0001564590-22-006686 | 10-K | XBRL Viewer

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Consolidated Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenues	$ 5,437	$ 4,689	$ 5,191
Cost of sales	(4,863)	(3,969)	(4,344)
Gross profit	574	720	847
Selling, general and administrative expenses	(466)	(470)	(466)
Goodwill impairment charges		(6)	(16)
Restructuring, asset impairment and other related charges	(9)	(28)	(46)
Other income (expense), net	20	(33)	(29)
Operating income from continuing operations	119	183	290
Non-operating income (expense), net	101	66	(13)
Interest expense, net	(191)	(371)	(433)
Income (loss) from continuing operations before tax	29	(122)	(156)
Income tax benefit (expense)	4	112	(84)
Net income (loss) from continuing operations	33	(10)	(240)
(Loss) income from discontinued operations, net of income taxes	(8)	(15)	330
Net income (loss)	25	(25)	90
Net (income) loss attributable to non-controlling interests	(2)	(2)	1
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 23	$ (27)	$ 91
From continuing operations
Basic	$ 0.17	$ (0.08)	$ (1.78)
Diluted	0.17	(0.08)	(1.78)
From discontinued operations
Basic	(0.04)	(0.10)	2.46
Diluted	(0.04)	(0.10)	2.46
Total
Basic	0.13	(0.18)	0.68
Diluted	$ 0.13	$ (0.18)	$ 0.68

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Other Comprehensive Income [Abstract]
Net income (loss)	$ 25	$ (25)	$ 90
Other comprehensive income, net of income taxes:
Currency translation adjustments	(18)	(8)	88
Defined benefit plans	268	16	124
Other comprehensive income	250	8	212
Comprehensive income (loss)	275	(17)	302
Comprehensive (income) loss attributable to non-controlling interests	(2)	(2)	1
Comprehensive income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 273	$ (19)	$ 303

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

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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

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 197	$ 458
Accounts receivable, net of allowances for doubtful accounts of $3 and $3	474	375
Related party receivables	48	55
Inventories	854	784
Other current assets	127	175
Assets held for sale	162	26
Total current assets	1,862	1,873
Property, plant and equipment, net	1,786	1,685
Operating lease right-of-use assets, net	278	260
Goodwill	1,812	1,760
Intangible assets, net	1,127	1,092
Deferred income taxes	7	7
Other noncurrent assets	149	166
Total assets	7,021	6,843
Liabilities
Accounts payable	364	313
Related party payables	10	10
Current portion of long-term debt	30	15
Current portion of operating lease liabilities	61	57
Income taxes payable	8	10
Accrued and other current liabilities	315	322
Liabilities held for sale	31	12
Total current liabilities	819	739
Long-term debt	4,220	3,965
Long-term operating lease liabilities	229	217
Deferred income taxes	246	193
Long-term employee benefit obligations	79	519
Other noncurrent liabilities	140	136
Total liabilities	5,733	5,769
Commitments and contingencies (Note 15)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,250,974 and 177,157,710 shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	625	614
Accumulated other comprehensive loss	(99)	(349)
Retained earnings	758	806
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,284	1,071
Non-controlling interests	4	3
Total equity	1,288	1,074
Total liabilities and equity	$ 7,021	$ 6,843

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 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)	177,250,974	177,157,710
Common stock, shares outstanding (in shares)	177,250,974	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

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Reynolds Consumer Products Inc.	Graham Packaging Company Inc.	Common Stock	Additional Paid In Capital	Additional Paid In Capital Reynolds Consumer Products Inc.	Additional Paid In Capital Graham Packaging Company Inc.	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Reynolds Consumer Products Inc.	Accumulated Other Comprehensive Loss Graham Packaging Company Inc.	Accumulated Other Comprehensive Loss Cumulative impact of adopting ASU 2018-02	Retained Earnings	Retained Earnings Reynolds Consumer Products Inc.	Retained Earnings Graham Packaging Company Inc.	Retained Earnings Cumulative impact of adopting ASU 2018-02	Non-controlling Interests
Beginning balance at Dec. 31, 2018	$ 1,785				$ 103			$ (689)			$ (41)	$ 2,362			$ 41	$ 9
Beginning balance, Shares at Dec. 31, 2018				134,400,000
Accounting Standards Update [Extensible List]											us-gaap:AccountingStandardsUpdate201802Member				us-gaap:AccountingStandardsUpdate201802Member
Net income (loss)	90											91				(1)
Other comprehensive income, net of income taxes	212							212
Disposition of non-controlling interest	(4)															(4)
Dividends paid to non-controlling interests	(1)															(1)
Ending balance at Dec. 31, 2019	2,082				103			(518)			$ (41)	2,494				3
Ending balance, Shares at Dec. 31, 2019				134,400,000
Net income (loss)	(25)											(27)				2
Other comprehensive income, net of income taxes	8							8
Forgiveness of related party balances pre IPO	(362)											(362)
Distribution of interest in discontinued operations		$ (30)	$ (1,168)			$ (32)	$ (28)		$ (11)	$ 172			$ 13	$ (1,312)
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	569				569
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions, Shares				42,800,000
Equity based compensation	2				2
Dividends paid to non-controlling interests	(2)															(2)
Ending balance at Dec. 31, 2020	$ 1,074				614			(349)			0	806				3
Ending balance, Shares at Dec. 31, 2020	177,157,710			177,200,000
Net income (loss)	$ 25											23				2
Other comprehensive income, net of income taxes	250							250
Equity based compensation	11				11
Vesting of restricted stock units, Shares				100,000
Dividends paid to common shareholders	(71)											(71)
Dividends paid to non-controlling interests	(1)															(1)
Ending balance at Dec. 31, 2021	$ 1,288				$ 625			$ (99)			$ 0	$ 758				$ 4
Ending balance, Shares at Dec. 31, 2021	177,250,974			177,300,000

Consolidated Statements of Equity (Parenthetical)	12 Months Ended
Consolidated Statements of Equity (Parenthetical)	Dec. 31, 2021 $ / shares
Statement Of Stockholders Equity [Abstract]
Common stock, dividends	$ 0.40

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash provided by operating activities
Net income (loss)	$ 25	$ (25)	$ 90
Adjustments to reconcile net income (loss) to operating cash flows:
Depreciation and amortization	344	467	643
Deferred income taxes	(27)	18	98
Unrealized losses (gains) on derivatives	7	(10)	(13)
Goodwill impairment charges	0	6	25
Other asset impairment charges	0	18	106
(Gain) loss on disposal of businesses and other assets	0	(10)	42
Non-cash portion of employee benefit obligations	(95)	(59)	27
Non-cash portion of operating lease expense	77	96	108
Amortization of OID and DIC	5	17	20
Loss on extinguishment of debt	2	68	1
Equity based compensation	11	2	0
Other non-cash items, net	(2)	19	(3)
Change in assets and liabilities:
Accounts receivable, net	(77)	33	19
Inventories	(8)	(64)	19
Other current assets	(2)	(2)	29
Accounts payable	50	32	(118)
Operating lease payments	(75)	(93)	(106)
Income taxes payable/receivable	41	(58)	(53)
Accrued and other current liabilities	(13)	(80)	(37)
Employee benefit obligation contributions	(6)	(128)	(5)
Other assets and liabilities	4	6	4
Net cash provided by operating activities	261	253	896
Cash used in investing activities
Acquisition of property, plant and equipment and intangible assets	(282)	(410)	(629)
Proceeds from sale of property, plant and equipment	1	48	23
Acquisition of business, net of cash acquired	(374)	0	0
Disposal of businesses, net of cash disposed	(6)	8	597
Insurance recoveries	3	0	0
Proceeds from related party loan repayment	0	0	5
Net cash used in investing activities	(658)	(354)	(4)
Cash provided by (used in) financing activities
Long-term debt proceeds	1,510	7,861	0
Long-term debt repayments	(1,280)	(8,944)	(381)
Deferred financing transaction costs on long-term debt	(6)	(49)	0
Net proceeds from issuance of shares	0	569	0
Premium on redemption of long-term debt	(1)	(34)	0
Dividends paid to common shareholders	(71)	0	0
Cash held by Reynolds Consumer Products and Graham Packaging Company at time of distribution	0	(110)	0
Other financing activities	(5)	(4)	(3)
Net cash provided by (used in) financing activities	147	(711)	(384)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4)	(14)	0
(Decrease) increase in cash, cash equivalents and restricted cash	(254)	(826)	508
Cash, cash equivalents and restricted cash as of beginning of the year	468	1,294	786
Cash, cash equivalents and restricted cash as of end of the year	214	468	1,294
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	197	458	1,155
Cash and cash equivalents classified as assets held for sale or distribution	17	10	136
Restricted cash classified as assets held for sale or distribution	0	0	3
Cash, cash equivalents and restricted cash as of December 31	214	468	1,294
Cash paid (received):
Interest	166	413	619
Income taxes (refunded) paid, net	$ (19)	$ (21)	$ 98

Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 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 consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”). These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions and balances have been eliminated in consolidation.

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

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

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

•

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

•

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

•

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

These transactions have been retrospectively reflected for all years presented.

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

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

For example, the worldwide COVID-19 pandemic has had, and could continue to have, a significant impact on our results of operations, and it may also have additional far-reaching impacts on many aspects of our operations including the impact on consumer 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 severity and duration of the pandemic and actions taken to contain the virus, as well as how quickly and to what extent normal economic and operating conditions resume.

Foreign Operations

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

Business Combinations

We record business combinations using the acquisition method of accounting. All of the assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires us to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed, in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on our estimates and assumptions, as well as other information, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital and the cost savings expected to be derived from acquiring an asset. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the financial statements may be exposed to potential impairment of the intangible assets and goodwill.

Cash and Cash Equivalents

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

Accounts Receivable

Accounts receivable are stated net of allowances for doubtful accounts and primarily include trade receivables. No single customer comprised more than 10% of our consolidated net revenues in 2021, 2020 or 2019. Specific customer provisions are made when a review of outstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful. In addition, provisions are made at differing rates, based upon the age of the receivable and our historical collection experience.

Inventories

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

Property, Plant and Equipment

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

Long-Lived Assets

Finite-lived intangible assets, which primarily consist of customer relationships, are stated at historical cost and amortized using the straight-line method (which reflects the pattern of how the assets’ economic benefits are consumed) over the assets’ estimated useful lives which range from 8 to 20 years.

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

Goodwill and Indefinite-Lived Intangible Assets

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

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

Revenue Recognition

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

Generally, our revenue is recognized at the time of shipment, when title and risk of loss pass to the customer. A small number of our contracts are for sales of products which are customer specific and cannot be repurposed. Revenue for these products is recognized over time based on costs incurred plus a reasonable profit. This revenue represents approximately 3% of our net revenues and has a relatively short period of time between the goods being manufactured and shipped to customers. Shipping and handling fees billed to a customer are recorded on a gross basis in net revenues with the corresponding shipping and handling costs included in cost of sales in the concurrent period as the revenue is recorded. Any taxes collected on behalf of government authorities are excluded from net revenues. We do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year. We do not incur any significant costs to obtain a contract.

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

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

Restructuring Costs

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

Leases

We determine if an arrangement is a lease or a service contract at inception. Where an arrangement is a lease we determine if it is an operating lease or a finance lease. Subsequently, if the arrangement is modified, we re-evaluate our classification.

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

Employee Benefit Plans

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

Equity Based Compensation

Equity based compensation awarded to employees and non-employee directors is valued at fair value on the grant date and is recognized ratably over the requisite service period. For 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 recognize compensation expense when it is probable the performance goal will be achieved. Refer to Note 19, Equity Based Compensation, for additional details.

Share Repurchases

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

Earnings per Share

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock and the effect of dilutive potential common shares outstanding during the period, calculated using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”). PSUs are considered dilutive when the related performance criteria have been met.

Financial Instruments

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

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

Income Taxes

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

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

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

Fair Value Measurements and Disclosures

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

•

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

•

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

•

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

Recently Adopted Accounting Guidance

In 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. The ASU requires sponsors of defined benefit pension or other postretirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for annual reporting years beginning after December 15, 2020. We adopted this ASU for our 2021 annual disclosures and applied the ASU amendments on a retrospective basis to all periods presented as required. The adoption of this ASU did not have a significant impact on our consolidated financial statements.

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

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

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

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

Accounting Guidance Issued but Not Yet Adopted as of December 31, 2021

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (“ASC 606”). Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. This ASU will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. This ASU is effective for annual and interim periods beginning after December 15, 2022. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. This ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

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

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

Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 3. Discontinued Operations

Our discontinued operations comprise substantially all of our closures businesses, all of our former RCP segment and all of our former GPC segment. For the year ended December 31, 2021, we recognized a charge of $8 million primarily related to certain historical tax agreements from previously divested businesses. There was no other activity related to discontinued operations for the year ended December 31, 2021.

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

On February 4, 2020, we distributed Reynolds Consumer Products Inc. (“RCPI”) and all of the operations comprising our former RCP segment to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for the IPO of shares of common stock of RCPI (the “RCPI IPO”), which was completed on February 4, 2020. To effect the distribution of RCPI, 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 segment met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our consolidated financial statements as a discontinued operation. We did not allocate any general corporate overhead to this discontinued operation.

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

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

On September 16, 2020, we distributed GPCI and all of the operations comprising our former GPC segment to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for our IPO, which was completed on September 21, 2020. To effect the distribution of GPCI, we bought back 14,036,726 of our shares from PFL, in consideration of us transferring all of our shares in GPCI to PFL. Upon the distribution of GPCI to PFL, we determined that our former

GPC segment met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our consolidated financial statements as a discontinued operation. We did not allocate any general corporate overhead to this discontinued operation.

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

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

(Loss) income from discontinued operations, which includes the results of GPC through September 16, 2020, the results of RCP through February 4, 2020 and the results of our North American and Japanese closures businesses through December 2019 were as follows:

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

⁽¹⁾

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

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

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

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

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

Subsequent to February 4, 2020, we continue to trade with RCP in the ordinary course of business. These transactions arise under agreements that expire on December 31, 2024. Refer to Note 18, Related Party Transactions, for additional details.

Cash flows from discontinued operations were as follows:

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

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions and Dispositions

Note 4. Acquisitions and Dispositions

Acquisitions

On October 1, 2021, we acquired 100% of the outstanding ownership interests of Fabri-Kal LLC, Monarch Mill Pond LLC and Pure Pulp Products LLC (collectively, “Fabri-Kal”) for a purchase price of $378 million. The purchase price is subject to adjustments for cash, indebtedness and working capital as of the date of acquisition. Fabri-Kal is a U.S. manufacturer of thermoformed plastic packaging products. Its products include portion cups, lids, clamshells, drink cups and yogurt containers for the consumer packaging goods and institutional foodservice markets. The acquisition includes four manufacturing facilities in the United States. The acquisition is expected to broaden our portfolio of sustainable packaging products and expand our manufacturing capacity to better serve our customers. The acquisition was funded with our existing cash resources and a portion of the U.S. term loans Tranche B-3 incurred in September 2021.

The Fabri-Kal acquisition was accounted for under the acquisition method of accounting and the results of operations were included in our consolidated financial statements from the date of acquisition. Included in our consolidated statements of income (loss) are Fabri-Kal’s net revenues of $106 million and a loss before tax of $13 million from the date of acquisition through December 31, 2021. We incurred $3 million of acquisition costs during the year ended December 31, 2021, which was reflected in selling, general and administrative expenses.

The following table summarizes the preliminary purchase price allocation of the fair value of net tangible and intangible assets acquired and liabilities assumed:

	As of October 1, 2021
Cash and cash equivalents	$	3
Accounts receivable		46
Inventories		86
Other current assets		2
Property, plant and equipment		126
Operating lease right-of-use assets		31
Goodwill		66
Customer relationships		56
Trademarks		34
Deferred income taxes		8
Assets acquired	$	458
Accounts payable	$	17
Current portion of long-term debt		1
Current portion of operating lease liabilities		3
Accrued and other current liabilities		26
Long-term debt		1
Long-term operating lease liabilities		25
Long-term employee benefit obligations		6
Other noncurrent liabilities		1
Liabilities assumed	$	80
Total purchase price	$	378

We allocated the intangible assets acquired to the Foodservice segment which included $56 million of customer relationships with an estimated life of 8 years and $34 million of definite-lived trademarks with an estimated life of 10 years. We increased the cost of acquired inventories by approximately $12 million, all of which was expensed as a component of cost of sales during the year ended December 31, 2021. We allocated $66 million of goodwill to the Foodservice segment, of which $42 million is expected to be tax deductible.

Goodwill arises principally as a result of expansion opportunities provided by Fabri-Kal’s manufacturing capacity to better serve our customers and plant operation synergies. The purchase price allocation in the table above is preliminary and subject to the finalization of our valuation analysis.

Real property and personal property fair values were determined using the cost approach. The fair values for customer relationships at the acquisition date were determined using the multi-period excess earnings method under the income approach. Significant assumptions used in assessing the fair value of the customer relationships intangible asset were forecasted Adjusted EBITDA margins and contributory asset charges. Trademark fair values were determined using the relief from royalty method. The fair value measurements of intangible assets are based on significant unobservable inputs and thus represent Level 3 inputs.

The following unaudited pro forma information shows our results of operations as if the Fabri-Kal acquisition had been completed as of January 1, 2020. Adjustments have been made for the pro forma effects of depreciation and amortization of tangible and intangible assets recognized as part of the business combination, the amortization of the inventory fair value step-up and acquisition-related costs. Excluded from the 2021 pro forma results are $3 million of acquisition-related costs and $12 million of expense related to the step-up in the fair value of inventory incurred in connection with the acquisition as they have been included in the 2020 pro forma results. The pro forma results may not necessarily reflect actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

	For the Years Ended December 31,
(Unaudited)	2021		2020
Pro forma net revenues from continuing operations	$	5,725	$	5,001
Pro forma income (loss) from continuing operations before tax		55		(134	)

Dispositions

During the fourth quarter of 2021, we committed to a plan to sell our carton packaging and filling machinery businesses in China, Korea and Taiwan (“Beverage Merchandising Asia”) included in the Beverage Merchandising segment. As a result, we classified the assets and liabilities of Beverage Merchandising Asia as held for sale as of December 31, 2021. The operations of Beverage Merchandising Asia did not meet the criteria to be presented as discontinued operations.

On January 4, 2022, we entered into a definitive agreement with SIG Schweizerische Industrie-Gesellschaft GmbH to sell Beverage Merchandising Asia. We expect to receive proceeds from the transaction of approximately $335 million, adjusted for cash, indebtedness and working capital as of the date of completion. The transaction is expected to close in the second or third quarter of 2022, subject to customary closing conditions, including regulatory approvals.

The carrying amounts of the major classes of Beverage Merchandising Asia’s assets and liabilities as of December 31, 2021 comprised the following:

	As of December 31, 2021
Cash and cash equivalents	$	17
Accounts receivable, net		27
Inventories		23
Other current assets		3
Property, plant and equipment, net		48
Goodwill		14
Deferred income taxes		3
Other noncurrent assets		4
Total current assets held for sale	$	139
Accounts payable	$	7
Income taxes payable		3
Accrued and other current liabilities		18
Long-term employee benefit obligations		1
Deferred income taxes		2
Total current liabilities held for sale	$	31

Income from operations before income taxes for Beverage Merchandising Asia for the years ended December 31, 2021, 2020 and 2019 were $22 million, $24 million and $22 million, respectively.

On October 12, 2021, we entered into a definitive agreement for the sale of our equity interests in Naturepak Beverage Packaging Co. Ltd., our 50% joint venture with Naturepak Limited, to Elopak ASA. As a result, as of December 31, 2021, we reclassified $23 million of other noncurrent assets, which represents the carrying value of our interests in Naturepak Beverage Packaging Co. Ltd., to assets held for sale. We expect to receive proceeds from the transaction of approximately $47 million, adjusted for cash, indebtedness and working capital as of the date of completion. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, including regulatory approvals. Our interests in Naturepak Beverage Packaging Co. Ltd. did not meet the criteria to be presented as discontinued operations.

During the third quarter of 2020, we committed to a plan to sell the remaining South American closures businesses included in the Other operating segment. During December 2020, we entered into an agreement to sell the businesses. As a result, we classified the assets and liabilities of these businesses as held for sale and recognized a pre-tax charge to earnings of $12 million within restructuring, asset impairment and other related charges for the year ended December 31, 2020. 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 year ended December 31, 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. Subsequent to the disposal date, 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 carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of December 31, 2020 included the following:

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

The South American closures businesses' income from operations before income taxes for the years ended December 31, 2021, 2020 and 2019 was insignificant.

Restructuring, Asset Impairment and Other Related Charges

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring, Asset Impairment and Other Related Charges

Note 5. Restructuring, Asset Impairment and Other Related Charges

During the year ended December 31, 2021, we recorded the following restructuring, asset impairment and other related charges:

Employee

Terminations

Other

Restructuring

Charges

Total

Beverage Merchandising

Total

On July 28, 2021, we announced the decision to close our coated groundwood paper production line located in our Pine Bluff, Arkansas mill. On October 31, 2021, we ceased manufacturing coated groundwood paper. As a result of the closure, we recognized a pre-tax charge of $3 million for contractual termination benefits for the year ended December 31, 2021. The closure also resulted in accelerated plant and equipment depreciation expense of $24 million and $6 million of other restructuring charges incurred during the year ended December 31, 2021. In addition, related to the sale of our South American closures businesses, we recorded a non-cash impairment charge of $2 million during the year ended December 31, 2021, which offset a previously recorded partial reversal of impairment charges. Refer to Note 4, Acquisitions and Dispositions, for additional details.

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

	Goodwill Impairment		Other Asset Impairment		Employee Terminations		Other Restructuring Charges		Total
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising		—		1		—		—		1
Beverage Merchandising		—		—		1		—		1
Other		6		14		9		—		29
Total	$	6	$	16	$	11	$	1	$	34

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

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

	Goodwill Impairment		Other Asset Impairment		Employee Terminations		Total
Foodservice	$	—	$	1	$	1	$	2
Food Merchandising		—		4		—		4
Other		16		37		3		56
Total	$	16	$	42	$	4	$	62

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

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

The following tables summarize the changes to our restructuring liability for the years ended December 31, 2021 and 2020:

December 31,

2020

Charges to

Earnings

Cash

Paid

December 31,

2021

Employee termination costs

)

Total

)

December 31,

2019

Charges to

Earnings

Cash

Paid

December 31,

2020

Employee termination costs

)

Total

)

We expect to settle our restructuring liability within twelve months.

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories

The components of inventories consisted of the following:

	As of December 31,
	2021		2020
Raw materials	$	226	$	180
Work in progress		102		108
Finished goods		427		410
Spare parts		99		86
Inventories	$	854	$	784

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

Note 7. Property, Plant and Equipment, Net

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

	As of December 31,
	2021			2020
Land and land improvements	$	72		$	87
Buildings and building improvements		638			532
Machinery and equipment		3,383			3,148
Construction in progress		170			191
Property, plant and equipment, at cost		4,263			3,958
Less: accumulated depreciation		(2,477	)		(2,273	)
Property, plant and equipment, net	$	1,786		$	1,685

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

	For the Years Ended December 31,
	2021		2020		2019
Cost of sales	$	265	$	213	$	201
Selling, general and administrative expenses		24		22		16
Total depreciation expense	$	289	$	235	$	217

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

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:

	Foodservice		Food Merchandising		Beverage Merchandising			Other⁽¹⁾⁽²⁾			Total
Balance as of December 31, 2019	$	924	$	770	$	66		$	6		$	1,766
Impairment charges		—		—		—			(6	)		(6	)
Balance as of December 31, 2020	$	924	$	770	$	66		$	—		$	1,760
Acquisitions		66		—		—			—			66
Reclassified to assets held for sale		—		—		(14	)		—			(14	)
Balance as of December 31, 2021	$	990	$	770	$	52		$	—		$	1,812
Accumulated impairment losses
Balance as of December 31, 2020	$	—	$	—	$	—		$	22		$	22
Balance as of December 31, 2021	$	—	$	—	$	—		$	15		$	15

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

⁽²⁾

^{For the year ended December 31, 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 4, Acquisitions and Dispositions, for additional details.}

In analyzing the results of operations and business conditions of our reporting units as of December 31, 2021, we elected to perform qualitative impairment analyses for all of our reporting units and no instances of impairment were identified.

Refer to Note 5, Restructuring, Asset Impairment and Other Related Charges, for further discussion regarding impairment charges recognized during the year ended December 31, 2020.

Intangible assets, net consisted of the following:

	As of December 31, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,075	$	(594	)	$	481	$	1,019	$	(540	)	$	479
Trademarks		42		(9	)		33		8		(8	)		—
Other		12		(12	)		—		12		(12	)		—
Total finite-lived intangible assets	$	1,129	$	(615	)	$	514	$	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	$	1,742	$	(615	)	$	1,127	$	1,652	$	(560	)	$	1,092

In analyzing our indefinite-lived intangible assets as of December 31, 2021, we elected to perform qualitative impairment analyses for all of our indefinite-lived intangible assets and no instances of impairment were identified.

Amortization expense for intangible assets was $55 million, $54 million and $56 million for the years ended December 31, 2021, 2020 and 2019, respectively, and was recognized in selling, general and administrative expenses.

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

2022	$	61
2023		60
2024		60
2025		58
2026		57
Total	$	296

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued and Other Current Liabilities

Note 9. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2021		2020
Accrued personnel costs	$	86	$	117
Accrued rebates and credits		87		68
Accrued interest		19		16
Other⁽¹⁾		123		121
Accrued and other current liabilities	$	315	$	322

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

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Note 10. Debt

Debt consisted of the following:

	As of December 31,
	2021			2020
Credit Agreement	$	2,250		$	2,457
Notes:
5.125% Senior Secured Notes due 2023		—			59
4.000% Senior Secured Notes due 2027		1,000			1,000
4.375% Senior Secured Notes due 2028		500			—
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		53			12
Total principal amount of borrowings		4,279			4,004
Deferred financing transaction costs ("DIC")		(17	)		(14	)
Original issue discounts, net of premiums ("OID")		(12	)		(10	)
		4,250			3,980
Less: current portion		(30	)		(15	)
Long-term debt	$	4,220		$	3,965

We were in compliance with all debt covenants during the years ended December 31, 2021 and 2020.

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:

	Maturity Date	Value Drawn or Utilized as of December 31, 2021		Applicable Interest Rate as of December 31, 2021
Term Tranches
U.S. term loans Tranche B-2	February 5, 2026	$	1,238	LIBOR (floor of 0.000%) + 3.250%
U.S. term loans Tranche B-3	September 24, 2028	$	1,012	LIBOR (floor of 0.500%) + 3.500%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	August 5, 2024	$	44	—

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

On September 24, 2021, we incurred $1,015 million of term loans (“U.S. term loans Tranche B-3”) maturing on September 24, 2028. A portion of the net proceeds from the U.S. term loans Tranche B-3, along with the net proceeds from the 4.375% Notes, was used to repay the $1,207 million of existing U.S. term loans Tranche B-1 maturing in February 2023, including accrued interest, extinguishing this tranche of borrowings. The balance of the net proceeds from the U.S. term loans Tranche B-3 was used to partially fund the acquisition of Fabri-Kal.

The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 for the years ended December 31, 2021 and 2020 were 3.35% and 3.40%, respectively. The weighted averaged contractual interest rate related to our U.S. term loans Tranche B-3 for the year ended December 31, 2021 was 4.00%. The weighted average contractual interest rates related to our U.S. term loans Tranche

B-1 for the years ended December 31, 2021, 2020 and 2019 were 2.86%, 3.62% and 5.03%, respectively. 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. 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 2021 or are due in 2022 for the year ended December 31, 2021.

Notes

Outstanding Notes, as of December 31, 2021, are summarized below:

Maturity Date

Interest Payment Dates

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15

4.375% Senior Secured Notes due 2028

October 15, 2028

April 15 and October 15,

commencing April 15, 2022

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

On September 24, 2021, we issued $500 million aggregate principal amount of 4.375% senior secured notes maturing on October 15, 2028 (“4.375% Notes”).

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 (as defined below) 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 respective indentures governing the 4.000% Senior Secured Notes due 2027 (“4.000% Notes”) and the 4.375% Notes (together with the 4.000% Notes, the “Notes”) contain customary covenants which restrict us from certain activities including, among other things, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the respective indentures governing the Notes.

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

Pactiv Debentures

As of December 31, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”):

	Maturity Date	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 represent finance lease obligations of $53 million and $12 million as of December 31, 2021 and 2020, respectively.

Scheduled Maturities

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2021:

2022	$	30
2023		30
2024		29
2025		304
2026		1,203
Thereafter		2,683
Total principal amount of borrowings	$	4,279

Fair value of our long-term debt:

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

	As of December 31,
	2021				2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement	$	2,239	$	2,243	$	2,447	$	2,443
Notes:
5.125% Senior Secured Notes due 2023		—		—		59		60
4.000% Senior Secured Notes due 2027		991		975		991		1,024
4.375% Senior Secured Notes due 2028		495		497		—		—
Pactiv Debentures:
7.950% Debentures due 2025		273		305		273		318
8.375% Debentures due 2027		199		222		198		235
Other		53		53		12		12
Total	$	4,250	$	4,295	$	3,980	$	4,092

Interest expense, net:

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2021			2020			2019
Interest expense:
Securitization Facility⁽¹⁾	$	—		$	6		$	17
Credit Agreement		79			107			174
Notes		46			138			194
Pactiv Debentures		39			39			39
Interest income, related party⁽²⁾		—			(9	)		(15	)
Interest income, other		(2	)		(6	)		(14	)
Amortization:
DIC		3			12			12
OID		2			3			1
Derivative losses		—			15			21
Net foreign currency exchange gains		1			(2	)		(4	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		1			29			1
Redemption premiums		1			34			—
Other⁽³⁾		21			5			7
Interest expense, net⁽⁴⁾	$	191		$	371		$	433

⁽¹⁾

Prior to July 2020, we had a $450 million securitization facility (the “Securitization Facility”) that was scheduled to mature on March 22, 2022. On July 31, 2020, we repaid the outstanding amount of $380 million and terminated the facility. The Securitization Facility had an interest rate equal to one-month LIBOR with a 0.0% floor, plus a margin of 1.75% per annum.

⁽²⁾	Refer to Note 18, Related Party Transactions, for additional details.

⁽³⁾

Includes $5 million of fees incurred during the year ended December 31, 2021 in relation to entering into a commitment letter with certain financial institutions for a senior secured incremental term loan facility in an aggregate principal amount of up to $300 million. The commitment letter terminated on September 24, 2021. Also includes $9 million of third party costs incurred during the year ended December 31, 2021 in relation to the incurrence of U.S. term loans Tranche B-3.

⁽⁴⁾

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 in 2020. Such amounts are presented within discontinued operations as these notes were required to be repaid in conjunction with the distribution of RCPI.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 11. Leases

We lease certain buildings, plant and equipment. Our leases have reasonably assured remaining lease terms of up to 21 years. Certain leases include options to renew for up to 20 years. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably certain. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the measurement of ROU assets and operating lease liabilities. Variable payments for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. Variable payments for equipment leases relate primarily to hours, miles or other quantifiable usage factors, which are not determinable at the time the lease agreement is entered into. These variable payments are expensed as incurred. The discount rate applied to our leases in determining the present value of lease payments is our incremental borrowing rate based on the information available at the commencement date. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets, and we recognize lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2021, there were no material lease transactions that we have entered into but had not yet commenced.

Operating lease costs consisted of the following:

	For the Years Ended December 31,
	2021		2020		2019
Operating lease costs	$	77	$	72	$	54
Variable lease costs		4		3		4
Short-term lease costs		15		13		18
Total operating lease costs	$	96	$	88	$	76

Future minimum lease payments under non-cancellable operating leases in effect as of December 31, 2021 were as follows:

2022	$	77
2023		68
2024		53
2025		43
2026 and thereafter		97
Total undiscounted lease payments		338
Less: amounts representing interest		(48	)
Present value of lease obligations	$	290
Weighted average remaining lease term - as of December 31, 2021	5.6 years
Weighted average discount rate - as of December 31, 2021		5.60	%
Weighted average remaining lease term - as of December 31, 2020	5.9 years
Weighted average discount rate - as of December 31, 2020		6.08	%

During the years ended December 31, 2021, 2020 and 2019, new operating leases resulted in the recognition of ROU assets and corresponding lease liabilities of $48 million, $126 million and $64 million, respectively. Cash flows from operating activities included $75 million, $67 million and $58 million of payments for operating lease liabilities for the years ended December 31, 2021, 2020 and 2019, respectively.

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

Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 12. Financial Instruments

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

	As of December 31,
	2021					2020
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	1	$	(1	)	$	9	$	(2	)
Total fair value	$	1	$	(1	)	$	9	$	(2	)
Recorded in:
Other current assets	$	1	$	—		$	9	$	—
Accrued and other current liabilities		—		(1	)		—		(2	)
Total fair value	$	1	$	(1	)	$	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 years ended December 31, 2021, 2020 and 2019, we recognized an unrealized loss of $7 million and unrealized gains of $10 million and $4 million, respectively, in cost of sales.

The following table provides the detail of outstanding commodity derivative contracts as of December 31, 2021:

Type

Unit of Measure

Contracted

Volume

Contracted Price

Range

Contracted Date of

Maturity

Benzene swaps

U.S. liquid gallon

5,822,305

$3.07 - $3.85

Jan 2022 - Sep 2022

Natural gas swaps

million BTU

796,963

$2.81 - $5.19

Jan 2022 - Sep 2022

Employee Benefits

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 13. Employee Benefits

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

Defined Benefit Pension and OPEB Plans

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

Our largest pension plan is the PEPP, which was assumed in a 2010 acquisition. This plan covers certain of our employees. It also covers former employees and employees of employers formerly related to the entity that we acquired in 2010. As a result, while persons who were not our employees do not accrue benefits under the plan, the total number of individuals/beneficiaries covered by this plan is much larger than if only our employees were participants. The PEPP comprises 98% and 99% of the present value of pension plan obligations and 99% and 100% of the fair value of plan assets as of December 31, 2021 and 2020, respectively. Accordingly, we have provided aggregated disclosures in respect of our plans on the basis that the plans are not exposed to materially different risks.

We generally fund our retirement plans equal to the annual minimum funding requirements specified by government regulations covering each plan. We did not contribute to the PEPP during the year ended December 31, 2021, and we made contributions of $4 million to all other plans. We made a $121 million contribution to the PEPP during the year ended December 31, 2020 and contributions of $4 million to all other plans. We do not expect to make a contribution to the PEPP during the year ending December 31, 2022. Contributions during the year ending December 31, 2022 for all other defined benefit pension plans are estimated to be $3 million. Expected contributions during the year ending December 31, 2022 for OPEB plans are estimated to be $3 million. Future contributions will be dependent on future plan asset returns and interest rates and are highly sensitive to changes.

Pension Partial Settlement Transactions

On July 21, 2021, we purchased with $941 million of PEPP assets a non-participating group annuity contract from an insurance company and transferred $959 million of the PEPP’s projected benefit obligations. 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, the PEPP’s projected benefit obligations and plan assets were remeasured, and we recognized a non-cash pre-tax pension settlement gain of $22 million during the year ended December 31, 2021.

On February 16, 2022, we entered into an agreement with an insurance company to purchase a non-participating group annuity contract and transfer approximately $1,260 million of the PEPP’s projected benefit obligations. The transaction closed on February 24, 2022 and was funded with plan assets. Under the transaction, the insurance company assumed responsibility for pension benefits and annuity administration for approximately 13,300 retirees or their beneficiaries. As a result of this transaction, in the first quarter of 2022, 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 $25 million.

Obligations, assets and funded status

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Change in benefit obligations:
Projected benefit obligations as of January 1	$	4,664		$	4,509		$	53		$	51
Service cost		6			6			—			—
Interest cost		101			138			1			2
Benefits paid		(278	)		(296	)		(2	)		(2	)
Settlements		(942	)		—			—			—
Divestitures		—			(3	)		—			—
Actuarial (gains) losses⁽¹⁾		(162	)		310			(3	)		2
Acquisition		29			—			—			—
Projected benefit obligation as of December 31	$	3,418		$	4,664		$	49		$	53
Change in plan assets:
Fair value of plan assets as of January 1	$	4,191		$	3,823		$	—		$	—
Actual return on plan assets		393			539			—			—
Employer contributions		4			125			2			2
Benefits paid		(278	)		(296	)		(2	)		(2	)
Settlements		(942	)		—			—			—
Acquisition		23			—			—			—
Fair value of plan assets as of December 31	$	3,391		$	4,191		$	—		$	—
Funded status as of December 31	$	(27	)	$	(473	)	$	(49	)	$	(53	)

⁽¹⁾	The actuarial gains for the year ended December 31, 2021 and the actuarial losses for the year ended December 31, 2020 were primarily due to changes in the discount rate assumption utilized in measuring plan obligations.

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Other noncurrent assets	$	9		$	—		$	—		$	—
Accrued and other current liabilities		(3	)		(4	)		(3	)		(3	)
Liabilities held for sale		(1	)		—			—			—
Long-term employee benefit obligations		(32	)		(469	)		(46	)		(50	)
	$	(27	)	$	(473	)	$	(49	)	$	(53	)

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Net actuarial (gains) losses	$	(138	)	$	216		$	(7	)	$	(6	)
Deferred income tax (benefit) expense		34			(52	)		3			2
	$	(104	)	$	164		$	(4	)	$	(4	)

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Plan assets	$	23		$	4,189		$	—		$	—
Projected benefit obligation		59			4,662			49			53
Accumulated benefit obligation		58			4,660			49			53
Under Funded Status
Projected benefit obligation	$	(36	)	$	(473	)	$	(49	)	$	(53	)
Accumulated benefit obligation		(35	)		(471	)		(49	)		(53	)

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

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2021			2020			2019			2021		2020		2019
Service cost	$	6		$	6		$	7		$	—	$	—	$	—
Interest cost		101			138			174			1		2		2
Expected return on plan assets⁽¹⁾		(181	)		(207	)		(182	)		—		—		—
Amortization of actuarial losses (gains)⁽²⁾		—			1			1			—		—		(1	)
Ongoing net periodic benefit (income) cost		(74	)		(62	)		—			1		2		1
(Income) expense due to settlements⁽³⁾		(22	)		—			18			—		—		—
Total net periodic benefit (income) cost	$	(96	)	$	(62	)	$	18		$	1	$	2	$	1

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

⁽²⁾

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

⁽³⁾	(Income) expense due to settlements primarily resulted from the PEPP’s partial settlement transaction in 2021 and the PEPP's lump-sum buyouts of certain plan participants in 2019.

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

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

	Pension Benefits								OPEB
	For the Years Ended December 31,
	2021			2020			2019		2021		2020		2019
Cost of sales	$	6		$	6		$	4	$	—	$	—	$	—
Selling, general and administrative expenses		—			—			3		—		—		—
Non-operating (income) expense, net		(102	)		(68	)		11		1		2		1
Total net periodic benefit (income) cost	$	(96	)	$	(62	)	$	18	$	1	$	2	$	1

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

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2021			2020			2019			2021			2020			2019
Net actuarial (gains) losses arising during the year⁽¹⁾⁽²⁾	$	(375	)	$	(22	)	$	(150	)	$	(2	)	$	2		$	3
Recognized net actuarial gains (losses)⁽³⁾		22			(1	)		(19	)		—			—			1
Deferred income tax expense (benefit)⁽⁴⁾		86			6			84			1			(1	)		(1	)
Total recognized in other comprehensive (loss) income, net of tax	$	(267	)	$	(17	)	$	(85	)	$	(1	)	$	1		$	3

⁽¹⁾

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

⁽²⁾

The net actuarial gains of $375 million during the year ended December 31, 2021 were primarily attributable to asset returns and an increase in the discount rate. The net actuarial gains of $22 million and $150 million on our pension plans during the years ended December 31, 2020 and 2019, respectively, were primarily attributable to asset returns, partially offset by a decrease in the discount rate.

⁽³⁾

Comprises amortization of actuarial gains (losses) and income (expense) due to settlements in 2021 and 2019.

⁽⁴⁾

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

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

	PEPP						OPEB
	As of December 31,
	2021			2020			2021			2020
Discount rate		2.81	%		2.40	%		2.81	%		2.45	%
Rate of compensation increase		3.00	%		3.00	%	N/A			N/A

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

	PEPP									OPEB
	For the Years Ended December 31,
	2021⁽¹⁾			2020			2019			2021			2020			2019
Discount rate		2.40	%		3.17	%		4.31	%		2.45	%		3.22	%		4.35	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%	N/A			N/A			N/A
Expected long-term rate of return on plan assets		5.07	%		5.54	%		5.35	%	N/A			N/A			N/A
Healthcare cost trend rate	N/A			N/A			N/A				6.90	%		7.20	%		7.20	%
Ultimate trend rate	N/A			N/A			N/A				4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend	N/A			N/A			N/A			2029			2029			2029

⁽¹⁾

As discussed in the Partial Pension Settlement Transactions section above, we performed an interim remeasurment of the PEPP’s projected benefit obligations and plan assets in July 2021. After this interim remeasurement, the discount rate, rate of compensation increase and the expected long-term rate of return on plan assets utilized in our PEPP net defined benefit pension costs were 2.64%, 3.00% and 4.50%, respectively.

The discount rate used reflects the expected future cash flows based on plan provisions and participant data as of the beginning of the plan year. The expected future cash flows for the PEPP are discounted by the Aon Hewitt above median yield curve for the years ended December 31, 2021, 2020 and 2019. The yield curve is a hypothetical AA yield curve comprised of a series of annualized individual discount rates. The expected long-term return on PEPP assets was developed as a weighted average rate based on the target asset allocation of the plan and long-term capital market assumptions. The overall return for each asset class was developed by combining a long-term inflation component and the associated real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, expected economic growth outlook and market yield analysis.

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

	As of December 31,
	Pension Benefits		OPEB
2022	$	230	$	3
2023		229		3
2024		229		3
2025		226		3
2026		223		3
2027-2031		1,015		15

Plan assets

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

The target asset allocation for the PEPP for 2022 and forward is 10% equities and 90% fixed income. The following table presents summarized details of plan assets. Further details regarding the fair value hierarchy of these assets are presented below.

	As of December 31,
	2021		2020
Equity securities	$	282	$	2,765
Corporate bonds		2,948		1,061
Property		66		254
Other		95		111
Total pension plan assets	$	3,391	$	4,191

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

•

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

•

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

•

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

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

	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Measured at Net Asset Value⁽¹⁾				Total
	As of December 31,
	2021		2020		2021		2020		2021		2020		2021		2020		2021		2020
PEPP
Common stocks	$	—	$	2,180	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,180
Equity ETFs		266		584		—		—		—		—		—		—		266		584
Corporate bonds		—		—		2,939		1,004		—		—		—		—		2,939		1,004
Bond ETFs		—		57		—		—		—		—		—		—		—		57
Collective trusts/pooled separate account—real estate		—		—		—		—		—		—		67		254		67		254
Collective trusts—money market		—		—		—		—		—		—		86		104		86		104
Other⁽¹⁾		—		—		—		—		—		—		1		—		1		—
Total PEPP		266		2,821		2,939		1,004		—		—		154		358		3,359		4,183
Other plans⁽²⁾		16		3		9		4		2		1		5		—		32		8
Total pension plan assets	$	282	$	2,824	$	2,948	$	1,008	$	2	$	1	$	159	$	358	$	3,391	$	4,191

⁽¹⁾

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

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

Defined Contribution Plans

We sponsor various defined contribution plans. Our expense relating to defined contribution plans was $33 million, $35 million and $34 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Multi-employer plans—withdrawal liabilities

As of December 31, 2021 and 2020, we have recognized a liability of $44 million and $46 million, respectively, in respect of our future obligations arising from the withdrawal from multi-employer pension plans which is included in other noncurrent liabilities. We expect to make payments of approximately $5 million annually over the next 14 years in respect of these obligations.

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Other Income (Expense), Net

Note 14. Other Income (Expense), Net

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

	For the Years Ended December 31,
	2021			2020			2019
Related party management fee⁽¹⁾	$	—		$	(49	)	$	(10	)
Gain (loss) on sale of businesses and noncurrent assets		—			1			(22	)
Foreign exchange losses on cash⁽²⁾		(2	)		(15	)		(8	)
Transition service agreement income⁽¹⁾		11			21			1
Other		11			9			10
Other income (expense), net	$	20		$	(33	)	$	(29	)

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

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

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

Legal Proceedings

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 $50 million from Pactiv that MP2 claims that Pactiv owes MP2 under an energy management services agreement (“EMSA”). Under the EMSA, including Transaction Confirmation No. 4, 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.” 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 and Transaction Confirmation No. 4, MP2 nevertheless seeks to hold Pactiv responsible in this lawsuit for approximately $50 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 and Transaction Confirmation No. 4 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.

Indemnities

As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. As of December 31, 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 or cash flows.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 16. Accumulated Other Comprehensive Loss

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

	For the Years Ended December 31,
	2021			2020			2019
Currency translation adjustments:
Balance as of beginning of year	$	(189	)	$	(354	)	$	(442	)
Currency translation adjustments		(7	)		(9	)		14
Amounts reclassified from AOCL⁽¹⁾		(11	)		1			74
Other comprehensive (loss) income		(18	)		(8	)		88
Distributions of RCPI and GPCI		—			173			—
Balance as of end of year	$	(207	)	$	(189	)	$	(354	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of year	$	(160	)	$	(176	)	$	(258	)
Net actuarial gain arising during year		377			20			146
Deferred tax expense on net actuarial gain		(92	)		(5	)		(34	)
(Gains) and losses reclassified from AOCL:
Amortization of experience loss		—			1			—
Defined benefit plan settlement (gains) losses		(22	)		—			18
Reclassification upon sale of business⁽²⁾		—			—			1
Deferred tax expense (benefit) on reclassifications⁽³⁾		5			—			(5	)
Other comprehensive income		268			16			126
Cumulative impact of adopting ASU 2018-02		—			—			(44	)
Balance as of end of year	$	108		$	(160	)	$	(176	)
Plans held for sale or distribution
Balance as of beginning of year	$	—		$	12		$	11
Net actuarial loss arising during year		—			—			(5	)
Deferred tax benefit on net actuarial loss		—			—			1
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽⁴⁾		—			—			(2	)
Reclassification upon sale of business⁽⁴⁾		—			—			5
Deferred tax expense on reclassifications⁽³⁾		—			—			(1	)
Other comprehensive loss		—			—			(2	)
Cumulative impact of adopting ASU 2018-02		—			—			3
Distributions of RCPI and GPCI		—			(12	)		—
Balance as of end of year	$	—		$	—		$	12
AOCL
Balance as of beginning of year	$	(349	)	$	(518	)	$	(689	)
Other comprehensive income		250			8			212
Cumulative impact of adopting ASU 2018-02		—			—			(41	)
Distributions of RCPI and GPCI		—			161			—
Balance as of end of year	$	(99	)	$	(349	)	$	(518	)

⁽¹⁾

In the year ended December 31, 2021, the reclassification of currency translation adjustment amounts to earnings relates to the sale of the remaining South American closures businesses. In the year ended December 31, 2019, $56 million of this amount relates to the release of currency translation adjustments upon the sale of our North American and Japanese closures businesses and is recorded in income from discontinued operations. The remaining amounts are recorded within other income (expense), net.

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

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

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

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 17. Income Taxes

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

	For the Years Ended December 31,
	2021			2020			2019
Income (loss) from continuing operations before income taxes:
United States	$	(41	)	$	(119	)	$	(113	)
Foreign		70			(3	)		(43	)
Total income (loss) from continuing operations before income taxes	$	29		$	(122	)	$	(156	)

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

	For the Years Ended December 31,
	2021			2020			2019
Current
U.S. Federal	$	1		$	132		$	5
State and Local		(3	)		4			(4	)
Foreign		(21	)		(17	)		(19	)
Total current income tax (expense) benefit		(23	)		119			(18	)
Deferred
U.S. Federal		40			(6	)		(50	)
State and Local		(17	)		(1	)		(16	)
Foreign		4			—			—
Total deferred income tax benefit (expense)		27			(7	)		(66	)
Total income tax benefit (expense)	$	4		$	112		$	(84	)

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

	For the Years Ended December 31,
	2021			2020			2019
Income tax (expense) benefit using the U.S. federal statutory income tax rate of 21%	$	(6	)	$	26		$	33
State and local taxes		—			5			(16	)
Effect of tax rates in foreign jurisdictions		(4	)		—			(13	)
Non-deductible expenses		(1	)		(5	)		—
Non-deductible executive compensation		(3	)		(2	)		—
Tax exempt income and income at a reduced tax rate		3			—			3
Withholding taxes		(4	)		(4	)		(4	)
Tax rate modifications		1			—			(1	)
Change in valuation allowance		15			61			(93	)
Tax on unremitted earnings		10			(1	)		—
Change in uncertain tax positions		(1	)		(8	)		(2	)
(Under) over provided in prior periods		(6	)		(10	)		4
Foreign tax credit		—			8			7
Other tax credits		2			2			4
Non-deductible management fees		—			(16	)		(3	)
Non-deductible transaction costs		—			(2	)		—
Currency translation adjustment		—			—			(2	)
CARES Act net operating loss carryback		—			61			—
Other		(2	)		(3	)		(1	)
Total income tax benefit (expense)	$	4		$	112		$	(84	)

During the year ended December 31, 2021, our effective tax rate varied from the U.S. federal statutory income tax rate primarily as a result of the reduction in our valuation allowance and a reduction in deferred taxes for unremitted earnings, which was partially offset by the mix of income and losses taxed at varying rates among the jurisdictions in which we operate and nondeductible expenses. The decrease in the valuation allowance was primarily due to changes in the carrying value of the PEPP supporting the expected utilization of additional deferred interest deductions. The decrease in deferred taxes for unremitted earnings was primarily due to the pending divestitures of the Naturepak Beverage Packaging Co. Ltd and Beverage Merchandising Asia businesses.

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

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

Deferred Tax Assets and Liabilities

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

	As of December 31,
	2021			2020
Deferred tax assets
Employee benefits	$	52		$	161
Operating lease liabilities		62			61
Inventory		22			27
Reserves		20			13
Tax losses		172			135
Tax credits		10			13
Interest		253			244
Total deferred tax assets		591			654
Valuation allowance		(140	)		(165	)
Total deferred tax assets net of valuation allowance		451			489
Deferred tax liabilities
Intangible assets		(373	)		(377	)
Property, plant and equipment		(256	)		(232	)
Operating lease right-of-use assets		(60	)		(58	)
Other		(1	)		(8	)
Total deferred tax liabilities		(690	)		(675	)
Net deferred tax liabilities	$	(239	)	$	(186	)

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

	As of December 31,
	2021		2020
Tax loss carryforwards
Expires within 5 years	$	140	$	121
Expires after 5 years or indefinite expiration		1,170		1,028
Total tax loss carryforwards	$	1,310	$	1,149
Tax credit carryforwards
Expires within 5 years	$	3	$	3
Expires after 5 years or indefinite expiration		9		11
Total tax credit carryforwards	$	12	$	14

Deferred tax assets related to interest, tax loss carryovers and tax credit carryovers are available to offset future taxable earnings to the extent they are more-likely-than-not realizable. We have provided a valuation allowance to reduce the carrying value of certain of these

deferred tax assets, as we have concluded that, based on the available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Valuation allowances were $140 million and $165 million as of December 31, 2021 and 2020, respectively.

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

	For the Years Ended December 31,
	2021			2020			2019
Balance at the beginning of the year	$	165		$	358		$	308
(Benefit) expense		(15	)		(61	)		94
Write-off of net operating losses and other deferred tax assets		(10	)		(122	)		—
Transfers to held for sale or distribution		—			—			(43	)
Currency translation adjustments and other		—			(10	)		(1	)
Balance at end of the year	$	140		$	165		$	358

The changes in our valuation allowance during the years ended December 31, 2021 and 2020 are primarily attributable to changes in our assessment of recoverability in relation to deferred interest deductions. The decrease in valuation allowance during the year ended December 31, 2021 primarily related to changes in the carrying value of the PEPP supporting the expected utilization of additional deferred interest deductions and the $10 million write-off of net operating losses and other deferred tax assets resulting from the disposition of businesses in 2021. For the year ended December 31, 2020, the write-off of New Zealand net operating losses and other deferred tax assets resulting from the corporate restructuring and our IPO resulted in a reduction of $122 million in the valuation allowance, and the benefit of $61 million recognized during the year primarily arose from additional deferred interest deductions as a result of the CARES Act.

Uncertain Tax Positions

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

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

	For the Years Ended December 31,
	2021			2020			2019
Balance at beginning of the year	$	15		$	13		$	10
Increases related to business combinations		1			—			—
Increase associated with tax positions taken during the current year		—			1			5
Increase (decrease) associated with positions taken during a prior year		1			2			(1	)
Lapse of statute of limitations		(1	)		(1	)		(1	)
Balance at end of the year	$	16		$	15		$	13

Included in the balance of unrecognized tax benefits as of December 31, 2021, 2020 and 2019, are $16 million, $15 million and $10 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate.

Our policy is to include interest and penalties related to gross unrecognized tax benefits in income tax expense. Net interest expense related to unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 was $1 million, zero and $1 million, respectively. Accrued interest and penalties as of December 31, 2021 and 2020 were $2 million and $1 million, respectively.

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

Currently, our 2016 and 2017 U.S. federal income tax returns are being examined by the IRS. We are currently subject to routine income tax examinations for U.S. federal, state, local and foreign jurisdictions for 2006 and forward.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Note 18. Related Party Transactions

As of December 31, 2021, 78% of our shares are owned by the Hart Stockholders.

In addition to the distributions of RCPI and GPCI to PFL in 2020, as described further in Note 3, Discontinued Operations, the related party entities and types of transactions we entered into with them are detailed below. All related parties detailed below have a common ultimate controlling shareholder, except for the joint ventures.

	Transaction Value for the Years Ended December 31,									Balance Outstanding as of December 31,
	2021			2020			2019			2021			2020
Balances and transactions with joint ventures
Included in other current assets										$	9		$	7
Sale of goods and services⁽¹⁾	$	27		$	29		$	26
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables											48			55
Sale of goods and services⁽²⁾		363			351			280
Transition services agreement and rental income⁽²⁾		11			16			—
Tax loss transfer⁽³⁾		—			25			—
Recharges⁽⁴⁾		6			3			4
Forgiveness of a balance⁽⁵⁾		—			(15	)		—
Noncurrent related party receivables⁽⁶⁾											—			—
Interest income		—			9			15
Loan forgiveness		—			(347	)		—
Related party payables											(10	)		(10	)
Purchase of goods⁽²⁾		(112	)		(116	)		(149	)
Recharges⁽⁴⁾		(7	)		(11	)		(24	)
Management fee⁽⁷⁾		—			(65	)		(29	)
Tax loss transfer⁽³⁾		—			(1	)		(2	)

⁽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 3, Discontinued Operations. As part of the separation process, amongst 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 $9 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. 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 under which Rank will, upon our request, continue to provide certain administrative and support services to us, and we will provide support services to Rank upon request. All services provided will be charged at an agreed hourly rate plus any third party costs.

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

⁽⁶⁾

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

⁽⁷⁾

Our 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. In connection with our IPO, we (i) paid an additional management fee of $22 million, in respect of the 2009 and 2010 financial years, (ii) paid a termination fee of $45 million for the termination of, and release from, the Rank services agreement, which included the management fee payable for the period January 1, 2020 to the date of termination of September 16, 2020, and (iii) were released of our obligation to pay the 2020 management fee. During the years ended December 31, 2020 and 2019, management fees of $49 million and $10 million, respectively, were recognized in other income (expense), net, with the remainder in discontinued operations.

Equity Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Based Compensation

Note 19. Equity Based Compensation

In conjunction with our IPO, we established 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.

Equity based compensation expense of $11 million and $2 million for the years ended December 31, 2021 and 2020, respectively, was recognized in selling, general and administrative expenses.

Restricted Stock Units

We grant 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		1,510		$	14.69
Forfeited		(80	)	$	14.60
Vested		(236	)	$	14.00
Non-vested, at December 31		1,491		$	14.67

Unrecognized compensation cost related to unvested RSUs as of December 31, 2021 was $14 million, which is expected to be recognized over a weighted average period of 2.6 years. The total vest date fair value of shares that vested during the year ended December 31, 2021 was $3 million.

Performance Share Units

During the year ended December 31, 2021, we granted PSUs to certain members of management which vest on the third anniversary of the original grant date. Based on the achievement of various company performance targets during a performance period set by our Compensation Committee, upon vesting, the PSUs are exchanged for a number of shares of common stock equal to the number of PSUs multiplied by a factor between 0% and 250%. 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. During the year ended December 31, 2021, all of our PSUs were forfeited. 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
Forfeited		(298	)	$	15.05
Non-vested, at December 31		—		$	—

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 20. Earnings per Share

Earnings (loss) per share, including a reconciliation of the number of shares used for our earnings (loss) per share calculation, was as follows:

	For the Years Ended December 31,
	2021			2020			2019
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders:
From continuing operations	$	31		$	(12	)	$	(239	)
From discontinued operations		(8	)		(15	)		330
Total	$	23		$	(27	)	$	91

Weighted average number of shares outstanding
Basic		177.4			146.2			134.4
Effect of dilutive securities		0.3			—			—
Diluted		177.7			146.2			134.4

Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations
Basic	$	0.17		$	(0.08	)	$	(1.78	)
Diluted	$	0.17		$	(0.08	)	$	(1.78	)
From discontinued operations
Basic	$	(0.04	)	$	(0.10	)	$	2.46
Diluted	$	(0.04	)	$	(0.10	)	$	2.46
Total
Basic	$	0.13		$	(0.18	)	$	0.68
Diluted	$	0.13		$	(0.18	)	$	0.68

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

For the years ended December 31, 2021, 2020 and 2019, the number of anti-dilutive potential common shares excluded from the calculation above totaled 0.5 million, 0.3 million and 0.2 million, respectively.

Our Board of Directors approved a dividend of $0.10 per share on February 22, 2022 to be paid on March 15, 2022 to shareholders of record as of March 4, 2022.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 21. Segment Information

ASC 280 Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280, 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 egg 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 businesses, 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 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, including but not limited to, restructuring, asset impairment and other related charges, gains or losses on the sale of businesses and noncurrent assets, non-cash pension income or expense, operational process engineering-related consultancy costs, business acquisition costs and purchase accounting adjustments, unrealized gains or losses on derivatives, foreign exchange gains or losses on cash, executive transition charges, goodwill impairment charges, related party management fees and strategic review and transaction-related costs.

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

	Foodservice		Food Merchandising		Beverage Merchandising		Reportable Segment Total
2021
Net revenues	$	2,341	$	1,531	$	1,463	$	5,335
Intersegment revenues		—		—		96		96
Total reportable segment net revenues		2,341		1,531		1,559		5,431
Adjusted EBITDA		291		232		44		567
Depreciation & amortization		168		81		92		341
Capital expenditures		107		51		114		272
Reportable segment assets		1,380		737		951		3,068
2020
Net revenues	$	1,811	$	1,396	$	1,368	$	4,575
Intersegment revenues		—		—		101		101
Total reportable segment net revenues		1,811		1,396		1,469		4,676
Adjusted EBITDA		241		252		148		641
Depreciation & amortization		139		81		63		283
Capital expenditures		117		52		107		276
Reportable segment assets		1,064		703		1,039		2,806
2019
Net revenues	$	2,160	$	1,388	$	1,483	$	5,031
Intersegment revenues		—		—		123		123
Total reportable segment net revenues		2,160		1,388		1,606		5,154
Adjusted EBITDA		336		223		196		755
Depreciation & amortization		112		90		61		263
Capital expenditures		138		55		80		273
Reportable segment assets		1,090		727		972		2,789

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

	For the Years Ended December 31,
	2021			2020			2019
Reportable segment Adjusted EBITDA	$	567		$	641		$	755
Other		7			8			11
Unallocated		(43	)		(34	)		(75	)
		531			615			691
Adjustments to reconcile to GAAP income (loss) from continuing operations before income taxes
Interest expense, net		(191	)		(371	)		(433	)
Depreciation and amortization		(344	)		(289	)		(273	)
Restructuring, asset impairment and other related charges		(9	)		(28	)		(46	)
Gain (loss) on sale of business and noncurrent assets		—			1			(22	)
Non-cash pension income (expense)		101			71			(6	)
Operational process engineering related consultancy costs		(21	)		(13	)		(27	)
Business acquisition costs and purchase accounting adjustments		(15	)		—			—
Unrealized (losses) gains on derivatives		(7	)		10			4
Foreign exchange losses on cash		(2	)		(15	)		(8	)
Executive transition charges		(10	)		—			—
Goodwill impairment charges		—			(6	)		(16	)
Related party management fee		—			(49	)		(10	)
Strategic review and transaction-related costs		—			(47	)		(7	)
Other		(4	)		(1	)		(3	)
Income (loss) from continuing operations before tax	$	29		$	(122	)	$	(156	)

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

	For the Years Ended December 31,
	2021		2020		2019
Reportable segment depreciation and amortization	$	341	$	283	$	263
Other		3		6		10
Depreciation and amortization from continuing operations	$	344	$	289	$	273

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

	For the Years Ended December 31,
	2021		2020		2019
Reportable segment capital expenditures	$	272	$	276	$	273
Other		1		3		6
Unallocated		9		3		6
Discontinued operations		—		128		344
Capital expenditures	$	282	$	410	$	629

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

	As of December 31,
	2021		2020
Reportable segment assets	$	3,068	$	2,806
Other		37		34
Unallocated⁽¹⁾		3,916		4,003
Total assets	$	7,021	$	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 ROU assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets.}

Information in Relation to Products

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2021			2020			2019
Foodservice
Drinkware⁽¹⁾	$	915		$	685		$	851
Containers⁽¹⁾		995			779			791
Tableware⁽¹⁾		222			169			293
Serviceware and other⁽¹⁾		209			178			225
Food Merchandising
Meat trays		358			373			353
Bakery/snack/produce/fruit containers		323			283			311
Prepared food trays		162			131			174
Egg cartons		93			99			98
Tableware⁽²⁾		390			349			307
Other		205			161			145
Beverage Merchandising
Cartons for fresh beverage products		834			795			812
Liquid packaging board		396			387			446
Paper products		329			287			348
Reportable segment net revenues		5,431			4,676			5,154
Other / Unallocated
Other		102			114			160
Inter-segment eliminations		(96	)		(101	)		(123	)
Net revenues	$	5,437		$	4,689		$	5,191

⁽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.

Geographic Data

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

	For the Years Ended December 31,
	2021		2020		2019
Net revenues:
United States	$	4,710	$	4,046	$	4,484
Rest of North America		447		354		383
Other		280		289		324
Net revenues	$	5,437	$	4,689	$	5,191

	As of December 31,
	2021		2020
Long-lived assets:
United States	$	1,908	$	1,789
Rest of North America		97		96
Other		59		60
Long-lived assets	$	2,064	$	1,945

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Discontinued Operations

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

Use of Estimates

Foreign Operations

Business Combinations

Cash and Cash Equivalents

Accounts Receivable

Inventories

Property, Plant and Equipment

Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

Revenue Recognition

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

Restructuring Costs

Leases

Employee Benefit Plans

Equity Based Compensation

Share Repurchases

Earnings per Share

Financial Instruments

Income Taxes

Fair Value Measurements and Disclosures

•

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

•

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

Recently Adopted and Recently Issued But Not Yet Accounting Guidance

Recently Adopted Accounting Guidance

Accounting Guidance Issued but Not Yet Adopted as of December 31, 2021

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Summary of Discontinued Operations Financial Information

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

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

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

⁽¹⁾

Cash flows from discontinued operations were as follows:

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

- Definition

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

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+ Details

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Preliminary Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation of the fair value of net tangible and intangible assets acquired and liabilities assumed:

	As of October 1, 2021
Cash and cash equivalents	$	3
Accounts receivable		46
Inventories		86
Other current assets		2
Property, plant and equipment		126
Operating lease right-of-use assets		31
Goodwill		66
Customer relationships		56
Trademarks		34
Deferred income taxes		8
Assets acquired	$	458
Accounts payable	$	17
Current portion of long-term debt		1
Current portion of operating lease liabilities		3
Accrued and other current liabilities		26
Long-term debt		1
Long-term operating lease liabilities		25
Long-term employee benefit obligations		6
Other noncurrent liabilities		1
Liabilities assumed	$	80
Total purchase price	$	378

Summary of Unaudited Pro Forma Information

	For the Years Ended December 31,
(Unaudited)	2021		2020
Pro forma net revenues from continuing operations	$	5,725	$	5,001
Pro forma income (loss) from continuing operations before tax		55		(134	)

Summary of Discontinued Operations Financial Information

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

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

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

⁽¹⁾

Cash flows from discontinued operations were as follows:

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

Disposal Group, Held-for-sale, Not Discontinued Operations | Beverage Merchandising Asia

Summary of Discontinued Operations Financial Information

The carrying amounts of the major classes of Beverage Merchandising Asia’s assets and liabilities as of December 31, 2021 comprised the following:

	As of December 31, 2021
Cash and cash equivalents	$	17
Accounts receivable, net		27
Inventories		23
Other current assets		3
Property, plant and equipment, net		48
Goodwill		14
Deferred income taxes		3
Other noncurrent assets		4
Total current assets held for sale	$	139
Accounts payable	$	7
Income taxes payable		3
Accrued and other current liabilities		18
Long-term employee benefit obligations		1
Deferred income taxes		2
Total current liabilities held for sale	$	31

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

Summary of Discontinued Operations Financial Information

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

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

- Definition

+ References

+ Details

Restructuring, Asset Impairment and Other Related Charges (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Summary of Restructuring, Asset Impairment and Other Related Charges

During the year ended December 31, 2021, we recorded the following restructuring, asset impairment and other related charges:

Employee

Terminations

Other

Restructuring

Charges

Total

Beverage Merchandising

Total

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

	Goodwill Impairment		Other Asset Impairment		Employee Terminations		Other Restructuring Charges		Total
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising		—		1		—		—		1
Beverage Merchandising		—		—		1		—		1
Other		6		14		9		—		29
Total	$	6	$	16	$	11	$	1	$	34

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

	Goodwill Impairment		Other Asset Impairment		Employee Terminations		Total
Foodservice	$	—	$	1	$	1	$	2
Food Merchandising		—		4		—		4
Other		16		37		3		56
Total	$	16	$	42	$	4	$	62

Summary of Restructuring Liability

The following tables summarize the changes to our restructuring liability for the years ended December 31, 2021 and 2020:

December 31,

2020

Charges to

Earnings

Cash

Paid

December 31,

2021

Employee termination costs

)

Total

)

December 31,

2019

Charges to

Earnings

Cash

Paid

December 31,

2020

Employee termination costs

)

Total

)

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Summary of the Components of Inventory

The components of inventories consisted of the following:

	As of December 31,
	2021		2020
Raw materials	$	226	$	180
Work in progress		102		108
Finished goods		427		410
Spare parts		99		86
Inventories	$	854	$	784

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2021			2020
Land and land improvements	$	72		$	87
Buildings and building improvements		638			532
Machinery and equipment		3,383			3,148
Construction in progress		170			191
Property, plant and equipment, at cost		4,263			3,958
Less: accumulated depreciation		(2,477	)		(2,273	)
Property, plant and equipment, net	$	1,786		$	1,685

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

	For the Years Ended December 31,
	2021		2020		2019
Cost of sales	$	265	$	213	$	201
Selling, general and administrative expenses		24		22		16
Total depreciation expense	$	289	$	235	$	217

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2019	$	924	$	770	$	66		$	6		$	1,766
Impairment charges		—		—		—			(6	)		(6	)
Balance as of December 31, 2020	$	924	$	770	$	66		$	—		$	1,760
Acquisitions		66		—		—			—			66
Reclassified to assets held for sale		—		—		(14	)		—			(14	)
Balance as of December 31, 2021	$	990	$	770	$	52		$	—		$	1,812
Accumulated impairment losses
Balance as of December 31, 2020	$	—	$	—	$	—		$	22		$	22
Balance as of December 31, 2021	$	—	$	—	$	—		$	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 December 31, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,075	$	(594	)	$	481	$	1,019	$	(540	)	$	479
Trademarks		42		(9	)		33		8		(8	)		—
Other		12		(12	)		—		12		(12	)		—
Total finite-lived intangible assets	$	1,129	$	(615	)	$	514	$	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	$	1,742	$	(615	)	$	1,127	$	1,652	$	(560	)	$	1,092

Summary of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:

	As of December 31, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,075	$	(594	)	$	481	$	1,019	$	(540	)	$	479
Trademarks		42		(9	)		33		8		(8	)		—
Other		12		(12	)		—		12		(12	)		—
Total finite-lived intangible assets	$	1,129	$	(615	)	$	514	$	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	$	1,742	$	(615	)	$	1,127	$	1,652	$	(560	)	$	1,092

Summary of Estimate Annual Amortization Expense

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

2022	$	61
2023		60
2024		60
2025		58
2026		57
Total	$	296

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2021		2020
Accrued personnel costs	$	86	$	117
Accrued rebates and credits		87		68
Accrued interest		19		16
Other⁽¹⁾		123		121
Accrued and other current liabilities	$	315	$	322

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

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:

	As of December 31,
	2021			2020
Credit Agreement	$	2,250		$	2,457
Notes:
5.125% Senior Secured Notes due 2023		—			59
4.000% Senior Secured Notes due 2027		1,000			1,000
4.375% Senior Secured Notes due 2028		500			—
Pactiv Debentures:
7.950% Debentures due 2025		276			276
8.375% Debentures due 2027		200			200
Other		53			12
Total principal amount of borrowings		4,279			4,004
Deferred financing transaction costs ("DIC")		(17	)		(14	)
Original issue discounts, net of premiums ("OID")		(12	)		(10	)
		4,250			3,980
Less: current portion		(30	)		(15	)
Long-term debt	$	4,220		$	3,965

Summary of Components of the Credit Agreement

	Maturity Date	Value Drawn or Utilized as of December 31, 2021		Applicable Interest Rate as of December 31, 2021
Term Tranches
U.S. term loans Tranche B-2	February 5, 2026	$	1,238	LIBOR (floor of 0.000%) + 3.250%
U.S. term loans Tranche B-3	September 24, 2028	$	1,012	LIBOR (floor of 0.500%) + 3.500%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	August 5, 2024	$	44	—

Schedule of Outstanding Notes

Outstanding Notes, as of December 31, 2021, are summarized below:

Maturity Date

Interest Payment Dates

4.000% Senior Secured Notes due 2027

October 15, 2027

April 15 and October 15

4.375% Senior Secured Notes due 2028

October 15, 2028

April 15 and October 15,

commencing April 15, 2022

As of December 31, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”):

	Maturity Date	Interest Payment Dates
7.950% Debentures due 2025	December 15, 2025	June 15 and December 15
8.375% Debentures due 2027	April 15, 2027	April 15 and October 15

Schedule of Required Future Repayments of Outstanding Debt

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2021:

2022	$	30
2023		30
2024		29
2025		304
2026		1,203
Thereafter		2,683
Total principal amount of borrowings	$	4,279

Schedule of Carrying Values and Fair Values of Debt Outstanding

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

	As of December 31,
	2021				2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement	$	2,239	$	2,243	$	2,447	$	2,443
Notes:
5.125% Senior Secured Notes due 2023		—		—		59		60
4.000% Senior Secured Notes due 2027		991		975		991		1,024
4.375% Senior Secured Notes due 2028		495		497		—		—
Pactiv Debentures:
7.950% Debentures due 2025		273		305		273		318
8.375% Debentures due 2027		199		222		198		235
Other		53		53		12		12
Total	$	4,250	$	4,295	$	3,980	$	4,092

Interest Expense, Net

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2021			2020			2019
Interest expense:
Securitization Facility⁽¹⁾	$	—		$	6		$	17
Credit Agreement		79			107			174
Notes		46			138			194
Pactiv Debentures		39			39			39
Interest income, related party⁽²⁾		—			(9	)		(15	)
Interest income, other		(2	)		(6	)		(14	)
Amortization:
DIC		3			12			12
OID		2			3			1
Derivative losses		—			15			21
Net foreign currency exchange gains		1			(2	)		(4	)
Loss on extinguishment of debt:
Write-off of unamortized DIC and OID		1			29			1
Redemption premiums		1			34			—
Other⁽³⁾		21			5			7
Interest expense, net⁽⁴⁾	$	191		$	371		$	433

⁽¹⁾

⁽²⁾	Refer to Note 18, Related Party Transactions, for additional details.

⁽³⁾

⁽⁴⁾

- Definition

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

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Operating Lease Costs

Operating lease costs consisted of the following:

	For the Years Ended December 31,
	2021		2020		2019
Operating lease costs	$	77	$	72	$	54
Variable lease costs		4		3		4
Short-term lease costs		15		13		18
Total operating lease costs	$	96	$	88	$	76

Summary of Future Minimum Lease Payments Under Non-cancellable Leases

Future minimum lease payments under non-cancellable operating leases in effect as of December 31, 2021 were as follows:

2022	$	77
2023		68
2024		53
2025		43
2026 and thereafter		97
Total undiscounted lease payments		338
Less: amounts representing interest		(48	)
Present value of lease obligations	$	290
Weighted average remaining lease term - as of December 31, 2021	5.6 years
Weighted average discount rate - as of December 31, 2021		5.60	%
Weighted average remaining lease term - as of December 31, 2020	5.9 years
Weighted average discount rate - as of December 31, 2020		6.08	%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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

	As of December 31,
	2021					2020
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	1	$	(1	)	$	9	$	(2	)
Total fair value	$	1	$	(1	)	$	9	$	(2	)
Recorded in:
Other current assets	$	1	$	—		$	9	$	—
Accrued and other current liabilities		—		(1	)		—		(2	)
Total fair value	$	1	$	(1	)	$	9	$	(2	)

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of December 31, 2021:

Type

Unit of Measure

Contracted

Volume

Contracted Price

Range

Contracted Date of

Maturity

Benzene swaps

U.S. liquid gallon

5,822,305

$3.07 - $3.85

Jan 2022 - Sep 2022

Natural gas swaps

million BTU

796,963

$2.81 - $5.19

Jan 2022 - Sep 2022

- Definition

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

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+ Details

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

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

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Change in benefit obligations:
Projected benefit obligations as of January 1	$	4,664		$	4,509		$	53		$	51
Service cost		6			6			—			—
Interest cost		101			138			1			2
Benefits paid		(278	)		(296	)		(2	)		(2	)
Settlements		(942	)		—			—			—
Divestitures		—			(3	)		—			—
Actuarial (gains) losses⁽¹⁾		(162	)		310			(3	)		2
Acquisition		29			—			—			—
Projected benefit obligation as of December 31	$	3,418		$	4,664		$	49		$	53
Change in plan assets:
Fair value of plan assets as of January 1	$	4,191		$	3,823		$	—		$	—
Actual return on plan assets		393			539			—			—
Employer contributions		4			125			2			2
Benefits paid		(278	)		(296	)		(2	)		(2	)
Settlements		(942	)		—			—			—
Acquisition		23			—			—			—
Fair value of plan assets as of December 31	$	3,391		$	4,191		$	—		$	—
Funded status as of December 31	$	(27	)	$	(473	)	$	(49	)	$	(53	)

⁽¹⁾	The actuarial gains for the year ended December 31, 2021 and the actuarial losses for the year ended December 31, 2020 were primarily due to changes in the discount rate assumption utilized in measuring plan obligations.

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

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Other noncurrent assets	$	9		$	—		$	—		$	—
Accrued and other current liabilities		(3	)		(4	)		(3	)		(3	)
Liabilities held for sale		(1	)		—			—			—
Long-term employee benefit obligations		(32	)		(469	)		(46	)		(50	)
	$	(27	)	$	(473	)	$	(49	)	$	(53	)

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

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Net actuarial (gains) losses	$	(138	)	$	216		$	(7	)	$	(6	)
Deferred income tax (benefit) expense		34			(52	)		3			2
	$	(104	)	$	164		$	(4	)	$	(4	)

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

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

	Pension Benefits						OPEB
	As of December 31,
	2021			2020			2021			2020
Plan assets	$	23		$	4,189		$	—		$	—
Projected benefit obligation		59			4,662			49			53
Accumulated benefit obligation		58			4,660			49			53
Under Funded Status
Projected benefit obligation	$	(36	)	$	(473	)	$	(49	)	$	(53	)
Accumulated benefit obligation		(35	)		(471	)		(49	)		(53	)

Net Periodic Defined Benefit Pension and OPEB (Income) Costs

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

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2021			2020			2019			2021		2020		2019
Service cost	$	6		$	6		$	7		$	—	$	—	$	—
Interest cost		101			138			174			1		2		2
Expected return on plan assets⁽¹⁾		(181	)		(207	)		(182	)		—		—		—
Amortization of actuarial losses (gains)⁽²⁾		—			1			1			—		—		(1	)
Ongoing net periodic benefit (income) cost		(74	)		(62	)		—			1		2		1
(Income) expense due to settlements⁽³⁾		(22	)		—			18			—		—		—
Total net periodic benefit (income) cost	$	(96	)	$	(62	)	$	18		$	1	$	2	$	1

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

⁽²⁾

⁽³⁾	(Income) expense due to settlements primarily resulted from the PEPP’s partial settlement transaction in 2021 and the PEPP's lump-sum buyouts of certain plan participants in 2019.

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

	Pension Benefits								OPEB
	For the Years Ended December 31,
	2021			2020			2019		2021		2020		2019
Cost of sales	$	6		$	6		$	4	$	—	$	—	$	—
Selling, general and administrative expenses		—			—			3		—		—		—
Non-operating (income) expense, net		(102	)		(68	)		11		1		2		1
Total net periodic benefit (income) cost	$	(96	)	$	(62	)	$	18	$	1	$	2	$	1

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

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

	Pension Benefits									OPEB
	For the Years Ended December 31,
	2021			2020			2019			2021			2020			2019
Net actuarial (gains) losses arising during the year⁽¹⁾⁽²⁾	$	(375	)	$	(22	)	$	(150	)	$	(2	)	$	2		$	3
Recognized net actuarial gains (losses)⁽³⁾		22			(1	)		(19	)		—			—			1
Deferred income tax expense (benefit)⁽⁴⁾		86			6			84			1			(1	)		(1	)
Total recognized in other comprehensive (loss) income, net of tax	$	(267	)	$	(17	)	$	(85	)	$	(1	)	$	1		$	3

⁽¹⁾

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

⁽²⁾

⁽³⁾

Comprises amortization of actuarial gains (losses) and income (expense) due to settlements in 2021 and 2019.

⁽⁴⁾

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

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

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

	PEPP						OPEB
	As of December 31,
	2021			2020			2021			2020
Discount rate		2.81	%		2.40	%		2.81	%		2.45	%
Rate of compensation increase		3.00	%		3.00	%	N/A			N/A

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

	PEPP									OPEB
	For the Years Ended December 31,
	2021⁽¹⁾			2020			2019			2021			2020			2019
Discount rate		2.40	%		3.17	%		4.31	%		2.45	%		3.22	%		4.35	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%	N/A			N/A			N/A
Expected long-term rate of return on plan assets		5.07	%		5.54	%		5.35	%	N/A			N/A			N/A
Healthcare cost trend rate	N/A			N/A			N/A				6.90	%		7.20	%		7.20	%
Ultimate trend rate	N/A			N/A			N/A				4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend	N/A			N/A			N/A			2029			2029			2029

⁽¹⁾

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

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

	As of December 31,
	Pension Benefits		OPEB
2022	$	230	$	3
2023		229		3
2024		229		3
2025		226		3
2026		223		3
2027-2031		1,015		15

Summarized Details of Plan Assets

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

	As of December 31,
	2021		2020
Equity securities	$	282	$	2,765
Corporate bonds		2,948		1,061
Property		66		254
Other		95		111
Total pension plan assets	$	3,391	$	4,191

Summary of Allocation of Defined Benefit Pension Plan Assets

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

	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Measured at Net Asset Value⁽¹⁾				Total
	As of December 31,
	2021		2020		2021		2020		2021		2020		2021		2020		2021		2020
PEPP
Common stocks	$	—	$	2,180	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,180
Equity ETFs		266		584		—		—		—		—		—		—		266		584
Corporate bonds		—		—		2,939		1,004		—		—		—		—		2,939		1,004
Bond ETFs		—		57		—		—		—		—		—		—		—		57
Collective trusts/pooled separate account—real estate		—		—		—		—		—		—		67		254		67		254
Collective trusts—money market		—		—		—		—		—		—		86		104		86		104
Other⁽¹⁾		—		—		—		—		—		—		1		—		1		—
Total PEPP		266		2,821		2,939		1,004		—		—		154		358		3,359		4,183
Other plans⁽²⁾		16		3		9		4		2		1		5		—		32		8
Total pension plan assets	$	282	$	2,824	$	2,948	$	1,008	$	2	$	1	$	159	$	358	$	3,391	$	4,191

⁽¹⁾

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

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Schedule of Other Income (Expense), Net

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

	For the Years Ended December 31,
	2021			2020			2019
Related party management fee⁽¹⁾	$	—		$	(49	)	$	(10	)
Gain (loss) on sale of businesses and noncurrent assets		—			1			(22	)
Foreign exchange losses on cash⁽²⁾		(2	)		(15	)		(8	)
Transition service agreement income⁽¹⁾		11			21			1
Other		11			9			10
Other income (expense), net	$	20		$	(33	)	$	(29	)

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

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

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

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

	For the Years Ended December 31,
	2021			2020			2019
Currency translation adjustments:
Balance as of beginning of year	$	(189	)	$	(354	)	$	(442	)
Currency translation adjustments		(7	)		(9	)		14
Amounts reclassified from AOCL⁽¹⁾		(11	)		1			74
Other comprehensive (loss) income		(18	)		(8	)		88
Distributions of RCPI and GPCI		—			173			—
Balance as of end of year	$	(207	)	$	(189	)	$	(354	)
Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of year	$	(160	)	$	(176	)	$	(258	)
Net actuarial gain arising during year		377			20			146
Deferred tax expense on net actuarial gain		(92	)		(5	)		(34	)
(Gains) and losses reclassified from AOCL:
Amortization of experience loss		—			1			—
Defined benefit plan settlement (gains) losses		(22	)		—			18
Reclassification upon sale of business⁽²⁾		—			—			1
Deferred tax expense (benefit) on reclassifications⁽³⁾		5			—			(5	)
Other comprehensive income		268			16			126
Cumulative impact of adopting ASU 2018-02		—			—			(44	)
Balance as of end of year	$	108		$	(160	)	$	(176	)
Plans held for sale or distribution
Balance as of beginning of year	$	—		$	12		$	11
Net actuarial loss arising during year		—			—			(5	)
Deferred tax benefit on net actuarial loss		—			—			1
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽⁴⁾		—			—			(2	)
Reclassification upon sale of business⁽⁴⁾		—			—			5
Deferred tax expense on reclassifications⁽³⁾		—			—			(1	)
Other comprehensive loss		—			—			(2	)
Cumulative impact of adopting ASU 2018-02		—			—			3
Distributions of RCPI and GPCI		—			(12	)		—
Balance as of end of year	$	—		$	—		$	12
AOCL
Balance as of beginning of year	$	(349	)	$	(518	)	$	(689	)
Other comprehensive income		250			8			212
Cumulative impact of adopting ASU 2018-02		—			—			(41	)
Distributions of RCPI and GPCI		—			161			—
Balance as of end of year	$	(99	)	$	(349	)	$	(518	)

⁽¹⁾

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

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

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

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

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

	For the Years Ended December 31,
	2021			2020			2019
Income (loss) from continuing operations before income taxes:
United States	$	(41	)	$	(119	)	$	(113	)
Foreign		70			(3	)		(43	)
Total income (loss) from continuing operations before income taxes	$	29		$	(122	)	$	(156	)

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

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

	For the Years Ended December 31,
	2021			2020			2019
Current
U.S. Federal	$	1		$	132		$	5
State and Local		(3	)		4			(4	)
Foreign		(21	)		(17	)		(19	)
Total current income tax (expense) benefit		(23	)		119			(18	)
Deferred
U.S. Federal		40			(6	)		(50	)
State and Local		(17	)		(1	)		(16	)
Foreign		4			—			—
Total deferred income tax benefit (expense)		27			(7	)		(66	)
Total income tax benefit (expense)	$	4		$	112		$	(84	)

Schedule of Components of Net Deferred Income Tax Liability

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

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

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

	As of December 31,
	2021		2020
Tax loss carryforwards
Expires within 5 years	$	140	$	121
Expires after 5 years or indefinite expiration		1,170		1,028
Total tax loss carryforwards	$	1,310	$	1,149
Tax credit carryforwards
Expires within 5 years	$	3	$	3
Expires after 5 years or indefinite expiration		9		11
Total tax credit carryforwards	$	12	$	14

Summary of Activity Related to Gross Unrecognized Tax Benefits

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

	For the Years Ended December 31,
	2021			2020			2019
Balance at beginning of the year	$	15		$	13		$	10
Increases related to business combinations		1			—			—
Increase associated with tax positions taken during the current year		—			1			5
Increase (decrease) associated with positions taken during a prior year		1			2			(1	)
Lapse of statute of limitations		(1	)		(1	)		(1	)
Balance at end of the year	$	16		$	15		$	13

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Related Party Transactions

	Transaction Value for the Years Ended December 31,									Balance Outstanding as of December 31,
	2021			2020			2019			2021			2020
Balances and transactions with joint ventures
Included in other current assets										$	9		$	7
Sale of goods and services⁽¹⁾	$	27		$	29		$	26
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables											48			55
Sale of goods and services⁽²⁾		363			351			280
Transition services agreement and rental income⁽²⁾		11			16			—
Tax loss transfer⁽³⁾		—			25			—
Recharges⁽⁴⁾		6			3			4
Forgiveness of a balance⁽⁵⁾		—			(15	)		—
Noncurrent related party receivables⁽⁶⁾											—			—
Interest income		—			9			15
Loan forgiveness		—			(347	)		—
Related party payables											(10	)		(10	)
Purchase of goods⁽²⁾		(112	)		(116	)		(149	)
Recharges⁽⁴⁾		(7	)		(11	)		(24	)
Management fee⁽⁷⁾		—			(65	)		(29	)
Tax loss transfer⁽³⁾		—			(1	)		(2	)

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

⁽²⁾

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

⁽⁴⁾

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

⁽⁶⁾

⁽⁷⁾

Equity Based Compensation (Tables)

12 Months Ended

Dec. 31, 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		1,510		$	14.69
Forfeited		(80	)	$	14.60
Vested		(236	)	$	14.00
Non-vested, at December 31		1,491		$	14.67

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
Forfeited		(298	)	$	15.05
Non-vested, at December 31		—		$	—

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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

Earnings (loss) per share, including a reconciliation of the number of shares used for our earnings (loss) per share calculation, was as follows:

	For the Years Ended December 31,
	2021			2020			2019
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders:
From continuing operations	$	31		$	(12	)	$	(239	)
From discontinued operations		(8	)		(15	)		330
Total	$	23		$	(27	)	$	91

Weighted average number of shares outstanding
Basic		177.4			146.2			134.4
Effect of dilutive securities		0.3			—			—
Diluted		177.7			146.2			134.4

Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations
Basic	$	0.17		$	(0.08	)	$	(1.78	)
Diluted	$	0.17		$	(0.08	)	$	(1.78	)
From discontinued operations
Basic	$	(0.04	)	$	(0.10	)	$	2.46
Diluted	$	(0.04	)	$	(0.10	)	$	2.46
Total
Basic	$	0.13		$	(0.18	)	$	0.68
Diluted	$	0.13		$	(0.18	)	$	0.68

Segment Information (Tables)

12 Months Ended

Dec. 31, 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
2021
Net revenues	$	2,341	$	1,531	$	1,463	$	5,335
Intersegment revenues		—		—		96		96
Total reportable segment net revenues		2,341		1,531		1,559		5,431
Adjusted EBITDA		291		232		44		567
Depreciation & amortization		168		81		92		341
Capital expenditures		107		51		114		272
Reportable segment assets		1,380		737		951		3,068
2020
Net revenues	$	1,811	$	1,396	$	1,368	$	4,575
Intersegment revenues		—		—		101		101
Total reportable segment net revenues		1,811		1,396		1,469		4,676
Adjusted EBITDA		241		252		148		641
Depreciation & amortization		139		81		63		283
Capital expenditures		117		52		107		276
Reportable segment assets		1,064		703		1,039		2,806
2019
Net revenues	$	2,160	$	1,388	$	1,483	$	5,031
Intersegment revenues		—		—		123		123
Total reportable segment net revenues		2,160		1,388		1,606		5,154
Adjusted EBITDA		336		223		196		755
Depreciation & amortization		112		90		61		263
Capital expenditures		138		55		80		273
Reportable segment assets		1,090		727		972		2,789

Reconciliation of Operating Profit (Loss)

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

	For the Years Ended December 31,
	2021			2020			2019
Reportable segment Adjusted EBITDA	$	567		$	641		$	755
Other		7			8			11
Unallocated		(43	)		(34	)		(75	)
		531			615			691
Adjustments to reconcile to GAAP income (loss) from continuing operations before income taxes
Interest expense, net		(191	)		(371	)		(433	)
Depreciation and amortization		(344	)		(289	)		(273	)
Restructuring, asset impairment and other related charges		(9	)		(28	)		(46	)
Gain (loss) on sale of business and noncurrent assets		—			1			(22	)
Non-cash pension income (expense)		101			71			(6	)
Operational process engineering related consultancy costs		(21	)		(13	)		(27	)
Business acquisition costs and purchase accounting adjustments		(15	)		—			—
Unrealized (losses) gains on derivatives		(7	)		10			4
Foreign exchange losses on cash		(2	)		(15	)		(8	)
Executive transition charges		(10	)		—			—
Goodwill impairment charges		—			(6	)		(16	)
Related party management fee		—			(49	)		(10	)
Strategic review and transaction-related costs		—			(47	)		(7	)
Other		(4	)		(1	)		(3	)
Income (loss) from continuing operations before tax	$	29		$	(122	)	$	(156	)

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

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

	For the Years Ended December 31,
	2021		2020		2019
Reportable segment depreciation and amortization	$	341	$	283	$	263
Other		3		6		10
Depreciation and amortization from continuing operations	$	344	$	289	$	273

Reconciliation of Reportable Segment Capital Expenditures to Consolidated Capital Expenditures

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

	For the Years Ended December 31,
	2021		2020		2019
Reportable segment capital expenditures	$	272	$	276	$	273
Other		1		3		6
Unallocated		9		3		6
Discontinued operations		—		128		344
Capital expenditures	$	282	$	410	$	629

Reconciliation of Assets from Segment to Consolidated

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

	As of December 31,
	2021		2020
Reportable segment assets	$	3,068	$	2,806
Other		37		34
Unallocated⁽¹⁾		3,916		4,003
Total assets	$	7,021	$	6,843

⁽¹⁾

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2021			2020			2019
Foodservice
Drinkware⁽¹⁾	$	915		$	685		$	851
Containers⁽¹⁾		995			779			791
Tableware⁽¹⁾		222			169			293
Serviceware and other⁽¹⁾		209			178			225
Food Merchandising
Meat trays		358			373			353
Bakery/snack/produce/fruit containers		323			283			311
Prepared food trays		162			131			174
Egg cartons		93			99			98
Tableware⁽²⁾		390			349			307
Other		205			161			145
Beverage Merchandising
Cartons for fresh beverage products		834			795			812
Liquid packaging board		396			387			446
Paper products		329			287			348
Reportable segment net revenues		5,431			4,676			5,154
Other / Unallocated
Other		102			114			160
Inter-segment eliminations		(96	)		(101	)		(123	)
Net revenues	$	5,437		$	4,689		$	5,191

⁽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.

Geographic Data for Net Revenues and Long-lived Assets and Operating Lease ROU Assets, Net

	For the Years Ended December 31,
	2021		2020		2019
Net revenues:
United States	$	4,710	$	4,046	$	4,484
Rest of North America		447		354		383
Other		280		289		324
Net revenues	$	5,437	$	4,689	$	5,191

	As of December 31,
	2021		2020
Long-lived assets:
United States	$	1,908	$	1,789
Rest of North America		97		96
Other		59		60
Long-lived assets	$	2,064	$	1,945

Nature of Operations and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 20, 2020 USD ($) $ / shares shares	Sep. 21, 2020 USD ($) $ / shares shares	Sep. 16, 2020 shares	Dec. 31, 2021 Segment shares	Dec. 31, 2020 shares	Sep. 17, 2020 shares
Subsidiary Sale Of Stock [Line Items]
Number of reportable segments \| Segment				3
Common stock, shares issued (in shares)		134,408,000		177,250,974	177,157,710	1,000
Common stock, shares outstanding (in shares)		134,408,000		177,250,974	177,157,710	1,000
Stock split conversion ratio		134,408
IPO
Subsidiary Sale Of Stock [Line Items]
Shares issued during period (in shares)		41,026,000
Price per share issued (In USD per share) \| $ / shares		$ 14.00
Net proceeds received on the transaction \| $		$ 546
Underwriters
Subsidiary Sale Of Stock [Line Items]
Shares issued during period (in shares)	1,723,710
Price per share issued (In USD per share) \| $ / shares	$ 14.00
Net proceeds received on the transaction \| $	$ 23
Discontinued Operations \| Graham Packaging Company Inc.
Subsidiary Sale Of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)			14,036,726

Summary of Significant Accounting Policies - Additional Information (Details) - Customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASU 2016-13
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2018-14
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2018-13
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2018-15
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2019-12
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2020-04
Variable Interest Entity [Line Items]
Change in accounting principle, accounting standards update, adopted	false
Recognized Over Time
Variable Interest Entity [Line Items]
Percentage of net revenues	3.00%
Minimum \| Customer Relationships
Variable Interest Entity [Line Items]
Finite-lived intangible assets estimated useful lives	8 years
Maximum \| Customer Relationships
Variable Interest Entity [Line Items]
Finite-lived intangible assets estimated useful lives	20 years
Machinery and Equipment \| Minimum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives	3 years
Machinery and Equipment \| Maximum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives	20 years
Buildings and Building Improvements \| Minimum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives	7 years
Buildings and Building Improvements \| Maximum
Variable Interest Entity [Line Items]
Property, plant and equipment estimated useful lives	44 years
Credit Concentration Risk \| Net Revenues
Variable Interest Entity [Line Items]
Number of customers more than ten percentage of revenue	0	0	0

Discontinued Operations - Additional Information (Details) - USD ($)					1 Months Ended		12 Months Ended
	Oct. 12, 2021	Sep. 16, 2020	Feb. 04, 2020	Dec. 20, 2019	Aug. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 47,000,000
Line of credit \| Credit Agreement \| Secured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred			$ 2,475,000,000
Line of credit \| IPO Settlement Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred			$ 1,168,000,000
Graham Packaging Company Inc. \| Line of credit \| Credit Agreement \| Secured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred					$ 1,985,000,000
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Charges primarily related to historical tax agreements							$ 8,000,000
Discontinued operation other activity							$ 0
Depreciation and amortization expense								$ 178,000,000	$ 370,000,000
Asset impairment									31,000,000
Goodwill impairment charges									9,000,000
Discontinued operations, disposed of by sale \| North American and Japanese closures businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business				$ 611,000,000		$ 8,000,000
Discontinued operations, disposed of by sale \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment								2,000,000	32,000,000
Restructuring and other related charges								$ 11,000,000	$ 17,000,000
Discontinued Operations \| Reynolds Consumer Products Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)			35,791,985
Discontinued Operations \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)		14,036,726

Discontinued Operations - Summary of Disposal Group Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Sep. 16, 2020	Feb. 04, 2020
Liabilities
Current liabilities	$ 31	$ 12
Reynolds Consumer Products Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash				$ 31
Current assets				699
Noncurrent assets				3,630
Total current assets held for sale or distribution				4,360
Liabilities
Current liabilities				1,467
Noncurrent liabilities				2,863
Total current liabilities held for sale or distribution				4,330
Net assets distributed				$ 30
Graham Packaging Company Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash			$ 79
Current assets			448
Noncurrent assets			3,461
Total current assets held for sale or distribution			3,988
Liabilities
Current liabilities			297
Noncurrent liabilities			2,523
Total current liabilities held for sale or distribution			2,820
Net assets distributed			$ 1,168

Discontinued Operations - Summary of Income from Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations	$ (8)	$ (15)	$ 330
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		1,510	5,074
Cost of sales		(1,234)	(3,799)
Gross profit		276	1,275
Selling, general and administrative expenses		(179)	(563)
Goodwill impairment charges			(9)
Restructuring, asset impairment and other related charges		(13)	(83)
Interest expense, net		(54)	(188)
Other expense, net		(3)	(9)
Income before income taxes from discontinued operations		27	423
Income tax expense		(56)	(63)
Net (loss) income from discontinued operations, before gain or loss on disposal		(29)	360
Gain (loss) on disposal, net of income taxes		14	(30)
Net (loss) income from discontinued operations		$ (15)	$ 330

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

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

Acquisitions and Dispositions - Additional Information (Details) $ in Millions				3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 04, 2022 USD ($)	Oct. 12, 2021 USD ($)	Oct. 01, 2021 USD ($) Facility	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Acquisitions And Dispositions [Line Items]
Goodwill				$ 1,812	$ 1,812	$ 1,812	$ 1,760	$ 1,766
Proceeds from sale of business		$ 47
Percentage of dispositions joint venture		50.00%
Reclassification of other noncurrent assets				23	23	23
South American closures business
Acquisitions And Dispositions [Line Items]
Charges related to assets and liabilities held-for-sale					2	2
Discontinued operations, disposed of by sale
Acquisitions And Dispositions [Line Items]
Income from operations before income taxes							27	423
Discontinued operations, disposed of by sale \| Beverage Merchandising Asia
Acquisitions And Dispositions [Line Items]
Income from operations before income taxes						22	24	22
Disposal Group, Held-for-sale, Not Discontinued Operations \| South American closures business
Acquisitions And Dispositions [Line Items]
Charges related to assets and liabilities held-for-sale							12
Subsequent Event \| Discontinued operations, disposed of by sale \| Beverage Merchandising Asia
Acquisitions And Dispositions [Line Items]
Proceeds from sale of business	$ 335
Foodservice
Acquisitions And Dispositions [Line Items]
Goodwill				990	$ 990	990	$ 924	$ 924
Fabri-Kal
Acquisitions And Dispositions [Line Items]
Percentage of outstanding ownership interests acquired			100.00%
Purchase price			$ 378
Net revenues				106
Loss before tax				$ 13
Acquisition costs						3
Increase in cost of acquired inventories						$ 12
Goodwill			66
Fabri-Kal \| Foodservice
Acquisitions And Dispositions [Line Items]
Goodwill			66
Goodwill expected to be tax deductible			42
Fabri-Kal \| Customer Relationships
Acquisitions And Dispositions [Line Items]
Intangible assets			56
Fabri-Kal \| Customer Relationships \| Foodservice
Acquisitions And Dispositions [Line Items]
Intangible assets			$ 56
Finite-lived intangible assets estimated useful lives			8 years
Fabri-Kal \| Trademarks
Acquisitions And Dispositions [Line Items]
Intangible assets			$ 34
Fabri-Kal \| Trademarks \| Foodservice
Acquisitions And Dispositions [Line Items]
Intangible assets			$ 34
Finite-lived intangible assets estimated useful lives			10 years
Fabri-Kal \| United States
Acquisitions And Dispositions [Line Items]
Number of manufacturing facilities acquired \| Facility			4

Acquisitions and Dispositions - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,812		$ 1,760	$ 1,766
Fabri-Kal
Business Acquisition [Line Items]
Cash and cash equivalents		$ 3
Accounts receivable		46
Inventories		86
Other current assets		2
Property, plant and equipment		126
Operating lease right-of-use assets		31
Goodwill		66
Deferred income taxes		8
Assets acquired		458
Accounts payable		17
Current portion of long-term debt		1
Current portion of operating lease liabilities		3
Accrued and other current liabilities		26
Long-term debt		1
Long-term operating lease liabilities		25
Long-term employee benefit obligations		6
Other noncurrent liabilities		1
Liabilities assumed		80
Total purchase price		378
Fabri-Kal \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets		56
Fabri-Kal \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 34

Acquisitions and Dispositions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Combination And Asset Acquisition [Abstract]
Pro forma net revenues from continuing operations	$ 5,725	$ 5,001
Pro forma income (loss) from continuing operations before tax	$ 55	$ (134)

Acquisitions and Dispositions - Carrying Amount of Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 17	$ 10	$ 136
Disposal Group, Held-for-sale, Not Discontinued Operations \| Beverage Merchandising Asia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	17
Accounts receivable, net	27
Inventories	23
Current assets	3
Property, plant and equipment, net	48
Goodwill	14
Deferred income taxes	3
Other noncurrent assets	4
Total current assets held for sale or distribution	139
Accounts payable	7
Income taxes payable	3
Accrued and other current liabilities	18
Long-term employee benefit obligations	1
Deferred income taxes	2
Total current liabilities held for sale or distribution	$ 31
Disposal Group, Held-for-sale, Not Discontinued Operations \| South American closures business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		10
Accounts receivable, net		14
Inventories		4
Current assets		1
Property, plant and equipment, net		8
Intangible assets, net		1
Held for sale valuation allowance		(12)
Total current assets held for sale or distribution		26
Accounts payable		8
Accrued and other current liabilities		2
Other noncurrent liabilities		2
Total current liabilities held for sale or distribution		$ 12

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring, Asset Impairment and Other Related Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		$ 6	$ 16
Other Asset Impairment		16	42
Employee Terminations	$ 3	11	4
Other Restructuring Charges	6	1
Total	9	34	62
Foodservice
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		0	0
Other Asset Impairment		1	1
Employee Terminations		1	1
Other Restructuring Charges		1
Total		3	2
Food Merchandising
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		0	0
Other Asset Impairment		1	4
Employee Terminations		0	0
Other Restructuring Charges		0
Total		1	4
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		0
Other Asset Impairment		0
Employee Terminations	3	1
Other Restructuring Charges	6	0
Total	$ 9	1
Other
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		6	16
Other Asset Impairment		14	37
Employee Terminations		9	3
Other Restructuring Charges		0
Total		$ 29	$ 56

Restructuring, Asset Impairment and Other Related Charges - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost And Reserve [Line Items]
Employee Terminations	$ 3,000,000	$ 11,000,000	$ 4,000,000
Plant and equipment depreciation expense	289,000,000	235,000,000	217,000,000
Other restructuring charges	6,000,000	1,000,000
Non-cash impairment charge			58,000,000
Non-cash impairment charges		22,000,000
Goodwill Impairment		6,000,000	16,000,000
Employee termination costs		11,000,000
Carrying values of the impaired assets (less than)			17,000,000
Goodwill			6,000,000
Operating lease right-of-use assets, net			3,000,000
Difference between the carrying value and the recoverable amount			0
Customer Relationships
Restructuring Cost And Reserve [Line Items]
Finite lived intangible assets, net			4,000,000
Other
Restructuring Cost And Reserve [Line Items]
Employee Terminations		9,000,000	3,000,000
Other restructuring charges		0
Non-cash impairment charge			29,000,000
Non-cash impairment charges			53,000,000
Goodwill Impairment		6,000,000	16,000,000
Operating lease, impairment			5,000,000
Other \| Customer Relationships
Restructuring Cost And Reserve [Line Items]
Impairment of finite-lived, intangible assets			3,000,000
Other \| South American closures business
Restructuring Cost And Reserve [Line Items]
Employee Terminations			4,000,000
Non-cash impairment charge	2,000,000
Other \| South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost And Reserve [Line Items]
Goodwill Impairment		6,000,000
Asset impairment charges		$ 16,000,000
Foodservice and Food Merchandising
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charge			5,000,000
Carrying values of the impaired assets (less than)			$ 1,000,000
Coated Groundwood Paper Production Line
Restructuring Cost And Reserve [Line Items]
Employee Terminations	3,000,000
Plant and equipment depreciation expense	24,000,000
Other restructuring charges	$ 6,000,000

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 7	$ 1
Charges to Earnings	3	11
Cash Paid	(8)	(5)
Restructuring liability, ending balance	2	7
Employee terminations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	7	1
Charges to Earnings	3	11
Cash Paid	(8)	(5)
Restructuring liability, ending balance	$ 2	$ 7

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 226	$ 180
Work in progress	102	108
Finished goods	427	410
Spare parts	99	86
Inventories	$ 854	$ 784

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,263	$ 3,958
Less: accumulated depreciation	(2,477)	(2,273)
Property, plant and equipment, net	1,786	1,685
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	72	87
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	638	532
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,383	3,148
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 170	$ 191

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Cost of sales	$ 265	$ 213	$ 201
Selling, general and administrative expenses	24	22	16
Total depreciation expense	$ 289	$ 235	$ 217

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

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning Balance	$ 1,760	$ 1,766
Goodwill impairment charges		(6)	$ (16)
Acquisitions	66
Reclassified to assets held for sale	(14)
Ending Balance	1,812	1,760	1,766
Balance	15	22
Foodservice
Goodwill [Line Items]
Beginning Balance	924	924
Goodwill impairment charges		0	0
Acquisitions	66
Ending Balance	990	924	924
Food Merchandising
Goodwill [Line Items]
Beginning Balance	770	770
Goodwill impairment charges		0	0
Ending Balance	770	770	770
Beverage Merchandising
Goodwill [Line Items]
Beginning Balance	66	66
Goodwill impairment charges		0
Reclassified to assets held for sale	(14)
Ending Balance	52	66	66
Other
Goodwill [Line Items]
Beginning Balance		6
Goodwill impairment charges		(6)	(16)
Ending Balance			$ 6
Balance	$ 15	$ 22

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, accumulated impairment loss	$ 15	$ 22
Discontinued operations, disposed of by sale
Goodwill [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	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,129	$ 1,039
Accumulated Amortization	(615)	(560)
Net	514	479
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,742	1,652
Net	1,127	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	1,075	1,019
Accumulated Amortization	(594)	(540)
Net	481	479
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	42	8
Accumulated Amortization	(9)	(8)
Net	33
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12	12
Accumulated Amortization	$ (12)	$ (12)

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 55	$ 54	$ 56

Goodwill and Intangible Assets - Summary of Estimate Annual Amortization Expense (Details) $ in Millions	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 61
2023	60
2024	60
2025	58
2026	57
Total	$ 296

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued personnel costs	$ 86	$ 117
Accrued rebates and credits	87	68
Accrued interest	19	16
Other	123	121
Accrued and other current liabilities	$ 315	$ 322

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal amount of borrowings	$ 4,279	$ 4,004
Deferred financing transaction costs ("DIC")	(17)	(14)
Original issue discounts, net of premiums ("OID")	(12)	(10)
Debt, net	4,250	3,980
Less: current portion	(30)	(15)
Long-term debt	4,220	3,965
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		59
4.000% Senior Secured Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
4.375% Senior Secured Notes due 2028 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500
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
Other
Debt Instrument [Line Items]
Long-term debt, gross	53	12
Secured Debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,250	$ 2,457

Debt - Summary of Debt (Parenthetical) (Details)	12 Months Ended
Debt - Summary of Debt (Parenthetical) (Details)	Dec. 31, 2021	Dec. 31, 2020	Sep. 24, 2021	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% Senior Secured Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.375%		4.375%
Debt instrument maturity year	2028
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 -Summary of Components of the Credit Agreement (Details) - Line of credit - Credit Agreement - USD ($) $ in Millions		12 Months Ended
	Sep. 24, 2021	Dec. 31, 2021
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date		Feb. 05, 2026
Long-term debt, gross		$ 1,238
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 Term Loans Tranche B3
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Sep. 24, 2028	Sep. 24, 2028
Long-term debt, gross	$ 1,015	$ 1,012
U S Term Loans Tranche B3 \| London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor		0.50%
Basis spread on variable rate		3.50%
U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date		Aug. 05, 2024
Value Utilized		$ 44

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Dec. 31, 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) - USD ($)		12 Months Ended
	Sep. 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Repayment of debt		$ 1,280,000,000	$ 8,944,000,000	$ 381,000,000
U S Term Loans Tranche B3 \| Credit Agreement \| Line of credit
Line Of Credit Facility [Line Items]
Long-term debt, gross	$ 1,015,000,000	$ 1,012,000,000
Maturity date	Sep. 24, 2028	Sep. 24, 2028
Weighted average contractual interest rate		4.00%
U.S. Term Loans Tranche B-1 \| Credit Agreement \| Line of credit
Line Of Credit Facility [Line Items]
Repayment of debt	$ 1,207,000,000
Weighted average contractual interest rate		2.86%	3.62%	5.03%
U S Term Loans Tranche B2 \| Credit Agreement \| Line of credit
Line Of Credit Facility [Line Items]
Long-term debt, gross		$ 1,238,000,000
Maturity date		Feb. 05, 2026
Weighted average contractual interest rate		3.35%	3.40%
Secured Debt \| Credit Agreement \| Line of credit
Line Of Credit Facility [Line Items]
Long-term debt, gross		$ 2,250,000,000	$ 2,457,000,000
Percentage of quarterly amortization payments		0.25%
Due amount of excess cash flow prepayments		$ 0
Secured Debt \| Credit Agreement \| Line of credit \| 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 \| Credit Agreement \| Line of credit \| Minimum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met		0.00%

Debt - Schedule of Outstanding Notes (Details) - Senior notes		12 Months Ended
	Sep. 24, 2021	Dec. 31, 2021
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Maturity date		Oct. 15, 2027
Interest Payment Dates		April 15 and October 15
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Maturity date	Oct. 15, 2028	Oct. 15, 2028
Interest Payment Dates		April 15 and October 15, commencing April 15, 2022

Debt - Schedule of Outstanding Notes (Parenthetical) (Details) - Senior notes	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 24, 2021
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%		4.375%
Debt instrument maturity year	2028

Debt - Notes - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Sep. 24, 2021	Feb. 16, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt repayments			$ 1,280	$ 8,944	$ 381
Senior notes \| 4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Face amount of debt	$ 500
Interest rate	4.375%		4.375%
Maturity date	Oct. 15, 2028		Oct. 15, 2028
Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Interest rate		5.125%		5.125%
Long-term debt repayments		$ 59
Redemption price percentage		101.281%
Loss on extinguishment of debt		$ 1
Senior notes \| 4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate			4.00%	4.00%
Maturity date			Oct. 15, 2027

Debt - Debentures (Details) - Unsecured Debt	12 Months Ended
Debt - Debentures (Details) - Unsecured Debt	Dec. 31, 2021
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2025
Interest Payment Dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2027
Interest Payment Dates	April 15 and October 15

Debt - Debentures (Parenthetical) (Details) - Unsecured Debt	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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	Dec. 31, 2021	Dec. 31, 2020
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 53	$ 12

Debt -Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 30
2023	30
2024	29
2025	304
2026	1,203
Thereafter	2,683
Total principal amount of borrowings	$ 4,279	$ 4,004

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross		$ 59
4.000% Senior Secured Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	$ 1,000	1,000
4.375% Senior Secured Notes due 2028 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	500
7.950% Debentures due 2025 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	276	276
8.375% Debentures due 2027 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	200	200
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	53	12
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	4,250	3,980
Reported Value Measurement \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		59
Reported Value Measurement \| 4.000% Senior Secured Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	991	991
Reported Value Measurement \| 4.375% Senior Secured Notes due 2028 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	495
Reported Value Measurement \| 7.950% Debentures due 2025 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	273	273
Reported Value Measurement \| 8.375% Debentures due 2027 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	199	198
Reported Value Measurement \| Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	53	12
Estimate of Fair Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	4,295	4,092
Estimate of Fair Value Measurement \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		60
Estimate of Fair Value Measurement \| 4.000% Senior Secured Notes due 2027 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	975	1,024
Estimate of Fair Value Measurement \| 4.375% Senior Secured Notes due 2028 \| Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	497
Estimate of Fair Value Measurement \| 7.950% Debentures due 2025 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	305	318
Estimate of Fair Value Measurement \| 8.375% Debentures due 2027 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	222	235
Estimate of Fair Value Measurement \| Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	53	12
Secured Debt \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	2,250	2,457
Secured Debt \| Reported Value Measurement \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,239	2,447
Secured Debt \| Estimate of Fair Value Measurement \| Credit Agreement \| Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,243	$ 2,443

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 24, 2021	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% Senior Secured 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
Senior notes \| 4.375% Senior Secured Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.375%		4.375%
Debt instrument maturity year	2028
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest income, related party		$ (9)	$ (15)
Interest income, other	$ (2)	(6)	(14)
Amortization of deferred financing transaction costs	3	12	12
Amortization of original issue discounts	2	3	1
Derivative losses		15	21
Net foreign currency exchange gains	1	(2)	(4)
Write-off of unamortized DIC and OID	1	29	1
Redemption premiums	1	34	0
Other	21	5	7
Interest expense, net	191	371	433
Senior notes
Debt Instrument [Line Items]
Interest expense, debt	46	138	194
Unsecured Debt
Debt Instrument [Line Items]
Interest expense, debt	39	39	39
Secured Debt \| Securitization Facility \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt		6	17
Secured Debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Interest expense, debt	$ 79	$ 107	$ 174

Debt - Interest Expense, Net (Parenthetical) (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2021
Senior Secured Incremental Term Loan Facility \| Commitment Letter
Debt Instrument [Line Items]
Fees incurred			$ 5,000,000
Debt instrument, aggregate principal amount			$ 300,000,000
Debt instrument termination date			Sep. 24, 2021
Third party costs			$ 9,000,000
Line of credit \| Securitization Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 450,000,000
Maturity date			Mar. 22, 2022
Repayment of outstanding debt	$ 380,000,000
Line of credit \| Securitization Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate floor		0.00%
Basis spread on variable rate		1.75%
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate			5.75%

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, net		$ 278	$ 260
Operating lease liability		290
Corporate Office Building \| Other Income (Expense), Net
Lessee Lease Description [Line Items]
Sale-leaseback transaction gain	$ 3
New Lease
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, net		48	126	$ 64
Operating lease liability		48	126	64
Payments for operating lease liabilities		$ 75	$ 67	$ 58
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining lease term		21 years
Operating lease, option to renew		Certain leases include options to renew for up to 20 years.

Leases - Summary of Operating Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 77	$ 72	$ 54
Variable lease costs	4	3	4
Short-term lease costs	15	13	18
Total operating lease costs	$ 96	$ 88	$ 76

Leases - Summary of Future Minimum Lease Payments Under Non-cancellable Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 77
2023	68
2024	53
2025	43
2026 and thereafter	97
Total undiscounted lease payments	338
Less: amounts representing interest	(48)
Present value of lease obligations	$ 290
Weighted average remaining lease term	5 years 7 months 6 days	5 years 10 months 24 days
Weighted average discount rate	5.60%	6.08%

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Asset Derivatives	$ 1	$ 9
Liability Derivatives	(1)	(2)
Other current assets
Derivative [Line Items]
Asset Derivatives	1	9
Commodity swap contracts
Derivative [Line Items]
Asset Derivatives	1	9
Liability Derivatives	(1)	(2)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives	$ (1)	$ (2)

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gains (loss) on derivatives	$ (7)	$ 10	$ 4

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	12 Months Ended
	Dec. 31, 2021 MMBTU $ / gal $ / MMBTU gal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure \| MMBTU	796,963
Natural gas swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / MMBTU	2.81
Natural gas swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / MMBTU	5.19
Benzene swaps
Derivative [Line Items]
Contracted volume \| gal	5,822,305
Benzene swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / gal	3.07
Benzene swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / gal	3.85

Employee Benefits - Narrative (Details)			3 Months Ended	12 Months Ended
Employee Benefits - Narrative (Details)	Feb. 16, 2022 USD ($) Retiree	Jul. 21, 2021 USD ($) Retiree	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Non-cash pre-tax pension settlement gain				$ (101,000,000)	$ (71,000,000)	$ 6,000,000
Expense relating to defined contribution plans				33,000,000	35,000,000	$ 34,000,000
Multi-employer plans—withdrawal liabilities expected annual payments				$ 5,000,000
Multi-employer plans—withdrawal liabilities expected annual payments period				14 years
Other Noncurrent Liabilities
Defined Benefit Plan Disclosure [Line Items]
Future obligations arising from the withdrawal from multi-employer pension plans, liability recognized				$ 44,000,000	46,000,000
Pactiv Evergreen Pension Plan \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation percentage for RGPP				10.00%
Pactiv Evergreen Pension Plan \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation percentage for RGPP				90.00%
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made				$ 4,000,000	$ 125,000,000
Defined Benefit Pension Plan \| Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of present value of pension plan obligations				98.00%	99.00%
Percentage of fair value of pension plan assets				99.00%	100.00%
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made				$ 0	$ 121,000,000
Further contributions expected to be made in next fiscal year				0
PEPP asset purchased		$ 941,000,000
Projected benefit obligations		$ 959,000,000
Pension benefits and annuity administration for retirees or their beneficiaries \| Retiree		16,300
Non-cash pre-tax pension settlement gain				22,000,000
Pactiv Evergreen Pension Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Non-cash pre-tax pension settlement gain			$ 25,000,000
Pactiv Evergreen Pension Plan \| Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 1,260,000,000
Pension benefits and annuity administration for retirees or their beneficiaries \| Retiree	13,300
Other Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made				4,000,000	4,000,000
Further contributions expected to be made in next fiscal year				3,000,000
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made				2,000,000	$ 2,000,000
Further contributions expected to be made in next fiscal year				$ 3,000,000

Employee Benefits - Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Defined Benefit Pension and OPEB Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets:
Fair value of plan assets as of January 1	$ 4,191
Fair value of plan assets as of December 31	3,391	$ 4,191
Defined Benefit Pension Plan
Change in benefit obligations:
Projected benefit obligations as of January 1	4,664	4,509
Service cost	6	6	$ 7
Interest cost	101	138	174
Benefits paid	(278)	(296)
Settlements	(942)
Divestitures		(3)
Actuarial (gains) losses	(162)	310
Acquisition	29
Projected benefit obligation as of December 31	3,418	4,664	4,509
Change in plan assets:
Fair value of plan assets as of January 1	4,191	3,823
Actual return on plan assets	393	539
Employer contributions	4	125
Benefits paid	(278)	(296)
Settlements	(942)
Acquisition	23
Fair value of plan assets as of December 31	3,391	4,191	3,823
Funded status as of December 31	(27)	(473)
OPEB Plans
Change in benefit obligations:
Projected benefit obligations as of January 1	53	51
Interest cost	1	2	2
Benefits paid	(2)	(2)
Actuarial (gains) losses	(3)	2
Projected benefit obligation as of December 31	49	53	$ 51
Change in plan assets:
Employer contributions	2	2
Benefits paid	(2)	(2)
Funded status as of December 31	$ (49)	$ (53)

Employee Benefits - Summary of Defined Benefit Pension and OPEB Obligations Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	$ (27)	$ (473)
Defined Benefit Pension Plan \| Other Noncurrent Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	9
Defined Benefit Pension Plan \| Accrued and other current liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(3)	(4)
Defined Benefit Pension Plan \| Liabilities Held for Sale
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(1)
Defined Benefit Pension Plan \| Long-term Employee Benefit Obligations
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(32)	(469)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(49)	(53)
OPEB Plans \| Accrued and other current liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	(3)	(3)
OPEB Plans \| Long-term Employee Benefit Obligations
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension and OPEB obligations	$ (46)	$ (50)

Employee Benefits - Summary of Defined Benefit Pension and OPEB Obligations Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses	$ (138)	$ 216
Deferred income tax (benefit) expense	34	(52)
Defined benefit plan, after tax	(104)	164
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses	(7)	(6)
Deferred income tax (benefit) expense	3	2
Defined benefit plan, after tax	$ (4)	$ (4)

Employee Benefits - Summary of Funded Status of Defined Benefit Pension and OPEB Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (27)	$ (473)
Defined Benefit Pension Plan \| Funded Status
Defined Benefit Plan Disclosure [Line Items]
Plan assets	23	4,189
Projected benefit obligation	59	4,662
Accumulated benefit obligation	58	4,660
Defined Benefit Pension Plan \| Under Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(36)	(473)
Accumulated benefit obligation	(35)	(471)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(49)	(53)
OPEB Plans \| Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	49	53
Accumulated benefit obligation	49	53
OPEB Plans \| Under Funded Status
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(49)	(53)
Accumulated benefit obligation	$ (49)	$ (53)

Employee Benefits - Net Periodic Defined Benefit Pension and OPEB (Income) Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6	$ 6	$ 7
Interest cost	101	138	174
Expected return on plan assets	(181)	(207)	(182)
Amortization of actuarial losses (gains)		1	1
Ongoing net periodic benefit (income) cost	(74)	(62)
(Income) expense due to settlements	(22)		18
Total net periodic benefit (income) cost	(96)	(62)	18
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	1	2	2
Amortization of actuarial losses (gains)			(1)
Ongoing net periodic benefit (income) cost	1	2	1
Total net periodic benefit (income) cost	$ 1	$ 2	$ 1

Employee Benefits - Net Periodic Defined Benefit (Income) Cost for Pension Benefits and OPEB Costs Recognized in Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	$ (96)	$ (62)	$ 18
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	1	2	1
Cost of Sales \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	6	6	4
Selling, General and Administrative Expenses \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost			3
Non-operating (Income) Expense, Net \| Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	(102)	(68)	11
Non-operating (Income) Expense, Net \| OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit (income) cost	$ 1	$ 2	$ 1

Employee Benefits - Summary of Amounts recognized in Other Comprehensive (Loss) Income in Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses arising during the year	$ (375)	$ (22)	$ (150)
Recognized net actuarial gains (losses)	22	(1)	(19)
Deferred income tax expense (benefit)	86	6	84
Total recognized in other comprehensive (loss) income, net of tax	(267)	(17)	(85)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gains) losses arising during the year	(2)	2	3
Recognized net actuarial gains (losses)			1
Deferred income tax expense (benefit)	1	(1)	(1)
Total recognized in other comprehensive (loss) income, net of tax	$ (1)	$ 1	$ 3

Employee Benefits - Summary of Amounts recognized in Other Comprehensive (Loss) Income in Continuing Operations (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gains (losses) arising during the year	$ 375	$ 22	$ 150

Employee Benefits - Summary of Weighted-Average Assumptions to Determine PEPP Defined Benefit Pension and OPEB Obligations (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.81%	2.40%
Rate of compensation increase	3.00%	3.00%
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.81%	2.45%

Employee Benefits - Summary of Weighted-Average Assumptions to Determine Our PEPP Net Defined Benefit Pension and OPEB Costs and Obligations (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.40%	3.17%	4.31%
Rate of compensation increase	3.00%	3.00%	3.00%
Expected long-term rate of return on plan assets	5.07%	5.54%	5.35%
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.45%	3.22%	4.35%
Healthcare cost trend rate	6.90%	7.20%	7.20%
Ultimate trend rate	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend	2029	2029	2029

Employee Benefits - Summary of Weighted-Average Assumptions to Determine Our PEPP Net Defined Benefit Pension and OPEB Costs and Obligations (Parenthetical) (Details) - Pactiv Evergreen Pension Plan	Jul. 21, 2021
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.64%
Rate of compensation increase	3.00%
Expected long-term rate of return on plan assets	4.50%

Employee Benefits - Summary of Estimated Future Benefit Payments for Defined Benefit Pension and OPEB Plans (Details) $ in Millions	Dec. 31, 2021 USD ($)
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
2022	$ 230
2023	229
2024	229
2025	226
2026	223
2027-2031	1,015
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
2022	3
2023	3
2024	3
2025	3
2026	3
2027-2031	$ 15

Employee Benefits - Summarized Details of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 3,391	$ 4,191
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	282	2,765
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,948	1,061
Property
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	66	254
Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 95	$ 111

- Definition

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

+ References + Details

Employee Benefits - Summary of Allocation of Defined Benefit Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 3,391	$ 4,191
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	282	2,824
Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,948	1,008
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2	1
Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	159	358
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,359	4,183
Pactiv Evergreen Pension Plan \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		2,180
Pactiv Evergreen Pension Plan \| Equity ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	266	584
Pactiv Evergreen Pension Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,939	1,004
Pactiv Evergreen Pension Plan \| Bond ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		57
Pactiv Evergreen Pension Plan \| Collective Trusts/Pooled Separate Account—Real Estate
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	67	254
Pactiv Evergreen Pension Plan \| Collective Trusts—Money Market
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	86	104
Pactiv Evergreen Pension Plan \| Defined Benefit Plan Asset Categories Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	266	2,821
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		2,180
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	266	584
Pactiv Evergreen Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Bond ETFs
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets		57
Pactiv Evergreen Pension Plan \| Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,939	1,004
Pactiv Evergreen Pension Plan \| Significant Other Unobservable Inputs (Level 2) \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,939	1,004
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	154	358
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Collective Trusts/Pooled Separate Account—Real Estate
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	67	254
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Collective Trusts—Money Market
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	86	104
Pactiv Evergreen Pension Plan \| Measured at Net Asset Value \| Defined Benefit Plan Asset Categories Other
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	32	8
Other Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	16	3
Other Pension Plan \| Significant Other Unobservable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	9	4
Other Pension Plan \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2	$ 1
Other Pension Plan \| Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 5

Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income And Expenses [Abstract]
Related party management fee		$ (49)	$ (10)
Gain (loss) on sale of businesses and noncurrent assets		1	(22)
Foreign exchange losses on cash	$ (2)	(15)	(8)
Transition service agreement income	11	21	1
Other	11	9	10
Other income (expense), net	$ 20	$ (33)	$ (29)

Commitments and Contingencies - Additional Information (Details) - MP2 Energy LLC $ in Millions	Apr. 14, 2021 USD ($)
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 50
Loss contingency, shortfall in contract	$ 50

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,074	$ 2,082	$ 1,785
Ending balance	1,288	1,074	2,082
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(189)	(354)	(442)
Currency translation adjustments	(7)	(9)	14
Amounts reclassified from AOCL	(11)	1	74
Other comprehensive (loss) income	(18)	(8)	88
Distributions of RCPI and GPCI	0	173	0
Ending balance	(207)	(189)	(354)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(349)	(518)	(689)
Other comprehensive (loss) income	250	8	212
Distributions of RCPI and GPCI	0	161	0
Ending balance	(99)	(349)	(518)
Cumulative impact of adopting ASU 2018-02 \| Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(41)	(41)
Ending balance	0	0	(41)
Continuing Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(160)	(176)	(258)
Net actuarial gain (loss) arising during year	377	20	146
Deferred tax benefit (expense) on net actuarial gain (loss)	(92)	(5)	(34)
Amounts reclassified from AOCL	0	1	0
Defined benefit plan settlement losses	(22)	0	18
Reclassification upon sale of business	0	0	1
Deferred tax benefit (expense) on reclassifications	5	0	(5)
Other comprehensive (loss) income	268	16	126
Ending balance	108	(160)	(176)
Continuing Operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(44)
Ending balance	0	0	(44)
Discontinued Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	12	11
Net actuarial gain (loss) arising during year	0	0	(5)
Deferred tax benefit (expense) on net actuarial gain (loss)	0	0	1
Amounts reclassified from AOCL	0	0	(2)
Reclassification upon sale of business	0	0	5
Deferred tax benefit (expense) on reclassifications	0	0	(1)
Other comprehensive (loss) income	0	0	(2)
Distributions of RCPI and GPCI	0	(12)	0
Ending balance	0	0	12
Discontinued Operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	3
Ending balance	$ 0	$ 0	$ 3

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

Income Taxes - Schedule of Components of Income (Loss) from Continuing Operations before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) from continuing operations before income taxes:
United States	$ (41)	$ (119)	$ (113)
Foreign	70	(3)	(43)
Income (loss) from continuing operations before tax	$ 29	$ (122)	$ (156)

- 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
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Significant Components of Income Tax Benefit (Expense) from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
U.S. Federal	$ 1	$ 132	$ 5
State and Local	(3)	4	(4)
Foreign	(21)	(17)	(19)
Total current income tax (expense) benefit	(23)	119	(18)
Deferred
U.S. Federal	40	(6)	(50)
State and Local	(17)	(1)	(16)
Foreign	4
Total deferred income tax benefit (expense)	27	(7)	(66)
Total income tax benefit (expense)	$ 4	$ 112	$ (84)

Income Taxes - Schedule of Reconciliation of Income Taxes Computed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax (expense) benefit using the U.S. federal statutory income tax rate of 21%	$ (6)	$ 26	$ 33
State and local taxes		5	(16)
Effect of tax rates in foreign jurisdictions	(4)		(13)
Non-deductible expenses	(1)	(5)
Non-deductible executive compensation	(3)	(2)
Tax exempt income and income at a reduced tax rate	3		3
Withholding taxes	(4)	(4)	(4)
Tax rate modifications	1		(1)
Change in valuation allowance	15	61	(93)
Tax on unremitted earnings	10	(1)
Change in uncertain tax positions	(1)	(8)	(2)
(Under) over provided in prior periods	(6)	(10)	4
Foreign tax credit		8	7
Other tax credits	2	2	4
Non-deductible management fees		(16)	(3)
Non-deductible transaction costs		(2)
Currency translation adjustment			(2)
CARES Act net operating loss carryback		61
Other	(2)	(3)	(1)
Total income tax benefit (expense)	$ 4	$ 112	$ (84)

Income Taxes - Schedule of Reconciliation of Income Taxes Computed (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory income tax rate	21.00%	21.00%	21.00%

Income Taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
U.S. federal tax rate	21.00%	21.00%	21.00%
Foreign tax credit		$ 8,000,000	$ 7,000,000
Tax rate benefit amount	$ 1,000,000		(1,000,000)
Deferred tax assets, valuation allowance	140,000,000	165,000,000	358,000,000	$ 308,000,000
Write-off of net operating losses and other deferred tax assets	10,000,000	122,000,000
Income tax expense (benefit)	(4,000,000)	(112,000,000)	84,000,000
Unrecognized tax benefits	16,000,000	15,000,000	13,000,000	$ 10,000,000
Unrecognized tax benefits net			10,000,000
Interest and penalties related to unrecognized tax benefit	1,000,000	0	$ 1,000,000
Accrued interest and penalties	2,000,000	1,000,000
Unrecognized tax benefits decrease in income tax returns	$ 10,000,000
New Zealand
Income Tax Disclosure [Line Items]
Write-off of net operating losses and other deferred tax assets		122,000,000
CARES Act
Income Tax Disclosure [Line Items]
U.S. federal tax rate			35.00%
Tax rate benefit amount		61,000,000
Income tax expense (benefit)		$ (61,000,000)

Income Taxes - Schedule of Components of Net Deferred Income Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Employee benefits	$ 52	$ 161
Operating lease liabilities	62	61
Inventory	22	27
Reserves	20	13
Tax losses	172	135
Tax credits	10	13
Interest	253	244
Total deferred tax assets	591	654
Valuation allowance	(140)	(165)	$ (358)	$ (308)
Total deferred tax assets net of valuation allowance	451	489
Deferred tax liabilities
Intangible assets	(373)	(377)
Property, plant and equipment	(256)	(232)
Operating lease right-of-use assets	(60)	(58)
Other	(1)	(8)
Total deferred tax liabilities	(690)	(675)
Net deferred tax liabilities	$ (239)	$ (186)

Income Taxes - Schedule of Tax Loss and Tax Credit Carryforwards Presented on Gross Basis (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	$ 1,310	$ 1,149
Total tax credit carryforwards	12	14
Expires Within 5 Years
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	140	121
Total tax credit carryforwards	3	3
Expires After 5 Years or Indefinite Expiration
Tax Credit Carryforward [Line Items]
Total tax loss carryforwards	1,170	1,028
Total tax credit carryforwards	$ 9	$ 11

Income Taxes - Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 165	$ 358	$ 308
(Benefit) expense	(15)	(61)	94
Write-off of net operating losses and other deferred tax assets	(10)	(122)
Transfers to held for sale or distribution			(43)
Currency translation adjustments and other		(10)	(1)
Balance at end of the year	$ 140	$ 165	$ 358

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of the year	$ 15	$ 13	$ 10
Increases related to business combinations	1
Increase associated with tax positions taken during the current year		1	5
Increase (decrease) associated with positions taken during a prior year	1	2	(1)
Lapse of statute of limitations	(1)	(1)	(1)
Balance at end of the year	$ 16	$ 15	$ 13

Related Party Transactions - Additional Information (Details)	Dec. 31, 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		12 Months Ended
	Sep. 21, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties, current		$ 48	$ 55
Interest income			9	$ 15
Purchase of goods		(112)	(116)	(149)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current		9	7
Sale of goods and services		27	29	26
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables		48	55
Noncurrent related party receivables		0	0
Interest income		0	9	15
Related party payables		(10)	(10)
Sale of goods and services \| Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services		363	351	280
Transition services agreements and rental income \| Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income		11	16	0
Tax loss transfer
Related Party Transaction [Line Items]
Related party transactions, expenses		0	(1)	(2)
Tax loss transfer \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		0	25	0
Recharges
Related Party Transaction [Line Items]
Related party transactions, expenses		(7)	(11)	(24)
Recharges \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		6	3	4
Forgiveness of a balance \| Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction		0	(15)	0
Loan forgiveness \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transactions, expenses		0	(347)	0
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses		$ 0	$ (65)	$ (29)
Management fee, related parties \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transactions, expenses	$ (22)

Related Party Transactions - Related Party Transactions (Parenthetical) (Details) $ in Millions		12 Months Ended
	Sep. 21, 2020 USD ($)	Dec. 31, 2021 USD ($) lease_agreement	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Related party management fee			$ 49	$ 10
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses		$ 0	65	$ 29
Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties, current		48	$ 55
Loan forgiveness		15
Affiliated Entity \| Tax Matters Agreement
Related Party Transaction [Line Items]
Due to related parties, current		$ 9
Affiliated Entity \| Loan Transaction With Related Party
Related Party Transaction [Line Items]
Related party transaction, rate				3.25%
Affiliated Entity \| Loan Transaction With Related Party \| Minimum
Related Party Transaction [Line Items]
Related party transaction, rate			3.46%	4.40%
Affiliated Entity \| Loan Transaction With Related Party \| Maximum
Related Party Transaction [Line Items]
Related party transaction, rate			4.28%	5.15%
Affiliated Entity \| Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses	$ 22
Affiliated Entity \| Termination Fee
Related Party Transaction [Line Items]
Related party transactions, expenses			$ 45
Affiliated Entity \| Lease Agreements
Related Party Transaction [Line Items]
Number of lease agreements \| lease_agreement		2

Equity Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 21, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized (in shares)			9,079,395
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 14
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 7 months 6 days
Fair value of shares vested	$ 3
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) \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	0.00%
Performance Stock Units (PSU) \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	250.00%
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 11	$ 2

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested \| shares	297
Granted \| shares	1,510
Forfeited \| shares	(80)
Vested \| shares	(236)
Ending balance, Non-vested \| shares	1,491
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested \| $ / shares	$ 14.00
Granted \| $ / shares	14.69
Forfeited \| $ / shares	14.60
Vested \| $ / shares	14.00
Ending balance, Non-vested \| $ / shares	$ 14.67

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Stock Units
Granted \| shares	298
Forfeited \| shares	(298)
Weighted-Average Grant Date Fair Value
Granted \| $ / shares	$ 15.05
Forfeited \| $ / shares	$ 15.05

Earnings Per Share - Summary of the Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders:
From continuing operations	$ 31	$ (12)	$ (239)
From discontinued operations	(8)	(15)	330
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 23	$ (27)	$ 91
Weighted average number of shares outstanding
Basic	177.4	146.2	134.4
Effect of dilutive securities	0.3
Diluted	177.7	146.2	134.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from continuing operations
Basic	$ 0.17	$ (0.08)	$ (1.78)
Diluted	0.17	(0.08)	(1.78)
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from discontinued operations
Basic	(0.04)	(0.10)	2.46
Diluted	(0.04)	(0.10)	2.46
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, total
Basic	0.13	(0.18)	0.68
Diluted	$ 0.13	$ (0.18)	$ 0.68

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions			12 Months Ended
	Feb. 22, 2022	Oct. 20, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)					134.4
Weighted average number of shares outstanding (in shares)			0.5	0.3	0.2
Subsequent Event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	Feb. 22, 2022
Dividends payable, date to be paid	Mar. 15, 2022
Dividends payable, date of record	Mar. 04, 2022
Underwriters
Earnings Per Share Basic [Line Items]
Shares issued		1.7

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 5,437	$ 4,689	$ 5,191
Depreciation & amortization	344	289	273
Capital expenditures	282	410	629
Reportable segment assets	7,021	6,843
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(96)	(101)	(123)
Unallocated
Segment Reporting Information [Line Items]
Capital expenditures	9	3	6
Reportable segment assets	3,916	4,003
Foodservice
Segment Reporting Information [Line Items]
Net revenues	2,341	1,811	2,160
Foodservice \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	2,341	1,811	2,160
Adjusted EBITDA	291	241	336
Depreciation & amortization	168	139	112
Capital expenditures	107	117	138
Reportable segment assets	1,380	1,064	1,090
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,531	1,396	1,388
Food Merchandising \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	1,531	1,396	1,388
Adjusted EBITDA	232	252	223
Depreciation & amortization	81	81	90
Capital expenditures	51	52	55
Reportable segment assets	737	703	727
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,463	1,368	1,483
Beverage Merchandising \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	96	101	123
Beverage Merchandising \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	1,559	1,469	1,606
Adjusted EBITDA	44	148	196
Depreciation & amortization	92	63	61
Capital expenditures	114	107	80
Reportable segment assets	951	1,039	972
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	5,335	4,575	5,031
Depreciation & amortization	341	283	263
Reportable Segments \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	96	101	123
Reportable Segments \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	5,431	4,676	5,154
Adjusted EBITDA	567	641	755
Depreciation & amortization	341	283	263
Capital expenditures	272	276	273
Reportable segment assets	3,068	2,806	2,789
Other
Segment Reporting Information [Line Items]
Depreciation & amortization	3	6	10
Other \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	102	114	160
Capital expenditures	1	3	$ 6
Reportable segment assets	$ 37	$ 34

Segment Information - Reconciliation of EBITDA to Income (Loss) from Continuing Operations Before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 531	$ 615	$ 691
Interest expense, net	(191)	(371)	(433)
Depreciation and amortization	(344)	(289)	(273)
Restructuring, asset impairment and other related charges	(9)	(28)	(46)
Gain (loss) on sale of businesses and noncurrent assets		1	(22)
Non-cash pension income (expense)	101	71	(6)
Operational process engineering related consultancy costs	(21)	(13)	(27)
Business acquisition costs and purchase accounting adjustments	(15)
Unrealized gains (loss) on derivatives	(7)	10	4
Foreign exchange losses on cash	(2)	(15)	(8)
Executive transition charges	(10)
Goodwill impairment charges		(6)	(16)
Related party management fee		(49)	(10)
Strategic review and transaction-related costs		(47)	(7)
Other	(4)	(1)	(3)
Income (loss) from continuing operations before tax	29	(122)	(156)
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	(341)	(283)	(263)
Other
Segment Reporting Information [Line Items]
Depreciation and amortization	(3)	(6)	(10)
Goodwill impairment charges		(6)	(16)
Operating Segments \| Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	567	641	755
Depreciation and amortization	(341)	(283)	(263)
Operating Segments \| Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	7	8	11
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (43)	$ (34)	$ (75)

Segment Information - Reconciliation of Reportable Segment Depreciation and Amortization to Consolidated Depreciation and Amortization from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	$ 344	$ 289	$ 273
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	341	283	263
Other
Segment Reporting Information [Line Items]
Depreciation and amortization from continuing operations	$ 3	$ 6	$ 10

Segment Information - Reconciliation of Reportable Segment Capital Expenditures to Consolidated Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 282	$ 410	$ 629
Discontinued Operations
Segment Reporting Information [Line Items]
Capital expenditures		128	344
Operating Segments \| Reportable Segments
Segment Reporting Information [Line Items]
Capital expenditures	272	276	273
Operating Segments \| Other
Segment Reporting Information [Line Items]
Capital expenditures	1	3	6
Unallocated
Segment Reporting Information [Line Items]
Capital expenditures	$ 9	$ 3	$ 6

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 5,437	$ 4,689	$ 5,191
Foodservice
Segment Reporting Information [Line Items]
Net revenues	2,341	1,811	2,160
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,531	1,396	1,388
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,463	1,368	1,483
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	5,335	4,575	5,031
Operating Segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	2,341	1,811	2,160
Operating Segments \| Foodservice \| Drinkware
Segment Reporting Information [Line Items]
Net revenues	915	685	851
Operating Segments \| Foodservice \| Containers
Segment Reporting Information [Line Items]
Net revenues	995	779	791
Operating Segments \| Foodservice \| Tableware
Segment Reporting Information [Line Items]
Net revenues	222	169	293
Operating Segments \| Foodservice \| Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	209	178	225
Operating Segments \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,531	1,396	1,388
Operating Segments \| Food Merchandising \| Tableware
Segment Reporting Information [Line Items]
Net revenues	390	349	307
Operating Segments \| Food Merchandising \| Meat trays
Segment Reporting Information [Line Items]
Net revenues	358	373	353
Operating Segments \| Food Merchandising \| Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	323	283	311
Operating Segments \| Food Merchandising \| Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	162	131	174
Operating Segments \| Food Merchandising \| Egg cartons
Segment Reporting Information [Line Items]
Net revenues	93	99	98
Operating Segments \| Food Merchandising \| Other
Segment Reporting Information [Line Items]
Net revenues	205	161	145
Operating Segments \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	1,559	1,469	1,606
Operating Segments \| Beverage Merchandising \| Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	834	795	812
Operating Segments \| Beverage Merchandising \| Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	396	387	446
Operating Segments \| Beverage Merchandising \| Paper products
Segment Reporting Information [Line Items]
Net revenues	329	287	348
Operating Segments \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	5,431	4,676	5,154
Operating Segments \| Other
Segment Reporting Information [Line Items]
Net revenues	102	114	160
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(96)	(101)	(123)
Intersegment Eliminations \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	96	101	123
Intersegment Eliminations \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	$ 96	$ 101	$ 123

Segment Information - Geographic Data for Net Revenues and Long-lived Assets and Operating Lease ROU Assets, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 5,437	$ 4,689	$ 5,191
Long-lived assets	2,064	1,945
United States
Segment Reporting Information [Line Items]
Net revenues	4,710	4,046	4,484
Long-lived assets	1,908	1,789
Rest of North America
Segment Reporting Information [Line Items]
Net revenues	447	354	383
Long-lived assets	97	96
Other
Segment Reporting Information [Line Items]
Net revenues	280	289	$ 324
Long-lived assets	$ 59	$ 60

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details