Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024
	Book Value	Fair Value	Book Value	Fair Value
Debt with fixed interest rates	$11,776	$11,901	$11,370	$11,289

The Company measures and records certain assets and liabilities, including derivative instruments at fair value. The following table

summarizes the fair value of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value

hierarchy:


	Level 1		Level 2
	September 30,	December 31,	September 30,	December 31,
	2025	2024	2025	2024
Assets
Other Investments:
Listed	$2	$2	$—	$—
Unlisted	—	—	11	10
Derivatives in cash flow hedging relationships	—	—	—	3
Derivatives not designated as hedging instruments	—	—	22	11
Assets measured at fair value	$2	$2	$33	$24

Liabilities
Derivatives in cash flow hedging relationships	$—	$—	$19	$1
Derivatives not designated as hedging instruments	—	—	1	13
Liabilities measured at fair value	$—	$—	$20	$14

The following table presents a summary of the accounts receivable monetization agreements for the nine months ended September 30,

2025 and September 30, 2024:


	Nine months ended September 30,
	2025	2024
Receivable from financial institutions at January 1	$—	$—
Receivables sold to the financial institutions and derecognized	(1,973)	(670)
Receivables collected by financial institutions	2,020	621
Cash (payments to) proceeds from financial institutions	(47)	49
Receivable from financial institutions at September 30	$—	$—

Smurfit Westrock plc 10-Q