0000950170-24-088804 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Right-of-use assets and lease liabilities recorded during period	$ 43	$ 39

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Note 7. Debt

Debt consisted of the following:


	As of June 30, 2024			As of December 31, 2023
Credit Agreement:
U.S. Term Loans	$	1,327		$	1,680
U.S. Revolving Loans		355			—
Notes:
4.000% Senior Secured Notes due 2027		1,000			1,000
4.375% Senior Secured Notes due 2028		500			500
Pactiv Debentures:
7.950% Debentures due 2025		217			217
8.375% Debentures due 2027		167			167
Other		38			41
Total principal amount of borrowings		3,604			3,605
Deferred debt issuance costs (“DIC”)		(10	)		(11	)
Original issue discounts, net of premiums (“OID”)		(2	)		(8	)
		3,592			3,586
Less: current portion		(20	)		(15	)
Long-term debt	$	3,572		$	3,571

We were in compliance with all debt covenants during the six months ended June 30, 2024 and the year ended December 31, 2023.

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”). As of June 30, 2024, the Credit Agreement comprised the following term and revolving tranches:


	Maturity Date	Drawn		Applicable Interest Rate
Term Tranches
U.S. Term Loans Tranche B-4	September 24, 2028	$	1,327	SOFR (floor of 0.000%) + 2.500%
Revolving Tranche(1)
U.S. Revolving Loans	May 1, 2029	$	355	SOFR (floor of 0.000%) + 2.500%

(1)

The Revolving Tranche represents a $1,100 million facility. In addition to the value drawn, the facility includes $49 million utilized in the form of letters of credit.

We borrowed $391 million of our Revolving Tranche facility and repaid $36 million plus interest during the first half of 2024.

On May 1, 2024, we amended the Credit Agreement to increase the capacity on our Revolving Tranche facility from $250 million to $1,100 million and extend the maturity date to May 1, 2029. We also amended the applicable interest rate and other pricing terms, including by replacing the facility fee with a lower fee on unutilized capacity.

On May 28, 2024, we further amended the Credit Agreement to replace the existing $990 million outstanding U.S. term loans Tranche B-3 with a new upsized $1,330 million of U.S. term loans Tranche B-4. The U.S. term loans Tranche B-4 will mature on September 24, 2028. The $340 million proceeds from upsizing the U.S. term loans, together with the proceeds of a $350 million draw upon our Revolving Tranche facility, were used to prepay in full the $690 million of existing U.S. term loans Tranche B-2 maturing in February 2026. The U.S. term loans Tranche B-4 have a lower interest rate relative to the U.S. term loans Tranche B-2 and B-3 that they replaced. There were no other material changes to the terms of the Credit Agreement as a result of these amendments.

The weighted average contractual interest rates related to our U.S. term loans Tranche B-2, B-3 and B-4 for the six months ended June 30, 2024 were 8.70%, 8.70% and 7.88%, respectively. The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 and B-3 for the six months ended June 30, 2023 were 8.02% and 8.05%, respectively. Including the impact of interest rate swap agreements, which were entered into in the fourth quarter of 2022, the weighted average rates on our U.S. term loans were 7.47% and 7.71% for the six months ended June 30, 2024 and June 30, 2023, respectively. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates. Refer to Note 8, Financial Instruments, for additional details regarding the interest rate swap agreements.

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 initial principal amount of our U.S. term loans Tranche B-4. 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 for the year ended December 31, 2023.

The Credit Agreement contains customary covenants which restrict us from certain activities including, among others, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the Credit Agreement.

Notes

As of June 30, 2024, our outstanding notes were as follows:


	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

The effective interest rates of our debt obligations under the Notes 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 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 (the “4.000% Notes”) and the 4.375% Senior Secured Notes due 2028 (together with the 4.000% Notes, the “Notes”) contain customary covenants which restrict us from certain activities including, among others, 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 June 30, 2024, our outstanding debentures (together, the “Pactiv Debentures”) were as follows:


	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 represented finance lease obligations of $38 million and $41 million as of June 30, 2024 and December 31, 2023, respectively.

Scheduled maturities

Below is a schedule of required future repayments on our debt outstanding as of June 30, 2024:


2024	$	10
2025		236
2026		19
2027		1,187
2028		1,786
Thereafter		366
Total principal amount of borrowings	$	3,604

Fair value of our long-term debt

The fair value of our long-term debt as of June 30, 2024 and December 31, 2023 is a Level 2 fair value measurement. Below is a schedule of carrying values and fair values of our debt outstanding:


	As of June 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement
U.S. Term Loans	$	1,325	$	1,331	$	1,672	$	1,687
U.S. Revolving Loans		355		355		—		—
Notes:
4.000% Senior Secured Notes due 2027		995		938		995		942
4.375% Senior Secured Notes due 2028		497		468		496		471
Pactiv Debentures:
7.950% Debentures due 2025		216		223		216		221
8.375% Debentures due 2027		166		175		166		172
Other		38		38		41		41
Total	$	3,592	$	3,528	$	3,586	$	3,534

Interest expense, net

Interest expense, net consisted of the following:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Interest expense:
Credit Agreement - Term Loans	$	33		$	43		$	70		$	86
Credit Agreement - Revolving Loans		3			—			3			—
Notes		16			16			31			31
Pactiv Debentures		8			8			16			16
Interest income		(1	)		(3	)		(2	)		(7	)
Amortization of DIC and OID		2			1			3			2
Loss on extinguishment of debt(1)		6			—			6			—
Realized derivative gains		(3	)		(2	)		(6	)		(3	)
Other		2			1			4			2
Interest expense, net	$	66		$	64		$	125		$	127

(1)

The loss on extinguishment of debt represented the write-off of unamortized DIC and OID as a result of the Credit Agreement amendment on May 28, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 15	$ 30	$ 15	$ 30

Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity during the six months ended June 30, 2024:


(In thousands, except per share amounts)	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested, at January 1		2,707		$	10.06
Granted(1)		1,658			12.96
Forfeited		(76	)		11.76
Vested		(1,014	)		11.45
Non-vested, at June 30		3,275		$	11.06

(1)

Included 57 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares.

Performance Stock Units (PSU)

Summary of Performance Stock Unit Activity

The following table summarizes PSU activity during the six months ended June 30, 2024:


(In thousands, except per share amounts)	Number of PSUs			Weighted Average Grant Date Fair Value
Non-vested, at January 1		2,846		$	9.52
Granted(1)		851			12.99
Forfeited		(319	)		9.77
Non-vested, at June 30		3,378		$	10.37

(1)

Included 53 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares.

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net revenues	$ 1,338	$ 1,426	$ 2,590	$ 2,857
Cost of sales	(1,115)	(1,342)	(2,146)	(2,658)
Gross profit	223	84	444	199
Selling, general and administrative expenses	(122)	(136)	(255)	(266)
Restructuring, asset impairment and other related charges	(6)	(32)	(23)	(105)
Other income, net	2	4	5	4
Operating income (loss)	97	(80)	171	(168)
Non-operating expense, net		(3)		(4)
Interest expense, net	(66)	(64)	(125)	(127)
Income (loss) before tax	31	(147)	46	(299)
Income tax (expense) benefit	(11)	8	(16)	27
Net income (loss)	20	(139)	30	(272)
Income attributable to non-controlling interests	(1)		(2)	(1)
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 19	$ (139)	$ 28	$ (273)
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$ 0.11	$ (0.78)	$ 0.14	$ (1.54)
Diluted	$ 0.1	$ (0.78)	$ 0.14	$ (1.54)
Nonrelated Party
Net revenues	$ 1,255	$ 1,331	$ 2,427	$ 2,654
Related Party
Net revenues	$ 83	$ 95	$ 163	$ 203

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
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	500
7.950% Debentures due 2025 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	217	217
8.375% Debentures due 2027 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	167	167
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	38	41
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	3,592	3,586
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, gross	995	995
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, gross	497	496
Reported Value Measurement \| 7.950% Debentures due 2025 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	216	216
Reported Value Measurement \| 8.375% Debentures due 2027 \| Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	166	166
Reported Value Measurement \| Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	38	41
Reported Value Measurement \| US Term Loans \| Credit Agreement \| Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	1,325	1,672
Reported Value Measurement \| U S Revolving Loans \| Credit Agreement \| Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	355
Estimate of Fair Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	3,528	3,534
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	938	942
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	468	471
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	223	221
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	175	172
Estimate of Fair Value Measurement \| Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	38	41
Estimate of Fair Value Measurement \| US Term Loans \| Credit Agreement \| Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	1,331	$ 1,687
Estimate of Fair Value Measurement \| U S Revolving Loans \| Credit Agreement \| Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 355

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested \| shares	2,707
Granted \| shares	1,658
Forfeited \| shares	(76)
Vested \| shares	(1,014)
Ending balance, Non-vested \| shares	3,275
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested \| $ / shares	$ 10.06
Granted \| $ / shares	12.96
Forfeited \| $ / shares	11.76
Vested \| $ / shares	11.45
Ending balance, Non-vested \| $ / shares	$ 11.06

Debt - Summary of Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
Debt - Summary of Debt (Parenthetical) (Details)	Jun. 30, 2024	Dec. 31, 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	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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefits

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefits

Note 9. Employee Benefits

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Service cost	$	—		$	(1	)	$	—		$	(1	)
Interest cost		(13	)		(12	)		(25	)		(25	)
Expected return on plan assets		12			9			23			20
Amortization of actuarial gains		1			—			2			1
Total net periodic benefit cost	$	—		$	(4	)	$	—		$	(5	)

The service cost components of net periodic benefit expense were recognized in cost of sales and the other components were recognized in non-operating expense, net in the condensed consolidated statements of income (loss).

Contributions to the Pension Plan for Pactiv Evergreen (“PPPE”) during the year ending December 31, 2024 are expected to be less than $1 million.

Employee Benefits - Narrative (Details) $ in Millions	12 Months Ended
Employee Benefits - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Plan for Pactiv Evergreen \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 1

Debt - Notes - Additional Information (Details) - Senior Notes	Jun. 30, 2024	Dec. 31, 2023
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 19	$ (139)	$ 28	$ (273)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. 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 are also involved in various administrative and other proceedings relating to environmental matters that arise in the normal course of business, and we may become involved in similar matters in the future. 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.

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. Any claims pursuant to these warranties and indemnities, if successful, could have a material effect on our balance sheet, results of operations or cash flows.

Debt - Schedule of Outstanding Notes (Parenthetical) (Details) - Senior Secured Notes	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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	2028

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Cost of sales	$ 59	$ 234	$ 117	$ 386
Selling, general and administrative expenses	6	10	12	17
Total depreciation expense	$ 65	$ 244	$ 129	$ 403

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Note 1. Nature of Operations and Basis of Presentation

The accompanying condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in our latest Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. All intercompany transactions and balances have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations, balance sheet and cash flows. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes. The estimated recoverable amounts associated with asset impairments represent Level 3 measurements in the fair value hierarchy, which include inputs that are not based on observable market data.

Reclassifications and Revision to Restricted Cash

We made reclassifications to certain previously reported financial information to conform to our current period presentation.

During 2023, we revised the presentation of restricted cash balances on our condensed consolidated statements of cash flows to include restricted cash in the beginning and ending balances for all periods presented. As of June 30, 2023 and December 31, 2022, our consolidated balance sheets included $24 million of restricted cash classified as noncurrent assets. There was no impact to our operating, investing or financing cash flow activities. The impact to all previously reported interim and annual periods was not material. As of June 30, 2024, there were no restricted cash balances on our condensed consolidated balance sheet.

Recent Accounting Pronouncements

We reviewed all recently issued accounting pronouncements and, except for the items below, concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”), a description of other segment items by reportable segment and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently assessing the impact of adopting the updated provisions.

In December 2023, the FASB issued ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures (Topic 740) requiring enhanced income tax disclosures. The ASU requires the disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for

annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. We are currently assessing the impact of the ASU on our related disclosures.

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which, as adopted, require registrants to include certain climate-related information in their annual reports and registration statements. The rules require, among other matters, information about climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. The required information about climate-related risks also includes disclosure of a registrant’s greenhouse gas emissions. In addition, the rules would require registrants to include certain climate-related financial disclosures in their audited financial statements. As adopted, these disclosure requirements would be phased in over several years beginning with our Annual Report on Form 10-K for the fiscal year ended December 31, 2026. However, while the SEC has adopted these rules, the rules have been stayed and are subject to pending legal and political challenges causing significant uncertainty regarding when and how they will ultimately apply to us. We are currently assessing the impact of these rules on our consolidated financial statements and related disclosures.

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Asset Derivatives	$ 9	$ 6
Liability Derivatives	(3)	(12)
Other current assets
Derivative [Line Items]
Asset Derivatives	9	6
Other noncurrent liabilities
Derivative [Line Items]
Liability Derivatives	(1)	(7)
Commodity swap contracts
Derivative [Line Items]
Liability Derivatives	(3)	(6)
Foreign exchange derivatives
Derivative [Line Items]
Asset Derivatives	1
Interest rate derivatives
Derivative [Line Items]
Asset Derivatives	8	6
Liability Derivatives		(6)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives	$ (2)	$ (5)

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal amount of borrowings	$ 3,604	$ 3,605
Deferred debt issuance costs ("DIC")	(10)	(11)
Original issue discounts, net of premiums (“OID”)	(2)	(8)
Debt, net	3,592	3,586
Less: current portion	(20)	(15)
Long-term debt	3,572	3,571
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	500
7.950% Debentures due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	217	217
8.375% Debentures due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	167	167
Other
Debt Instrument [Line Items]
Long-term debt, gross	38	41
Secured Debt \| U.S. Term Loans due 2028 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	1,327	$ 1,680
Secured Debt \| U.S. Revolving Loans due 2029 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 355

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring, Asset Impairment and Other Related Charges (Parenthetical) (Details) - Footprint Optimization - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Incurred Charges	$ 3	$ 5
Non-cash Charges \| Foodservice
Restructuring Cost and Reserve [Line Items]
Incurred Charges	1	1
Non-cash Charges \| Food and Beverage Merchandising
Restructuring Cost and Reserve [Line Items]
Incurred Charges	$ 2	4
Cash Charges
Restructuring Cost and Reserve [Line Items]
Incurred Charges		8
Cash Charges \| Foodservice
Restructuring Cost and Reserve [Line Items]
Incurred Charges		5
Cash Charges \| Food and Beverage Merchandising
Restructuring Cost and Reserve [Line Items]
Incurred Charges		$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Summary of Components of the Credit Agreement (Details) - Credit Agreement - USD ($) $ in Millions			6 Months Ended
	May 28, 2024	May 01, 2024	Jun. 30, 2024
U.S. Term Loans Tranche B-4
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Sep. 24, 2028
Line of Credit \| U.S. Term Loans Tranche B-4
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date			Sep. 24, 2028
Long-term debt, gross			$ 1,327
Line of Credit \| U.S. Term Loans Tranche B-4 \| Secured Overnight Financing Rate (SOFR)
Line Of Credit Facility [Line Items]
Variable rate floor			0.00%
Basis spread on variable rate			2.50%
Line of Credit \| U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date		May 01, 2029	May 01, 2029
Long-term debt, gross			$ 355
Line of Credit \| U.S. Revolving Loans \| Secured Overnight Financing Rate (SOFR)
Line Of Credit Facility [Line Items]
Variable rate floor			0.00%
Basis spread on variable rate			2.50%

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

The components of inventories consisted of the following:


	As of		As of
	June 30, 2024		December 31, 2023
Raw materials	$	211	$	223
Work in progress		93		67
Finished goods		471		465
Spare parts		106		97
Inventories	$	881	$	852

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-39528
Entity Registrant Name	PACTIV EVERGREEN INC.
Entity Central Index Key	0001527508
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0927268
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		179,254,637
Title of each class	Common stock, $0.001 par value
Trading Symbol(s)	PTVE
Name of each exchange on which registered	NASDAQ

Restructuring, Asset Impairment and Other Related Charges - Incurred and Further Charges in Future Periods Due to Restructuring Plan (Details) - Beverage Merchandising $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Restructuring Cost And Reserve [Line Items]
Incurred Charges	$ 7	$ 18
Cumulative Charges Incurred to Date	$ 488	$ 488
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)
Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	$ 810	$ 810
Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	830	830
Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	2	5
Cumulative Charges Incurred to Date	329	329
Non-cash Charges \| Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	650	650
Non-cash Charges \| Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	670	670
Non-cash Charges \| Accelerated Property, Plant and Equipment Depreciation
Restructuring Cost And Reserve [Line Items]
Incurred Charges	3	6
Cumulative Charges Incurred to Date	280	280
Total Expected Charges	280	280
Non-cash Charges \| Mill Transaction Impairment Charges \| Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	320	320
Non-cash Charges \| Mill Transaction Impairment Charges \| Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	340	340
Non-cash Charges \| Other Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	(1)	(1)
Cumulative Charges Incurred to Date	49	49
Total Expected Charges	50	50
Cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	5	13
Cumulative Charges Incurred to Date	159	159
Total Expected Charges	160	160
Cash Charges \| Severance, Termination and Related Costs
Restructuring Cost And Reserve [Line Items]
Incurred Charges		1
Cumulative Charges Incurred to Date	44	44
Total Expected Charges	45	45
Cash Charges \| Exit, Disposal and Other Transition Costs
Restructuring Cost And Reserve [Line Items]
Incurred Charges	5	12
Cumulative Charges Incurred to Date	115	115
Total Expected Charges	$ 115	$ 115

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 211	$ 223
Work in progress	93	67
Finished goods	471	465
Spare parts	106	97
Inventories	$ 881	$ 852

Debt - Schedule of Outstanding Debentures (Parenthetical) (Details) - Unsecured Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2	$ 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)	179,254,637	178,557,086
Common stock, shares outstanding (in shares)	179,254,637	178,557,086
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

Debt - Schedule of Outstanding Notes (Details) - Senior Notes	6 Months Ended
	Jun. 30, 2024
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
Interest Payment Dates	April 15 and October 15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Reconciliation of EBITDA to Income (Loss) Before Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 183	$ 217	$ 351	$ 406
Interest expense, net	(66)	(64)	(125)	(127)
Depreciation and amortization (excluding Beverage Merchandising Restructuring and Footprint Optimization related charges)	(75)	(82)	(150)	(166)
Beverage Merchandising Restructuring charges	(7)	(216)	(18)	(403)
Footprint Optimization charges	(3)		(13)
Other restructuring and asset impairment charges (reversals)	(2)	(1)	(2)
Loss on sale of businesses and noncurrent assets	(1)	(1)		(1)
Non-cash pension expense		(3)		(4)
Unrealized gains (losses) on commodity derivatives	1	1	2	(1)
Foreign exchange gains (losses) on cash	1	2	1	(2)
Other				(1)
Income (loss) before tax	31	(147)	46	(299)
Operating Segments \| Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	202	237	392	444
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (19)	$ (20)	$ (41)	$ (38)

Equity Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Note 15. Equity Based Compensation

We established the Pactiv Evergreen Inc. 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.

Equity based compensation costs were $6 million, $13 million, $10 million and $15 million for the three and six months ended June 30, 2024 and 2023, respectively, substantially all of which was recognized in selling, general and administrative expenses.

Restricted Stock Units

During the six months ended June 30, 2024, we granted restricted stock units (“RSUs”) to certain members of management and certain members of our Board of Directors. These RSUs require future service to be provided and generally vest in annual installments over a period of three years beginning on the first anniversary of the grant date. During the vesting period, the RSUs carry dividend-equivalent rights, but the RSUs do not have voting rights. The RSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting

date, unless the holder satisfies certain retirement-eligibility criteria. The following table summarizes RSU activity during the six months ended June 30, 2024:


(In thousands, except per share amounts)	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested, at January 1		2,707		$	10.06
Granted(1)		1,658			12.96
Forfeited		(76	)		11.76
Vested		(1,014	)		11.45
Non-vested, at June 30		3,275		$	11.06

(1)

Included 57 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares.

Unrecognized compensation cost related to unvested RSUs as of June 30, 2024 was $18 million, which is expected to be recognized over a weighted average period of 2.1 years. The total vest date fair value of shares that vested during the six months ended June 30, 2024 was $12 million.

Performance Share Units

During the six months ended June 30, 2024, we granted performance share units (“PSUs”) to certain members of management which vest on the third anniversary of the grant date. Based on the achievement of a company performance target during a performance period set by our Compensation Committee of our Board of Directors, 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 200%. 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 vesting period, the PSUs carry dividend-equivalent rights, but the PSUs do not have voting rights. The PSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting date, unless the holder satisfies certain retirement-eligibility criteria. The following table summarizes PSU activity during the six months ended June 30, 2024:


(In thousands, except per share amounts)	Number of PSUs			Weighted Average Grant Date Fair Value
Non-vested, at January 1		2,846		$	9.52
Granted(1)		851			12.99
Forfeited		(319	)		9.77
Non-vested, at June 30		3,378		$	10.37

(1)

Included 53 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares.

Unrecognized compensation cost related to unvested PSUs as of June 30, 2024 was $20 million, which is expected to be recognized over a weighted average period of 1.9 years.

Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 8. Financial Instruments

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


	As of June 30, 2024					As of December 31, 2023
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	—	$	(3	)	$	—	$	(6	)
Foreign exchange derivatives		1		—			—		—
Interest rate derivatives		8		—			6		(6	)
Total fair value	$	9	$	(3	)	$	6	$	(12	)
Classification:
Other current assets	$	9	$	—		$	6	$	—
Accrued and other current liabilities		—		(2	)		—		(5	)
Other noncurrent liabilities		—		(1	)		—		(7	)
Total fair value	$	9	$	(3	)	$	6	$	(12	)

Our derivatives are comprised of commodity and interest rate swaps and foreign currency exchange forward contracts. 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, interest rates and foreign currency exchange rates. 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 first quarter of 2024, we began entering into foreign currency exchange forward contracts to reduce our risk from exchange rate fluctuations associated with purchases denominated in a foreign currency. We are exposed to market risk for changes in foreign currency exchange rates due to the global nature of our operations and certain commodity risks. In order to manage these risks, we hedge portions of our forecasted purchases expected to occur within the next twelve months that are denominated in non-functional currencies, with foreign currency forward contracts designated as cash flow hedges. As of June 30, 2024, we had contracts with U.S. dollar equivalent notional amounts of $16 million to exchange the Mexican peso. We believe it is probable that all forecasted cash flow transactions will occur.

During the fourth quarter of 2022, we entered into derivative financial instruments with several large financial institutions which swapped the LIBO rate for a weighted average fixed rate of 4.120% for an aggregate notional amount of $1,000

million to hedge a portion of the interest rate exposure resulting from our U.S. term loans. These instruments are classified as cash flow hedges and mature in October 2025. In April 2023, we amended our interest rate swap agreements to replace the interest rate benchmark from LIBOR to SOFR, effective for swap payments for the period commencing April 28, 2023. Other than the foregoing, the material terms of the interest rate swap agreements remain unchanged, including the weighted average fixed rate of 4.120%, and our election to use certain practical expedients under Accounting Standards Codification Topic 848: Reference Rate Reform resulted in no material impacts on our condensed consolidated financial statements.

During the three and six months ended June 30, 2024, we recognized unrealized gains of $2 million and $1 million within other comprehensive income (loss) for our foreign currency exchange forward contracts. As of June 30, 2024, we expected to reclassify $1 million of gains, net of tax, from accumulated other comprehensive income (loss) (“AOCL”) to earnings over the next twelve months. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.

During the three and six months ended June 30, 2024 and 2023, we recognized realized gains of $3 million, $6 million, $2 million and $3 million, respectively, within interest expense, net and an unrealized gains of $3 million, $14 million, $21 million and $14 million, respectively, within other comprehensive income (loss) for our interest rate derivatives. As of June 30, 2024, we expected to reclassify $6 million of gains, net of tax, from AOCL to earnings over the next twelve months. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.

During the three and six months ended June 30, 2024 and 2023, we recognized an unrealized gain of $1 million, an unrealized gain of $2 million, an unrealized gain of $1 million and an unrealized loss of $1 million, respectively, in cost of sales, for our commodity swap contracts.

The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2024:


Type	Unit of Measure	Contracted Volume		Contracted Price Range	Contracted Date of Maturity
Natural gas swaps	Million BTU		1,870,000	$4.63 - $5.37	Aug 2024 - Dec 2025

Restructuring, Asset Impairment and Other Related Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Incurred and Further Charges in Future Periods Due to Restructuring Plan

As a result of the Beverage Merchandising Restructuring, we incurred charges during the three and six months ended June 30, 2024, and we estimate we will incur further charges in future periods, as follows:


	For the Three Months Ended June 30, 2024			For the Six Months Ended June 30, 2024			Cumulative Charges Incurred to Date		Total Expected Charges(1)(2)
Non-cash:
Accelerated property, plant and equipment depreciation	$	3		$	6		$	280	$	280
Mill Transaction impairment charges		—			—			—	320 - 340
Other non-cash charges(3)		(1	)		(1	)		49		50
Total non-cash charges	$	2		$	5		$	329	$ 650 - 670
Cash:
Severance, termination and related costs		—			1			44		45
Exit, disposal and other transition costs(4)		5			12			115		115
Total cash charges	$	5		$	13		$	159	$	160
Total Beverage Merchandising Restructuring charges	$	7		$	18		$	488	$ 810 - 830

(1)

We expect to incur any remaining charges primarily in 2024. These charges include certain estimates that are provisional and include significant management judgments and assumptions that could change materially as we complete the execution of our plans. Actual results may differ from these estimates, and the completion of our plan could result in additional restructuring charges or impairments not reflected above.

(2)

Total cash charges exclude the benefit of any potential cash proceeds related to possible sales of any property, plant and equipment that may be disposed of as part of our ongoing restructuring activities. During the year ended December 31, 2023, we received $4 million in cash proceeds and recognized an immaterial gain on the sale of various assets. During the six months ended June 30, 2024, we received $4 million in proceeds, primarily related to the sale of our Olmsted Falls, Ohio facility that was previously classified as held for sale, resulting in an immaterial gain.

(3)

Other non-cash charges include the write-down of certain spare parts classified as inventories on our condensed consolidated balance sheet, the write-off of scrapped raw materials and certain construction in-progress balances, accelerated amortization expense for certain operating lease right-of-use assets and gains or losses on the sale of various property, plant and equipment.

(4)

Exit, disposal and other transition costs are primarily related to equipment decommissioning and dismantlement, transition labor associated with the facility closures and management restructuring, site remediation, contract terminations, systems conversion and other related costs.

Summary of Restructuring, Asset Impairment and Other Related Charges

The Beverage Merchandising Restructuring charges, Footprint Optimization charges and other restructuring and asset impairment charges (net of reversals) were classified on our condensed consolidated statements of income (loss) as follows by segment:


	Food and Beverage Merchandising		Foodservice		Other		Total
For the Three Months Ended June 30, 2024
Cost of sales(1)	$	5	$	1	$	—	$	6
Restructuring, asset impairment and other related charges(2)		6		—		—		6
Total	$	11	$	1	$	—	$	12

For the Three Months Ended June 30, 2023
Cost of sales	$	182	$	—	$	—	$	182
Selling, general and administrative expenses		3		—		—		3
Restructuring, asset impairment and other related charges		29		—		3		32
Total	$	214	$	—	$	3	$	217

For the Six Months Ended June 30, 2024
Cost of sales(1)	$	9	$	1	$	—	$	10
Restructuring, asset impairment and other related charges(2)		16		5		2		23
Total	$	25	$	6	$	2	$	33

For the Six Months Ended June 30, 2023
Cost of sales	$	294	$	—	$	—	$	294
Selling, general and administrative expenses		4		—		—		4
Restructuring, asset impairment and other related charges		98		—		7		105
Total	$	396	$	—	$	7	$	403

(1)

Included $3 million and $5 million, respectively, of non-cash charges related to the Footprint Optimization for the three and six months ended June 30, 2024, of which $1 million relates to our Foodservice segment in both the three and six months ended June 30, 2024, and $2 million and $4 million relate to our Food and Beverage Merchandising segment for the three and six months ended June 30, 2024, respectively.

(2)

Included $8 million of cash charges related to the Footprint Optimization for the six months ended June 30, 2024, of which $5 million relates to our Foodservice segment and $3 million relates to our Food and Beverage Merchandising segment. For the three months ended June 30, 2024, cash charges related to the Footprint Optimization were insignificant.

During the three months ended June 30, 2024, we recorded a non-cash impairment charge of $2 million related to our equity interests in a joint venture located in the Middle East region, which is reported within the Food and Beverage Merchandising operating segment.

The following table summarizes the changes to our restructuring liability for the six months ended June 30, 2024:


	December 31, 2023		Charges to Earnings		Cash Paid			June 30, 2024
Beverage Merchandising Restructuring
Severance, termination and related costs	$	9	$	1	$	(6	)	$	4
Exit, disposal and other transition costs		30		12		(22	)		20
Footprint Optimization
Severance, termination and related costs		—		8		—			8
Total(1)	$	39	$	21	$	(28	)	$	32

(1)

Comprises $28 million classified within accrued and other current liabilities and $4 million classified within other noncurrent liabilities as of June 30, 2024.

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Details) shares in Thousands	Jun. 30, 2024 shares
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	57

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 1,338	$ 1,426	$ 2,590	$ 2,857
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,338	1,426	2,590	2,855
Reportable Segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	668	656	1,265	1,270
Reportable Segments \| Food and Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	670	770	1,325	1,585
Operating Segments \| Foodservice \| Drinkware
Segment Reporting Information [Line Items]
Net revenues	328	304	588	568
Operating Segments \| Foodservice \| Containers
Segment Reporting Information [Line Items]
Net revenues	234	238	459	467
Operating Segments \| Foodservice \| Tableware
Segment Reporting Information [Line Items]
Net revenues	63	68	131	143
Operating Segments \| Foodservice \| Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	43	46	87	92
Operating Segments \| Food and Beverage Merchandising \| Tableware
Segment Reporting Information [Line Items]
Net revenues	92	103	184	206
Operating Segments \| Food and Beverage Merchandising \| Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	170	182	354	377
Operating Segments \| Food and Beverage Merchandising \| Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	132	139	240	266
Operating Segments \| Food and Beverage Merchandising \| Meat trays
Segment Reporting Information [Line Items]
Net revenues	106	109	210	215
Operating Segments \| Food and Beverage Merchandising \| Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	54	121	109	249
Operating Segments \| Food and Beverage Merchandising \| Egg cartons
Segment Reporting Information [Line Items]
Net revenues	36	32	74	70
Operating Segments \| Food and Beverage Merchandising \| Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	29	36	56	72
Operating Segments \| Food and Beverage Merchandising \| Paper products
Segment Reporting Information [Line Items]
Net revenues		27		74
Operating Segments \| Food and Beverage Merchandising \| Other
Segment Reporting Information [Line Items]
Net revenues	55	56	107	126
Operating Segments \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,342	1,461	2,599	2,925
Operating Segments \| Reportable Segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	668	656	1,265	1,270
Operating Segments \| Reportable Segments \| Food and Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	674	805	1,334	1,655
Operating Segments \| Other
Segment Reporting Information [Line Items]
Net revenues				2
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(4)	(35)	(9)	(70)
Intersegment Eliminations \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	4	35	9	70
Intersegment Eliminations \| Reportable Segments \| Food and Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	$ 4	$ 35	$ 9	$ 70

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Debt - Schedule of Outstanding Debentures (Details) - Unsecured Debt	6 Months Ended
	Jun. 30, 2024
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 16. 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 Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024			2023
Numerator
Net earnings (loss) attributable to common shareholders	$	19	$	(139	)	$	28		$	(273	)
Less: dividend-equivalents declared for equity based awards		—		(1	)		(2	)		(2	)
Total net earnings (loss) available to common shareholders	$	19	$	(140	)	$	26		$	(275	)
Denominator
Weighted average number of shares outstanding - basic		179.7		178.5			179.5			178.4
Effect of dilutive securities		1.3		—			1.3			—
Weighted average number of shares outstanding - diluted		181.0		178.5			180.8			178.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$	0.11	$	(0.78	)	$	0.14		$	(1.54	)
Diluted	$	0.10	$	(0.78	)	$	0.14		$	(1.54	)

There were no anti-dilutive potential common shares excluded from the calculation above during the three and six months ended June 30, 2024. The weighted average number of anti-dilutive potential common shares excluded from the calculation above was 0.6 million shares and 0.7 million shares for the three and six months ended June 30, 2023, respectively.

On July 29, 2024, our Board of Directors declared a dividend of $0.10 per share to be paid on September 13, 2024 to shareholders of record as of August 30, 2024.

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested \| shares	2,846
Granted \| shares	851
Forfeited \| shares	(319)
Ending balance, Non-vested \| shares	3,378
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested \| $ / shares	$ 9.52
Granted \| $ / shares	12.99
Forfeited \| $ / shares	9.77
Ending balance, Non-vested \| $ / shares	$ 10.37

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

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

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Service cost	$	—		$	(1	)	$	—		$	(1	)
Interest cost		(13	)		(12	)		(25	)		(25	)
Expected return on plan assets		12			9			23			20
Amortization of actuarial gains		1			—			2			1
Total net periodic benefit cost	$	—		$	(4	)	$	—		$	(5	)

Equity Based Compensation - Summary of Performance Share Units Activity (Parenthetical) (Details) shares in Thousands	Jun. 30, 2024 shares
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	53

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Currency translation adjustments:
Balance as of beginning of period	$	(162	)	$	(175	)	$	(163	)	$	(189	)
Currency translation adjustments		(19	)		10			(18	)		24
Other comprehensive (loss) income		(19	)		10			(18	)		24
Balance as of end of period	$	(181	)	$	(165	)	$	(181	)	$	(165	)
Defined benefit plans:
Balance as of beginning of period	$	126		$	87		$	127		$	88
Gain reclassified from AOCL:
Amortization of experience gains		(1	)		—			(2	)		(1	)
Other comprehensive loss		(1	)		—			(2	)		(1	)
Balance as of end of period	$	125		$	87		$	125		$	87
Foreign exchange derivatives:
Balance as of beginning of period	$	(1	)	$	—		$	—		$	—
Net derivative gain		2			—			1			—
Other comprehensive income		2			—			1			—
Balance as of end of period	$	1		$	—		$	1		$	—
Interest rate derivatives:
Balance as of beginning of period	$	5		$	(7	)	$	(1	)	$	(1	)
Net derivative gain		3			21			14			14
Deferred tax expense on net derivative gain		(1	)		(6	)		(4	)		(4	)
Gain reclassified from AOCL		(3	)		(2	)		(6	)		(3	)
Deferred tax expense on reclassification(1)		1			1			2			1
Other comprehensive income		—			14			6			8
Balance as of end of period	$	5		$	7		$	5		$	7
AOCL
Balance as of beginning of period	$	(32	)	$	(95	)	$	(37	)	$	(102	)
Other comprehensive (loss) income		(18	)		24			(13	)		31
Balance as of end of period	$	(50	)	$	(71	)	$	(50	)	$	(71	)

(1)

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

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

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			As of
	June 30, 2024			December 31, 2023
Land and land improvements	$	71		$	71
Buildings and building improvements		708			690
Machinery and equipment		3,713			3,669
Construction in progress		178			193
Property, plant and equipment, at cost		4,670			4,623
Less: accumulated depreciation		(3,197	)		(3,112	)
Property, plant and equipment, net	$	1,473		$	1,511

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of sales	$	59	$	234	$	117	$	386
Selling, general and administrative expenses		6		10		12		17
Total depreciation expense(1)	$	65	$	244	$	129	$	403

(1)

For the three and six months ended June 30, 2024 and 2023, total depreciation expense included $5 million, $9 million, $177 million and $267 million, respectively, of accelerated depreciation expense related to the restructuring programs, substantially all of which was included in cost of sales. Refer to Note 2, Restructuring, Asset Impairment and Other Related Charges, for additional details.

Debt - Debentures - Additional Information (Details) - Unsecured Debt - 8.375% Debentures due 2027	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Redemption price percentage	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:


	Foodservice		Food and Beverage Merchandising		Total
As of December 31, 2023	$	958	$	857	$	1,815
Movements		—		—		—
As of June 30, 2024	$	958	$	857	$	1,815

Intangible assets, net consisted of the following:


	As of June 30, 2024							As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,059	$	(723	)	$	336	$	1,062	$	(698	)	$	364
Trademarks		42		(17	)		25		42		(15	)		27
Other		7		(7	)		—		7		(7	)		—
Total finite-lived intangible assets	$	1,108	$	(747	)	$	361	$	1,111	$	(720	)	$	391
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	$	1,721	$	(747	)	$	974	$	1,724	$	(720	)	$	1,004

Amortization expense for intangible assets of $15 million and $30 million for each of the three and six months ended June 30, 2024 and 2023, respectively, was recognized in selling, general and administrative expenses.

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 65	$ 244	$ 129	$ 403
Restructuring, Asset Impairment and Other Related Charges
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 5	$ 177	$ 9	$ 267

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 12. Accumulated Other Comprehensive Loss

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Currency translation adjustments:
Balance as of beginning of period	$	(162	)	$	(175	)	$	(163	)	$	(189	)
Currency translation adjustments		(19	)		10			(18	)		24
Other comprehensive (loss) income		(19	)		10			(18	)		24
Balance as of end of period	$	(181	)	$	(165	)	$	(181	)	$	(165	)
Defined benefit plans:
Balance as of beginning of period	$	126		$	87		$	127		$	88
Gain reclassified from AOCL:
Amortization of experience gains		(1	)		—			(2	)		(1	)
Other comprehensive loss		(1	)		—			(2	)		(1	)
Balance as of end of period	$	125		$	87		$	125		$	87
Foreign exchange derivatives:
Balance as of beginning of period	$	(1	)	$	—		$	—		$	—
Net derivative gain		2			—			1			—
Other comprehensive income		2			—			1			—
Balance as of end of period	$	1		$	—		$	1		$	—
Interest rate derivatives:
Balance as of beginning of period	$	5		$	(7	)	$	(1	)	$	(1	)
Net derivative gain		3			21			14			14
Deferred tax expense on net derivative gain		(1	)		(6	)		(4	)		(4	)
Gain reclassified from AOCL		(3	)		(2	)		(6	)		(3	)
Deferred tax expense on reclassification(1)		1			1			2			1
Other comprehensive income		—			14			6			8
Balance as of end of period	$	5		$	7		$	5		$	7
AOCL
Balance as of beginning of period	$	(32	)	$	(95	)	$	(37	)	$	(102	)
Other comprehensive (loss) income		(18	)		24			(13	)		31
Balance as of end of period	$	(50	)	$	(71	)	$	(50	)	$	(71	)

(1)

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

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

$ 1,348

$ 1,410

$ 1,349

$ 1,553

Ending balance

1,336

1,285

1,336

1,285

Interest rate derivatives

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(7)

(1)

Net derivative gain

Deferred tax expense on net derivative gain

(1)

(6)

(4)

Gain reclassified from AOCL

(3)

(2)

(6)

(3)

Deferred tax expense on reclassification

^[1]

Other comprehensive (loss) income

Ending balance

Foreign exchange derivatives

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(1)

Net derivative gain

Other comprehensive (loss) income

Ending balance

Currency translation adjustments

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(162)

(175)

(163)

(189)

Currency translation adjustments

(19)

(18)

Other comprehensive (loss) income

(19)

(18)

Ending balance

(181)

(165)

(181)

(165)

Defined benefit plans

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

126

127

Amortization of experience gains

(1)

(2)

(1)

Other comprehensive (loss) income

(1)

(2)

(1)

Ending balance

125

Accumulated Other Comprehensive Loss

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(32)

(95)

(37)

(102)

Other comprehensive (loss) income

(18)

(13)

Ending balance

$ (50)

$ (71)

$ (50)

$ (71)

[1]	Taxes reclassified to income are recorded in income tax (expense) benefit.

Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Noncurrent restricted cash	$ 0	$ 24	$ 24

Debt - Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 10
2025	236
2026	19
2027	1,187
2028	1,786
Thereafter	366
Total principal amount of borrowings	$ 3,604	$ 3,605

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

The effective tax rates for the three and six months ended June 30, 2024 and 2023 represent our estimate of the annual effective tax rates expected to be applicable for the respective full fiscal years, adjusted for any discrete events which are recorded in the period that they occur.

During the three months ended June 30, 2024, we recognized a tax expense of $11 million on income before tax of $31 million. During the six months ended June 30, 2024, we recognized a tax expense of $16 million on income before tax of $46 million.

During the three months ended June 30, 2023, we recognized a tax benefit of $8 million on loss before tax of $147 million. During the six months ended June 30, 2023, we recognized a tax benefit of $27 million on loss before tax of $299 million.

The effective tax rates for the aforementioned periods were driven primarily by the inability to recognize a tax benefit on all interest expense.

We are under audit by the Internal Revenue Service (“IRS”) and other taxing authorities. The IRS is currently auditing our U.S. income tax returns for 2016-2017. As of June 30, 2024, we have not received any proposed adjustments from taxing authorities that would be material. Although the ultimate timing is uncertain, it is reasonably possible that a reduction of up to $9 million of unrecognized tax benefits could occur within the next twelve months due to changes in audit status, settlements of tax assessments and other events.

- Definition

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

+ References

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+ Details

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,815
Ending Balance	1,815
Reportable Segments \| Foodservice
Goodwill [Line Items]
Beginning Balance	958
Ending Balance	958
Reportable Segments \| Foodservice and Food Merchandising
Goodwill [Line Items]
Beginning Balance	857
Ending Balance	$ 857

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before tax	$ 31	$ (147)	$ 46	$ (299)
Income tax expense (benefit)	$ 11	$ (8)	16	$ (27)
Unrecognized tax benefits decrease in income tax returns			$ 9

- 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.

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+ Details

- Definition

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

+ References + Details

Other Income, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income, Net

Other income, net consisted of the following:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024		2023
Loss on sale of businesses and noncurrent assets	$	(1	)	$	(1	)	$	—	$	(1	)
Other		3			5			5		5
Other income, net	$	2		$	4		$	5	$	4

Restructuring, Asset Impairment and Other Related Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring, Asset Impairment and Other Related Charges

Note 2. Restructuring, Asset Impairment and Other Related Charges

Footprint Optimization

On February 29, 2024, we announced the Footprint Optimization, a restructuring plan approved by our Board of Directors to optimize our manufacturing and warehousing footprint that we expect will improve our operating efficiency. We expect to incur capital expenditures of $40 million to $45 million, total cash restructuring charges of $50 million to $65 million and total non-cash charges of $20 million to $40 million, each primarily during 2024 and 2025, to execute our plan. For the six months ended June 30, 2024, we incurred cash charges of $8 million primarily related to severance and other exit costs. For the three months ended June 30, 2024, cash charges were insignificant. For the three and six months ended June 30, 2024, we incurred non-cash charges of $3 million and $5 million, respectively, primarily related to accelerated property, plant and equipment depreciation. The estimated ranges of restructuring charges are provisional and include significant management judgments and assumptions that could change materially as we execute our plans. Actual results may differ from these estimates, and the execution of our plan could result in additional restructuring charges or impairments.

Beverage Merchandising Restructuring

On March 6, 2023, we announced the Beverage Merchandising Restructuring, a plan approved by our Board of Directors to take significant restructuring actions related to our Beverage Merchandising operations. The Beverage Merchandising Restructuring includes, among other things:

•

Closure of our Canton, North Carolina mill, including the cessation of mill operations, during the second quarter of 2023;

•

Closure of our Olmsted Falls, Ohio converting facility and concurrent reallocation of certain production to our remaining converting facilities during the second quarter of 2023; and

•

Reorganizing our operating and reporting structure to achieve increased efficiencies and related cost savings.

Additionally, the plan included the exploration of strategic alternatives for our Pine Bluff, Arkansas mill and our Waynesville, North Carolina extrusion facility (the “Facilities”). Following authorization by our Board of Directors on July 12, 2024, we entered into a definitive agreement to sell the Facilities and associated assets to Suzano S.A. (“Suzano”) (the “Mill Transaction”). Under the terms of the agreement, the purchase price is $110 million, subject to certain customary adjustments at closing such as working capital. During the three months ended June 30, 2024, we received a $10 million refundable exclusivity payment from Suzano related to the then-current negotiations of a potential sale agreement for the Facilities that would be applied against the final purchase price if a transaction were consummated, which is recorded in other accrued liabilities in the condensed consolidated balance sheet as of June 30, 2024. We also agreed to enter into a long-term liquid packaging board supply arrangement with Suzano upon closing of the Mill Transaction.

We are currently evaluating the financial statement impacts of the Mill Transaction. Based on estimated net proceeds, we currently expect to record a non-cash impairment charge of approximately $320 million to $340 million in the third quarter of 2024 upon classification of the related assets and liabilities as held for sale, following approval by our Board of Directors of the transaction. The sale price is subject to certain adjustments, and therefore the estimated impairment is subject to change. The Mill Transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including foreign antitrust approval. We do not expect the Facilities and associated assets to qualify as discontinued operations.


	For the Three Months Ended June 30, 2024			For the Six Months Ended June 30, 2024			Cumulative Charges Incurred to Date		Total Expected Charges(1)(2)
Non-cash:
Accelerated property, plant and equipment depreciation	$	3		$	6		$	280	$	280
Mill Transaction impairment charges		—			—			—	320 - 340
Other non-cash charges(3)		(1	)		(1	)		49		50
Total non-cash charges	$	2		$	5		$	329	$ 650 - 670
Cash:
Severance, termination and related costs		—			1			44		45
Exit, disposal and other transition costs(4)		5			12			115		115
Total cash charges	$	5		$	13		$	159	$	160
Total Beverage Merchandising Restructuring charges	$	7		$	18		$	488	$ 810 - 830

(1)

(2)

(3)

(4)


	Food and Beverage Merchandising		Foodservice		Other		Total
For the Three Months Ended June 30, 2024
Cost of sales(1)	$	5	$	1	$	—	$	6
Restructuring, asset impairment and other related charges(2)		6		—		—		6
Total	$	11	$	1	$	—	$	12

For the Three Months Ended June 30, 2023
Cost of sales	$	182	$	—	$	—	$	182
Selling, general and administrative expenses		3		—		—		3
Restructuring, asset impairment and other related charges		29		—		3		32
Total	$	214	$	—	$	3	$	217

For the Six Months Ended June 30, 2024
Cost of sales(1)	$	9	$	1	$	—	$	10
Restructuring, asset impairment and other related charges(2)		16		5		2		23
Total	$	25	$	6	$	2	$	33

For the Six Months Ended June 30, 2023
Cost of sales	$	294	$	—	$	—	$	294
Selling, general and administrative expenses		4		—		—		4
Restructuring, asset impairment and other related charges		98		—		7		105
Total	$	396	$	—	$	7	$	403

(1)

(2)

The following table summarizes the changes to our restructuring liability for the six months ended June 30, 2024:


	December 31, 2023		Charges to Earnings		Cash Paid			June 30, 2024
Beverage Merchandising Restructuring
Severance, termination and related costs	$	9	$	1	$	(6	)	$	4
Exit, disposal and other transition costs		30		12		(22	)		20
Footprint Optimization
Severance, termination and related costs		—		8		—			8
Total(1)	$	39	$	21	$	(28	)	$	32

(1)

Comprises $28 million classified within accrued and other current liabilities and $4 million classified within other noncurrent liabilities as of June 30, 2024.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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


	As of June 30, 2024					As of December 31, 2023
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Commodity swap contracts	$	—	$	(3	)	$	—	$	(6	)
Foreign exchange derivatives		1		—			—		—
Interest rate derivatives		8		—			6		(6	)
Total fair value	$	9	$	(3	)	$	6	$	(12	)
Classification:
Other current assets	$	9	$	—		$	6	$	—
Accrued and other current liabilities		—		(2	)		—		(5	)
Other noncurrent liabilities		—		(1	)		—		(7	)
Total fair value	$	9	$	(3	)	$	6	$	(12	)

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2024:


Type	Unit of Measure	Contracted Volume		Contracted Price Range	Contracted Date of Maturity
Natural gas swaps	Million BTU		1,870,000	$4.63 - $5.37	Aug 2024 - Dec 2025

- Definition

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

+ References + Details

Earnings Per Share - Summary of the Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net earnings (loss) attributable to common shareholders	$ 19	$ (139)	$ 28	$ (273)
Less: dividend-equivalents declared for equity based awards		(1)	(2)	(2)
Total net earnings (loss) available to common shareholders	$ 19	$ (140)	$ 26	$ (275)
Denominator
Weighted average number of shares outstanding - basic	179.7	178.5	179.5	178.4
Effect of dilutive securities	1.3		1.3
Weighted average number of shares outstanding - diluted	181.0	178.5	180.8	178.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$ 0.11	$ (0.78)	$ 0.14	$ (1.54)
Diluted	$ 0.1	$ (0.78)	$ 0.14	$ (1.54)

Debt - Other Debt - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 38	$ 41

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:


	As of June 30, 2024			As of December 31, 2023
Credit Agreement:
U.S. Term Loans	$	1,327		$	1,680
U.S. Revolving Loans		355			—
Notes:
4.000% Senior Secured Notes due 2027		1,000			1,000
4.375% Senior Secured Notes due 2028		500			500
Pactiv Debentures:
7.950% Debentures due 2025		217			217
8.375% Debentures due 2027		167			167
Other		38			41
Total principal amount of borrowings		3,604			3,605
Deferred debt issuance costs (“DIC”)		(10	)		(11	)
Original issue discounts, net of premiums (“OID”)		(2	)		(8	)
		3,592			3,586
Less: current portion		(20	)		(15	)
Long-term debt	$	3,572		$	3,571

Summary of Components of the Credit Agreement

As of June 30, 2024, the Credit Agreement comprised the following term and revolving tranches:


	Maturity Date	Drawn		Applicable Interest Rate
Term Tranches
U.S. Term Loans Tranche B-4	September 24, 2028	$	1,327	SOFR (floor of 0.000%) + 2.500%
Revolving Tranche(1)
U.S. Revolving Loans	May 1, 2029	$	355	SOFR (floor of 0.000%) + 2.500%

(1)

The Revolving Tranche represents a $1,100 million facility. In addition to the value drawn, the facility includes $49 million utilized in the form of letters of credit.

Schedule of Outstanding Notes

As of June 30, 2024, our outstanding notes were as follows:


	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

As of June 30, 2024, our outstanding debentures (together, the “Pactiv Debentures”) were as follows:


	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 June 30, 2024:


2024	$	10
2025		236
2026		19
2027		1,187
2028		1,786
Thereafter		366
Total principal amount of borrowings	$	3,604

Schedule of Carrying Values and Fair Values of Debt Outstanding

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


	As of June 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Agreement
U.S. Term Loans	$	1,325	$	1,331	$	1,672	$	1,687
U.S. Revolving Loans		355		355		—		—
Notes:
4.000% Senior Secured Notes due 2027		995		938		995		942
4.375% Senior Secured Notes due 2028		497		468		496		471
Pactiv Debentures:
7.950% Debentures due 2025		216		223		216		221
8.375% Debentures due 2027		166		175		166		172
Other		38		38		41		41
Total	$	3,592	$	3,528	$	3,586	$	3,534

Interest Expense, Net

Interest expense, net consisted of the following:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Interest expense:
Credit Agreement - Term Loans	$	33		$	43		$	70		$	86
Credit Agreement - Revolving Loans		3			—			3			—
Notes		16			16			31			31
Pactiv Debentures		8			8			16			16
Interest income		(1	)		(3	)		(2	)		(7	)
Amortization of DIC and OID		2			1			3			2
Loss on extinguishment of debt(1)		6			—			6			—
Realized derivative gains		(3	)		(2	)		(6	)		(3	)
Other		2			1			4			2
Interest expense, net	$	66		$	64		$	125		$	127

(1)

The loss on extinguishment of debt represented the write-off of unamortized DIC and OID as a result of the Credit Agreement amendment on May 28, 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Segment Reporting Information [Line Items]

Net revenues

$ 1,338

$ 1,426

$ 2,590

$ 2,857

Reportable segment assets

6,362

$ 6,395

Intersegment Eliminations

Segment Reporting Information [Line Items]

Net revenues

(4)

(35)

(9)

(70)

Unallocated

Segment Reporting Information [Line Items]

Reportable segment assets

^[1]

3,555

3,633

Foodservice | Operating Segments

Segment Reporting Information [Line Items]

Reportable segment assets

1,343

1,251

Food and Beverage Merchandising | Operating Segments

Segment Reporting Information [Line Items]

Reportable segment assets

1,464

1,511

Reportable Segments

Segment Reporting Information [Line Items]

Net revenues

1,338

1,426

2,590

2,855

Reportable Segments | Intersegment Eliminations

Segment Reporting Information [Line Items]

Net revenues

Reportable Segments | Operating Segments

Segment Reporting Information [Line Items]

Net revenues

1,342

1,461

2,599

2,925

Adjusted EBITDA

202

237

392

444

Reportable segment assets

^[2]

2,807

$ 2,762

Reportable Segments | Foodservice

Segment Reporting Information [Line Items]

Net revenues

668

656

1,265

1,270

Reportable Segments | Foodservice | Operating Segments

Segment Reporting Information [Line Items]

Net revenues

668

656

1,265

1,270

Adjusted EBITDA

109

128

199

234

Reportable Segments | Food and Beverage Merchandising

Segment Reporting Information [Line Items]

Net revenues

670

770

1,325

1,585

Reportable Segments | Food and Beverage Merchandising | Intersegment Eliminations

Segment Reporting Information [Line Items]

Net revenues

Reportable Segments | Food and Beverage Merchandising | Operating Segments

Segment Reporting Information [Line Items]

Net revenues

674

805

1,334

1,655

Adjusted EBITDA

$ 93

$ 109

$ 193

$ 210

[1]	Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets.
[2]	Reportable segment assets represent trade receivables, inventory and property, plant and equipment.

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions		3 Months Ended		6 Months Ended
	Jul. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)		0.0	0.6	0.0	0.7
Subsequent Event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.1
Dividends payable, date declared	Jul. 29, 2024
Dividends payable, date to be paid	Sep. 13, 2024
Dividends payable, date of record	Aug. 30, 2024

Restructuring, Asset Impairment and Other Related Charges - Incurred and Further Charges in Future Periods Due to Restructuring Plan (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Beverage Merchandising
Restructuring Cost and Reserve [Line Items]
Cash proceeds	$ 4	$ 4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Loss on sale of businesses and noncurrent assets	$ (1)	$ (1)		$ (1)
Other	3	5	$ 5	5
Other income, net	$ 2	$ 4	$ 5	$ 4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ 20	$ (139)	$ 30	$ (272)
Other comprehensive (loss) income, net of income taxes:
Currency translation adjustments	(19)	10	(18)	24
Defined benefit plans	(1)		(2)	(1)
Foreign exchange derivatives	2		1
Interest rate derivatives		14	6	8
Other comprehensive (loss) income	(18)	24	(13)	31
Comprehensive income (loss)	2	(115)	17	(241)
Comprehensive income attributable to non-controlling interests	(1)		(2)	(1)
Comprehensive income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 1	$ (115)	$ 15	$ (242)

Related Party Transactions - Related Party Transactions (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Due from related parties, current

$ 116

$ 112

Related party receivables

$ 37

$ 35

Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]

Related Party [Member]

Related party payables

$ (7)

Other Liability, Related Party, Type [Extensible Enumeration]

Related Party [Member]

Purchase of goods

^[1],[2]

$ (16)

$ (10)

$ (38)

$ (37)

Joint Ventures

Due from related parties, current

$ 1

Sale of goods and services

^[3]

Affiliated Entity

Related party receivables

Related party payables

(7)

$ (7)

Sale of goods and services | Affiliated Entity

Sale of goods and services

^[2]

163

199

Rental income and transition services agreements | Affiliated Entity

Rental income and transition services agreements

^[2]

Charges

Related party transactions, expenses

^[4]

(7)

(4)

(10)

(7)

Charges | Affiliated Entity

Amount of related party transaction

^[4]

$ 4

$ 5

$ 4

[1]	Related party purchases are initially recorded as inventories and subsequently recorded to cost of sales utilizing the first-in, first-out method
[2]	We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027
[3]	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 settled on normal trade terms
[4]	These charges are for various costs incurred including services provided under a transition services agreement, an insurance sharing agreement and an investment advisory agreement with Rank Group Limited (“Rank”). All amounts are unsecured, non-interest bearing and settled on normal trade terms

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2022	$ 1,553		$ 647	$ (102)	$ 1,003	$ 5
Beginning balance, Shares at Dec. 31, 2022		177,900,000
Net (loss) income	(272)				(273)	1
Other comprehensive income (loss), net of income taxes	31			31
Equity based compensation	15		15
Vesting of restricted stock units, net of tax withholdings	(2)		(2)
Vesting of restricted stock units, net of tax withholdings, Shares		500,000
Dividends declared - common shareholders	(37)				(37)
Dividends declared - non-controlling interests	(2)					(2)
Disposal of subsidiary	(1)					(1)
Ending balance at Jun. 30, 2023	1,285		660	(71)	693	3
Ending balance, Shares at Jun. 30, 2023		178,400,000
Beginning balance at Mar. 31, 2023	1,410		650	(95)	851	4
Beginning balance, Shares at Mar. 31, 2023		178,300,000
Net (loss) income	(139)				(139)
Other comprehensive income (loss), net of income taxes	24			24
Equity based compensation	10		10
Vesting of restricted stock units, net of tax withholdings, Shares		100,000
Dividends declared - common shareholders	(19)				(19)
Dividends declared - non-controlling interests	(1)					(1)
Ending balance at Jun. 30, 2023	1,285		660	(71)	693	3
Ending balance, Shares at Jun. 30, 2023		178,400,000
Beginning balance at Dec. 31, 2023	$ 1,349		676	(37)	706	4
Beginning balance, Shares at Dec. 31, 2023	178,557,086	178,600,000
Net (loss) income	$ 30				28	2
Other comprehensive income (loss), net of income taxes	(13)			(13)
Equity based compensation	13		13
Vesting of restricted stock units, net of tax withholdings	(4)		(4)
Vesting of restricted stock units, net of tax withholdings, Shares		700,000
Dividends declared - common shareholders	(37)				(37)
Dividends declared - non-controlling interests	(2)					(2)
Ending balance at Jun. 30, 2024	$ 1,336		685	(50)	697	4
Ending balance, Shares at Jun. 30, 2024	179,254,637	179,300,000
Beginning balance at Mar. 31, 2024	$ 1,348		679	(32)	697	4
Beginning balance, Shares at Mar. 31, 2024		179,100,000
Net (loss) income	20				19	1
Other comprehensive income (loss), net of income taxes	(18)			(18)
Equity based compensation	6		6
Vesting of restricted stock units, net of tax withholdings, Shares		200,000
Dividends declared - common shareholders	(19)				(19)
Dividends declared - non-controlling interests	(1)					(1)
Ending balance at Jun. 30, 2024	$ 1,336		$ 685	$ (50)	$ 697	$ 4
Ending balance, Shares at Jun. 30, 2024	179,254,637	179,300,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Note 14. Related Party Transactions

As of June 30, 2024, approximately 77% of our shares were owned by PFL.

Transactions with our related parties are detailed below. All of our related parties are commonly controlled by Mr. Graeme Hart, our controlling shareholder, except for our joint ventures.


	Income (expense) for the Three Months Ended June 30,						Income (expense) for the Six Months Ended June 30,						Balance Outstanding as of
	2024			2023			2024			2023			June 30, 2024			December 31, 2023
Joint ventures
Included in other current assets													$	1		$	1
Sale of goods and services(1)	$	—		$	2		$	—		$	4
Other common controlled entities
Related party receivables														37			35
Sale of goods and services(2)		83			93			163			199
Rental income and transition services agreements(2)		2			—			3			1
Charges(3)		4			4			5			4
Related party payables														(7	)		(7	)
Purchase of goods(2)(4)		(16	)		(10	)		(38	)		(37	)
Charges(3)		(7	)		(4	)		(10	)		(7	)

(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 settled on normal trade terms.

(2)

We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027.

We also lease a portion of two facilities to RCPI and are party to an information technology services agreement with RCPI. We do not trade with Graham Packaging Company Inc. (“GPCI”) on an ongoing basis.

(3)

These charges are for various costs incurred including services provided under a transition services agreement, an insurance sharing agreement and an investment advisory agreement with Rank Group Limited (“Rank”). All amounts are unsecured, non-interest bearing and settled on normal trade terms.

(4)

Related party purchases are initially recorded as inventories and subsequently recorded to cost of sales utilizing the first-in, first-out method.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:


	Foodservice		Food and Beverage Merchandising		Total
As of December 31, 2023	$	958	$	857	$	1,815
Movements		—		—		—
As of June 30, 2024	$	958	$	857	$	1,815

Summary of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following:


	As of June 30, 2024							As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Finite-lived intangible assets
Customer relationships	$	1,059	$	(723	)	$	336	$	1,062	$	(698	)	$	364
Trademarks		42		(17	)		25		42		(15	)		27
Other		7		(7	)		—		7		(7	)		—
Total finite-lived intangible assets	$	1,108	$	(747	)	$	361	$	1,111	$	(720	)	$	391
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	$	1,721	$	(747	)	$	974	$	1,724	$	(720	)	$	1,004

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024			2023
Numerator
Net earnings (loss) attributable to common shareholders	$	19	$	(139	)	$	28		$	(273	)
Less: dividend-equivalents declared for equity based awards		—		(1	)		(2	)		(2	)
Total net earnings (loss) available to common shareholders	$	19	$	(140	)	$	26		$	(275	)
Denominator
Weighted average number of shares outstanding - basic		179.7		178.5			179.5			178.4
Effect of dilutive securities		1.3		—			1.3			—
Weighted average number of shares outstanding - diluted		181.0		178.5			180.8			178.4
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$	0.11	$	(0.78	)	$	0.14		$	(1.54	)
Diluted	$	0.10	$	(0.78	)	$	0.14		$	(1.54	)

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Note 4. Property, Plant and Equipment, Net

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


	As of			As of
	June 30, 2024			December 31, 2023
Land and land improvements	$	71		$	71
Buildings and building improvements		708			690
Machinery and equipment		3,713			3,669
Construction in progress		178			193
Property, plant and equipment, at cost		4,670			4,623
Less: accumulated depreciation		(3,197	)		(3,112	)
Property, plant and equipment, net	$	1,473		$	1,511

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of sales	$	59	$	234	$	117	$	386
Selling, general and administrative expenses		6		10		12		17
Total depreciation expense(1)	$	65	$	244	$	129	$	403

(1)

Related Party Transactions - Additional Information (Details)	Jun. 30, 2024
Packaging Finance Limited And Other Entities
Related Party Transaction [Line Items]
Ownership percentage	77.00%

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,108	$ 1,111
Accumulated Amortization	(747)	(720)
Net	361	391
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,721	1,724
Net	974	1,004
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	1,059	1,062
Accumulated Amortization	(723)	(698)
Net	336	364
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	42	42
Accumulated Amortization	(17)	(15)
Net	25	27
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7	7
Accumulated Amortization	$ (7)	$ (7)

Other Income, Net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

Note 10. Other Income, Net

Other income, net consisted of the following:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024		2023
Loss on sale of businesses and noncurrent assets	$	(1	)	$	(1	)	$	—	$	(1	)
Other		3			5			5		5
Other income, net	$	2		$	4		$	5	$	4

Restructuring, Asset Impairment and Other Related Charges - Changes to Restructuring Liability (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, current	$ 28	$ 36
Accrued and Other Current Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, current	28
Other Noncurrent Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, noncurrent	$ 4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest income	$ (1)	$ (3)	$ (2)	$ (7)
Amortization of DIC and OID	2	1	3	2
Loss on extinguishment of debt	6		6
Realized derivative gains	(3)	(2)	(6)	(3)
Other	2	1	4	2
Interest expense, net	66	64	125	127
Line of Credit \| Term Loans \| Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	33	43	70	86
Line of Credit \| Revolving Loans \| Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	3		3
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt	16	16	31	31
Unsecured Debt
Debt Instrument [Line Items]
Interest expense, debt	$ 8	$ 8	$ 16	$ 16

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Summary of the Components of Inventory

The components of inventories consisted of the following:


	As of		As of
	June 30, 2024		December 31, 2023
Raw materials	$	211	$	223
Work in progress		93		67
Finished goods		471		465
Spare parts		106		97
Inventories	$	881	$	852

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
For the Three Months Ended June 30, 2024
Net revenues	$	668	$	670	$	1,338
Intersegment revenues		—		4		4
Total reportable segment net revenues	$	668	$	674	$	1,342
Adjusted EBITDA	$	109	$	93	$	202

For the Three Months Ended June 30, 2023
Net revenues	$	656	$	770	$	1,426
Intersegment revenues		—		35		35
Total reportable segment net revenues	$	656	$	805	$	1,461
Adjusted EBITDA	$	128	$	109	$	237

For the Six Months Ended June 30, 2024
Net revenues	$	1,265	$	1,325	$	2,590
Intersegment revenues		—		9		9
Total reportable segment net revenues	$	1,265	$	1,334	$	2,599
Adjusted EBITDA	$	199	$	193	$	392

For the Six Months Ended June 30, 2023
Net revenues	$	1,270	$	1,585	$	2,855
Intersegment revenues		—		70		70
Total reportable segment net revenues	$	1,270	$	1,655	$	2,925
Adjusted EBITDA	$	234	$	210	$	444

Reportable segment assets consisted of the following:


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
As of June 30, 2024	$	1,343	$	1,464	$	2,807
As of December 31, 2023		1,251		1,511		2,762

Reconciliation of Operating Profit (Loss)

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


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Reportable segment Adjusted EBITDA	$	202		$	237		$	392		$	444
Unallocated		(19	)		(20	)		(41	)		(38	)
		183			217			351			406
Adjustments to reconcile to GAAP income (loss) before income taxes
Interest expense, net		(66	)		(64	)		(125	)		(127	)
Depreciation and amortization (excluding Beverage Merchandising Restructuring and Footprint Optimization related charges)		(75	)		(82	)		(150	)		(166	)
Beverage Merchandising Restructuring charges		(7	)		(216	)		(18	)		(403	)
Footprint Optimization charges		(3	)		—			(13	)		—
Other restructuring and asset impairment charges (reversals)		(2	)		(1	)		(2	)		—
Loss on sale of businesses and noncurrent assets		(1	)		(1	)		—			(1	)
Non-cash pension expense		—			(3	)		—			(4	)
Unrealized gains (losses) on commodity derivatives		1			1			2			(1	)
Foreign exchange gains (losses) on cash		1			2			1			(2	)
Other		—			—			—			(1	)
Income (loss) before tax	$	31		$	(147	)	$	46		$	(299	)

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


	As of June 30, 2024		As of December 31, 2023
Reportable segment assets(1)	$	2,807	$	2,762
Unallocated(2)		3,555		3,633
Total assets	$	6,362	$	6,395

(1)

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

(2)

Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets.

Reconciliation of Assets from Segment to Consolidated

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


	As of June 30, 2024		As of December 31, 2023
Reportable segment assets(1)	$	2,807	$	2,762
Unallocated(2)		3,555		3,633
Total assets	$	6,362	$	6,395

(1)

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

(2)

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Foodservice
Drinkware	$	328		$	304		$	588		$	568
Containers		234			238			459			467
Tableware		63			68			131			143
Serviceware and other		43			46			87			92
Food and Beverage Merchandising
Cartons for fresh beverage products		170			182			354			377
Bakery/snack/produce/fruit containers		132			139			240			266
Meat trays		106			109			210			215
Tableware		92			103			184			206
Liquid packaging board		54			121			109			249
Egg cartons		36			32			74			70
Prepared food trays		29			36			56			72
Paper products		—			27			—			74
Other		55			56			107			126
Total reportable segment net revenues		1,342			1,461			2,599			2,925
Other / Unallocated
Other		—			—			—			2
Intersegment eliminations		(4	)		(35	)		(9	)		(70	)
Total net revenues	$	1,338		$	1,426		$	2,590		$	2,857

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications and Revision to Restricted Cash	Reclassifications and Revision to Restricted Cash We made reclassifications to certain previously reported financial information to conform to our current period presentation. During 2023, we revised the presentation of restricted cash balances on our condensed consolidated statements of cash flows to include restricted cash in the beginning and ending balances for all periods presented. As of June 30, 2023 and December 31, 2022, our consolidated balance sheets included $24 million of restricted cash classified as noncurrent assets. There was no impact to our operating, investing or financing cash flow activities. The impact to all previously reported interim and annual periods was not material. As of June 30, 2024, there were no restricted cash balances on our condensed consolidated balance sheet.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We reviewed all recently issued accounting pronouncements and, except for the items below, concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”), a description of other segment items by reportable segment and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently assessing the impact of adopting the updated provisions. In December 2023, the FASB issued ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures (Topic 740) requiring enhanced income tax disclosures. The ASU requires the disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. We are currently assessing the impact of the ASU on our related disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which, as adopted, require registrants to include certain climate-related information in their annual reports and registration statements. The rules require, among other matters, information about climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. The required information about climate-related risks also includes disclosure of a registrant’s greenhouse gas emissions. In addition, the rules would require registrants to include certain climate-related financial disclosures in their audited financial statements. As adopted, these disclosure requirements would be phased in over several years beginning with our Annual Report on Form 10-K for the fiscal year ended December 31, 2026. However, while the SEC has adopted these rules, the rules have been stayed and are subject to pending legal and political challenges causing significant uncertainty regarding when and how they will ultimately apply to us. We are currently assessing the impact of these rules on our consolidated financial statements and related disclosures.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income (loss)	$ 30	$ (272)
Adjustments to reconcile net income (loss) to operating cash flows:
Depreciation and amortization	159	433
Deferred income taxes	(16)	(67)
Asset impairment and restructuring related non-cash charges (net of reversals)	2	41
Non-cash portion of operating lease expense	42	40
Equity based compensation	13	15
Other non-cash items, net		7
Change in assets and liabilities:
Accounts receivable, net	(68)	(7)
Inventories	(30)	108
Accounts payable	74	(27)
Operating lease payments	(42)	(41)
Accrued and other current liabilities	(90)	(18)
Other assets and liabilities	(13)	3
Net cash provided by operating activities	61	215
Investing Activities:
Acquisition of property, plant and equipment	(98)	(116)
Purchase of investments	(23)
Receipt of refundable exclusivity payment	10
Other investing activities	11	2
Net cash used in investing activities	(100)	(114)
Financing Activities:
Term loan debt proceeds	372
Term loan debt repayments	(725)	(294)
Revolver proceeds	391
Revolver repayments	(36)
Deferred financing transaction costs	(7)
Dividends paid to common shareholders	(36)	(36)
Other financing activities	(11)	(7)
Net cash used in financing activities	(52)	(337)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	5
Decrease in cash, cash equivalents and restricted cash	(92)	(231)
Cash, cash equivalents and restricted cash, including amounts classified as held for sale, as of beginning of the period	187	557
Cash, cash equivalents and restricted cash as of end of the period	95	326
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	95	302
Restricted cash classified as other noncurrent assets	0	24
Cash, cash equivalents and restricted cash as of end of the period	95	326
Cash paid
Interest paid, net	116	135
Income taxes paid, net	$ 37	$ 31

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of		As of
	June 30, 2024		December 31, 2023
Personnel costs	$	76	$	134
Rebates and credits		62		85
Restructuring costs(1)		28		36
Interest		17		17
Other(2)		138		127
Accrued and other current liabilities	$	321	$	399

(1)

Restructuring costs relate to the Beverage Merchandising Restructuring and the Footprint Optimization. Refer to Note 2, Restructuring, Asset Impairment and Other Related Charges, for additional details.

(2)

Other included items such as freight, utilities and property and other non-income related taxes.

Employee Benefits - Net Periodic Benefit for Defined Benefit Pension Plans and Other Post-employment Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost		$ (1)		$ (1)
Interest cost	$ (13)	(12)	$ (25)	(25)
Expected return on plan assets	12	9	23	20
Amortization of actuarial gains	$ 1		$ 2	1
Total net periodic benefit cost		$ (4)		$ (5)

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Note 6. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of		As of
	June 30, 2024		December 31, 2023
Personnel costs	$	76	$	134
Rebates and credits		62		85
Restructuring costs(1)		28		36
Interest		17		17
Other(2)		138		127
Accrued and other current liabilities	$	321	$	399

(1)

(2)

Other included items such as freight, utilities and property and other non-income related taxes.

Debt - Credit Agreement - Additional Information (Details) - USD ($) $ in Millions			6 Months Ended		12 Months Ended
	May 28, 2024	May 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Apr. 30, 2024
Line Of Credit Facility [Line Items]
Repayment of line of credit			$ 36
Proceeds from long-term			391
Repayments of long-term Debt			$ 725	$ 294
U S Term Loans Tranche B2 \| Credit Agreement
Line Of Credit Facility [Line Items]
Debt Maturity Term	2026-02
Repayments of long-term Debt	$ 690
U S Term Loans Tranche B2 \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate			8.70%	8.02%
U S Term Loans Tranche B3 \| Credit Agreement
Line Of Credit Facility [Line Items]
Line of credit	990
U S Term Loans Tranche B3 \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate			8.70%	8.05%
U.S. Term Loans Tranche B-4 \| Credit Agreement
Line Of Credit Facility [Line Items]
Line of credit	$ 1,330
Maturity Date	Sep. 24, 2028
U.S. Term Loans Tranche B-4 \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Maturity Date			Sep. 24, 2028
Weighted average contractual interest rate			7.88%
US Term Loans \| Credit Agreement
Line Of Credit Facility [Line Items]
Proceeds from long-term	$ 340
US Term Loans \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate			7.47%	7.71%
U.S. Revolving Loans \| Credit Agreement
Line Of Credit Facility [Line Items]
Proceeds from long-term	$ 350
U.S. Revolving Loans \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,100	$ 1,100			$ 250
Borrowings			391
Repayment of line of credit			$ 36
Maturity Date		May 01, 2029	May 01, 2029
Secured Debt \| Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
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%

Equity Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Unrecognized share-based compensation	$ 18		$ 18
Unrecognized share-based compensation, weighted-average recognition period (in years)			2 years 1 month 6 days
Fair value of shares vested			$ 12
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	20		$ 20
Unrecognized share-based compensation, weighted-average recognition period (in years)			1 year 10 months 24 days
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			200.00%
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation costs	$ 6	$ 10	$ 13	$ 15

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Personnel costs	$ 76	$ 134
Rebates and credits	62	85
Restructuring costs	28	36
Interest	17	17
Other	138	127
Accrued and other current liabilities	$ 321	$ 399

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring, Asset Impairment and Other Related Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost And Reserve [Line Items]
Total	$ 12	$ 217	$ 33	$ 403
Cost of Sales
Restructuring Cost And Reserve [Line Items]
Total	6	182	10	294
Selling, General and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Total		3		4
Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total	6	32	23	105
Food and Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Total	11	214	25	396
Food and Beverage Merchandising \| Cost of Sales
Restructuring Cost And Reserve [Line Items]
Total	5	182	9	294
Food and Beverage Merchandising \| Selling, General and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Total		3		4
Food and Beverage Merchandising \| Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total	6	29	16	98
Foodservice
Restructuring Cost And Reserve [Line Items]
Total	1		6
Foodservice \| Cost of Sales
Restructuring Cost And Reserve [Line Items]
Total	$ 1		1
Foodservice \| Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total			5
Other
Restructuring Cost And Reserve [Line Items]
Total		3	2	7
Other \| Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total		$ 3	$ 2	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Related Party Transactions


	Income (expense) for the Three Months Ended June 30,						Income (expense) for the Six Months Ended June 30,						Balance Outstanding as of
	2024			2023			2024			2023			June 30, 2024			December 31, 2023
Joint ventures
Included in other current assets													$	1		$	1
Sale of goods and services(1)	$	—		$	2		$	—		$	4
Other common controlled entities
Related party receivables														37			35
Sale of goods and services(2)		83			93			163			199
Rental income and transition services agreements(2)		2			—			3			1
Charges(3)		4			4			5			4
Related party payables														(7	)		(7	)
Purchase of goods(2)(4)		(16	)		(10	)		(38	)		(37	)
Charges(3)		(7	)		(4	)		(10	)		(7	)

(1)

(2)

We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027.

(3)

(4)

Related party purchases are initially recorded as inventories and subsequently recorded to cost of sales utilizing the first-in, first-out method.

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ 1	$ 1	$ 2	$ (1)
Realized gain on derivatives	3	2	6	3
Commodity swap contracts
Derivative [Line Items]
Unrealized gain (loss) on derivatives	1	1	2	(1)
Foreign exchange derivatives
Derivative [Line Items]
Aggregate notional amount	16		16
Unrealized gain (loss) on derivatives	2		1
Expected reclassification of gains in the next twelve months from ACOL to earnings			1
Interest rate derivatives
Derivative [Line Items]
Unrealized gain (loss) on derivatives	3	21	14	14
Realized gain on derivatives	$ 3	$ 2	6	$ 3
Expected reclassification of gains in the next twelve months from ACOL to earnings			$ 6
US Term Loans \| LIBO Rate
Derivative [Line Items]
Weighted average fixed rate	4.12%		4.12%
Aggregate notional amount	$ 1,000		$ 1,000
US Term Loans \| LIBO Rate \| Interest rate swap
Derivative [Line Items]
Weighted average fixed rate	4.12%		4.12%

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 17. Segment Information

As of June 30, 2024, we had two reportable segments: Foodservice and Food and Beverage Merchandising. These reportable segments reflect our operating structure and the manner in which our CODM, who is our President and Chief Executive Officer, assesses information for decision-making purposes. The key factors used to identify these reportable segments are the organization 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 and Beverage Merchandising - Manufactures products that protect and attractively display food and beverages while preserving freshness. Food and Beverage Merchandising products include cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets, clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and egg cartons. It also produces fiber-based liquid packaging board for its internal requirements and to sell to other fresh beverage carton manufacturers. Prior to June 2023, it also produced a range of paper-based products which it sold to paper and packaging converters.

Other/Unallocated - We previously had other operating segments that did not meet the threshold for presentation as a reportable segment. These operating segments comprised the remaining components of our former closures businesses, which generated revenue from the sale of caps and closures, and are presented as “Other”. As of March 31, 2023, we had disposed of all of the remaining components of our former closures

businesses. Unallocated includes corporate costs, primarily relating to general and administrative functions such as finance, tax and legal and the effects of the PPPE.

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.

A segment’s Adjusted EBITDA represents its 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, unrealized gains or losses on derivatives, foreign exchange gains or losses on cash and gains or losses on certain legal settlements.


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
For the Three Months Ended June 30, 2024
Net revenues	$	668	$	670	$	1,338
Intersegment revenues		—		4		4
Total reportable segment net revenues	$	668	$	674	$	1,342
Adjusted EBITDA	$	109	$	93	$	202

For the Three Months Ended June 30, 2023
Net revenues	$	656	$	770	$	1,426
Intersegment revenues		—		35		35
Total reportable segment net revenues	$	656	$	805	$	1,461
Adjusted EBITDA	$	128	$	109	$	237

For the Six Months Ended June 30, 2024
Net revenues	$	1,265	$	1,325	$	2,590
Intersegment revenues		—		9		9
Total reportable segment net revenues	$	1,265	$	1,334	$	2,599
Adjusted EBITDA	$	199	$	193	$	392

For the Six Months Ended June 30, 2023
Net revenues	$	1,270	$	1,585	$	2,855
Intersegment revenues		—		70		70
Total reportable segment net revenues	$	1,270	$	1,655	$	2,925
Adjusted EBITDA	$	234	$	210	$	444

Reportable segment assets consisted of the following:


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
As of June 30, 2024	$	1,343	$	1,464	$	2,807
As of December 31, 2023		1,251		1,511		2,762

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


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Reportable segment Adjusted EBITDA	$	202		$	237		$	392		$	444
Unallocated		(19	)		(20	)		(41	)		(38	)
		183			217			351			406
Adjustments to reconcile to GAAP income (loss) before income taxes
Interest expense, net		(66	)		(64	)		(125	)		(127	)
Depreciation and amortization (excluding Beverage Merchandising Restructuring and Footprint Optimization related charges)		(75	)		(82	)		(150	)		(166	)
Beverage Merchandising Restructuring charges		(7	)		(216	)		(18	)		(403	)
Footprint Optimization charges		(3	)		—			(13	)		—
Other restructuring and asset impairment charges (reversals)		(2	)		(1	)		(2	)		—
Loss on sale of businesses and noncurrent assets		(1	)		(1	)		—			(1	)
Non-cash pension expense		—			(3	)		—			(4	)
Unrealized gains (losses) on commodity derivatives		1			1			2			(1	)
Foreign exchange gains (losses) on cash		1			2			1			(2	)
Other		—			—			—			(1	)
Income (loss) before tax	$	31		$	(147	)	$	46		$	(299	)

Information in Relation to Products

Net revenues by product line are as follows:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Foodservice
Drinkware	$	328		$	304		$	588		$	568
Containers		234			238			459			467
Tableware		63			68			131			143
Serviceware and other		43			46			87			92
Food and Beverage Merchandising
Cartons for fresh beverage products		170			182			354			377
Bakery/snack/produce/fruit containers		132			139			240			266
Meat trays		106			109			210			215
Tableware		92			103			184			206
Liquid packaging board		54			121			109			249
Egg cartons		36			32			74			70
Prepared food trays		29			36			56			72
Paper products		—			27			—			74
Other		55			56			107			126
Total reportable segment net revenues		1,342			1,461			2,599			2,925
Other / Unallocated
Other		—			—			—			2
Intersegment eliminations		(4	)		(35	)		(9	)		(70	)
Total net revenues	$	1,338		$	1,426		$	2,590		$	2,857

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details) - Natural gas swaps	6 Months Ended
	Jun. 30, 2024 $ / gal gal
Derivative [Line Items]
Contracted volume \| gal	1,870,000
Minimum
Derivative [Line Items]
Contracted price range	4.63
Maximum
Derivative [Line Items]
Contracted price range	5.37

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 95	$ 164
Accounts receivable, net of allowances of $2 and $3	486	426
Related party receivables	37	35
Inventories	881	852
Other current assets	116	112
Total current assets	1,615	1,589
Property, plant and equipment, net	1,473	1,511
Operating lease right-of-use assets, net	272	263
Goodwill	1,815	1,815
Intangible assets, net	974	1,004
Other noncurrent assets	213	213
Total assets	6,362	6,395
Liabilities
Accounts payable	367	300
Related party payables	7	7
Current portion of long-term debt	20	15
Current portion of operating lease liabilities	66	64
Income taxes payable	12	11
Accrued and other current liabilities	321	399
Total current liabilities	793	796
Long-term debt	3,572	3,571
Long-term operating lease liabilities	223	217
Deferred income taxes	226	244
Long-term employee benefit obligations	57	57
Other noncurrent liabilities	155	161
Total liabilities	5,026	5,046
Commitments and contingencies (Note 11)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 179,254,637 and 178,557,086 shares issued and outstanding as of June 30, 2024 and December 31, 2023, 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	685	676
Accumulated other comprehensive loss	(50)	(37)
Retained earnings	697	706
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,332	1,345
Non-controlling interests	4	4
Total equity	1,336	1,349
Total liabilities and equity	$ 6,362	$ 6,395

Restructuring, Asset Impairment and Other Related Charges - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 29, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	Jul. 12, 2024
The Facilities
Restructuring Cost And Reserve [Line Items]
Refundable payment related to potential sale agreement			$ 10
The Facilities \| Subsequent Event
Restructuring Cost And Reserve [Line Items]
Estimated purchase price					$ 110
Minimum \| The Facilities \| Forecast
Restructuring Cost And Reserve [Line Items]
Non-cash impairment related assets and liabilities held for sale		$ 320
Maximum \| The Facilities \| Forecast
Restructuring Cost And Reserve [Line Items]
Non-cash impairment related assets and liabilities held for sale		$ 340
Footprint Optimization
Restructuring Cost And Reserve [Line Items]
Restructuring and related activities, description	On February 29, 2024, we announced the Footprint Optimization, a restructuring plan approved by our Board of Directors to optimize our manufacturing and warehousing footprint
Expected capital expenditure during 2024	$ 40
Expected capital expenditure during 2025	45
Footprint Optimization \| Cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges				$ 8
Footprint Optimization \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges			3	$ 5
Footprint Optimization \| Minimum \| Cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges	50
Footprint Optimization \| Minimum \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges	20
Footprint Optimization \| Maximum \| Cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges	65
Footprint Optimization \| Maximum \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges	$ 40
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Restructuring and related activities, announcement date				Mar. 06, 2023
Incurred Charges			7	$ 18
Beverage Merchandising \| Cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges			160	160
Incurred Charges			5	13
Beverage Merchandising \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges			2	5
Beverage Merchandising \| Minimum
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges			810	810
Beverage Merchandising \| Minimum \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges			650	650
Beverage Merchandising \| Maximum
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges			830	830
Beverage Merchandising \| Maximum \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Expected total restructuring charges			670	670
Food and Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charge			2
Food and Beverage Merchandising \| Footprint Optimization \| Cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges				3
Food and Beverage Merchandising \| Footprint Optimization \| Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges			$ 2	$ 4

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details) - Credit Agreement - U.S. Revolving Loans - USD ($) $ in Millions	Jun. 30, 2024	May 01, 2024	Apr. 30, 2024
Letter of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 49
Line of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,100	$ 1,100	$ 250

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,670	$ 4,623
Less: accumulated depreciation	(3,197)	(3,112)
Property, plant and equipment, net	1,473	1,511
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	71	71
Buildings and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	708	690
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,713	3,669
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 178	$ 193

Restructuring, Asset Impairment and Other Related Charges - Changes to Restructuring Liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 39
Charges to Earnings	21
Cash Paid	(28)
Restructuring liability, ending balance	32
Footprint Optimization \| Severance, Termination and Related Costs
Restructuring Reserve [Roll Forward]
Charges to Earnings	8
Restructuring liability, ending balance	8
Beverage Merchandising \| Severance, Termination and Related Costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	9
Charges to Earnings	1
Cash Paid	(6)
Restructuring liability, ending balance	4
Beverage Merchandising \| Exit, Disposal and Other Transition Costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	30
Charges to Earnings	12
Cash Paid	(22)
Restructuring liability, ending balance	$ 20

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 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	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