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 |