being declared effective by the SEC, approval of the shares of Smurfit Westrock for listing on the New York Stock Exchange (“NYSE”), and approval of the shares of Smurfit Westrock for listing on the Official List of the Financial Conduct Authority (“FCA”). Pursuant to the Transaction Agreement, each issued ordinary share, par value €0.001 per share, of Smurfit Kappa (a “Smurfit Kappa Share”) was exchanged for one ordinary share, par value $0.001 per share, of Smurfit Westrock (a “Smurfit Westrock Share”). On July 5, 2024, pursuant to a High Court-ordered transfer scheme of arrangement, the Company issued 261,094,836 ordinary shares to the former shareholders of Smurfit Kappa in exchange for their shares in Smurfit Kappa. The Scheme is not a business combination under GAAP as Smurfit Westrock had no historical operations or material assets prior to the Scheme, the ownership of Smurfit Westrock is the same as that of Smurfit Kappa immediately following the Scheme and prior to the Merger, and is a share for share exchange with no cash consideration. The Scheme does not give rise to any goodwill or change in accounting basis. Each share of common stock, par value $0.01 per share, of WestRock (the “WestRock Common Stock”), was converted into the right to receive one Smurfit Westrock Share and $5.00 in cash (the “Merger Consideration”) for an aggregate cash consideration of $1,291 million. On July 5, 2024, the Company issued 258,228,403 shares to the former shareholders of WestRock in exchange for the net assets of WestRock acquired through the Merger. Smurfit Kappa was deemed to be the accounting acquirer of WestRock for accounting purposes under ASC 805. Due to the limited time between the transaction date and the Company’s filing of these financial statements for the quarter ended June 30, 2024 in this Form 10-Q, Smurfit Kappa’s initial accounting for the business combination is incomplete. The Company expects to provide preliminary purchase price allocation information within its consolidated interim financial statements as of and for the three and nine-months ended September 30, 2024, to be filed in its Form 10-Q for the period then ended. Accordingly, the financial results of Smurfit Westrock as of and for the periods ended prior to July 5, 2024, do not include the financial results of Smurfit Kappa or WestRock and future results will not be comparable to historical results. Upon completion of the Combination, Smurfit Kappa and WestRock each became wholly owned subsidiaries of Smurfit Westrock with Smurfit Kappa shareholders owning approximately 50.4% and WestRock shareholders owning approximately 49.6%. The combined group is headquartered and domiciled in Dublin, Ireland, with North and South American headquarters in Atlanta, Georgia, U.S. Smurfit Westrock has a dual listing on the NYSE and the standard listing segment of the Official List of the FCA, and the Smurfit Westrock Shares have been admitted to trading on the NYSE and the main market for listed securities of the London Stock Exchange (“LSE”).

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity
Stockholders' Equity	3. Stockholders’ Equity On June 13, 2024, in connection with the Company’s re-registration as a public limited company for the purpose of satisfying minimum capitalization requirements under Irish law, the Company issued 24,900 ordinary shares with a par value of €1 for €1 each for an aggregate consideration of $26,852 . On June 26, 2024, the Company created and authorized 500,000,000 Preference Shares with a par value of $0.001 each. As of June 30, 2024, there were no Preference Shares issued and outstanding . The Preference Shares are non-voting and have a fixed 8% non-cumulative dividend right. ​

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Earnings Per Share	4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in actual Dollars, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ June 30, June 30, ​ June 30, June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (12,300) ​ $ — ​ $ (12,300) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average shares outstanding ​ 4,803 ​ — ​ 2,439 ​ — Effect of dilutive shares ​ — ​ — ​ — ​ — Diluted weighted average shares outstanding ​ 4,803 ​ — ​ 2,439 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic loss per share attributable to common stockholders ​ $ (2.56) ​ $ — ​ $ (5.04) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted loss per share attributable to common stockholders ​ $ (2.56) ​ $ — ​ $ (5.04) ​ $ — ​ 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	5. Subsequent Events Combination with WestRock Refer to Note 2. Transaction Agreement and Combination with WestRock, Issuance of Preference Shares On July 2, 2024, the Company issued 10,000 shares of the Preference Shares in consideration for services previously provided by the Company’s legal advisors in connection with its re-registration as an Irish public limited company. Re-designation of Ordinary Shares On July 5, 2024, as part of Smurfit Westrock’s amendments to its Articles of Incorporation and Bylaws, the 25,000 issued ordinary shares of €1.00 each were re-designated as €25,000 Euro deferred ordinary shares of €1.00 each. ​ Prepayment and Cancellation of Subsidiary Debt On July 5, 2024, Smurfit Kappa, a subsidiary of the Company subsequent to the Combination, cancelled its €1,350 million revolving credit facility. There were no early termination penalties incurred as a result of the termination of the revolving credit facility. Additionally, on July 5, 2024, Smurfit Kappa, in exchange for an intercompany loan with WestRock, a subsidiary of the Company, funded the prepayment and cancellation of the $750 million delayed draw term loan agreement as held by WestRock at that date. ​ Guarantee of Indebtedness On July 5, 2024, in connection with the Combination, Smurfit Westrock entered supplemental indentures to become a guarantor of various outstanding debt securities issued by subsidiaries of Smurfit Kappa and WestRock. Also on July 5, 2024, (i) Smurfit Westrock entered an accession letter to became a guarantor under the New Credit Agreement, as amended, by and among Smurfit Kappa, as guarantor, certain subsidiaries of Smurfit Kappa, as borrowers or guarantors, WestRock and certain of its subsidiaries, as guarantors, and the lenders thereto, (ii) Smurfit Westrock entered a joinder agreement to become a guarantor under the term loan credit agreement with CoBank, ACB, as administrative agent, as amended and restated, by and among WestRock, as guarantor, certain of its subsidiaries, as borrowers or guarantors, and the lenders thereto, and (iii) Smurfit Westrock entered an omnibus amendment to become the performance guarantor under the Eighth Amended and Restated Credit and Security Agreement, as amended, and Sixth Amended and Restated Receivables Sale Agreement, as amended, by and among WestRock, certain of its subsidiaries, and the lenders thereto. Dividend Approval Following approval on July 24, 2024 by the High Court of Ireland of a capital reduction in accordance with Part 3 of the Companies Act 2014, on July 26, 2024, Smurfit Westrock announced that the Board approved a quarterly dividend of $0.3025 per share on its ordinary shares. The quarterly dividend of $0.3025 per ordinary share is payable September 18, 2024 to shareholders of record at the close of business on August 15, 2024. ​ ​ ​ ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,300)	$ 0	$ (12,300)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Description of Business and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation Our independent registered public accounting firm has not audited the accompanying consolidated interim financial statements. The unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. The consolidated balance sheet at December 31, 2023, was derived from the audited consolidated financial statements included within Smurfit Westrock’s Registration Statement on Form S-4, which was declared effective on April 26, 2024 (as supplemented by the prospectus filed with the SEC on April 26, 2024, the “Registration Statement”). The unaudited consolidated interim financial statements are presented in United States Dollars. In the opinion of the Company’s management, the accompanying unaudited consolidated interim financial statements contain all the adjustments necessary for a fair statement of the financial position and the results of operations and cash flows for the interim periods and as at the dates presented. The results of operations for the three and six months ended June 30, 2024, are not necessarily indicative of the operating results for the full fiscal year or any future period because prior to the completion of the Combination, Smurfit Westrock had no assets, no operations, and only nominal capitalization. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Registration Statement.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (in actual Dollars, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ June 30, June 30, ​ June 30, June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (12,300) ​ $ — ​ $ (12,300) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average shares outstanding ​ 4,803 ​ — ​ 2,439 ​ — Effect of dilutive shares ​ — ​ — ​ — ​ — Diluted weighted average shares outstanding ​ 4,803 ​ — ​ 2,439 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic loss per share attributable to common stockholders ​ $ (2.56) ​ $ — ​ $ (5.04) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted loss per share attributable to common stockholders ​ $ (2.56) ​ $ — ​ $ (5.04) ​ $ —

Transaction Agreement and Com_2

Transaction Agreement and Combination with WestRock (Details)		6 Months Ended
	Jul. 05, 2024 € / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 € / shares	Jun. 30, 2024 USD ($) $ / shares
Transaction Agreement
Common stock, par value | $ / shares				$ 0.001
Subsequent Event
Transaction Agreement
Common stock, par value | € / shares	€ 1
Smurfit Westrock PLC | Smurfit Kappa
Transaction Agreement
Percentage of ownership, subsidiaries				50.40%
Smurfit Westrock PLC | WestRock
Transaction Agreement
Percentage of ownership, subsidiaries				49.60%
WestRock
Transaction Agreement
Common stock, par value | $ / shares				$ 0.01
Number of shares for each share		1
Amount of cash for each share | $				$ 5
Aggregate cash consideration | $		$ 1,291,000,000
WestRock | Subsequent Event
Transaction Agreement
Ordinary shares issued to former shareholders	258,228,403
Smurfit Kappa
Transaction Agreement
Common stock, par value | € / shares			€ 0.001
Smurfit Kappa | Subsequent Event
Transaction Agreement
Ordinary shares issued to former shareholders	261,094,836

Stockholders' Equity (Details)

Stockholders' Equity (Details)		6 Months Ended
	Jun. 13, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2024 € / shares shares	Jun. 30, 2024 $ / shares shares	Jun. 26, 2024 $ / shares shares	Jun. 13, 2024 € / shares	Dec. 31, 2023 € / shares
Stockholders' Equity
Common stock, par value | $ / shares				$ 0.001
Aggregate consideration from shares issued | $		$ 26,852
Preferred stock, shares authorized					500,000,000
Preferred stock, par value | $ / shares					$ 0.001
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding			0	0
Preference shares, non-cumulative dividend right		8%
Common stock, par value one Euro
Stockholders' Equity
Shares issued during the period	24,900
Common stock, par value | € / shares			€ 1			€ 1	€ 1
Issue price per share | € / shares						€ 1
Aggregate consideration from shares issued | $	$ 26,852

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Numerator:
Net Income (Loss)	$ (12,300)	$ 0	$ (12,300)
Denominator:
Basic weighted average shares outstanding	4,803		2,439
Diluted weighted average shares outstanding	4,803		2,439
Basic loss per share attributable to common stockholders	$ (2.56)		$ (5.04)
Diluted loss per share attributable to common stockholders	$ (2.56)		$ (5.04)

Subsequent Events (Details)

Subsequent Events (Details) € / shares in Units, $ / shares in Units, € in Millions	Jul. 05, 2024 EUR (€) € / shares shares	Jul. 05, 2024 USD ($) shares	Jul. 02, 2024 shares	Jul. 26, 2024 $ / shares	Jun. 30, 2024 € / shares	Jun. 30, 2024 $ / shares	Jun. 13, 2024 € / shares	Dec. 31, 2023 € / shares
Subsequent Events
Common stock, par value | $ / shares						$ 0.001
Deferred stock, par or stated value					€ 1			€ 1
Common stock, par value one Euro
Subsequent Events
Common stock, par value					€ 1		€ 1	€ 1
Subsequent Event
Subsequent Events
Preference shares in consideration for services by the legal advisor | shares			10,000
Common stock, par value	€ 1
Deferred ordinary shares issued | shares	25,000	25,000
Subsequent Event | O2024 Q3 Dividends
Subsequent Events
Dividends payable, amount per share | $ / shares				$ 0.3025
Subsequent Event | Smurfit Kappa
Subsequent Events
Cancellation of the revolving credit facility | €	€ 1,350
Termination penalties | $		$ 0
Prepayment and cancellation of delayed draw term loan agreement | $		$ 750,000,000
Subsequent Event | Common stock, par value one Euro
Subsequent Events
Ordinary shares re-designated | shares	25,000	25,000
Common stock, par value	€ 1