Graphic Packaging Holding (GPK) 10-Q 26 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Sep. 30, 2021
Document transition report	false
Entity file number	001-33988
Entity registrant name	Graphic Packaging Holding Co
Entity incorporation, state or country code	DE
Entity tax identification number	26-0405422
Entity address, address line one	1500 Riveredge Parkway, Suite 100
Entity address, city or town	Atlanta,
Entity address, state or province	GA
Entity address, postal zip code	30328
City area code	770
Local phone number	240-7200
Title of 12(b) security	Common Stock, $0.01 par value per share
Trading symbol	GPK
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		307,099,121
Entity central index key	0001408075
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	Q3
Current fiscal year end date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net Sales	$ 1,782	$ 1,698	$ 5,168	$ 4,908
Cost of Sales	1,502	1,442	4,384	4,069
Selling, General and Administrative	128	126	379	394
Other (Income) Expense, Net	(2)	2	2	3
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net	33	9	79	48
Income from Operations	121	119	324	394
Nonoperating Pension and Postretirement Benefit Income (Expense)	1	0	4	(151)
Interest Expense, Net	(29)	(32)	(88)	(96)
Income before Income Taxes and Equity Income of Unconsolidated Entity	93	87	240	147
Income Tax Expense	(20)	(8)	(64)	(21)
Income (Loss) before Equity Income of Unconsolidated Entities	73	79	176	126
Equity Income of Unconsolidated Entity	0	0	1	0
Net Income	73	79	177	126
Net Income Attributable to Noncontrolling Interest	0	(15)	(12)	(23)
Net Income Attributable to Graphic Packaging Holding Company	$ 73	$ 64	$ 165	$ 103
Net Income Per Share Attributable to Graphic Packaging Holding Company — Basic (in dollars per share)	$ 0.24	$ 0.23	$ 0.56	$ 0.37
Net Income Per Share Attributable to Graphic Packaging Holding Company — Diluted (in dollars per share)	$ 0.24	$ 0.23	$ 0.56	$ 0.36

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Graphic Packaging Holding Company
Net Income Attributable to Graphic Packaging Holding Company	$ 73	$ 64	$ 165	$ 103
Other Comprehensive Income (Loss), Net of Tax:
Derivative Instruments	4	6	9	7
Pension and Postretirement Benefit Plans	1	0	21	114
Currency Translation Adjustment	(17)	24	(16)	(10)
Total Other Comprehensive Loss, Net of Tax	(12)	30	14	111
Total Comprehensive Income	$ 61	94	179	214
Noncontrolling Interest
Net Income		13	12	26
Other Comprehensive Income (Loss), Net of Tax:
Derivative Instruments		1	1	1
Pension and Postretirement Benefit Plans		1	0	33
Currency Translation Adjustment		4	0	(3)
Total Other Comprehensive Loss, Net of Tax		6	1	31
Total Comprehensive Income		19	13	57
Redeemable Noncontrolling Interest
Net Income		2		(3)
Other Comprehensive Income (Loss), Net of Tax:
Derivative Instruments		0		0
Pension and Postretirement Benefit Plans		(1)		9
Currency Translation Adjustment		1		0
Total Other Comprehensive Loss, Net of Tax		0		9
Total Comprehensive Income		2		6
Total
Net Income		79	177	126
Other Comprehensive Income (Loss), Net of Tax
Derivative Instruments		7	10	8
Pension and Postretirement Benefit Plans		0	21	156
Currency Translation Adjustment		29	(16)	(13)
Total Other Comprehensive Income, Net of Tax		36	15	151
Total Comprehensive Income		$ 115	$ 192	$ 277

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and Cash Equivalents	$ 67	$ 179
Receivables, Net	643	654
Inventories, Net	1,181	1,128
Other Current Assets	78	59
Total Current Assets	1,969	2,020
Property, Plant and Equipment, Net	4,020	3,560
Goodwill	1,539	1,478
Intangible Assets, Net	446	437
Other Assets	314	310
Total Assets	8,288	7,805
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	22	497
Accounts Payable	890	825
Compensation and Employee Benefits	166	213
Other Accrued Liabilities	421	321
Total Current Liabilities	1,499	1,856
Long-Term Debt	4,132	3,147
Deferred Income Tax Liabilities	416	540
Accrued Pension and Postretirement Benefits	102	130
Other Noncurrent Liabilities	285	292
SHAREHOLDERS’ EQUITY
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or outstanding	0	0
Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 307,071,620 and 267,726,373 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	3	3
Capital in Excess of Par Value	2,032	1,715
Retained Earnings (Accumulated Deficit)	51	(48)
Accumulated Other Comprehensive Loss	(232)	(246)
Total Graphic Packaging Holding Company Shareholders' Equity	1,854	1,424
Noncontrolling Interest	0	416
Total Equity	1,854	1,840
Total Liabilities and Shareholders' Equity	$ 8,288	$ 7,805

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	307,071,620	267,726,373
Common stock, shares outstanding (in shares)	307,071,620	267,726,373

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity and Redeemable Noncontrolling Interest - USD ($) $ in Millions		Total	Common Stock	Capital in Excess of Par Value	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Redeemable Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2019			290,246,907
Beginning balance at Dec. 31, 2019		$ 2,057	$ 3	$ 1,877	$ 56	$ (367)	$ 488	$ 304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		(15)			(13)		(2)	(5)
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		(1)				(1)
Pension and Postretirement Benefit Plans		146				114	32	9
Currency Translation Adjustment		(56)				(46)	(10)	(1)
Repurchase of Common Stock	[1]		(9,667,034)
Repurchase of Common Stock	[1]	(124)		(53)	(71)
Dividends Declared		(21)			(21)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests								(250)
Redeemable Noncontrolling Interest Redemption Value Adjustment		18		18				(18)
Tax Effect of IP Redemption		7		7
Distribution of Membership Interest		(5)					(5)	(1)
Recognition of Stock-Based Compensation, Net		4		4
Issuance of Shares for Stock-Based Awards (in shares)			788,561
Issuance of Shares for Stock-Based Awards		0
Ending Balance (in shares) at Mar. 31, 2020			281,368,434
Ending balance at Mar. 31, 2020		2,010	$ 3	1,853	(49)	(300)	503	38
Beginning Balance (in shares) at Dec. 31, 2019			290,246,907
Beginning balance at Dec. 31, 2019		2,057	$ 3	1,877	56	(367)	488	304
Ending Balance (in shares) at Sep. 30, 2020			272,236,844
Ending balance at Sep. 30, 2020		1,834	$ 3	1,733	(52)	(256)	406	0
Beginning Balance (in shares) at Dec. 31, 2019			290,246,907
Beginning balance at Dec. 31, 2019		$ 2,057	$ 3	1,877	56	(367)	488	304
Other Comprehensive (Loss) Income, Net of Tax:
Repurchase of Common Stock		(32,500,000)
Ending Balance (in shares) at Dec. 31, 2020		267,726,373	267,726,373
Ending balance at Dec. 31, 2020		$ 1,840	$ 3	1,715	(48)	(246)	416
Beginning Balance (in shares) at Mar. 31, 2020			281,368,434
Beginning balance at Mar. 31, 2020		2,010	$ 3	1,853	(49)	(300)	503	38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		67			52		15
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		2				2
Pension and Postretirement Benefit Plans								1
Currency Translation Adjustment		15				12	3
Repurchase of Common Stock	[2]		(2,622,283)
Repurchase of Common Stock	[2]	(33)		(14)	(19)
Dividends Declared		(21)			(21)
Redeemable Noncontrolling Interest Redemption Value Adjustment		(5)		(5)				5
Distribution of Membership Interest		(5)					(5)
Recognition of Stock-Based Compensation, Net		7		7
Issuance of Shares for Stock-Based Awards (in shares)			93,381
Issuance of Shares for Stock-Based Awards		0
Ending Balance (in shares) at Jun. 30, 2020			278,839,532
Ending balance at Jun. 30, 2020		2,037	$ 3	1,841	(37)	(286)	516	44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		77			64		13	2
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		7				6	1
Pension and Postretirement Benefit Plans		1					1	(1)
Currency Translation Adjustment		28				24	4	1
Repurchase of Common Stock	[3]		(6,607,221)
Repurchase of Common Stock	[3]	(94)		(36)	(58)
Dividends Declared		(21)			(21)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(211)		(87)			(124)	(46)
Redeemable Noncontrolling Interest Redemption Value Adjustment		(1)		(1)				1
Tax Effect of IP Redemption		9		9
Distribution of Membership Interest		(5)					(5)	(1)
Recognition of Stock-Based Compensation, Net		7		7
Issuance of Shares for Stock-Based Awards (in shares)			4,533
Issuance of Shares for Stock-Based Awards		0
Ending Balance (in shares) at Sep. 30, 2020			272,236,844
Ending balance at Sep. 30, 2020		$ 1,834	$ 3	1,733	(52)	(256)	406	$ 0
Beginning Balance (in shares) at Dec. 31, 2020		267,726,373	267,726,373
Beginning balance at Dec. 31, 2020		$ 1,840	$ 3	1,715	(48)	(246)	416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		62			54		8
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		4				3	1
Pension and Postretirement Benefit Plans		10				10
Currency Translation Adjustment		(5)				(4)	(1)
Redemption of IP's Ownership Interest (in shares)			15,307,000
Dividends Declared		(21)			(21)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(146)		70			(216)
Distribution of Membership Interest		(4)					(4)
Recognition of Stock-Based Compensation, Net		(3)		(3)
Issuance of Shares for Stock-Based Awards (in shares)			1,168,394
Issuance of Shares for Stock-Based Awards		0
Ending Balance (in shares) at Mar. 31, 2021			284,201,767
Ending balance at Mar. 31, 2021		1,737	$ 3	1,782	(15)	(237)	204
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		42			38		4
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		2				2
Pension and Postretirement Benefit Plans		10				10
Currency Translation Adjustment		6				5	1
Redemption of IP's Ownership Interest (in shares)			22,773,072
Dividends Declared		(22)			(22)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		34		241			(207)
Distribution of Membership Interest		(2)					(2)
Recognition of Stock-Based Compensation, Net		7		7
Issuance of Shares for Stock-Based Awards (in shares)			70,868
Issuance of Shares for Stock-Based Awards		0
Ending Balance (in shares) at Jun. 30, 2021			307,045,707
Ending balance at Jun. 30, 2021		1,814	$ 3	2,030	1	(220)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		73
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		4				4
Pension and Postretirement Benefit Plans		1				1
Currency Translation Adjustment		(17)				(17)
Dividends Declared		(23)			(23)
Recognition of Stock-Based Compensation, Net		2		2
Issuance of Shares for Stock-Based Awards (in shares)			25,913
Issuance of Shares for Stock-Based Awards		$ 0
Ending Balance (in shares) at Sep. 30, 2021		307,071,620	307,071,620
Ending balance at Sep. 30, 2021		$ 1,854	$ 3	$ 2,032	$ 51	$ (232)	$ 0
[1]	Includes 410,400 shares repurchased but not yet settled as of March 31, 2020.
[2]	Includes 14,436 shares repurchased but not yet settled as of June 30, 2020.
[3]	Includes 308,185 shares repurchased but not yet settled as of September 30, 2020.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Shares repurchased but not yet settled (in shares)	308,185	14,436	410,400

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 73	$ 79	$ 177	$ 126
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	122	121	356	357
Deferred Income Taxes			45	(6)
Amount of Postretirement Expense (Less) Greater Than Funding			(23)	145
Other, Net			79	31
Changes in Operating Assets and Liabilities			(175)	(264)
Net Cash Provided by Operating Activities			459	389
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending			(566)	(403)
Packaging Machinery Spending			(22)	(23)
Acquisition of Businesses, Net of Cash Acquired			(292)	(121)
Beneficial Interest on Sold Receivables			97	86
Beneficial Interest Obtained in Exchange for Proceeds			(6)	(7)
Other, Net			(3)	(9)
Net Cash Used in Investing Activities			(792)	(477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock			0	(247)
Proceeds from Issuance of Debt			1,586	800
Retirement of Long-Term Debt			(1,226)	0
Payments on Debt			(13)	(27)
Redemption of Noncontrolling Interest			(150)	(500)
Borrowings under Revolving Credit Facilities			2,876	2,181
Payments on Revolving Credit Facilities			(2,700)	(2,123)
IP Tax Receivable Agreement Payment			(43)	0
Repurchase of Common Stock related to Share-Based Payments			(15)	(9)
Debt Issuance Costs			(16)	(12)
Dividends and Distributions Paid to GPIP Partner			(71)	(80)
Other, Net			(5)	10
Net Cash Provided by (Used in) Financing Activities			223	(7)
Effect of Exchange Rate Changes on Cash			(2)	(2)
Net Decrease in Cash and Cash Equivalents			(112)	(97)
Cash and Cash Equivalents at Beginning of Period			179	153	$ 153
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 67	$ 56	67	56	$ 179
Non-cash Investing Activities:
Beneficial Interest Obtained in Exchange for Trade Receivables			94	103
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities			58	55
Non-cash Financing Activities:
Non-cash Exchange of Stock Issuance for Redemption of Noncontrolling Interest			$ (652)	$ 0

General Information

General Information	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	GENERAL INFORMATION Nature of Business Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of sustainable, fiber-based packaging solutions for a wide variety of products to food, beverage, foodservice and other consumer products companies. The Company operates on a global basis, is one of the largest producers of folding cartons in the United States ("U.S.") and holds leading market positions in coated-recycled paperboard ("CRB"), coated unbleached kraft paperboard ("CUK") and solid bleached sulfate paperboard ("SBS"). The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food, foodservice, and other consumer products. The Company strives to provide its customers with innovative sustainable packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and converting facilities, its proprietary carton and packaging designs, and its commitment to quality and service. On January 1, 2018, GPHC, a Delaware corporation, International Paper Company, a New York corporation (“IP”), Graphic Packaging International Partners, LLC, a Delaware limited liability company formerly known as Gazelle Newco LLC and a wholly- owned subsidiary of the Company (“GPIP”), and Graphic Packaging International, LLC, a Delaware limited liability company formerly known as Graphic Packaging International, Inc. and a direct subsidiary of GPIP (“GPIL”), completed a series of transactions pursuant to an agreement dated October 23, 2017, among the foregoing parties (the “Transaction Agreement”). Pursuant to the Transaction Agreement (i) a wholly-owned subsidiary of the Company transferred its ownership interest in GPIL to GPIP; (ii) IP transferred its North America Consumer Packaging (“NACP”) business to GPIP, which was then subsequently transferred to GPIL; (iii) GPIP issued membership interests to IP, and IP was admitted as a member of GPIP; and (iv) GPIL assumed certain indebtedness of IP (the "NACP Combination"). During 2020, GPIP purchased 32.5 million partnership units from IP for $500 million in cash, fully redeeming the 18.2 million partnership units that were required to be redeemed in cash. On February 16, 2021, the Company announced that IP had notified the Company of its intent to exchange additional partnership units. Per an agreement between the parties, on February 19, 2021, GPIP purchased 9.3 million partnership units from IP for $150 million in cash, and IP exchanged 15.3 million partnership units for an equivalent number of shares of GPHC common stock. On May 21, 2021, IP exchanged its remaining 22.8 million partnership units for an equivalent number of shares of GPHC common stock. As a result, IP has no ownership interest remaining in GPIP as of May 21, 2021. In connection with both the February 19, 2021 and May 21, 2021 exchanges, pursuant to elections under Section 754 of the Internal Revenue Code, the Company expects to obtain an increase with respect to the tax basis in the assets of GPIP and certain of its subsidiaries. As a result, payments pursuant to the Tax Receivable Agreement (“TRA”), executed in connection with the formation of the partnership on January 1, 2018, are required. The TRA provides for the payment by the Company to IP of 50% of the present value of any tax benefits projected to be realized by the Company upon IP’s exchange of its membership interest into GPHC stock. As such, the Company recorded TRA liabilities of $43 million and $66 million, for the February 19, 2021 and May 21, 2021 exchanges, respectively. The TRA liabilities were recorded through adjustments to Capital in Excess of Par Value during the first and second quarters of 2021, respectively. In accordance with the terms of the TRA, the Company settled the liability for the February exchange during the third quarter and expects the liability for the May exchange to be settled during the fourth quarter of 2021. Additionally, the Company recorded an adjustment through Capital in Excess of Par Value to decrease its net domestic Deferred Tax Liability (“DTL”) by $58 million in connection with the February exchange and $109 million in connection with the May exchange. The decrease in the DTL reflects the change in the outside basis difference associated with the Company’s investment in the partnership and includes the impact of the tax basis step up triggered by the exchanges pursuant to Section 754 of the Internal Revenue Code in addition to other changes to book and tax basis as a result of the Company’s increased ownership interest in the partnership. The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. Revenue Recognition The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers. Revenue is disaggregated primarily by geography and type of activity as further explained in " Note 11 — Segment Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the three months ended September 30, 2021 and 2020, the Company recognized $1,775 million and $1,691 million, respectively, of revenue from contracts with customers. For the nine months ended September 30, 2021 and 2020, the Company recognized $5,151 million and $4,891 million, respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. The Company's contract assets consist primarily of contract renewal incentive payments to customers which are amortized over the period in which performance obligations related to the contract renewal are satisfied. As of September 30, 2021 and December 31, 2020, contract assets were $15 million and $15 million, respectively. The Company's contract liabilities consist principally of rebates, and as of September 30, 2021 and December 31, 2020 were $60 million and $56 million, respectively. Accounts Receivable and Allowances The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification"). The loss on sale is not material and is included in Other (Income) Expense, Net line item on the Condensed Consolidated Statement of Operations. The following table summarizes the activity under these programs for the nine months ended September 30, 2021 and 2020, respectively: Nine Months Ended September 30, In millions 2021 2020 Receivables Sold and Derecognized $ 2,230 $ 2,077 Proceeds Collected on Behalf of Financial Institutions 2,202 2,029 Net Proceeds Received From Financial Institutions 39 37 Deferred Purchase Price at September 30 (a) 8 10 Pledged Receivables at September 30 154 267 (a) Included in Other Current Assets on the Condensed Consolidated Balance Sheet and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. The Company also participates in supply chain financing arrangements offered by certain customers and has entered into various factoring arrangements that also qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the nine months ended September 30, 2021 and 2020, the Company sold receivables of $493 million and $238 million, respectively, related to these factoring arrangements. Share Repurchases and Dividends During the first nine months of 2021, the Company's board of directors declared three regular quarterly dividends of $0.075 per share of common stock to shareholders of record as follows: Date Declared Record Date Payment Date February 25, 2021 March 15, 2021 April 5, 2021 May 26, 2021 June 15, 2021 July 5, 2021 July 29, 2021 September 15, 2021 October 5, 2021 On January 28, 2019, the Company's board of directors authorized a share repurchase program to allow the Company to purchase up to $500 million of the Company's issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans (the "2019 share repurchase program"). During the first nine months of 2021, the Company did not repurchase any shares of its common stock under the 2019 share repurchase program. During the nine months ended September 30, 2020, the Company repurchased 18,896,538 shares of its common stock at an average price of $13.31 under the 2019 share repurchase program. As of September 30, 2021, the Company has $147 million available for additional repurchases under the 2019 share repurchase program. Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Charges Associated with Business Combinations $ 25 $ 1 $ 48 $ (3) Shutdown and Other Special Charges 5 4 20 30 Exit Activities (a) 3 4 11 21 Total $ 33 $ 9 $ 79 $ 48 (a) Relates to the Company's CRB mills, converting facility closures and the PM1 containerboard machine exit activities (see " Note 14 — Exit Activities" ). 2021 During 2019, the Company announced its plans to invest in a new CRB paper machine in Kalamazoo, Michigan. At the time of the announcement, the Company expected to close two of its smaller CRB Mills in 2022 in order to remain capacity neutral. During the third quarter of 2021, the Company decided to continue to operate one of the two original smaller CRB mills at least through 2022. Severance, retention, and other charges associated with this project are included in Exit Activities in the table above in the three and nine months ended September 30, 2021 and 2020. For more information, see "Note 14 — Exit Activities." The Company also expects to incur start-up charges of approximately $15 million for the new CRB paper machine in 2021. These start-up charges are included in Exit Activities in the table above. During 2019, the Company began a three-year program to dismantle and dispose of idle and abandoned assets primarily at the paperboard mills. Charges related to this program during the three months ended September 30, 2021 and 2020 were $4 million. Charges related to this program during the nine months ended September 30, 2021 and 2020 were $13 million and $8 million, respectively. Expected charges for this program for 2021 are approximately $26 million. Charges associated with this program are included in Shutdown and Other Special Charges in the table above. On May 12, 2021, the Company announced its intent to acquire all of the shares of AR Packaging Group AB ("AR Packaging"), Europe's second largest producer of fiber-based consumer packaging, for approximately $1.45 billion in cash, subject to customary adjustments. The costs associated with this acquisition are included in Charges Associated with Business Combinations in the table above. The $1.45 billion acquisition price will be paid in Euros at close. As such, on May 14, 2021, the Company entered into deal contingent, foreign exchange forward contracts, with no upfront cash cost, to hedge 700 million Euros of the acquisition price. These forward contracts expire if the deal terminates or does not close by May 13, 2022 and are accounted for as derivatives under ASC 815, Derivatives and Hedging . Unrealized gains and losses resulting from these contracts are recognized in earnings and are included in Charges Associated with Business Combinations in the table above. For more information, see "Note 7 — Financial Instruments and Fair Value Measurement ." The Company expects the AR Packaging acquisition to close in early November 2021. On July 1, 2021, the Company acquired substantially all the assets of Americraft Carton, Inc. (“Americraft”), the largest remaining independent folding carton converter in North America for $292 million subject to customary working capital true-up. The acquisition included seven converting facilities across the United States and is reported within the Americas Paperboard Packaging reportable segment. Charges associated with this acquisition are included in Charges Associated with Business Combinations in the table above. For more information, see "Note 3 — Business Combinations." 2020 On January 31, 2020, the Company acquired a folding carton facility from Quad/Graphics, Inc. ("Quad"), a commercial printing company. The converting facility is located in Omaha, Nebraska and is included in the Americas Paperboard Packaging reportable segment. The Company paid $41 million using existing cash and borrowings under its revolving credit facility. The costs associated with this acquisition are included in Charges Associated with Business Combinations in the table above. During the first quarter of 2021, the acquisition accounting for Quad was finalized. In March 2020, the Company made the decision to close the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine in West Monroe, Louisiana. Charges associated with these projects are included in Exit Activities in the table above. For more information, see " Note 14 — Exit Activities ." On April 1, 2020, the Company acquired the Consumer Packaging Group business from Greif, Inc. ("Greif"), a leader in industrial packaging products and services. The acquisition included seven converting facilities across the United States and will allow the Company to increase its mill-to-converting plant integration over time. The Company paid approximately $80 million using existing cash and borrowings under its revolving credit facility. The costs associated with this acquisition are included in Charges Associated with Business Combinations in the table above. During the second quarter of 2021, the acquisition accounting for Greif was finalized. In June 2020, the Company made the decision to close certain converting facilities that were acquired from Greif. The Burlington, North Carolina converting facility and the Los Angeles, California converting facility were closed during 2020. Charges associated with these projects are included in Exit Activities in the table above. For more information, see " Note 14 — Exit Activities. " The Company has established estimated liabilities related to the partial or complete withdrawal from certain multi-employment benefit plans for facilities which have been closed. During the second quarter of 2020, the Company increased its estimated withdrawal liability for these plans by $12 million, which is included in Shutdown and Other Special Charges in the table above. For more information, see " Note 6 — Pensions and Other Postretirement Benefits. " During the second quarter of 2020, the Company made one-time payments to front-line production employees and made contributions to local food banks in the communities where our manufacturing operations are located. The charges associated with these payments are included in Shutdown and Other Special Charges in the table above. Adoption of New Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This amendment modifies ASC 740 to simplify the accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this new guidance during the three months ended March 31, 2021. The Company’s adoption did not result in any changes in accounting principle upon transition and the impact to the Company’s overall financial statements is immaterial. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides temporary optional expedients and exceptions for applying GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The ASU can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact of this new accounting guidance.

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET Inventories, Net by major class: In millions September 30, December 31, Finished Goods $ 445 $ 471 Work in Progress 154 133 Raw Materials 397 349 Supplies 185 175 Total $ 1,181 $ 1,128

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combinations	BUSINESS COMBINATIONS On July 1, 2021, the Company acquired substantially all of the assets of Americraft. The Company paid approximately $292 million, subject to customary working capital adjustments using existing cash and borrowings under its revolving credit facility. The acquisition included seven converting facilities across the United States. The purchase price for Americraft has been preliminarily allocated to assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date and is subject to adjustments in subsequent periods as management finalizes its purchase price allocation, including the third-party valuations. Management believes that the purchase price attributable to goodwill represents the benefits expected as the acquisition was made to continue to expand its product offering, integrate paperboard from the Company's mills and to further optimize the Company's supply chain footprint. The assigned goodwill, which is deductible for tax purposes, will be reported within the Americas Paperboard Packaging reportable segment. The preliminary purchase price allocation as of September 30, 2021 is as follows: In millions Amounts Recognized as of Acquisition Date Purchase Price $ 292 Receivables, Net 22 Inventories, Net 37 Property, Plant and Equipment, Net 126 Intangible Assets, Net (a) 54 Other Assets 1 Total Assets Acquired 240 Current Liabilities 12 Total Liabilities Assumed 12 Net Assets Acquired 228 Goodwill 64 Total Estimated Fair Value of Net Assets Acquired $ 292 (a) Intangible Assets, Net, consists of Customer Relationships with a weighted average life of approximately 15 years. As disclosed in "Note 1 — General Information," the Company completed the Quad and Greif, Inc. acquisitions in 2020. The Company paid approximately $41 million for the Quad acquisition and $80 million for the Greif acquisition using existing cash and borrowings under its revolving credit facility. During the first quarter of 2021, the acquisition accounting for Quad was finalized and during the second quarter of 2021, the acquisition accounting for Greif was finalized.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	DEBT 2021 On March 8, 2021, GPIL completed a private offering of $400 million aggregate principal amount of its 0.821% Senior Secured Notes due 2024 and $400 million aggregate principal amount of its 1.512% Senior Secured Notes due 2026. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's term loan credit facilities, which is under its senior secured credit facility. On April 1, 2021, GPIL entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) to extend the maturity date of certain of its senior secured term loan facilities and senior secured revolving credit facilities and to amend certain other terms of the agreement, including revised debt covenants and collateral requirements. Under the terms of the agreement, $975 million of the Company’s senior secured term loan facilities remains outstanding. The Company added approximately $400 million to its senior secured revolving credit facilities. $550 million of the senior secured term loan facilities and all of the senior secured revolving credit facility loans continue to bear interest at a floating rate per annum ranging from LIBOR plus 1.25% to LIBOR plus 2.00%, determined using a pricing grid based upon the Company’s consolidated total leverage ratio from time to time, and the maturity for these loans were extended from January 1, 2023 to April 1, 2026. $425 million of the senior secured term loan facilities continue to bear interest at a fixed rate per annum equal to 2.67% and mature on their originally scheduled maturity date of January 14, 2028. On July 22, 2021, GPIL entered into an Incremental Facility Amendment to the Fourth Amended and Restated Credit Agreement for a Farm Credit System incremental term loan (the “Incremental Term A-3 Facility”). The Incremental Term A-3 Facility is a senior secured term loan in the aggregate principal amount of $250 million maturing on July 22, 2028. The Incremental Term A-3 Facility bears interest at a floating rate ranging from LIBOR plus 1.50% to LIBOR plus 2.25%, determined using a pricing grid based upon GPIL’s consolidated leverage ratio. As long as the Incremental Term A-3 Facility is outstanding, GPIL will be eligible to receive an annual patronage credit from the participating banks, which will be paid in cash and stock in the lead member bank. Patronage payable each year is variable and based on the individual financial performance of each of the member banks then participating in the loan. The Incremental Term A-3 Facility is governed by the same covenants as are set forth in the Amended and Restated Credit Agreement and is secured by a first priority lien and security interest in certain assets of GPIL. On July 23, 2021, GPIL entered into Amendment No. 1 to the Amended and Restated Credit Agreement and the Fourth Amended and Restated Guarantee and Collateral Agreement and Incremental Facility Amendment (the “First Amendment”). The First Amendment provides for a delayed draw term loan facility in an aggregate amount of €210 million and a €25 million increase to the existing Euro-denominated revolving credit facility. The new term loan facility matures on April 1, 2026, is available to be drawn on or before May 12, 2022, and bears interest at a floating rate ranging from LIBOR plus 1.125% to LIBOR plus 1.75%, determined using a pricing grid based upon GPIL’s consolidated total leverage ratio from time to time. The new term loan facility is governed by the same covenants as set forth in the Fourth Amended and Restated Credit Agreement and is secured by a first priority lien and security interest in certain assets of GPIL. On September 29, 2021, GPIL completed a $100 million tax-exempt green bond transaction through the Michigan Strategic Fund’s Private Activity Bond Program (the “Green Bonds”). The Green Bonds are special limited obligations of the Michigan Strategic Fund, as issuer, payable from and secured by a pledge of payments to be made by GPIL under a loan agreement between the Michigan Strategic Fund and GPIL. The Green Bonds mature in 2061 and include mandatory purchase on October 1, 2026. The Green Bonds were issued at a price of 110.99% and bear interest at an annual rate of 4.0%. The equivalent yield is 1.70%. The net proceeds of $109.5 million were used to fund a portion of its spend on the CRB platform optimization project that includes the construction of a new CRB machine at its Kalamazoo, Michigan mill. The bonds have been designated as Green Bonds primarily because the proceeds will be used to finance a solid waste disposal/recycling facility resulting in diversion of waste from landfills. In addition to the solid waste recycling aspect, the project improves the environmental footprint of its CRB mill system through expected reductions in water usage, energy consumption and greenhouse gas emissions. 2020 On October 15, 2020, GPIL entered into a new $425 million term loan facility under the Third Amended and Restated Credit Agreement with member banks of the Farm Credit System (the "Incremental Term A-2 Facility"). The Incremental Term A-2 Facility had a delayed draw feature, and the Company drew the entire facility on January 14, 2021. On January 15, 2021, the Company used the proceeds, together with cash on hand, to redeem its 4.75% Senior Notes due in 2021 at par. The redemption included the outstanding principal amount plus accrued and unpaid interest. The Incremental Term A-2 Facility bears interest at a fixed rate of 2.67% due quarterly, matures January 14, 2028, and does not amortize. As long as the loan is outstanding, GPIL will be eligible to receive an annual patronage credit from the participating banks, which will be paid in cash and stock in the lead member bank. Patronage payable each year is variable and based on the individual financial performance of each of the member banks then participating in the loan. Long-Term Debt is comprised of the following: In millions September 30, 2021 December 31, 2020 Senior Notes with interest payable semi-annually at 4.75% (a) $ — $ 425 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.89%, payable in 2022 (a) 250 250 Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.83%, payable in 2024 (b) 400 — Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.15%, payable in 2024 (a) 300 300 Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026 (b) 400 — Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 (b) 300 300 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.54%, payable in 2028 (b) 450 450 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 (b) 350 350 Green Bond net of unamortized premium with interest payable at 4.00%, effective rate of 1.72%, payable in 2026 (b) 111 — Senior Secured Term Loan A-2 Facility with interest payable quarterly at 2.67%, effective rate of 2.68% payable in 2028 (b) 425 — Senior Secured Term Loan A-3 Facility with interest payable monthly payable at floating rates (1.83% at September 30, 2021), effective rate of 1.85%, payable in 2028 (b) 250 — Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.58% at September 30, 2021) payable through 2026 (b) 547 1,360 Senior Secured Revolving Facilities with interest payable at floating rates (1.59% at September 30, 2021) payable in 2026 (b)(c) 258 84 Finance Leases and Financing Obligations 136 139 Other 3 5 Total Long-Term Debt 4,180 3,663 Less: Current Portion 20 494 Total Long-Term Debt Excluding Current Portion 4,160 3,169 Less: Unamortized Deferred Debt Issuance Costs 28 22 Total $ 4,132 $ 3,147 (a) Guaranteed by GPHC and certain domestic subsidiaries. (b) Guaranteed by GPIP and certain domestic subsidiaries. (c) The effective interest rates for the Company’s Senior Secured Revolving Credit Facilities were 1.57% and 2.06% as of September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Total Total Available Senior Secured Domestic Revolving Credit Facility (a) $ 1,850 $ 174 $ 1,652 Senior Secured International Revolving Credit Facility 212 85 127 Other International Facilities 53 5 48 Total $ 2,115 $ 264 $ 1,827 (a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $24 million as of September 30, 2021. These letters of credit are primarily used as security against the Company's self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2021 and 2022 unless extended. The Fourth Amended and Extended Credit Agreement and the indentures governing the 4.875% Senior Notes due 2022, 4.125% Senior Notes due 2024, 0.821% Senior Notes due 2024, 1.512% Senior Notes due 2026, 4.75% Senior Notes due 2027, 3.50% Senior Notes due 2028 and 3.50% Senior Notes due 2029 (the “Indentures”), limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Current Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. As of September 30, 2021, the Company was in compliance with the covenants in the Fourth Amended and Restated Credit Agreement and the Indentures.

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Incentive Plans	STOCK INCENTIVE PLANS The Company has one active equity compensation plan from which new grants may be made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the “2014 Plan”). The 2014 Plan allows for granting shares of stock, options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and other types of stock-based and cash awards. Awards under the 2014 Plan vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from GPHC’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award and are adjusted for actual performance for performance-based awards. As of September 30, 2021, there were 11.4 million shares remaining available to be granted under the 2014 Plan. Stock Awards, Restricted Stock and Restricted Stock Units Under the 2014 Plan, all RSUs granted to employees generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain some combination of service and performance objectives based on various financial targets and relative total shareholder return that must be met for the RSUs to vest. RSUs and RSAs granted as deferred compensation for non-employee directors are fully vested but not payable until the distribution date elected by the director. RSAs issued to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date. Data concerning RSUs and RSAs granted in the first nine months of 2021 is as follows: Weighted Average RSUs — Employees and Non-Employee Directors 1,621,586 $ 16.02 Stock Awards — Board of Directors 55,055 $ 17.80 During the nine months ended September 30, 2021 and 2020, $21 million and $27 million, respectively, were charged to compensation expense for stock incentive plans and such amounts are included in Selling, General and Administrative expenses in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2021 and 2020, 1.2 million and 0.8 million shares were issued, respectively. The shares issued were primarily related to RSUs granted to employees during 2018 and 2017, respectively.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Pensions and Other Postretirement Benefits	PENSIONS AND OTHER POSTRETIREMENT BENEFITS The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employee's compensation. In the first quarter of 2020, the Company, using the assets held within the pension trust, purchased a group annuity contract that transferred the remaining pension obligation under its largest U.S. pension plan of $713 million to an insurance company. The Company incurred an additional non-cash settlement charge of $153 million related to this transfer. These non-cash settlement charges relate to Net Actuarial Loss previously recognized in Accumulated Other Comprehensive Loss. Pension Expense The pension expenses related to the Company’s plans consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Components of Net Periodic Cost: Service Cost $ 3 $ 4 $ 11 $ 12 Interest Cost 3 3 7 10 Expected Return on Plan Assets (6) (4) (15) (16) Net Settlement Loss — — — 153 Amortization: Actuarial Loss 2 1 4 4 Net Periodic Cost $ 2 $ 4 $ 7 $ 163 Employer Contributions The Company made contributions of $30 million and $16 million to its pension plans during the first nine months of 2021 and 2020 respectively. In the first quarter of 2021, the Company made a $14 million contribution to its remaining U.S. defined benefit plan by effectively utilizing a portion of the excess balance related to the terminated U.S. defined benefit plan. Excluding this $14 million transfer, the Company expects to make contributions in the range of $15 million to $20 million for the full year of 2021. During 2020, the Company made $19 million of contributions to its pension plans.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurement	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts, and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure and presented in the same line of the income statement expected for the hedged item. For more information regarding the Company’s financial instruments and fair value measurement, see “ Note 10 — Financial Instruments, Derivatives and Hedging Activities ” and “ Note 11 — Fair Value Measurement ” of the Notes to the Consolidated Financial Statements of the Company’s 2020 Form 10-K. Interest Rate Risk The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. Changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facility. The following table summarizes the Company's current interest rate swap positions for each period presented as of September 30, 2021: Start End (In Millions) Weighted Average Interest Rate 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79% During the first nine months of 2021 and 2020, there were no amounts of ineffectiveness related to changes in the fair value of interest rate swap agreements. Additionally, there were no amounts excluded from the measure of effectiveness. Commodity Risk To manage risks associated with future variability in cash flows and price risk attributable to purchases of natural gas, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and resulting gain or loss reclassified into Cost of Sales concurrently with the recognition of the commodity consumed. The Company has hedged approximately 33%, and 10% of its expected natural gas usage for the remainder of 2021 and all of 2022, respectively. During the first nine months of 2021 and 2020, there were no amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Foreign Currency Risk The Company enters into forward exchange contracts to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other (Income) Expense, Net or Net Sales, when appropriate. At September 30, 2021, multiple forward exchange contracts existed that expire on various dates through the remainder of 2021. Those purchased forward exchange contracts outstanding at September 30, 2021 and December 31, 2020, when aggregated and measured in U.S. dollars at contractual rates at September 30, 2021 and December 31, 2020, had notional amounts totaling $22 million and $102 million, respectively. No amounts were reclassified to earnings during the first nine months of 2021 or during 2020 in connection with forecasted transactions that were considered probable of not occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Derivatives not Designated as Hedges The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions and intercompany loans denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At September 30, 2021 and December 31, 2020, multiple foreign currency forward exchange contracts existed, with maturities ranging up to twelve months. Those foreign currency exchange contracts outstanding at September 30, 2021 and December 31, 2020, when aggregated and measured in U.S. dollars at contractual rates at September 30, 2021 and December 31, 2020, had net notional amounts totaling $117 million and $80 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other (Income) Expense, Net and approximately offset corresponding recognized but unrealized gains and losses on the remeasurement of these accounts receivable. Deal Contingent Hedge On May 14, 2021, in connection with the AR Packaging acquisition, the Company entered into deal contingent foreign exchange forward contracts, with no upfront cash cost, to hedge 700 million Euros of the acquisition price. These forward contracts expire if the deal terminates or does not close by May 13, 2022 and are accounted for as derivatives under ASC 815, Derivatives and Hedging . Unrealized gains and losses resulting from these contracts are recognized in Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net on the Company’s Condensed Consolidated Statements of Operations. For more information, see " Note 1 — General Information. " Fair Value of Financial Instruments The Company’s derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are Level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates, and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. As of September 30, 2021, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks. The following table summarizes the fair value of the Company’s derivative instruments: Derivative Assets (a) Derivative Liabilities (b) September 30, December 31, September 30, December 31, In millions 2021 2020 2021 2020 Derivatives designated as hedging instruments: Interest rate contracts $ — $ — $ 2 $ 6 Foreign currency contracts 1 — — 3 Commodity contracts 9 2 — — Total Derivatives $ 10 $ 2 $ 2 $ 9 (a) Derivative assets of $9 million and $2 million are included in Other Current Assets as of September 30, 2021 and December 31, 2020, respectively. Derivative assets of $1 million is included in Other Noncurrent Assets as of September 30, 2021. (b) Derivative liabilities of $2 million and $9 million are included in Other Accrued Liabilities as of September 30, 2021 and December 31, 2020, respectively. The fair values of the Company’s other financial assets and liabilities at September 30, 2021 and December 31, 2020 approximately equal the carrying values reported on the Condensed Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding finance leases and deferred financing fees) was $4,095 million and $3,625 million as compared to the carrying amounts of $4,044 million and $3,524 million as of September 30, 2021 and December 31, 2020, respectively. The fair value of the Company’s Total Debt, including the Senior Notes, is based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers. Effect of Derivative Instruments The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Condensed Consolidated Statements of Operations is as follows: Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 2021 2020 2021 2020 Commodity Contracts $ (6) $ 5 $ (11) $ 8 Cost of Sales $ (3) $ 1 $ (4) $ 6 Foreign Currency Contracts — 1 (2) (2) Other (Income) Expense, Net 1 — 2 (1) Interest Rate Swap Agreements — — — 6 Interest Expense, Net 1 2 4 5 Total $ (6) $ 6 $ (13) $ 12 Total $ (1) $ 3 $ 2 $ 10 The pre-tax effect of derivative instruments not designated as hedging instruments on the Company’s Condensed Consolidated Statements of Operations is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Foreign Currency Contracts Other (Income) Expense , Net $ (1) $ 5 $ (5) $ 3 Deal Contingent Foreign Exchange Forward Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net 21 — 38 — Total $ 20 $ 5 $ 33 $ 3 Accumulated Derivative Instruments (Loss) Income The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2021: In millions Balance at December 31, 2020 $ (7) Reclassification to Earnings 2 Current Period Change in Fair Value 13 Balance at September 30, 2021 $ 8 At September 30, 2021, the Company expects to reclassify $7 million of pre-tax gain in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Substantially all the Company’s operations are held through its investment in GPIP, a subsidiary that is classified as a partnership for U.S. income tax purposes and is generally not subject to domestic income tax expense. As a result, the consolidated financial statements exclude the domestic tax effect of the earnings attributable to the noncontrolling partner’s interest in GPIP for the portion of the year in which the noncontrolling partner held an interest. During the nine months ended September 30, 2021, the Company recognized Income Tax Expense of $64 million on Income before Income Taxes of $240 million. The effective tax rate for the nine months ended September 30, 2021 was different than the statutory rate primarily due to the tax effect of income attributable to noncontrolling interests as well as the mix and levels of earnings between foreign and domestic tax jurisdictions with and without a valuation allowance. In addition, during the second quarter, the Company recorded discrete tax expense of $3 million related to the remeasurement of the net deferred tax liability for its UK subsidiaries due to the statutory tax rate increase enacted and $5 million related to the remeasurement of deferred tax assets for executive compensation as a result of IP’s exchange of its remaining shares in GPIP during the period. The Company also recorded a discrete tax benefit of $7 million related to tax credit and other provision to return adjustments related to the 2020 U.S. federal income tax return during the third quarter. During the nine months ended September 30, 2020, the Company recognized Income Tax Expense of $21 million on Income before Income Taxes of $147 million. The effective tax rate for the nine months ended September 30, 2020 was different than the statutory rate primarily due to the tax effect of income attributable to noncontrolling interests as well as the mix and levels of earnings between foreign and domestic tax jurisdictions. In addition, during the nine months ended September 30, 2020, the Company recorded discrete benefits of $8 million and $4 million related to the release of valuation allowances against the net deferred tax assets of two of its wholly owned subsidiaries in Canada as a result of tax planning and the tax effect of tax credit and other provision to return adjustments related to the 2019 U.S. federal income tax return, respectively. As discussed in Note 1, as a result of the February 19, 2021 and May 21, 2021 IP exchanges, the Company recorded an adjustment through Capital in Excess of Par Value to decrease its net domestic DTL by $58 million and $109 million, respectively. The decrease in the DTL reflects the change in the outside basis difference associated with the Company’s investment in the partnership and includes the impact of the tax basis step up triggered by each exchange, pursuant to Section 754 of the Internal Revenue Code in addition to other changes to book and tax basis as a result of the Company’s increased ownership interest in the partnership.

Environmental and Legal Matters

Environmental and Legal Matters	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Environmental and Legal Matters	ENVIRONMENTAL AND LEGAL MATTERS Environmental Matters The Company is subject to a broad range of foreign, federal, state and local environmental, health and safety laws and regulations, including those governing discharges to air, soil and water, the management, treatment and disposal of hazardous substances, solid waste and hazardous wastes, the investigation and remediation of contamination resulting from historical site operations and releases of hazardous substances, the recycling of packaging and the health and safety of employees. Compliance initiatives could result in significant costs, which could negatively impact the Company’s consolidated financial position, results of operations or cash flows. Any failure to comply with environmental or health and safety laws and regulations or any permits and authorizations required thereunder could subject the Company to fines, corrective action or other sanctions. Some of the Company’s current and former facilities are the subject of environmental investigations and remediations resulting from historic operations and the release of hazardous substances or other constituents. Some current and former facilities have a history of industrial usage for which investigation and remediation obligations may be imposed in the future or for which indemnification claims may be asserted against the Company. Also, closures or sales of facilities may necessitate investigation and may result in remediation activities at those facilities. The Company has established reserves for those facilities or issues where a liability is probable and the costs are reasonably estimable. The Company believes that the amounts accrued for its loss contingencies, and the reasonably possible loss beyond the amounts accrued, are not material to the Company’s consolidated financial position, results of operations or cash flows. The Company cannot estimate with certainty other future compliance, investigation or remediation costs. Some costs relating to historic usage that the Company considers to be reasonably possible of resulting in liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. Legal Matters The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSIn connection with the NACP Combination, the Company entered into agreements with IP for transition services, fiber procurement fees, and corrugated products and ink supply. Payments to IP for the nine months ended September 30, 2021 for fiber procurement fees and corrugated products were $4 million (related to pass through wood purchases of $81 million) and $13 million, respectively. Payments to IP for the nine months ended September 30, 2020 for fiber procurement fees and corrugated products were $9 million (related to pass through wood purchases of $154 million) and $22 million, respectively. As discussed in Note 1, IP has no ownership interest remaining in GPIP as of May 21, 2021.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company has three reportable segments as follows: Paperboard Mills includes the eight North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard packaging for the Americas and Europe Packaging segments. The remaining paperboard is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments. Americas Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to Consumer Packaged Goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and Quick-Service Restaurants ("QSR"), serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs. These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in " Note 1 — General Information. " Segment information is as follows: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 NET SALES: Paperboard Mills $ 251 $ 241 $ 732 $ 744 Americas Paperboard Packaging 1,291 1,215 3,697 3,492 Europe Paperboard Packaging 198 194 616 554 Corporate/Other/Eliminations (a) 42 48 123 118 Total $ 1,782 $ 1,698 $ 5,168 $ 4,908 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ 14 $ (35) $ (31) $ (93) Americas Paperboard Packaging 107 141 336 493 Europe Paperboard Packaging 17 15 64 48 Corporate and Other (b) (17) (2) (45) (54) Total $ 121 $ 119 $ 324 $ 394 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 61 $ 64 $ 175 $ 190 Americas Paperboard Packaging 47 40 130 120 Europe Paperboard Packaging 8 11 30 30 Corporate and Other 6 6 21 17 Total $ 122 $ 121 $ 356 $ 357 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments. (b) Includes expenses related to business combinations, shutdown and other special charges, and exit activities.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Three Months Ended Nine Months Ended September 30, September 30, In millions, except per share data 2021 2020 2021 2020 Net Income Attributable to Graphic Packaging Holding Company $ 73 $ 64 $ 165 $ 103 Weighted Average Shares: Basic 308.3 277.0 293.2 281.9 Dilutive Effect of RSUs 0.7 0.7 0.8 0.8 Diluted 309.0 277.7 294.0 282.7 Earnings Per Share — Basic $ 0.24 $ 0.23 $ 0.56 $ 0.37 Earnings Per Share — Diluted $ 0.24 $ 0.23 $ 0.56 $ 0.36

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the nine months ended September 30, 2021: In millions, net of tax Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2020 $ (13) $ (139) $ (94) $ (246) Other Comprehensive Income (Loss) before Reclassifications 8 19 (16) 11 Amounts Reclassified from Accumulated Other Comprehensive Income (a) 2 2 — 4 Net Current-period Other Comprehensive Income (Loss) 10 21 (16) 15 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (1) — — (1) Balance at September 30, 2021 $ (4) $ (118) $ (110) $ (232) (a) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive Loss for the nine months ended September 30, 2021: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ (4) Cost of Sales Foreign Currency Contracts 2 Other (Income) Expense, Net Interest Rate Swap Agreements 4 Interest Expense, Net $ 2 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 4 (a) $ 4 Total before Tax (1) Tax Expense $ 3 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (1) (a) $ (1) Total, Net of Tax Total Reclassifications for the Period $ 4 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see “ Note 6 — Pensions and Other Postretirement Benefits ").

Exit activities

Exit activities	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Exit activities	EXIT ACTIVITIES During 2019, the Company announced its plans to invest in a CRB platform optimization project, which included an investment in a new CRB paper machine in Kalamazoo, Michigan. At the time of the announcement, the Company expected to close two of its smaller CRB mills in 2022 in order to remain capacity neutral. During the third quarter of 2021, the Company decided to continue to operate one of these smaller CRB mills at least through 2022. In March 2020, the Company made the decision to close the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine in West Monroe, Louisiana. During the second quarter of 2020, the Company closed the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine. In June 2020, the Company made the decision to close certain converting facilities that were acquired from Greif. The Burlington, North Carolina converting facility and the Los Angeles, California converting facility were closed during 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded $25 million and $42 million of exit costs, respectively, associated with these restructurings. These costs are included in the Corporate and Other caption in " Note 11 — Segment Information. " Other costs associated with the start-up of the new CRB paper machine will be recorded in the period in which they are incurred. The following table summarizes the costs incurred during the three and nine months ended September 30, 2021 and 2020 related to these restructurings: Three Months Ended Nine Months Ended September 30, September 30, In millions Location in Statement of Operations 2021 2020 2021 2020 Severance costs and other (a) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net $ 3 $ 1 $ 11 $ 8 Accelerated depreciation Cost of Sales 4 5 14 21 Inventory and asset write-offs Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net — 3 — 13 Total $ 7 $ 9 $ 25 $ 42 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services. The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2020 $ 12 Costs incurred 11 Payments (10) Adjustments (a) (3) Balance at September 30, 2021 $ 10 (a) Adjustments related to changes in estimates of severance costs. In conjunction with the CRB platform optimization project and closure of the smaller CRB Mill, the Company currently expects to incur charges associated with these exit activities for post-employment benefits, retention bonuses and incentives in the range of $15 million to $20 million and for accelerated depreciation and inventory and asset write-offs in the range of $50 million to $55 million. Additionally, the Company expects to incur start-up charges of approximately $15 million for the new CRB paper machine in 2021. Through September 30, 2021, the Company has incurred cumulative exit activity charges for post-employment benefits, retention bonuses and incentives of $12 million, accelerated depreciation of $42 million, and start-up charges for the new CRB paper machine of $12 million. For the closures of the White Pigeon, Michigan CRB mill and the shutdown of the PM1 containerboard machine in West Monroe, Louisiana, the Company has incurred cumulative exit activity charges for post-employment benefits of $2 million and accelerated depreciation of $17 million through September 30, 2021. The Company does not expect to incur any additional significant charges related to these closures.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn October 6, 2021, GPIL entered into a $400 million Incremental Facility Amendment to the Fourth Amended and Restated Credit Agreement (the "Incremental Term A-4 Facility"). The Incremental Term A-4 Facility has a delayed draw feature, and the Company expects to fund the new term loan on October 29, 2021. The Incremental Term A-4 Facility is collateralized by the same assets as GPIL’s Senior Secured Facilities on a pari passu basis. The Incremental Term A-4 Facility will bear interest at a floating rate per annum equal to the Base Rate, the Eurocurrency Rate plus 0.875%, or the Daily Floating LIBOR Rate plus 0.875%, as selected by the Company. The loan matures on the earlier of fifteen months after the funding date, or upon issuing bonds or similar financing in an amount yielding at least $350 million.

General Information (Policies)

General Information (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation.In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements.
Reclassification	Certain reclassifications have been made to prior year amounts to conform to current year presentation.
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2020.
Use of Estimates	In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.
Revenue Recognition	The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers. Revenue is disaggregated primarily by geography and type of activity as further explained in " Note 11 — Segment Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the three months ended September 30, 2021 and 2020, the Company recognized $1,775 million and $1,691 million, respectively, of revenue from contracts with customers. For the nine months ended September 30, 2021 and 2020, the Company recognized $5,151 million and $4,891 million, respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice.
Accounts Receivable and Allowances	The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted	In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides temporary optional expedients and exceptions for applying GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The ASU can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact of this new accounting guidance.

General Information (Tables)

General Information (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of the agreements for purchasing and servicing of receivables	The following table summarizes the activity under these programs for the nine months ended September 30, 2021 and 2020, respectively: Nine Months Ended September 30, In millions 2021 2020 Receivables Sold and Derecognized $ 2,230 $ 2,077 Proceeds Collected on Behalf of Financial Institutions 2,202 2,029 Net Proceeds Received From Financial Institutions 39 37 Deferred Purchase Price at September 30 (a) 8 10 Pledged Receivables at September 30 154 267 (a) Included in Other Current Assets on the Condensed Consolidated Balance Sheet and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure.
Schedule of restructuring and other special charges	The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Charges Associated with Business Combinations $ 25 $ 1 $ 48 $ (3) Shutdown and Other Special Charges 5 4 20 30 Exit Activities (a) 3 4 11 21 Total $ 33 $ 9 $ 79 $ 48 (a) Relates to the Company's CRB mills, converting facility closures and the PM1 containerboard machine exit activities (see " Note 14 — Exit Activities" ).

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories, net by major class	Inventories, Net by major class: In millions September 30, December 31, Finished Goods $ 445 $ 471 Work in Progress 154 133 Raw Materials 397 349 Supplies 185 175 Total $ 1,181 $ 1,128

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of the allocation of preliminary purchase price	The preliminary purchase price allocation as of September 30, 2021 is as follows: In millions Amounts Recognized as of Acquisition Date Purchase Price $ 292 Receivables, Net 22 Inventories, Net 37 Property, Plant and Equipment, Net 126 Intangible Assets, Net (a) 54 Other Assets 1 Total Assets Acquired 240 Current Liabilities 12 Total Liabilities Assumed 12 Net Assets Acquired 228 Goodwill 64 Total Estimated Fair Value of Net Assets Acquired $ 292 (a) Intangible Assets, Net, consists of Customer Relationships with a weighted average life of approximately 15 years.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-Term Debt is comprised of the following: In millions September 30, 2021 December 31, 2020 Senior Notes with interest payable semi-annually at 4.75% (a) $ — $ 425 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.89%, payable in 2022 (a) 250 250 Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.83%, payable in 2024 (b) 400 — Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.15%, payable in 2024 (a) 300 300 Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026 (b) 400 — Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 (b) 300 300 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.54%, payable in 2028 (b) 450 450 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 (b) 350 350 Green Bond net of unamortized premium with interest payable at 4.00%, effective rate of 1.72%, payable in 2026 (b) 111 — Senior Secured Term Loan A-2 Facility with interest payable quarterly at 2.67%, effective rate of 2.68% payable in 2028 (b) 425 — Senior Secured Term Loan A-3 Facility with interest payable monthly payable at floating rates (1.83% at September 30, 2021), effective rate of 1.85%, payable in 2028 (b) 250 — Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.58% at September 30, 2021) payable through 2026 (b) 547 1,360 Senior Secured Revolving Facilities with interest payable at floating rates (1.59% at September 30, 2021) payable in 2026 (b)(c) 258 84 Finance Leases and Financing Obligations 136 139 Other 3 5 Total Long-Term Debt 4,180 3,663 Less: Current Portion 20 494 Total Long-Term Debt Excluding Current Portion 4,160 3,169 Less: Unamortized Deferred Debt Issuance Costs 28 22 Total $ 4,132 $ 3,147 (a) Guaranteed by GPHC and certain domestic subsidiaries. (b) Guaranteed by GPIP and certain domestic subsidiaries.
Schedule of revolving credit facilities	At September 30, 2021, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Total Total Available Senior Secured Domestic Revolving Credit Facility (a) $ 1,850 $ 174 $ 1,652 Senior Secured International Revolving Credit Facility 212 85 127 Other International Facilities 53 5 48 Total $ 2,115 $ 264 $ 1,827 (a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $24 million as of September 30, 2021. These letters of credit are primarily used as security against the Company's self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2021 and 2022 unless extended.

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Data concerning RSUs and stock awards granted	Data concerning RSUs and RSAs granted in the first nine months of 2021 is as follows: Weighted Average RSUs — Employees and Non-Employee Directors 1,621,586 $ 16.02 Stock Awards — Board of Directors 55,055 $ 17.80

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Schedule of pension and postretirement expenses	The pension expenses related to the Company’s plans consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Components of Net Periodic Cost: Service Cost $ 3 $ 4 $ 11 $ 12 Interest Cost 3 3 7 10 Expected Return on Plan Assets (6) (4) (15) (16) Net Settlement Loss — — — 153 Amortization: Actuarial Loss 2 1 4 4 Net Periodic Cost $ 2 $ 4 $ 7 $ 163

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swap positions	The following table summarizes the Company's current interest rate swap positions for each period presented as of September 30, 2021: Start End (In Millions) Weighted Average Interest Rate 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79%
Fair value of derivative instruments	The following table summarizes the fair value of the Company’s derivative instruments: Derivative Assets (a) Derivative Liabilities (b) September 30, December 31, September 30, December 31, In millions 2021 2020 2021 2020 Derivatives designated as hedging instruments: Interest rate contracts $ — $ — $ 2 $ 6 Foreign currency contracts 1 — — 3 Commodity contracts 9 2 — — Total Derivatives $ 10 $ 2 $ 2 $ 9 (a) Derivative assets of $9 million and $2 million are included in Other Current Assets as of September 30, 2021 and December 31, 2020, respectively. Derivative assets of $1 million is included in Other Noncurrent Assets as of September 30, 2021. (b) Derivative liabilities of $2 million and $9 million are included in Other Accrued Liabilities as of September 30, 2021 and December 31, 2020, respectively.
Pre-tax effect of derivative instruments designated as hedges	The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Condensed Consolidated Statements of Operations is as follows: Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 2021 2020 2021 2020 Commodity Contracts $ (6) $ 5 $ (11) $ 8 Cost of Sales $ (3) $ 1 $ (4) $ 6 Foreign Currency Contracts — 1 (2) (2) Other (Income) Expense, Net 1 — 2 (1) Interest Rate Swap Agreements — — — 6 Interest Expense, Net 1 2 4 5 Total $ (6) $ 6 $ (13) $ 12 Total $ (1) $ 3 $ 2 $ 10
Pre-tax effect of derivative instruments not designated as hedges	The pre-tax effect of derivative instruments not designated as hedging instruments on the Company’s Condensed Consolidated Statements of Operations is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Foreign Currency Contracts Other (Income) Expense , Net $ (1) $ 5 $ (5) $ 3 Deal Contingent Foreign Exchange Forward Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net 21 — 38 — Total $ 20 $ 5 $ 33 $ 3
Rollforward of pre-tax derivative Accumulated Other Comprehensive Loss	The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2021: In millions Balance at December 31, 2020 $ (7) Reclassification to Earnings 2 Current Period Change in Fair Value 13 Balance at September 30, 2021 $ 8

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of segment information	Segment information is as follows: Three Months Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 NET SALES: Paperboard Mills $ 251 $ 241 $ 732 $ 744 Americas Paperboard Packaging 1,291 1,215 3,697 3,492 Europe Paperboard Packaging 198 194 616 554 Corporate/Other/Eliminations (a) 42 48 123 118 Total $ 1,782 $ 1,698 $ 5,168 $ 4,908 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ 14 $ (35) $ (31) $ (93) Americas Paperboard Packaging 107 141 336 493 Europe Paperboard Packaging 17 15 64 48 Corporate and Other (b) (17) (2) (45) (54) Total $ 121 $ 119 $ 324 $ 394 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 61 $ 64 $ 175 $ 190 Americas Paperboard Packaging 47 40 130 120 Europe Paperboard Packaging 8 11 30 30 Corporate and Other 6 6 21 17 Total $ 122 $ 121 $ 356 $ 357 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments. (b) Includes expenses related to business combinations, shutdown and other special charges, and exit activities.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended Nine Months Ended September 30, September 30, In millions, except per share data 2021 2020 2021 2020 Net Income Attributable to Graphic Packaging Holding Company $ 73 $ 64 $ 165 $ 103 Weighted Average Shares: Basic 308.3 277.0 293.2 281.9 Dilutive Effect of RSUs 0.7 0.7 0.8 0.8 Diluted 309.0 277.7 294.0 282.7 Earnings Per Share — Basic $ 0.24 $ 0.23 $ 0.56 $ 0.37 Earnings Per Share — Diluted $ 0.24 $ 0.23 $ 0.56 $ 0.36

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of changes in Accumulated Other Comprehensive Loss	The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the nine months ended September 30, 2021: In millions, net of tax Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2020 $ (13) $ (139) $ (94) $ (246) Other Comprehensive Income (Loss) before Reclassifications 8 19 (16) 11 Amounts Reclassified from Accumulated Other Comprehensive Income (a) 2 2 — 4 Net Current-period Other Comprehensive Income (Loss) 10 21 (16) 15 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (1) — — (1) Balance at September 30, 2021 $ (4) $ (118) $ (110) $ (232) (a) See following table for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive Loss	The following represents reclassifications out of Accumulated Other Comprehensive Loss for the nine months ended September 30, 2021: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ (4) Cost of Sales Foreign Currency Contracts 2 Other (Income) Expense, Net Interest Rate Swap Agreements 4 Interest Expense, Net $ 2 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 4 (a) $ 4 Total before Tax (1) Tax Expense $ 3 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (1) (a) $ (1) Total, Net of Tax Total Reclassifications for the Period $ 4 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see “ Note 6 — Pensions and Other Postretirement Benefits ").

Exit activities (Tables)

Exit activities (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and related costs	The following table summarizes the costs incurred during the three and nine months ended September 30, 2021 and 2020 related to these restructurings: Three Months Ended Nine Months Ended September 30, September 30, In millions Location in Statement of Operations 2021 2020 2021 2020 Severance costs and other (a) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net $ 3 $ 1 $ 11 $ 8 Accelerated depreciation Cost of Sales 4 5 14 21 Inventory and asset write-offs Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net — 3 — 13 Total $ 7 $ 9 $ 25 $ 42 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services.
Schedule of restructuring reserve by type of cost	The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2020 $ 12 Costs incurred 11 Payments (10) Adjustments (a) (3) Balance at September 30, 2021 $ 10 (a) Adjustments related to changes in estimates of severance costs.

General Information - Narrative

General Information - Narrative (Details) - USD ($) shares in Millions, $ in Millions	May 21, 2021	Feb. 19, 2021	Sep. 30, 2020	[1]	Jun. 30, 2020		Mar. 31, 2020	[3]	Dec. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares repurchased (in shares)		9.3							32.5
Cash paid for repurchase of common stock		$ 150	$ 94		$ 33	[2]	$ 124
Shares required to be redeemed in cash									18.2
Tax receivable agreement, percentage of tax benefits payable		50.00%
Tax receivable agreement liability	$ 66	$ 43
Decrease in deferred tax liability	$ 109	$ 58
Estimated increase in multi-employer benefit plans					$ 12
International Paper Company
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash paid for repurchase of common stock									$ 500
Graphic Packaging Holding Company
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock exchanged for GPHC shares	22.8	15.3
[1]	Includes 308,185 shares repurchased but not yet settled as of September 30, 2020.
[2]	Includes 14,436 shares repurchased but not yet settled as of June 30, 2020.
[3]	Includes 410,400 shares repurchased but not yet settled as of March 31, 2020.

General Information - Revenue R

General Information - Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)revenueGeneratingActivity	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of revenue generating activities | revenueGeneratingActivity			2
Net sales	$ 1,775	$ 1,691	$ 5,151	$ 4,891
Contract assets	15		15		$ 15
Contract liabilities	$ 60		$ 60		$ 56

General Information - Accounts

General Information - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables Sold and Derecognized	$ 2,230	$ 2,077
Proceeds Collected on Behalf of Financial Institutions	2,202	2,029
Net Proceeds Received From Financial Institutions	39	37
Deferred Purchase Price at September 30	8	10
Pledged Receivables at September 30	154	267
Receivables sold	493	$ 238
Amount transferred subject to continuing involvement	$ 661		$ 621

General Information - Capital A

General Information - Capital Allocation Plan (Details) - USD ($)	May 26, 2021	Feb. 25, 2021	Feb. 19, 2021	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021	Jan. 28, 2019
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared (in dollars per share)	$ 0.075	$ 0.075
Shares repurchased (in shares)			9,300,000		32,500,000
Share Repurchase Program 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount							$ 500,000,000
Shares repurchased (in shares)				18,896,538
Share price (in dollars per share)				$ 13.31
Stock repurchase program, remaining authorized repurchase amount						$ 147,000,000

General Information - Business

General Information - Business Combinations and Shutdown and Other Special Charges, Net (Details) € in Millions, $ in Millions	Jul. 01, 2021USD ($)facility	May 14, 2021USD ($)	May 14, 2021EUR (€)	May 12, 2021USD ($)	Apr. 01, 2021USD ($)mill	Jan. 31, 2020USD ($)	Mar. 31, 2023mill	Sep. 30, 2021USD ($)mill	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)mill	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019
Business Acquisition [Line Items]
Charges Associated with Business Combinations								$ 25	$ 1	$ 48	$ (3)
Shutdown and Other Special Charges								5	4	20	30
Exit Activities								3	4	11	21
Total								$ 33	$ 9	$ 79	48
Number of mills expected to be closed | mill										2
Number of mills reamining open | mill										1
Length of program to dismantle and dispose of abandoned assets													3 years
Deal contingent hedge		$ 700
Purchase price of business acquisition										$ 292	121
Euro Member Countries, Euro
Business Acquisition [Line Items]
Deal contingent hedge | €			€ 700
Facility Closing
Business Acquisition [Line Items]
Number of mills reamining open | mill								1
Facility Closing | Forecast
Business Acquisition [Line Items]
Number of mills expected to be closed | mill							2
Construction in Progress | Start Up Costs
Business Acquisition [Line Items]
Exit Activities										12
Expected start-up costs								$ 15		15
AR Packaging | Euro Member Countries, Euro
Business Acquisition [Line Items]
Purchase Price				$ 1,450
Americraft Carton, Inc.
Business Acquisition [Line Items]
Purchase Price	$ 292
Number of converting facilities acquired | facility	7
Quad/Graphics, Inc.
Business Acquisition [Line Items]
Purchase Price						$ 41
Purchase price of business acquisition												$ 41
Consumer Packaging Group
Business Acquisition [Line Items]
Number of converting facilities acquired | mill					7
Purchase price of business acquisition					$ 80							$ 80
Paperboard Mills
Business Acquisition [Line Items]
Exit Activities								4		13	$ 8
Expected costs associated with closures								$ 26		$ 26

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished Goods	$ 445	$ 471
Work in Progress	154	133
Raw Materials	397	349
Supplies	185	175
Total	$ 1,181	$ 1,128

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Millions	Jul. 01, 2021USD ($)facility	Apr. 01, 2021USD ($)mill	Jan. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Purchase price of business acquisition				$ 292	$ 121
Americraft Carton, Inc.
Business Acquisition [Line Items]
Purchase Price	$ 292
Number of converting facilities acquired | facility	7
Quad/Graphics, Inc.
Business Acquisition [Line Items]
Purchase Price			$ 41
Purchase price of business acquisition						$ 41
Consumer Packaging Group
Business Acquisition [Line Items]
Number of converting facilities acquired | mill		7
Purchase price of business acquisition		$ 80				$ 80

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Millions	Jul. 01, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 1,539	$ 1,478
Americraft Carton, Inc.
Business Acquisition [Line Items]
Purchase Price	$ 292
Receivables, Net	22
Inventories, Net	37
Property, Plant and Equipment, Net	126
Intangible Assets, Net	54
Other Assets	1
Total Assets Acquired	240
Current Liabilities	12
Total Liabilities Assumed	12
Net Assets Acquired	228
Goodwill	64
Total Estimated Fair Value of Net Assets Acquired	$ 292
Americraft Carton, Inc. | Customer Relationships
Business Acquisition [Line Items]
Weighted average useful life of customer relationships	15 years

Debt - Additional Information (

Debt - Additional Information (Details) € in Millions, $ in Millions	Sep. 29, 2021USD ($)	Jul. 23, 2021EUR (€)	Jul. 22, 2021USD ($)	Apr. 01, 2021USD ($)	Sep. 30, 2021	Mar. 08, 2021USD ($)	Jan. 15, 2021	Oct. 15, 2020USD ($)
Senior Notes due 2021
Debt Instrument [Line Items]
Stated interest rate							4.75%
2.67% Senior Notes due in 2028
Debt Instrument [Line Items]
Stated interest rate							2.67%
Tax Exempt Green Bonds
Debt Instrument [Line Items]
Aggregate principal amount	$ 100
Stated interest rate	4.00%
Bond issue price (in dollars per unit)	110.99%
All-in yield on bonds	1.70%
Net proceeds from bonds	$ 109.5
Senior Notes | 0.821% Senior Notes Due 2024
Debt Instrument [Line Items]
Aggregate principal amount						$ 400
Stated interest rate					0.821%	0.821%
Senior Notes | 1.512% Senior Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal amount						$ 400
Stated interest rate					1.512%	1.512%
Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate					3.50%
Senior Notes | Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate					3.50%
Senior Notes | Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate					4.75%
Senior Notes | Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate					4.125%
Senior Notes | Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate					4.875%
Senior Notes | Senior Notes due 2021
Debt Instrument [Line Items]
Stated interest rate					4.75%
Term Loan | 2.67% Senior Notes due in 2028
Debt Instrument [Line Items]
Aggregate principal amount								$ 425
Stated interest rate					2.67%
Term Loan | Senior Secured Term Loan A-1 Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 975
Increase in line of credit facility				$ 400
Term Loan | Senior Secured Term Loan A-1 Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate				1.25%
Term Loan | Senior Secured Term Loan A-1 Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate				2.00%
Term Loan | Term A-3 Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 250
Term Loan | Term A-3 Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate			1.50%
Term Loan | Term A-3 Facility | Minimum | Euribor Future
Debt Instrument [Line Items]
Variable interest rate		1.125%
Term Loan | Term A-3 Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate			2.25%
Term Loan | Term A-3 Facility | Maximum | Euribor Future
Debt Instrument [Line Items]
Variable interest rate		1.75%
Term Loan | Euro Term Loan
Debt Instrument [Line Items]
Aggregate principal amount | €		€ 210
Revolving Credit Facility | 2.67% Senior Notes due in 2028
Debt Instrument [Line Items]
Aggregate principal amount				$ 425
Stated interest rate				2.67%
Revolving Credit Facility | 2.67% Senior Notes due in 2028 | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate				2.00%
Revolving Credit Facility | 2.67% Senior Notes due in 2028 | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate				1.25%
Revolving Credit Facility | Senior Secured Term Loan A-1 Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 550
Revolving Credit Facility | European Revolving Credit Facility
Debt Instrument [Line Items]
Increase in line of credit facility | €		€ 25
Bonds | Tax Exempt Green Bonds
Debt Instrument [Line Items]
Stated interest rate					4.00%

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 29, 2021	Apr. 01, 2021	Mar. 08, 2021	Jan. 15, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 4,044					$ 3,524
Finance Leases and Financing Obligations	136					139
Other	3					5
Total Long-Term Debt	4,180					3,663
Less: Current Portion	20					494
Total Long-Term Debt Excluding Current Portion	4,160					3,169
Less: Unamortized Deferred Debt Issuance Costs	28					22
Total	4,132					3,147
Senior Notes with interest payable semi-annually at 4.75%(a)
Debt Instrument [Line Items]
Stated interest rate					4.75%
Senior Secured Term Loan A-2 Facility
Debt Instrument [Line Items]
Stated interest rate					2.67%
Tax-exempt green bond payable in 2061
Debt Instrument [Line Items]
Stated interest rate		4.00%
Senior Notes | Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.83%, payable in 2024(b)
Debt Instrument [Line Items]
Long-term debt	$ 400					0
Stated interest rate	0.821%			0.821%
Effective interest rate	0.83%
Senior Notes | Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026(b)
Debt Instrument [Line Items]
Long-term debt	$ 400					0
Stated interest rate	1.512%			1.512%
Effective interest rate	1.52%
Senior Notes | Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029(b)
Debt Instrument [Line Items]
Long-term debt	$ 350					350
Stated interest rate	3.50%
Effective interest rate	3.55%
Senior Notes | Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.54%, payable in 2028(b)
Debt Instrument [Line Items]
Long-term debt	$ 450					450
Stated interest rate	3.50%
Effective interest rate	3.54%
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027(b)
Debt Instrument [Line Items]
Long-term debt	$ 300					300
Stated interest rate	4.75%
Effective interest rate	4.81%
Senior Notes | Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.15%, payable in 2024(a)
Debt Instrument [Line Items]
Long-term debt	$ 300					300
Stated interest rate	4.125%
Effective interest rate	4.15%
Senior Notes | Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.89%, payable in 2022(a)
Debt Instrument [Line Items]
Long-term debt	$ 250					250
Stated interest rate	4.875%
Effective interest rate	4.89%
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%(a)
Debt Instrument [Line Items]
Long-term debt	$ 0					425
Stated interest rate	4.75%
Senior Notes | Senior Secured Term Loan A-3 Facility
Debt Instrument [Line Items]
Long-term debt	$ 250					0
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 547					1,360
Interest rate at period end	1.58%
Term Loan | Senior Secured Term Loan A-2 Facility
Debt Instrument [Line Items]
Long-term debt	$ 425					0
Stated interest rate	2.67%
Effective interest rate	2.68%
Term Loan | Senior Secured Term Loan A-3 Facility
Debt Instrument [Line Items]
Stated interest rate	1.83%
Interest rate at period end	1.85%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 258					$ 84
Effective interest rate	1.57%					2.06%
Interest rate at period end	1.59%
Revolving Credit Facility | Senior Secured Term Loan A-2 Facility
Debt Instrument [Line Items]
Stated interest rate			2.67%
Bonds | Tax-exempt green bond payable in 2061
Debt Instrument [Line Items]
Long-term debt	$ 111					$ 0
Stated interest rate	4.00%
Effective interest rate	1.72%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities (Details)	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Total Commitments	$ 2,115,000,000
Total Outstanding	264,000,000
Total Available	1,827,000,000
Senior Secured Domestic Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	1,850,000,000
Total Outstanding	174,000,000
Total Available	1,652,000,000
Standby letters of credit issued	24,000,000
Senior Secured International Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	212,000,000
Total Outstanding	85,000,000
Total Available	127,000,000
Other International Facilities
Line of Credit Facility [Line Items]
Total Commitments	53,000,000
Total Outstanding	5,000,000
Total Available	$ 48,000,000

Stock Incentive Plans - Additio

Stock Incentive Plans - Additional Information (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)compensationPlanshares	Sep. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity compensation plans | compensationPlan	1
Recognized share-based compensation expense | $	$ 21	$ 27
Share-based compensation issued (in shares)	1.2	0.8
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	11.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock Incentive Plans - Data Co

Stock Incentive Plans - Data Concerning RSUs Granted (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Employees And Nonemployee Directors | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU grants during period (in shares) | shares	1,621,586
Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 16.02
Board of Directors | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU grants during period (in shares) | shares	55,055
Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 17.80

Pensions and Other Postretire_3

Pensions and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Transfer of remaining pension benefit obligation to annuity		$ 713
Non-cash settlement charge		$ 153
Company's contributions to its pension plans						$ 19
Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to its pension plans			$ 30	$ 16
Excess contribution from terminated US plan	$ 14
Minimum | Forecast | Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to its pension plans					$ 15
Maximum | Forecast | Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to its pension plans					$ 20

Pensions and Other Postretire_4

Pensions and Other Postretirement Benefits - Pension and Postretirement Expenses (Details) - Pension Benefit Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Components of Net Periodic Cost:
Service Cost	$ 3	$ 4	$ 11	$ 12
Interest Cost	3	3	7	10
Expected Return on Plan Assets	(6)	(4)	(15)	(16)
Net Settlement Loss	0	0	0	153
Amortization:
Actuarial Loss	2	1	4	4
Net Periodic Cost	$ 2	$ 4	$ 7	$ 163

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Interest Rate Risk (Details)	Sep. 30, 2021USD ($)
Interest Swap Position One
Derivative [Line Items]
Notional Amount	$ 120,000,000
Weighted Average Interest Rate	2.92%
Interest Swap Position Two
Derivative [Line Items]
Notional Amount	$ 80,000,000
Weighted Average Interest Rate	2.79%

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Additional Information (Details) € in Millions	May 14, 2021USD ($)	May 14, 2021EUR (€)	Dec. 31, 2021	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2022	Dec. 31, 2020USD ($)
Derivative [Line Items]
Deal contingent hedge	$ 700,000,000
Fair value of long-term debt				$ 4,095,000,000			$ 3,625,000,000
Carrying value of long-term debt				4,044,000,000			3,524,000,000
Anticipated reclassification of loss to earnings in the next twelve months				7,000,000
Euro Member Countries, Euro
Derivative [Line Items]
Deal contingent hedge | €		€ 700
Derivatives designated as hedging instruments: | Instruments in a Cash Flow Hedging Relationship | Interest Rate Swap Agreements
Derivative [Line Items]
Amounts excluded from effectiveness				0	$ 0
Amounts excluded from the measure of effectiveness				0	0
Derivatives designated as hedging instruments: | Instruments in a Cash Flow Hedging Relationship | Commodity Contracts
Derivative [Line Items]
Amounts excluded from effectiveness				0	0
Amounts excluded from the measure of effectiveness				0	0
Derivatives designated as hedging instruments: | Instruments in a Cash Flow Hedging Relationship | Foreign currency contracts
Derivative [Line Items]
Amounts excluded from effectiveness				0	0
Amounts excluded from the measure of effectiveness				0	0
Notional amount				22,000,000			$ 102,000,000
Amounts forecasted and reclassified into earnings no longer probable				$ 0	$ 0
Derivative contracts not designated as hedging instruments | Maximum
Derivative [Line Items]
Foreign currency forward exchange contract term				12 months			12 months
Derivative contracts not designated as hedging instruments | Foreign currency contracts
Derivative [Line Items]
Notional amount				$ 117,000,000			$ 80,000,000
Forecast | Instruments in a Cash Flow Hedging Relationship | Commodity Contracts
Derivative [Line Items]
Percentage of expected natural gas usage hedged			33.00%			10.00%

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurement - Fair value of derivatives (Details) - Derivatives designated as hedging instruments: - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets	$ 10	$ 2
Derivative liabilities	2	9
Interest Rate Swap Agreements
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	2	6
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Derivative assets	1	0
Derivative liabilities	0	3
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets	9	2
Derivative liabilities	0	0
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative assets	9	2
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	$ 9
Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurement - Effect of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	$ (6)	$ 6	$ (13)	$ 12
Amount of (Gain) Loss Recognized in Statement of Operations	(1)	3	2	10
Foreign Currency Contracts	20	5	33	3
Commodity Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	(6)	5	(11)	8
Foreign Currency Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	0	1	(2)	(2)
Interest Rate Swap Agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	0	0	0	6
Cost of Sales | Commodity Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	(3)	1	(4)	6
Other (Income) Expense, Net | Foreign Currency Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	1	0	2	(1)
Foreign Currency Contracts	(1)	5	(5)	3
Interest Expense, Net | Interest Rate Swap Agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	1	2	4	5
Business Combinations, Shutdowns And Other Special Charges, And Exit Activities, Net | Deal Contingent Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign Currency Contracts	$ 21	$ 0	$ 38	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurement - Pretax Derivative Accumulated Other Comprehensive Loss (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward]
Beginning balance	$ 1,840
Ending balance	1,854
Graphic Packaging Holding Company, Derivative Instruments
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward]
Beginning balance	(7)
Reclassification to Earnings	2
Current Period Change in Fair Value	13
Ending balance	$ 8

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)subsidiary	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)subsidiary	Sep. 30, 2020USD ($)	May 21, 2021USD ($)	Feb. 19, 2021USD ($)
Income Tax Contingency [Line Items]
Income tax (benefit) expense	$ (20)	$ (8)	$ (64)	$ (21)
Income before Income Taxes and Equity Income of Unconsolidated Entity	$ 93	$ 87	240	147
Change in enacted tax rate			3
Remeasurement of deferred tax assets for executive compensation			$ 5
Number of wholly owned subsidiaries | subsidiary	2		2
Decrease in deferred tax liability					$ 109	$ 58
Tax Year 2020
Income Tax Contingency [Line Items]
Discrete benefit related to release of valuation allowances against net deferred tax assets			$ (7)
Foreign Tax Authority | Canada Revenue Agency | Tax Year 2019
Income Tax Contingency [Line Items]
Discrete benefit related to release of valuation allowances against net deferred tax assets				4
Foreign Tax Authority | Canada Revenue Agency | Subsidiaries
Income Tax Contingency [Line Items]
Discrete benefit related to release of valuation allowances against net deferred tax assets				$ (8)

Related Party Transactions (Det

Related Party Transactions (Details) - NACP Combination - International Paper Company - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fiber Procurement And Corrugated Products
Related Party Transaction [Line Items]
Payments to suppliers	$ 4	$ 9
Wood
Related Party Transaction [Line Items]
Payments to suppliers	81	154
Ink Supply
Related Party Transaction [Line Items]
Payments to suppliers	$ 13	$ 22

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021segmentpaperboard_mill
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of North American paperboard mills | paperboard_mill	8

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
NET SALES:	$ 1,775	$ 1,691	$ 5,151	$ 4,891
NET SALES:	1,782	1,698	5,168	4,908
INCOME (LOSS) FROM OPERATIONS:	121	119	324	394
DEPRECIATION AND AMORTIZATION:	122	121	356	357
Corporate/Other/Eliminations
Segment Reporting Information [Line Items]
NET SALES:	42	48	123	118
INCOME (LOSS) FROM OPERATIONS:	(17)	(2)	(45)	(54)
DEPRECIATION AND AMORTIZATION:	6	6	21	17
Paperboard Mills | Operating Segments
Segment Reporting Information [Line Items]
NET SALES:	251	241	732	744
INCOME (LOSS) FROM OPERATIONS:	14	(35)	(31)	(93)
DEPRECIATION AND AMORTIZATION:	61	64	175	190
Americas Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
NET SALES:	1,291	1,215	3,697	3,492
INCOME (LOSS) FROM OPERATIONS:	107	141	336	493
DEPRECIATION AND AMORTIZATION:	47	40	130	120
Europe Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
NET SALES:	198	194	616	554
INCOME (LOSS) FROM OPERATIONS:	17	15	64	48
DEPRECIATION AND AMORTIZATION:	$ 8	$ 11	$ 30	$ 30

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Attributable to Graphic Packaging Holding Company	$ 73	$ 64	$ 165	$ 103
Weighted Average Shares:
Basic (shares)	308.3	277	293.2	281.9
Dilutive effect of RSUs (shares)	0.7	0.7	0.8	0.8
Diluted (shares)	309	277.7	294	282.7
Earnings Per Share - Basic (in dollars per share)	$ 0.24	$ 0.23	$ 0.56	$ 0.37
Earnings Per Share - Diluted (in dollars per share)	$ 0.24	$ 0.23	$ 0.56	$ 0.36

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) - Schedule of changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 2,037	$ 1,840	$ 2,057
Other Comprehensive Income (Loss) before Reclassifications		11
Amounts Reclassified from Accumulated Other Comprehensive Income		4
Net Current-period Other Comprehensive Income (Loss)		15
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	36	15	151
Ending balance	1,834	1,854	1,834
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(286)	(246)	(367)
Ending balance	$ (256)	(232)	$ (256)
Derivatives Instruments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(13)
Ending balance		(4)
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(139)
Ending balance		(118)
Currency Translation Adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(94)
Ending balance		(110)
Derivatives Instruments
Accumulated Other Comprehensive Loss [Roll Forward]
Other Comprehensive Income (Loss) before Reclassifications		8
Amounts Reclassified from Accumulated Other Comprehensive Income		2
Net Current-period Other Comprehensive Income (Loss)		10
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Loss [Roll Forward]
Other Comprehensive Income (Loss) before Reclassifications		19
Amounts Reclassified from Accumulated Other Comprehensive Income		2
Net Current-period Other Comprehensive Income (Loss)		21
Currency Translation Adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Other Comprehensive Income (Loss) before Reclassifications		(16)
Amounts Reclassified from Accumulated Other Comprehensive Income		0
Net Current-period Other Comprehensive Income (Loss)		(16)
Derivatives Instruments
Accumulated Other Comprehensive Loss [Roll Forward]
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest		(1)
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Loss [Roll Forward]
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest		0
Currency Translation Adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest		0
Total
Accumulated Other Comprehensive Loss [Roll Forward]
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest		$ (1)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives Instruments:
Cost of Sales	$ 1,502	$ 1,442	$ 4,384	$ 4,069
Other (Income) Expense, Net	(2)	2	2	3
Amortization:
Total	(93)	(87)	(240)	(147)
Tax Expense	20	8	64	21
Total Reclassifications for the Period	$ (73)	$ (79)	(177)	$ (126)
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization:
Total Reclassifications for the Period			4
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments
Amortization:
Total			2
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments | Commodity contracts
Derivatives Instruments:
Cost of Sales			(4)
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments | Foreign Currency Contracts
Derivatives Instruments:
Other (Income) Expense, Net			2
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments | Interest Rate Swap Agreements
Derivatives Instruments:
Interest Expense, Net			4
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement Benefit Plans | Pension Benefit Plans
Amortization:
Actuarial Losses			4
Total			4
Tax Expense			(1)
Total Reclassifications for the Period			3
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement Benefit Plans | Postretirement Benefits Plan
Amortization:
Actuarial Losses			(1)
Total			$ (1)

Exit Activities (Details)

Exit Activities (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)mill	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)mill	Sep. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Number of mills expected to be closed | mill			2
Number of mills reamining open | mill			1
Exit activities charges incurred	$ 3	$ 4	$ 11	$ 21
Facility Closing
Restructuring Cost and Reserve [Line Items]
Number of mills reamining open | mill	1
Facility Closing | Two CRB Mills
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation related to plant closure			42
Exit activities charges incurred			12
Facility Closing | White Pigeon and West Monroe
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation related to plant closure			17
Exit activities charges incurred			2
Facility Closing | Minimum | Two CRB Mills
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation related to plant closure			50
Facility Closing | Maximum | Two CRB Mills
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation related to plant closure			55
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Recorded exit costs to date	$ 25	$ 42	25	$ 42
One-time Termination Benefits | Minimum | Two CRB Mills
Restructuring Cost and Reserve [Line Items]
Expected costs associated with closures	15		15
One-time Termination Benefits | Maximum | Two CRB Mills
Restructuring Cost and Reserve [Line Items]
Expected costs associated with closures	20		20
Start Up Costs | Construction in Progress
Restructuring Cost and Reserve [Line Items]
Expected start-up costs	$ 15		15
Exit activities charges incurred			$ 12

Exit activities - Restructuring

Exit activities - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Total	$ 7	$ 9	$ 25	$ 42
Special Charges
Restructuring Cost and Reserve [Line Items]
Inventory and asset write-offs	0	3	0	13
Special Charges | One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Severance costs and other	3	1	11	8
Cost of Sales | Facility Closing
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 4	$ 5	$ 14	$ 21

Exit activities - Schedule of R

Exit activities - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 12
Costs incurred	11
Payments	(10)
Adjustments	(3)
Ending balance	$ 10

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Term Loan - Term A-4 Facility	Oct. 06, 2021USD ($)
Subsequent Event [Line Items]
Aggregate principal amount	$ 400,000,000
Maturity triggered by issuance of bonds or similar financing of at least $350,000	$ 350,000,000
Eurodollar
Subsequent Event [Line Items]
Variable interest rate	0.875%
London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Variable interest rate	0.875%
London Interbank Offered Rate (LIBOR) | Maximum
Subsequent Event [Line Items]
Term of loan	15 months