0001564590-21-008652 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2020	Feb. 19, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity File Number	001-39528
Entity Registrant Name	PACTIV EVERGREEN INC.
Entity Central Index Key	0001527508
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1538656
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-2000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float	$ 710,693,996
Entity Common Stock, Shares Outstanding		177,157,710
Title of each class	Common Stock, $0.001 par value
Trading Symbol(s)	PTVE
Name of each exchange on which registered	NASDAQ
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

Consolidated Statements of (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenues	$ 4,689	$ 5,191	$ 5,308
Cost of sales	(3,969)	(4,344)	(4,464)
Gross profit	720	847	844
Selling, general and administrative expenses	(470)	(466)	(394)
Goodwill impairment charges	(6)	(16)
Restructuring, asset impairment and other related charges	(28)	(46)	(18)
Other expense, net	(33)	(29)	(15)
Operating income from continuing operations	183	290	417
Non-operating income (expense), net	66	(13)	41
Interest expense, net	(371)	(433)	(414)
(Loss) income from continuing operations before tax	(122)	(156)	44
Income tax benefit (expense)	112	(84)	20
Net (loss) income from continuing operations	(10)	(240)	64
(Loss) Income from discontinued operations, net of income taxes	(15)	330	217
Net (loss) income	(25)	90	281
Net (income) loss attributable to non-controlling interests	(2)	1	(2)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders	$ (27)	$ 91	$ 279
From continuing operations
Basic	$ (0.08)	$ (1.78)	$ 0.46
Diluted	(0.08)	(1.78)	0.46
From discontinued operations
Basic	(0.10)	2.46	1.62
Diluted	(0.10)	2.46	1.62
Total
Basic	(0.18)	0.68	2.08
Diluted	$ (0.18)	$ 0.68	$ 2.08

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Other Comprehensive Income [Abstract]
Net (loss) income	$ (25)	$ 90	$ 281
Other comprehensive income (loss), net of income taxes:
Currency translation adjustments	(8)	88	(40)
Defined benefit plans	16	124	(52)
Other comprehensive income (loss)	8	212	(92)
Comprehensive (loss) income	(17)	302	189
Comprehensive (income) loss attributable to non-controlling interests	(2)	1	(2)
Comprehensive (loss) income attributable to Pactiv Evergreen Inc. common stockholders	$ (19)	$ 303	$ 187

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 458	$ 1,155
Accounts receivable, less allowances for doubtful accounts of $3 and $4	375	445
Related party receivables	55	0
Inventories	784	753
Other current assets	175	119
Assets held for sale or distribution	26	1,232
Total current assets	1,873	3,704
Property, plant and equipment, net	1,685	1,703
Operating lease right-of-use assets, net	260	191
Goodwill	1,760	1,766
Intangible assets, net	1,092	1,147
Deferred income taxes	7	21
Related party receivables	0	339
Other noncurrent assets	166	161
Noncurrent assets held for sale or distribution	0	7,143
Total assets	6,843	16,175
Liabilities
Accounts payable	313	316
Related party payables	10	30
Current portion of long-term debt	15	3,587
Current portion of operating lease liabilities	57	47
Income taxes payable	10	14
Accrued and other current liabilities	322	418
Liabilities held for sale or distribution	12	485
Total current liabilities	739	4,897
Long-term debt	3,965	7,043
Long-term operating lease liabilities	217	157
Deferred income taxes	193	150
Long-term employee benefit obligations	519	730
Other noncurrent liabilities	136	124
Noncurrent liabilities held for sale or distribution	0	992
Total liabilities	5,769	14,093
Commitments and contingencies (Note 15)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,157,710 and 134,408,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	614	103
Accumulated other comprehensive loss	(349)	(518)
Retained earnings	806	2,494
Total equity attributable to Pactiv Evergreen Inc. common stockholders	1,071	2,079
Non-controlling interests	3	3
Total equity	1,074	2,082
Total liabilities and equity	$ 6,843	$ 16,175

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3	$ 4
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	177,157,710	134,408,000
Common stock, shares outstanding (in shares)	177,157,710	134,408,000
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Reynolds Consumer Products Inc.	Graham Packaging Company Inc.	Common Stock	Additional Paid In Capital	Additional Paid In Capital Reynolds Consumer Products Inc.	Additional Paid In Capital Graham Packaging Company Inc.	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Reynolds Consumer Products Inc.	Accumulated Other Comprehensive Loss Graham Packaging Company Inc.	Accumulated Other Comprehensive Loss Cumulative impact of adopting ASU 2018-02	Retained Earnings	Retained Earnings Reynolds Consumer Products Inc.	Retained Earnings Graham Packaging Company Inc.	Retained Earnings Cumulative impact of adopting ASU 2018-02	Non-controlling Interests
Beginning balance at Dec. 31, 2017	$ 1,599				$ 103			$ (597)				$ 2,083				$ 10
Beginning balance, Shares at Dec. 31, 2017				134,400,000
Net income (loss)	281											279				2
Other comprehensive (loss) income, net of income taxes	(92)							(92)
Dividends paid to non-controlling interests	(3)															(3)
Ending balance at Dec. 31, 2018	1,785				103			(689)			$ (41)	2,362			$ 41	9
Ending balance, Shares at Dec. 31, 2018				134,400,000
Accounting Standards Update [Extensible List]											us-gaap:AccountingStandardsUpdate201802Member				us-gaap:AccountingStandardsUpdate201802Member
Net income (loss)	90											91				(1)
Other comprehensive (loss) income, net of income taxes	212							212
Disposition of non-controlling interest	(4)															(4)
Dividends paid to non-controlling interests	(1)															(1)
Ending balance at Dec. 31, 2019	$ 2,082				103			(518)				2,494				3
Ending balance, Shares at Dec. 31, 2019	134,408,000			134,400,000
Net income (loss)	$ (25)											(27)				2
Other comprehensive (loss) income, net of income taxes	8							8
Forgiveness of related party balances pre IPO	(362)											(362)
Distribution of interest in discontinued operations		$ (30)	$ (1,168)			$ (32)	$ (28)		$ (11)	$ 172			$ 13	$ (1,312)
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	569				569
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions, Shares				42,800,000
Stock-based compensation	2				2
Dividends paid to non-controlling interests	(2)															(2)
Ending balance at Dec. 31, 2020	$ 1,074				$ 614			$ (349)			$ 0	$ 806				$ 3
Ending balance, Shares at Dec. 31, 2020	177,157,710			177,200,000

Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
Consolidated Statements of Cash Flows $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash provided by (used in) operating activities
Net (loss) income	$ (25)	$ 90	$ 281
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	467	643	653
Deferred income taxes	18	98	(27)
Unrealized losses (gains) on derivatives	(10)	(13)	22
Goodwill impairment charges	6	25	138
Other asset impairment charges	18	106	40
Loss on disposal of businesses and other assets	(10)	42	24
Non-cash portion of employee benefit obligations	(59)	27	(20)
Non-cash portion of operating lease expense	96	108	0
Amortization of OID and DIC	17	20	20
Loss on extinguishment of debt	68	1	5
Other non-cash items, net	21	(3)	(2)
Change in assets and liabilities:
Accounts receivable, net	33	19	(1)
Inventories	(64)	19	(83)
Other current assets	(2)	29	(5)
Accounts payable	32	(118)	48
Operating lease payments	(93)	(106)	0
Income taxes payable	(58)	(53)	32
Accrued and other current liabilities	(80)	(37)	(38)
Other assets and liabilities	6	4	(100)
Employee benefit obligation contributions	(128)	(5)	(24)
Net cash provided by operating activities	253	896	963
Cash provided by (used in) investing activities
Acquisition of property, plant and equipment and intangible assets	(410)	(629)	(592)
Proceeds from sale of property, plant and equipment	48	23	21
Disposal of businesses, net of cash disposed	8	597	118
Proceeds from related party loan repayment	0	5	0
Net cash used in investing activities	(354)	(4)	(453)
Cash provided by (used in) financing activities
Long-term debt proceeds	7,861	0	0
Long-term debt repayments	(8,944)	(381)	(352)
Deferred financing transaction costs on long-term debt	(49)	0	0
Net proceeds from issue of share capital	569	0	0
Premium on redemption of long-term debt	(34)	0	(3)
Cash held by Reynolds Consumer Products and Graham Packaging Company at time of distribution	(110)	0	0
Other financing activities	(4)	(3)	(5)
Net cash used in financing activities	(711)	(384)	(360)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(14)	0	(7)
Increase (decrease) in cash, cash equivalents and restricted cash	(826)	508	143
Cash, cash equivalents and restricted cash as of beginning of the year	1,294	786	643
Cash, cash equivalents and restricted cash as of end of the year	468	1,294	786
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	458	1,155	659
Cash and cash equivalents classified as assets held for sale or distribution	10	136	124
Restricted cash classified as assets held for sale or distribution	0	3	3
Cash, cash equivalents and restricted cash as of end of the year	468	1,294	786
Cash paid (received):
Interest	413	619	619
Income taxes	$ (21)	$ 98	$ 143

Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Note 1. Nature of Operations and Basis of Presentation

The accompanying consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”). These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation.

We are a manufacturer and supplier of fresh food and beverage packaging products, primarily in North America. We report our business in three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. Our Foodservice segment manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Our Food Merchandising segment manufactures products that protect and attractively display food while preserving freshness. Our Beverage Merchandising segment manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets.

On September 21, 2020, we completed the initial public offering ("IPO") of our common stock pursuant to a Registration Statement on Form S-1 (File No. 333-248250).

Prior to the closing of the IPO, we completed the following transactions which resulted in changes to our common stock and issued and outstanding shares:

•

On September 16, 2020, the distribution of all of our shares in Graham Packing Company Inc. (“GPCI”) to Packaging Finance Limited (“PFL”) in consideration for the buy-back of 14,036,726 of our outstanding shares;

•

On September 17, 2020, the conversion of Reynolds Group Holdings Limited into PTVE, a corporation incorporated in the state of Delaware, with 1,000 shares of common stock issued and outstanding; and

•

On September 21, 2020, the consummation of a stock split pursuant to which each share of our outstanding common stock was reclassified into 134,408 shares of common stock, resulting in 134,408,000 shares issued and outstanding.

These transactions have been retrospectively reflected for all years presented.

In the IPO, we sold 41,026,000 shares of common stock at a public offering price of $14.00 per share, with net proceeds of $546 million. On October 20, 2020, we sold 1,723,710 shares of common stock to the underwriters pursuant to their option to purchase additional shares at the public offering price of $14.00 per share, with net proceeds of $23 million.

Unless otherwise indicated, information in these notes to the consolidated financial statements relates to our continuing operations. Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 3, Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of substantially all of our Closures business, sold in December 2019, all of our former Reynolds Consumer Products ("RCP") segment, distributed in February 2020, and all of our former Graham Packaging ("GPC") segment, distributed in September 2020, are presented as discontinued operations for all years presented. Sales from our continuing operations to our discontinued operations previously eliminated in consolidation have been recast as external revenues and are included in net revenues within operating income from continuing operations. Refer to Note 18, Related Party Transactions for additional details.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and balance sheet. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes.

For example, the worldwide COVID-19 pandemic has had, and could continue to have, a significant impact on our results of operations, and it may also have additional far-reaching impacts on many aspects of our operations including the impact on customer behaviors, business and manufacturing operations, our employees, and the market in general. The extent to which the COVID-19 pandemic impacts our business, financial condition, results of operations, cash flows and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the pandemic, actions taken to contain the virus, as well as, how quickly and to what extent normal economic and operating conditions resume.

Foreign Operations

Our consolidated financial statements are presented in U.S. dollars, which is our reporting currency. We translate the results of operations of our subsidiaries with functional currencies other than the U.S. dollar using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity within accumulated other comprehensive loss and transaction gains and losses in other expense, net in our consolidated statements of (loss) income. Foreign currency translation balances reported within accumulated other comprehensive loss are recognized in the consolidated statements of (loss) income when the operation is disposed of or substantially liquidated.

Variable Interest Entities

Variable interest entities (“VIEs”) are primarily entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders, as a group, lack one or more of the following characteristics: (a) direct or indirect ability to make decisions, (b) obligation to absorb expected losses or (c) right to receive expected residual returns. VIEs must be evaluated quantitatively and qualitatively to determine the primary beneficiary, which is the reporting entity that has (a) the power to direct activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. To determine a VIE’s primary beneficiary, we perform a qualitative assessment to determine which party, if any, has the power to direct activities of the VIE and the obligation to absorb losses and or receive its benefits. This assessment involves identifying the activities that most significantly impact the VIE’s economic performance and determine whether we, or another party, has the power to direct those activities.

Until termination of our $450 million securitization facility (the “Securitization Facility”) in July 2020, we had a variable interest in one VIE related to our non-recourse factoring arrangements in which receivables were sold from certain of our operations to a special purpose trust (“SPE”) in exchange for cash. We were the sole beneficiary of the SPE. The SPE was considered to be a VIE and we were its primary beneficiary as we had the power to direct its activities and the right to receive its benefits. Prior to July 2020, we consolidated the results, assets and liabilities of this SPE for all years presented in these consolidated financial statements. As a result of consolidating the SPE, we continued to recognize the trade receivables and external borrowings of this entity with carrying values of $789 million (including $469 million presented within assets held for sale or distribution) and $420 million, respectively, as of December 31, 2019. The obligations of the SPE were non-recourse to us and only the assets of the SPE could be used to settle those obligations. For more information regarding the Securitization Facility, refer to Note 10, Debt.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We maintain our bank accounts with a relatively small number of high quality financial institutions.

Accounts Receivable

Accounts receivable are stated net of allowances for doubtful accounts and primarily include trade receivables. No single customer comprised more than 10% of our consolidated net revenues in 2020, 2019 or 2018. Specific customer provisions are made when a review of outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and our historical collection experience.

Inventories

Inventories include raw materials, supplies, direct labor and manufacturing overhead associated with production and are stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. In evaluating net realizable value, appropriate consideration is given to obsolescence, excessive inventory levels, product deterioration and other factors.

Property, Plant and Equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods ranging from 3 to 20 years and buildings and building improvements over periods ranging from 7 to 44 years. Maintenance and repair costs are charged to expense as incurred. Major overhauls that extend the useful lives of existing assets are capitalized. When assets are retired or disposed, the cost and accumulated depreciation are eliminated and the resulting profit or loss is recognized in cost of sales in our results of operations.

Long-Lived Assets

Finite-lived intangible assets, which primarily consist of customer relationships, are stated at historical cost and amortized using the straight-line method (which reflects the pattern of how the assets’ economic benefits are consumed) over the assets’ estimated useful lives which range from 9 to 20 years.

We assess potential impairments to our long-lived assets if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In those circumstances, we perform an undiscounted cash flow analysis to determine if an impairment exists. When testing for asset impairment, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. An impaired asset is written down to its estimated fair value based upon the most recent information available. Estimated fair market value is generally measured by discounting estimated future cash flows or using a capitalization of earnings methodology. Long-lived assets which are part of a disposal group are presented as held for sale and are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell.

Goodwill and Indefinite-Lived Intangible Assets

We test goodwill for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. For certain reporting units, we may perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. As part of this assessment, we consider various factors, including the excess of prior year estimates of fair value compared to carrying value, the effect of market or industry changes and the reporting units’ actual results compared to projected results. Based on this qualitative analysis, if we determine that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, no further impairment testing is performed. For the remaining reporting units, we perform a Step 1 impairment analysis to compare each reporting unit’s fair value to its carrying value. We determine estimated fair value using an income approach based on a discounted cash flow model. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans and industry and economic conditions. If the carrying value of a reporting unit’s net assets exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value.

Our indefinite-lived intangible assets consist primarily of certain trade names. We test indefinite-lived intangible assets for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value. We determine estimated fair value using the relief-from-royalty method, using key assumptions including planned revenue growth rates, market-based discount rates and estimates of royalty rates. If the carrying value of the asset exceeds its fair value, we consider the asset impaired and reduce its carrying value to the estimated fair value.

Revenue Recognition

Our revenues are primarily derived from the sale of packaging products to customers. Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration we expect to receive. We consider the promise to transfer products to be our sole performance obligation. If the consideration agreed to in a contract includes a variable amount, we estimate the amount of consideration we expect to receive in exchange for transferring the promised goods to the customer using an expected value method. Our main sources of variable consideration are customer rebates and cash discounts. We base these estimates on anticipated performance and our best judgment at the time to the extent that it is probable that a significant reversal of revenue recognized will not occur. Estimates are monitored and adjusted each period until the incentives are realized. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale.

Generally, our revenue is recognized at the time of shipment, when title and risk of loss pass to the customer. A small number of our contracts are for sales of products which are customer specific and cannot be repurposed. Revenue for these products is recognized over time based on costs incurred plus a reasonable profit. This revenue represents approximately 2% of our net revenues and has a relatively short period of time between the goods being manufactured and shipped to customers. Shipping and handling fees billed to a customer are recorded on a gross basis in net revenues with the corresponding shipping and handling costs included in cost of sales in the concurrent period as the revenue is recorded. Any taxes collected on behalf of government authorities are excluded from net revenues. We do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year. We do not incur any significant costs to obtain a contract.

We consider purchase orders, which in some cases are governed by master supply agreements, to be the contracts with a customer. Key sales terms, such as pricing and quantities ordered, are established frequently, so most customer arrangements and related sales incentives have a duration of one year or shorter. We generally do not have any unbilled receivables at the end of a period.

See Note 21, Segment Information, for information regarding the disaggregation of revenue by products and geography.

Restructuring Costs

We incur restructuring costs when we take action to exit or significantly curtail a part of our operations or change the deployment of assets or personnel. A restructuring charge can consist of an impairment of affected assets, severance costs associated with reductions to our workforce, costs to terminate an operating lease or contract and charges for legal obligations from which no future benefit will be derived. Such restructuring activities are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. The accrual of both severance and exit costs requires the use of estimates. Though we believe that our estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts.

Leases

We determine if an arrangement is a lease or a service contract at inception. Where an arrangement is a lease we determine if it is an operating lease or a finance lease. Subsequently, if the arrangement is modified, we re-evaluate our classification. We have no significant finance leases.

Beginning January 1, 2019, at lease commencement, we record a lease liability and corresponding right-of-use (“ROU”) asset in accordance with ASC 842 Leases. Lease liabilities represent the present value of our future lease payments over the expected lease term which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. We have elected to include lease and non-lease components in determining our lease liability for all leased assets. Non-lease components are generally services that the lessor provides for the entity associated with the leased asset. For those leases with payments based on an index, the lease liability is determined using the index at lease commencement. Lease payments based on increases in the index subsequent to lease commencement are recognized as variable lease expense as they occur. The present value of our lease liability is determined using our incremental borrowing rate at lease inception. ROU assets represent our right to control the use of the leased asset during the lease and are generally recognized in an amount equal to the lease liability. Over the lease term we use the effective interest rate method to account for the lease liability as lease payments are made and the ROU asset is amortized to earnings in a manner that results in a straight-line expense recognition in our consolidated statements of (loss) income. A ROU asset and lease liability are not recognized for leases with an initial term of 12 months or less and we recognize lease expense for these leases on a straight-line basis over the lease term. All operating lease cash payments are recorded within cash flows from operating activities in the consolidated statements of cash flows. We test ROU assets for impairment whenever events or changes in circumstance indicate that the asset may be impaired. Our lease agreements do not include significant restrictions, covenants or residual value guarantees.

Prior to January 1, 2019 we classified leases at the inception date, or upon modification, as either an operating lease or a capital lease in accordance with ASC 840 Leases. Our lease portfolio consisted primarily of operating leases of which rental payments were expensed on a straight-line basis over their respective lease term.

Employee Benefit Plans

We record annual income and expense amounts relating to our defined benefit pension plans and other post-employment benefit (“OPEB”) plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. We review our actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive (loss) income and amortized into non-operating expense, net over future periods. We believe that the assumptions utilized in recording our obligations under our plans are reasonable based on our experience, market conditions and input from our actuaries and investment advisors. See Note 13, Employee Benefits, for additional details.

Stock based compensation

Stock-based compensation awarded to employees and non-employee directors is valued at fair value on the grant date. Expense for performance-based restricted stock units (“RSUs”) is recognized when it is probable the performance goal will be achieved. Compensation expense is recognized ratably over the requisite service period.

Share Repurchases

When accounting for a share repurchase and retirement of shares, including in connection with transactions that are deemed to be a reverse stock split, we record the repurchase as a reduction of common stock and additional paid in capital. The reduction in common stock represents the par value of the canceled shares, and the reduction in additional paid in capital is the lower of the excess of the repurchase amount over the par value of the repurchased shares or the pro rata portion of additional paid in capital, based on the number of shares retired as a percentage of total shares outstanding prior to the repurchase. Any residual excess of the repurchase amount over the reduction in additional paid in capital is presented as a reduction to retained earnings.

Earnings per Share

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock and the effect of dilutive potential common shares outstanding during the period, calculated using the treasury stock method. Dilutive potential common shares include outstanding RSUs. Performance-based RSUs are considered dilutive when the related performance criterion has been met.

Financial Instruments

We are exposed to interest rate risk related to variable rate borrowings and price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. From time to time we may enter into derivative financial instruments to mitigate certain risks. We are not a party to leveraged derivatives and, by policy, do not use financial instruments for speculative purposes.

We record derivative financial instruments on a gross basis and at fair value in our consolidated balance sheets in other current assets, other noncurrent assets or accrued and other current liabilities depending on their duration. Cash flows from derivative instruments are classified as operating activities in our consolidated statements of cash flows based on the nature of the derivative instrument. Historically, we have not elected to use hedge accounting. Accordingly, any unrealized gains or losses (mark-to-market impacts) and realized gains or losses are recorded in cost of sales, for commodity derivatives, and interest expense, net, for interest rate derivatives, in our consolidated statements of (loss) income.

Income Taxes

Our income tax expense includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of our assets and liabilities, tax loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse.

The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, we consider any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies.

We recognize tax benefits in our consolidated financial statements from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount we recognize is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs.

Fair Value Measurements and Disclosures

Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Certain other assets are measured at fair value on a nonrecurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Our assets and liabilities measured at fair value on a recurring basis are presented in Note 12, Financial Instruments. Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held for sale or distribution, goodwill and other intangible assets. The fair value of cash and cash equivalents, accounts and other receivables, accounts payable, related party payables and accrued and other current liabilities approximate their carrying values due to the short-term nature of these instruments. The three-tier value hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is:

•

Level 1: Valuations based on quoted prices for identical assets and liabilities in active markets.

•

Level 2: Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3: Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants.

Recently Adopted Accounting Guidance

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2019-04, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments - Codification Improvements (Topic 825), ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief (Topic 326), ASU 2019-11, Codification Improvements, Financial Instruments - Credit Losses (Topic 326) and ASU 2020-03, Codification Improvements to Financial Instruments. These ASUs modify the impairment model to use an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier recognition of losses related to financial instruments. These ASUs are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and require a cumulative effect adjustment to the balance sheet upon adoption. We adopted these standards on January 1, 2020 and they had no material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Change to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This ASU is effective for annual reporting years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance on January 1, 2020 and it had no material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for annual reporting years beginning after December 15, 2019, with early adoption permitted. We adopted this standard on January 1, 2020 and it had no material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted this guidance on January 1, 2020. Certain components of this guidance were adopted on a prospective basis. The remaining components were adopted on a modified retrospective basis and had no material impact on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The ASU revises existing U.S. GAAP and outlines a new model for lessors and lessees to use in accounting for lease contracts. The guidance requires lessees to recognize an ROU asset and a lease liability on the balance sheet for all leases, with the exception of short-term leases. Lessees will classify leases as either operating (resulting in straight-line expense recognition) or finance (resulting in a front-loaded expense pattern). In July 2018, the FASB issued an ASU which allows for an alternative transition approach, which would not require adjustments to comparative prior-year amounts. Topic 842 and all related ASUs are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted the new standard on January 1, 2019 on a modified retrospective basis using a simplified transition approach, with no adjustment made to our prior year consolidated financial statements. We elected to apply the package of practical expedients, including not reassessing whether expired or existing contracts contained leases, the classification of those leases and initial direct costs for any existing leases. We also elected to exclude short-term leases (term of 12 months or less) from the balance sheet presentation. The most significant impact from adopting the standard is the initial recognition of ROU assets and operating lease liabilities on our consolidated balance sheet. Upon adoption, we recorded ROU assets (adjusted for prepaid and deferred rent) and operating lease liabilities of $322 million and $331 million, respectively, representing the present value of future lease payments with terms greater than 12 months.

In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This guidance permits companies to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive loss as a result of the U.S. Tax Cuts and Jobs Act of 2017. The ASU is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted the standard on January 1, 2019 which resulted in a reclassification of $41 million of income tax benefit from accumulated other comprehensive loss into retained earnings.

Accounting Guidance Issued but Not Yet Adopted as of December 31, 2020

In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU requires sponsors of defined benefit pension or other postretirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and must be applied on a retrospective basis to all years presented. The requirements of this guidance are expected to impact our disclosures but have no impact on the measurement and recognition of amounts in our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and whether we plan to adopt the optional expedients and exceptions provided under this new standard.

We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our consolidated financial statements.

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 3. Discontinued Operations

Our discontinued operations comprise substantially all of our Closures business, all of our former RCP business and all of our former GPC business.

On September 30, 2019, we determined that our North American and Japanese closures businesses met the criteria to be classified as a discontinued operation and, as a result, their historical financial results have been reflected in our consolidated financial statements as a discontinued operation. We ceased recording depreciation and amortization on these assets from September 30, 2019. We did not allocate any general corporate overhead to this discontinued operation. On December 20, 2019, we completed the sale of our North American and Japanese closures businesses to a third party. These operations represented substantially all of our Closures business. We received preliminary cash proceeds of $611 million. In June 2020, the post-closing adjustments were finalized and we received additional cash sale proceeds of $8 million.

On February 4, 2020, we distributed our interest in the operations that represented our former RCP business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for the IPO of shares of common stock of RCPI ("RCPI IPO"), which was completed on February 4, 2020. To effect the distribution of RCP, we bought back 35,791,985 of our shares from PFL, in consideration of us transferring all of our shares in RCPI to PFL. Upon the distribution of RCPI to PFL, we determined that our former RCP business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our consolidated financial statements as a discontinued operation and its assets and liabilities have been classified as assets and liabilities held for sale or distribution as of December 31, 2019. We did not allocate any general corporate overhead to this discontinued operation.

Immediately prior to its distribution and the RCPI IPO, RCP incurred $2,475 million of term loan borrowings under its new post IPO credit facilities and $1,168 million of borrowings under an IPO settlement facility, which was subsequently repaid with the net proceeds from the RCPI IPO on February 4, 2020. We have not provided any guarantees or security in relation to RCP's external borrowings. The cash proceeds of the external borrowings, net of transaction costs and original issue discount, along with cash on-hand, were used to settle various intercompany balances between RCP and us.

In August 2020, GPCI entered into new external borrowings under which only GPC entities are borrowers, and incurred $1,985 million of external borrowings. We have not provided any guarantees or security in relation to GPC’s new external borrowings. The cash proceeds of the external borrowings, net of transaction costs and original issue discount, were used to settle various intercompany balances between GPC and us, and the remaining cash balance was distributed to us.

On September 16, 2020, we distributed our interest in the operations that represented our former GPC business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for our IPO, which was completed on September 21, 2020. To effect the distribution of GPC, we bought back 14,036,726 of our shares from PFL, in consideration of us transferring all of our shares in GPCI to PFL. Upon the distribution of GPCI to PFL, we determined that our former GPC business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our consolidated financial statements as a discontinued operation and its assets and liabilities have been classified as assets and liabilities held for sale or distribution as of December 31, 2019. We did not allocate any general corporate overhead to this discontinued operation.

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:

	RCP		GPC
	As of February 4, 2020		As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets		699		448
Noncurrent assets		3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	297
Noncurrent liabilities		2,863		2,523
	$	4,330	$	2,820
Net assets distributed	$	30	$	1,168

Income from discontinued operations, which includes the results of GPC through September 16, 2020, the results of RCP through February 4, 2020 and the results of Closures through December 2019 were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net revenues	$	1,510		$	5,074		$	5,354
Cost of sales		(1,234	)		(3,799	)		(4,113	)
Gross profit		276			1,275			1,241
Selling, general and administrative expenses		(179	)		(563	)		(502	)
Goodwill impairment charges		—			(9	)		(138	)
Restructuring, asset impairment and other related charges		(13	)		(83	)		(39	)
Interest expense, net⁽¹⁾		(54	)		(188	)		(179	)
Other expense, net		(3	)		(9	)		(33	)
Income before income taxes from discontinued operations		27			423			350
Income tax expense		(56	)		(63	)		(133	)
Net (loss) income from discontinued operations, before gain or loss on disposal		(29	)		360			217
Gain (loss) on disposal, net of income taxes		14			(30	)		—
Net (loss) income from discontinued operations	$	(15	)	$	330		$	217

⁽¹⁾

Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt incurred by GPCI in August 2020; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020.

The (loss) income from discontinued operations includes depreciation and amortization expenses of $178 million, $370 million and $382 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The (loss) income from discontinued operations for the years ended December 31, 2020, 2019 and 2018 includes asset impairment charges of $2 million, $32 million and $29 million, respectively, and restructuring and other related charges of $11 million, $17 million and $6 million, respectively, arising from the ongoing rationalization of GPC's manufacturing footprint, which are included in restructuring, asset impairment and other related charges in the above table.

The income from discontinued operations for the year ended December 31, 2019 includes a goodwill impairment charge of $9 million arising from the assessment of the recoverable amount of goodwill for our closures reporting unit as well as an asset impairment charge of $31 million relating to the write-down of the closures disposal group to its estimated recoverable amount, which is included in restructuring, asset impairment and other related charges in the above table.

We have no significant continuing involvement in relation to the sold North American and Japanese closures businesses or GPC.

Subsequent to February 4, 2020, we continue to trade with RCP in the ordinary course of business. These transactions arise under agreements that expire on December 31, 2024, but may be renewed between the parties at this time. Refer to Note 18, Related Party Transactions.

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:

	As of December 31,
	2019
	(in millions)
Cash and cash equivalents	$	136
Accounts receivable, net		489
Inventories		559
Other current assets		48
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net cash provided by operating activities	$	175		$	738		$	735
Net cash used in investing activities		(122	)		(308	)		(209	)
Net cash provided by (used in) financing activities		2,441			—			(1	)
Net cash flow from discontinued operations	$	2,494		$	430		$	525

Note 4. Assets and Liabilities Held for Sale

During the third quarter of 2020, we committed to a plan to sell the remaining South American closures businesses included in the Other operating segment. During December 2020, we entered into an agreement to sell the businesses which is expected to close during the first quarter 2021, subject to customary closing conditions. As a result, we classified the assets and liabilities of these businesses as held for sale and recognized a pre-tax charge to earnings of $12 million within restructuring, asset impairment and other related charges for the year ended December 31, 2020. See Note 5, Impairment, Restructuring and Other Related Charges, for additional details.

The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations and are expected to be sold within the next twelve months.

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of December 31, 2020 included the following:

	As of December 31, 2020
	(in millions)
Cash and cash equivalents	$	10
Accounts receivable, net		14
Inventories		4
Other current assets		1
Property, plant and equipment, net		8
Intangible assets, net		1
Held for sale valuation allowance		(12	)
Total current assets held for sale or distribution	$	26
Accounts payable	$	8
Accrued and other current liabilities		2
Other noncurrent liabilities		2
Total current liabilities held for sale or distribution	$	12

The South American closures businesses' income from operations before income taxes for the years ended December 31, 2020, 2019 and 2018 were insignificant.

Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 3. Discontinued Operations

Our discontinued operations comprise substantially all of our Closures business, all of our former RCP business and all of our former GPC business.

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:

	RCP		GPC
	As of February 4, 2020		As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets		699		448
Noncurrent assets		3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	297
Noncurrent liabilities		2,863		2,523
	$	4,330	$	2,820
Net assets distributed	$	30	$	1,168

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net revenues	$	1,510		$	5,074		$	5,354
Cost of sales		(1,234	)		(3,799	)		(4,113	)
Gross profit		276			1,275			1,241
Selling, general and administrative expenses		(179	)		(563	)		(502	)
Goodwill impairment charges		—			(9	)		(138	)
Restructuring, asset impairment and other related charges		(13	)		(83	)		(39	)
Interest expense, net⁽¹⁾		(54	)		(188	)		(179	)
Other expense, net		(3	)		(9	)		(33	)
Income before income taxes from discontinued operations		27			423			350
Income tax expense		(56	)		(63	)		(133	)
Net (loss) income from discontinued operations, before gain or loss on disposal		(29	)		360			217
Gain (loss) on disposal, net of income taxes		14			(30	)		—
Net (loss) income from discontinued operations	$	(15	)	$	330		$	217

⁽¹⁾

We have no significant continuing involvement in relation to the sold North American and Japanese closures businesses or GPC.

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:

	As of December 31,
	2019
	(in millions)
Cash and cash equivalents	$	136
Accounts receivable, net		489
Inventories		559
Other current assets		48
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net cash provided by operating activities	$	175		$	738		$	735
Net cash used in investing activities		(122	)		(308	)		(209	)
Net cash provided by (used in) financing activities		2,441			—			(1	)
Net cash flow from discontinued operations	$	2,494		$	430		$	525

Note 4. Assets and Liabilities Held for Sale

The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations and are expected to be sold within the next twelve months.

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of December 31, 2020 included the following:

	As of December 31, 2020
	(in millions)
Cash and cash equivalents	$	10
Accounts receivable, net		14
Inventories		4
Other current assets		1
Property, plant and equipment, net		8
Intangible assets, net		1
Held for sale valuation allowance		(12	)
Total current assets held for sale or distribution	$	26
Accounts payable	$	8
Accrued and other current liabilities		2
Other noncurrent liabilities		2
Total current liabilities held for sale or distribution	$	12

The South American closures businesses' income from operations before income taxes for the years ended December 31, 2020, 2019 and 2018 were insignificant.

Impairment, Restructuring and Other Related Charges

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Impairment, Restructuring and Other Related Charges

Note 5. Impairment, Restructuring and Other Related Charges

During the year ended December 31, 2020, we recorded the following impairment, restructuring and other related charges:

	Goodwill impairment		Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising		—		1		—		—		1
Beverage Merchandising		—		—		1		—		1
Other		6		14		9		—		29
Total	$	6	$	16	$	11	$	1	$	34

For the year ended December 31, 2020, we recorded non-cash impairment charges of $22 million, primarily comprised of $6 million related to goodwill and a $16 million impairment charge, both in relation to our closures businesses, which are reported within Other. Following these impairments, goodwill was fully impaired and the carrying value of the South American remaining closures businesses were reduced to fair value, as presented in Note 4, Assets and Liabilities Held for Sale. The impairments arose primarily as a result of the strategic decision to sell the South American closure businesses in addition to the negative impact from current market conditions and outlook for the operations of the remaining closures businesses. The estimated recoverable amounts, or fair value, were determined based on a capitalization of earnings methodology, using Adjusted EBITDA expected to be generated multiplied by an earnings multiple. The key assumptions in developing Adjusted EBITDA include management’s assessment of future trends in the industry and are based on both external and internal sources. The forecasted 2021 Adjusted EBITDA for the remaining closures operations was prepared using certain key assumptions including selling prices, sales volumes and costs of raw materials. Earnings multiples reflect recent sale and purchase transactions and comparable company trading multiples in the same industry. These estimates represent a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. For the year ended December 31, 2020, we recorded $11 million in employee termination costs. These charges primarily represent employee termination related to corporate restructuring actions taken after our IPO.

During the year ended December 31, 2019, we recorded the following impairment, restructuring and other related charges:

	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	2
Food Merchandising		—		4		—		4
Other		16		37		3		56
Total	$	16	$	42	$	4	$	62

For the year ended December 31, 2019, we recorded non-cash impairment charges of $58 million. Our Foodservice and Food Merchandising segments recorded non-cash impairment charges in the aggregate of $5 million relating to obsolete property, plant and equipment. The aggregate of the remaining carrying values of the assets impaired in Foodservice and Food Merchandising was $1 million. The remaining closures businesses, which are reported in Other, recorded non-cash impairment charges of $53 million, comprising $29 million in respect of property, plant and equipment, $16 million in respect of goodwill, $5 million in respect of operating lease ROU assets and $3 million in respect of customer relationships. Following these impairments, the remaining carrying values of property, plant and equipment, goodwill, operating lease ROU assets and customer relationships were $17 million, $6 million, $3 million and $4 million, respectively. The impairments arose as a result of various commercial dis-synergies triggered by the separation of these remaining businesses from the closures operations that were sold, as discussed in Note 3, Discontinued Operations. The estimated recoverable amounts, or fair value, were determined based on a capitalization of earnings methodology, using Adjusted EBITDA expected to be generated multiplied by an earnings multiple. The key assumptions in developing Adjusted EBITDA include management’s assessment of future trends in the industry and are based on both external and internal sources. The forecasted 2019 Adjusted EBITDA for the remaining closures operations was prepared using certain key assumptions including selling prices, sales volumes and costs of raw materials. Earnings multiples reflect recent sale and purchase transactions and comparable company trading multiples in the same industry. These estimates represent a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. For certain of the remaining closures operations, there is no difference between the carrying value and the recoverable amount. Accordingly, a reasonably possible unexpected deterioration in financial performance or adverse change in the earnings multiple may result in a further impairment of goodwill.

We also recorded restructuring charges of $4 million for employee termination costs. These charges primarily related to additional termination costs for residual operations in South America and are reported in Other.

During the year ended December 31, 2018, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	6	$	—	$	—	$	6
Food Merchandising		1		—		1		2
Other		4		5		1		10
Total	$	11	$	5	$	2	$	18

For the year ended December 31, 2018, we recorded non-cash impairment charges of $11 million. Our Foodservice and Food Merchandising segments recorded non-cash impairment charges in the aggregate of $7 million relating to obsolete property, plant and equipment. The non-cash impairment charge of $4 million in Other was primarily associated with the disposal of an operation in Argentina. The aggregate of the remaining carrying value of the assets impaired at Foodservice, Food Merchandising and the disposal group was less than $1 million.

For the year ended December 31, 2018, we recorded restructuring charges of $5 million for employee termination costs. These charges primarily represent additional employee termination costs for residual operations in South America.

The following tables summarize the changes to our restructuring liability for the years ended December 31, 2020 and 2019:

	December 31, 2019		Charges to earnings		Cash paid			December 31, 2020
	(in millions)
Employee termination costs	$	1	$	11	$	(5	)	$	7
Total	$	1	$	11	$	(5	)	$	7

	December 31, 2018		Charges to earnings		Cash paid			December 31, 2019
	(in millions)
Employee termination costs	$	2	$	4	$	(5	)	$	1
Total	$	2	$	4	$	(5	)	$	1

We expect to settle our restructuring liability within twelve months.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories

The components of inventories consisted of the following:

	As of December 31,
	2020		2019
	(in millions)
Raw materials	$	180	$	168
Work in progress	108		106
Finished goods	410		397
Spare parts	86		82
Inventories	$	784	$	753

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

Note 7. Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:

	As of December 31,
	2020			2019
	(in millions)
Land and land improvements	$	87		$	92
Buildings and building improvements		532			551
Machinery and equipment		3,148			2,973
Construction in progress		191			204
Property, plant and equipment, at cost		3,958			3,820
Less: accumulated depreciation		(2,273	)		(2,117	)
Property, plant and equipment, net	$	1,685		$	1,703

Depreciation expense related to property, plant and equipment was recognized in the following components in the consolidated statements of (loss) income:

	For the Year Ended December 31,
	2020		2019		2018
	(in millions)
Cost of sales	$	213	$	201	$	197
Selling, general and administrative expenses		22		16		17
Total depreciation expense	$	235	$	217	$	214

In October 2020, the Company completed a sale-leaseback transaction related to our corporate office building resulting in a $3 million gain on sale of assets which was recorded within Other expense, net for the year ended December 31, 2020.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:

	Foodservice		Food Merchandising		Beverage Merchandising		Other			Total
	(in millions)
Balance as of December 31, 2018	$	924	$	770	$	66	$	24		$	1,784
Dispositions		—		—		—		(2	)		(2	)
Impairment		—		—		—		(16	)		(16	)
Balance as of December 31, 2019	$	924	$	770	$	66	$	6		$	1,766
Accumulated impairment losses	$	—	$	—	$	—	$	16		$	16
Dispositions		—		—		—		—			—
Impairment		—		—		—		(6	)		(6	)
Balance as of December 31, 2020	$	924	$	770	$	66	$	—		$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	22		$	22

Other includes operations which do not meet the quantitative threshold for reportable segments.

In analyzing the results of operations and business conditions of our reporting units as of December 31, 2020, we elected to perform qualitative impairment analyses for the Food Merchandising and Beverage Merchandising reporting units. For the Foodservice reporting

unit we performed a Step 1 quantitative analysis. The estimated fair value was calculated using an income approach based on a discounted cash flow model, using key assumptions of a long-term revenue growth rate and a discount rate. The estimated fair value exceeded the carrying value of the Foodservice reporting unit by a significant margin as of December 31, 2020.

See Note 5, Impairment, Restructuring and Other Related Charges, for further discussion regarding impairments.

Intangible assets, net consisted of the following:

	As of December 31, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,019	$	(540	)	$	479	$	1,026	$	(494	)	$	532
Other		20		(20	)		—		21		(18	)		3
Total finite-lived intangible assets	$	1,039	$	(560	)	$	479	$	1,047	$	(512	)	$	535
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		58		—			58
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	612	$	—		$	612
Total intangible assets	$	1,652	$	(560	)	$	1,092	$	1,659	$	(512	)	$	1,147

Amortization expense for intangible assets was $54 million, $56 million and $57 million for the years ended December 31, 2020, 2019 and 2018, respectively, and was recognized in selling, general and administrative expenses.

For the next five years, we estimate annual amortization expense as follows:

	(in millions)
2021	$	52
2022		52
2023		52
2024		51
2025		51
Total	$	258

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Accrued and Other Current Liabilities

Note 9. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2020		2019
	(in millions)
Accrued personnel costs	$	117	$	108
Accrued rebates and credits	68			67
Accrued interest	16			115
Other⁽¹⁾	121			128
Accrued and other current liabilities	$	322	$	418

⁽¹⁾ Other includes items such as accruals for freight, utilities and other non-income related taxes.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Note 10. Debt

Debt consisted of the following:

	As of December 31,
	2020			2019
	(in millions)
Securitization Facility	$	—		$	420
Credit Agreement		2,457			3,487
Notes:
5.750% Senior Secured Notes due 2020		—			3,137
Floating Rate Senior Secured Notes due 2021		—			750
5.125% Senior Secured Notes due 2023		59			1,600
7.000% Senior Notes due 2024		—			800
4.000% Senior Secured Notes due 2027		1,000			—
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		12			15
Total principal amount of borrowings		4,004			10,685
Deferred financing transaction costs ("DIC")		(14	)		(46	)
Original issue discounts, net of premiums ("OID")		(10	)		(9	)
		3,980			10,630
Less: current portion		(15	)		(3,587	)
Long-term debt	$	3,965		$	7,043

We were in compliance with all debt covenants during the years ended December 31, 2020 and 2019.

Securitization Facility

Prior to July 2020, we had a $450 million securitization facility (the “Securitization Facility”) that was scheduled to mature on March 22, 2022. Prior to its distribution, RCP ceased to participate in our Securitization Facility, and consequently in January 2020, the size of this facility was reduced from $600 million to $450 million and the outstanding borrowings were reduced to $397 million. In February 2020, we made an additional repayment of $17 million reducing the outstanding borrowings to $380 million. On July 31, 2020, we repaid the outstanding amount of $380 million and terminated the facility. The Securitization Facility was secured by all of the assets of the borrower, which were primarily the eligible trade receivables and cash. The terms of the arrangement did not result in the derecognition of the trade receivables. The Securitization Facility had an interest rate equal to one-month LIBOR with a 0.0% floor, plus a margin of 1.75 % per annum.

Credit Agreement

Certain subsidiaries of the Company are parties to a senior secured credit agreement dated August 5, 2016 as amended (the “Credit Agreement”). The Credit Agreement comprises the following term and revolving tranches:

Currency

Maturity date

Value drawn

or utilized as of

December 31,

2020

(in millions)

Applicable interest rate as of

December 31, 2020

Term Tranches

U.S. term loans Tranche B-1

February 5, 2023

1,207

LIBOR (floor of 0.000%) + 2.750%

U.S. term loans Tranche B-2

February 5, 2026

1,250

LIBOR (floor of 0.000%) + 3.250%

Revolving Tranche⁽¹⁾

U.S. Revolving Loans

August 5, 2024

—

⁽¹⁾	The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of bank guarantees and letters of credit.

On October 1, 2020, we incurred $1,250 million of term loans (Tranche B-2) maturing on February 5, 2026 and entered into a $250 million senior secured revolving credit facility maturing on August 5, 2024. The term loans have an interest rate equal to one-month LIBOR with a 0.0% floor, plus a margin of 3.25% per annum.

On October 1, 2020, we repaid $1,280 million of existing term loans (Tranche B-1) maturing in February 2023.

On August 4, 2020, we repaid in full €236 million ($279 million) of borrowings under the previous European term loans and all obligations under this tranche terminated. The early repayment of these borrowings resulted in a loss on extinguishment of debt of less than $1 million in respect of the write-off of unamortized deferred financing transaction costs, which was recognized in interest expense, net in the consolidated statements of (loss) income.

On August 4, 2020, we repaid $700 million of borrowings under the U.S. term loans. The early repayment of this credit agreement resulted in an immaterial loss on extinguishment with respect to the write-off of unamortized deferred financing transaction costs.

In January 2020, we repaid $18 million of borrowings under the Credit Agreement with the net proceeds from the sale of our North American and Japanese closures businesses.

The weighted average contractual interest rates related to our U.S. term loans Tranche B-1 for the years ended December 31, 2020, 2019 and 2018, were 3.62%, 5.03% and 4.74%, respectively. The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 as of December 31, 2020 were 3.40%, respectively. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates.

Certain of our U.S. subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement and related documents to the extent permitted by law. The guarantors have granted security over substantially all of their assets to support the obligations under the Credit Agreement. This security is expected to be shared on a first priority basis with the note holders under the senior secured notes.

Indebtedness under the Credit Agreement may be voluntarily repaid in whole or in part and must be mandatorily repaid in certain circumstances. Following the August 4, 2020 $700 million repayment on term loan Tranche B-1, we are no longer required to make quarterly amortization payments in respect of the term loans Tranche B-1. We are required to make quarterly amortization payments of 0.25% of the principal amount of term loans Tranche B-2 outstanding on October 1, 2020. Additionally, we are required to make annual prepayments of term loans with up to 50% of excess cash flow (which will be reduced to 25% or 0% if specified senior secured first lien leverage ratios are met) as determined in accordance with the Credit Agreement. No excess cash flow prepayments were due in 2020 or are due in 2021 for the year ended December 31, 2020.

Notes

Outstanding Notes, as of December 31, 2020, are summarized below:

Maturity date

Interest payment dates

5.125% Senior Secured Notes due 2023⁽¹⁾

July 15, 2023

January 15 and July 15

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15,

commencing April 15, 2021

⁽¹⁾ $250 million aggregate principal amount of 5.125% Senior Secured Notes due 2023 were issued at an issue price of 103.500%.

The effective interest rates of our debt obligations under the Notes are not materially different from the contractual interest rates.

On October 8, 2020 and October 18, 2020, we repaid $1,225 million and $245 million, respectively, of our 5.125% Notes, and on November 22, 2020, we repaid an additional $70 million of the 5.125% Notes at a price of 101.281%. Subsequent to December 31, 2020, on February 16, 2021, we repaid the remaining $59 million of the 5.125% Notes at a price of 101.281%.

On October 8, 2020, we repaid $650 million aggregate principal amount of the 7.000% Senior Notes due 2024 (“7.000% Notes”) at a price of 101.750%. The early repayment of these notes resulted in a loss on extinguishment of debt of $18 million in respect of the write-off of unamortized deferred financing transaction costs and the premium on redemption, which was recognized in interest expense, net in the consolidated statement of (loss) income.

On October 1, 2020 we issued $1,000 million aggregate principal amount of 4.000% Senior Secured Notes maturing on October 15, 2027 (“4.000% Notes”). The notes are guaranteed and secured on a senior basis by the same subsidiaries that guarantee and secure the obligations under our Credit Agreement and our 5.125% Notes. The proceeds from the notes were used to repay indebtedness and pay related transaction costs.

On August 29, 2020, we repaid $150 million aggregate principal amount of the 7.000% Notes at a price of 101.750%. The early repayment of these notes resulted in a loss on extinguishment of debt of $4 million in respect of the write-off of unamortized deferred financing transaction costs and the premium on redemption, which was recognized in interest expense, net in the consolidated statements of (loss) income.

On August 4, 2020, we repaid $749 million aggregate principal amount outstanding under the Floating Rate Senior Secured Notes due 2021 at face value. The early repayment of these notes resulted in a loss on extinguishment of debt of $4 million in respect of the write-off of unamortized deferred financing transaction costs and original issue discount, which was recognized in interest expense, net in the consolidated statements of (loss) income. On August 7, 2020, we terminated and settled the outstanding interest rate swap related to the Floating Rate Senior Secured Notes due 2021, resulting in the payment of $7 million to settle the liability.

On February 4, 2020, we repaid in full the $3.1 billion aggregate principal amount outstanding of our 5.750% Senior Secured Notes due 2020 at face value. The repayment of these borrowings resulted in a $5 million loss on extinguishment of debt. Refer to Note 3, Discontinued Operations, for additional details.

In January 2020, we repaid (i) $18 million aggregate principal amount of 5.750% Senior Secured Notes due 2020; (ii) $1 million aggregate principal amount of Floating Rate Senior Secured Notes due 2021; and (iii) $1 million aggregate principal amount of 5.125% Notes, at face value, with the net proceeds from the sale of our North American and Japanese closures businesses.

On November 15, 2019, we repaid the remaining $345 million aggregate principal amount of the outstanding 6.875% Senior Secured Notes due 2021 at face value. The repayment of these borrowings resulted in a $1 million loss on extinguishment of debt, which was recognized in interest expense, net, in the consolidated statement of loss (income).

Assets pledged as security for borrowings

We, and certain of our U.S. subsidiaries, have pledged substantially all of our assets as collateral to support the obligations under the Credit Agreement and the senior secured notes.

Guarantee and security arrangements

All of the guarantors of the Credit Agreement have guaranteed the obligations under the Notes to the extent permitted by law.

The guarantors have granted security over substantially all of their assets to support the obligations under the senior secured notes. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement.

On February 4, 2020 and August 4, 2020, the relevant legal entities within RCP and GPC, respectively, were released as borrowers under the Credit Agreement, unconditionally released as guarantors of the Credit Agreement, and released as guarantors of the notes. In connection with such releases, the security granted by such entities was also released.

Notes indentures restrictions

The respective indentures governing the Notes all contain customary covenants which restrict us from certain activities including, among other things, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the respective indentures governing the Notes.

Early redemption option and change in control provisions

Under the respective indentures governing the Notes, we can, at our option, elect to redeem the Notes under terms and conditions specified in the respective indentures. Under the respective indentures governing the Notes, in certain circumstances which would constitute a change in control, the holders of the Notes have the right to require us to repurchase the Notes at a premium.

Pactiv Debentures

As of December 31, 2020, we had outstanding the following debentures (together, the “Pactiv Debentures”):

Maturity date

Semi-annual interest

payment dates

7.950% Debentures due 2025

December 15, 2025

June 15 and December 15

8.375% Debentures due 2027

April 15, 2027

April 15 and October 15

The effective interest rates of our debt obligations under the Pactiv Debentures are not materially different from the contractual interest rates.

The Pactiv Debentures are not guaranteed and are unsecured.

The indentures governing the Pactiv Debentures contain a negative pledge clause limiting the ability of certain of our entities, subject to certain exceptions, to (i) incur or guarantee debt that is secured by liens on “principal manufacturing properties” (as such term is defined in the indentures governing the Pactiv Debentures) or on the capital stock or debt of certain subsidiaries that own or lease any such principal manufacturing property and (ii) sell and then take an immediate lease back of such principal manufacturing property.

The 8.375% Debentures due 2027 may be redeemed at any time at our option, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus a make-whole premium, if any, plus accrued and unpaid interest to the date of the redemption.

Other borrowings

Other borrowings include finance lease obligations of $12 million and $15 million as of December 31, 2020 and 2019, respectively.

Scheduled Maturities

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2020:

	(in millions)
2021	$	15
2022		15
2023		1,279
2024		13
2025		290
Thereafter		2,392
Total principal amount of borrowings	$	4,004

Fair value of our long-term debt:

The fair value of our long-term debt as of December 31, 2020 and 2019 is a Level 2 fair value measurement. Below is a schedule of carrying values and fair values of our debt outstanding:

	As of December 31,
	2020				2019
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Securitization Facility	$	—	$	—	$	418	$	420
Credit Agreement		2,447		2,443		3,476		3,487
Notes:
5.750% Senior Secured Notes due 2020		—		—		3,130		3,144
Floating Rate Senior Secured Notes due 2021		—		—		739		753
5.125% Senior Secured Notes due 2023		59		60		1,591		1,641
7.000% Senior Notes due 2024		—		—		791		828
4.000% Senior Secured Notes due 2027		991		1,024		—		—
Pactiv Debentures:
7.950% Debentures due 2025		273		318		272		311
8.375% Debentures due 2027		198		235		198		220
Other		12		12		15		15
Total	$	3,980	$	4,092	$	10,630	$	10,819

Interest expense, net:

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Interest expense:
Securitization Facility	$	6		$	17		$	16
Credit Agreement		107			174			166
Notes		138			194			199
Pactiv Debentures		39			39			39
Interest income, related party⁽¹⁾		(9	)		(15	)		(17	)
Interest income, other		(6	)		(14	)		(5	)
Amortization:
Deferred financing transaction costs		12			12		12
Original issue discounts		3			1		1
Derivative losses (gains)		15			21			(2	)
Net foreign currency exchange (gains)		(2	)		(4	)		(7	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		29			1			2
Redemption premiums		34			—			3
Other		5			7			7
Interest expense, net⁽²⁾	$	371		$	433		$	414

⁽¹⁾ Refer to Note 18, Related Party Transactions, for additional details.

⁽²⁾ Amounts presented in the above table exclude interest expense and amortization of deferred financing transaction costs in respect of our 5.750% Senior Secured Notes due 2020. Such amounts are presented within discontinued operations as these notes were required to be repaid in conjunction with the distribution of RCPI.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 11. Leases

We lease certain buildings and plant and equipment. Our leases have reasonably assured remaining lease terms of up to 22 years. Certain leases include options to renew for up to 20 years. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably certain. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the measurement of ROU assets and operating lease liabilities. Variable payments for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. Variable payments for equipment leases relate primarily to hours, miles, or other quantifiable usage factors, which are not determinable at the time the lease agreement is entered into. These variable payments are expensed as incurred. The discount rate applied to our leases in determining the present value of lease payments is our incremental borrowing rate based on the information available at the commencement date. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2020, there were no material lease transactions that we have entered into but had not yet commenced.

Lease costs consisted of the following:

	For the Year Ended December 31,
	2020		2019
	(in millions)
Operating lease costs	$	72	$	54
Variable lease costs		3		4
Short-term lease costs	13			18
Total lease costs	$	88	$	76

Future lease payments under non-cancellable leases for the next five years are as follows:

	As of December 31,
	2020
	(in millions)
2021	$	73
2022	63
2023	54
2024	40
2025 and thereafter	96
Total undiscounted lease payments	326
Less: amounts representing interest		(52	)
Present value of lease obligations	$	274
Weighted average remaining lease term	5.9 years
Weighted average discount rate		6.08	%

During the year ended December 31, 2020 and December 31, 2019, new leases resulted in the recognition of ROU assets and corresponding lease liabilities of $126 million and $64 million respectively. Cash flows from operating activities include $67 million and $58 million of payments for operating lease liabilities for the years ended December 31, 2020 and 2019, respectively.

In October 2020, the Company completed a sale-leaseback transaction related to our corporate office building resulting in a $3 million gain on a sale of assets which was recorded within Other expense, net for the year ended December 31, 2020.

Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 12. Financial Instruments

We had the following derivative instruments recorded at fair value in our consolidated balance sheets:

	As of December 31,
	2020					2019
	Asset derivatives		Liability derivatives			Asset derivatives		Liability derivatives
	(in millions)
Interest rate swap derivatives	$	—	$	—		$	7	$	—
Commodity swap contracts		9		(2	)		1		(5	)
Total fair value	$	9	$	(2	)	$	8	$	(5	)
Recorded in:
Other current assets	$	9	$	—		$	6	$	—
Other noncurrent assets		—		—			2		—
Accrued and other current liabilities		—		(2	)		—		(5	)
Total fair value	$	9	$	(2	)	$	8	$	(5	)

Our derivatives comprise commodity swaps and previously included an interest rate swap. All derivatives represent Level 2 financial assets and liabilities. Our derivatives are valued using an income approach based on the observable market index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

During the years ended December 31, 2020, 2019 and 2018, we recognized unrealized gains of $10 million, and $4 million, and an unrealized loss of $8 million, respectively, in cost of sales.

The following table provides the detail of outstanding commodity derivative contracts as of December 31, 2020:

Type	Unit of measure	Contracted volume		Contracted price range	Contracted date of maturity
Natural gas swaps	million BTU		1,912,448	$2.47 - $2.94	Feb 2021 - Dec 2021
Ethylene swaps	pound		1,133,611	$0.26	Jan 2021 - Apr 2021
Polymer-grade propylene swaps	pound		72,239,978	$0.38 - $0.52	Jan 2021 - Aug 2021
Benzene swaps	U.S. liquid gallon		6,089,192	$1.46 - $2.30	Feb 2021 - Sep 2021
Diesel swaps	U.S. liquid gallon		446,890	$2.41 - $2.91	Jan 2021 - Dec 2021
Low-density polyethylene swaps	pound		12,000,000	$0.71	Jan 2021 - Dec 2021

Employee Benefits

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 13. Employee Benefits

Our employee benefits comprise defined benefit pension plans, OPEB plans, defined contribution plans and multi-employer plans.

Defined Benefit Pension and OPEB Plans

We make contributions to defined benefit pension plans which define the level of pension benefit an employee will receive on retirement. The majority of our net pension plan liabilities are in the United States and subject to governmental regulations relating to the funding of retirement plans.

Our largest pension plan is the Pactiv Evergreen Pension Plan (“PEPP”), which was assumed in a 2010 acquisition. This plan covers certain of our employees. It also covers former employees and employees of employers formerly related to the entity that we acquired in 2010. As a result, while persons who were not our employees do not accrue benefits under the plan, the total number of individuals/beneficiaries covered by this plan is much larger than if only our employees were participants. The PEPP comprises 99% and 99% of our present value of pension plan obligations and 100% and 100% of the fair value of plan assets as of December 31, 2020 and 2019, respectively. Accordingly, we have provided aggregated disclosures in respect of our plans on the basis that the plans are not exposed to materially different risks.

We generally fund our retirement plans equal to the annual minimum funding requirements specified by government regulations covering each plan. During the year ended December 31, 2019 we made pension plan contributions of $5 million. We made a $121 million contribution to the PEPP during the year ended December 31, 2020 and contributions of $4 million to all other plans. We do not expect to make a contribution to the PEPP during the year ending 2021. Contributions during the year ending December 31, 2021 for all other defined benefit pension plans are estimated to be $4 million. Expected contributions during the year ending December 31, 2021 for OPEB plans are estimated to be $3 million. Future contributions will be dependent on future plan asset returns and interest rates and are highly sensitive to changes.

Obligations, assets and funded status

The following table sets forth changes in benefit obligations and the fair value of plan assets for our defined benefit pension and OPEB plans:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Change in benefit obligations:
Projected benefit obligations of January 1	$	4,509		$	4,333		$	51		$	47
Service cost		6			7			—			—
Interest cost		138			174			2			2
Benefits paid		(296	)		(296	)		(2	)		(1	)
Settlements		—			(196	)		—			—
Divestitures		(3	)		(5	)		—			—
Actuarial losses (gains)		310			455			2			3
Other⁽¹⁾		—			37			—			—
Projected benefit obligation as of December 31	$	4,664		$	4,509		$	53		$	51
Change in plan assets:
Fair value of plan assets as of January 1	$	3,823		$	3,493		$	—		$	—
Actual return on plan assets		539			788			—			—
Employer contributions		125			5			2			1
Benefits paid		(296	)		(296	)		(2	)		(1	)
Settlements		—			(196	)		—			—
Other⁽¹⁾		—			29			—			—
Fair value of plan assets as of December 31	$	4,191		$	3,823		$	—		$	—
Funded status as of December 31	$	(473	)	$	(686	)	$	(53	)	$	(51	)

⁽¹⁾	Includes $28 million for the assumption of a plan from a former related party which was merged into our PEPP plan.

Our defined benefit pension and OPEB obligations were included in our consolidated balance sheets as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Accrued and other current liabilities	$	(4	)	$	(4	)	$	(3	)	$	(3	)
Long-term employee benefit obligations		(469	)		(682	)		(50	)		(48	)
	$	(473	)	$	(686	)	$	(53	)	$	(51	)

Portions of our defined benefit pension and OPEB obligations have been recorded in accumulated other comprehensive loss (“AOCL”) as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Net actuarial losses (gains)	$	216		$	239		$	(6	)	$	(8	)
Deferred income tax (benefit) expense		(52	)		(58	)		2			3
	$	164		$	181		$	(4	)	$	(5	)

The funded status of our defined benefit pension and OPEB plans with accumulated benefit obligation in excess of plan assets was as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Plan assets	$	4,189		$	3,820		$	—		$	—
Projected benefit obligation		4,662			4,506			53			51
Accumulated benefit obligation		4,660			4,504			53			51
Under Funded Status
Projected benefit obligation	$	(473	)	$	(686	)	$	(53	)	$	(51	)
Accumulated benefit obligation		(471	)		(684	)		(53	)		(51	)

Net periodic defined benefit pension and OPEB (income) costs consisted of the following:

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020		2019			2018
	(in millions)
Service cost	$	6		$	7		$	8		$	—	$	—		$	—
Interest cost		138			174			167			2		2			2
Expected return on plan assets⁽¹⁾		(207	)		(182	)		(214	)		—		—			—
Amortization of actuarial losses (gains)⁽²⁾		1			1			1			—		(1	)		—
Ongoing net periodic benefit (income) cost		(62	)		—			(38	)		2		1			2
One-time expense due to settlements⁽³⁾		—			18			2			—		—			—
Total net periodic benefit (income) cost	$	(62	)	$	18		$	(36	)	$	2	$	1		$	2

⁽¹⁾	We have elected to use the actual fair value of plan assets as the market-related value in the determination of the expected return on plan assets.

⁽²⁾

Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are amortized over the estimated expected service period for active plans. For inactive plans, such as the PEPP, they are amortized over the estimated life expectancy of the plan participants.

⁽³⁾	One-time expense due to settlements primarily resulted from PEPP's lump-sum buyouts of certain plan participants in 2019.

All of the amounts in the table above, other than service cost, were recorded in non-operating expense, net in our consolidated statements of (loss) income.

Net periodic defined benefit (income) cost for pension benefits and OPEB costs have been recognized in our consolidated statements of (loss) income as follows:

	Pension Benefits								OPEB
	For the Years Ended December 31,
	2020			2019		2018			2020		2019		2018
	(in millions)
Cost of sales	$	6		$	4	$	5		$	—	$	—	$	—
Selling, general and administrative expenses		—			3		3			—		—		—
Non-operating expense, net		(68	)		11		(44	)		2		1		2
Total net periodic benefit (income) cost	$	(62	)	$	18	$	(36	)	$	2	$	1	$	2

Amounts recognized in other comprehensive (loss) income in relation to our continuing operations were as follows:

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020			2019			2018
	(in millions)
Net actuarial (gains) losses arising during the year⁽¹⁾⁽²⁾	$	(22	)	$	(150	)	$	77		$	2		$	3		$	(6	)
Recognized net actuarial (losses) gains⁽³⁾		(1	)		(19	)		(3	)		—			1			—
Deferred income tax expense (benefit)⁽⁴⁾		6			84			(16	)		(1	)		(1	)		2
Total recognized in other comprehensive (loss) income, net of tax	$	(17	)	$	(85	)	$	58		$	1		$	3		$	(4	)

⁽¹⁾	Net of AOCL reclassified upon sale of business. Refer to Note 16 Accumulated Other Comprehensive Loss for further details.

⁽²⁾

The net actuarial gains of $22 million and $150 million on our pension plans during the years ended December 31, 2020 and 2019, respectively, were primarily attributable to asset returns, partially offset by a decrease in the discount rate. The net actuarial loss of $77 million on our pension plans during the year ended December 31, 2018 was primarily attributable to lower asset returns, partially offset by an increase in the discount rate.

⁽³⁾	Comprises amortization of actuarial gains (losses) and one-time expense due to settlements in 2019.

⁽⁴⁾	Includes the cumulative impact of adopting ASU 2018-02 on January 1, 2019.

We used the following weighted-average assumptions to determine our PEPP defined benefit pension and our OPEB obligations:

	PEPP Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
Discount rate		2.40	%		3.17	%		2.45	%		3.22	%
Rate of compensation increase		3.00	%		3.00	%	N/A			N/A

We used the following weighted-average assumptions to determine our PEPP net defined benefit pension and our OPEB costs:

	PEPP Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020			2019			2018
Discount rate		3.17	%		4.31	%		3.64	%		3.22	%		4.35	%		3.66	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%	N/A			N/A			N/A
Expected long-term rate of return on plan assets		5.54	%		5.35	%		5.62	%	N/A			N/A			N/A
Healthcare cost trend rate	N/A			N/A			N/A				7.20	%		7.20	%		8.19	%
Ultimate trend rate	N/A			N/A			N/A				4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend	N/A			N/A			N/A			2029			2029			2029

The discount rate used reflects the expected future cash flows based on plan provisions and participant data as of the beginning of the plan year. The expected future cash flows for our U.S. pension plan are discounted by the Aon Hewitt above median yield curve for the years ended December 31, 2020 and 2019. The yield curve is a hypothetical AA yield curve comprised of a series of annualized individual discount rates. The expected long-term return on our U.S. pension plan assets was developed as a weighted average rate based on the target asset allocation of the plan and the long-term capital market assumptions. The overall return for each asset class was developed by combining a long-term inflation component and the associated real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, expected economic growth outlook and market yield analysis.

Our estimated future benefit payments for our defined benefit pension and OPEB plans were as follows:

	As of December 31,
	Pension Benefits		OPEB
	(in millions)
2021	$	313	$	3
2022		310		3
2023		307		3
2024		303		3
2025		292		3
2026-2030		1,347		15

Plan assets

Our investment strategy for the plan assets is to manage the assets in relation to the liabilities in order to pay retirement benefits to plan participants over the life of the plan. This is accomplished by identifying and managing the exposure to various market risks, diversifying investments across various asset classes and earning an acceptable long-term rate of return consistent with an acceptable amount of risk while considering the liquidity needs of the plan.

The target asset allocation for the PEPP for 2021 and forward is 65% equities, and 35% fixed income. The following table presents summarized details of plan assets. Further details regarding the fair value hierarchy of these assets are presented below.

	As of December 31,
	2020		2019
	(in millions)
Equity securities	$	2,765	$	2,419
Corporate bonds		1,061		861
Property		254		439
Other		111		104
Total pension plan assets	$	4,191	$	3,823

The accounting guidance on fair value measurements specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. The following is a description of the valuation methods and assumptions we use to estimate the fair value of investments.

•

Common Stocks, and Exchange Traded and Mutual Funds—The fair values of common stocks and exchange traded and mutual funds are determined by obtaining quoted prices on nationally and internationally recognized securities exchanges (Level 1 inputs).

•

Fixed Income Securities—Corporate bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings (Level 2 inputs). When quoted prices are not available for identical or similar bonds, the bond is valued using matrix pricing, a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

•

Collective Trusts and Pooled Separate Account—The fair value of participation units owned by the PEPP in collective trusts and pooled separate account are based on the net asset values per unit as reported by the fund managers as of the plan’s financial statement dates and recent transaction prices.

•

Limited Partnerships—The fair value is calculated based on the fair value of underlying securities, which include investments in equity of privately held companies as well as publicly traded companies. In general, fair values of publicly traded companies are based on the closing price quoted on a public exchange as of the last day of the reporting period. Fair values of privately held companies are based on reviewing the price of recent transactions or by calculating the fair value using a variety of industry-accepted techniques.

We had the following allocation of defined benefit pension plan assets:

	Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Measured at Net
	(Level 1)				(Level 2)				(Level 3)				Asset Value(1)				Total
	As of December 31,
	2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
PEPP	(in millions)
Common stocks	$	2,180	$	1,079	$	—	$	—	$	—	$	—	$	—	$	—	$	2,180	$	1,079
Equity ETFs		584		88		—		—		—		—		—		—		584		88
Corporate bonds		—		—		1,004		772		—		—		—		—		1,004		772
Bond ETFs		57		—		—		—		—		—		—		—		57		—
Collective trusts—equities		—		—		—		—		—		—		—		1,337		—		1,337
Collective trusts/pooled separate account—real estate		—		—		—		—		—		—		254		358		254		358
Collective trusts—money market		—		—		—		—		—		—		104		101		104		101
Other⁽¹⁾		—		—		—		—		—		—		—		81		—		81
Total PEPP		2,821		1,167		1,004		772		—		—		358		1,877		4,183		3,816
Other plans⁽²⁾		3		3		4		2		1		—		—		2		8		7
Total pension plan assets	$	2,824	$	1,170	$	1,008	$	774	$	1	$	—	$	358	$	1,879	$	4,191	$	3,823

⁽¹⁾

Per ASU 2015-07, certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of the plan assets.

⁽²⁾	Consisted primarily of exchange traded and mutual funds and limited partnerships.

Defined Contribution Plans

We sponsor various defined contribution plans. Our expense relating to defined contribution plans was $35 million, $34 million and $33 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Multi-employer plans—withdrawal liabilities

As of December 31, 2020 and 2019, we have recognized a liability of $46 million and $49 million, respectively, in respect of our future obligations arising from the withdrawal from multi-employer pension plans which is included in other non-current liabilities. We expect to make payments of approximately $5 million annually over the next 15 years in respect of these obligations.

Other Expense, Net

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

Other Expense, Net

Note 14. Other Expense, Net

Other expense, net consisted of the following:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Related party management fee ⁽¹⁾	$	(49	)	$	(10	)	$	(11	)
Gain (loss) on sale of businesses and noncurrent assets		1			(22	)		(18	)
Foreign exchange (losses) gains on cash ⁽²⁾		(15	)		(8	)		11
Transition service agreement income ⁽¹⁾		21			1			—
Other		9			10			3
Other expense, net	$	(33	)	$	(29	)	$	(15	)

⁽¹⁾	See Note 18, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, RCP and GPC, and our former closures businesses.

⁽²⁾	Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, personal injury and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our balance sheet, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our balance sheet, results of operations or cash flows in a future period. Except for amounts provided, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. As of December 31, 2020, we are not aware of any material claims under these agreements that would give rise to an additional liability. However, if such claims arise in the future, they could have a material effect on our balance sheet, results of operations and cash flows.

We previously disclosed a contingency for the payment of a management fee to related parties of up to $22 million in respect of the 2009 and 2010 financial years. This management fee has now been recognized and paid in the year ended December 31, 2020. Refer to Note 18, Related Party Transactions, for additional details.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 16. Accumulated Other Comprehensive Loss

The following table summarizes the changes in our balances of each component of AOCL:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Currency translation adjustments:
Balance as of beginning of year	$	(354	)	$	(442	)	$	(402	)
Currency translation adjustments		(9	)		14			(63	)
Amounts reclassified from AOCL⁽¹⁾		1			74			23
Other comprehensive (loss) income		(8	)		88			(40	)
Distributions of RCP and GPC	173				—			—
Balance as of end of year	$	(189	)	$	(354	)	$	(442	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of year	$	(176	)	$	(258	)	$	(201	)
Net actuarial gain (loss) arising during year		20			146			(83	)
Deferred tax benefit (expense) on net actuarial gain (loss)		(5	)		(34	)		18
(Gains) and losses reclassified from AOCL:
Amortization of experience loss		1			—			1
Defined benefit plan settlement losses		—			18			2
Reclassification upon sale of business⁽²⁾		—			1			7
Deferred tax expense on reclassifications⁽³⁾		—			(5	)		(2	)
Other comprehensive income (loss)		16			126			(57	)
Cumulative impact of adopting ASU 2018-02		—			(44	)		—
Balance as of end of year	$	(160	)	$	(176	)	$	(258	)
Plans held for sale or distribution
Balance as of beginning of year	$	12		$	11		$	6
Net actuarial (loss) gain arising during year		—			(5	)		5
Deferred tax benefit (expense) on net actuarial (loss) gain		—			1			(1	)
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽⁴⁾		—			(2	)		(2	)
Reclassification upon sale of business⁽⁴⁾		—			5			5
Deferred tax benefit (expense) on reclassifications⁽³⁾		—			(1	)		(2	)
Other comprehensive (loss) income		—			(2	)		5
Cumulative impact of adopting ASU 2018-02		—			3			—
Distributions of RCP and GPC		(12	)		—			—
Balance as of end of year	$	—		$	12		$	11
AOCL
Balance as of beginning of year	$	(518	)	$	(689	)	$	(597	)
Other comprehensive (loss) income		8			212			(92	)
Cumulative impact of adopting ASU 2018-02		—			(41	)		—
Distributions of RCP and GPC		161			—			—
Balance as of end of year	$	(349	)	$	(518	)	$	(689	)

⁽¹⁾

In the year ended December 31, 2019, $56 million of this amount relates to the release of currency translation adjustments upon the sale of our North American and Japanese closures businesses and is recorded in income from discontinued operations. The remaining amounts are recorded within other expense, net in our consolidated statements of (loss) income.

⁽²⁾	Reclassifications upon sale of businesses within continuing operations are recorded in other expense, net.

⁽³⁾	Taxes reclassified to income are recorded in income tax benefit (expense).

⁽⁴⁾	Reclassifications associated with plans held for sale or distribution are recorded in (loss) income from discontinued operations.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 17. Income Taxes

The components of (loss) income from continuing operations before income tax were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
(Loss) income from continuing operations before income taxes:
United States	$	(119	)	$	(113	)	$	(62	)
Foreign		(3	)		(43	)		106
Total (loss) income from continuing operations before income taxes	$	(122	)	$	(156	)	$	44

Significant components of income tax benefit (expense) from continuing operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Current
U.S. Federal	$	132		$	5		$	21
State and Local		4			(4	)		(7	)
Foreign		(17	)		(19	)		(26	)
Total current income tax benefit (expense)		119			(18	)		(12	)
Deferred
U.S. Federal		(6	)		(50	)		3
State and Local		(1	)		(16	)		28
Foreign		—			—			1
Total deferred income tax benefit (expense)		(7	)		(66	)		32
Total income tax benefit (expense)	$	112		$	(84	)	$	20

A reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21% to our income tax benefit (expense) was as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Income tax benefit (expense) using the U.S. federal statutory income-tax rate of 21%	$	26		$	33		$	(9	)
State and Local Taxes		5			(16	)		17
Effect of tax rates in foreign jurisdictions		—			(13	)		(53	)
Non-deductible expenses		(5	)		—			(12	)
Non-deductible management fees		(16	)		(3	)		(3	)
Non-deductible transaction costs		(2	)		—			—
Non-deductible executive compensation		(2	)		—			—
Tax exempt income and income at a reduced tax rate		—			3			4
Currency translation adjustment		—			(2	)		(1	)
Withholding taxes		(4	)		(4	)		(5	)
Tax rate modifications		—			(1	)		46
CARES Act net operating loss carryback		61			—			—
Change in valuation allowance		61			(93	)		(5	)
Tax on unremitted earnings		(1	)		—			(2	)
Change in uncertain tax positions		(8	)		(2	)		27
Over (under) provided in prior periods		(10	)		4			15
Foreign tax credit		8			7			—
Other		(1	)		3			1
Total income tax benefit (expense)	$	112		$	(84	)	$	20

During the year ended December 31, 2020, our effective tax rate varied from the U.S. federal statutory income tax rate primarily as a result of the release of valuation allowances, mainly relating to the deductibility of deferred interest deductions, and a $61 million benefit related to carryback of the 2019 U.S. federal taxable loss to a 35% U.S. federal tax rate year pursuant to the CARES Act.

During the year ended December 31, 2019, our effective tax rate varied from the U.S. federal statutory income tax rate primarily due to the mix of book income and losses among the jurisdictions in which we operate, and additional valuation allowances mainly relating to the deductibility of deferred interest deductions, offset by a $7 million benefit as a result of filing amended returns to claim a foreign tax credit in lieu of a foreign tax deduction.

During the year ended December 31, 2018, our effective tax rate varied from the U.S. federal statutory income tax rate primarily as a result of recognizing an income tax benefit of $46 million from the remeasurement of net deferred tax liabilities from 35% to 21% attributable to the enactment of the Tax Cuts and Jobs Act, return-to-provision adjustments related to deferred interest deductions, and a release of uncertain tax positions, offset by the mix of book income and losses among the jurisdictions in which we operate.

Deferred Tax Assets and Liabilities

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes as well as tax attributes such as tax loss and tax credit carryforwards. The components of our net deferred income tax liability were as follows:

	As of December 31,
	2020			2019
	(in millions)
Deferred tax assets
Employee benefits	$	161		$	177
Operating lease liabilities		61			48
Inventory		27			16
Reserves		13			7
Tax losses		135			194
Tax credits		13			11
Interest		244			386
Total deferred tax assets		654			839
Valuation allowance		(165	)		(358	)
Total deferred tax assets net of valuation allowance		489			481
Deferred tax liabilities
Intangible assets		(377	)		(360	)
Property, plant and equipment		(232	)		(204	)
Operating lease right-of-use assets		(58	)		(46	)
Other		(8	)		—
Total deferred tax liabilities		(675	)		(610	)
Net deferred tax liabilities	$	(186	)	$	(129	)

Tax loss and tax credit carryforwards, presented on a gross basis, were as follows:

	As of December 31,
	2020		2019
	(in millions)
Tax loss carryforwards
Expires within 5 years	$	121	$	288
Expires after 5 years or indefinite expiration		1,028		641
Total tax loss carryforwards	$	1,149	$	929
Tax credit carryforwards
Expires within 5 years	$	3	$	1
Expires after 5 years or indefinite expiration		11		10
Total tax credit carryforwards	$	14	$	11

Deferred tax assets related to interest, tax loss carryovers, and tax credit carryovers are available to offset future taxable earnings to the extent they are more-likely-than-not realizable. We have provided a valuation allowance to reduce the carrying value of certain of these deferred tax assets, as we have concluded that, based on the available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Valuation allowances were $165 million and $358 million as of December 31, 2020 and 2019, respectively.

The following table reflects changes in valuation allowance for the respective periods:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Balance at the beginning of the year	$	358		$	308		$	296
Expense (benefit)		(61	)		94			3
Write-off of net operating losses and other deferred tax assets		(122	)		—			—
Transfers to held for sale or distribution		—			(43	)		29
Currency translation adjustments and other		(10	)		(1	)		(20	)
Balance at end of the year	$	165		$	358		$	308

The changes in our valuation allowance during the years ended December 31, 2020 and 2019 are primarily attributable to changes in our assessment of recoverability in relation to deferred interest deductions. For the year ended December 31, 2020, the write-off of New Zealand net operating losses and other deferred tax assets resulting from the restructuring and IPO of PTVE resulted in a reduction in the valuation allowance of $122 million, and the benefit of $61 million recognized during the year primarily arose from additional deferred interest deductions as a result of the CARES Act. The net additional valuation allowance of $50 million recorded during the year ended December 31, 2019 arose primarily as a result of the tax-free distribution of Reynolds Consumer Products on February 4, 2020 and its effects on changes in our assessment of the recoverability of the deferred interest deduction. See Note 3, Discontinued Operations, for additional details.

Uncertain Tax Positions

ASC 740 prescribes a recognition threshold of more-likely-than not to be sustained upon examination as it relates to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements.

The following table summarizes the activity related to our gross unrecognized tax benefits:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Balance at beginning of the year	$	13		$	10		$	40
Increase associated with tax positions taken during the current year		1			5			1
Increase (decrease) associated with positions taken during a prior year		2			(1	)		(31	)
Lapse of statute of limitations		(1	)		(1	)		—
Ending unrecognized tax benefits	$	15		$	13		$	10

Included in the balance of unrecognized tax benefits as of December 31, 2020, 2019 and 2018, are $15 million, $10 million and $10 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate.

Our policy is to include interest and penalties related to gross unrecognized tax benefits in income tax expense. Net interest expense (benefit) related to unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 was zero, $1 million and $(2) million, respectively. Accrued interest and penalties as for the years ended December 31, 2020 and 2019 were $1 million and $1 million, respectively.

Each year we file income tax returns in the various national, state and local income taxing jurisdictions in which we operate. In each jurisdiction our income tax returns are subject to examination and possible challenge by the tax authorities. Although ultimate timing is uncertain, it is reasonably possible that a reduction of up to $10 million of unrecognized tax benefits could occur within the next twelve months due to changes in audit status, settlements of tax assessments and other events.

Currently, our 2016 and 2017 U.S. federal income tax returns are being examined by the IRS. We are currently subject to routine income tax examinations for U.S. federal, state, and foreign jurisdictions for 2010 and forward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Note 18. Related Party Transactions

As of December 31, 2020, 78% of our shares are owned by PFL or other entities of which Mr. Graeme Hart is the ultimate shareholder.

In addition to the distributions of RCPI and GPCI to PFL, as described further in Note 3, Discontinued Operations, the related party entities and types of transactions we entered into with them are detailed below. All related parties detailed below have a common ultimate controlling shareholder, except for the joint ventures.

	Transaction value for the year ended December 31,									Balance outstanding as of December 31,
	2020			2019			2018			2020			2019
	(in millions)
Balances and transactions with joint ventures
Included in other current assets										$	7		$	8
Sale of goods and services⁽¹⁾	$	29		$	26		$	28
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables											55			—
Sale of goods and services⁽²⁾		351			280			316
Transition services agreements and rental income⁽²⁾		16			—			—
Tax loss transfer⁽³⁾		25			—			—
Recharges⁽⁴⁾		3			4			7
Forgiveness of balance⁽⁵⁾		(15	)		—			—
Noncurrent related party receivables⁽⁶⁾											—			339
Interest income		9			15			17
Loan forgiveness		(347	)		—			—
Related party payables											(10	)		(30	)
Purchase of goods⁽²⁾		(116	)		(149	)		(161	)
Recharges⁽⁴⁾		(11	)		(24	)		(18	)
Management fee⁽⁷⁾		(65	)		(29	)		(28	)
Tax loss transfer⁽³⁾		(1	)		(2	)		(3	)

⁽¹⁾	All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated based on market rates. All amounts are unsecured, non-interest bearing and repayable on demand.

⁽²⁾

Following the distribution of RCP on February 4, 2020, we continue to trade with them, selling and purchasing various goods and services under contractual arrangements that expire over a variety of periods through to 2024. Prior to February 4, 2020, our continuing operations recognized revenue and cost of sales in respect of sales to and purchases from RCP. Refer to Note 3, Discontinued Operations. As part of the separation process, amongst other agreements, we have entered into two lease arrangements with RCP and entered into a transition services agreement to provide ongoing agreed services to RCP, as requested.

We do not trade with GPC on an ongoing basis. We have entered into a transition services agreement to provide ongoing agreed services to GPC, as requested. We have also entered into a tax matters agreement with GPC. We have recognized a receivable of $12 million under the tax matters agreement in relation to GPC’s estimated share of U.S. federal taxes in respect of the period from January 1, 2020 through to September 16, 2020.

⁽³⁾	Represents payments received or made for tax losses transferred between our entities and other entities controlled by Mr. Graeme Hart.

⁽⁴⁾

Represents certain costs paid on our behalf that were subsequently recharged to us. These charges are for various costs incurred including services provided, financing and other activities. All amounts are unsecured, non-interest bearing and settled on normal trade terms. As part of our IPO, we have entered into a transition services agreement with Rank Group Limited ("Rank") under which Rank will, upon our request, continue to provide certain administrative and support services to us, and we will provide support services to Rank upon request. All services provided will be charged at an agreed hourly rate plus any third party costs.

⁽⁵⁾	In connection with our IPO, $15 million of current related party receivables owed by Rank was forgiven. We recognized this forgiveness as a reduction in retained earnings.

⁽⁶⁾

The loan with Rank, which was included in noncurrent related party receivables, accrued interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25%. During the year ended December 31, 2020, interest was charged at 3.46% to 4.28% (2019: 4.40% to 5.15%; 2018: 5.16% to 5.26%). In preparation for our IPO, the loan receivable was forgiven. We recognized this forgiveness as a reduction in retained earnings.

⁽⁷⁾

Our financing agreements permit the payment of management fees to related parties for management, consulting, monitoring and advising services. The management fees were paid pursuant to a services agreement with Rank. In connection with our IPO, we (i) paid an additional management fee of $22 million, in respect of the 2009 and 2010 financial years, (ii) paid a termination fee of $45 million for the termination of, and release from, the Rank services agreement, which included the management fee payable for the period January 1, 2020 to the date of termination of September 16, 2020 and (iii) were released of our obligation to pay the 2020 management fee. During the year ended December 31, 2020, management fees of $49 million (2019: $10 million; 2018: $11 million), were recognized in Other expense, net, with the remainder in discontinued operations. The services agreement with Rank was terminated in connection with our IPO, and we will no longer be charged a management fee.

Stock Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

Note 19. Stock Based Compensation

In conjunction with our IPO, we established the Pactiv Evergreen Inc. Equity Incentive Plan (the “Equity Incentive Plan”) for purposes of granting stock- and cash-based compensation awards to our employees (including our senior management), directors, consultants and advisors. The maximum number of shares of common stock initially available for issuance under our Equity Incentive Plan was 9,079,395 shares.

During 2019 and 2020, in anticipation of our IPO, we granted 297,296 restricted stock units (“RSUs”) to certain members of management, which included a performance condition that required the Company to complete an IPO but also required future service to be provided with the earliest vesting date of December 31, 2021. The following table summarizes restricted stock unit activity during 2020:

Stock units in thousands, except per-share data	Number of Stock Units		Weighted- Average Grant Date Fair Value
Non-vested, at January 1		154	$	14.00
Granted		143	$	14.00
Non-vested, at December 31		297	$	14.00

We recognized $2 million of stock-based compensation expense for the year ended December 31, 2020. There was no stock-based compensation expense recorded during the years ended December 31, 2019 or 2018. As of December 31, 2020, there was $3 million of unrecognized share-based compensation which will be recognized over a weighted-average period of 1.5 years.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 20. Earnings per Share

Basic and diluted earnings per share (“EPS”) for the years ended December 31, were calculated as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions, except per share amounts)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders:
From continuing operations	$	(12	)	$	(239	)	$	62
From discontinued operations		(15	)		330			217
Total	$	(27	)	$	91		$	279

Weighted average number of shares outstanding
Basic		146.2			134.4			134.4
Effect of diluted securities		—			—			—
Diluted		146.2			134.4			134.4

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations
Basic	$	(0.08	)	$	(1.78	)	$	0.46
Diluted	$	(0.08	)	$	(1.78	)	$	0.46
From discontinued operations
Basic	$	(0.10	)	$	2.46		$	1.62
Diluted	$	(0.10	)	$	2.46		$	1.62
Total
Basic	$	(0.18	)	$	0.68		$	2.08
Diluted	$	(0.18	)	$	0.68		$	2.08

The weighted average number of shares outstanding prior to our IPO reflects our conversion to a Delaware incorporated entity and the subsequent stock split, as detailed in Note 1, Nature of Operations and Basis of Presentation. The stock split has been retroactively reflected, resulting in 134.4 million weighted average number of shares outstanding for the years ended December 31, 2019 and 2018. The weighted average number of shares outstanding during the year ended December 31, 2020 reflects the weighted average number of shares outstanding, as described above, including the weighted average shares issued on September 21, 2020 as part of our IPO and 1.7 million shares issued on October 20, 2020 as part of the exercise of the overallotment option.

Our board of directors approved a dividend of $0.10 per share on February 4, 2021 to be paid on February 24, 2021 to stockholders of record as of February 14, 2021.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

Note 21. Segment Information

ASC 280 Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280 and in conjunction with the distribution of our former RCP segment, as of March 31, 2020, we realigned our reportable segments. As a result of this realignment and the GPC distribution on September 16, 2020, we now have three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. These reportable segments reflect the change in our operating structure and the manner in which our Chief Operating Decision Maker (“CODM”) assesses information for decision-making purposes.

The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products. This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions. Our reportable segments are described as follows:

Foodservice - Manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Foodservice manufactures food containers, hot and cold cups and lids, tableware items and other products which make eating on-the-go more enjoyable and easy to do.

Food Merchandising - Manufactures products that protect and attractively display food while preserving freshness. Food Merchandising products include clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and molded fiber cartons.

Beverage Merchandising - Manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets. Beverage Merchandising manufactures and supplies integrated fresh carton systems, which include printed cartons, spouts and filling machinery. It also produces fiber-based liquid packaging board for its internal requirements and to sell to other fresh beverage carton manufacturers, as well as a range of paper-based products which it sells to paper and packaging converters.

Other/Unallocated - In addition to our reportable segments, we have other operating segments that do not meet the threshold for presentation as a reportable segment. These operating segments include the remaining components of our former closures business, which generate revenue from the sale of caps and closures, and are presented as Other in the reconciliation between total reportable segment amounts and the equivalent consolidated measure. Unallocated includes corporate costs, primarily relating to companywide functions such as finance, tax and legal and the effects of the PEPP.

Information by Segment

We present reportable segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments.

Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, foreign exchange gains or losses on cash, related party management fees, unrealized gains or losses on derivatives, gains or losses on the sale of businesses and noncurrent assets, impairment charges, restructuring, asset impairment and other related charges, operational process engineering-related consultancy costs, non-cash pension income or expense and strategic review and transaction-related costs.

Reportable segment assets represent trade receivables, inventory and property, plant and equipment:

	Foodservice		Food Merchandising		Beverage Merchandising		Reportable Segment Total
	(in millions)
2020
Net revenues	$	1,811	$	1,396	$	1,368	$	4,575
Intersegment revenues		—		—		101		101
Total reportable segment net revenues		1,811		1,396		1,469		4,676
Adjusted EBITDA		241		252		148		641
Depreciation & amortization		139		81		63		283
Capital expenditures		117		52		107		276
Reportable segment assets		1,064		703		1,039		2,806
2019
Net revenues	$	2,160	$	1,388	$	1,483	$	5,031
Intersegment revenues		—		—		123		123
Total reportable segment net revenues		2,160		1,388		1,606		5,154
Adjusted EBITDA		336		223		196		755
Depreciation & amortization		112		90		61		263
Capital expenditures		138		55		80		273
Reportable segment assets		1,090		727		972		2,789
2018
Net revenues	$	2,137	$	1,419	$	1,504	$	5,060
Intersegment revenues		—		—		99		99
Total reportable segment net revenues		2,137		1,419		1,603		5,159
Adjusted EBITDA		318		231		231		780
Depreciation & amortization		109		88		62		259
Capital expenditures		157		75		73		305
Reportable segment assets		1,017		701		910		2,628

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP (loss) income from continuing operations before income taxes:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Reportable segment Adjusted EBITDA	$	641		$	755		$	780
Other		8			11			17
Unallocated		(34	)		(75	)		(60	)
		615			691			737
Adjustments to reconcile to U.S. GAAP (loss) income from continuing operations before income taxes
Interest expense, net		(371	)		(433	)		(414	)
Depreciation and amortization		(289	)		(273	)		(271	)
Goodwill impairment charges		(6	)		(16	)		—
Restructuring, asset impairment and other related charges		(28	)		(46	)		(18	)
Gain (loss) on sale of business and noncurrent assets		1			(22	)		(18	)
Non-cash pension income (expense)		71			(6	)		51
Operational process engineering related consultancy costs		(13	)		(27	)		(14	)
Related party management fee		(49	)		(10	)		(11	)
Strategic review and transaction-related costs		(47	)		(7	)		—
Foreign exchange (losses) gains on cash		(15	)		(8	)		11
Unrealized gains (losses) on derivatives		10			4			(8	)
Other		(1	)		(3	)		(1	)
(Loss) income from continuing operations before tax	$	(122	)	$	(156	)	$	44

The following table presents a reconciliation of reportable segment depreciation and amortization to consolidated depreciation and amortization from continuing operations:

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Reportable segment depreciation and amortization	$	283	$	263	$	259
Other		6		10		12
Depreciation and amortization from continuing operations	$	289	$	273	$	271

The following table presents a reconciliation of reportable segment capital expenditures to consolidated capital expenditures:

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Reportable segment capital expenditures	$	276	$	273	$	305
Other		3		6		6
Unallocated		3		6		8
Discontinued operations		128		344		273
Capital expenditures	$	410	$	629	$	592

The following table presents a reconciliation of reportable segment assets to consolidated assets:

	As of December 31,
	2020		2019
	(in millions)
Reportable segment assets	$	2,806	$	2,789
Other		34		65
Unallocated⁽¹⁾		4,003		13,321
Total assets	$	6,843	$	16,175

⁽¹⁾

Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease ROU assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets.

Information in Relation to Products

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Foodservice
Cups and lids	$	736		$	906		$	844
Containers		751			792			805
Dinnerware		141			207			209
Other		183			255			279
Food Merchandising
Meat trays		373			353			355
Bakery/snack/produce/fruit containers		283			311			308
Prepared food trays		131			174			168
Egg cartons		99			98			97
Dinnerware		349			307			339
Other		161			145			152
Beverage Merchandising
Cartons for fresh beverage products		795			812			799
Liquid packaging board		387			446			438
Paper products		287			348			366
Reportable segment net revenues		4,676			5,154			5,159
Other / Unallocated
Other		114			160			248
Inter-segment eliminations		(101	)		(123	)		(99	)
Net revenues	$	4,689		$	5,191		$	5,308

Geographic Data

Geographic data for net revenues (recognized based on location of our business operations) and long-lived assets (representing property, plant and equipment) and operating lease right-of-use asset, net are as follows:

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Net revenues:
United States	$	4,046	$	4,484	$	4,504
Rest of North America		354		383		388
Other		289		324		416
Net revenues	$	4,689	$	5,191	$	5,308

	As of December 31,
	2020		2019
	(in millions)
Long-lived assets:
United States	$	1,789	$	1,759
Rest of North America		96		77
Other		60		58
Long-lived assets	$	1,945	$	1,894

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Quarterly Results of Operations

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Note 22. Quarterly Results of Operations (Unaudited)

	Three Months Ended						Six Months Ended
	December 31,						June 30,
(in millions, except per share amounts)	2020			2019 ⁽²⁾			2020 ⁽²⁾			2019 ⁽²⁾
Net revenues	$	1,175		$	1,303		$	2,319		$	2,582
Cost of sales		(987	)		(1,095	)		(1,971	)		(2,149	)
Gross profit		188			208			348			433
Operating income (loss) from continuing operations		81			60			133			181
Income (loss) from continuing operations, before tax		1			(72	)		(22	)		(49	)
Net income (loss) from continuing operations	$	18		$	(140	)	$	115		$	(65	)
Net income (loss)	$	237		$	(80	)	$	97		$	114
Net income (loss) attributable to Pactiv Evergreen Inc. common stockholders	$	236		$	(78	)	$	96		$	113
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders:⁽¹⁾
From continuing operations-basic	$	0.10		$	(1.03	)	$	0.85		$	(0.50	)
From continuing operations-diluted	$	0.10		$	(1.03	)	$	0.85		$	(0.50	)
Total-basic	$	1.33		$	(0.58	)	$	0.72		$	0.84
Total-diluted	$	1.33		$	(0.58	)	$	0.72		$	0.84

⁽¹⁾	The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data for interim reporting.

⁽²⁾

The results of operations for the three months ended December 31, 2019 and the six months ended June 30, 2020 and 2019 reflect (i) the retrospective classification of GPC as a discontinued operation following the distribution of GPC prior to the closing of the IPO as described in Note 3, Discontinued Operations, and (ii) the retrospective effect of the stock split on EPS as described in Note 20, Earnings per Share.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Discontinued Operations

Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 3, Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of substantially all of our Closures business, sold in December 2019, all of our former Reynolds Consumer Products ("RCP") segment, distributed in February 2020, and all of our former Graham Packaging ("GPC") segment, distributed in September 2020, are presented as discontinued operations for all years presented. Sales from our continuing operations to our discontinued operations previously eliminated in consolidation have been recast as external revenues and are included in net revenues within operating income from continuing operations.

Use of Estimates

Foreign Operations

Variable Interest Entities

Cash and Cash Equivalents

Accounts Receivable

Inventories

Property, Plant and Equipment

Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

Revenue Recognition

See Note 21, Segment Information, for information regarding the disaggregation of revenue by products and geography.

Restructuring Costs

Leases

Employee Benefit Plans

Stock Based Compensation

Stock based compensation

Share Repurchases

Earnings per Share

Financial Instruments

Income Taxes

Fair Value Measurements and Disclosures

•

Level 1: Valuations based on quoted prices for identical assets and liabilities in active markets.

•

Level 3: Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants.

Recently Adopted and Recently Issued But Not Yet Accounting Guidance

Recently Adopted Accounting Guidance

Accounting Guidance Issued but Not Yet Adopted as of December 31, 2020

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Summary of Discontinued Operations Financial Information

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:

	RCP		GPC
	As of February 4, 2020		As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets		699		448
Noncurrent assets		3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	297
Noncurrent liabilities		2,863		2,523
	$	4,330	$	2,820
Net assets distributed	$	30	$	1,168

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net revenues	$	1,510		$	5,074		$	5,354
Cost of sales		(1,234	)		(3,799	)		(4,113	)
Gross profit		276			1,275			1,241
Selling, general and administrative expenses		(179	)		(563	)		(502	)
Goodwill impairment charges		—			(9	)		(138	)
Restructuring, asset impairment and other related charges		(13	)		(83	)		(39	)
Interest expense, net⁽¹⁾		(54	)		(188	)		(179	)
Other expense, net		(3	)		(9	)		(33	)
Income before income taxes from discontinued operations		27			423			350
Income tax expense		(56	)		(63	)		(133	)
Net (loss) income from discontinued operations, before gain or loss on disposal		(29	)		360			217
Gain (loss) on disposal, net of income taxes		14			(30	)		—
Net (loss) income from discontinued operations	$	(15	)	$	330		$	217

⁽¹⁾

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:

	As of December 31,
	2019
	(in millions)
Cash and cash equivalents	$	136
Accounts receivable, net		489
Inventories		559
Other current assets		48
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net cash provided by operating activities	$	175		$	738		$	735
Net cash used in investing activities		(122	)		(308	)		(209	)
Net cash provided by (used in) financing activities		2,441			—			(1	)
Net cash flow from discontinued operations	$	2,494		$	430		$	525

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Discontinued Operations Financial Information

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:

	RCP		GPC
	As of February 4, 2020		As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets		699		448
Noncurrent assets		3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	297
Noncurrent liabilities		2,863		2,523
	$	4,330	$	2,820
Net assets distributed	$	30	$	1,168

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net revenues	$	1,510		$	5,074		$	5,354
Cost of sales		(1,234	)		(3,799	)		(4,113	)
Gross profit		276			1,275			1,241
Selling, general and administrative expenses		(179	)		(563	)		(502	)
Goodwill impairment charges		—			(9	)		(138	)
Restructuring, asset impairment and other related charges		(13	)		(83	)		(39	)
Interest expense, net⁽¹⁾		(54	)		(188	)		(179	)
Other expense, net		(3	)		(9	)		(33	)
Income before income taxes from discontinued operations		27			423			350
Income tax expense		(56	)		(63	)		(133	)
Net (loss) income from discontinued operations, before gain or loss on disposal		(29	)		360			217
Gain (loss) on disposal, net of income taxes		14			(30	)		—
Net (loss) income from discontinued operations	$	(15	)	$	330		$	217

⁽¹⁾

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:

	As of December 31,
	2019
	(in millions)
Cash and cash equivalents	$	136
Accounts receivable, net		489
Inventories		559
Other current assets		48
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Net cash provided by operating activities	$	175		$	738		$	735
Net cash used in investing activities		(122	)		(308	)		(209	)
Net cash provided by (used in) financing activities		2,441			—			(1	)
Net cash flow from discontinued operations	$	2,494		$	430		$	525

Disposal Group, Held-for-sale, Not Discontinued Operations | South American closures business

Summary of Discontinued Operations Financial Information

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of December 31, 2020 included the following:

	As of December 31, 2020
	(in millions)
Cash and cash equivalents	$	10
Accounts receivable, net		14
Inventories		4
Other current assets		1
Property, plant and equipment, net		8
Intangible assets, net		1
Held for sale valuation allowance		(12	)
Total current assets held for sale or distribution	$	26
Accounts payable	$	8
Accrued and other current liabilities		2
Other noncurrent liabilities		2
Total current liabilities held for sale or distribution	$	12

- Definition

+ References

+ Details

Impairment, Restructuring and Other Related Charges (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Summary of Impairment, Restructuring and Other Related Charges

During the year ended December 31, 2020, we recorded the following impairment, restructuring and other related charges:

	Goodwill impairment		Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising		—		1		—		—		1
Beverage Merchandising		—		—		1		—		1
Other		6		14		9		—		29
Total	$	6	$	16	$	11	$	1	$	34

During the year ended December 31, 2019, we recorded the following impairment, restructuring and other related charges:

	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	2
Food Merchandising		—		4		—		4
Other		16		37		3		56
Total	$	16	$	42	$	4	$	62

During the year ended December 31, 2018, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	6	$	—	$	—	$	6
Food Merchandising		1		—		1		2
Other		4		5		1		10
Total	$	11	$	5	$	2	$	18

Summary of Restructuring Liability

The following tables summarize the changes to our restructuring liability for the years ended December 31, 2020 and 2019:

	December 31, 2019		Charges to earnings		Cash paid			December 31, 2020
	(in millions)
Employee termination costs	$	1	$	11	$	(5	)	$	7
Total	$	1	$	11	$	(5	)	$	7

	December 31, 2018		Charges to earnings		Cash paid			December 31, 2019
	(in millions)
Employee termination costs	$	2	$	4	$	(5	)	$	1
Total	$	2	$	4	$	(5	)	$	1

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of the Components of Inventory

The components of inventories consisted of the following:

	As of December 31,
	2020		2019
	(in millions)
Raw materials	$	180	$	168
Work in progress	108		106
Finished goods	410		397
Spare parts	86		82
Inventories	$	784	$	753

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment, Net and Depreciation Expense

Property, plant and equipment, net consisted of the following:

	As of December 31,
	2020			2019
	(in millions)
Land and land improvements	$	87		$	92
Buildings and building improvements		532			551
Machinery and equipment		3,148			2,973
Construction in progress		191			204
Property, plant and equipment, at cost		3,958			3,820
Less: accumulated depreciation		(2,273	)		(2,117	)
Property, plant and equipment, net	$	1,685		$	1,703

Depreciation expense related to property, plant and equipment was recognized in the following components in the consolidated statements of (loss) income:

	For the Year Ended December 31,
	2020		2019		2018
	(in millions)
Cost of sales	$	213	$	201	$	197
Selling, general and administrative expenses		22		16		17
Total depreciation expense	$	235	$	217	$	214

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:

	Foodservice		Food Merchandising		Beverage Merchandising		Other			Total
	(in millions)
Balance as of December 31, 2018	$	924	$	770	$	66	$	24		$	1,784
Dispositions		—		—		—		(2	)		(2	)
Impairment		—		—		—		(16	)		(16	)
Balance as of December 31, 2019	$	924	$	770	$	66	$	6		$	1,766
Accumulated impairment losses	$	—	$	—	$	—	$	16		$	16
Dispositions		—		—		—		—			—
Impairment		—		—		—		(6	)		(6	)
Balance as of December 31, 2020	$	924	$	770	$	66	$	—		$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	22		$	22

Summary of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following:

	As of December 31, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,019	$	(540	)	$	479	$	1,026	$	(494	)	$	532
Other		20		(20	)		—		21		(18	)		3
Total finite-lived intangible assets	$	1,039	$	(560	)	$	479	$	1,047	$	(512	)	$	535
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		58		—			58
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	612	$	—		$	612
Total intangible assets	$	1,652	$	(560	)	$	1,092	$	1,659	$	(512	)	$	1,147

Summary of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:

	As of December 31, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,019	$	(540	)	$	479	$	1,026	$	(494	)	$	532
Other		20		(20	)		—		21		(18	)		3
Total finite-lived intangible assets	$	1,039	$	(560	)	$	479	$	1,047	$	(512	)	$	535
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		58		—			58
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	612	$	—		$	612
Total intangible assets	$	1,652	$	(560	)	$	1,092	$	1,659	$	(512	)	$	1,147

Summary of Estimate Annual Amortization Expense

For the next five years, we estimate annual amortization expense as follows:

	(in millions)
2021	$	52
2022		52
2023		52
2024		51
2025		51
Total	$	258

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2020		2019
	(in millions)
Accrued personnel costs	$	117	$	108
Accrued rebates and credits	68			67
Accrued interest	16			115
Other⁽¹⁾	121			128
Accrued and other current liabilities	$	322	$	418

⁽¹⁾ Other includes items such as accruals for freight, utilities and other non-income related taxes.

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:

	As of December 31,
	2020			2019
	(in millions)
Securitization Facility	$	—		$	420
Credit Agreement		2,457			3,487
Notes:
5.750% Senior Secured Notes due 2020		—			3,137
Floating Rate Senior Secured Notes due 2021		—			750
5.125% Senior Secured Notes due 2023		59			1,600
7.000% Senior Notes due 2024		—			800
4.000% Senior Secured Notes due 2027		1,000			—
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		12			15
Total principal amount of borrowings		4,004			10,685
Deferred financing transaction costs ("DIC")		(14	)		(46	)
Original issue discounts, net of premiums ("OID")		(10	)		(9	)
		3,980			10,630
Less: current portion		(15	)		(3,587	)
Long-term debt	$	3,965		$	7,043

Summary of Components of the Credit Agreement

The Credit Agreement comprises the following term and revolving tranches:

Currency

Maturity date

Value drawn

or utilized as of

December 31,

2020

(in millions)

Applicable interest rate as of

December 31, 2020

Term Tranches

U.S. term loans Tranche B-1

February 5, 2023

1,207

LIBOR (floor of 0.000%) + 2.750%

U.S. term loans Tranche B-2

February 5, 2026

1,250

LIBOR (floor of 0.000%) + 3.250%

Revolving Tranche⁽¹⁾

U.S. Revolving Loans

August 5, 2024

—

⁽¹⁾	The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of bank guarantees and letters of credit.

Schedule of Long-term Debt Instruments

Outstanding Notes, as of December 31, 2020, are summarized below:

Maturity date

Interest payment dates

5.125% Senior Secured Notes due 2023⁽¹⁾

July 15, 2023

January 15 and July 15

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15,

commencing April 15, 2021

⁽¹⁾ $250 million aggregate principal amount of 5.125% Senior Secured Notes due 2023 were issued at an issue price of 103.500%.

As of December 31, 2020, we had outstanding the following debentures (together, the “Pactiv Debentures”):

Maturity date

Semi-annual interest

payment dates

7.950% Debentures due 2025

December 15, 2025

June 15 and December 15

8.375% Debentures due 2027

April 15, 2027

April 15 and October 15

Schedule of Required Future Repayments of Outstanding Debt

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2020:

	(in millions)
2021	$	15
2022		15
2023		1,279
2024		13
2025		290
Thereafter		2,392
Total principal amount of borrowings	$	4,004

Schedule of Carrying Values and Fair Values of Debt Outstanding

Below is a schedule of carrying values and fair values of our debt outstanding:

	As of December 31,
	2020				2019
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Securitization Facility	$	—	$	—	$	418	$	420
Credit Agreement		2,447		2,443		3,476		3,487
Notes:
5.750% Senior Secured Notes due 2020		—		—		3,130		3,144
Floating Rate Senior Secured Notes due 2021		—		—		739		753
5.125% Senior Secured Notes due 2023		59		60		1,591		1,641
7.000% Senior Notes due 2024		—		—		791		828
4.000% Senior Secured Notes due 2027		991		1,024		—		—
Pactiv Debentures:
7.950% Debentures due 2025		273		318		272		311
8.375% Debentures due 2027		198		235		198		220
Other		12		12		15		15
Total	$	3,980	$	4,092	$	10,630	$	10,819

Interest Expense, Net

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Interest expense:
Securitization Facility	$	6		$	17		$	16
Credit Agreement		107			174			166
Notes		138			194			199
Pactiv Debentures		39			39			39
Interest income, related party⁽¹⁾		(9	)		(15	)		(17	)
Interest income, other		(6	)		(14	)		(5	)
Amortization:
Deferred financing transaction costs		12			12		12
Original issue discounts		3			1		1
Derivative losses (gains)		15			21			(2	)
Net foreign currency exchange (gains)		(2	)		(4	)		(7	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		29			1			2
Redemption premiums		34			—			3
Other		5			7			7
Interest expense, net⁽²⁾	$	371		$	433		$	414

⁽¹⁾ Refer to Note 18, Related Party Transactions, for additional details.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Summary of Lease Costs

Lease costs consisted of the following:

	For the Year Ended December 31,
	2020		2019
	(in millions)
Operating lease costs	$	72	$	54
Variable lease costs		3		4
Short-term lease costs	13			18
Total lease costs	$	88	$	76

Summary of Future Lease Payments Under Non-cancellable Leases

Future lease payments under non-cancellable leases for the next five years are as follows:

	As of December 31,
	2020
	(in millions)
2021	$	73
2022	63
2023	54
2024	40
2025 and thereafter	96
Total undiscounted lease payments	326
Less: amounts representing interest		(52	)
Present value of lease obligations	$	274
Weighted average remaining lease term	5.9 years
Weighted average discount rate		6.08	%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

We had the following derivative instruments recorded at fair value in our consolidated balance sheets:

	As of December 31,
	2020					2019
	Asset derivatives		Liability derivatives			Asset derivatives		Liability derivatives
	(in millions)
Interest rate swap derivatives	$	—	$	—		$	7	$	—
Commodity swap contracts		9		(2	)		1		(5	)
Total fair value	$	9	$	(2	)	$	8	$	(5	)
Recorded in:
Other current assets	$	9	$	—		$	6	$	—
Other noncurrent assets		—		—			2		—
Accrued and other current liabilities		—		(2	)		—		(5	)
Total fair value	$	9	$	(2	)	$	8	$	(5	)

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of December 31, 2020:

Type	Unit of measure	Contracted volume		Contracted price range	Contracted date of maturity
Natural gas swaps	million BTU		1,912,448	$2.47 - $2.94	Feb 2021 - Dec 2021
Ethylene swaps	pound		1,133,611	$0.26	Jan 2021 - Apr 2021
Polymer-grade propylene swaps	pound		72,239,978	$0.38 - $0.52	Jan 2021 - Aug 2021
Benzene swaps	U.S. liquid gallon		6,089,192	$1.46 - $2.30	Feb 2021 - Sep 2021
Diesel swaps	U.S. liquid gallon		446,890	$2.41 - $2.91	Jan 2021 - Dec 2021
Low-density polyethylene swaps	pound		12,000,000	$0.71	Jan 2021 - Dec 2021

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Defined Benefit Pension and OPEB Plans

The following table sets forth changes in benefit obligations and the fair value of plan assets for our defined benefit pension and OPEB plans:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Change in benefit obligations:
Projected benefit obligations of January 1	$	4,509		$	4,333		$	51		$	47
Service cost		6			7			—			—
Interest cost		138			174			2			2
Benefits paid		(296	)		(296	)		(2	)		(1	)
Settlements		—			(196	)		—			—
Divestitures		(3	)		(5	)		—			—
Actuarial losses (gains)		310			455			2			3
Other⁽¹⁾		—			37			—			—
Projected benefit obligation as of December 31	$	4,664		$	4,509		$	53		$	51
Change in plan assets:
Fair value of plan assets as of January 1	$	3,823		$	3,493		$	—		$	—
Actual return on plan assets		539			788			—			—
Employer contributions		125			5			2			1
Benefits paid		(296	)		(296	)		(2	)		(1	)
Settlements		—			(196	)		—			—
Other⁽¹⁾		—			29			—			—
Fair value of plan assets as of December 31	$	4,191		$	3,823		$	—		$	—
Funded status as of December 31	$	(473	)	$	(686	)	$	(53	)	$	(51	)

⁽¹⁾	Includes $28 million for the assumption of a plan from a former related party which was merged into our PEPP plan.

Summary of Defined Benefit Pension and OPEB Obligations Included in Consolidated Balance Sheets

Our defined benefit pension and OPEB obligations were included in our consolidated balance sheets as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Accrued and other current liabilities	$	(4	)	$	(4	)	$	(3	)	$	(3	)
Long-term employee benefit obligations		(469	)		(682	)		(50	)		(48	)
	$	(473	)	$	(686	)	$	(53	)	$	(51	)

Summary of Defined Benefit Pension and OPEB Obligations Recorded in Accumulated Other Comprehensive Loss

Portions of our defined benefit pension and OPEB obligations have been recorded in accumulated other comprehensive loss (“AOCL”) as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Net actuarial losses (gains)	$	216		$	239		$	(6	)	$	(8	)
Deferred income tax (benefit) expense		(52	)		(58	)		2			3
	$	164		$	181		$	(4	)	$	(5	)

Summary of Funded Status of Defined Benefit Pension and OPEB Plans with Accumulated Benefit Obligation in Excess of Plan Assets

The funded status of our defined benefit pension and OPEB plans with accumulated benefit obligation in excess of plan assets was as follows:

	Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
	(in millions)
Plan assets	$	4,189		$	3,820		$	—		$	—
Projected benefit obligation		4,662			4,506			53			51
Accumulated benefit obligation		4,660			4,504			53			51
Under Funded Status
Projected benefit obligation	$	(473	)	$	(686	)	$	(53	)	$	(51	)
Accumulated benefit obligation		(471	)		(684	)		(53	)		(51	)

Net Periodic Defined Benefit Pension and OPEB (Income) Costs

Net periodic defined benefit pension and OPEB (income) costs consisted of the following:

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020		2019			2018
	(in millions)
Service cost	$	6		$	7		$	8		$	—	$	—		$	—
Interest cost		138			174			167			2		2			2
Expected return on plan assets⁽¹⁾		(207	)		(182	)		(214	)		—		—			—
Amortization of actuarial losses (gains)⁽²⁾		1			1			1			—		(1	)		—
Ongoing net periodic benefit (income) cost		(62	)		—			(38	)		2		1			2
One-time expense due to settlements⁽³⁾		—			18			2			—		—			—
Total net periodic benefit (income) cost	$	(62	)	$	18		$	(36	)	$	2	$	1		$	2

⁽¹⁾	We have elected to use the actual fair value of plan assets as the market-related value in the determination of the expected return on plan assets.

⁽²⁾

⁽³⁾	One-time expense due to settlements primarily resulted from PEPP's lump-sum buyouts of certain plan participants in 2019.

Net periodic defined benefit (income) cost for pension benefits and OPEB costs have been recognized in our consolidated statements of (loss) income as follows:

	Pension Benefits								OPEB
	For the Years Ended December 31,
	2020			2019		2018			2020		2019		2018
	(in millions)
Cost of sales	$	6		$	4	$	5		$	—	$	—	$	—
Selling, general and administrative expenses		—			3		3			—		—		—
Non-operating expense, net		(68	)		11		(44	)		2		1		2
Total net periodic benefit (income) cost	$	(62	)	$	18	$	(36	)	$	2	$	1	$	2

Summary of Amounts recognized in Other Comprehensive (Loss) Income in Continuing Operations

Amounts recognized in other comprehensive (loss) income in relation to our continuing operations were as follows:

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020			2019			2018
	(in millions)
Net actuarial (gains) losses arising during the year⁽¹⁾⁽²⁾	$	(22	)	$	(150	)	$	77		$	2		$	3		$	(6	)
Recognized net actuarial (losses) gains⁽³⁾		(1	)		(19	)		(3	)		—			1			—
Deferred income tax expense (benefit)⁽⁴⁾		6			84			(16	)		(1	)		(1	)		2
Total recognized in other comprehensive (loss) income, net of tax	$	(17	)	$	(85	)	$	58		$	1		$	3		$	(4	)

⁽¹⁾	Net of AOCL reclassified upon sale of business. Refer to Note 16 Accumulated Other Comprehensive Loss for further details.

⁽²⁾

⁽³⁾	Comprises amortization of actuarial gains (losses) and one-time expense due to settlements in 2019.

⁽⁴⁾	Includes the cumulative impact of adopting ASU 2018-02 on January 1, 2019.

Summary of Weighted-Average Assumptions to Determine Our PEPP Net Defined Benefit Pension and OPEB Costs and Obligations

We used the following weighted-average assumptions to determine our PEPP defined benefit pension and our OPEB obligations:

	PEPP Pension Benefits						OPEB
	As of December 31,
	2020			2019			2020			2019
Discount rate		2.40	%		3.17	%		2.45	%		3.22	%
Rate of compensation increase		3.00	%		3.00	%	N/A			N/A

We used the following weighted-average assumptions to determine our PEPP net defined benefit pension and our OPEB costs:

	PEPP Pension Benefits									OPEB
	For the Years Ended December 31,
	2020			2019			2018			2020			2019			2018
Discount rate		3.17	%		4.31	%		3.64	%		3.22	%		4.35	%		3.66	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%	N/A			N/A			N/A
Expected long-term rate of return on plan assets		5.54	%		5.35	%		5.62	%	N/A			N/A			N/A
Healthcare cost trend rate	N/A			N/A			N/A				7.20	%		7.20	%		8.19	%
Ultimate trend rate	N/A			N/A			N/A				4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend	N/A			N/A			N/A			2029			2029			2029

Summary of Estimated Future Benefit Payments for Defined Benefit Pension and OPEB Plans

Our estimated future benefit payments for our defined benefit pension and OPEB plans were as follows:

	As of December 31,
	Pension Benefits		OPEB
	(in millions)
2021	$	313	$	3
2022		310		3
2023		307		3
2024		303		3
2025		292		3
2026-2030		1,347		15

Summarized Details of Plan Assets

The following table presents summarized details of plan assets. Further details regarding the fair value hierarchy of these assets are presented below.

	As of December 31,
	2020		2019
	(in millions)
Equity securities	$	2,765	$	2,419
Corporate bonds		1,061		861
Property		254		439
Other		111		104
Total pension plan assets	$	4,191	$	3,823

Summary of Allocation of Defined Benefit Pension Plan Assets

We had the following allocation of defined benefit pension plan assets:

	Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Measured at Net
	(Level 1)				(Level 2)				(Level 3)				Asset Value(1)				Total
	As of December 31,
	2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
PEPP	(in millions)
Common stocks	$	2,180	$	1,079	$	—	$	—	$	—	$	—	$	—	$	—	$	2,180	$	1,079
Equity ETFs		584		88		—		—		—		—		—		—		584		88
Corporate bonds		—		—		1,004		772		—		—		—		—		1,004		772
Bond ETFs		57		—		—		—		—		—		—		—		57		—
Collective trusts—equities		—		—		—		—		—		—		—		1,337		—		1,337
Collective trusts/pooled separate account—real estate		—		—		—		—		—		—		254		358		254		358
Collective trusts—money market		—		—		—		—		—		—		104		101		104		101
Other⁽¹⁾		—		—		—		—		—		—		—		81		—		81
Total PEPP		2,821		1,167		1,004		772		—		—		358		1,877		4,183		3,816
Other plans⁽²⁾		3		3		4		2		1		—		—		2		8		7
Total pension plan assets	$	2,824	$	1,170	$	1,008	$	774	$	1	$	—	$	358	$	1,879	$	4,191	$	3,823

⁽¹⁾

⁽²⁾	Consisted primarily of exchange traded and mutual funds and limited partnerships.

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

Schedule of Other Expense, Net

Other expense, net consisted of the following:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Related party management fee ⁽¹⁾	$	(49	)	$	(10	)	$	(11	)
Gain (loss) on sale of businesses and noncurrent assets		1			(22	)		(18	)
Foreign exchange (losses) gains on cash ⁽²⁾		(15	)		(8	)		11
Transition service agreement income ⁽¹⁾		21			1			—
Other		9			10			3
Other expense, net	$	(33	)	$	(29	)	$	(15	)

⁽¹⁾	See Note 18, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, RCP and GPC, and our former closures businesses.

⁽²⁾	Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in our balances of each component of AOCL:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Currency translation adjustments:
Balance as of beginning of year	$	(354	)	$	(442	)	$	(402	)
Currency translation adjustments		(9	)		14			(63	)
Amounts reclassified from AOCL⁽¹⁾		1			74			23
Other comprehensive (loss) income		(8	)		88			(40	)
Distributions of RCP and GPC	173				—			—
Balance as of end of year	$	(189	)	$	(354	)	$	(442	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of year	$	(176	)	$	(258	)	$	(201	)
Net actuarial gain (loss) arising during year		20			146			(83	)
Deferred tax benefit (expense) on net actuarial gain (loss)		(5	)		(34	)		18
(Gains) and losses reclassified from AOCL:
Amortization of experience loss		1			—			1
Defined benefit plan settlement losses		—			18			2
Reclassification upon sale of business⁽²⁾		—			1			7
Deferred tax expense on reclassifications⁽³⁾		—			(5	)		(2	)
Other comprehensive income (loss)		16			126			(57	)
Cumulative impact of adopting ASU 2018-02		—			(44	)		—
Balance as of end of year	$	(160	)	$	(176	)	$	(258	)
Plans held for sale or distribution
Balance as of beginning of year	$	12		$	11		$	6
Net actuarial (loss) gain arising during year		—			(5	)		5
Deferred tax benefit (expense) on net actuarial (loss) gain		—			1			(1	)
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽⁴⁾		—			(2	)		(2	)
Reclassification upon sale of business⁽⁴⁾		—			5			5
Deferred tax benefit (expense) on reclassifications⁽³⁾		—			(1	)		(2	)
Other comprehensive (loss) income		—			(2	)		5
Cumulative impact of adopting ASU 2018-02		—			3			—
Distributions of RCP and GPC		(12	)		—			—
Balance as of end of year	$	—		$	12		$	11
AOCL
Balance as of beginning of year	$	(518	)	$	(689	)	$	(597	)
Other comprehensive (loss) income		8			212			(92	)
Cumulative impact of adopting ASU 2018-02		—			(41	)		—
Distributions of RCP and GPC		161			—			—
Balance as of end of year	$	(349	)	$	(518	)	$	(689	)

⁽¹⁾

⁽²⁾	Reclassifications upon sale of businesses within continuing operations are recorded in other expense, net.

⁽³⁾	Taxes reclassified to income are recorded in income tax benefit (expense).

⁽⁴⁾	Reclassifications associated with plans held for sale or distribution are recorded in (loss) income from discontinued operations.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of (Loss) Income from Continuing Operations before Income Tax

The components of (loss) income from continuing operations before income tax were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
(Loss) income from continuing operations before income taxes:
United States	$	(119	)	$	(113	)	$	(62	)
Foreign		(3	)		(43	)		106
Total (loss) income from continuing operations before income taxes	$	(122	)	$	(156	)	$	44

Schedule of Significant Components of Income Tax Benefit (Expense) from Continuing Operations

Significant components of income tax benefit (expense) from continuing operations were as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Current
U.S. Federal	$	132		$	5		$	21
State and Local		4			(4	)		(7	)
Foreign		(17	)		(19	)		(26	)
Total current income tax benefit (expense)		119			(18	)		(12	)
Deferred
U.S. Federal		(6	)		(50	)		3
State and Local		(1	)		(16	)		28
Foreign		—			—			1
Total deferred income tax benefit (expense)		(7	)		(66	)		32
Total income tax benefit (expense)	$	112		$	(84	)	$	20

Schedule of Reconciliation of Income Taxes Computed

A reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21% to our income tax benefit (expense) was as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Income tax benefit (expense) using the U.S. federal statutory income-tax rate of 21%	$	26		$	33		$	(9	)
State and Local Taxes		5			(16	)		17
Effect of tax rates in foreign jurisdictions		—			(13	)		(53	)
Non-deductible expenses		(5	)		—			(12	)
Non-deductible management fees		(16	)		(3	)		(3	)
Non-deductible transaction costs		(2	)		—			—
Non-deductible executive compensation		(2	)		—			—
Tax exempt income and income at a reduced tax rate		—			3			4
Currency translation adjustment		—			(2	)		(1	)
Withholding taxes		(4	)		(4	)		(5	)
Tax rate modifications		—			(1	)		46
CARES Act net operating loss carryback		61			—			—
Change in valuation allowance		61			(93	)		(5	)
Tax on unremitted earnings		(1	)		—			(2	)
Change in uncertain tax positions		(8	)		(2	)		27
Over (under) provided in prior periods		(10	)		4			15
Foreign tax credit		8			7			—
Other		(1	)		3			1
Total income tax benefit (expense)	$	112		$	(84	)	$	20

Schedule of Components of Net Deferred Income Tax Liability

The components of our net deferred income tax liability were as follows:

	As of December 31,
	2020			2019
	(in millions)
Deferred tax assets
Employee benefits	$	161		$	177
Operating lease liabilities		61			48
Inventory		27			16
Reserves		13			7
Tax losses		135			194
Tax credits		13			11
Interest		244			386
Total deferred tax assets		654			839
Valuation allowance		(165	)		(358	)
Total deferred tax assets net of valuation allowance		489			481
Deferred tax liabilities
Intangible assets		(377	)		(360	)
Property, plant and equipment		(232	)		(204	)
Operating lease right-of-use assets		(58	)		(46	)
Other		(8	)		—
Total deferred tax liabilities		(675	)		(610	)
Net deferred tax liabilities	$	(186	)	$	(129	)

Schedule of Tax Loss and Tax Credit Carryforwards Presented on Gross Basis

Tax loss and tax credit carryforwards, presented on a gross basis, were as follows:

	As of December 31,
	2020		2019
	(in millions)
Tax loss carryforwards
Expires within 5 years	$	121	$	288
Expires after 5 years or indefinite expiration		1,028		641
Total tax loss carryforwards	$	1,149	$	929
Tax credit carryforwards
Expires within 5 years	$	3	$	1
Expires after 5 years or indefinite expiration		11		10
Total tax credit carryforwards	$	14	$	11

Summary of Changes in Valuation Allowance

The following table reflects changes in valuation allowance for the respective periods:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Balance at the beginning of the year	$	358		$	308		$	296
Expense (benefit)		(61	)		94			3
Write-off of net operating losses and other deferred tax assets		(122	)		—			—
Transfers to held for sale or distribution		—			(43	)		29
Currency translation adjustments and other		(10	)		(1	)		(20	)
Balance at end of the year	$	165		$	358		$	308

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Balance at beginning of the year	$	13		$	10		$	40
Increase associated with tax positions taken during the current year		1			5			1
Increase (decrease) associated with positions taken during a prior year		2			(1	)		(31	)
Lapse of statute of limitations		(1	)		(1	)		—
Ending unrecognized tax benefits	$	15		$	13		$	10

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Related Party Transactions

	Transaction value for the year ended December 31,									Balance outstanding as of December 31,
	2020			2019			2018			2020			2019
	(in millions)
Balances and transactions with joint ventures
Included in other current assets										$	7		$	8
Sale of goods and services⁽¹⁾	$	29		$	26		$	28
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables											55			—
Sale of goods and services⁽²⁾		351			280			316
Transition services agreements and rental income⁽²⁾		16			—			—
Tax loss transfer⁽³⁾		25			—			—
Recharges⁽⁴⁾		3			4			7
Forgiveness of balance⁽⁵⁾		(15	)		—			—
Noncurrent related party receivables⁽⁶⁾											—			339
Interest income		9			15			17
Loan forgiveness		(347	)		—			—
Related party payables											(10	)		(30	)
Purchase of goods⁽²⁾		(116	)		(149	)		(161	)
Recharges⁽⁴⁾		(11	)		(24	)		(18	)
Management fee⁽⁷⁾		(65	)		(29	)		(28	)
Tax loss transfer⁽³⁾		(1	)		(2	)		(3	)

⁽¹⁾	All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated based on market rates. All amounts are unsecured, non-interest bearing and repayable on demand.

⁽²⁾

⁽³⁾	Represents payments received or made for tax losses transferred between our entities and other entities controlled by Mr. Graeme Hart.

⁽⁴⁾

⁽⁵⁾	In connection with our IPO, $15 million of current related party receivables owed by Rank was forgiven. We recognized this forgiveness as a reduction in retained earnings.

⁽⁶⁾

⁽⁷⁾

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity during 2020:

Stock units in thousands, except per-share data	Number of Stock Units		Weighted- Average Grant Date Fair Value
Non-vested, at January 1		154	$	14.00
Granted		143	$	14.00
Non-vested, at December 31		297	$	14.00

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of the Basic and Diluted Earnings Per Share

Basic and diluted earnings per share (“EPS”) for the years ended December 31, were calculated as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions, except per share amounts)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders:
From continuing operations	$	(12	)	$	(239	)	$	62
From discontinued operations		(15	)		330			217
Total	$	(27	)	$	91		$	279

Weighted average number of shares outstanding
Basic		146.2			134.4			134.4
Effect of diluted securities		—			—			—
Diluted		146.2			134.4			134.4

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations
Basic	$	(0.08	)	$	(1.78	)	$	0.46
Diluted	$	(0.08	)	$	(1.78	)	$	0.46
From discontinued operations
Basic	$	(0.10	)	$	2.46		$	1.62
Diluted	$	(0.10	)	$	2.46		$	1.62
Total
Basic	$	(0.18	)	$	0.68		$	2.08
Diluted	$	(0.18	)	$	0.68		$	2.08

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Reportable segment assets represent trade receivables, inventory and property, plant and equipment:

	Foodservice		Food Merchandising		Beverage Merchandising		Reportable Segment Total
	(in millions)
2020
Net revenues	$	1,811	$	1,396	$	1,368	$	4,575
Intersegment revenues		—		—		101		101
Total reportable segment net revenues		1,811		1,396		1,469		4,676
Adjusted EBITDA		241		252		148		641
Depreciation & amortization		139		81		63		283
Capital expenditures		117		52		107		276
Reportable segment assets		1,064		703		1,039		2,806
2019
Net revenues	$	2,160	$	1,388	$	1,483	$	5,031
Intersegment revenues		—		—		123		123
Total reportable segment net revenues		2,160		1,388		1,606		5,154
Adjusted EBITDA		336		223		196		755
Depreciation & amortization		112		90		61		263
Capital expenditures		138		55		80		273
Reportable segment assets		1,090		727		972		2,789
2018
Net revenues	$	2,137	$	1,419	$	1,504	$	5,060
Intersegment revenues		—		—		99		99
Total reportable segment net revenues		2,137		1,419		1,603		5,159
Adjusted EBITDA		318		231		231		780
Depreciation & amortization		109		88		62		259
Capital expenditures		157		75		73		305
Reportable segment assets		1,017		701		910		2,628

Reconciliation of Operating Profit (Loss)

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP (loss) income from continuing operations before income taxes:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Reportable segment Adjusted EBITDA	$	641		$	755		$	780
Other		8			11			17
Unallocated		(34	)		(75	)		(60	)
		615			691			737
Adjustments to reconcile to U.S. GAAP (loss) income from continuing operations before income taxes
Interest expense, net		(371	)		(433	)		(414	)
Depreciation and amortization		(289	)		(273	)		(271	)
Goodwill impairment charges		(6	)		(16	)		—
Restructuring, asset impairment and other related charges		(28	)		(46	)		(18	)
Gain (loss) on sale of business and noncurrent assets		1			(22	)		(18	)
Non-cash pension income (expense)		71			(6	)		51
Operational process engineering related consultancy costs		(13	)		(27	)		(14	)
Related party management fee		(49	)		(10	)		(11	)
Strategic review and transaction-related costs		(47	)		(7	)		—
Foreign exchange (losses) gains on cash		(15	)		(8	)		11
Unrealized gains (losses) on derivatives		10			4			(8	)
Other		(1	)		(3	)		(1	)
(Loss) income from continuing operations before tax	$	(122	)	$	(156	)	$	44

Reconciliation of Reportable Segment Depreciation and Amortization to Consolidated Depreciation and Amortization from Continuing Operations

The following table presents a reconciliation of reportable segment depreciation and amortization to consolidated depreciation and amortization from continuing operations:

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Reportable segment depreciation and amortization	$	283	$	263	$	259
Other		6		10		12
Depreciation and amortization from continuing operations	$	289	$	273	$	271

Reconciliation of Reportable Segment Capital Expenditures to Consolidated Capital Expenditures

The following table presents a reconciliation of reportable segment capital expenditures to consolidated capital expenditures:

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Reportable segment capital expenditures	$	276	$	273	$	305
Other		3		6		6
Unallocated		3		6		8
Discontinued operations		128		344		273
Capital expenditures	$	410	$	629	$	592

Reconciliation of Assets from Segment to Consolidated

The following table presents a reconciliation of reportable segment assets to consolidated assets:

	As of December 31,
	2020		2019
	(in millions)
Reportable segment assets	$	2,806	$	2,789
Other		34		65
Unallocated⁽¹⁾		4,003		13,321
Total assets	$	6,843	$	16,175

⁽¹⁾

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2020			2019			2018
	(in millions)
Foodservice
Cups and lids	$	736		$	906		$	844
Containers		751			792			805
Dinnerware		141			207			209
Other		183			255			279
Food Merchandising
Meat trays		373			353			355
Bakery/snack/produce/fruit containers		283			311			308
Prepared food trays		131			174			168
Egg cartons		99			98			97
Dinnerware		349			307			339
Other		161			145			152
Beverage Merchandising
Cartons for fresh beverage products		795			812			799
Liquid packaging board		387			446			438
Paper products		287			348			366
Reportable segment net revenues		4,676			5,154			5,159
Other / Unallocated
Other		114			160			248
Inter-segment eliminations		(101	)		(123	)		(99	)
Net revenues	$	4,689		$	5,191		$	5,308

Geographic Data for Net Revenues and Long-lived Assets and Operating Lease Right-of-Use Asset, Net

	For the Years Ended December 31,
	2020		2019		2018
	(in millions)
Net revenues:
United States	$	4,046	$	4,484	$	4,504
Rest of North America		354		383		388
Other		289		324		416
Net revenues	$	4,689	$	5,191	$	5,308

	As of December 31,
	2020		2019
	(in millions)
Long-lived assets:
United States	$	1,789	$	1,759
Rest of North America		96		77
Other		60		58
Long-lived assets	$	1,945	$	1,894

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

	Three Months Ended						Six Months Ended
	December 31,						June 30,
(in millions, except per share amounts)	2020			2019 ⁽²⁾			2020 ⁽²⁾			2019 ⁽²⁾
Net revenues	$	1,175		$	1,303		$	2,319		$	2,582
Cost of sales		(987	)		(1,095	)		(1,971	)		(2,149	)
Gross profit		188			208			348			433
Operating income (loss) from continuing operations		81			60			133			181
Income (loss) from continuing operations, before tax		1			(72	)		(22	)		(49	)
Net income (loss) from continuing operations	$	18		$	(140	)	$	115		$	(65	)
Net income (loss)	$	237		$	(80	)	$	97		$	114
Net income (loss) attributable to Pactiv Evergreen Inc. common stockholders	$	236		$	(78	)	$	96		$	113
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders:⁽¹⁾
From continuing operations-basic	$	0.10		$	(1.03	)	$	0.85		$	(0.50	)
From continuing operations-diluted	$	0.10		$	(1.03	)	$	0.85		$	(0.50	)
Total-basic	$	1.33		$	(0.58	)	$	0.72		$	0.84
Total-diluted	$	1.33		$	(0.58	)	$	0.72		$	0.84

⁽¹⁾	The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data for interim reporting.

⁽²⁾

Nature of Operations and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 20, 2020 USD ($) $ / shares shares	Sep. 21, 2020 USD ($) $ / shares shares	Sep. 16, 2020 shares	Dec. 31, 2020 Segment shares	Sep. 17, 2020 shares	Dec. 31, 2019 shares
Subsidiary, Sale of Stock [Line Items]
Number of reportable segments \| Segment				3
Common stock, shares issued (in shares)		134,408,000		177,157,710	1,000	134,408,000
Common stock, shares outstanding (in shares)		134,408,000		177,157,710	1,000	134,408,000
Stock split conversion ratio		134,408
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued during period (in shares)		41,026,000
Price per share issued (In USD per share) \| $ / shares		$ 14.00
Net proceeds received on the transaction \| $		$ 546
Underwriters
Subsidiary, Sale of Stock [Line Items]
Shares issued during period (in shares)	1,723,710
Price per share issued (In USD per share) \| $ / shares	$ 14.00
Net proceeds received on the transaction \| $	$ 23
Discontinued Operations \| Graham Packaging Company Inc.
Subsidiary, Sale of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)			14,036,726

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2019 USD ($)	Dec. 31, 2020 USD ($) Entity Customer	Dec. 31, 2019 USD ($) Customer	Dec. 31, 2018 Customer	Jun. 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jan. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Number of VIEs \| Entity		1
Change in accounting principle, accounting standards update, early adoption		false
ROU assets		$ 260,000,000	$ 191,000,000
Operating lease liabilities		$ 217,000,000	$ 157,000,000
ASU 2016-13
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption		false
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2018-13
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption		false
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2018-15
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption		false
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2019-12
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption		true
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2016-02
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2019
ROU assets	$ 322,000,000
Operating lease liabilities	331,000,000
ASU 2018-02
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2019
Change in accounting principle, accounting standards update, early adoption		false
Reclassification of income tax benefit from accumulated other comprehensive loss into retained earnings	$ 41,000,000
ASU 2018-02
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		false
ASU 2020-04
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted		false
Recognized Over Time
Variable Interest Entity [Line Items]
Percentage of net revenues		2.00%
Minimum \| Customer Relationships
Variable Interest Entity [Line Items]
Finite-lived intangible assets estimated useful lives		9 years
Maximum \| Customer Relationships
Variable Interest Entity [Line Items]
Finite-lived intangible assets estimated useful lives		20 years
Machinery and Equipment \| Minimum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives		3 years
Machinery and Equipment \| Maximum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives		20 years
Buildings and Building Improvements \| Minimum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives		7 years
Buildings and Building Improvements \| Maximum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives		44 years
Credit Concentration Risk \| Net Revenues
Variable Interest Entity [Line Items]
Number of customers more than ten percentage of revenue \| Customer		0	0	0
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Accounts receivable less doubtful accounts, including disposal group			$ 789,000,000
Accounts receivable, net			469,000,000
Securitization Facility \| Line of credit
Variable Interest Entity [Line Items]
Line of credit facility, maximum borrowing capacity		$ 450,000,000	600,000,000		$ 450,000,000		$ 450,000,000
Long-term debt, gross			$ 420,000,000			$ 380,000,000	$ 397,000,000

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions				1 Months Ended		12 Months Ended
	Sep. 16, 2020	Feb. 04, 2020	Dec. 20, 2019	Aug. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Line of credit \| Credit Agreement \| Secured debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred		$ 2,475
Line of credit \| IPO Settlement Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred		$ 1,168
Graham Packaging Company Inc. \| Line of credit \| Credit Agreement \| Secured debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred				$ 1,985
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization expense						$ 178	$ 370	$ 382
Goodwill impairment charges							9	$ 138
Asset impairment							$ 31
Discontinued operations, disposed of by sale \| North American and Japanese closures businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			$ 611		$ 8
Discontinued Operations \| Reynolds Consumer Products Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)		35,791,985
Discontinued Operations \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)	14,036,726

Discontinued Operations - Summary of Disposal Group Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 16, 2020	Feb. 04, 2020	Dec. 31, 2019
Assets
Noncurrent assets	$ 0			$ 7,143
Liabilities
Current liabilities	12			485
Noncurrent liabilities	$ 0			$ 992
Reynolds Consumer Products Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash			$ 31
Current assets			699
Noncurrent assets			3,630
Total current assets held for sale or distribution			4,360
Liabilities
Current liabilities			1,467
Noncurrent liabilities			2,863
Total current liabilities held for sale or distribution			4,330
Net assets distributed			$ 30
Graham Packaging Company Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash		$ 79
Current assets		448
Noncurrent assets		3,461
Total current assets held for sale or distribution		3,988
Liabilities
Current liabilities		297
Noncurrent liabilities		2,523
Total current liabilities held for sale or distribution		2,820
Net assets distributed		$ 1,168

Discontinued Operations - Summary of Income from Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations	$ (15)	$ 330	$ 217
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	1,510	5,074	5,354
Cost of sales	(1,234)	(3,799)	(4,113)
Gross profit	276	1,275	1,241
Selling, general and administrative expenses	(179)	(563)	(502)
Goodwill impairment charges		(9)	(138)
Restructuring, asset impairment and other related charges	(13)	(83)	(39)
Interest expense, net	(54)	(188)	(179)
Other expense, net	(3)	(9)	(33)
Income before income taxes from discontinued operations	27	423	350
Income tax expense	(56)	(63)	(133)
Net (loss) income from discontinued operations, before gain or loss on disposal	(29)	360	217
Gain (loss) on disposal, net of income taxes	14	(30)
Net (loss) income from discontinued operations	$ (15)	$ 330	$ 217

Discontinued Operations - Summary of Income from Discontinued Operations (Parenthetical) (Details) $ in Millions	Feb. 04, 2020 USD ($)
5.750% Senior Secured Notes due 2020 \| Senior notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt	$ 5

Discontinued Operations - Summary of Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 10	$ 136	$ 124
Total current assets held for sale or distribution	26	1,232
Total noncurrent assets held for sale or distribution	0	7,143
Total current liabilities held for sale or distribution	12	485
Total noncurrent liabilities held for sale or distribution	$ 0	992
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		136
Accounts receivable, net		489
Inventories		559
Other current assets		48
Total current assets held for sale or distribution		1,232
Property, plant and equipment, net		1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution		7,143
Accounts payable		243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution		485
Long-term operating lease liabilities		126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution		$ 992

Discontinued Operations - Summary of Cash Flows (Details) - Discontinued operations, disposed of by sale - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 175	$ 738	$ 735
Net cash used in investing activities	(122)	(308)	(209)
Net cash provided by (used in) financing activities	2,441		(1)
Net cash flow from discontinued operations	$ 2,494	$ 430	$ 525

Assets and Liabilities Held for Sale - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax charges related to assets and liabilities held-for-sale	$ 12

Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 10	$ 136	$ 124
Disposal Group, Held-for-sale, Not Discontinued Operations \| South American closures business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	10
Accounts receivable, net	14
Inventories	4
Current assets	1
Property, plant and equipment, net	8
Intangible assets, net	1
Held for sale valuation allowance	(12)
Total current assets held for sale or distribution	26
Accounts payable	8
Accrued and other current liabilities	2
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$ 12

Impairment, Restructuring and Other Related Charges - Summary of Impairment, Restructuring and Other Related Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	$ 6	$ 16
Other asset impairment charges	16	42	$ 11
Employee terminations	11	4	5
Other restructuring charges	1		2
Total	34	62	18
Foodservice
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	0	0
Other asset impairment charges	1	1	6
Employee terminations	1	1	0
Other restructuring charges	1		0
Total	3	2	6
Food Merchandising
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	0	0
Other asset impairment charges	1	4	1
Employee terminations	0	0	0
Other restructuring charges	0		1
Total	1	4	2
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	0
Other asset impairment charges	0
Employee terminations	1
Other restructuring charges	0
Total	1
Other
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	6	16
Other asset impairment charges	14	37	4
Employee terminations	9	3	5
Other restructuring charges	0		1
Total	$ 29	$ 56	$ 10

Impairment, Restructuring and Other Related Charges - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges	$ 22,000,000		$ 11,000,000
Goodwill impairment charges	6,000,000	$ 16,000,000
Other asset impairment charges	16,000,000	42,000,000	11,000,000
Employee termination costs	11,000,000
Impairment related to property, plant and equipment		58,000,000
Carrying values of the impaired assets (less than)		17,000,000
Goodwill		6,000,000
Operating lease right-of-use assets, net		3,000,000
Difference between the carrying value and the recoverable amount		0
Employee terminations	11,000,000	4,000,000	5,000,000
Customer Relationships
Restructuring Cost And Reserve [Line Items]
Finite lived intangible assets, net		4,000,000
Other
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges		53,000,000
Goodwill impairment charges	6,000,000	16,000,000
Other asset impairment charges	14,000,000	37,000,000	4,000,000
Impairment related to property, plant and equipment		29,000,000
Operating lease, impairment		5,000,000
Employee terminations	9,000,000	3,000,000	5,000,000
Other \| Customer Relationships
Restructuring Cost And Reserve [Line Items]
Impairment of finite-lived, intangible assets		3,000,000
Foodservice and Food Merchandising
Restructuring Cost And Reserve [Line Items]
Impairment related to property, plant and equipment		5,000,000	7,000,000
Carrying values of the impaired assets (less than)		1,000,000	1,000,000
South American closures business
Restructuring Cost And Reserve [Line Items]
Employee terminations			5,000,000
South American closures business \| Other
Restructuring Cost And Reserve [Line Items]
Employee terminations		$ 4,000,000
South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Other
Restructuring Cost And Reserve [Line Items]
Goodwill impairment charges	6,000,000
Other asset impairment charges	$ 16,000,000
Disposal Of Operation In Argentina \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Other
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges			$ 4,000,000

Impairment, Restructuring and Other Related Charges - Summary of Restructuring Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 1	$ 2
Charges to earnings	11	4
Cash paid	(5)	(5)
Restructuring liability, ending balance	7	1
Employee terminations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	1	2
Charges to earnings	11	4
Cash paid	(5)	(5)
Restructuring liability, ending balance	$ 7	$ 1

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 180	$ 168
Work in progress	108	106
Finished goods	410	397
Spare parts	86	82
Inventories	$ 784	$ 753

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 3,958	$ 3,820
Less: accumulated depreciation	(2,273)	(2,117)
Property, plant and equipment, net	1,685	1,703
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	87	92
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	532	551
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,148	2,973
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 191	$ 204

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Cost of sales	$ 213	$ 201	$ 197
Selling, general and administrative expenses	22	16	17
Total depreciation expense	$ 235	$ 217	$ 214

Property, Plant and Equipment, Net - Additional Information (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020 USD ($)
Corporate Office Building \| Other Expense
Property, Plant and Equipment [Line Items]
Gain on sale of assets	$ 3

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning Balance	$ 1,766	$ 1,784
Dispositions		(2)
Impairment	(6)	(16)
Ending Balance	1,760	1,766
Accumulated impairment losses	22	16
Foodservice
Goodwill [Roll Forward]
Beginning Balance	924	924
Impairment	0	0
Ending Balance	924	924
Food Merchandising
Goodwill [Roll Forward]
Beginning Balance	770	770
Impairment	0	0
Ending Balance	770	770
Beverage Merchandising
Goodwill [Roll Forward]
Beginning Balance	66	66
Impairment	0
Ending Balance	66	66
Other
Goodwill [Roll Forward]
Beginning Balance	6	24
Dispositions		(2)
Impairment	(6)	(16)
Ending Balance		6
Accumulated impairment losses	$ 22	$ 16

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,039	$ 1,047
Accumulated amortization	(560)	(512)
Net	479	535
Indefinite-lived intangible assets	613	612
Gross carrying amount	1,652	1,659
Net	1,092	1,147
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	554	554
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	59	58
Customer Relationships
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying amount	1,019	1,026
Accumulated amortization	(540)	(494)
Net	479	532
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying amount	20	21
Accumulated amortization	$ (20)	(18)
Net		$ 3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 54	$ 56	$ 57

Goodwill and Intangible Assets - Summary of Estimate Annual Amortization Expense (Details) $ in Millions	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 52
2022	52
2023	52
2024	51
2025	51
Total	$ 258

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued personnel costs	$ 117	$ 108
Accrued rebates and credits	68	67
Accrued interest	16	115
Other	121	128
Accrued and other current liabilities	$ 322	$ 418

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other	$ 12			$ 15
Total principal amount of borrowings	4,004			10,685
Deferred financing transaction costs ("DIC")	(14)			(46)
Original issue discounts, net of premiums ("OID")	(10)			(9)
Debt, net	3,980			10,630
Less: current portion	(15)			(3,587)
Long-term debt	3,965			7,043
Securitization Facility \| Line of credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 380	$ 397	420
5.750% Senior Secured Notes due 2020 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross				3,137
4.000% Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000
Floating Rate Senior Secured Notes due 2021 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross				750
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	59			1,600
7.000% Senior Notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross				800
7.950% Debentures due 2025 \| Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	276			276
8.375% Debentures due 2027 \| Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	200			200
Secured debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,457			$ 3,487

Debt - Summary of Debt (Parenthetical) (Details)	12 Months Ended
Debt - Summary of Debt (Parenthetical) (Details)	Dec. 31, 2020	Nov. 22, 2020	Oct. 18, 2020	Oct. 08, 2020	Oct. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
5.750% Senior Secured Notes due 2020 \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.75%						5.75%
Debt instrument maturity year	2020
Floating Rate Senior Secured Notes due 2021 \| Senior notes
Debt Instrument [Line Items]
Debt instrument maturity year	2021
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.125%	5.125%	5.125%	5.125%		5.125%	5.125%
Debt instrument maturity year	2023
7.000% Senior Notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Interest rate	7.00%			7.00%		7.00%	7.00%
Debt instrument maturity year	2024
4.000% Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%				4.00%		4.00%
Debt instrument maturity year	2027
7.950% Debentures due 2025 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate	7.95%						7.95%
Debt instrument maturity year	2025
8.375% Debentures due 2027 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate	8.375%						8.375%
Debt instrument maturity year	2027

Debt - Securitization Facility - Additional Information (Details) - Securitization Facility - Line of credit - USD ($)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Feb. 29, 2020	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 450,000,000		$ 450,000,000	$ 450,000,000	$ 600,000,000
Repayment of outstanding debt	$ 380,000,000		$ 17,000,000
Maturity date		Mar. 22, 2022
Long-term debt, gross			$ 380,000,000		$ 397,000,000	$ 420,000,000
London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor		0.00%
Basis spread on variable rate		1.75%

Debt -Summary of Components of the Credit Agreement (Details) - Line of credit - Credit Agreement - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2020	Dec. 31, 2020
London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.00%
Basis spread on variable rate	3.25%
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Maturity date	Feb. 28, 2023	Feb. 05, 2023
Long-term debt, gross		$ 1,207
U S Term Loans Tranche B1 \| London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor		0.00%
Basis spread on variable rate		2.75%
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Maturity date	Feb. 05, 2026	Feb. 05, 2026
Long-term debt, gross	$ 1,250	$ 1,250
U S Term Loans Tranche B2 \| London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor		0.00%
Basis spread on variable rate		3.25%
U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Maturity date	Aug. 05, 2024	Aug. 05, 2024
Long-term debt, gross	$ 250
Value utilized		$ 43

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Dec. 31, 2020 USD ($)
Line of credit \| Credit Agreement \| U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000,000

Debt - Credit Agreement - Additional Information (Details) - Credit Agreement - Line of credit € in Millions, $ in Millions				1 Months Ended		12 Months Ended
	Oct. 01, 2020 USD ($)	Aug. 04, 2020 USD ($)	Aug. 04, 2020 EUR (€)	Aug. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Repayment of outstanding debt					$ 18
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Long-term debt, gross	$ 1,250					$ 1,250
Maturity date	Feb. 05, 2026					Feb. 05, 2026
Weighted average contractual interest rates						3.40%
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Long-term debt, gross	$ 250
Maturity date	Aug. 05, 2024					Aug. 05, 2024
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Long-term debt, gross						$ 1,207
Maturity date	Feb. 28, 2023					Feb. 05, 2023
Repayment of outstanding debt	$ 1,280			$ 700
Weighted average contractual interest rates						3.62%	5.03%	4.74%
European Term Loans
Line Of Credit Facility [Line Items]
Repayment of outstanding debt		$ 279	€ 236
Secured debt
Line Of Credit Facility [Line Items]
Long-term debt, gross						$ 2,457	$ 3,487
Repayment of outstanding debt		$ 700
Percentage of quarterly amortization payments						0.25%
Periodic prepayment % of excess cash flow						50.00%
Due amount of excess cash flow prepayments						$ 0
Secured debt \| Maximum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met						25.00%
Secured debt \| Minimum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met						0.00%
London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.00%
Basis spread on variable rate	3.25%
London Interbank Offered Rate (LIBOR) \| U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Variable rate floor						0.00%
Basis spread on variable rate						3.25%
London Interbank Offered Rate (LIBOR) \| U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Variable rate floor						0.00%
Basis spread on variable rate						2.75%

Debt - Schedule of Long-term Debt Instruments (Details) - Senior notes	12 Months Ended
	Dec. 31, 2020
5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Maturity date	Jul. 15, 2023
Interest payment dates	January 15 and July 15
4.000% Notes due 2027
Debt Instrument [Line Items]
Maturity date	Oct. 15, 2027
Interest payment dates	April 15 and October 15, commencing April 15, 2021

Debt - Schedule of Long-term Debt Instruments (Parenthetical) (Details) - Senior notes - 5.125% Senior Secured Notes due 2023 - USD ($) $ in Millions	Dec. 31, 2020	Nov. 22, 2020	Oct. 18, 2020	Oct. 08, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt						$ 250
Interest rate	5.125%	5.125%	5.125%	5.125%	5.125%	5.125%
Issue price as % of face value of debt						103.50%

Debt - Notes - Additional Information (Details) - USD ($) $ in Millions										1 Months Ended	12 Months Ended
	Feb. 16, 2021	Nov. 22, 2020	Oct. 18, 2020	Oct. 08, 2020	Aug. 29, 2020	Aug. 07, 2020	Aug. 04, 2020	Feb. 04, 2020	Nov. 15, 2019	Jan. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Long-term debt repayments											$ 8,944	$ 381	$ 352
Payment to settle derivative liability						$ 7
Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Long-term debt repayments		$ 70	$ 245	$ 1,225						$ 1
Interest rate		5.125%	5.125%	5.125%							5.125%	5.125%			5.125%
Redemption price percentage		101.281%	101.281%	101.281%
Face amount of debt												$ 250
Senior notes \| 7.000% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt repayments				$ 650	$ 150
Interest rate				7.00%							7.00%	7.00%			7.00%
Redemption price percentage				101.75%	101.75%
Loss on extinguishment of debt				$ 18	$ 4
Senior notes \| 4.000% Notes due 2027
Debt Instrument [Line Items]
Interest rate											4.00%	4.00%		4.00%
Face amount of debt														$ 1,000
Senior notes \| Floating Rate Senior Secured Notes due 2021
Debt Instrument [Line Items]
Long-term debt repayments							$ 749			1
Loss on extinguishment of debt							$ 4
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Long-term debt repayments								$ 3,100		$ 18
Interest rate											5.75%	5.75%
Loss on extinguishment of debt								$ 5
Senior notes \| 6.875% Senior Secured Notes due 2021
Debt Instrument [Line Items]
Long-term debt repayments									$ 345
Interest rate									6.875%
Loss on extinguishment of debt									$ 1
Senior notes \| Subsequent event \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Long-term debt repayments	$ 59
Interest rate	5.125%
Redemption price percentage	101.281%

Debt - Debentures (Details) - Unsecured debt	12 Months Ended
Debt - Debentures (Details) - Unsecured debt	Dec. 31, 2020
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2025
Interest payment dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2027
Interest payment dates	April 15 and October 15

Debt - Debentures - Additional Information (Details) - Unsecured debt - 8.375% Debentures due 2027	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Redemption price percentage	100.00%

Debt - Other Debt - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Finance lease obligations	$ 12	$ 15

Debt -Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 15
2022	15
2023	1,279
2024	13
2025	290
Thereafter	2,392
Total principal amount of borrowings	$ 4,004	$ 10,685

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	$ 12	$ 15
Carrying value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	12	15
Total	3,980	10,630
Carrying value \| 5.750% Senior Secured Notes due 2020 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		3,130
Carrying value \| 4.000% Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	991
Carrying value \| Floating Rate Senior Secured Notes due 2021 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		739
Carrying value \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	59	1,591
Carrying value \| 7.000% Senior Notes due 2024 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		791
Carrying value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	273	272
Carrying value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	198	198
Carrying value \| Secured debt \| Securitization Facility \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		418
Carrying value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,447	3,476
Fair value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	12	15
Total	4,092	10,819
Fair value \| 5.750% Senior Secured Notes due 2020 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		3,144
Fair value \| 4.000% Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	1,024
Fair value \| Floating Rate Senior Secured Notes due 2021 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		753
Fair value \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	60	1,641
Fair value \| 7.000% Senior Notes due 2024 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		828
Fair value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	318	311
Fair value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	235	220
Fair value \| Secured debt \| Securitization Facility \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		420
Fair value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,443	$ 3,487

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Parenthetical) (Details)	Dec. 31, 2020	Nov. 22, 2020	Oct. 18, 2020	Oct. 08, 2020	Oct. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
Senior notes \| 5.750% Senior Secured Notes due 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.75%						5.75%
Senior notes \| 5.125% Senior Secured Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.125%	5.125%	5.125%	5.125%		5.125%	5.125%
Senior notes \| 7.000% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.00%			7.00%		7.00%	7.00%
Senior notes \| 4.000% Notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.00%				4.00%		4.00%
Unsecured debt \| 7.950% Debentures due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.95%						7.95%
Unsecured debt \| 8.375% Debentures due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	8.375%						8.375%

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest income, related party	$ (9)	$ (15)	$ (17)
Interest income, other	(6)	(14)	(5)
Amortization of deferred financing transaction costs	12	12	12
Amortization of original issue discounts	3	1	1
Derivative losses (gains)	15	21	(2)
Net foreign currency exchange (gains)	(2)	(4)	(7)
Write-off of unamortized DIC and OID	29	1	2
Redemption premiums	34	0	3
Other	5	7	7
Interest expense, net	371	433	414
Senior notes
Debt Instrument [Line Items]
Interest expense, debt	138	194	199
Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	39	39	39
Secured debt \| Securitization Facility \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt	6	17	16
Secured debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt	$ 107	$ 174	$ 166

Debt - Interest Expense, Net (Parenthetical) (Details)	Dec. 31, 2020	Dec. 31, 2019
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, net		$ 260	$ 191
Operating lease liability		274
Corporate Office Building \| Other Expense
Lessee Lease Description [Line Items]
Gain on sale of assets	$ 3
New Lease
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, net		126	64
Operating lease liability		126	64
Payments for operating lease liabilities		$ 67	$ 58
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining lease term		22 years
Operating lease, option to renew		Certain leases include options to renew for up to 20 years.

Leases - Summary of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 72	$ 54
Variable lease costs	3	4
Short-term lease costs	13	18
Total lease costs	$ 88	$ 76

Leases - Summary of Future Lease Payments Under Non-cancellable Leases (Details) $ in Millions	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 73
2022	63
2023	54
2024	40
2025 and thereafter	96
Total undiscounted lease payments	326
Less: amounts representing interest	(52)
Present value of lease obligations	$ 274
Weighted average remaining lease term	5 years 10 months 24 days
Weighted average discount rate	6.08%

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Asset derivatives	$ 9	$ 8
Liability derivatives	(2)	(5)
Other current assets
Derivative [Line Items]
Asset derivatives	9	6
Liability derivatives	0	0
Other noncurrent assets
Derivative [Line Items]
Asset derivatives	0	2
Liability derivatives	0	0
Interest rate swap derivatives
Derivative [Line Items]
Asset derivatives	0	7
Liability derivatives	0	0
Commodity swap contracts
Derivative [Line Items]
Asset derivatives	9	1
Liability derivatives	(2)	(5)
Accrued and other current liabilities
Derivative [Line Items]
Asset derivatives	0	0
Liability derivatives	$ (2)	$ (5)

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gains (losses) on derivatives	$ 10	$ 4	$ (8)

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	12 Months Ended
	Dec. 31, 2020 MMBTU lb $ / MMBTU $ / lb $ / gal gal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure \| MMBTU	1,912,448
Natural gas swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / MMBTU	2.47
Natural gas swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / MMBTU	2.94
Ethylene swaps
Derivative [Line Items]
Contracted volume \| lb	1,133,611
Contracted price range \| $ / lb	0.26
Polymer-grade propylene swaps
Derivative [Line Items]
Contracted volume \| lb	72,239,978
Polymer-grade propylene swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / lb	0.38
Polymer-grade propylene swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / lb	0.52
Benzene swaps
Derivative [Line Items]
Contracted volume \| gal	6,089,192
Benzene swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / gal	1.46
Benzene swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / gal	2.30
Diesel swaps
Derivative [Line Items]
Contracted volume \| gal	446,890
Diesel swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / gal	2.41
Diesel swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / gal	2.91
Low-density polyethylene swaps
Derivative [Line Items]
Contracted volume \| lb	12,000,000
Contracted price range \| $ / lb	0.71

Employee Benefits - Narrative (Details) - USD ($)	12 Months Ended
Employee Benefits - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Expense relating to defined contribution plans	$ 35,000,000	$ 34,000,000	$ 33,000,000
Multi-employer plans—withdrawal liabilities expected annual payments	$ 5,000,000
Multi-employer plans—withdrawal liabilities expected annual payments period	15 years
Other Non-Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Future obligations arising from the withdrawal from multi-employer pension plans, liability recognized	$ 46,000,000	49,000,000
Pactiv Evergreen Pension Plan \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation percentage for RGPP	65.00%
Pactiv Evergreen Pension Plan \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation percentage for RGPP	35.00%
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 125,000,000	$ 5,000,000
Defined Benefit Pension Plan \| Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of present value of pension plan obligations	99.00%	99.00%
Percentage of fair value of pension plan assets	100.00%	100.00%
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 121,000,000	$ 5,000,000
Further contributions expected to be made in next fiscal year	0
Other Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made	4,000,000
Further contributions expected to be made in next fiscal year	4,000,000
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made	2,000,000	$ 1,000,000
Further contributions expected to be made in next fiscal year	$ 3,000,000

Employee Benefits - Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Defined Benefit Pension and OPEB Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets:
Fair value of plan assets as of January 1	$ 3,823
Fair value of plan assets as of December 31	4,191	$ 3,823
Defined Benefit Pension Plan
Change in benefit obligations:
Projected benefit obligations of January 1	4,509	4,333
Service cost	6	7	$ 8
Interest cost	138	174	167
Benefits paid	(296)	(296)
Settlements		(196)
Divestitures	(3)	(5)
Actuarial losses (gains)	310	455
Other		37
Projected benefit obligation as of December 31	4,664	4,509	4,333
Change in plan assets:
Fair value of plan assets as of January 1	3,823	3,493
Actual return on plan assets	539	788
Employer contributions	125	5
Benefits paid	(296)	(296)
Settlements		(196)
Other		29
Fair value of plan assets as of December 31	4,191	3,823	3,493
Funded status as of December 31	(473)	(686)
OPEB Plans
Change in benefit obligations:
Projected benefit obligations of January 1	51	47
Interest cost	2	2	2
Benefits paid	(2)	(1)
Actuarial losses (gains)	2	3
Projected benefit obligation as of December 31	53	51	$ 47
Change in plan assets:
Employer contributions	2	1
Benefits paid	(2)	(1)
Funded status as of December 31	$ (53)	$ (51)

Employee Benefits - Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Defined Benefit Pension and OPEB Plans (Cost) (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Defined Benefit Pension Plan \| Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Assumption of a plan from a former related party	$ 28

Employee Benefits - Summary of Defined Benefit Pension and OPEB Obligations Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	$ (473)	$ (686)
Defined Benefit Pension Plan \| Accrued and other current liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(4)	(4)
Defined Benefit Pension Plan \| Long-term Employee Benefit Obligations
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(469)	(682)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(53)	(51)
OPEB Plans \| Accrued and other current liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(3)	(3)
OPEB Plans \| Long-term Employee Benefit Obligations
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	$ (50)	$ (48)

Employee Benefits - Summary of Defined Benefit Pension and OPEB Obligations Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses (gains)	$ 216	$ 239
Deferred income tax (benefit) expense	(52)	(58)
Defined benefit plan, after tax	164	181
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses (gains)	(6)	(8)
Deferred income tax (benefit) expense	2	3
Defined benefit plan, after tax	$ (4)	$ (5)

Employee Benefits - Summary of Funded Status of Defined Benefit Pension and OPEB Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (473)	$ (686)
Defined Benefit Pension Plan \| Funded Status
Defined Benefit Plan Disclosure [Line Items]
Plan assets	4,189	3,820
Projected benefit obligation	4,662	4,506
Accumulated benefit obligation	4,660	4,504
Defined Benefit Pension Plan \| Under Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(473)	(686)
Accumulated benefit obligation	(471)	(684)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(53)	(51)
OPEB Plans \| Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	53	51
Accumulated benefit obligation	53	51
OPEB Plans \| Under Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(53)	(51)
Accumulated benefit obligation	$ (53)	$ (51)

Employee Benefits - Net Periodic Defined Benefit Pension and OPEB (Income) Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6	$ 7	$ 8
Interest cost	138	174	167
Expected return on plan assets	(207)	(182)	(214)
Amortization of actuarial losses (gains)	1	1	1
Ongoing net periodic benefit (income) cost	(62)		(38)
One-time expense due to settlements		18	2
Total net periodic benefit (income) cost	(62)	18	(36)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	2	2
Amortization of actuarial losses (gains)		(1)
Ongoing net periodic benefit (income) cost	2	1	2
Total net periodic benefit (income) cost	$ 2	$ 1	$ 2

Employee Benefits - Net Periodic Defined Benefit (Income) Cost for Pension Benefits and OPEB Costs Recognized in Consolidated Statements of (Loss) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	$ (62)	$ 18	$ (36)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	2	1	2
Cost of Sales \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	6	4	5
Selling, General and Administrative Expenses \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost		3	3
Non-operating expense, net \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	(68)	11	(44)
Non-operating expense, net \| OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	$ 2	$ 1	$ 2

Employee Benefits - Summary of Amounts recognized in Other Comprehensive (Loss) Income in Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses arising during the year	$ (22)	$ (150)	$ 77
Recognized net actuarial (losses) gains	(1)	(19)	(3)
Deferred income tax expense (benefit)	6	84	(16)
Total recognized in other comprehensive (loss) income, net of tax	(17)	(85)	58
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses arising during the year	2	3	(6)
Recognized net actuarial (losses) gains		1
Deferred income tax expense (benefit)	(1)	(1)	2
Total recognized in other comprehensive (loss) income, net of tax	$ 1	$ 3	$ (4)

Employee Benefits - Summary of Amounts recognized in Other Comprehensive (Loss) Income in Continuing Operations (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gains (losses) arising during the year	$ 22	$ 150	$ (77)

Employee Benefits - Summary of Weighted-Average Assumptions to Determine PEPP Defined Benefit Pension and OPEB Obligations (Details)	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.40%	3.17%
Rate of compensation increase	3.00%	3.00%
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.45%	3.22%

Employee Benefits - Summary of Weighted-Average Assumptions to Determine Our PEPP Net Defined Benefit Pension and OPEB Costs and Obligations (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.17%	4.31%	3.64%
Rate of compensation increase	3.00%	3.00%	3.00%
Expected long-term rate of return on plan assets	5.54%	5.35%	5.62%
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.22%	4.35%	3.66%
Healthcare cost trend rate	7.20%	7.20%	8.19%
Ultimate trend rate	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend	2029	2029	2029

Employee Benefits - Summary of Estimated Future Benefit Payments for Defined Benefit Pension and OPEB Plans (Details) $ in Millions	Dec. 31, 2020 USD ($)
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
2021	$ 313
2022	310
2023	307
2024	303
2025	292
2026-2030	1,347
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
2021	3
2022	3
2023	3
2024	3
2025	3
2026-2030	$ 15

Employee Benefits - Summarized Details of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 4,191	$ 3,823
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,765	2,419
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,061	861
Property
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	254	439
Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 111	$ 104

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefits - Summary of Allocation of Defined Benefit Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 4,191	$ 3,823
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,824	1,170
Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,008	774
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1
Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	358	1,879
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	4,183	3,816
Pactiv Evergreen Pension Plan \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,180	1,079
Pactiv Evergreen Pension Plan \| Equity ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	584	88
Pactiv Evergreen Pension Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,004	772
Pactiv Evergreen Pension Plan \| Collective Trusts—Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		1,337
Pactiv Evergreen Pension Plan \| Bond ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	57
Pactiv Evergreen Pension Plan \| Collective Trusts/Pooled Separate Account—Real Estate
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	254	358
Pactiv Evergreen Pension Plan \| Collective Trusts—Money Market
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	104	101
Pactiv Evergreen Pension Plan \| Defined Benefit Plan Asset Categories Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		81
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,821	1,167
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,180	1,079
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	584	88
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Bond ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	57
Pactiv Evergreen Pension Plan \| Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,004	772
Pactiv Evergreen Pension Plan \| Significant Other Unobservable Inputs (Level 2) \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,004	772
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	358	1,877
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Collective Trusts—Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		1,337
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Collective Trusts/Pooled Separate Account—Real Estate
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	254	358
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Collective Trusts—Money Market
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	104	101
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Defined Benefit Plan Asset Categories Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		81
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	8	7
Other Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3	3
Other Pension Plan \| Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	4	2
Other Pension Plan \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 1
Other Pension Plan \| Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		$ 2

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income And Expenses [Abstract]
Related party management fee	$ (49)	$ (10)	$ (11)
Gain (loss) on sale of businesses and noncurrent assets	1	(22)	(18)
Foreign exchange (losses) gains on cash	(15)	(8)	11
Transition service agreement income	21	1
Other	9	10	3
Other expense, net	$ (33)	$ (29)	$ (15)

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2020 USD ($)
Management fee, related parties
Loss Contingencies [Line Items]
Contingency for a potential payment	$ 22

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,082	$ 1,785	$ 1,599
Ending balance	1,074	2,082	1,785
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(354)	(442)	(402)
Currency translation adjustments	(9)	14	(63)
Amounts reclassified from AOCL	1	74	23
Other comprehensive (loss) income	(8)	88	(40)
Distributions of RCP and GPC	173	0	0
Ending balance	(189)	(354)	(442)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(518)	(689)	(597)
Other comprehensive (loss) income	8	212	(92)
Distributions of RCP and GPC	161	0	0
Ending balance	(349)	(518)	(689)
Cumulative impact of adopting ASU 2018-02 \| Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(41)
Ending balance	0		(41)
Continuing Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(176)	(258)	(201)
Net actuarial gain (loss) arising during year	20	146	(83)
Deferred tax benefit (expense) on net actuarial gain (loss)	(5)	(34)	18
Amounts reclassified from AOCL	1	0	1
Defined benefit plan settlement losses	0	18	2
Reclassification upon sale of business	0	1	7
Deferred tax benefit (expense) on reclassifications	0	(5)	(2)
Other comprehensive (loss) income	16	126	(57)
Ending balance	(160)	(176)	(258)
Continuing Operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(44)	0
Ending balance	0	(44)	0
Discontinued Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	12	11	6
Net actuarial gain (loss) arising during year	0	(5)	5
Deferred tax benefit (expense) on net actuarial gain (loss)	0	1	(1)
Amounts reclassified from AOCL	0	(2)	(2)
Reclassification upon sale of business	0	5	5
Deferred tax benefit (expense) on reclassifications	0	(1)	(2)
Other comprehensive (loss) income	0	(2)	5
Distributions of RCP and GPC	(12)	0	0
Ending balance	0	12	11
Discontinued Operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3	0
Ending balance	$ 0	$ 3	$ 0

Accumulated Other Comprehensive Loss (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Discontinued operations, disposed of by sale \| North American and Japanese closures businesses
Accumulated Other Comprehensive Income Loss [Line Items]
Currency translation adjustments	$ 56

Income Taxes - Schedule of Components of (Loss) Income from Continuing Operations before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
(Loss) income from continuing operations before income taxes:
United States	$ (119)	$ (113)	$ (62)
Foreign	(3)	(43)	106
Total (loss) income from continuing operations before income taxes	$ (122)	$ (156)	$ 44

Income Taxes - Schedule of Significant Components of Income Tax Benefit (Expense) from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
U.S. Federal	$ 132	$ 5	$ 21
State and Local	4	(4)	(7)
Foreign	(17)	(19)	(26)
Total current income tax benefit (expense)	119	(18)	(12)
Deferred
U.S. Federal	(6)	(50)	3
State and Local	(1)	(16)	28
Foreign			1
Total deferred income tax benefit (expense)	(7)	(66)	32
Total income tax benefit (expense)	$ 112	$ (84)	$ 20

Income Taxes - Schedule of Reconciliation of Income Taxes Computed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax benefit (expense) using the U.S. federal statutory income-tax rate of 21%	$ 26	$ 33	$ (9)
State and Local Taxes	5	(16)	17
Effect of tax rates in foreign jurisdictions		(13)	(53)
Non-deductible expenses	(5)		(12)
Non-deductible management fees	(16)	(3)	(3)
Non-deductible transaction costs	(2)
Non-deductible executive compensation	(2)
Tax exempt income and income at a reduced tax rate		3	4
Currency translation adjustment		(2)	(1)
Withholding taxes	(4)	(4)	(5)
Tax rate modifications	61	(1)	46
CARES Act net operating loss carryback	61
Change in valuation allowance	61	(93)	(5)
Tax on unremitted earnings	(1)		(2)
Change in uncertain tax positions	(8)	(2)	27
Over (under) provided in prior periods	(10)	4	15
Foreign tax credit	8	7
Other	(1)	3	1
Total income tax benefit (expense)	$ 112	$ (84)	$ 20

Income Taxes - Schedule of Reconciliation of Income Taxes Computed (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory income tax rate	21.00%	21.00%	21.00%	35.00%

Income Taxes - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
U.S. federal tax rate	21.00%	21.00%	21.00%	35.00%
Foreign tax credit	$ 8	$ 7
Tax rate benefit amount	61	(1)	$ 46
Deferred tax assets, valuation allowance	165	358	308	$ 296
Change in valuation allowance	(122)	50
Income tax expense (benefit)	(112)	84	(20)
Unrecognized tax benefits	15	13	10	$ 40
Unrecognized tax benefits net		10
Interest and penalties related to unrecognized tax benefit	0	1	$ (2)
Accrued interest and penalties	1	$ 1
Unrecognized tax benefits decrease in income tax returns	10
CARES Act
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ (61)

Income Taxes - Schedule of Components of Net Deferred Income Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Employee benefits	$ 161	$ 177
Operating lease liabilities	61	48
Inventory	27	16
Reserves	13	7
Tax losses	135	194
Tax credits	13	11
Interest	244	386
Total deferred tax assets	654	839
Valuation allowance	(165)	(358)	$ (308)	$ (296)
Total deferred tax assets net of valuation allowance	489	481
Deferred tax liabilities
Intangible assets	(377)	(360)
Property, plant and equipment	(232)	(204)
Operating lease right-of-use assets	(58)	(46)
Other	(8)
Total deferred tax liabilities	(675)	(610)
Net deferred tax liabilities	$ (186)	$ (129)

Income Taxes - Schedule of Tax Loss and Tax Credit Carryforwards Presented on Gross Basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	$ 1,149	$ 929
Total tax credit carryforwards	14	11
Expires Within 5 Years
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	121	288
Total tax credit carryforwards	3	1
Expires After 5 Years or Indefinite Expiration
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	1,028	641
Total tax credit carryforwards	$ 11	$ 10

Income Taxes - Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 358	$ 308	$ 296
Expense (benefit)	(61)	94	3
Write-off of net operating losses and other deferred tax assets	(122)
Transfers to held for sale or distribution		(43)	29
Currency translation adjustments and other	(10)	(1)	(20)
Balance at end of the year	$ 165	$ 358	$ 308

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Balance at beginning of the year	$ 13	$ 10	$ 40
Increase associated with tax positions taken during the current year	1	5	1
Increase (decrease) associated with positions taken during a prior year	2	(1)	(31)
Lapse of statute of limitations	(1)	(1)
Ending unrecognized tax benefits	$ 15	$ 13	$ 10

Related Party Transactions - Additional Information (Details)	Dec. 31, 2020
Packaging Finance Limited And Other Entities
Related Party Transaction [Line Items]
Ownership percentage	78.00%

Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 21, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties, current		$ 55	$ 0
Noncurrent related party receivables		0	339
Interest income		9	15	$ 17
Purchase of goods		(116)	(149)	(161)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current		7	8
Sale of goods and services		29	26	28
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables		55	0
Noncurrent related party receivables		0	339
Interest income		9	15	17
Related party payables		(10)	(30)
Sale of goods and services \| Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services		351	280	316
Transition services agreements and rental income \| Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income		16	0	0
Tax loss transfer
Related Party Transaction [Line Items]
Related party transactions, expenses		(1)	(2)	(3)
Tax loss transfer \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		25	0	0
Recharges
Related Party Transaction [Line Items]
Related party transactions, expenses		(11)	(24)	(18)
Recharges \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		3	4	7
Forgiveness of a balance \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		(15)	0	0
Loan forgiveness \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transactions, expenses		(347)	0	0
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses		$ (65)	$ (29)	$ (28)
Management fee, related parties \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transactions, expenses	$ (22)

Related Party Transactions - Related Party Transactions (Parenthetical) (Details) $ in Millions		12 Months Ended
	Sep. 21, 2020 USD ($)	Dec. 31, 2020 USD ($) lease_agreement	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Related party management fee		$ 49	$ 10	$ 11
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses		65	29	$ 28
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables		55	$ 0
Loan forgiveness		15
Affiliated Entity \| Tax Matters Agreement
Related Party Transaction [Line Items]
Current related party receivables		$ 12
Affiliated Entity \| Loan Transaction With Related Party
Related Party Transaction [Line Items]
Related party transaction, rate			3.25%
Affiliated Entity \| Loan Transaction With Related Party \| Minimum
Related Party Transaction [Line Items]
Related party transaction, rate		3.46%	4.40%	5.16%
Affiliated Entity \| Loan Transaction With Related Party \| Maximum
Related Party Transaction [Line Items]
Related party transaction, rate		4.28%	5.15%	5.26%
Affiliated Entity \| Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses	$ 22
Affiliated Entity \| Termination Fee
Related Party Transaction [Line Items]
Related party transactions, expenses		$ 45
Affiliated Entity \| Lease Agreements
Related Party Transaction [Line Items]
Number of lease agreements \| lease_agreement		2

Stock Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended			21 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 20, 2020	Sep. 21, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized (in shares)					9,079,395
Stock-based compensation expense	$ 2,000,000	$ 0	$ 0
Unrecognized share-based compensation	$ 3,000,000
Unrecognized share-based compensation, weighted-average recognition period (in years)	1 year 6 months
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards granted in the period (in shares)	143,000			297,296

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended	21 Months Ended
	Dec. 31, 2020	Sep. 20, 2020
Number of Stock Units
Beginning balance, Non-vested	154,000
Granted	143,000	297,296
Ending balance, Non-vested	297,000
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested	$ 14.00
Granted	14.00
Ending balance, Non-vested	$ 14.00

Earnings Per Share - Summary of the Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders:

From continuing operations

$ (12)

$ (239)

$ 62

From discontinued operations

(15)

330

217

Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders

$ 236

$ (78)

$ 96

$ 113

$ (27)

$ 91

$ 279

Weighted average number of shares outstanding

Basic

146.2

134.4

Diluted

146.2

134.4

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, from continuing operations

Basic

$ 0.10

^[2]

$ (1.03)

^[2]

$ 0.85

^[2]

$ (0.50)

^[2]

$ (0.08)

$ (1.78)

$ 0.46

Diluted

0.10

^[2]

(1.03)

^[2]

0.85

^[2]

(0.50)

^[2]

(0.08)

(1.78)

0.46

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, from discontinued operations

Basic

(0.10)

2.46

1.62

Diluted

(0.10)

2.46

1.62

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, total

Basic

1.33

^[2]

(0.58)

^[2]

0.72

^[2]

0.84

^[2]

(0.18)

0.68

2.08

Diluted

$ 1.33

^[2]

$ (0.58)

^[2]

$ 0.72

^[2]

$ 0.84

^[2]

$ (0.18)

$ 0.68

$ 2.08

[1]

[2]

The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data for interim reporting.

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions			12 Months Ended
	Feb. 04, 2021	Oct. 20, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)			134.4	134.4
Subsequent event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	Feb. 04, 2021
Dividends payable, date to be paid	Feb. 24, 2021
Dividends payable, date of record	Feb. 14, 2021
Underwriters
Earnings Per Share Basic [Line Items]
Shares issued		1.7

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segment Financial Information (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Net revenues

$ 1,175

$ 1,303

^[1]

$ 2,319

$ 2,582

$ 4,689

$ 5,191

$ 5,308

Adjusted EBITDA

615

691

737

Depreciation & amortization

289

273

271

Capital expenditures

410

629

592

Reportable segment assets

6,843

16,175

6,843

16,175

Inter-segment eliminations

Segment Reporting Information [Line Items]

Net revenues

(101)

(123)

(99)

Unallocated

Segment Reporting Information [Line Items]

Adjusted EBITDA

(34)

(75)

(60)

Capital expenditures

Reportable segment assets

4,003

13,321

4,003

13,321

Foodservice

Segment Reporting Information [Line Items]

Net revenues

1,811

2,160

2,137

Foodservice | Operating segments

Segment Reporting Information [Line Items]

Net revenues

1,811

2,160

2,137

Adjusted EBITDA

241

336

318

Depreciation & amortization

139

112

109

Capital expenditures

117

138

157

Reportable segment assets

1,064

1,090

1,064

1,090

1,017

Food Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,396

1,388

1,419

Food Merchandising | Operating segments

Segment Reporting Information [Line Items]

Net revenues

1,396

1,388

1,419

Adjusted EBITDA

252

223

231

Depreciation & amortization

Capital expenditures

Reportable segment assets

703

727

703

727

701

Beverage Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,368

1,483

1,504

Beverage Merchandising | Inter-segment eliminations

Segment Reporting Information [Line Items]

Net revenues

101

123

Beverage Merchandising | Operating segments

Segment Reporting Information [Line Items]

Net revenues

1,469

1,606

1,603

Adjusted EBITDA

148

196

231

Depreciation & amortization

Capital expenditures

107

Reportable segment assets

1,039

972

1,039

972

910

Reportable Segments

Segment Reporting Information [Line Items]

Net revenues

4,575

5,031

5,060

Depreciation & amortization

283

263

259

Reportable Segments | Inter-segment eliminations

Segment Reporting Information [Line Items]

Net revenues

101

123

Reportable Segments | Operating segments

Segment Reporting Information [Line Items]

Net revenues

4,676

5,154

5,159

Adjusted EBITDA

641

755

780

Depreciation & amortization

283

263

259

Capital expenditures

276

273

305

Reportable segment assets

2,806

2,789

2,806

2,789

2,628

Other

Segment Reporting Information [Line Items]

Depreciation & amortization

Other | Operating segments

Segment Reporting Information [Line Items]

Net revenues

114

160

248

Adjusted EBITDA

Capital expenditures

$ 6

Reportable segment assets

$ 34

$ 65

$ 34

$ 65

[1]

Segment Information - Reconciliation of EBITDA to (Loss) Income from Continuing Operations Before Income Tax (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Adjusted EBITDA

$ 615

$ 691

$ 737

Interest expense, net

(371)

(433)

(414)

Depreciation and amortization

(289)

(273)

(271)

Goodwill impairment charges

(6)

(16)

Restructuring, asset impairment and other related charges

(28)

(46)

(18)

Gain (loss) on sale of businesses and noncurrent assets

(22)

(18)

Non-cash pension income (expense)

(6)

Operational process engineering related consultancy costs

(13)

(27)

(14)

Related party management fee

(49)

(10)

(11)

Strategic review and transaction-related costs

(47)

(7)

Foreign exchange (losses) gains on cash

(15)

(8)

Unrealized gains (losses) on derivatives

(8)

Other

(1)

(3)

(1)

(Loss) income from continuing operations before tax

$ (1)

$ 72

$ 22

$ 49

(122)

(156)

Unallocated

Segment Reporting Information [Line Items]

Adjusted EBITDA

(34)

(75)

(60)

Reportable Segments

Segment Reporting Information [Line Items]

Depreciation and amortization

(283)

(263)

(259)

Reportable Segments | Operating segments

Segment Reporting Information [Line Items]

Adjusted EBITDA

641

755

780

Depreciation and amortization

(283)

(263)

(259)

Other

Segment Reporting Information [Line Items]

Depreciation and amortization

(6)

(10)

(12)

Goodwill impairment charges

(6)

(16)

Other | Operating segments

Segment Reporting Information [Line Items]

Adjusted EBITDA

$ 8

$ 11

$ 17

[1]

Segment Information - Reconciliation of Reportable Segment Depreciation and Amortization to Consolidated Depreciation and Amortization from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	$ 289	$ 273	$ 271
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	283	263	259
Other
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	$ 6	$ 10	$ 12

Segment Information - Reconciliation of Reportable Segment Capital Expenditures to Consolidated Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Capital expenditures	$ 410	$ 629	$ 592
Discontinued Operations
Segment Reporting Information [Line Items]
Capital expenditures	128	344	273
Operating segments \| Reportable Segments
Segment Reporting Information [Line Items]
Capital expenditures	276	273	305
Operating segments \| Other
Segment Reporting Information [Line Items]
Capital expenditures	3	6	6
Unallocated
Segment Reporting Information [Line Items]
Capital expenditures	$ 3	$ 6	$ 8

Segment Information - Net Revenues by Product Lines (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Net revenues

$ 1,175

$ 1,303

$ 2,319

$ 2,582

$ 4,689

$ 5,191

$ 5,308

Foodservice

Segment Reporting Information [Line Items]

Net revenues

1,811

2,160

2,137

Food Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,396

1,388

1,419

Beverage Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,368

1,483

1,504

Reportable Segments

Segment Reporting Information [Line Items]

Net revenues

4,575

5,031

5,060

Operating segments | Foodservice

Segment Reporting Information [Line Items]

Net revenues

1,811

2,160

2,137

Operating segments | Foodservice | Cups and lids

Segment Reporting Information [Line Items]

Net revenues

736

906

844

Operating segments | Foodservice | Containers

Segment Reporting Information [Line Items]

Net revenues

751

792

805

Operating segments | Foodservice | Dinnerware

Segment Reporting Information [Line Items]

Net revenues

141

207

209

Operating segments | Foodservice | Other

Segment Reporting Information [Line Items]

Net revenues

183

255

279

Operating segments | Food Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,396

1,388

1,419

Operating segments | Food Merchandising | Dinnerware

Segment Reporting Information [Line Items]

Net revenues

349

307

339

Operating segments | Food Merchandising | Other

Segment Reporting Information [Line Items]

Net revenues

161

145

152

Operating segments | Food Merchandising | Meat trays

Segment Reporting Information [Line Items]

Net revenues

373

353

355

Operating segments | Food Merchandising | Bakery/snack/produce/fruit containers

Segment Reporting Information [Line Items]

Net revenues

283

311

308

Operating segments | Food Merchandising | Prepared food trays

Segment Reporting Information [Line Items]

Net revenues

131

174

168

Operating segments | Food Merchandising | Egg cartons

Segment Reporting Information [Line Items]

Net revenues

Operating segments | Beverage Merchandising

Segment Reporting Information [Line Items]

Net revenues

1,469

1,606

1,603

Operating segments | Beverage Merchandising | Cartons for fresh beverage products

Segment Reporting Information [Line Items]

Net revenues

795

812

799

Operating segments | Beverage Merchandising | Liquid packaging board

Segment Reporting Information [Line Items]

Net revenues

387

446

438

Operating segments | Beverage Merchandising | Paper products

Segment Reporting Information [Line Items]

Net revenues

287

348

366

Operating segments | Reportable Segments

Segment Reporting Information [Line Items]

Net revenues

4,676

5,154

5,159

Operating segments | Other

Segment Reporting Information [Line Items]

Net revenues

114

160

248

Inter-segment eliminations

Segment Reporting Information [Line Items]

Net revenues

(101)

(123)

(99)

Inter-segment eliminations | Beverage Merchandising

Segment Reporting Information [Line Items]

Net revenues

101

123

Inter-segment eliminations | Reportable Segments

Segment Reporting Information [Line Items]

Net revenues

$ 101

$ 123

$ 99

[1]

Segment Information - Geographic Data for Net Revenues and Long-lived Assets and Operating Lease Right-of-Use Asset, Net (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Net revenues

$ 1,175

$ 1,303

^[1]

$ 2,319

$ 2,582

$ 4,689

$ 5,191

$ 5,308

Long-lived assets

1,945

1,894

1,945

1,894

United States

Segment Reporting Information [Line Items]

Net revenues

4,046

4,484

4,504

Long-lived assets

1,789

1,759

1,789

1,759

Rest of North America

Segment Reporting Information [Line Items]

Net revenues

354

383

388

Long-lived assets

Other

Segment Reporting Information [Line Items]

Net revenues

289

324

$ 416

Long-lived assets

$ 60

$ 58

$ 60

$ 58

[1]

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

Jun. 30, 2020

^[1]

Jun. 30, 2019

^[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Net revenues

$ 1,175

$ 1,303

$ 2,319

$ 2,582

$ 4,689

$ 5,191

$ 5,308

Cost of sales

(987)

(1,095)

(1,971)

(2,149)

(3,969)

(4,344)

(4,464)

Gross profit

188

208

348

433

720

847

844

Operating income (loss) from continuing operations

133

181

183

290

417

Income (loss) from continuing operations, before tax

(72)

(22)

(49)

122

156

(44)

Net income (loss) from continuing operations

(140)

115

(65)

(10)

(240)

Net income (loss)

237

(80)

114

(25)

281

Net income (loss) attributable to Pactiv Evergreen Inc. common stockholders

$ 236

$ (78)

$ 96

$ 113

$ (27)

$ 91

$ 279

Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders:

Basic

$ 0.10

^[2]

$ (1.03)

^[2]

$ 0.85

^[2]

$ (0.50)

^[2]

$ (0.08)

$ (1.78)

$ 0.46

Diluted

0.10

^[2]

(1.03)

^[2]

0.85

^[2]

(0.50)

^[2]

(0.08)

(1.78)

0.46

Total-basic

1.33

^[2]

(0.58)

^[2]

0.72

^[2]

0.84

^[2]

(0.18)

0.68

2.08

Total-diluted

$ 1.33

^[2]

$ (0.58)

^[2]

$ 0.72

^[2]

$ 0.84

^[2]

$ (0.18)

$ 0.68

$ 2.08

[1]

[2]

The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data for interim reporting.