Pactiv Evergreen (PTVE) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity File Number	001-39528
Entity Registrant Name	PACTIV EVERGREEN INC.
Entity Central Index Key	0001527508
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1538656
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,277,047
Title of each class	Common stock, $0.001 par value
Trading Symbol(s)	PTVE
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 1,431	$ 1,495
Cost of sales	(1,316)	(1,263)
Gross profit	115	232
Selling, general and administrative expenses	(130)	(142)
Restructuring, asset impairment and other related charges	(73)
Other income, net		28
Operating (loss) income	(88)	118
Non-operating (expense) income, net	(1)	10
Interest expense, net	(63)	(49)
(Loss) income before tax	(152)	79
Income tax benefit (expense)	19	(36)
Net (loss) income	(133)	43
Income attributable to non-controlling interests	(1)
Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders	$ (134)	$ 43
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$ (0.76)	$ 0.24
Diluted	$ (0.76)	$ 0.24

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Other Comprehensive Income [Abstract]
Net (loss) income	$ (133)	$ 43
Other comprehensive income (loss), net of income taxes:
Currency translation adjustments	14	4
Defined benefit plans	(1)	(103)
Interest rate derivatives	(6)
Other comprehensive income (loss)	7	(99)
Comprehensive loss	(126)	(56)
Comprehensive income attributable to non-controlling interests	(1)
Comprehensive loss attributable to Pactiv Evergreen Inc. common shareholders	$ (127)	$ (56)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 427	$ 531
Accounts receivable, net of allowances of $3 and $3	484	448
Related party receivables	66	46
Inventories	983	1,062
Other current assets	109	126
Assets held for sale		6
Total current assets	2,069	2,219
Property, plant and equipment, net	1,675	1,773
Operating lease right-of-use assets, net	255	262
Goodwill	1,815	1,815
Intangible assets, net	1,049	1,064
Other noncurrent assets	172	173
Total assets	7,035	7,306
Liabilities
Accounts payable	379	388
Related party payables	17	6
Current portion of long-term debt	18	31
Current portion of operating lease liabilities	64	65
Income taxes payable	8	6
Accrued and other current liabilities	430	415
Liabilities held for sale		3
Total current liabilities	916	914
Long-term debt	4,004	4,105
Long-term operating lease liabilities	205	209
Deferred income taxes	278	319
Long-term employee benefit obligations	59	60
Other noncurrent liabilities	163	146
Total liabilities	5,625	5,753
Commitments and contingencies (Note 12)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 178,276,952 and 177,926,081 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	650	647
Accumulated other comprehensive loss	(95)	(102)
Retained earnings	851	1,003
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,406	1,548
Non-controlling interests	4	5
Total equity	1,410	1,553
Total liabilities and equity	$ 7,035	$ 7,306

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Allowance for accounts receivable	$ 3	$ 3
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	178,276,952	177,926,081
Common stock, shares outstanding (in shares)	178,276,952	177,926,081
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2021	$ 1,288		$ 625	$ (99)	$ 758	$ 4
Beginning balance, Shares at Dec. 31, 2021		177,300,000
Net (loss) income	43				43
Other comprehensive income (loss), net of income taxes	(99)			(99)
Equity based compensation	4		4
Vesting of restricted stock units, net of tax withholdings	(1)		(1)
Vesting of restricted stock units, net of tax withholdings, Shares		400,000
Dividends declared - common shareholders	(18)				(18)
Ending balance at Mar. 31, 2022	1,217		628	(198)	783	4
Ending balance, Shares at Mar. 31, 2022		177,700,000
Beginning balance at Dec. 31, 2022	$ 1,553		647	(102)	1,003	5
Beginning balance, Shares at Dec. 31, 2022	177,926,081	177,900,000
Net (loss) income	$ (133)				(134)	1
Other comprehensive income (loss), net of income taxes	7			7
Equity based compensation	5		5
Vesting of restricted stock units, net of tax withholdings	(2)		(2)
Vesting of restricted stock units, net of tax withholdings, Shares		400,000
Dividends declared - common shareholders	(18)				(18)
Dividends declared - non-controlling interests	(1)					(1)
Disposal of subsidiary	(1)					(1)
Ending balance at Mar. 31, 2023	$ 1,410		$ 650	$ (95)	$ 851	$ 4
Ending balance, Shares at Mar. 31, 2023	178,276,952	178,300,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Stockholders Equity [Abstract]
Common stock, dividends	$ 0.10	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net (loss) income	$ (133)	$ 43
Adjustments to reconcile net (loss) income to operating cash flows:
Depreciation and amortization	174	84
Deferred income taxes	(39)	18
Unrealized losses (gains) on derivatives	2	(5)
Restructuring related non-cash charges (net of reversals)	32
Gain on sale of businesses and noncurrent assets		(27)
Non-cash portion of employee benefit obligations	1	(10)
Non-cash portion of operating lease expense	21	19
Other non-cash items, net	6	7
Change in assets and liabilities:
Accounts receivable, net	(53)	(11)
Inventories	61	(115)
Accounts payable	11	66
Operating lease payments	(21)	(19)
Accrued and other current liabilities	10	59
Other assets and liabilities	16	11
Net cash provided by operating activities	88	120
Investing Activities:
Acquisition of property, plant and equipment	(63)	(50)
Disposal of businesses and joint venture equity interests, net of cash disposed	1	47
Other investing activities	2	(2)
Net cash used in investing activities	(60)	(5)
Financing Activities:
Long-term debt repayments	(112)	(6)
Dividends paid to common shareholders	(18)	(18)
Other financing activities	(5)	(3)
Net cash used in financing activities	(135)	(27)
Effect of exchange rate changes on cash and cash equivalents	1
(Decrease) increase in cash and cash equivalents	(106)	88
Cash and cash equivalents, including amounts classified as held for sale, as of beginning of the period	533	214
Cash and cash equivalents as of end of the period	427	302
Cash and cash equivalents are comprised of:
Cash and cash equivalents	427	283
Cash and cash equivalents classified as assets held for sale		19
Cash and cash equivalents as of end of the period	427	302
Cash paid
Interest	44	22
Income taxes paid, net	$ 7	$ 19

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Cash Flows [Abstract]
Right-of-use assets and lease liabilities recorded during period	$ 11	$ 10

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Note 1. Nature of Operation s and Basis of Presentation The accompanying condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods and should be read in conjunction with the consolidated financial statements and the related notes thereto included in our latest Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 7, 2023. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. All intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations, balance sheet and cash flows. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes. The estimated recoverable amounts associated with asset impairments represent Level 3 measurements in the fair value hierarchy, which include inputs that are not based on observable market data. Recent Accounting Pronouncements We reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Dispositions	Note 2. Dispositions Beverage Merchandising Asia On January 4, 2022, we entered into a definitive agreement with SIG Schweizerische Industrie-Gesellschaft GmbH to sell our carton packaging and filling machinery businesses in China, Korea and Taiwan (“Beverage Merchandising Asia”) included in the Beverage Merchandising segment. The transaction closed on August 2, 2022, and we received proceeds of $ 336 million. The operations of Beverage Merchandising Asia did not meet the criteria to be presented as discontinued operations. Income from operations before income taxes for Beverage Merchandising Asia for the three months ended March 31, 2022 was $ 5 million. Closures Businesses During 2022, we committed to a plan to sell our remaining closures businesses included in the Other operating segment. We completed the sale of a substantial portion of these businesses on October 31, 2022, and the remaining operations in the first quarter of 2023, all for an immaterial amount. We recognized a partial reversal of the initial impairment charge of $ 1 million during the three months ended March 31, 2023 which was reflected in restructuring, asset impairment and other related charges. The operations of the remaining closures businesses did not meet the criteria to be presented as discontinued operations. The remaining closures businesses’ income from operations before income taxes for the three months ended March 31, 2023 and 2022 was immaterial. Naturepak Beverage On March 29, 2022, we completed the sale of our equity interests in Naturepak Beverage Packaging Co. Ltd. (“Naturepak Beverage”), our 50 % joint venture with Naturepak Limited, to affiliates of Elopak ASA. We received proceeds of $ 47 million and recognized a gain on the sale of our equity interests of $ 27 million during the three months ended March 31, 2022 which was reflected in other income, net. Our interests in Naturepak Beverage did not meet the criteria to be presented as discontinued operations. The income from operations before income taxes from our equity interests in Naturepak Beverage for the three months ended March 31, 2022 was immaterial.

Restructuring, Asset Impairment

Restructuring, Asset Impairment and Other Related Charges	3 Months Ended
	Mar. 31, 2023
Restructuring And Related Activities [Abstract]
Restructuring, Asset Impairment and Other Related Charges	Note 3. Restructuring, Asset Impairment and Other Related Charges On March 6, 2023 , we announced the Beverage Merchandising Restructuring, a plan approved by our Board of Directors to take significant restructuring actions related to our Beverage Merchandising operations. We currently expect the Beverage Merchandising Restructuring to include, among other things: • Closure of our Canton, North Carolina mill during the second quarter of 2023; • Closure of our Olmsted Falls, Ohio converting facility and concurrent reallocation of production to our remaining converting facilities during the second quarter of 2023; and • Reorganizing our operating and reporting structure to achieve increased efficiencies and related cost savings. We currently estimate that the Beverage Merchandising Restructuring will result in a workforce reduction of approximately 1,300 employees. We also continue to explore strategic alternatives for our Pine Bluff, Arkansas mill and our Waynesville, North Carolina facility. We have not set a timetable in relation to this process. As a result of the Beverage Merchandising Restructuring, we incurred charges during the three months ended March 31, 2023, and we estimate we will incur further charges in future periods, as follows: For the Three Months Ended March 31, 2023 Total Expected Charges (1) Non-cash: Accelerated property, plant and equipment depreciation $ 90 $ 280 - 285 Other non-cash charges (2) 33 40 - 45 Total non-cash charges 123 320 - 330 Cash: Severance, termination and related costs 32 45 Exit, disposal and other transition costs (3) 32 85 - 115 Total cash charges 64 130 - 160 Total Beverage Merchandising Restructuring charges $ 187 $ 450 - 490 (1) We expect to incur these charges primarily during 2023. These estimates are provisional and include significant management judgments and assumptions that could change materially as we execute our plans. Actual results may differ from these estimates, and the execution of our plan could result in additional restructuring charges or impairments not reflected above. (2) Other non-cash charges includes the write-down of certain spare parts classified as inventories on our condensed consolidated balance sheet, the write-off of certain construction in-progress balances and accelerated amortization expense for certain operating lease right-of-use assets. (3) Exit, disposal and other transition costs are primarily related to equipment dismantlement, transition labor associated with the facility closures and management restructuring, site remediation costs, contract termination costs and other related costs. In addition, we completed the sale of our remaining closures businesses in the first quarter of 2023 and recognized a partial reversal of the initial impairment charge of $ 1 million in restructuring, asset impairment and other related charges. Refer to Note 2, Dispositions , for additional details. The Beverage Merchandising Restructuring charges and other restructuring and asset impairment charges (net of reversals) were classified on our condensed consolidated statement of (loss) income as follows by segment: Beverage Merchandising Other Total For the Three Months Ended March 31, 2023 Cost of sales $ 112 $ — $ 112 Selling, general and administrative expenses 1 — 1 Restructuring, asset impairment and other related charges 69 4 73 Total $ 182 $ 4 $ 186 There were no restructuring, asset impairment and other related charges during the three months ended March 31, 2022. The following table summarizes the changes to our restructuring liability related to the Beverage Merchandising Restructuring during the three months ended March 31, 2023: December 31, 2022 Charges to Earnings Cash Paid March 31, 2023 Severance, termination and related costs $ — $ 32 $ — $ 32 Exit, disposal and other transition costs — 32 ( 1 ) 31 Total (1) $ — $ 64 $ ( 1 ) $ 63 (1) Included $ 55 million classified within accrued and other current liabilities and $ 8 million classified within other non-current liabilities as of March 31, 2023.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories The components of inventories consisted of the following: As of As of Raw materials $ 238 $ 260 Work in progress 104 101 Finished goods 555 596 Spare parts 86 105 Inventories $ 983 $ 1,062

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	Note 5. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following: As of As of Land and land improvements $ 72 $ 72 Buildings and building improvements 672 661 Machinery and equipment 3,543 3,485 Construction in progress 171 189 Property, plant and equipment, at cost 4,458 4,407 Less: accumulated depreciation ( 2,783 ) ( 2,634 ) Property, plant and equipment, net $ 1,675 $ 1,773 Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of (loss) income: For the Three Months Ended 2023 2022 Cost of sales $ 152 $ 63 Selling, general and administrative expenses 7 6 Total depreciation expense (1) $ 159 $ 69 (1) For the three months ended March 31, 2023, total depreciation expense included $ 90 million of accelerated depreciation expense related to the Beverage Merchandising Restructuring, substantially all of which was included in cost of sales. Refer to Note 3, Restructuring, Asset Impairment and Other Related Charges , for additional details.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 6. Goodwill and Intangible Assets Goodwill by reportable segment was as follows: Foodservice Food Beverage Total As of December 31, 2022 $ 993 $ 770 $ 52 $ 1,815 Movements — — — — As of March 31, 2023 $ 993 $ 770 $ 52 $ 1,815 Intangible assets, net consisted of the following: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets Customer relationships $ 1,060 $ ( 653 ) $ 407 $ 1,060 $ ( 639 ) $ 421 Trademarks 42 ( 13 ) 29 42 ( 12 ) 30 Other 7 ( 7 ) — 7 ( 7 ) — Total finite-lived intangible assets $ 1,109 $ ( 673 ) $ 436 $ 1,109 $ ( 658 ) $ 451 Indefinite-lived intangible assets Trademarks $ 554 $ — $ 554 $ 554 $ — $ 554 Other 59 — 59 59 — 59 Total indefinite-lived intangible assets $ 613 $ — $ 613 $ 613 $ — $ 613 Total intangible assets $ 1,722 $ ( 673 ) $ 1,049 $ 1,722 $ ( 658 ) $ 1,064 Amortization expense for intangible assets of $ 15 million for each of the three months ended March 31, 2023 and 2022 was recognized in selling, general and administrative expenses.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Payables And Accruals [Abstract]
Accrued and Other Current Liabilities	Note 7. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: As of As of Rebates and credits $ 112 $ 108 Personnel costs 81 160 Restructuring costs (1) 55 — Interest 40 17 Other (2) 142 130 Accrued and other current liabilities $ 430 $ 415 (1) Restructuring costs relate to the Beverage Merchandising Restructuring. Refer to Note 3, Restructuring, Asset Impairment and Other Related Charges , for additional details. (2) Other included items such as freight, utilities and property and other non-income related taxes.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 8. Debt Debt consisted of the following: As of As of March 31, December 31, 2023 2022 Credit Agreement $ 2,115 $ 2,227 Notes: 4.000 % Senior Secured Notes due 2027 1,000 1,000 4.375 % Senior Secured Notes due 2028 500 500 Pactiv Debentures: 7.950 % Debentures due 2025 217 217 8.375 % Debentures due 2027 167 167 Other 46 49 Total principal amount of borrowings 4,045 4,160 Deferred debt issuance costs (“DIC”) ( 14 ) ( 14 ) Original issue discounts, net of premiums (“OID”) ( 9 ) ( 10 ) 4,022 4,136 Less: current portion ( 18 ) ( 31 ) Long-term debt $ 4,004 $ 4,105 We were in compliance with all debt covenants during the three months ended March 31, 2023 and the year ended December 31, 2022. Credit Agreement PTVE and certain of its U.S. subsidiaries are parties to a senior secured credit agreement dated August 5, 2016 as amended (the “Credit Agreement”). The Credit Agreement comprises the following term and revolving tranches: Maturity Date Value Drawn or Utilized Applicable Interest Rate (1) Term Tranches U.S. term loans Tranche B-2 February 5, 2026 $ 1,115 LIBOR (floor of 0.000 %) + 3.250 % U.S. term loans Tranche B-3 September 24, 2028 $ 1,000 LIBOR (floor of 0.500 %) + 3.250 % Revolving Tranche (2) U.S. Revolving Loans August 5, 2024 $ 50 — (1) On April 17, 2023, we amended the Credit Agreement, replacing the LIBOR-based reference rate with a Secured Overnight Financing Rate ( “ SOFR ” ) based reference rate, effective for interest payments for the period commencing April 28, 2023. (2) The Revolving Tranche represents a $ 250 million facility. The amount utilized is in the form of letters of credit. During January and February of 2023, we repaid and repurchased an aggregate of $ 110 million of our U.S. term loans Tranche B-2. The repayment was first applied to the remaining U.S term loans Tranche B-2 quarterly amortization payments, thereby eliminating all remaining quarterly amortization payments for the U.S term loans Tranche B-2, with the residual balance applied to the outstanding principal balance due at maturity. The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 and B-3 for the three months ended March 31, 2023 and 2022 were 7.77 %, 7.78 %, 3.39 % and 4.00 %, respectively. Including the impact of interest rate swap agreements, which were entered into in November and December 2022, the weighted average rate on our U.S. term loans was 7.59 % for the three months ended March 31, 2023. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates. Refer to Note 9, Financial Instruments , for additional details regarding the interest rate swap agreements. PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement to the extent permitted by law. The borrowers and the guarantors have granted security over substantially all of their assets to support the obligations under the Credit Agreement. This security is expected to be shared on a first priority basis with the holders of the Notes. Indebtedness under the Credit Agreement may be voluntarily repaid, in whole or in part, and must be mandatorily repaid in certain circumstances. We are required to make quarterly amortization payments of 0.25 % of the principal amount of our U.S. term loans Tranche B-3. Additionally, we are required to make annual prepayments of term loans with up to 50 % of excess cash flow (which will be reduced to 25 % or 0 % if specified senior secured first lien leverage ratios are met) as determined in accordance with the Credit Agreement. No excess cash flow prepayments were due in 2022 or are due in 2023 for the year ended December 31, 2022. The Credit Agreement contains customary covenants which restrict us from certain activities including, among others, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the Credit Agreement. Notes As of March 31, 2023, our outstanding Notes were as follows: Maturity Date Interest Payment Dates 4.000 % Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15 4.375 % Senior Secured Notes due 2028 October 15, 2028 April 15 and October 15 The effective interest rates of our debt obligations under the Notes are not materially different from the contractual interest rates. PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Notes (as defined below) to the extent permitted by law. The issuers and the guarantors have granted security over substantially all of their assets to support the obligations under the Notes. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement. The respective indentures governing the 4.000 % Senior Secured Notes due 2027 (“4.000% Notes”) and the 4.375 % Senior Secured Notes due 2028 (together with the 4.000% Notes, the “Notes”) contain customary covenants which restrict us from certain activities including, among others, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the respective indentures governing the Notes. Under the respective indentures governing the Notes, we can, at our option, elect to redeem the Notes under terms and conditions specified in the indentures. Under the respective indentures governing the Notes, in certain circumstances which would constitute a change in control, the holders of the Notes have the right to require us to repurchase the Notes at a premium. Pactiv Debentures As of March 31, 2023, our outstanding debentures (together, the “Pactiv Debentures”) were as follows: Maturity Date Interest Payment Dates 7.950 % Debentures due 2025 December 15, 2025 June 15 and December 15 8.375 % Debentures due 2027 April 15, 2027 April 15 and October 15 The effective interest rates of our debt obligations under the Pactiv Debentures are not materially different from the contractual interest rates. The Pactiv Debentures are not guaranteed and are unsecured. The indentures governing the Pactiv Debentures contain a negative pledge clause limiting the ability of certain of our entities, subject to certain exceptions, to (i) incur or guarantee debt that is secured by liens on “principal manufacturing properties” (as such term is defined in the indentures governing the Pactiv Debentures) or on the capital stock or debt of certain subsidiaries that own or lease any such principal manufacturing property and (ii) sell and then take an immediate lease back of such principal manufacturing property. The 8.375 % Debentures due 2027 may be redeemed at any time at our option, in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus a make-whole premium, if any, plus accrued and unpaid interest to the date of the redemption. Other borrowings Other borrowings represented finance lease obligations of $ 46 million and $ 49 million as of March 31, 2023 and December 31, 2022, respectively. Scheduled maturities Below is a schedule of required future repayments on our debt outstanding as of March 31, 2023: 2023 $ 14 2024 17 2025 233 2026 1,131 2027 1,182 Thereafter 1,468 Total principal amount of borrowings $ 4,045 Fair value of our long-term debt The fair value of our long-term debt as of March 31, 2023 and December 31, 2022 is a Level 2 fair value measurement. Below is a schedule of carrying values and fair values of our debt outstanding: As of March 31, 2023 As of December 31, 2022 Carrying Fair Carrying Fair Credit Agreement $ 2,106 $ 2,099 $ 2,217 $ 2,206 Notes: 4.000 % Senior Secured Notes due 2027 993 899 993 890 4.375 % Senior Secured Notes due 2028 496 438 496 447 Pactiv Debentures: 7.950 % Debentures due 2025 215 219 215 210 8.375 % Debentures due 2027 166 165 166 162 Other 46 46 49 49 Total $ 4,022 $ 3,866 $ 4,136 $ 3,964 Interest expense, net Interest expense, net consisted of the following: For the Three Months Ended 2023 2022 Interest expense: Credit Agreement $ 43 $ 21 Notes 15 15 Pactiv Debentures 8 10 Interest income ( 4 ) — Amortization of DIC and OID 1 1 Derivative gains ( 1 ) — Net foreign currency exchange losses — 1 Other 1 1 Interest expense, net $ 63 $ 49

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments	Note 9. Financial Instruments We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets: As of March 31, 2023 As of December 31, 2022 Asset Liability Asset Liability Commodity swap contracts $ — $ ( 7 ) $ — $ ( 5 ) Interest rate derivatives 5 ( 14 ) 8 ( 9 ) Total fair value $ 5 $ ( 21 ) $ 8 $ ( 14 ) Classification: Other current assets $ 5 $ — $ 7 $ — Other noncurrent assets — — 1 — Accrued and other current liabilities — ( 4 ) — ( 3 ) Other noncurrent liabilities — ( 17 ) — ( 11 ) Total fair value $ 5 $ ( 21 ) $ 8 $ ( 14 ) Our derivatives are comprised of commodity and interest rate swaps. All derivatives represent Level 2 financial assets and liabilities. Our derivatives are valued using an income approach based on the observable market index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices and interest rates. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. During the fourth quarter of 2022, we entered into derivative financial instruments with several large financial institutions which swapped the LIBO rate for a weighted average fixed rate of 4.120 % for an aggregate notional amount of $ 1,000 million to hedge a portion of the interest rate exposure resulting from our U.S. term loans. These instruments are classified as cash flow hedges and mature in October 2025. In April 2023, we amended our interest rate swap agreements to replace the interest rate benchmark from LIBOR to SOFR, effective for swap payments for the period commencing April 28, 2023. The weighted average fixed rate of 4.120 % was unchanged as a result of these amendments. During the three months ended March 31, 2023 and 2022, we recognized an unrealized loss of $ 2 million and an unrealized gain of $ 5 million, respectively, in cost of sales, for our commodity swap contracts. During the three months ended March 31, 2023, we recognized a realized gain of $ 1 million within interest expense, net and an unrealized loss of $ 7 million within other comprehensive income (loss) for our interest rate derivatives. At March 31, 2023, we expected to reclassify $ 4 million of gains, net of tax, from AOCL to earnings over the next twelve months. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions. The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2023: Type Unit of Measure Contracted Contracted Contracted Date of Maturity Natural gas swaps Million BTU 4,959,254 $ 3.94 - $ 5.37 May 2023 - Dec 2025

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2023
Compensation And Retirement Disclosure [Abstract]
Employee Benefits	Note 10. Employee Benefits Net periodic benefit (expense) income for our defined benefit pension plans and other post-employment benefit plans, which was recognized in non-operating (expense) income, net, consisted of the following: For the Three Months Ended 2023 2022 Interest cost $ ( 13 ) $ ( 21 ) Expected return on plan assets 11 21 Amortization of actuarial gains 1 — Ongoing net periodic benefit cost ( 1 ) — Income due to settlements (1) — 10 Total net periodic benefit (expense) income $ ( 1 ) $ 10 (1) Refer to the Pension Partial Settlement Transaction section below for additional details. Contributions to the Pension Plan for Pactiv Evergreen (“PPPE”) during the year ending December 31, 2023 are expected to be less than $ 1 million. Pension Partial Settlement Transaction On February 24, 2022 using PPPE assets, we purchased a non-participating group annuity contract from an insurance company and transferred $ 1,257 million of the PPPE’s projected benefit obligations. The insurance company has assumed responsibility for pension benefits and annuity administration. The transaction resulted in the recognition of a $ 10 million non-cash settlement gain in the three months ended March 31, 2022.

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2023
Other Income And Expenses [Abstract]
Other Income, Net	Note 11. Other Income, Net Other income, net consisted of the following: For the Three Months Ended 2023 2022 Gain on sale of businesses and noncurrent assets $ — $ 27 Other — 1 Other income, net $ — $ 28

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, personal injury and commercial or contractual disputes. We are also involved in various administrative and other proceedings relating to environmental matters that arise in the normal course of business, and we may become involved in similar matters in the future. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our balance sheet, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our balance sheet, results of operations or cash flows in a future period. Except for amounts provided, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote. Indemnities As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. Any claims pursuant to these warranties and indemnities, if successful, could have a material effect on our balance sheet, results of operations or cash flows.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 13. Accumulated Other Comprehensive Loss The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”): For the Three Months Ended 2023 2022 Currency translation adjustments: Balance as of beginning of period $ ( 189 ) $ ( 207 ) Currency translation adjustments 14 4 Other comprehensive income 14 4 Balance as of end of period $ ( 175 ) $ ( 203 ) Defined benefit plans: Balance as of beginning of period $ 88 $ 108 Net actuarial loss arising during year (1) — ( 126 ) Deferred tax benefit on net actuarial loss — 31 Gain reclassified from AOCL: Amortization of experience gains ( 1 ) — Defined benefit plan settlement gain — ( 10 ) Deferred tax expense on reclassification — 2 Other comprehensive loss ( 1 ) ( 103 ) Balance as of end of period $ 87 $ 5 Interest rate derivatives: Balance as of beginning of period $ ( 1 ) $ — Net derivative loss ( 7 ) — Deferred tax benefit on net derivative loss 2 — Gain reclassified from AOCL ( 1 ) — Other comprehensive loss ( 6 ) — Balance as of end of period $ ( 7 ) $ — AOCL Balance as of beginning of period $ ( 102 ) $ ( 99 ) Other comprehensive income (loss) 7 ( 99 ) Balance as of end of period $ ( 95 ) $ ( 198 ) (1) Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim measurement of the PPPE due to the pension partial settlement transaction and was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits , for additional details.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The effective tax rates for the three months ended March 31, 2023 and 2022 represent our estimate of the annual effective tax rates expected to be applicable for the respective full fiscal years, adjusted for any discrete events which are recorded in the period that they occur. During the three months ended March 31, 2023, we recognized a tax benefit of $ 19 million on loss before tax of $ 152 million. The effective tax rate was driven primarily by the inability to recognize a tax benefit on all interest expense. During the three months ended March 31, 2022, we recognized a tax expense of $ 36 million on income before tax of $ 79 million. The effective tax rate was driven primarily by a $ 14 million discrete expense from the sale of our equity interests in Naturepak Beverage. We are under audit by the Internal Revenue Service (“IRS”) and other taxing authorities. The IRS is currently auditing our U.S. income tax returns for 2016-2017. As of March 31, 2023, we have not received any proposed adjustments from taxing authorities that would be material. Although the ultimate timing is uncertain, it is reasonably possible that a reduction of up to $ 10 million of unrecognized tax benefits could occur within the next twelve months due to changes in audit status, settlements of tax assessments and other events.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions As of March 31, 2023 , approximately 77 % of our shares were owned by PFL. Transactions with our related parties are detailed below. All of our related parties are commonly controlled by Mr. Graeme Hart, our controlling shareholder, except for our joint ventures. Income (expense) for the Three Months Ended Balance Outstanding as of 2023 2022 March 31, December 31, Joint ventures Included in other current assets $ 2 $ 3 Sale of goods and services (1) $ 2 $ 7 Other common controlled entities Related party receivables (2) 66 46 Sale of goods and services (2) 106 100 Transition services agreements and rental income (2) 1 1 Related party payables (2) ( 17 ) ( 6 ) Purchase of goods (2) ( 27 ) ( 27 ) Charges (3) ( 3 ) ( 3 ) (1) All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated based on market rates. All amounts are unsecured, non-interest bearing and settled on normal trade terms. (2) We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027. During the three months ended March 31, 2023, we amended these contractual arrangements with RCPI, which, among other things, extended the expiration date for certain arrangements and included price adjustments for certain goods we sold to and purchased from RCPI in the current and prior periods. The price adjustments resulted in $ 22 million of incremental net revenues and $ 9 million of incremental costs of goods sold recognized during the three months ended March 31, 2023. We also lease a portion of two facilities to RCPI and are party to an information technology services agreement with RCPI. We do not trade with Graham Packaging Company Inc. (“GPCI”) on an ongoing basis. We entered into a transition services agreement and a tax matters agreement with GPCI. As of March 31, 2023, there were no amounts outstanding under the tax matters agreement with GPCI. (3) These charges are for various costs incurred including services provided under a transition services agreement, an insurance sharing agreement and an investment advisory agreement with Rank Group Limited (“Rank”). All amounts are unsecured, non-interest bearing and settled on normal trade terms.

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based Compensation	Note 16. Equity Based Compensation We established the Pactiv Evergreen Inc. Equity Incentive Plan (the “Equity Incentive Plan” ) for purposes of granting stock or other equity based compensation awards to our employees (including our senior management), directors, consultants and advisors. As of March 31, 2023, the maximum number of shares of common stock available for issuance under our Equity Incentive Plan was 797,610 shares. Equity-based compensation expense of $ 5 million and $ 4 million for the three months ended March 31, 2023 and 2022, respectively, was recognized in selling, general and administrative expenses. Restricted Stock Units During the three months ended March 31, 2023 , we granted restricted stock units (“RSUs”) to certain members of management. These RSUs require future service to be provided and vest in annual installments over a period ranging from one to three years beginning on the first anniversary of the grant date. During the vesting period, the RSUs carry dividend-equivalent rights, but the RSUs do not have voting rights. The RSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting date, unless the holder satisfies certain retirement-eligibility criteria. The following table summarizes RSU activity during 2023 : (In thousands, except per share amounts) Number of Weighted Non-vested, at January 1 1,983 $ 11.89 Granted (1) 1,610 9.78 Forfeited ( 22 ) 12.26 Vested ( 460 ) 13.91 Non-vested, at March 31 3,111 $ 10.50 (1) Includes 31 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares. Unrecognized compensation cost related to unvested RSUs as of March 31, 2023 was $ 21 million, which is expected to be recognized over a weighted average period of 2.2 years. The total vest date fair value of shares that vested during the three months ended March 31, 2023 was $ 5 million. Performance Share Units During the three months ended March 31, 2023 , we granted performance share units (“PSUs”) to certain members of management which vest on the third anniversary of the grant date. Based on the achievement of a company performance target during a performance period set by our Compensation Committee, upon vesting, the PSUs are exchanged for a number of shares of common stock equal to the number of PSUs multiplied by a factor between 0 % and 200 %. We use our stock price on the grant date to estimate the fair value of our PSUs. We adjust the expense based on the likelihood of future achievement of performance metrics. If any of the performance targets are not achieved, the awards are forfeited. During the vesting period, the PSUs carry dividend-equivalent rights, but the PSUs do not have voting rights. The PSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting date, unless the holder satisfies certain retirement-eligibility criteria. The following table summarizes PSU activity during 2023 : (In thousands, except per share amounts) Number of Weighted Non-vested, at January 1 1,155 $ 9.29 Granted (1) 1,599 9.76 Forfeited ( 16 ) 9.18 Non-vested, at March 31 2,738 $ 9.56 (1) Includes 48 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares. Unrecognized compensation cost related to unvested PSUs as of March 31, 2023 was $ 24 million, which is expected to be recognized over a weighted average period of 2.2 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 17. Earnings Per Share (Loss) earnings per share, including a reconciliation of the number of shares used for our (loss) earnings per share calculation, was as follows: For the Three Months Ended 2023 2022 Numerator Net (loss) earnings attributable to common shareholders $ ( 134 ) $ 43 Less: dividend-equivalents declared for equity based awards ( 1 ) — Net (loss) earnings available to common shareholders $ ( 135 ) $ 43 Denominator Weighted average number of shares outstanding - basic 178.4 177.6 Effect of dilutive securities — 0.4 Weighted average number of shares outstanding - diluted 178.4 178.0 (Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders Basic $ ( 0.76 ) $ 0.24 Diluted $ ( 0.76 ) $ 0.24 The weighted average number of anti-dilutive potential common shares excluded from the calculation above was 0.8 million shares and 0.7 million shares for the three months ended March 31, 2023 and 2022, respectively. On May 5, 2023 , our Board of Directors declared a dividend of $ 0.10 per share to be paid on June 15, 2023 to shareholders of record as of May 31, 2023 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 18. Segment Information As of March 31, 2023, we had three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. These reportable segments reflect our operating structure and the manner in which our Chief Operating Decision Maker (“CODM”), who is our President and Chief Executive Officer, assesses information for decision-making purposes. The key factors used to identify these reportable segments are the organization of our internal operations and the nature of our products. This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions. Our reportable segments are described as follows: Foodservice - Manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Foodservice manufactures food containers, drinkware (hot and cold cups and lids), tableware, serviceware and other products which make eating on-the-go more enjoyable and easy to do. Food Merchandising - Manufactures products that protect and attractively display food while preserving freshness. Food Merchandising products include clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and egg cartons. Beverage Merchandising - Manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets. Beverage Merchandising manufactures and supplies integrated fresh carton systems, which include printed cartons, spouts and filling machinery. It also produces fiber-based liquid packaging board for its internal requirements and to sell to other fresh beverage carton manufacturers as well as a range of paper-based products which it sells to paper and packaging converters. Other/Unallocated - In addition to our reportable segments, we have other operating segments that do not meet the threshold for presentation as a reportable segment. These operating segments comprised the remaining components of our former closures business, which generate revenue from the sale of caps and closures, and are presented as “Other.” As of March 31, 2023, we had disposed of all of the remaining components of our former closures business. Unallocated includes corporate costs, primarily relating to general and administrative functions such as finance, tax and legal and the effects of the PPPE. During the second quarter of 2023, in conjunction with the Beverage Merchandising Restructuring, we implemented a new operating and reporting structure. Therefore, as of the second quarter, we will begin to analyze the results of our business through the following reportable segments: Foodservice; and Food and Beverage Merchandising. As a result of this change, beginning with our Quarterly Report on Form 10-Q for the quarter ending June 30, 2023, we will report our results in these two reportable segments. Information by Segment We present reportable segment Adjusted EBITDA as this is the financial measure by which management allocates resources and analyzes the performance of our reportable segments. A segment’s Adjusted EBITDA represents its earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items, including but not limited to, restructuring, asset impairment and other related charges, gains or losses on the sale of businesses and noncurrent assets, non-cash pension income or expense, operational process engineering-related consultancy costs, business acquisition and integration costs and purchase accounting adjustments, unrealized gains or losses on derivatives, foreign exchange gains or losses on cash and gains or losses on certain legal settlements. Foodservice Food Beverage Reportable For the Three Months Ended March 31, 2023 Net revenues $ 654 $ 440 $ 335 $ 1,429 Intersegment revenues — — 35 35 Total reportable segment net revenues $ 654 $ 440 $ 370 $ 1,464 Adjusted EBITDA $ 113 $ 93 $ 1 $ 207 For the Three Months Ended March 31, 2022 Net revenues $ 697 $ 404 $ 372 $ 1,473 Intersegment revenues — — 31 31 Total reportable segment net revenues $ 697 $ 404 $ 403 $ 1,504 Adjusted EBITDA $ 116 $ 60 $ 24 $ 200 Reportable segment assets consisted of the following: Foodservice Food Beverage Reportable As of March 31, 2023 $ 1,381 $ 811 $ 935 $ 3,127 As of December 31, 2022 1,411 804 1,054 3,269 The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated (loss) income before income taxes: For the Three Months Ended 2023 2022 Reportable segment Adjusted EBITDA $ 207 $ 200 Unallocated ( 18 ) ( 18 ) 189 182 Adjustments to reconcile to (loss) income before income taxes Interest expense, net ( 63 ) ( 49 ) Depreciation and amortization (excluding restructuring-related charges) ( 84 ) ( 84 ) Beverage Merchandising Restructuring charges ( 187 ) — Other restructuring and asset impairment charges (reversals) 1 — Gain on sale of businesses and noncurrent assets — 27 Non-cash pension (expense) income ( 1 ) 10 Operational process engineering-related consultancy costs — ( 3 ) Business integration costs — ( 4 ) Unrealized (losses) gains on commodity derivatives ( 2 ) 5 Foreign exchange losses on cash ( 4 ) ( 2 ) Costs associated with legacy facility — ( 3 ) Other ( 1 ) — (Loss) income before tax $ ( 152 ) $ 79 The following table presents a reconciliation of reportable segment assets to consolidated assets: As of As of Reportable segment assets (1) $ 3,127 $ 3,269 Unallocated (2) 3,908 4,037 Total assets $ 7,035 $ 7,306 (1) Reportable segment assets represent trade receivables, inventory and property, plant and equipment. (2) Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets. Information in Relation to Products Net revenues by product line are as follows: For the Three Months Ended 2023 2022 Foodservice Containers $ 268 $ 308 Drinkware 264 268 Tableware 75 65 Serviceware and other 47 56 Food Merchandising Meat trays 106 85 Tableware 103 102 Bakery/snack/produce/fruit containers 88 91 Egg cartons 38 28 Prepared food trays 36 41 Other 69 57 Beverage Merchandising Cartons for fresh beverage products 195 217 Liquid packaging board 128 115 Paper products 47 71 Reportable segment net revenues 1,464 1,504 Other / Unallocated Other 2 22 Intersegment eliminations ( 35 ) ( 31 ) Net revenues $ 1,431 $ 1,495 For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements We reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Restructuring, Asset Impairme_2

Restructuring, Asset Impairment and Other Related Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring And Related Activities [Abstract]
Incurred and Further Charges in Future Periods Due to Restructuring Plan	As a result of the Beverage Merchandising Restructuring, we incurred charges during the three months ended March 31, 2023, and we estimate we will incur further charges in future periods, as follows: For the Three Months Ended March 31, 2023 Total Expected Charges (1) Non-cash: Accelerated property, plant and equipment depreciation $ 90 $ 280 - 285 Other non-cash charges (2) 33 40 - 45 Total non-cash charges 123 320 - 330 Cash: Severance, termination and related costs 32 45 Exit, disposal and other transition costs (3) 32 85 - 115 Total cash charges 64 130 - 160 Total Beverage Merchandising Restructuring charges $ 187 $ 450 - 490
Summary of Restructuring, Asset Impairment and Other Related Charges	The Beverage Merchandising Restructuring charges and other restructuring and asset impairment charges (net of reversals) were classified on our condensed consolidated statement of (loss) income as follows by segment: Beverage Merchandising Other Total For the Three Months Ended March 31, 2023 Cost of sales $ 112 $ — $ 112 Selling, general and administrative expenses 1 — 1 Restructuring, asset impairment and other related charges 69 4 73 Total $ 182 $ 4 $ 186 The following table summarizes the changes to our restructuring liability related to the Beverage Merchandising Restructuring during the three months ended March 31, 2023: December 31, 2022 Charges to Earnings Cash Paid March 31, 2023 Severance, termination and related costs $ — $ 32 $ — $ 32 Exit, disposal and other transition costs — 32 ( 1 ) 31 Total (1) $ — $ 64 $ ( 1 ) $ 63 (1) Included $ 55 million classified within accrued and other current liabilities and $ 8 million classified within other non-current liabilities as of March 31, 2023.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of the Components of Inventory	The components of inventories consisted of the following: As of As of Raw materials $ 238 $ 260 Work in progress 104 101 Finished goods 555 596 Spare parts 86 105 Inventories $ 983 $ 1,062

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment, Net and Depreciation Expense	Property, plant and equipment, net consisted of the following: As of As of Land and land improvements $ 72 $ 72 Buildings and building improvements 672 661 Machinery and equipment 3,543 3,485 Construction in progress 171 189 Property, plant and equipment, at cost 4,458 4,407 Less: accumulated depreciation ( 2,783 ) ( 2,634 ) Property, plant and equipment, net $ 1,675 $ 1,773 Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of (loss) income: For the Three Months Ended 2023 2022 Cost of sales $ 152 $ 63 Selling, general and administrative expenses 7 6 Total depreciation expense (1) $ 159 $ 69 (1) For the three months ended March 31, 2023, total depreciation expense included $ 90 million of accelerated depreciation expense related to the Beverage Merchandising Restructuring, substantially all of which was included in cost of sales. Refer to Note 3, Restructuring, Asset Impairment and Other Related Charges , for additional details.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill by Reportable Segment	Goodwill by reportable segment was as follows: Foodservice Food Beverage Total As of December 31, 2022 $ 993 $ 770 $ 52 $ 1,815 Movements — — — — As of March 31, 2023 $ 993 $ 770 $ 52 $ 1,815
Summary of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets Customer relationships $ 1,060 $ ( 653 ) $ 407 $ 1,060 $ ( 639 ) $ 421 Trademarks 42 ( 13 ) 29 42 ( 12 ) 30 Other 7 ( 7 ) — 7 ( 7 ) — Total finite-lived intangible assets $ 1,109 $ ( 673 ) $ 436 $ 1,109 $ ( 658 ) $ 451 Indefinite-lived intangible assets Trademarks $ 554 $ — $ 554 $ 554 $ — $ 554 Other 59 — 59 59 — 59 Total indefinite-lived intangible assets $ 613 $ — $ 613 $ 613 $ — $ 613 Total intangible assets $ 1,722 $ ( 673 ) $ 1,049 $ 1,722 $ ( 658 ) $ 1,064

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables And Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following: As of As of Rebates and credits $ 112 $ 108 Personnel costs 81 160 Restructuring costs (1) 55 — Interest 40 17 Other (2) 142 130 Accrued and other current liabilities $ 430 $ 415 (1) Restructuring costs relate to the Beverage Merchandising Restructuring. Refer to Note 3, Restructuring, Asset Impairment and Other Related Charges , for additional details. (2) Other included items such as freight, utilities and property and other non-income related taxes.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of As of March 31, December 31, 2023 2022 Credit Agreement $ 2,115 $ 2,227 Notes: 4.000 % Senior Secured Notes due 2027 1,000 1,000 4.375 % Senior Secured Notes due 2028 500 500 Pactiv Debentures: 7.950 % Debentures due 2025 217 217 8.375 % Debentures due 2027 167 167 Other 46 49 Total principal amount of borrowings 4,045 4,160 Deferred debt issuance costs (“DIC”) ( 14 ) ( 14 ) Original issue discounts, net of premiums (“OID”) ( 9 ) ( 10 ) 4,022 4,136 Less: current portion ( 18 ) ( 31 ) Long-term debt $ 4,004 $ 4,105
Summary of Components of the Credit Agreement	The Credit Agreement comprises the following term and revolving tranches: Maturity Date Value Drawn or Utilized Applicable Interest Rate (1) Term Tranches U.S. term loans Tranche B-2 February 5, 2026 $ 1,115 LIBOR (floor of 0.000 %) + 3.250 % U.S. term loans Tranche B-3 September 24, 2028 $ 1,000 LIBOR (floor of 0.500 %) + 3.250 % Revolving Tranche (2) U.S. Revolving Loans August 5, 2024 $ 50 — (1) On April 17, 2023, we amended the Credit Agreement, replacing the LIBOR-based reference rate with a Secured Overnight Financing Rate ( “ SOFR ” ) based reference rate, effective for interest payments for the period commencing April 28, 2023. (2) The Revolving Tranche represents a $ 250 million facility. The amount utilized is in the form of letters of credit.
Schedule of Outstanding Notes	As of March 31, 2023, our outstanding Notes were as follows: Maturity Date Interest Payment Dates 4.000 % Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15 4.375 % Senior Secured Notes due 2028 October 15, 2028 April 15 and October 15 As of March 31, 2023, our outstanding debentures (together, the “Pactiv Debentures”) were as follows: Maturity Date Interest Payment Dates 7.950 % Debentures due 2025 December 15, 2025 June 15 and December 15 8.375 % Debentures due 2027 April 15, 2027 April 15 and October 15
Schedule of Required Future Repayments of Outstanding Debt	Below is a schedule of required future repayments on our debt outstanding as of March 31, 2023: 2023 $ 14 2024 17 2025 233 2026 1,131 2027 1,182 Thereafter 1,468 Total principal amount of borrowings $ 4,045
Schedule of Carrying Values and Fair Values of Debt Outstanding	Below is a schedule of carrying values and fair values of our debt outstanding: As of March 31, 2023 As of December 31, 2022 Carrying Fair Carrying Fair Credit Agreement $ 2,106 $ 2,099 $ 2,217 $ 2,206 Notes: 4.000 % Senior Secured Notes due 2027 993 899 993 890 4.375 % Senior Secured Notes due 2028 496 438 496 447 Pactiv Debentures: 7.950 % Debentures due 2025 215 219 215 210 8.375 % Debentures due 2027 166 165 166 162 Other 46 46 49 49 Total $ 4,022 $ 3,866 $ 4,136 $ 3,964
Interest Expense, Net	Interest expense, net consisted of the following: For the Three Months Ended 2023 2022 Interest expense: Credit Agreement $ 43 $ 21 Notes 15 15 Pactiv Debentures 8 10 Interest income ( 4 ) — Amortization of DIC and OID 1 1 Derivative gains ( 1 ) — Net foreign currency exchange losses — 1 Other 1 1 Interest expense, net $ 63 $ 49

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets: As of March 31, 2023 As of December 31, 2022 Asset Liability Asset Liability Commodity swap contracts $ — $ ( 7 ) $ — $ ( 5 ) Interest rate derivatives 5 ( 14 ) 8 ( 9 ) Total fair value $ 5 $ ( 21 ) $ 8 $ ( 14 ) Classification: Other current assets $ 5 $ — $ 7 $ — Other noncurrent assets — — 1 — Accrued and other current liabilities — ( 4 ) — ( 3 ) Other noncurrent liabilities — ( 17 ) — ( 11 ) Total fair value $ 5 $ ( 21 ) $ 8 $ ( 14 )
Summary of Outstanding Commodity Derivative Contracts	The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2023: Type Unit of Measure Contracted Contracted Contracted Date of Maturity Natural gas swaps Million BTU 4,959,254 $ 3.94 - $ 5.37 May 2023 - Dec 2025

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Compensation And Retirement Disclosure [Abstract]
Net Periodic Benefit (Expense) Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans	Net periodic benefit (expense) income for our defined benefit pension plans and other post-employment benefit plans, which was recognized in non-operating (expense) income, net, consisted of the following: For the Three Months Ended 2023 2022 Interest cost $ ( 13 ) $ ( 21 ) Expected return on plan assets 11 21 Amortization of actuarial gains 1 — Ongoing net periodic benefit cost ( 1 ) — Income due to settlements (1) — 10 Total net periodic benefit (expense) income $ ( 1 ) $ 10 (1) Refer to the Pension Partial Settlement Transaction section below for additional details.

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income And Expenses [Abstract]
Schedule of Other Income, Net	Other income, net consisted of the following: For the Three Months Ended 2023 2022 Gain on sale of businesses and noncurrent assets $ — $ 27 Other — 1 Other income, net $ — $ 28

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”): For the Three Months Ended 2023 2022 Currency translation adjustments: Balance as of beginning of period $ ( 189 ) $ ( 207 ) Currency translation adjustments 14 4 Other comprehensive income 14 4 Balance as of end of period $ ( 175 ) $ ( 203 ) Defined benefit plans: Balance as of beginning of period $ 88 $ 108 Net actuarial loss arising during year (1) — ( 126 ) Deferred tax benefit on net actuarial loss — 31 Gain reclassified from AOCL: Amortization of experience gains ( 1 ) — Defined benefit plan settlement gain — ( 10 ) Deferred tax expense on reclassification — 2 Other comprehensive loss ( 1 ) ( 103 ) Balance as of end of period $ 87 $ 5 Interest rate derivatives: Balance as of beginning of period $ ( 1 ) $ — Net derivative loss ( 7 ) — Deferred tax benefit on net derivative loss 2 — Gain reclassified from AOCL ( 1 ) — Other comprehensive loss ( 6 ) — Balance as of end of period $ ( 7 ) $ — AOCL Balance as of beginning of period $ ( 102 ) $ ( 99 ) Other comprehensive income (loss) 7 ( 99 ) Balance as of end of period $ ( 95 ) $ ( 198 ) (1) Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim measurement of the PPPE due to the pension partial settlement transaction and was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits , for additional details.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Income (expense) for the Three Months Ended Balance Outstanding as of 2023 2022 March 31, December 31, Joint ventures Included in other current assets $ 2 $ 3 Sale of goods and services (1) $ 2 $ 7 Other common controlled entities Related party receivables (2) 66 46 Sale of goods and services (2) 106 100 Transition services agreements and rental income (2) 1 1 Related party payables (2) ( 17 ) ( 6 ) Purchase of goods (2) ( 27 ) ( 27 ) Charges (3) ( 3 ) ( 3 ) (1) All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated based on market rates. All amounts are unsecured, non-interest bearing and settled on normal trade terms. (2) We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027. During the three months ended March 31, 2023, we amended these contractual arrangements with RCPI, which, among other things, extended the expiration date for certain arrangements and included price adjustments for certain goods we sold to and purchased from RCPI in the current and prior periods. The price adjustments resulted in $ 22 million of incremental net revenues and $ 9 million of incremental costs of goods sold recognized during the three months ended March 31, 2023. We also lease a portion of two facilities to RCPI and are party to an information technology services agreement with RCPI. We do not trade with Graham Packaging Company Inc. (“GPCI”) on an ongoing basis. We entered into a transition services agreement and a tax matters agreement with GPCI. As of March 31, 2023, there were no amounts outstanding under the tax matters agreement with GPCI. (3) These charges are for various costs incurred including services provided under a transition services agreement, an insurance sharing agreement and an investment advisory agreement with Rank Group Limited (“Rank”). All amounts are unsecured, non-interest bearing and settled on normal trade terms.

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Restricted Stock Units (RSUs)
Summary of Restricted Stock Unit Activity	The following table summarizes RSU activity during 2023 : (In thousands, except per share amounts) Number of Weighted Non-vested, at January 1 1,983 $ 11.89 Granted (1) 1,610 9.78 Forfeited ( 22 ) 12.26 Vested ( 460 ) 13.91 Non-vested, at March 31 3,111 $ 10.50 (1) Includes 31 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares.
Performance Stock Units (PSU)
Summary of Performance Stock Unit Activity	The following table summarizes PSU activity during 2023 : (In thousands, except per share amounts) Number of Weighted Non-vested, at January 1 1,155 $ 9.29 Granted (1) 1,599 9.76 Forfeited ( 16 ) 9.18 Non-vested, at March 31 2,738 $ 9.56 (1) Includes 48 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of the Basic and Diluted (Loss) Earnings Per Share	(Loss) earnings per share, including a reconciliation of the number of shares used for our (loss) earnings per share calculation, was as follows: For the Three Months Ended 2023 2022 Numerator Net (loss) earnings attributable to common shareholders $ ( 134 ) $ 43 Less: dividend-equivalents declared for equity based awards ( 1 ) — Net (loss) earnings available to common shareholders $ ( 135 ) $ 43 Denominator Weighted average number of shares outstanding - basic 178.4 177.6 Effect of dilutive securities — 0.4 Weighted average number of shares outstanding - diluted 178.4 178.0 (Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders Basic $ ( 0.76 ) $ 0.24 Diluted $ ( 0.76 ) $ 0.24

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Foodservice Food Beverage Reportable For the Three Months Ended March 31, 2023 Net revenues $ 654 $ 440 $ 335 $ 1,429 Intersegment revenues — — 35 35 Total reportable segment net revenues $ 654 $ 440 $ 370 $ 1,464 Adjusted EBITDA $ 113 $ 93 $ 1 $ 207 For the Three Months Ended March 31, 2022 Net revenues $ 697 $ 404 $ 372 $ 1,473 Intersegment revenues — — 31 31 Total reportable segment net revenues $ 697 $ 404 $ 403 $ 1,504 Adjusted EBITDA $ 116 $ 60 $ 24 $ 200 Reportable segment assets consisted of the following: Foodservice Food Beverage Reportable As of March 31, 2023 $ 1,381 $ 811 $ 935 $ 3,127 As of December 31, 2022 1,411 804 1,054 3,269
Reconciliation of Operating Profit (Loss)	The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated (loss) income before income taxes: For the Three Months Ended 2023 2022 Reportable segment Adjusted EBITDA $ 207 $ 200 Unallocated ( 18 ) ( 18 ) 189 182 Adjustments to reconcile to (loss) income before income taxes Interest expense, net ( 63 ) ( 49 ) Depreciation and amortization (excluding restructuring-related charges) ( 84 ) ( 84 ) Beverage Merchandising Restructuring charges ( 187 ) — Other restructuring and asset impairment charges (reversals) 1 — Gain on sale of businesses and noncurrent assets — 27 Non-cash pension (expense) income ( 1 ) 10 Operational process engineering-related consultancy costs — ( 3 ) Business integration costs — ( 4 ) Unrealized (losses) gains on commodity derivatives ( 2 ) 5 Foreign exchange losses on cash ( 4 ) ( 2 ) Costs associated with legacy facility — ( 3 ) Other ( 1 ) — (Loss) income before tax $ ( 152 ) $ 79
Reconciliation of Assets from Segment to Consolidated	The following table presents a reconciliation of reportable segment assets to consolidated assets: As of As of Reportable segment assets (1) $ 3,127 $ 3,269 Unallocated (2) 3,908 4,037 Total assets $ 7,035 $ 7,306 (1) Reportable segment assets represent trade receivables, inventory and property, plant and equipment. (2) Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets.
Summary of Net Revenues by Product Line	Net revenues by product line are as follows: For the Three Months Ended 2023 2022 Foodservice Containers $ 268 $ 308 Drinkware 264 268 Tableware 75 65 Serviceware and other 47 56 Food Merchandising Meat trays 106 85 Tableware 103 102 Bakery/snack/produce/fruit containers 88 91 Egg cartons 38 28 Prepared food trays 36 41 Other 69 57 Beverage Merchandising Cartons for fresh beverage products 195 217 Liquid packaging board 128 115 Paper products 47 71 Reportable segment net revenues 1,464 1,504 Other / Unallocated Other 2 22 Intersegment eliminations ( 35 ) ( 31 ) Net revenues $ 1,431 $ 1,495 For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.

Dispositions - Additional Infor

Dispositions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended
	Mar. 29, 2022	Jan. 04, 2022	Mar. 31, 2023	Mar. 31, 2022
Acquisitions And Dispositions [Line Items]
Proceeds from sale of business				$ 47
Percentage of dispositions joint venture	50%
Preliminary gain on sale of equity interests				27
Charges related to assets and liabilities held-for-sale			$ 1
Discontinued operations, disposed of by sale | SIG Schweizerische Industrie-Gesellschaft GmbH | Beverage Merchandising Asia
Acquisitions And Dispositions [Line Items]
Proceeds from sale of business		$ 336
Income from operations before income taxes				$ 5

Restructuring, Asset Impairme_3

Restructuring, Asset Impairment and Other Related Charges - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Employees	Mar. 31, 2022 USD ($)
Restructuring Cost And Reserve [Line Items]
Reversal of impairment charge	$ 1,000,000
Restructuring, asset impairment and other related charges	$ 186,000,000	$ 0
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Restructuring and related activities, announcement date	Mar. 06, 2023
Estimated workforce reduction of employees | Employees	1,300
Restructuring, asset impairment and other related charges	$ 182,000,000

Restructuring, Asset Impairme_4

Restructuring, Asset Impairment and Other Related Charges - Incurred and Further Charges in Future Periods Due to Restructuring Plan (Details) - Beverage Merchandising $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost And Reserve [Line Items]
Incurred Charges	$ 187
Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	450
Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	490
Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	123
Non-cash Charges | Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	320
Non-cash Charges | Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	330
Non-cash Charges | Accelerated Property, Plant and Equipment Depreciation
Restructuring Cost And Reserve [Line Items]
Incurred Charges	90
Non-cash Charges | Accelerated Property, Plant and Equipment Depreciation | Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	280
Non-cash Charges | Accelerated Property, Plant and Equipment Depreciation | Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	285
Non-cash Charges | Other Non-cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	33
Non-cash Charges | Other Non-cash Charges | Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	40
Non-cash Charges | Other Non-cash Charges | Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	45
Cash Charges
Restructuring Cost And Reserve [Line Items]
Incurred Charges	64
Cash Charges | Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	130
Cash Charges | Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	160
Cash Charges | Severance, Termination and Related Costs
Restructuring Cost And Reserve [Line Items]
Incurred Charges	32
Total Expected Charges	45
Cash Charges | Exit, Disposal and Other Transition Costs
Restructuring Cost And Reserve [Line Items]
Incurred Charges	32
Cash Charges | Exit, Disposal and Other Transition Costs | Minimum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	85
Cash Charges | Exit, Disposal and Other Transition Costs | Maximum
Restructuring Cost And Reserve [Line Items]
Total Expected Charges	$ 115

Restructuring, Asset Impairme_5

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring, Asset Impairment and Other Related Charges (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost And Reserve [Line Items]
Total	$ 186,000,000	$ 0
Cost of Sales
Restructuring Cost And Reserve [Line Items]
Total	112,000,000
Selling, General and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Total	1,000,000
Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total	73,000,000
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Total	182,000,000
Beverage Merchandising | Cost of Sales
Restructuring Cost And Reserve [Line Items]
Total	112,000,000
Beverage Merchandising | Selling, General and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Total	1,000,000
Beverage Merchandising | Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total	69,000,000
Other
Restructuring Cost And Reserve [Line Items]
Total	4,000,000
Other | Restructuring, Asset Impairment and Other Related Charges
Restructuring Cost And Reserve [Line Items]
Total	$ 4,000,000

Restructuring, Asset Impairme_6

Restructuring, Asset Impairment and Other Related Charges - Changes to Restructuring Liability (Details) - Beverage Merchandising $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Charges to Earnings	$ 64
Cash Paid	(1)
Restructuring liability, ending balance	63
Severance, Termination and Related Costs
Restructuring Reserve [Roll Forward]
Charges to Earnings	32
Restructuring liability, ending balance	32
Exit, Disposal and Other Transition Costs
Restructuring Reserve [Roll Forward]
Charges to Earnings	32
Cash Paid	(1)
Restructuring liability, ending balance	$ 31

Restructuring, Asset Impairme_7

Restructuring, Asset Impairment and Other Related Charges - Changes to Restructuring Liability (Parenthetical) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, current	$ 55
Accrued and Other Current Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, current	55
Other Non-Current Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, noncurrent	$ 8

Inventories - Summary of the Co

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 238	$ 260
Work in progress	104	101
Finished goods	555	596
Spare parts	86	105
Inventories	$ 983	$ 1,062

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,458	$ 4,407
Less: accumulated depreciation	(2,783)	(2,634)
Property, plant and equipment, net	1,675	1,773
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	72	72
Buildings and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	672	661
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,543	3,485
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 171	$ 189

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Cost of sales	$ 152	$ 63
Selling, general and administrative expenses	7	6
Total depreciation expense	$ 159	$ 69

Property, Plant and Equipment_5

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 159	$ 69
Beverage Merchandising | Restructuring, Asset Impairment and Other Related Charges
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 90

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,815
Movements	0
Ending Balance	1,815
Foodservice
Goodwill [Line Items]
Beginning Balance	993
Movements	0
Ending Balance	993
Food Merchandising
Goodwill [Line Items]
Beginning Balance	770
Movements	0
Ending Balance	770
Beverage Merchandising
Goodwill [Line Items]
Beginning Balance	52
Movements	0
Ending Balance	$ 52

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,109	$ 1,109
Accumulated Amortization	(673)	(658)
Net	436	451
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,722	1,722
Net	1,049	1,064
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	554	554
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	59	59
Customer Relationships
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,060	1,060
Accumulated Amortization	(653)	(639)
Net	407	421
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	42	42
Accumulated Amortization	(13)	(12)
Net	29	30
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7	7
Accumulated Amortization	$ (7)	$ (7)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 15	$ 15

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Rebates and credits	$ 112	$ 108
Personnel costs	81	160
Restructuring costs	55
Interest	40	17
Other	142	130
Accrued and other current liabilities	$ 430	$ 415

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal amount of borrowings	$ 4,045	$ 4,160
Deferred debt issuance costs ("DIC")	(14)	(14)
Original issue discounts, net of premiums (“OID”)	(9)	(10)
Debt, net	4,022	4,136
Less: current portion	(18)	(31)
Long-term debt	4,004	4,105
4.000% Senior Secured Notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
4.375% Senior Secured Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
7.950% Debentures due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	217	217
8.375% Debentures due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	167	167
Other
Debt Instrument [Line Items]
Long-term debt, gross	46	49
Secured Debt | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,115	$ 2,227

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
4.000% Senior Secured Notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4%	4%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028
7.950% Debentures due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Summary of Components of

Debt - Summary of Components of the Credit Agreement (Details) - Line of Credit - Credit Agreement $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Feb. 05, 2026
Long-term debt, gross	$ 1,115
U S Term Loans Tranche B2 | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0%
Basis spread on variable rate	3.25%
U S Term Loans Tranche B3
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Sep. 24, 2028
Long-term debt, gross	$ 1,000
U S Term Loans Tranche B3 | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.50%
Basis spread on variable rate	3.25%
U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Aug. 05, 2024
Value Utilized	$ 50

Debt - Summary of Components _2

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Mar. 31, 2023 USD ($)
Line of Credit | Credit Agreement | U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000,000

Debt - Credit Agreement - Addit

Debt - Credit Agreement - Additional Information (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Repayments of Long-term Debt		$ 112	$ 6
U S Term Loans Tranche B2 | Credit Agreement | Line of Credit
Line Of Credit Facility [Line Items]
Term loan repaid and repurchased	$ 110
Weighted average contractual interest rate		7.77%	3.39%
U S Term Loans Tranche B3 | Credit Agreement | Line of Credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate		7.78%	4%
US Term Loans | Credit Agreement | Line of Credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate		7.59%
Secured Debt | Credit Agreement | Line of Credit
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments		0.25%
Due amount of excess cash flow prepayments				$ 0
Secured Debt | Credit Agreement | Line of Credit | Maximum
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments		50%
Periodic prepayment percentage if leverage ratio threshold met		25%
Secured Debt | Credit Agreement | Line of Credit | Minimum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met		0%

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Notes (Details) - Senior Notes	3 Months Ended
	Mar. 31, 2023
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Maturity Date	Oct. 15, 2027
Interest Payment Dates	April 15 and October 15
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Maturity Date	Oct. 15, 2028
Interest Payment Dates	April 15 and October 15

Debt - Schedule of Outstandin_2

Debt - Schedule of Outstanding Notes (Parenthetical) (Details) - Senior Secured Notes	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4%	4%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028

Debt - Notes - Additional Infor

Debt - Notes - Additional Information (Details) - Senior Notes	Mar. 31, 2023	Dec. 31, 2022
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4%	4%
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%

Debt - Schedule of Outstandin_3

Debt - Schedule of Outstanding Debentures (Details) - Unsecured Debt	3 Months Ended
	Mar. 31, 2023
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity Date	Dec. 15, 2025
Interest Payment Dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity Date	Apr. 15, 2027
Interest Payment Dates	April 15 and October 15

Debt - Schedule of Outstandin_4

Debt - Schedule of Outstanding Debentures (Parenthetical) (Details) - Unsecured Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
7.950% Debentures due 2025
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Debentures - Additional

Debt - Debentures - Additional Information (Details) - Unsecured Debt - 8.375% Debentures due 2027	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Redemption price percentage	100%

Debt - Other Debt - Additional

Debt - Other Debt - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 46	$ 49

Debt - Schedule of Required Fut

Debt - Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 14
2024	17
2025	233
2026	1,131
2027	1,182
Thereafter	1,468
Total principal amount of borrowings	$ 4,045	$ 4,160

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
4.000% Senior Secured Notes due 2027 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	$ 1,000	$ 1,000
4.375% Senior Secured Notes due 2028 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	500	500
7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	217	217
8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	167	167
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	46	49
Secured Debt | Credit Agreement | Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	2,115	2,227
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	4,022	4,136
Reported Value Measurement | 4.000% Senior Secured Notes due 2027 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	993	993
Reported Value Measurement | 4.375% Senior Secured Notes due 2028 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	496	496
Reported Value Measurement | 7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	215	215
Reported Value Measurement | 8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	166	166
Reported Value Measurement | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	46	49
Reported Value Measurement | Secured Debt | Credit Agreement | Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,106	2,217
Estimate of Fair Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	3,866	3,964
Estimate of Fair Value Measurement | 4.000% Senior Secured Notes due 2027 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	899	890
Estimate of Fair Value Measurement | 4.375% Senior Secured Notes due 2028 | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	438	447
Estimate of Fair Value Measurement | 7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	219	210
Estimate of Fair Value Measurement | 8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	165	162
Estimate of Fair Value Measurement | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	46	49
Estimate of Fair Value Measurement | Secured Debt | Credit Agreement | Line of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,099	$ 2,206

Debt - Schedule of Carrying V_2

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Senior Notes | 4.000% Senior Secured Notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4%	4%
Debt instrument maturity year	2027	2027
Senior Notes | 4.375% Senior Secured Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028
Unsecured Debt | 7.950% Debentures due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
Unsecured Debt | 8.375% Debentures due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Interest Expense, Net (D

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest income	$ (4)
Amortization of DIC and OID	1	$ 1
Derivative gains	(1)
Net foreign currency exchange losses		1
Other	1	1
Interest expense, net	63	49
Line of Credit | Secured Debt | Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	43	21
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt	15	15
Unsecured Debt
Debt Instrument [Line Items]
Interest expense, debt	$ 8	$ 10

Financial Instruments - Schedul

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Asset Derivatives	$ 5	$ 8
Liability Derivatives	(21)	(14)
Other current assets
Derivative [Line Items]
Asset Derivatives	5	7
Other noncurrent assets
Derivative [Line Items]
Asset Derivatives		1
Other noncurrent liabilities
Derivative [Line Items]
Liability Derivatives	(17)	(11)
Commodity swap contracts
Derivative [Line Items]
Liability Derivatives	(7)	(5)
Interest rate derivatives
Derivative [Line Items]
Asset Derivatives	5	8
Liability Derivatives	(14)	(9)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives	$ (4)	$ (3)

Financial Instruments - Additio

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (2)	$ 5
Commodity swap contracts
Derivative [Line Items]
Unrealized gain (loss) on derivatives	(2)	$ 5
Interest rate derivatives
Derivative [Line Items]
Unrealized gain (loss) on derivatives	(7)
Realized gain on derivatives	1
Expected reclassification of gains in the next twelve months from ACOL to earnings	$ 4
US Term Loans | LIBO Rate
Derivative [Line Items]
Weighted average fixed rate	4.12%
Aggregate notional amount	$ 1,000

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details) - Natural gas swaps	3 Months Ended
	Mar. 31, 2023 $ / gal gal
Derivative [Line Items]
Contracted volume | gal	4,959,254
Minimum
Derivative [Line Items]
Contracted price range	3.94
Maximum
Derivative [Line Items]
Contracted price range	5.37

Employee Benefits - Net Periodi

Employee Benefits - Net Periodic Benefit (Expense) Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Compensation And Retirement Disclosure [Abstract]
Interest cost	$ (13)	$ (21)
Expected return on plan assets	11	21
Amortization of actuarial gains	1
Ongoing net periodic benefit (expense) income	(1)
Income due to settlements		10
Total net periodic benefit (expense) income	$ (1)	$ 10

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023	Feb. 24, 2022
Defined Benefit Plan Disclosure [Line Items]
Non-cash settlement gain	$ 1	$ (10)
Pension Plan for Pactiv Evergreen
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations				$ 1,257
Non-cash settlement gain		$ 10
Pension Plan for Pactiv Evergreen | Forecast
Defined Benefit Plan Disclosure [Line Items]
Contributions made			$ 1

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income, Net (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Income And Expenses [Abstract]
Gain on sale of businesses and noncurrent assets	$ 27
Other	1
Other income, net	$ 28

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 1,553	$ 1,288
Net derivative loss		(6)
Ending balance		1,410	1,217
Interest rate derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(1)
Net derivative loss		(7)
Deferred tax benefit on net derivative loss		2
Gain reclassified from AOCL		(1)
Other comprehensive income (loss)		(6)
Ending balance		(7)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(189)	(207)
Currency translation adjustments		14	4
Other comprehensive income (loss)		14	4
Ending balance		(175)	(203)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		88	108
Net actuarial loss arising during year	[1]		(126)
Deferred tax benefit on net actuarial loss			31
Amortization of experience gains		(1)
Defined benefit plan settlement gain			(10)
Deferred tax expense on reclassification			2
Other comprehensive income (loss)		(1)	(103)
Ending balance		87	5
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(102)	(99)
Other comprehensive income (loss)		7	(99)
Ending balance		$ (95)	$ (198)
[1] Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim measurement of the PPPE due to the pension partial settlement transaction and was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits , for additional details.

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income (loss) before tax	$ (152)	$ 79
Income tax benefit (expense)	19	$ (36)
Tax rate expense (benefit) amount	14
Unrecognized tax benefits decrease in income tax returns	$ 10

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Mar. 31, 2023
Packaging Finance Limited And Other Entities
Related Party Transaction [Line Items]
Ownership percentage	77%

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from related parties, current	$ 66		$ 46
Purchase of goods	(27)	$ (27)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current	2		3
Sale of goods and services	2	7
Affiliated Entity
Related Party Transaction [Line Items]
Related party receivables	66		46
Related party payables	(17)		$ (6)
Sale of goods and services | Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services	106	100
Transition services agreements and rental income | Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income	1	1
Charges
Related Party Transaction [Line Items]
Related party transactions, expenses	$ (3)	$ (3)

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Reynolds Consumer Products Inc.
Related Party Transaction [Line Items]
Incremental net revenues	$ 22
Incremental cost of goods sold	9
Affiliated Entity | Tax Matters Agreement
Related Party Transaction [Line Items]
Current related party payable	$ 0

Equity Based Compensation - Add

Equity Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized (in shares)	797,610
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 21
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 2 months 12 days
Fair value of shares vested	$ 5
Restricted Stock Units (RSUs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 24
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 2 months 12 days
Performance Stock Units (PSU) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	0%
Performance Stock Units (PSU) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	200%
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 5	$ 4

Equity Based Compensation - Sum

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested | shares	1,983
Granted | shares	1,610
Forfeited | shares	(22)
Vested | shares	(460)
Ending balance, Non-vested | shares	3,111
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested | $ / shares	$ 11.89
Granted | $ / shares	9.78
Forfeited | $ / shares	12.26
Vested | $ / shares	13.91
Ending balance, Non-vested | $ / shares	$ 10.50

Equity Based Compensation - S_2

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Details) shares in Thousands	Mar. 31, 2023 shares
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	31

Equity Based Compensation - S_3

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Stock Units
Beginning balance, Non-vested | shares	1,155
Granted | shares	1,599
Forfeited | shares	(16)
Ending balance, Non-vested | shares	2,738
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested | $ / shares	$ 9.29
Granted | $ / shares	9.76
Forfeited | $ / shares	9.18
Ending balance, Non-vested | $ / shares	$ 9.56

Equity Based Compensation - S_4

Equity Based Compensation - Summary of Performance Share Units Activity (Parenthetical) (Details) shares in Thousands	Mar. 31, 2023 shares
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	48

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net (loss) earnings attributable to common shareholders	$ (134)	$ 43
Less: dividend-equivalents declared for equity based awards	(1)
Net (loss) earnings available to common shareholders	$ (135)	$ 43
Denominator
Weighted average number of shares outstanding - basic	178.4	177.6
Effect of dilutive securities		0.4
Weighted average number of shares outstanding - diluted	178.4	178
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders
Basic	$ (0.76)	$ 0.24
Diluted	$ (0.76)	$ 0.24

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions		3 Months Ended
	May 05, 2023	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)		0.8	0.7
Subsequent Event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	May 05, 2023
Dividends payable, date to be paid	Jun. 15, 2023
Dividends payable, date of record	May 31, 2023

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segment F

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenues		$ 1,431	$ 1,495
Reportable segment assets		7,035		$ 7,306
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues		(35)	(31)
Unallocated
Segment Reporting Information [Line Items]
Reportable segment assets	[1]	3,908		4,037
Foodservice
Segment Reporting Information [Line Items]
Net revenues		654	697
Foodservice | Operating Segments
Segment Reporting Information [Line Items]
Net revenues		654	697
Adjusted EBITDA		113	116
Reportable segment assets		1,381		1,411
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues		440	404
Food Merchandising | Operating Segments
Segment Reporting Information [Line Items]
Net revenues		440	404
Adjusted EBITDA		93	60
Reportable segment assets		811		804
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues		335	372
Beverage Merchandising | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues		35	31
Beverage Merchandising | Operating Segments
Segment Reporting Information [Line Items]
Net revenues		370	403
Adjusted EBITDA		1	24
Reportable segment assets		935		1,054
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues		1,429	1,473
Reportable Segments | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues		35	31
Reportable Segments | Operating Segments
Segment Reporting Information [Line Items]
Net revenues		1,464	1,504
Adjusted EBITDA		207	200
Reportable segment assets	[2]	3,127		$ 3,269
Other | Operating Segments
Segment Reporting Information [Line Items]
Net revenues		$ 2	$ 22
[1] Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets. Reportable segment assets represent trade receivables, inventory and property, plant and equipment.

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA to Income (Loss) from Continuing Operations Before Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 189	$ 182
Interest expense, net	(63)	(49)
Depreciation and amortization (excluding restructuring related charges)	(84)	(84)
Beverage Merchandising Restructuring charges	(187)
Other restructuring and asset impairment charges (reversals)	1
Gain on sale of businesses and noncurrent assets		27
Non-cash pension (expense) income	(1)	10
Operational process engineering-related consultancy costs		(3)
Business integration costs		(4)
Unrealized (losses) gains on commodity derivatives	(2)	5
Foreign exchange losses on cash	(4)	(2)
Costs associated with legacy facility		(3)
Other	(1)
(Loss) income before tax	(152)	79
Operating Segments | Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	207	200
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (18)	$ (18)

Segment Information - Net Reven

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 1,431	$ 1,495
Foodservice
Segment Reporting Information [Line Items]
Net revenues	654	697
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	440	404
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	335	372
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,429	1,473
Operating Segments | Foodservice
Segment Reporting Information [Line Items]
Net revenues	654	697
Operating Segments | Foodservice | Containers
Segment Reporting Information [Line Items]
Net revenues	268	308
Operating Segments | Foodservice | Drinkware
Segment Reporting Information [Line Items]
Net revenues	264	268
Operating Segments | Foodservice | Tableware
Segment Reporting Information [Line Items]
Net revenues	75	65
Operating Segments | Foodservice | Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	47	56
Operating Segments | Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	440	404
Operating Segments | Food Merchandising | Tableware
Segment Reporting Information [Line Items]
Net revenues	103	102
Operating Segments | Food Merchandising | Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	88	91
Operating Segments | Food Merchandising | Meat trays
Segment Reporting Information [Line Items]
Net revenues	106	85
Operating Segments | Food Merchandising | Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	36	41
Operating Segments | Food Merchandising | Egg cartons
Segment Reporting Information [Line Items]
Net revenues	38	28
Operating Segments | Food Merchandising | Other
Segment Reporting Information [Line Items]
Net revenues	69	57
Operating Segments | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	370	403
Operating Segments | Beverage Merchandising | Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	195	217
Operating Segments | Beverage Merchandising | Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	128	115
Operating Segments | Beverage Merchandising | Paper products
Segment Reporting Information [Line Items]
Net revenues	47	71
Operating Segments | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,464	1,504
Operating Segments | Other
Segment Reporting Information [Line Items]
Net revenues	2	22
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(35)	(31)
Intersegment Eliminations | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	35	31
Intersegment Eliminations | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	$ 35	$ 31