0001564590-21-041320 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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 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
Entity Shell Company	false
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

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net revenues	$ 1,352	$ 1,107	$ 2,516	$ 2,319
Cost of sales	(1,202)	(933)	(2,258)	(1,971)
Gross profit	150	174	258	348
Selling, general and administrative expenses	(115)	(119)	(241)	(242)
Restructuring, asset impairment and other related charges	(10)	(1)	(8)	(4)
Other income (expense), net	5	(46)	11	31
Operating income from continuing operations	30	8	20	133
Non-operating income, net	25	17	48	33
Interest expense, net	(42)	(86)	(84)	(188)
Income (loss) from continuing operations before tax	13	(61)	(16)	(22)
Income tax (expense) benefit	(5)	43	13	137
Income (loss) from continuing operations	8	(18)	(3)	115
Loss from discontinued operations, net of income taxes	(1)	(21)	(4)	(18)
Net income (loss)	7	(39)	(7)	97
Income attributable to non-controlling interests		(1)	(1)	(1)
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 7	$ (40)	$ (8)	$ 96
From continuing operations
Basic	$ 0.05	$ (0.14)	$ (0.02)	$ 0.85
Diluted	0.05	(0.14)	(0.02)	0.85
From discontinued operations
Basic	(0.01)	(0.16)	(0.02)	(0.13)
Diluted	(0.01)	(0.16)	(0.02)	(0.13)
Total
Basic	0.04	(0.30)	(0.04)	0.72
Diluted	$ 0.04	$ (0.30)	$ (0.04)	$ 0.72

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Other Comprehensive Income [Abstract]
Net income (loss)	$ 7	$ (39)	$ (7)	$ 97
Other comprehensive income (loss), net of income taxes:
Currency translation adjustments	7	78	(13)	(95)
Other comprehensive income (loss)	7	78	(13)	(95)
Comprehensive income (loss)	14	39	(20)	2
Comprehensive income attributable to non-controlling interests		(1)	(1)	(1)
Comprehensive income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 14	$ 38	$ (21)	$ 1

- 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.

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- Definition

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 350	$ 458
Accounts receivable, net of allowances for doubtful accounts of $3 and $3	456	375
Related party receivables	53	55
Inventories	812	784
Other current assets	123	175
Assets held for sale		26
Total current assets	1,794	1,873
Property, plant and equipment, net	1,710	1,685
Operating lease right-of-use assets, net	268	260
Goodwill	1,760	1,760
Intangible assets, net	1,066	1,092
Deferred income taxes	10	7
Other noncurrent assets	173	166
Total assets	6,781	6,843
Liabilities
Accounts payable	396	313
Related party payables	8	10
Current portion of long-term debt	17	15
Current portion of operating lease liabilities	57	57
Income taxes payable	10	10
Accrued and other current liabilities	335	322
Liabilities held for sale		12
Total current liabilities	823	739
Long-term debt	3,918	3,965
Long-term operating lease liabilities	226	217
Deferred income taxes	168	193
Long-term employee benefit obligations	472	519
Other noncurrent liabilities	149	136
Total liabilities	5,756	5,769
Commitments and contingencies (Note 13)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,157,710 shares issued and outstanding as of June 30, 2021 and December 31, 2020	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	620	614
Accumulated other comprehensive loss	(362)	(349)
Retained earnings	763	806
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,021	1,071
Non-controlling interests	4	3
Total equity	1,025	1,074
Total liabilities and equity	$ 6,781	$ 6,843

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3	$ 3
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	177,157,710
Common stock, shares outstanding (in shares)	177,157,710	177,157,710
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

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2019	$ 2,082		$ 103	$ (518)	$ 2,494	$ 3
Beginning balance, Shares at Dec. 31, 2019		134,400,000
Net (loss) income	97				96	1
Other comprehensive income, net of income taxes	(95)			(95)
Distribution of Reynolds Consumer Products Inc.	(46)		(48)	(11)	13
Dividends paid to non-controlling interests	(1)					(1)
Ending balance at Jun. 30, 2020	2,037		55	(624)	2,603	3
Ending balance, Shares at Jun. 30, 2020		134,400,000
Beginning balance at Mar. 31, 2020	1,998		55	(702)	2,643	2
Beginning balance, Shares at Mar. 31, 2020		134,400,000
Net (loss) income	(39)				(40)	1
Other comprehensive income, net of income taxes	78			78
Ending balance at Jun. 30, 2020	2,037		55	(624)	2,603	3
Ending balance, Shares at Jun. 30, 2020		134,400,000
Beginning balance at Dec. 31, 2020	$ 1,074		614	(349)	806	3
Beginning balance, Shares at Dec. 31, 2020	177,157,710	177,200,000
Net (loss) income	$ (7)				(8)	1
Other comprehensive income, net of income taxes	(13)			(13)
Dividends paid to common shareholders	(35)				(35)
Equity based compensation	6		6
Ending balance at Jun. 30, 2021	$ 1,025		620	(362)	763	4
Ending balance, Shares at Jun. 30, 2021	177,157,710	177,200,000
Beginning balance at Mar. 31, 2021	$ 1,026		618	(369)	773	4
Beginning balance, Shares at Mar. 31, 2021		177,200,000
Net (loss) income	7				7
Other comprehensive income, net of income taxes	7			7
Dividends paid to common shareholders	(17)				(17)
Equity based compensation	2		2
Ending balance at Jun. 30, 2021	$ 1,025		$ 620	$ (362)	$ 763	$ 4
Ending balance, Shares at Jun. 30, 2021	177,157,710	177,200,000

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

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Statement Of Stockholders Equity [Abstract]
Common stock, dividends	$ 0.10	$ 0.20

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash provided by operating activities
Net (loss) income	$ 7	$ (39)	$ (7)	$ 97
Adjustments to reconcile net (loss) income to operating cash flows:
Depreciation and amortization			150	267
Deferred income taxes			(30)	5
Unrealized loss (gain) on derivatives			4	(1)
Other asset impairment charges				1
Gain on disposal of businesses and other assets				(13)
Non-cash portion of employee benefit obligations			(45)	(30)
Non-cash portion of operating lease expense			39	53
Amortization of OID and DIC			3	11
Loss on extinguishment of debt			1	5
Other non-cash items, net			9	(2)
Change in assets and liabilities:
Accounts receivable, net			(84)	4
Inventories			(28)	(47)
Other current assets			(1)	13
Accounts payable			85
Operating lease payments			(39)	(50)
Income taxes payable/receivable			48	(74)
Accrued and other current liabilities			14	(124)
Employee benefit obligation contributions			(2)	(4)
Other assets and liabilities			5	56
Net cash provided by operating activities			122	167
Cash used in investing activities
Acquisition of property, plant and equipment and intangible assets			(131)	(217)
Disposal of businesses, net of cash disposed			(6)	9
Net cash used in investing activities			(137)	(208)
Cash (used in) provided by financing activities
Long-term debt proceeds				3,640
Long-term debt repayments			(65)	(3,215)	$ (8,944)
Deferred financing transaction costs on long-term debt				(24)
Premium on redemption of long-term debt			(1)
Dividends paid to common shareholders			(35)
Cash held by Reynolds Consumer Products at the time of distribution				(31)
Other financing activities			(1)	(2)
Net cash (used in) provided by financing activities			(102)	368
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1)	(7)
(Decrease) increase in cash, cash equivalents and restricted cash			(118)	320
Cash, cash equivalents and restricted cash as of beginning of the period			468	1,294	1,294
Cash, cash equivalents and restricted cash as of end of the period	350	1,614	350	1,614	468
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	350	1,609	350	1,609	458
Restricted cash included within other current assets		5		5
Cash, cash equivalents and restricted cash as of end of the period	$ 350	$ 1,614	350	1,614	$ 468
Cash paid (received):
Interest			80	235
Income taxes (refunded) paid			$ (32)	$ 16

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Right-of-use assets and lease liabilities recorded during period	$ 41	$ 113
Finance lease right-of-use assets and lease liabilities	$ 19
Reynolds Consumer Products Inc. \| Discontinued Operations
Shares repurchased and canceled during the period (in shares)		35,791,985
Ownership interest transferred		100.00%

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2021

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 condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in our latest Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 25, 2021. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. All intercompany transactions and balances have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 differ from what was 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. The estimated recoverable amounts associated with asset impairments recognized in all periods presented represent Level 3 measurements in the fair value hierarchy, which include inputs that are not based on observable market data.

The worldwide COVID-19 pandemic has had, and will 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 progress of the pandemic, actions taken to contain the virus, the implementation and effectiveness of vaccinations and how quickly and to what extent normal economic and operating conditions can resume.

On February 4, 2020, we distributed our interest in the operations that represented our former Reynolds Consumer Products ("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 initial public offering 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.

On September 16, 2020, we distributed our interest in the operations that represented our former Graham Packaging Company ("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 initial public offering (“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 Graham Packaging Company Inc. (“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.

Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations. Certain of our operations have been presented as discontinued. We present businesses 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 2, Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of all of our former RCP segment, distributed in February 2020, and all of our former GPC segment, distributed in September 2020, are presented as discontinued operations for all periods 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 16, Related Party Transactions, for additional details.

Recently Adopted Accounting Guidance

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU requires sponsors of defined benefit pension or other post-retirement 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 and must be applied on a retrospective basis to all years presented. The requirements of this guidance have an impact on our annual disclosures but have no impact on the measurement and recognition of amounts in our condensed consolidated financial statements.

Accounting Guidance Issued but Not Yet Adopted as of June 30, 2021

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 condensed consolidated financial statements.

Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 2. Discontinued Operations

Our discontinued operations for the six months ended June 30, 2020 was primarily comprised of our former RCP and GPC businesses.

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

	For the Three Months Ended June 30, 2020			For the Six Months Ended June 30, 2020
Net revenues	$	462		$	1,114
Cost of sales		(384	)		(903	)
Gross profit		78			211
Selling, general and administrative expenses		(45	)		(127	)
Restructuring, asset impairment and other related charges		(4	)		(9	)
Interest expense, net⁽¹⁾		(1	)		(22	)
Other expense, net		(3	)		(3	)
Income before income taxes from discontinued operations		25			50
Income tax expense		(60	)		(82	)
Net loss from discontinued operations, before gain on disposal		(35	)		(32	)
Gain on disposal, net of income taxes		14			14
Net loss from discontinued operations	$	(21	)	$	(18	)

⁽¹⁾	Includes interest expense, amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCPI; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020.

During the three and six months ended June 30, 2021, we recognized a charge of $1 million and $4 million, respectively, primarily related to certain historical tax agreements from previously divested businesses.

The loss from discontinued operations for the three and six months ended June 30, 2020 includes depreciation and amortization expenses of $59 million and $126 million, respectively.

The loss from discontinued operations includes asset impairment charges of $1 million for the six months ended June 30, 2020, and there were no asset impairment charges for the three months ended June 30, 2020. The loss from discontinued operations for the three and six months ended June 30, 2020 also included restructuring and other related charges of $4 million and $8

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.

We have no significant continuing involvement in relation to GPCI.

Subsequent to February 4, 2020, we continue to trade with RCPI in the ordinary course of business. Refer to Note 16, Related Party Transactions, for additional details.

Cash flows from discontinued operations were as follows:

	For the Six Months Ended June 30, 2020
Net cash provided by operating activities	$	134
Net cash used in investing activities		(94	)
Net cash provided by financing activities		478
Net cash flow from discontinued operations	$	518

Assets and Liabilities Held for Sale

6 Months Ended

Jun. 30, 2021

Assets And Liabilities Held For Sale [Abstract]

Assets and Liabilities Held for Sale

Note 3. Assets and Liabilities Held for Sale

On March 31, 2021, we completed the sale of the remaining South American closures businesses for an immaterial amount and recognized a partial reversal of the initial impairment charge of $2 million during the six months ended June 30, 2021 which was reflected in restructuring, asset impairment and other related charges. This partial reversal was driven by a change in the carrying value of the assets held for sale as of the disposal date. The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations. During the three months ended June 30, 2021, we recognized an impairment charge of $2 million related to the finalization of the sale, which was recognized in restructuring, asset impairment and other related charges.

The results of this business were reported within the Other operating segment. The South American closures businesses' income from operations before income taxes for the six months ended June 30, 2021 and the three and six months ended June 30, 2020 were insignificant.

Impairment, Restructuring and Other Related Charges

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Impairment, Restructuring and Other Related Charges

Note 4. Impairment, Restructuring and Other Related Charges

During the three months ended June 30, 2021, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Total
Beverage Merchandising	$	—	$	8	$	8
Other		2		—		2
Total	$	2	$	8	$	10

During the six months ended June 30, 2021, we recorded the following impairment, restructuring and other related charges:

	Employee terminations		Total
Beverage Merchandising	$	8	$	8
Other		—		—
Total	$	8	$	8

During the three months ended June 30, 2020, we recorded the following impairment, restructuring and other related charges:

Employee

terminations

Total

Other

Total

During the six months ended June 30, 2020, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Other restructuring charges		Total
Foodservice	$	1	$	—	$	1	$	2
Beverage Merchandising		—		1		—		1
Other		—		1		—		1
Total	$	1	$	2	$	1	$	4

On July 28, 2021, we announced the decision to close our coated groundwood paper production line located in our Pine Bluff, Arkansas mill. We expect that the closure of the production line will be completed by October 31, 2021.

As a result of the closure, we recognized a pre-tax charge of $8 million for contractual termination benefits in the three months ended June 30, 2021. We also expect the closure to result in accelerated plant and equipment depreciation expense of approximately $25 million, the majority of which will be incurred through October 31, 2021. We also expect disassembly costs and similar expenses of approximately $2 million to $4 million.

In addition, related to the sale of our South American closures businesses, we recorded a non-cash impairment charge of $2 million during the three months ended June 30, 2021 which offset a previously recorded partial reversal of impairment charges. Refer to Note 3, Assets and Liabilities Held for Sale, for additional details.

For the six months ended June 30, 2020, we recorded non-cash impairment charges of $1 million relating to obsolete property, plant and equipment, $2 million for employee termination costs and $1 million for other restructuring costs. The remaining aggregate carrying values of the assets impaired at Foodservice was less than $1 million.

The following table summarizes the changes to our restructuring liability for the six months ended June 30, 2021:

December 31, 2020

Charges to

earnings

Cash paid

June 30, 2021

Employee termination costs

)

Total

)

We expect to settle our restructuring liability within twelve months.

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Note 5. Inventories

The components of inventories consisted of the following:

	As of June 30, 2021		As of December 31, 2020
Raw materials	$	212	$	180
Work in progress		109		108
Finished goods		400		410
Spare parts		91		86
Inventories	$	812	$	784

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

Note 6. Property, Plant and Equipment, Net

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

	As of June 30, 2021			As of December 31, 2020
Land and land improvements	$	86		$	87
Buildings and building improvements		565			532
Machinery and equipment		3,279			3,148
Construction in progress		165			191
Property, plant and equipment, at cost		4,095			3,958
Less: accumulated depreciation		(2,385	)		(2,273	)
Property, plant and equipment, net	$	1,710		$	1,685

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Cost of sales	$	58	$	53	$	112	$	103
Selling, general and administrative expenses		6		6		12		10
Total depreciation expense	$	64	$	59	$	124	$	113

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 7. Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:

	Foodservice		Food Merchandising		Beverage Merchandising		Other ^{(1) (2)}		Total
Balance as of December 31, 2020	$	924	$	770	$	66	$	—	$	1,760
Impairment charges		—		—		—		—		—
Balance as of June 30, 2021	$	924	$	770	$	66	$	—	$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	15	$	15

⁽¹⁾	Other includes operations that do not meet the quantitative threshold for reportable segments.

⁽²⁾

During the six months ended June 30, 2021, we reduced the gross carrying amount of goodwill and accumulated impairment losses by $7 million as a result of the sale of the remaining South American closures businesses within the Other operating segment. Refer to Note 3, Assets and Liabilities Held for Sale, for additional details.

Intangible assets, net consisted of the following:

	As of June 30, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,021	$	(568	)	$	453	$	1,019	$	(540	)	$	479
Other		20		(20	)		—		20		(20	)		—
Total finite-lived intangible assets	$	1,041	$	(588	)	$	453	$	1,039	$	(560	)	$	479
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		59		—			59
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	613	$	—		$	613
Total intangible assets	$	1,654	$	(588	)	$	1,066	$	1,652	$	(560	)	$	1,092

Amortization expense for intangible assets of $13 million and $13 million for the three months ended June 30, 2021 and 2020, respectively, and $26 million and $27 million for the six months ended June 30, 2021 and 2020, respectively, was recognized in selling, general and administrative expenses.

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued and Other Current Liabilities

Note 8. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of June 30, 2021		As of December 31, 2020
Accrued personnel costs	$	98	$	117
Accrued rebates and credits		93		68
Accrued interest		13		16
Other⁽¹⁾		131		121
Accrued and other current liabilities	$	335	$	322

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

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Note 9. Debt

Debt consisted of the following:

	As of			As of
	June 30,			December 31,
	2021			2020
Credit Agreement	$	2,450		$	2,457
Notes:
5.125% Senior Secured Notes due 2023		—			59
4.000% Senior Secured Notes due 2027		1,000			1,000
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		30			12
Total principal amount of borrowings		3,956			4,004
Deferred financing transaction costs ("DIC")		(12	)		(14	)
Original issue discounts, net of premiums ("OID")		(9	)		(10	)
		3,935			3,980
Less: current portion		(17	)		(15	)
Long-term debt	$	3,918		$	3,965

We were in compliance with all debt covenants during the six months ended June 30, 2021 and the year ended December 31, 2020.

As detailed in our Annual Report on Form 10-K for the year ended December 31, 2020, during the year ended December 31, 2020, we repaid portions of term loans, the securitization facility and notes totaling $8,944 million, for an aggregate price, including premiums, of $8,978 million, prior to maturity. This included repayments of $3,215 million of term loans, borrowings under the securitization facility and notes during the first six months of 2020. The repayment of these borrowings resulted in a $5 million loss on extinguishment of debt reported within discontinued operations. Refer to Note 2, Discontinued Operations, for additional details.

Credit Agreement

PTVE and certain of its U.S. subsidiaries 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:

		Value Drawn or Utilized		Applicable Interest Rate
		as of		as of
		June 30,		June 30,
	Maturity Date	2021		2021
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	$	1,243	LIBOR (floor of 0.000%) + 3.250%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	August 5, 2024	$	43		—

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

The weighted average contractual interest rates related to our U.S. term loans Tranche B-1 for the six months ended June 30, 2021 and 2020 were 2.87% and 3.96%, respectively. The weighted average contractual interest rate related to our U.S. term loans Tranche B-2 for the six months ended June 30, 2021 was 3.37%. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates.

PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement to the extent permitted by law. The borrowers and 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 holders of the Notes.

Indebtedness under the Credit Agreement may be voluntarily repaid, in whole or in part, and must be mandatorily repaid in certain circumstances. We are required to make quarterly amortization payments of 0.25% of the principal amount of U.S. term loans Tranche B-2. 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 June 30, 2021, are summarized below:

Description

Maturity date

Semi-annual interest payment dates

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15,

commencing April 15, 2021

On February 16, 2021, we repaid the remaining $59 million of the 5.125% senior secured notes at a price of 101.281%. The early repayment of these senior secured notes resulted in a loss on extinguishment of debt of $1 million in respect of the premium on redemption, which was recognized in interest expense, net.

PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Notes to the extent permitted by law. The issuers and the guarantors have granted security over substantially all of their assets to support the obligations under the Notes. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement.

The indenture governing the Notes contains 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 indenture governing the Notes.

Under the indenture governing the Notes, we can, at our option, elect to redeem the Notes under terms and conditions specified in the indenture. Under the indenture 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 June 30, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”):

Description	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 $30 million and $12 million as of June 30, 2021 and December 31, 2020, respectively.

Scheduled Maturities

Below is a schedule of required future repayments on our debt outstanding as of June 30, 2021:


2021	$	8
2022		17
2023		1,223
2024		15
2025		291
Thereafter		2,402
Total principal amount of borrowings	$	3,956

Fair value of our long-term debt

The fair value of our long-term debt as of June 30, 2021 and December 31, 2020 is a Level 2 fair value measurement. Below is a schedule of carrying values and fair values of our debt outstanding:

	As of June 30, 2021				As of December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement	$	2,442	$	2,441	$	2,447	$	2,443
Notes:
5.125% Senior Secured Notes due 2023		—		—		59		60
4.000% Senior Secured Notes due 2027		991		994		991		1,024
Pactiv Debentures:
7.950% Debentures due 2025		273		311		273		318
8.375% Debentures due 2027		199		232		198		235
Other		30		30		12		12
Total	$	3,935	$	4,008	$	3,980	$	4,092

Interest expense, net

Interest expense, net consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Interest expense:
Securitization Facility	$	—		$	3		$	—		$	6
Credit Agreement		20			28			39			66
Notes		10			44			20			87
Pactiv Debentures		9			9			19			19
Interest income, related party⁽¹⁾		—			(2	)		—			(6	)
Interest income, other		—			(2	)		(1	)		(6	)
Amortization:
Deferred financing transaction costs		1			3			2			9
Original issue discounts		1			1			1			3
Derivative losses		—			2			—			14
Net foreign currency exchange losses (gains)		(1	)		—			—			(6	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		—			—			—			—
Redemption premiums		—			—			1			—
Other		2			—			3			2
Interest expense, net⁽²⁾	$	42		$	86		$	84		$	188

⁽¹⁾	Refer to Note 16, 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 which were due 2020. Such amounts are presented within discontinued operations as these senior secured notes were required to be repaid in conjunction with the distribution of RCPI.

Financial Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 10. Financial Instruments

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

	As of June 30, 2021					As of December 31, 2020
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	5	$	(2	)	$	9	$	(2	)
Total fair value	$	5	$	(2	)	$	9	$	(2	)
Recorded in:
Other current assets	$	5	$	—		$	9	$	—
Accrued and other current liabilities		—		(2	)		—		(2	)
Total fair value	$	5	$	(2	)	$	9	$	(2	)

Our derivatives are comprised of commodity swaps. 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 three and six months ended June 30, 2021, we recognized an unrealized loss of $3 million and $4 million, respectively, compared to an unrealized gain of $19 million and $2 million for the three and six months ended June 30 2020, respectively, in cost of sales.

The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2021:

Type	Unit of measure	Contracted volume		Contracted price range	Contracted date of maturity
Natural gas swaps	Million BTU		1,496,591	$2.47 - $2.94	Aug 2021 - Sep 2022
Polymer-grade propylene swaps	Pound		1,104,946	$0.52	Jul 2021 - Aug 2021
Benzene swaps	U.S. liquid gallon		6,843,431	$1.78 - $3.85	Aug 2021 - Mar 2022
Diesel swaps	U.S. liquid gallon		116,580	$2.50	Jul 2021 - Dec 2021
Low-density polyethylene swaps	Pound		6,000,000	$0.71	Jul 2021 - Dec 2021

Employee Benefits

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 11. Employee Benefits

Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Service cost	$	(1	)	$	(1	)	$	(3	)	$	(3	)
Interest cost		(28	)		(35	)		(55	)		(70	)
Expected return on plan assets		53			52			103			103
Total net periodic benefit income	$	24		$	16		$	45		$	30

Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans has been recognized as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Cost of sales	$	(1	)	$	(1	)	$	(3	)	$	(3	)
Non-operating income, net		25			17			48			33
Total net periodic benefit income	$	24		$	16		$	45		$	30

No contributions to the Pactiv Evergreen Pension Plan (“PEPP”) are expected to be made in 2021.

On July 14, 2021, we entered into an agreement with an insurance company to purchase a non-participating group annuity contract and transfer approximately $950 million of the PEPP’s projected benefit obligations, subject to customary closing conditions. The transaction closed on July 21, 2021 and was funded with plan assets. Under the transaction, the insurance company will assume responsibility for pension benefits and annuity administration for approximately 16,300 retirees or their beneficiaries. As a result of this transaction, in the third quarter of 2021, we will remeasure the PEPP’s projected benefit obligations and plan assets and we expect to recognize a non-cash pre-tax pension settlement gain of approximately $22 million.

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Other Income (Expense), Net

Note 12. Other Income (Expense), Net

Other income (expense), net consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Related party management fee⁽¹⁾	$	—		$	—		$	—		$	(5	)
Foreign exchange (losses) gains on cash⁽²⁾		(1	)		(56	)		(1	)		28
Transition service agreement income⁽¹⁾		3			6			7			10
Other		3			4			5			(2	)
Other income (expense), net	$	5		$	(46	)	$	11		$	31

⁽¹⁾	^{See Note 16, 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

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. 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.

On April 14, 2021, MP2 Energy LLC (“MP2”) filed a lawsuit against Pactiv LLC (“Pactiv”), one of our indirect subsidiaries, in state court in Montgomery County, Texas. In this lawsuit, MP2 seeks to collect approximately $40 million from Pactiv that MP2 claims that Pactiv owes MP2 under an energy management services agreement (“EMSA”). Under the EMSA, Pactiv agreed, among other things, to sell MP2 a certain contract quantity of energy at a specified price. If this contract quantity of energy became unavailable for Pactiv to sell to MP2, the EMSA granted MP2 the right to contract for the purchase of the shortfall in the contract quantity, and to charge Pactiv for the cost incurred by MP2 in contracting for that shortfall, “unless due to an event of Force Majeure.” On February 15, 2021, Pactiv notified MP2 that Pactiv was excused by Force Majeure under the EMSA to the extent that the contract quantity of energy was not available for Pactiv to sell to MP2 because of the winter weather emergency caused by Winter Storm Uri. Even though MP2 does not dispute that Winter Storm Uri constituted an event of Force Majeure under the EMSA, MP2 nevertheless seeks to hold Pactiv responsible in this lawsuit for $40 million in costs that MP2 claims it incurred in contracting for a shortfall in Pactiv’s contract quantity of energy during the event of Force Majeure. Pactiv disputes any liability to MP2 and maintains that Pactiv acted reasonably at all times and that the event of Force Majeure excused any obligation Pactiv had to supply the contract quantity under the EMSA or to reimburse MP2 for its cost in contracting for any shortfall in the contract quantity. Pactiv believes that MP2’s claim is without merit and that Pactiv has strong defenses against MP2’s claim, including, but not limited to, Force Majeure. Pactiv intends to vigorously defend itself against MP2’s claim in this lawsuit. Although we are confident of Pactiv’s legal position in this matter and do not consider it probable that this matter will result in a material loss, we can offer no assurance that Pactiv will in fact obtain a favorable outcome.

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 June 30, 2021, 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.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 14. Accumulated Other Comprehensive Loss

The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Currency translation adjustments:
Balance as of beginning of period	$	(209	)	$	(525	)	$	(189	)	$	(354	)
Currency translation adjustments		7			79			(2	)		(95	)
Amounts reclassified from AOCL⁽¹⁾		—			(1	)		(11	)		—
Other comprehensive income (loss)		7			78			(13	)		(95	)
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			2
Balance as of end of period	$	(202	)	$	(447	)	$	(202	)	$	(447	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of period	$	(160	)	$	(176	)	$	(160	)	$	(176	)
Balance as of end of period	$	(160	)	$	(176	)	$	(160	)	$	(176	)
Plans held for sale or distribution
Balance as of beginning of period	$	—		$	(1	)	$	—		$	12
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			(13	)
Balance as of end of period	$	—		$	(1	)	$	—		$	(1	)
AOCL
Balance as of beginning of period	$	(369	)	$	(702	)	$	(349	)	$	(518	)
Other comprehensive income (loss)		7			78			(13	)		(95	)
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			(11	)
Balance as of end of period	$	(362	)	$	(624	)	$	(362	)	$	(624	)

⁽¹⁾	The reclassification of currency translation adjustment amounts to earnings during the six months ended June 30, 2021 relates to the sale of the remaining South American closures businesses. See Note 3, Assets and Liabilities Held for Sale, for additional details.

⁽²⁾	Currencytranslation adjustment reclassifications associated with the distribution of RCPI are recorded directly to additional paid in capital. See Note 2, Discontinued Operations, for additional details.

⁽³⁾	Defined benefit plan reclassifications associated with the distribution of RCPI are recorded directly to retained earnings.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 15. Income Taxes

The effective tax rates for the three and six months ended June 30, 2021 and 2020 represent our estimate of the annual effective tax rates expected to be applicable for the respective full fiscal years, adjusted for any discrete events which are recorded in the period that they occur.

During the three months ended June 30, 2021, we recognized tax expense of $5 million on income from continuing operations before tax of $13 million. The effective tax rate was driven primarily by the mix of income and losses taxed at varying rates among the jurisdictions in which we operate. During the six months ended June 30, 2021, we recognized a tax benefit of $13 million on a loss from continuing operations before tax of $16 million. The effective tax rate was driven primarily by a $10 million discrete benefit from the partial release of our valuation allowance for deferred interest deductions, which was partially offset by varying tax rates among the jurisdictions in which we operate.

During the three months ended June 30, 2020, we recognized a tax benefit of $43 million on a loss from continuing operations before tax of $61 million. The effective tax rate was primarily attributable to the enactment of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in March 2020 and the mix of income and losses taxed at varying rates among the jurisdictions in which we operate. During the six months ended June 30, 2020, we recognized a tax benefit of $137 million on a loss from continuing operations before tax of $22 million. The effective tax rate was primarily attributable to the enactment of the CARES Act that enabled us to recognize a discrete benefit of $90 million from the partial release of our valuation allowance for deferred interest deductions. Retroactive provisions of the CARES Act enabled us to utilize additional deferred

interest deductions, which lowered taxable income for both the year ended December 31, 2019 and the year ended December 31, 2020.

We are under audit by the Internal Revenue Service (“IRS”) and other taxing authorities. The IRS is currently auditing our U.S. income tax returns for 2016-2017. It is possible the audit will be completed in the next 12 months. As of June 30, 2021, we have not received any proposed adjustments from taxing authorities that would be material. Although the 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.

- 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

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Note 16. Related Party Transactions

As of June 30, 2021, 78% of our shares are owned by PFL or another entity of which Mr. Graeme Hart is the ultimate shareholder (together with PFL, the “Hart Stockholders”).

In addition to the distributions of RCPI and GPCI to PFL in 2020, as described further in Note 1, Nature of Operations and Basis of Presentation, 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						Transaction Value for the
	Three Months Ended June 30,						Six Months Ended June 30,						Balance Outstanding as of
	2021			2020			2021			2020			June 30, 2021			December 31, 2020
Balances and transactions with joint ventures
Included in other current assets													$	10		$	7
Sale of goods and services⁽¹⁾	$	6		$	7		$	16		$	18
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables														53			55
Sale of goods and services⁽²⁾		93			83			171			170
Transition services agreements and rental income⁽²⁾		3			5			7			8
Tax loss transfer⁽³⁾		—			—			—			13
Recharges⁽⁴⁾		2			1			7			1
Noncurrent related party receivables⁽⁵⁾														—			—
Interest income		—			3			—			6
Related party payables														(8	)		(10	)
Purchase of goods⁽²⁾		(26	)		(24	)		(51	)		(63	)
Recharges⁽⁴⁾		—			(4	)		(6	)		(10	)
Management fee⁽⁶⁾		—			(3	)		—			(8	)
Tax loss transfer⁽³⁾		—			—			—			(1	)

⁽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 RCPI 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 December 31, 2024. Prior to February 4, 2020, our continuing operations recognized revenue and cost of sales in respect of sales to and purchases from RCPI. Refer to Note 2, Discontinued Operations. As part of the separation process, among other agreements, we have entered into two lease arrangements with RCPI and entered into a transition services agreement to provide ongoing agreed services to RCPI, as requested. We do not trade with GPCI on an ongoing basis. We have entered into a transition services agreement to provide ongoing agreed services to GPCI, as requested. We have also entered into a tax matters agreement with GPCI. We have recognized a receivable of $12 million under the tax matters agreement in relation to GPCI’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 or that we pay on behalf of a related party and subsequently recharge to them. 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"), an entity controlled by Mr. Graeme Hart, 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⁾

Our previous loan with Rank 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 three and six months ended June 30, 2020, interest was charged at 3.46% and 4.28% to 3.46%, respectively. In September 2020, in preparation for our IPO, the loan receivable was forgiven and was recognized as a reduction in retained earnings.

⁽⁶⁾

^{Our previous financing agreements permitted 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 which was terminated upon our IPO. There were no management fees recorded in continuing operations during the three months ended June 30, 2020. During the six months ended June 30, 2020, management fees of $5 million were recognized in Other income (expense), net, with the remainder in discontinued operations.}

Equity Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Based Compensation

Note 17. Equity 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 or other equity 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.

We recognized $2 million and $6 million of equity based compensation expense for the three and six months ended June 30, 2021, respectively, which is reflected in selling, general and administrative expenses. There was no equity based compensation expense recorded during the three and six months ended June 30, 2020.

Restricted Stock Units

During the six months ended June 30, 2021, we granted additional restricted stock units (“RSUs”) to certain members of management and certain members of our Board of Directors. These RSUs required future service to be provided and vest in annual installments over a period ranging from 1 to 4 years beginning on the first anniversary of the original grant date. The following table summarizes RSU activity during 2021:

(in thousands, except per share amounts)	Number of Stock Units			Weighted- Average Grant Date Fair Value
Non-vested, at January 1		297		$	14.00
Granted		862		$	15.26
Forfeitures		(75	)	$	14.60
Non-vested, at June 30		1,084		$	14.96

Unrecognized compensation cost related to unvested RSUs as of June 30, 2021 was $10 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Performance Share Units

We may grant performance share units (“PSUs”) which vest based on the achievement of various company performance targets during a performance period set by our Compensation Committee. We use our stock price on the grant date to estimate the fair value of our PSUs. We adjust the expense based on the likelihood of future achievement of performance metrics. If any of the performance targets are not achieved, the awards are forfeited. Each PSU is equal to one common share once vested with varying maximum award value limitations. During the six months ended June 30, 2021, we granted PSUs to certain members of management which vest on the third anniversary of the original grant date. The following table summarizes PSU activity during 2021:

(in thousands, except per share amounts)	Number of Stock Units			Weighted- Average Grant Date Fair Value
Non-vested, at January 1		—		$	—
Granted		298		$	15.05
Forfeitures		(66	)	$	14.60
Non-vested, at June 30		232		$	15.18

Unrecognized compensation cost related to unvested PSUs as of June 30, 2021 was $3 million, which is expected to be recognized over a weighted-average period of 2.75 years.

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 18. Earnings Per Share

A reconciliation of the number of shares used for our earnings (loss) per share calculation was as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations	$	8		$	(19	)	$	(4	)	$	114
From discontinued operations		(1	)		(21	)		(4	)		(18	)
Total	$	7		$	(40	)	$	(8	)	$	96
Weighted average number of shares outstanding
Basic		177.4			134.4			177.3			134.4
Effect of dilutive securities		0.3			—			—			—
Diluted		177.7			134.4			177.3			134.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations
Basic	$	0.05		$	(0.14	)	$	(0.02	)	$	0.85
Diluted	$	0.05		$	(0.14	)	$	(0.02	)	$	0.85
From discontinued operations
Basic	$	(0.01	)	$	(0.16	)	$	(0.02	)	$	(0.13	)
Diluted	$	(0.01	)	$	(0.16	)	$	(0.02	)	$	(0.13	)
Total
Basic	$	0.04		$	(0.30	)	$	(0.04	)	$	0.72
Diluted	$	0.04		$	(0.30	)	$	(0.04	)	$	0.72

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 our Annual Report on Form 10-K for the year ended December 31, 2020. The stock split has been retroactively reflected, resulting in 134.4 million weighted average number of shares outstanding for the three and six months ended June 30, 2020.

There were no anti-dilutive potential common shares excluded from the calculation above for the three months ended June 30, 2021. The weighted average number of anti-dilutive potential common shares excluded from the calculation above was 0.2 million shares for the six months ended June 30, 2021.

Our Board of Directors approved a dividend of $0.10 per share on August 3, 2021 to be paid on September 15, 2021 to shareholders of record as of September 1, 2021.

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 19. 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, we have three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. These reportable segments reflect 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, drinkware (hot and cold cups and lids), tableware, serviceware 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 and equity based compensation.

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, strategic review and transaction-related costs, and executive transition charges.

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

	Foodservice		Food Merchandising		Beverage Merchandising			Reportable Segment Total
For the Three Months Ended June 30, 2021
Net revenues	$	571	$	388	$	369		$	1,328
Intersegment revenues		—		—		18			18
Total reportable segment net revenues	$	571	$	388	$	387		$	1,346
Adjusted EBITDA	$	62	$	59	$	15		$	136

For the Three Months Ended June 30, 2020
Net revenues	$	405	$	348	$	329		$	1,082
Intersegment revenues		—		—		19			19
Total reportable segment net revenues	$	405	$	348	$	348		$	1,101
Adjusted EBITDA	$	33	$	61	$	38		$	132

For the Six Months Ended June 30, 2021
Net revenues	$	1,025	$	730	$	708		$	2,463
Intersegment revenues		—		—		36			36
Total reportable segment net revenues	$	1,025	$	730	$	744		$	2,499
Adjusted EBITDA	$	123	$	114	$	(17	)	$	220

For the Six Months Ended June 30, 2020
Net revenues	$	878	$	692	$	692		$	2,262
Intersegment revenues		—		—		53			53
Total reportable segment net revenues	$	878	$	692	$	745		$	2,315
Adjusted EBITDA	$	89	$	114	$	87		$	290

Reportable segment assets consisted of the following:

Foodservice

Food

Merchandising

Beverage

Merchandising

Reportable

Segment Total

As of June 30, 2021

1,121

737

1,069

2,927

As of December 31, 2020

1,064

703

1,039

2,806

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Reportable segment Adjusted EBITDA	$	136		$	132		$	220		$	290
Other		2			2			3			4
Unallocated		(8	)		(7	)		(16	)		(22	)
		130			127			207			272
Adjustments to reconcile to U.S. GAAP income (loss) from continuing operations before income taxes
Interest expense, net		(42	)		(86	)		(84	)		(188	)
Depreciation and amortization		(77	)		(72	)		(150	)		(140	)
Restructuring, asset impairment and other related charges		(10	)		(1	)		(8	)		(4	)
Non-cash pension income		25			19			48			37
Operational process engineering related consultancy costs		(7	)		(1	)		(10	)		(9	)
Related party management fee		—			—			—			(5	)
Strategic review and transaction-related costs		—			(9	)		—			(15	)
Foreign exchange (losses) gains on cash		(1	)		(56	)		(1	)		28
Unrealized (losses) gains on derivatives		(3	)		19			(4	)		2
Executive transition charges		—			—			(10	)		—
Other		(2	)		(1	)		(4	)		—
Income (loss) from continuing operations before tax	$	13		$	(61	)	$	(16	)	$	(22	)

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

	As of June 30, 2021		As of December 31, 2020
Reportable segment assets	$	2,927	$	2,806
Other		44		34
Unallocated⁽¹⁾		3,810		4,003
Total assets	$	6,781	$	6,843

⁽¹⁾

Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use 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 Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Foodservice
Drinkware⁽¹⁾	$	233		$	143		$	398		$	325
Containers⁽¹⁾		238			193			447			372
Tableware⁽¹⁾		51			31			89			95
Serviceware and other⁽¹⁾		49			38			91			86
Food Merchandising
Meat trays		93			99			180			194
Bakery/snack/produce/fruit containers		87			79			156			143
Prepared food trays		38			28			72			62
Egg cartons		21			24			47			50
Tableware⁽²⁾		99			82			181			169
Other		50			36			94			74
Beverage Merchandising
Cartons for fresh beverage products		208			198			400			398
Liquid packaging board		96			89			187			204
Paper products		83			61			157			143
Reportable segment net revenues		1,346			1,101			2,499			2,315
Other / Unallocated
Other		24			25			53			57
Inter-segment eliminations		(18	)		(19	)		(36	)		(53	)
Net revenues	$	1,352		$	1,107		$	2,516		$	2,319

⁽¹⁾	Certain product sales in the prior year periods have been re-categorized to conform with the current year presentation as the segment realigned its go-to-market product strategy.

⁽²⁾	During the current year, Food Merchandising changed the name of its historical Dinnerware product line to Tableware.

For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.

- 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.

+ References

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+ Details

Nature of Operations and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Recently Adopted and Recently Issued But Not Yet Accounting Guidance

Recently Adopted Accounting Guidance

Accounting Guidance Issued but Not Yet Adopted as of June 30, 2021

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Summary of Discontinued Operations Financial Information

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

	For the Three Months Ended June 30, 2020			For the Six Months Ended June 30, 2020
Net revenues	$	462		$	1,114
Cost of sales		(384	)		(903	)
Gross profit		78			211
Selling, general and administrative expenses		(45	)		(127	)
Restructuring, asset impairment and other related charges		(4	)		(9	)
Interest expense, net⁽¹⁾		(1	)		(22	)
Other expense, net		(3	)		(3	)
Income before income taxes from discontinued operations		25			50
Income tax expense		(60	)		(82	)
Net loss from discontinued operations, before gain on disposal		(35	)		(32	)
Gain on disposal, net of income taxes		14			14
Net loss from discontinued operations	$	(21	)	$	(18	)

⁽¹⁾	Includes interest expense, amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCPI; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020.

Cash flows from discontinued operations were as follows:

	For the Six Months Ended June 30, 2020
Net cash provided by operating activities	$	134
Net cash used in investing activities		(94	)
Net cash provided by financing activities		478
Net cash flow from discontinued operations	$	518

- 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.

+ References

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+ Details

Impairment, Restructuring and Other Related Charges (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Summary of Impairment, Restructuring and Other Related Charges

During the three months ended June 30, 2021, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Total
Beverage Merchandising	$	—	$	8	$	8
Other		2		—		2
Total	$	2	$	8	$	10

During the six months ended June 30, 2021, we recorded the following impairment, restructuring and other related charges:

	Employee terminations		Total
Beverage Merchandising	$	8	$	8
Other		—		—
Total	$	8	$	8

During the three months ended June 30, 2020, we recorded the following impairment, restructuring and other related charges:

Employee

terminations

Total

Other

Total

During the six months ended June 30, 2020, we recorded the following impairment, restructuring and other related charges:

	Other asset impairment		Employee terminations		Other restructuring charges		Total
Foodservice	$	1	$	—	$	1	$	2
Beverage Merchandising		—		1		—		1
Other		—		1		—		1
Total	$	1	$	2	$	1	$	4

Summary of Restructuring Liability

The following table summarizes the changes to our restructuring liability for the six months ended June 30, 2021:

December 31, 2020

Charges to

earnings

Cash paid

June 30, 2021

Employee termination costs

)

Total

)

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Summary of the Components of Inventory

The components of inventories consisted of the following:

	As of June 30, 2021		As of December 31, 2020
Raw materials	$	212	$	180
Work in progress		109		108
Finished goods		400		410
Spare parts		91		86
Inventories	$	812	$	784

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021			As of December 31, 2020
Land and land improvements	$	86		$	87
Buildings and building improvements		565			532
Machinery and equipment		3,279			3,148
Construction in progress		165			191
Property, plant and equipment, at cost		4,095			3,958
Less: accumulated depreciation		(2,385	)		(2,273	)
Property, plant and equipment, net	$	1,710		$	1,685

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Cost of sales	$	58	$	53	$	112	$	103
Selling, general and administrative expenses		6		6		12		10
Total depreciation expense	$	64	$	59	$	124	$	113

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

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 ^{(1) (2)}		Total
Balance as of December 31, 2020	$	924	$	770	$	66	$	—	$	1,760
Impairment charges		—		—		—		—		—
Balance as of June 30, 2021	$	924	$	770	$	66	$	—	$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	15	$	15

⁽¹⁾	Other includes operations that do not meet the quantitative threshold for reportable segments.

⁽²⁾

Summary of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following:

	As of June 30, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,021	$	(568	)	$	453	$	1,019	$	(540	)	$	479
Other		20		(20	)		—		20		(20	)		—
Total finite-lived intangible assets	$	1,041	$	(588	)	$	453	$	1,039	$	(560	)	$	479
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		59		—			59
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	613	$	—		$	613
Total intangible assets	$	1,654	$	(588	)	$	1,066	$	1,652	$	(560	)	$	1,092

Summary of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:

	As of June 30, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,021	$	(568	)	$	453	$	1,019	$	(540	)	$	479
Other		20		(20	)		—		20		(20	)		—
Total finite-lived intangible assets	$	1,041	$	(588	)	$	453	$	1,039	$	(560	)	$	479
Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other		59		—			59		59		—			59
Total indefinite-lived intangible assets	$	613	$	—		$	613	$	613	$	—		$	613
Total intangible assets	$	1,654	$	(588	)	$	1,066	$	1,652	$	(560	)	$	1,092

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of June 30, 2021		As of December 31, 2020
Accrued personnel costs	$	98	$	117
Accrued rebates and credits		93		68
Accrued interest		13		16
Other⁽¹⁾		131		121
Accrued and other current liabilities	$	335	$	322

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

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:

	As of			As of
	June 30,			December 31,
	2021			2020
Credit Agreement	$	2,450		$	2,457
Notes:
5.125% Senior Secured Notes due 2023		—			59
4.000% Senior Secured Notes due 2027		1,000			1,000
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		30			12
Total principal amount of borrowings		3,956			4,004
Deferred financing transaction costs ("DIC")		(12	)		(14	)
Original issue discounts, net of premiums ("OID")		(9	)		(10	)
		3,935			3,980
Less: current portion		(17	)		(15	)
Long-term debt	$	3,918		$	3,965

Summary of Components of the Credit Agreement

The Credit Agreement comprises the following term and revolving tranches:

		Value Drawn or Utilized		Applicable Interest Rate
		as of		as of
		June 30,		June 30,
	Maturity Date	2021		2021
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	$	1,243	LIBOR (floor of 0.000%) + 3.250%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	August 5, 2024	$	43		—

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

Schedule of Outstanding Notes

Outstanding Notes, as of June 30, 2021, are summarized below:

Description

Maturity date

Semi-annual interest payment dates

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15,

commencing April 15, 2021

As of June 30, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”):

Description	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 June 30, 2021:


2021	$	8
2022		17
2023		1,223
2024		15
2025		291
Thereafter		2,402
Total principal amount of borrowings	$	3,956

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 June 30, 2021				As of December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement	$	2,442	$	2,441	$	2,447	$	2,443
Notes:
5.125% Senior Secured Notes due 2023		—		—		59		60
4.000% Senior Secured Notes due 2027		991		994		991		1,024
Pactiv Debentures:
7.950% Debentures due 2025		273		311		273		318
8.375% Debentures due 2027		199		232		198		235
Other		30		30		12		12
Total	$	3,935	$	4,008	$	3,980	$	4,092

Interest Expense, Net

Interest expense, net consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Interest expense:
Securitization Facility	$	—		$	3		$	—		$	6
Credit Agreement		20			28			39			66
Notes		10			44			20			87
Pactiv Debentures		9			9			19			19
Interest income, related party⁽¹⁾		—			(2	)		—			(6	)
Interest income, other		—			(2	)		(1	)		(6	)
Amortization:
Deferred financing transaction costs		1			3			2			9
Original issue discounts		1			1			1			3
Derivative losses		—			2			—			14
Net foreign currency exchange losses (gains)		(1	)		—			—			(6	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		—			—			—			—
Redemption premiums		—			—			1			—
Other		2			—			3			2
Interest expense, net⁽²⁾	$	42		$	86		$	84		$	188

⁽¹⁾	Refer to Note 16, Related Party Transactions, for additional details.

⁽²⁾

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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+ Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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

	As of June 30, 2021					As of December 31, 2020
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	5	$	(2	)	$	9	$	(2	)
Total fair value	$	5	$	(2	)	$	9	$	(2	)
Recorded in:
Other current assets	$	5	$	—		$	9	$	—
Accrued and other current liabilities		—		(2	)		—		(2	)
Total fair value	$	5	$	(2	)	$	9	$	(2	)

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2021:

Type	Unit of measure	Contracted volume		Contracted price range	Contracted date of maturity
Natural gas swaps	Million BTU		1,496,591	$2.47 - $2.94	Aug 2021 - Sep 2022
Polymer-grade propylene swaps	Pound		1,104,946	$0.52	Jul 2021 - Aug 2021
Benzene swaps	U.S. liquid gallon		6,843,431	$1.78 - $3.85	Aug 2021 - Mar 2022
Diesel swaps	U.S. liquid gallon		116,580	$2.50	Jul 2021 - Dec 2021
Low-density polyethylene swaps	Pound		6,000,000	$0.71	Jul 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.

+ References

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+ Details

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Net Periodic Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans

Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Service cost	$	(1	)	$	(1	)	$	(3	)	$	(3	)
Interest cost		(28	)		(35	)		(55	)		(70	)
Expected return on plan assets		53			52			103			103
Total net periodic benefit income	$	24		$	16		$	45		$	30

Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans has been recognized as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Cost of sales	$	(1	)	$	(1	)	$	(3	)	$	(3	)
Non-operating income, net		25			17			48			33
Total net periodic benefit income	$	24		$	16		$	45		$	30

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Schedule of Other Income (Expense), Net

Other income (expense), net consisted of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Related party management fee⁽¹⁾	$	—		$	—		$	—		$	(5	)
Foreign exchange (losses) gains on cash⁽²⁾		(1	)		(56	)		(1	)		28
Transition service agreement income⁽¹⁾		3			6			7			10
Other		3			4			5			(2	)
Other income (expense), net	$	5		$	(46	)	$	11		$	31

⁽¹⁾	^{See Note 16, 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)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Currency translation adjustments:
Balance as of beginning of period	$	(209	)	$	(525	)	$	(189	)	$	(354	)
Currency translation adjustments		7			79			(2	)		(95	)
Amounts reclassified from AOCL⁽¹⁾		—			(1	)		(11	)		—
Other comprehensive income (loss)		7			78			(13	)		(95	)
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			2
Balance as of end of period	$	(202	)	$	(447	)	$	(202	)	$	(447	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of period	$	(160	)	$	(176	)	$	(160	)	$	(176	)
Balance as of end of period	$	(160	)	$	(176	)	$	(160	)	$	(176	)
Plans held for sale or distribution
Balance as of beginning of period	$	—		$	(1	)	$	—		$	12
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			(13	)
Balance as of end of period	$	—		$	(1	)	$	—		$	(1	)
AOCL
Balance as of beginning of period	$	(369	)	$	(702	)	$	(349	)	$	(518	)
Other comprehensive income (loss)		7			78			(13	)		(95	)
Distribution of RCPI⁽²⁾⁽³⁾		—			—			—			(11	)
Balance as of end of period	$	(362	)	$	(624	)	$	(362	)	$	(624	)

⁽¹⁾	The reclassification of currency translation adjustment amounts to earnings during the six months ended June 30, 2021 relates to the sale of the remaining South American closures businesses. See Note 3, Assets and Liabilities Held for Sale, for additional details.

⁽²⁾	Currencytranslation adjustment reclassifications associated with the distribution of RCPI are recorded directly to additional paid in capital. See Note 2, Discontinued Operations, for additional details.

⁽³⁾	Defined benefit plan reclassifications associated with the distribution of RCPI are recorded directly to retained earnings.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Related Party Transactions

	Transaction Value for the						Transaction Value for the
	Three Months Ended June 30,						Six Months Ended June 30,						Balance Outstanding as of
	2021			2020			2021			2020			June 30, 2021			December 31, 2020
Balances and transactions with joint ventures
Included in other current assets													$	10		$	7
Sale of goods and services⁽¹⁾	$	6		$	7		$	16		$	18
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables														53			55
Sale of goods and services⁽²⁾		93			83			171			170
Transition services agreements and rental income⁽²⁾		3			5			7			8
Tax loss transfer⁽³⁾		—			—			—			13
Recharges⁽⁴⁾		2			1			7			1
Noncurrent related party receivables⁽⁵⁾														—			—
Interest income		—			3			—			6
Related party payables														(8	)		(10	)
Purchase of goods⁽²⁾		(26	)		(24	)		(51	)		(63	)
Recharges⁽⁴⁾		—			(4	)		(6	)		(10	)
Management fee⁽⁶⁾		—			(3	)		—			(8	)
Tax loss transfer⁽³⁾		—			—			—			(1	)

⁽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⁾

⁽⁶⁾

Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity during 2021:

(in thousands, except per share amounts)	Number of Stock Units			Weighted- Average Grant Date Fair Value
Non-vested, at January 1		297		$	14.00
Granted		862		$	15.26
Forfeitures		(75	)	$	14.60
Non-vested, at June 30		1,084		$	14.96

Performance Stock Units (PSU)

Summary of Performance Stock Unit Activity

The following table summarizes PSU activity during 2021:

(in thousands, except per share amounts)	Number of Stock Units			Weighted- Average Grant Date Fair Value
Non-vested, at January 1		—		$	—
Granted		298		$	15.05
Forfeitures		(66	)	$	14.60
Non-vested, at June 30		232		$	15.18

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of the Basic and Diluted Earnings (Loss) Per Share

A reconciliation of the number of shares used for our earnings (loss) per share calculation was as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations	$	8		$	(19	)	$	(4	)	$	114
From discontinued operations		(1	)		(21	)		(4	)		(18	)
Total	$	7		$	(40	)	$	(8	)	$	96
Weighted average number of shares outstanding
Basic		177.4			134.4			177.3			134.4
Effect of dilutive securities		0.3			—			—			—
Diluted		177.7			134.4			177.3			134.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations
Basic	$	0.05		$	(0.14	)	$	(0.02	)	$	0.85
Diluted	$	0.05		$	(0.14	)	$	(0.02	)	$	0.85
From discontinued operations
Basic	$	(0.01	)	$	(0.16	)	$	(0.02	)	$	(0.13	)
Diluted	$	(0.01	)	$	(0.16	)	$	(0.02	)	$	(0.13	)
Total
Basic	$	0.04		$	(0.30	)	$	(0.04	)	$	0.72
Diluted	$	0.04		$	(0.30	)	$	(0.04	)	$	0.72

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

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
For the Three Months Ended June 30, 2021
Net revenues	$	571	$	388	$	369		$	1,328
Intersegment revenues		—		—		18			18
Total reportable segment net revenues	$	571	$	388	$	387		$	1,346
Adjusted EBITDA	$	62	$	59	$	15		$	136

For the Three Months Ended June 30, 2020
Net revenues	$	405	$	348	$	329		$	1,082
Intersegment revenues		—		—		19			19
Total reportable segment net revenues	$	405	$	348	$	348		$	1,101
Adjusted EBITDA	$	33	$	61	$	38		$	132

For the Six Months Ended June 30, 2021
Net revenues	$	1,025	$	730	$	708		$	2,463
Intersegment revenues		—		—		36			36
Total reportable segment net revenues	$	1,025	$	730	$	744		$	2,499
Adjusted EBITDA	$	123	$	114	$	(17	)	$	220

For the Six Months Ended June 30, 2020
Net revenues	$	878	$	692	$	692		$	2,262
Intersegment revenues		—		—		53			53
Total reportable segment net revenues	$	878	$	692	$	745		$	2,315
Adjusted EBITDA	$	89	$	114	$	87		$	290

Reportable segment assets consisted of the following:

Foodservice

Food

Merchandising

Beverage

Merchandising

Reportable

Segment Total

As of June 30, 2021

1,121

737

1,069

2,927

As of December 31, 2020

1,064

703

1,039

2,806

Reconciliation of Operating Profit (Loss)

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Reportable segment Adjusted EBITDA	$	136		$	132		$	220		$	290
Other		2			2			3			4
Unallocated		(8	)		(7	)		(16	)		(22	)
		130			127			207			272
Adjustments to reconcile to U.S. GAAP income (loss) from continuing operations before income taxes
Interest expense, net		(42	)		(86	)		(84	)		(188	)
Depreciation and amortization		(77	)		(72	)		(150	)		(140	)
Restructuring, asset impairment and other related charges		(10	)		(1	)		(8	)		(4	)
Non-cash pension income		25			19			48			37
Operational process engineering related consultancy costs		(7	)		(1	)		(10	)		(9	)
Related party management fee		—			—			—			(5	)
Strategic review and transaction-related costs		—			(9	)		—			(15	)
Foreign exchange (losses) gains on cash		(1	)		(56	)		(1	)		28
Unrealized (losses) gains on derivatives		(3	)		19			(4	)		2
Executive transition charges		—			—			(10	)		—
Other		(2	)		(1	)		(4	)		—
Income (loss) from continuing operations before tax	$	13		$	(61	)	$	(16	)	$	(22	)

Reconciliation of Assets from Segment to Consolidated

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

	As of June 30, 2021		As of December 31, 2020
Reportable segment assets	$	2,927	$	2,806
Other		44		34
Unallocated⁽¹⁾		3,810		4,003
Total assets	$	6,781	$	6,843

⁽¹⁾

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Foodservice
Drinkware⁽¹⁾	$	233		$	143		$	398		$	325
Containers⁽¹⁾		238			193			447			372
Tableware⁽¹⁾		51			31			89			95
Serviceware and other⁽¹⁾		49			38			91			86
Food Merchandising
Meat trays		93			99			180			194
Bakery/snack/produce/fruit containers		87			79			156			143
Prepared food trays		38			28			72			62
Egg cartons		21			24			47			50
Tableware⁽²⁾		99			82			181			169
Other		50			36			94			74
Beverage Merchandising
Cartons for fresh beverage products		208			198			400			398
Liquid packaging board		96			89			187			204
Paper products		83			61			157			143
Reportable segment net revenues		1,346			1,101			2,499			2,315
Other / Unallocated
Other		24			25			53			57
Inter-segment eliminations		(18	)		(19	)		(36	)		(53	)
Net revenues	$	1,352		$	1,107		$	2,516		$	2,319

⁽¹⁾	Certain product sales in the prior year periods have been re-categorized to conform with the current year presentation as the segment realigned its go-to-market product strategy.

⁽²⁾	During the current year, Food Merchandising changed the name of its historical Dinnerware product line to Tableware.

Nature of Operations and Basis of Presentation - Additional Information (Details) - shares			6 Months Ended
	Sep. 16, 2020	Feb. 04, 2020	Jun. 30, 2020	Jun. 30, 2021
ASU 2018-14
Subsidiary Sale Of Stock [Line Items]
Change in accounting principle, accounting standards update, adopted				true
Change in accounting principle accounting standards update immaterial effect				true
Discontinued Operations \| Reynolds Consumer Products Inc.
Subsidiary Sale Of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)		35,791,985	35,791,985
Discontinued Operations \| Graham Packaging Company Inc.
Subsidiary Sale Of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)	14,036,726

- Definition

Indicates (true false) whether accounting standards update was adopted.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 326
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-Section 65
-Paragraph 3
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 326
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)

+ Details

Discontinued Operations - Summary of Loss from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ (1)	$ (21)	$ (4)	$ (18)
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		462		1,114
Cost of sales		(384)		(903)
Gross profit		78		211
Selling, general and administrative expenses		(45)		(127)
Restructuring, asset impairment and other related charges		(4)		(9)
Interest expense, net		(1)		(22)
Other expense, net		(3)		(3)
Income before income taxes from discontinued operations		25		50
Income tax expense		(60)		(82)
Net loss from discontinued operations, before gain on disposal		(35)		(32)
Gain on disposal, net of income taxes		14		14
Net loss from discontinued operations		$ (21)		$ (18)

Discontinued Operations - Summary of Loss from Discontinued Operations (Parenthetical) (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 04, 2020	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt		$ 5
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 - Additional Information (Details) - Discontinued operations, disposed of by sale - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Charges primarily related to historical tax agreements	$ 1,000,000		$ 4,000,000
Depreciation and amortization expense		$ 59,000,000		$ 126,000,000
Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment		0		1,000,000
Restructuring and other related charges		$ 4,000,000		$ 8,000,000

Discontinued Operations - Summary of Cash Flows (Details) - Discontinued operations, disposed of by sale $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 134
Net cash used in investing activities	(94)
Net cash provided by financing activities	478
Net cash flow from discontinued operations	$ 518

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Assets And Liabilities Held For Sale [Abstract]
Initial impairment charge related to assets and liabilities held-for-sale	$ 2	$ 2

Impairment, Restructuring and Other Related Charges - Summary of Impairment, Restructuring and Other Related Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges	$ 2			$ 1
Employee terminations	8	$ 1	$ 8	2
Other Restructuring Costs				1
Total	10	1	8	4
Foodservice
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges				1
Other Restructuring Costs				1
Total				2
Other
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges	2
Employee terminations		1		1
Total	2	$ 1		1
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Employee terminations	8		8	1
Total	$ 8		$ 8	$ 1

Impairment, Restructuring and Other Related Charges - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Oct. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost And Reserve [Line Items]
Employee terminations		$ 8	$ 1	$ 8	$ 2
Expected plant and equipment depreciation expense		64	59	$ 124	113
Non-cash impairment charge					1
Other restructuring costs					1
Other
Restructuring Cost And Reserve [Line Items]
Employee terminations			1		1
Other \| South American Closures Business
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charge		2
Foodservice
Restructuring Cost And Reserve [Line Items]
Other restructuring costs					1
Carrying values of the impaired assets (less than)			$ 1		$ 1
Coated Groundwood Paper Production Line
Restructuring Cost And Reserve [Line Items]
Employee terminations		$ 8
Coated Groundwood Paper Production Line \| Scenario Forecast
Restructuring Cost And Reserve [Line Items]
Expected plant and equipment depreciation expense	$ 25
Expected disassembly Costs	2
Expected similar expenses related to closure	$ 4

Impairment, Restructuring and Other Related Charges - Summary of Restructuring Liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 7
Charges to earnings	8
Cash paid	(5)
Restructuring liability, ending balance	10
Employee terminations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	7
Charges to earnings	8
Cash paid	(5)
Restructuring liability, ending balance	$ 10

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 212	$ 180
Work in progress	109	108
Finished goods	400	410
Spare parts	91	86
Inventories	$ 812	$ 784

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,095	$ 3,958
Less: accumulated depreciation	(2,385)	(2,273)
Property, plant and equipment, net	1,710	1,685
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	86	87
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	565	532
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,279	3,148
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 165	$ 191

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Cost of sales	$ 58	$ 53	$ 112	$ 103
Selling, general and administrative expenses	6	6	12	10
Total depreciation expense	$ 64	$ 59	$ 124	$ 113

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,760
Impairment charges	0
Ending Balance	1,760
Accumulated impairment losses	15
Foodservice
Goodwill [Line Items]
Beginning Balance	924
Impairment charges	0
Ending Balance	924
Food Merchandising
Goodwill [Line Items]
Beginning Balance	770
Impairment charges	0
Ending Balance	770
Beverage Merchandising
Goodwill [Line Items]
Beginning Balance	66
Impairment charges	0
Ending Balance	66
Other
Goodwill [Line Items]
Impairment charges	0
Accumulated impairment losses	$ 15

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) (Parenthetical) $ in Millions	Jun. 30, 2021 USD ($)
Finite Lived Intangible Assets [Line Items]
Goodwill, accumulated impairment loss	$ 15
Discontinued operations, disposed of by sale
Finite Lived Intangible Assets [Line Items]
Goodwill, gross carrying amount	7
Goodwill, accumulated impairment loss	$ 7

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,041	$ 1,039
Accumulated Amortization	(588)	(560)
Net	453	479
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,654	1,652
Net	1,066	1,092
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	59
Customer Relationships
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,021	1,019
Accumulated Amortization	(568)	(540)
Net	453	479
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	20	20
Accumulated Amortization	$ (20)	$ (20)

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 13	$ 13	$ 26	$ 27

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued personnel costs	$ 98	$ 117
Accrued rebates and credits	93	68
Accrued interest	13	16
Other	131	121
Accrued and other current liabilities	$ 335	$ 322

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other	$ 30	$ 12
Total principal amount of borrowings	3,956	4,004
Deferred financing transaction costs ("DIC")	(12)	(14)
Original issue discounts, net of premiums ("OID")	(9)	(10)
Debt, net	3,935	3,980
Less: current portion	(17)	(15)
Long-term debt	3,918	3,965
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		59
4.000% Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
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	$ 2,450	$ 2,457

Debt - Summary of Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
Debt - Summary of Debt (Parenthetical) (Details)	Jun. 30, 2021	Dec. 31, 2020	Feb. 16, 2021
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Interest rate		5.125%	5.125%
Debt instrument maturity year		2023
4.000% Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
7.950% Debentures due 2025 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Repayment of debt	$ 65	$ 3,215	$ 8,944
Aggregate price of debt			$ 8,978
Loss on extinguishment of debt		$ 5

Debt -Summary of Components of the Credit Agreement (Details) - Line of credit - Credit Agreement $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	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]
Debt Instrument Maturity Date	Feb. 05, 2026
Long-term debt, gross	$ 1,243
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]
Debt Instrument Maturity Date	Aug. 05, 2024
Value Utilized	$ 43

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Jun. 30, 2021 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 - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate	2.87%		3.96%
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate	3.37%
Percentage of quarterly amortization payments	0.25%
Secured debt
Line Of Credit Facility [Line Items]
Due amount of excess cash flow prepayments		$ 0
Secured debt \| Maximum
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments	50.00%
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%

Debt - Schedule of Outstanding Notes (Details) - Senior Secured Notes - 4.000% Notes due 2027	6 Months Ended
	Jun. 30, 2021
Debt Instrument [Line Items]
Maturity date	Oct. 15, 2027
Semi-annual interest payment dates	April 15 and October 15, commencing April 15, 2021

Debt - Schedule of Outstanding Notes (Parenthetical) (Details) - 4.000% Notes due 2027 - Senior Secured Notes	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027

Debt - Notes - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
	Feb. 16, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt repayments		$ 65	$ 3,215	$ 8,944
Loss on extinguishment of debt			$ 5
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt repayments	$ 59
Interest rate	5.125%			5.125%
Redemption price percentage	101.281%
Loss on extinguishment of debt	$ 1

Debt - Debentures (Details) - Unsecured debt	6 Months Ended
Debt - Debentures (Details) - Unsecured debt	Jun. 30, 2021
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2025
Semi-annual interest payment dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2027
Semi-annual interest payment dates	April 15 and October 15

Debt - Debentures (Parenthetical) (Details) - Unsecured debt	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
7.950% Debentures due 2025
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Debentures - Additional Information (Details) - Unsecured debt - 8.375% Debentures due 2027	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Redemption price percentage	100.00%

Debt - Other Debt - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Finance lease obligations	$ 30	$ 12

Debt -Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 8
2022	17
2023	1,223
2024	15
2025	291
Thereafter	2,402
Total principal amount of borrowings	$ 3,956	$ 4,004

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	$ 30	$ 12
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	30	12
Total	3,935	3,980
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
Carrying Value \| 4.000% Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	991	991
Carrying Value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	273	273
Carrying Value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	199	198
Carrying Value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,442	2,447
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	30	12
Total	4,008	4,092
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
Fair Value \| 4.000% Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	994	1,024
Fair Value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	311	318
Fair Value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	232	235
Fair Value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,441	$ 2,443

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Feb. 16, 2021
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%
Debt instrument maturity year		2023
Senior notes \| 4.000% Notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
Unsecured debt \| 7.950% Debentures due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
Unsecured debt \| 8.375% Debentures due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Interest income, related party		$ (2)		$ (6)
Interest income, other		(2)	$ (1)	(6)
Amortization of deferred financing transaction costs	$ 1	3	2	9
Amortization of original issue discounts	1	1	1	3
Derivative losses		2		14
Net foreign currency exchange losses (gains)	(1)			(6)
Redemption premiums			1
Other	2		3	2
Interest expense, net	42	86	84	188
Senior notes
Debt Instrument [Line Items]
Interest expense, debt	10	44	20	87
Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	9	9	19	19
Secured debt \| Securitization Facility \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt		3		6
Secured debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt	$ 20	$ 28	$ 39	$ 66

Debt - Interest Expense, Net (Parenthetical) (Details)	Jun. 30, 2021	Jun. 30, 2020
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Asset Derivatives	$ 5	$ 9
Liability Derivatives	(2)	(2)
Other current assets
Derivative [Line Items]
Asset Derivatives	5	9
Commodity swap contracts
Derivative [Line Items]
Asset Derivatives	5	9
Liability Derivatives	(2)	(2)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives	$ (2)	$ (2)

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on derivatives	$ (3)	$ 19	$ (4)	$ 2

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2021 MMBTU lb $ / MMBTU $ / lb $ / gal gal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure \| MMBTU	1,496,591
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
Polymer-grade propylene swaps
Derivative [Line Items]
Contracted volume \| lb	1,104,946
Contracted price range \| $ / lb	0.52
Benzene swaps
Derivative [Line Items]
Contracted volume \| gal	6,843,431
Benzene swaps \| Minimum
Derivative [Line Items]
Contracted price range	1.78
Benzene swaps \| Maximum
Derivative [Line Items]
Contracted price range	3.85
Diesel swaps
Derivative [Line Items]
Contracted volume \| gal	116,580
Contracted price range	2.50
Low-density polyethylene swaps
Derivative [Line Items]
Contracted volume \| lb	6,000,000
Contracted price range \| $ / lb	0.71

Employee Benefits - Net Periodic Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Service cost	$ (1)	$ (1)	$ (3)	$ (3)
Interest cost	(28)	(35)	(55)	(70)
Expected return on plan assets	53	52	103	103
Total net periodic benefit income	$ 24	$ 16	$ 45	$ 30

Employee Benefits - Net Periodic Defined Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans Recognized (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 24	$ 16	$ 45	$ 30
Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	(1)	(1)	(3)	(3)
Non-operating Income, Net
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 25	$ 17	$ 48	$ 33

Employee Benefits - Narrative (Details)		3 Months Ended			6 Months Ended
Employee Benefits - Narrative (Details)	Jul. 21, 2021 Retiree	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jul. 14, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Non-cash pre-tax pension settlement gain			$ (25,000,000)	$ (19,000,000)	$ (48,000,000)	$ (37,000,000)
Forecast
Defined Benefit Plan Disclosure [Line Items]
Non-cash pre-tax pension settlement gain		$ 22,000,000
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations							$ 950,000,000
Pension benefits and annuity administration for retirees or their beneficiaries \| Retiree	16,300
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made					$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income And Expenses [Abstract]
Related party management fee		$ 0		$ (5,000,000)
Foreign exchange (losses) gains on cash	$ (1,000,000)	(56,000,000)	$ (1,000,000)	28,000,000
Transition service agreement income	3,000,000	6,000,000	7,000,000	10,000,000
Other	3,000,000	4,000,000	5,000,000	(2,000,000)
Other income (expense), net	$ 5,000,000	$ (46,000,000)	$ 11,000,000	$ 31,000,000

Commitments and Contingencies - Additional Information (Details) - MP2 Energy LLC $ in Millions	Apr. 14, 2021 USD ($)
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 40
Loss contingency, shortfall in contract	$ 40

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,026	$ 1,998	$ 1,074	$ 2,082
Ending balance	1,025	2,037	1,025	2,037
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(209)	(525)	(189)	(354)
Currency translation adjustments	7	79	(2)	(95)
Amounts reclassified from AOCL		(1)	(11)
Other comprehensive income (loss)	7	78	(13)	(95)
Distribution of RCPI				2
Ending balance	(202)	(447)	(202)	(447)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(369)	(702)	(349)	(518)
Other comprehensive income (loss)	7	78	(13)	(95)
Distribution of RCPI				(11)
Ending balance	(362)	(624)	(362)	(624)
Continuing Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(160)	(176)	(160)	(176)
Ending balance	$ (160)	(176)	$ (160)	(176)
Discontinued Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(1)		12
Distribution of RCPI				(13)
Ending balance		$ (1)		$ (1)

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before tax	$ 13	$ (61)	$ (16)	$ (22)
Income tax (expense) benefit	$ (5)	$ 43	13	137
Tax rate benefit amount			10	$ 90
Unrecognized tax benefits decrease in income tax returns			$ 10

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 940
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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 942
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Related Party Transactions - Additional Information (Details)	Jun. 30, 2021
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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related parties, current	$ 53		$ 53		$ 55
Interest income		$ 2		$ 6
Purchase of goods	(26)	(24)	(51)	(63)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current	10		10		7
Sale of goods and services	6	7	16	18
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables	53		53		55
Noncurrent related party receivables	0		0		0
Interest income	0	3	0	6
Related party payables	(8)		(8)		$ (10)
Sale of goods and services \| Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services	93	83	171	170
Transition services agreements and rental income \| Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income	3	5	7	8
Tax loss transfer
Related Party Transaction [Line Items]
Related party transactions, expenses	0	0	0	(1)
Tax loss transfer \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	0	13
Recharges
Related Party Transaction [Line Items]
Related party transactions, expenses	0	(4)	(6)	(10)
Recharges \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction	2	1	7	1
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses	$ 0	$ (3)	$ 0	$ (8)

Related Party Transactions - Related Party Transactions (Parenthetical) (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) lease_agreement	Jun. 30, 2020 USD ($)	Dec. 31, 2019	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Related party management fee	$ 0		$ 5,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables		$ 53,000,000			$ 55,000,000
Affiliated Entity \| Tax Matters Agreement
Related Party Transaction [Line Items]
Current related party receivables		$ 12,000,000
Affiliated Entity \| Loan Transaction With Related Party
Related Party Transaction [Line Items]
Related party transaction, rate	3.46%		4.28%	3.25%
Affiliated Entity \| Lease Agreements
Related Party Transaction [Line Items]
Number of lease agreements \| lease_agreement		2

Equity Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	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	$ 0	$ 0
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	10,000,000	$ 10,000,000
Unrecognized share-based compensation, weighted-average recognition period (in years)		2 years 6 months
Restricted Stock Units (RSUs) \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		1 year
Restricted Stock Units (RSUs) \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		4 years
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	3,000,000	$ 3,000,000
Unrecognized share-based compensation, weighted-average recognition period (in years)		2 years 9 months
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,000,000	$ 6,000,000

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested \| shares	297
Granted \| shares	862
Forfeitures \| shares	(75)
Ending balance, Non-vested \| shares	1,084
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested \| $ / shares	$ 14.00
Granted \| $ / shares	15.26
Forfeitures \| $ / shares	14.60
Ending balance, Non-vested \| $ / shares	$ 14.96

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Number of Stock Units
Granted \| shares	298
Forfeitures \| shares	(66)
Ending balance, Non-vested \| shares	232
Weighted-Average Grant Date Fair Value
Granted \| $ / shares	$ 15.05
Forfeitures \| $ / shares	14.60
Ending balance, Non-vested \| $ / shares	$ 15.18

Earnings Per Share - Summary of the Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations	$ 8	$ (19)	$ (4)	$ 114
From discontinued operations	(1)	(21)	(4)	(18)
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 7	$ (40)	$ (8)	$ 96
Weighted average number of shares outstanding
Basic	177.4	134.4	177.3	134.4
Effect of dilutive securities	0.3
Diluted	177.7	134.4	177.3	134.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from continuing operations
Basic	$ 0.05	$ (0.14)	$ (0.02)	$ 0.85
Diluted	0.05	(0.14)	(0.02)	0.85
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from discontinued operations
Basic	(0.01)	(0.16)	(0.02)	(0.13)
Diluted	(0.01)	(0.16)	(0.02)	(0.13)
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, total
Basic	0.04	(0.30)	(0.04)	0.72
Diluted	$ 0.04	$ (0.30)	$ (0.04)	$ 0.72

Earnings Per Share - Additional Information (Details) - $ / shares		3 Months Ended		6 Months Ended
	Aug. 03, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)			134,400,000		134,400,000
Weighted average number of shares outstanding (in shares)		0		200,000
Subsequent event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	Aug. 03, 2021
Dividends payable, date to be paid	Sep. 15, 2021
Dividends payable, date of record	Sep. 01, 2021

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,352	$ 1,107	$ 2,516	$ 2,319
Adjusted EBITDA	130	127	207	272
Reportable segment assets	6,781		6,781		$ 6,843
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	(18)	(19)	(36)	(53)
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(8)	(7)	(16)	(22)
Reportable segment assets	3,810		3,810		4,003
Foodservice
Segment Reporting Information [Line Items]
Net revenues	571	405	1,025	878
Foodservice \| Operating segments
Segment Reporting Information [Line Items]
Net revenues	571	405	1,025	878
Adjusted EBITDA	62	33	123	89
Reportable segment assets	1,121		1,121		1,064
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	388	348	730	692
Food Merchandising \| Operating segments
Segment Reporting Information [Line Items]
Net revenues	388	348	730	692
Adjusted EBITDA	59	61	114	114
Reportable segment assets	737		737		703
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	369	329	708	692
Beverage Merchandising \| Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	18	19	36	53
Beverage Merchandising \| Operating segments
Segment Reporting Information [Line Items]
Net revenues	387	348	744	745
Adjusted EBITDA	15	38	(17)	87
Reportable segment assets	1,069		1,069		1,039
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,328	1,082	2,463	2,262
Reportable Segments \| Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	18	19	36	53
Reportable Segments \| Operating segments
Segment Reporting Information [Line Items]
Net revenues	1,346	1,101	2,499	2,315
Adjusted EBITDA	136	132	220	290
Reportable segment assets	2,927		2,927		2,806
Other \| Operating segments
Segment Reporting Information [Line Items]
Net revenues	24	25	53	57
Adjusted EBITDA	2	$ 2	3	$ 4
Reportable segment assets	$ 44		$ 44		$ 34

Segment Information - Reconciliation of EBITDA to Income (Loss) from Continuing Operations Before Income Tax (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 130,000,000	$ 127,000,000	$ 207,000,000	$ 272,000,000
Interest expense, net	(42,000,000)	(86,000,000)	(84,000,000)	(188,000,000)
Depreciation and amortization	(77,000,000)	(72,000,000)	(150,000,000)	(140,000,000)
Restructuring, asset impairment and other related charges	(10,000,000)	(1,000,000)	(8,000,000)	(4,000,000)
Non-cash pension income	25,000,000	19,000,000	48,000,000	37,000,000
Operational process engineering related consultancy costs	(7,000,000)	(1,000,000)	(10,000,000)	(9,000,000)
Related party management fee		0		(5,000,000)
Strategic review and transaction-related costs		(9,000,000)		(15,000,000)
Foreign exchange (losses) gains on cash	(1,000,000)	(56,000,000)	(1,000,000)	28,000,000
Unrealized gain (loss) on derivatives	(3,000,000)	19,000,000	(4,000,000)	2,000,000
Executive transition charges			(10,000,000)
Other	(2,000,000)	(1,000,000)	(4,000,000)
Income (loss) from continuing operations before tax	13,000,000	(61,000,000)	(16,000,000)	(22,000,000)
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(8,000,000)	(7,000,000)	(16,000,000)	(22,000,000)
Reportable Segments \| Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	136,000,000	132,000,000	220,000,000	290,000,000
Other \| Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 2,000,000	$ 2,000,000	$ 3,000,000	$ 4,000,000

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,352	$ 1,107	$ 2,516	$ 2,319
Foodservice
Segment Reporting Information [Line Items]
Net revenues	571	405	1,025	878
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	388	348	730	692
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	369	329	708	692
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,328	1,082	2,463	2,262
Operating segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	571	405	1,025	878
Operating segments \| Foodservice \| Drinkware
Segment Reporting Information [Line Items]
Net revenues	233	143	398	325
Operating segments \| Foodservice \| Containers
Segment Reporting Information [Line Items]
Net revenues	238	193	447	372
Operating segments \| Foodservice \| Tableware
Segment Reporting Information [Line Items]
Net revenues	51	31	89	95
Operating segments \| Foodservice \| Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	49	38	91	86
Operating segments \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	388	348	730	692
Operating segments \| Food Merchandising \| Tableware
Segment Reporting Information [Line Items]
Net revenues	99	82	181	169
Operating segments \| Food Merchandising \| Meat trays
Segment Reporting Information [Line Items]
Net revenues	93	99	180	194
Operating segments \| Food Merchandising \| Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	87	79	156	143
Operating segments \| Food Merchandising \| Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	38	28	72	62
Operating segments \| Food Merchandising \| Egg cartons
Segment Reporting Information [Line Items]
Net revenues	21	24	47	50
Operating segments \| Food Merchandising \| Other
Segment Reporting Information [Line Items]
Net revenues	50	36	94	74
Operating segments \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	387	348	744	745
Operating segments \| Beverage Merchandising \| Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	208	198	400	398
Operating segments \| Beverage Merchandising \| Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	96	89	187	204
Operating segments \| Beverage Merchandising \| Paper products
Segment Reporting Information [Line Items]
Net revenues	83	61	157	143
Operating segments \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,346	1,101	2,499	2,315
Operating segments \| Other
Segment Reporting Information [Line Items]
Net revenues	24	25	53	57
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	(18)	(19)	(36)	(53)
Inter-segment eliminations \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	18	19	36	53
Inter-segment eliminations \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	$ 18	$ 19	$ 36	$ 53