Pactiv Evergreen (PTVE) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Document Fiscal Year Focus	2021
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,157,710
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, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net revenues	$ 1,164	$ 1,212
Cost of sales	(1,056)	(1,038)
Gross profit	108	174
Selling, general and administrative expenses	(126)	(123)
Restructuring, asset impairment and other related charges	2	(3)
Other income, net	6	77
Operating (loss) income from continuing operations	(10)	125
Non-operating income, net	23	16
Interest expense, net	(42)	(102)
(Loss) income from continuing operations before tax	(29)	39
Income tax benefit	18	94
(Loss) income from continuing operations	(11)	133
(Loss) income from discontinued operations, net of income taxes	(3)	3
Net (loss) income	(14)	136
Income attributable to non-controlling interests	(1)
Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders	$ (15)	$ 136
From continuing operations
Basic	$ (0.07)	$ 0.99
Diluted	(0.07)	0.99
From discontinued operations
Basic	(0.02)	0.02
Diluted	(0.02)	0.02
Total
Basic	(0.09)	1.01
Diluted	$ (0.09)	$ 1.01

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Other Comprehensive Income [Abstract]
Net (loss) income	$ (14)	$ 136
Other comprehensive loss, net of income taxes:
Currency translation adjustments	(20)	(173)
Other comprehensive loss	(20)	(173)
Comprehensive loss	(34)	(37)
Comprehensive income attributable to non-controlling interests	(1)
Comprehensive loss attributable to Pactiv Evergreen Inc. common shareholders	$ (35)	$ (37)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 328	$ 458
Accounts receivable, net of allowances for doubtful accounts of $3 and $3	425	375
Related party receivables	49	55
Inventories	816	784
Other current assets	150	175
Assets held for sale	0	26
Total current assets	1,768	1,873
Property, plant and equipment, net	1,687	1,685
Operating lease right-of-use assets, net	278	260
Goodwill	1,760	1,760
Intangible assets, net	1,079	1,092
Deferred income taxes	9	7
Other noncurrent assets	170	166
Total assets	6,751	6,843
Liabilities
Accounts payable	356	313
Related party payables	8	10
Current portion of long-term debt	15	15
Current portion of operating lease liabilities	56	57
Income taxes payable	10	10
Accrued and other current liabilities	332	322
Liabilities held for sale	0	12
Total current liabilities	777	739
Long-term debt	3,903	3,965
Long-term operating lease liabilities	236	217
Deferred income taxes	170	193
Long-term employee benefit obligations	496	519
Other noncurrent liabilities	143	136
Total liabilities	5,725	5,769
Commitments and contingencies (Note 13)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,157,710 shares issued and outstanding as of March 31, 2021 and December 31, 2020	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	618	614
Accumulated other comprehensive loss	(369)	(349)
Retained earnings	773	806
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,022	1,071
Non-controlling interests	4	3
Total equity	1,026	1,074
Total liabilities and equity	$ 6,751	$ 6,843

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3	$ 3
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	177,157,710	177,157,710
Common stock, shares outstanding (in shares)	177,157,710	177,157,710
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

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, 2019	$ 2,082		$ 103	$ (518)	$ 2,494	$ 3
Beginning balance, Shares at Dec. 31, 2019		134,400,000
Net (loss) income	136				136
Other comprehensive loss, net of income taxes	(173)			(173)
Distribution of Reynolds Consumer Products Inc.	(46)		(48)	(11)	13
Dividends paid to non-controlling interests	(1)					(1)
Ending balance at Mar. 31, 2020	1,998		55	(702)	2,643	2
Ending balance, Shares at Mar. 31, 2020		134,400,000
Beginning balance at Dec. 31, 2020	$ 1,074		614	(349)	806	3
Beginning balance, Shares at Dec. 31, 2020	177,157,710	177,200,000
Net (loss) income	$ (14)				(15)	1
Other comprehensive loss, net of income taxes	(20)			(20)
Dividends paid to common shareholders ($0.10 per share)	(18)				(18)
Equity based compensation	4		4
Ending balance at Mar. 31, 2021	$ 1,026		$ 618	$ (369)	$ 773	$ 4
Ending balance, Shares at Mar. 31, 2021	177,157,710	177,200,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
Statement Of Stockholders Equity [Abstract]
Common stock, dividends	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash provided by (used in) operating activities
Net (loss) income	$ (14)	$ 136
Adjustments to reconcile net (loss) income to operating cash flows:
Depreciation and amortization	73	135
Deferred income taxes	(27)	(14)
Unrealized loss on derivatives	1	19
Other asset impairment charges	(2)	1
Non-cash portion of employee benefit obligations	(21)	(15)
Non-cash portion of operating lease expense	20	26
Amortization of OID and DIC	1	3
Loss on extinguishment of debt	1	5
Other non-cash items, net	2	(4)
Change in assets and liabilities:
Accounts receivable, net	(51)	(47)
Inventories	(35)	(59)
Other current assets	(3)	(1)
Accounts payable	41	34
Operating lease payments	(19)	(25)
Income taxes payable/receivable	25	(68)
Accrued and other current liabilities	13	(153)
Employee benefit obligation contributions		(2)
Other assets and liabilities	4	(7)
Net cash provided by (used in) operating activities	9	(36)
Cash used in investing activities
Acquisition of property, plant and equipment and intangible assets	(60)	(115)
Disposal of businesses, net of cash disposed	(6)
Net cash used in investing activities	(66)	(115)
Cash (used in) provided by financing activities
Long-term debt proceeds		3,640
Long-term debt repayments	(62)	(3,206)	$ (8,944)
Deferred financing transaction costs on long-term debt		(24)
Premium on redemption of long-term debt	(1)
Dividends paid to common shareholders	(18)
Cash held by Reynolds Consumer Products at the time of distribution		(31)
Other financing activities		(2)
Net cash (used in) provided by financing activities	(81)	377
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(9)
(Decrease) increase in cash, cash equivalents and restricted cash	(140)	217
Cash, cash equivalents and restricted cash as of beginning of the period	468	1,294	1,294
Cash, cash equivalents and restricted cash as of end of the period	328	1,511	468
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	328	1,453	458
Cash and cash equivalents classified as assets held for sale or distribution		54
Restricted cash included within other current assets		4
Cash, cash equivalents and restricted cash as of end of the period	328	1,511	$ 468
Cash paid (received):
Interest	20	175
Income taxes (refunded) paid	$ (16)	$ 11

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Right-of-use assets and lease liabilities recorded during period	$ 33	$ 73
Reynolds Consumer Products Inc. | Discontinued Operations
Shares repurchased and canceled during the period (in shares)		35,791,985
Ownership interest transferred		100.00%

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Note 1. Nature of Operations and Basis of Presentation The accompanying 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 (“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 presentation 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, 2020 filed with the SEC on February 25, 2021. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. All significant intercompany transactions 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 and balance sheet. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes. The estimated recoverable amounts associated with asset impairments recognized in all periods presented represents a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. The worldwide COVID-19 pandemic has had, and will continue to have, a significant impact on our results of operations, and it may also have additional far-reaching impacts on many aspects of our operations including the impact on customer behaviors, business and manufacturing operations, our employees and the market in general. The extent to which the COVID-19 pandemic impacts our business, financial condition, results of operations, cash flows and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, actions taken to contain the virus and how quickly and to what extent normal economic and operating conditions can resume. On February 4, 2020, we distributed our interest in the operations that represented our former Reynolds Consumer Products ("RCP") business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for the IPO of shares of common stock of RCPI ("RCPI IPO"), which was completed on February 4, 2020. To effect the distribution of RCP, we bought back 35,791,985 of our shares from PFL in consideration of us transferring all of our shares in RCPI to PFL. Upon the distribution of RCPI to PFL, we determined that our former RCP business met the criteria to be classified as a discontinued operation. On September 16, 2020, we distributed our interest in the operations that represented our former Graham Packaging Company ("GPC") business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for our initial public offering (“IPO”), which was completed on September 21, 2020. To effect the distribution of GPC, we bought back 14,036,726 of our shares from PFL in consideration of us transferring all of our shares in Graham Packaging Company Inc. (“GPCI”) to PFL. Upon the distribution of GPCI to PFL, we determined that our former GPC business met the criteria to be classified as a discontinued operation. Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations. Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale, or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 2, Discontinued Operations Related Party Transactions, Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU requires sponsors of defined benefit pension or other post-retirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2020 and must be applied on a retrospective basis to all years presented. The requirements of this guidance have an impact on our annual disclosures but have no impact on the measurement and recognition of amounts in our condensed consolidated financial statements. Accounting Guidance Issued but Not Yet Adopted as of March 31, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and whether we plan to adopt the optional expedients and exceptions provided under this new standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 2. Discontinued Operations Our discontinued operations for the three months ended March 31, 2020 was primarily comprised of our former RCP and GPC businesses. Income from discontinued operations, which includes the results of GPC through September 16, 2020 and the results of RCP through February 4, 2020, were as follows: For the Three Months Ended March 31, 2020 Net revenues $ 652 Cost of sales (519 ) Gross profit 133 Selling, general and administrative expenses (82 ) Restructuring, asset impairment and other related charges (5 ) Interest expense, net (1) (21 ) Other expense, net — Income before income taxes from discontinued operations 25 Income tax expense (22 ) Net income from discontinued operations, before gain on disposal 3 Gain on disposal, net of income taxes — Net income from discontinued operations $ 3 (1) Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCPI; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020 During the three months ended March 31, 2021, we recognized a charge of $3 million related to certain historical tax agreements from previously divested businesses. The income from discontinued operations for the three months ended March 31, 2020 includes depreciation and amortization expenses of $67 million. The income from discontinued operations for the three months ended March 31, 2020, includes asset impairment charges of $1 million and restructuring and other related charges of $4 million arising from the ongoing rationalization of GPC's manufacturing footprint, which are included in restructuring, asset impairment and other related charges in the above table. We have no significant continuing involvement in relation to GPCI. Subsequent to February 4, 2020, we continue to trade with RCPI in the ordinary course of business. Refer to Note 16, Related Party Transactions Cash flows from discontinued operations were as follows: For the Three Months Ended March 31, 2020 Net cash provided by operating activities $ 35 Net cash used in investing activities (42 ) Net cash provided by financing activities 478 Net cash from discontinued operations $ 471 Note 3. Assets and Liabilities Held for Sale On March 31, 2021, we completed the sale of the remaining South American closures businesses for an immaterial amount and recognized a partial reversal of the initial impairment charge of $2 million during the three months ended March 31, 2021 which was reflected in restructuring, asset impairment and other related charges in the condensed consolidated statement of (loss) income. This partial reversal was driven by a change in the carrying value of the assets held for sale as of the disposal date. The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations. The results of this business have historically been reported within the Other operating segment. The South American closures businesses' income from operations before income taxes for the three months ended March 31, 2020 and March 31, 2021, respectively, were insignificant.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	3 Months Ended
	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 2. Discontinued Operations Our discontinued operations for the three months ended March 31, 2020 was primarily comprised of our former RCP and GPC businesses. Income from discontinued operations, which includes the results of GPC through September 16, 2020 and the results of RCP through February 4, 2020, were as follows: For the Three Months Ended March 31, 2020 Net revenues $ 652 Cost of sales (519 ) Gross profit 133 Selling, general and administrative expenses (82 ) Restructuring, asset impairment and other related charges (5 ) Interest expense, net (1) (21 ) Other expense, net — Income before income taxes from discontinued operations 25 Income tax expense (22 ) Net income from discontinued operations, before gain on disposal 3 Gain on disposal, net of income taxes — Net income from discontinued operations $ 3 (1) Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCPI; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020 During the three months ended March 31, 2021, we recognized a charge of $3 million related to certain historical tax agreements from previously divested businesses. The income from discontinued operations for the three months ended March 31, 2020 includes depreciation and amortization expenses of $67 million. The income from discontinued operations for the three months ended March 31, 2020, includes asset impairment charges of $1 million and restructuring and other related charges of $4 million arising from the ongoing rationalization of GPC's manufacturing footprint, which are included in restructuring, asset impairment and other related charges in the above table. We have no significant continuing involvement in relation to GPCI. Subsequent to February 4, 2020, we continue to trade with RCPI in the ordinary course of business. Refer to Note 16, Related Party Transactions Cash flows from discontinued operations were as follows: For the Three Months Ended March 31, 2020 Net cash provided by operating activities $ 35 Net cash used in investing activities (42 ) Net cash provided by financing activities 478 Net cash from discontinued operations $ 471 Note 3. Assets and Liabilities Held for Sale On March 31, 2021, we completed the sale of the remaining South American closures businesses for an immaterial amount and recognized a partial reversal of the initial impairment charge of $2 million during the three months ended March 31, 2021 which was reflected in restructuring, asset impairment and other related charges in the condensed consolidated statement of (loss) income. This partial reversal was driven by a change in the carrying value of the assets held for sale as of the disposal date. The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations. The results of this business have historically been reported within the Other operating segment. The South American closures businesses' income from operations before income taxes for the three months ended March 31, 2020 and March 31, 2021, respectively, were insignificant.

Impairment, Restructuring and O

Impairment, Restructuring and Other Related Charges	3 Months Ended
	Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Impairment, Restructuring and Other Related Charges	Note 4. Impairment, Restructuring and Other Related Charges During the three months ended March 31, 2021, we recorded the following impairment, restructuring and other related charges: Other asset impairment Total Other $ (2 ) $ (2 ) Total $ (2 ) $ (2 ) For the three months ended March 31, 2021, we recorded a partial reversal of the initial impairment charge relating to the sale of the South American closures business of $2 million. Refer to Note 3, Assets and Liabilities Held for Sale During the three months ended March 31, 2020, we recorded the following impairment, restructuring and other related charges: Other asset impairment Employee terminations Other restructuring charges Total Foodservice $ 1 $ — $ 1 $ 2 Beverage Merchandising — 1 — 1 Total $ 1 $ 1 $ 1 $ 3 For the three months ended March 31, 2020, we recorded non-cash impairment charges of $1 million relating to obsolete property, plant and equipment, $1 million for employee termination costs and $1 million for other restructuring costs. The remaining aggregate carrying values of the assets impaired at Foodservice was less than $1 million. The following table summarizes the changes to our restructuring liability for the three months ended March 31, 2021: December 31, 2020 Charges to earnings Cash paid March 31, 2021 Employee termination costs $ 7 $ — $ (3 ) $ 4 Total $ 7 $ — $ (3 ) $ 4 We expect to settle our restructuring liability within twelve months.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Note 5. Inventories The components of inventories consisted of the following: As of March 31, 2021 As of December 31, 2020 Raw materials $ 190 $ 180 Work in progress 108 108 Finished goods 429 410 Spare parts 89 86 Inventories $ 816 $ 784

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	Note 6. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following: As of March 31, 2021 As of December 31, 2020 Land and land improvements $ 86 $ 87 Buildings and building improvements 533 532 Machinery and equipment 3,236 3,148 Construction in progress 157 191 Property, plant and equipment, at cost 4,012 3,958 Less: accumulated depreciation (2,325 ) (2,273 ) Property, plant and equipment, net $ 1,687 $ 1,685 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 March 31, 2021 March 31, 2020 Cost of sales $ 54 $ 50 Selling, general and administrative expenses 6 4 Total depreciation expense $ 60 $ 54

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 7. Goodwill and Intangible Assets Goodwill by reportable segment was as follows: Foodservice Food Merchandising Beverage Merchandising Other (1) (2) Total Balance as of December 31, 2020 $ 924 $ 770 $ 66 $ — $ 1,760 Impairment charges — — — — — Balance as of March 31, 2021 $ 924 $ 770 $ 66 $ — $ 1,760 Accumulated impairment losses $ — $ — $ — $ 15 $ 15 (1) Other includes operations that do not meet the quantitative threshold for reportable segments. (2) During the three months ended March 31, 2021, we reduced the gross carrying amount of goodwill and accumulated impairment losses by $7 million for the disposition of the remaining South American closures businesses within the Other operating segment. Refer to Note 3, Assets and Liabilities Held for Sale , for additional details. Intangible assets, net consisted of the following: As of March 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,019 $ (553 ) $ 466 $ 1,019 $ (540 ) $ 479 Other 20 (20 ) — 20 (20 ) — Total finite-lived intangible assets $ 1,039 $ (573 ) $ 466 $ 1,039 $ (560 ) $ 479 Indefinite-lived intangible assets Trademarks $ 554 $ — $ 554 $ 554 $ — $ 554 Other 59 — 59 59 — 59 Total indefinite-lived intangible assets $ 613 $ — $ 613 $ 613 $ — $ 613 Total intangible assets $ 1,652 $ (573 ) $ 1,079 $ 1,652 $ (560 ) $ 1,092 Amortization expense for intangible assets was $13 million and $14 million for the three months ended March 31, 2021 and 2020, respectively, and was recognized in selling, general and administrative expenses.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued and Other Current Liabilities	Note 8. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: As of March 31, 2021 As of December 31, 2020 Accrued personnel costs $ 101 $ 117 Accrued rebates and credits 74 68 Accrued interest 34 16 Other (1) 123 121 Accrued and other current liabilities $ 332 $ 322 (1) Other includes items such as accruals for freight, utilities and property and other non-income related taxes.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 9. Debt Debt consisted of the following: As of March 31, 2021 As of December 31, 2020 Credit Agreement $ 2,453 $ 2,457 Notes: 5.125% Senior Secured Notes due 2023 — 59 4.000% Senior Secured Notes due 2027 1,000 1,000 Pactiv Debentures: 7.950% Debentures due 2025 276 276 8.375% Debentures due 2027 200 200 Other 12 12 Total principal amount of borrowings 3,941 4,004 Deferred financing transaction costs ("DIC") (14 ) (14 ) Original issue discounts, net of premiums ("OID") (9 ) (10 ) 3,918 3,980 Less: current portion (15 ) (15 ) Long-term debt $ 3,903 $ 3,965 We were in compliance with all debt covenants during the three months ended March 31, 2021 and the year ended December 31, 2020. As detailed in our Annual Report on Form 10-K for the year ended December 31, 2020, during the year ended December 31, 2020, we repaid portions of term loans, the securitization facility and notes totaling $8,944 million, for an aggregate price, including premiums, of $8,978 million, prior to maturity. This included first quarter repayments of $3,206 million of term loans, borrowings under the securitization facility and notes. The repayment of these borrowings resulted in a $5 million loss on extinguishment of debt reported within discontinued operations. Refer to Note 2, Discontinued Operations, Credit Agreement Certain subsidiaries of the Company are parties to a senior secured credit agreement dated August 5, 2016 as amended (the “Credit Agreement”). The Credit Agreement comprises the following term and revolving tranches: Maturity Date Value Drawn or Utilized as of March 31, 2021 Applicable Interest Rate as of March 31, 2021 Term Tranches U.S. term loans Tranche B-1 February 5, 2023 $ 1,207 LIBOR (floor of 0.000%) + 2.750% U.S. term loans Tranche B-2 February 5, 2026 $ 1,246 LIBOR (floor of 0.000%) + 3.250% Revolving Tranche (1) U.S. Revolving Loans August 5, 2024 $ 43 — (1) The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of bank guarantees and letters of The weighted average contractual interest rates related to our U.S. term loans Tranche B-1 for the three months ended March 31, 2021 and 2020 were 2.88% and 4.44%, respectively. The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 for the three months ended March 31, 2021 was 3.38%. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates. Certain of our U.S. subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement and related documents to the extent permitted by law. 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 note holders under the senior secured 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 Tranche B-2 term loans. Additionally, we are required to make annual prepayments of term loans with up to 50% of excess cash flow (which will be reduced to 25% or 0% if specified senior secured first lien leverage ratios are met) as determined in accordance with the Credit Agreement. No excess cash flow prepayments were due in 2020 or are due in 2021 for the year ended December 31, 2020. Notes Outstanding Notes, as of March 31, 2021, are summarized below: Description Maturity date Semi-annual interest payment dates 4.000% Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15, commencing April 15, 2021 On February 16, 2021, we repaid the remaining $59 million of the 5.125% senior secured notes at a price of 101.281%. The early repayment of these senior secured notes resulted in a loss on extinguishment of debt of $1 million in respect of the premium on redemption, which was recognized in interest expense, net in the consolidated statement of (loss) income. Assets pledged as security for borrowings We, and certain of our U.S. subsidiaries, have pledged substantially all of our assets as collateral to support the obligations under the Credit Agreement and the senior secured notes to the extent permitted by law. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement. Notes indentures restrictions The indenture governing the Notes contains customary covenants which restrict us from certain activities including, among other things, incurring debt, creating liens over assets, selling assets and making restricted payments, in each case except as permitted under the indenture governing the Notes. Early redemption option and change in control provisions Under the indenture governing the Notes, we can, at our option, elect to redeem the Notes under terms and conditions specified in the indenture. Under the indenture 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, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”): Description Maturity date Semi-annual 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 include finance lease obligations of $12 million as of March 31, 2021 and December 31, 2020, respectively. Scheduled Maturities Below is a schedule of required future repayments on our debt outstanding as of March 31, 2021: 2021 $ 11 2022 16 2023 1,220 2024 13 2025 289 Thereafter 2,392 Total principal amount of borrowings $ 3,941 Fair value of our long-term debt The fair value of our long-term debt as of March 31, 2021 and December 31, 2020 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, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Agreement $ 2,444 $ 2,437 $ 2,447 $ 2,443 Notes: 5.125% Senior Secured Notes due 2023 — — 59 60 4.000% Senior Secured Notes due 2027 991 981 991 1,024 Pactiv Debentures: 7.950% Debentures due 2025 273 308 273 318 8.375% Debentures due 2027 198 229 198 235 Other 12 12 12 12 Total $ 3,918 $ 3,967 $ 3,980 $ 4,092 Interest expense, net Interest expense, net consisted of the following: As of March 31, 2021 As of March 31, 2020 Interest expense: Securitization Facility $ — $ 3 Credit Agreement 19 38 Notes 10 43 Pactiv Debentures 10 10 Interest income, related party (1) — (4 ) Interest income, other (1 ) (4 ) Amortization: Deferred financing transaction costs 1 6 Original issue discounts — 2 Derivative losses — 12 Net foreign currency exchange losses (gains) 1 (6 ) Loss on extinguishment of debt: Write-off of unamortized DIC and OID — — Redemption premiums 1 — Other 1 2 Interest expense, net (2) $ 42 $ 102 (1) Refer to Note 16, Related Party Transactions, for additional details (2) Amounts presented in the above table exclude interest expense and amortization of deferred financing transaction costs in respect of our 5.750 % Senior Secured Notes which were due 2020. Such amounts are presented within discontinued operations as these senior secured notes were required to be repaid in conjunction with the distribution of RCPI.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments	Note 10. Financial Instruments We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets: As of March 31, 2021 As of December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Commodity swap contracts $ 6 $ — $ 9 $ (2 ) Total fair value $ 6 $ — $ 9 $ (2 ) Recorded in: Other current assets $ 6 $ — $ 9 $ — Accrued and other current liabilities — — — (2 ) Total fair value $ 6 $ — $ 9 $ (2 ) Our derivatives comprise commodity swaps. All derivatives represent Level 2 financial assets and liabilities. Our derivatives are valued using an income approach based on the observable market index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. During the three months ended March 31, 2021 and 2020, we recognized an unrealized loss of $1 million and $17 million, respectively, in cost of sales in the condensed consolidated statements of (loss) income. The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2021: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Natural gas swaps Million BTU 2,148,395 $2.47 - $2.94 May 2021 - Sep 2022 Polymer-grade propylene swaps Pound 24,571,427 $0.38 - $0.52 Apr 2021 - Aug 2021 Benzene swaps U.S. liquid gallon 5,518,856 $1.51 - $2.96 May 2021 - Dec 2021 Diesel swaps U.S. liquid gallon 233,160 $2.41 - $2.50 Apr 2021 - Dec 2021 Low-density polyethylene swaps Pound 9,000,000 $ 0.71 Apr 2021 - Dec 2021 Ethylene swaps Pound 161,944 $ 0.26 Apr 2021 - Apr 2021

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefits	Note 11. Employee Benefits Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans consisted of the following: For the Three Months Ended March 31, 2021 2020 Service cost $ (2 ) $ (2 ) Interest cost (27 ) (35 ) Expected return on plan assets 50 51 Total net periodic benefit income $ 21 $ 14 Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans has been recognized as follows: For the Three Months Ended March 31, 2021 2020 Cost of sales $ (2 ) $ (2 ) Non-operating income, net 23 16 Total net periodic benefit income $ 21 $ 14 No contributions to the Pactiv Evergreen Pension Plan (“PEPP”) are expected to be made in 2021.

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2021
Other Income And Expenses [Abstract]
Other Income, Net	Note 12. Other Income, Net Other income, net consisted of the following: For the Three Months Ended March 31, 2021 2020 Related party management fee (1) $ — $ (5 ) Foreign exchange gains on cash (2) — 84 Transition service agreement income (1) 4 4 Other 2 (6 ) Other income, net $ 6 $ 77 (1) See Note 16, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, RCP and GPC, and our former closures businesses. (2) Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, personal injury and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our balance sheet, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our balance sheet, results of operations or cash flows in a future period. On April 14, 2021, MP2 Energy LLC (“MP2”) filed a lawsuit against Pactiv LLC (“Pactiv”), one of our indirect subsidiaries, in state court in Montgomery County, Texas. In this lawsuit, MP2 seeks to collect approximately $40 million from Pactiv that MP2 claims that Pactiv owes MP2 under an energy management services agreement (“EMSA”). Under the EMSA, Pactiv agreed, among other things, to sell MP2 a certain contract quantity of energy at a specified price. If this contract quantity of energy became unavailable for Pactiv to sell to MP2, the EMSA granted MP2 the right to contract for the purchase of the shortfall in the contract quantity, and to charge Pactiv for the cost incurred by MP2 in contracting for that shortfall, “unless due to an event of Force Majeure.” On February 15, 2021, Pactiv notified MP2 that Pactiv was excused by Force Majeure under the EMSA to the extent that the contract quantity of energy was not available for Pactiv to sell to MP2 because of the winter weather emergency caused by Winter Storm Uri. Even though MP2 does not dispute that Winter Storm Uri constituted an event of Force Majeure under the EMSA, MP2 nevertheless seeks to hold Pactiv responsible in this lawsuit for $40 million in costs that MP2 claims it incurred in contracting for a shortfall in Pactiv’s contract quantity of energy during the event of Force Majeure. Pactiv disputes any liability to MP2 and maintains that Pactiv acted reasonably at all times and that the event of Force Majeure excused any obligation Pactiv had to supply the contract quantity under the EMSA or to reimburse MP2 for its cost in contracting for any shortfall in the contract quantity. Pactiv believes that MP2’s claim is without merit and that Pactiv has strong defenses against MP2’s claim, including, but not limited to, Force Majeure. Pactiv intends to vigorously defend itself against MP2’s claim in this lawsuit. Although we are confident of Pactiv’s legal position in this matter and do not consider it probable that this matter will result in a material loss, we can offer no assurance that Pactiv will in fact obtain a favorable outcome. As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. As of March 31, 2021, we are not aware of any material claims under these agreements that would give rise to an additional liability. However, if such claims arise in the future, they could have a material effect on our balance sheet, results of operations and cash flows.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 14. 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 March 31, 2021 2020 Currency translation adjustments: Balance as of beginning of period $ (189 ) $ (354 ) Currency translation adjustments (9 ) (174 ) Amounts reclassified from AOCL (1) (11 ) 1 Other comprehensive income (loss) (20 ) (173 ) Distribution of RCPI (2)(3) — 2 Balance as of end of period $ (209 ) $ (525 ) Defined benefit plans: Plans associated with continuing operations Balance as of beginning of period $ (160 ) $ (176 ) Balance as of end of period $ (160 ) $ (176 ) Plans held for sale or distribution Balance as of beginning of period $ — $ 12 Distribution of RCPI (2)(3) — (13 ) Balance as of end of period $ — $ (1 ) AOCL Balance as of beginning of period $ (349 ) $ (518 ) Other comprehensive income (loss) (20 ) (173 ) Distribution of RCPI (2)(3) — (11 ) Balance as of end of period $ (369 ) $ (702 ) (1) The reclassification of currency translation adjustment amounts to earnings during the three months ended March 31, 2021 relates to the sale of the remaining South American closures business. See Note 3, Assets and Liabilities Held for Sale , for additional details. (2) Currency Discontinued Operations, for additional details. (3) Defined benefit plan reclassifications associated with the distribution of RCPI are recorded directly to retained earnings.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 15. Income Taxes The effective tax rates for the three months ended March 31, 2021 and 2020 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, 2021, we recognized a tax benefit of $18 million on a loss from continuing operations before tax of $29 million. The effective tax rate was driven primarily by a $10 million discrete benefit from the partial release of our valuation allowance for deferred interest deductions, which was partially offset by certain nondeductible expenses and varying rates among the jurisdictions in which we operate. During the three months ended March 31, 2020, we recognized a tax benefit of $94 million on income from continuing operations before tax of $39 million. The effective tax rate is primarily attributable to the enactment of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in March 2020 and the mix of income and losses taxed at varying rates among the jurisdictions in which we operate. Retroactive provisions of the CARES Act enabled us to utilize additional deferred interest deductions, which lowered taxable income for both the year ended December 31, 2019 and the year ended December 31, 2020. We recognized in the three months ended March 31, 2020 a discrete tax benefit of $90 million in respect of our taxable income for the year ended December 31, 2019. 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. It is possible the audit will be completed in the next 12 months. As of March 31, 2021, 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, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 16. Related Party Transactions As of March 31, 2021, 78% of our shares are owned by PFL or another entity of which Mr. Graeme Hart is the ultimate shareholder (together with PFL, the “Hart Stockholders”). In addition to the distributions of RCPI and GPCI to PFL in 2020, as described further in Note 1, Nature of Operations and Basis of Presentation Transaction Value for the Three Months Ended Balance Outstanding as of: March 31, 2021 March 31, 2020 March 31, 2021 December 31, 2020 Balances and transactions with joint ventures Included in other current assets $ 11 $ 7 Sale of goods and services (1) $ 10 $ 11 Balances and transactions with other entities controlled by Mr. Graeme Hart Current related party receivables 49 55 Sale of goods and services (2) 78 87 Transition services agreements and rental income (2) 4 3 Tax loss transfer (3) — 13 Recharges (4) 5 — Noncurrent related party receivables (5) — — Interest income — 3 Related party payables (8 ) (10 ) Purchase of goods (2) (25 ) (39 ) Recharges (4) (6 ) (6 ) Management fee (6) — (5 ) Tax loss transfer (3) — (1 ) (1) (2) Discontinued Operations (3) (4) (5 ) Our previous loan with R ank accrued interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25 %. During the three months ended March 31, 2020, interest was charged at 4.28 % . In September 2020, in preparation for our IPO, the loan receivable was forgiven and was recognized as a reduction in retained earnings. (6 )

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based Compensation	Note 17. Equity Based Compensation In conjunction with our IPO, 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. The maximum number of shares of common stock initially available for issuance under our Equity Incentive Plan was 9,079,395 shares. We recognized $4 million of equity based compensation expense for the three months ended March 31, 2021 which is reflected in selling, general and administrative expenses in the condensed consolidated statement of (loss) income. There was no equity based compensation expense recorded during the three months ended March 31, 2020. Restricted Stock Units During the three months ended March 31, 2021, we granted additional restricted stock units (“RSUs”) to certain members of management. These RSUs required future service to be provided and vest in annual installments over a period ranging from 1 to 4 years beginning on the first anniversary of the original grant date. The following table summarizes RSU activity during 2021: (in thousands, except per share amounts) Number of Stock Units Weighted- Average Grant Date Fair Value Non-vested, at January 1 297 $ 14.00 Granted 686 $ 15.04 Non-vested, at March 31 983 $ 14.73 Unrecognized compensation cost related to unvested RSUs as of March 31, 2021 was $9 million Performance Share Units We may grant performance share units (“PSUs”) which vest based on the achievement of various company performance targets achieved during a performance period set by our Compensation Committee. 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. Each PSU is equal to one common share once vested with varying maximum award value limitations. During the three months ended March 31, 2021, we granted PSUs to certain members of management which The following table summarizes PSU activity during 2021: (in thousands, except per share amounts) Number of Stock Units Weighted- Average Grant Date Fair Value Non-vested, at January 1 — $ — Granted 298 $ 15.05 Non-vested, at March 31 298 $ 15.05 Unrecognized compensation cost related to unvested PSUs as of March 31, 2021 was $ 4 average period of 3.0 years

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 18. Earnings Per Share A reconciliation of the number of shares used for our (loss) earnings per share calculation was as follows: For the Three Months Ended March 31, 2021 2020 Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders From continuing operations $ (12 ) $ 133 From discontinued operations (3 ) 3 Total $ (15 ) $ 136 Weighted average number of shares outstanding Basic 177.2 134.4 Effect of dilutive securities — — Diluted 177.2 134.4 (Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders From continuing operations Basic $ (0.07 ) $ 0.99 Diluted $ (0.07 ) $ 0.99 From discontinued operations Basic $ (0.02 ) $ 0.02 Diluted $ (0.02 ) $ 0.02 Total Basic $ (0.09 ) $ 1.01 Diluted $ (0.09 ) $ 1.01 The weighted average number of shares outstanding prior to our IPO reflects our conversion to a Delaware incorporated entity and the subsequent stock split, as detailed in our Annual Report on Form 10-K for the year ended December 31, 2020. The stock split has been retroactively reflected, resulting in 134.4 million weighted average number of shares outstanding for the three months ended March 31, 2020. The weighted average number of anti-dilutive potential common shares excluded from the calculation above was 0.2 million shares for the three months ended March 31, 2021. Our Board of Directors approved a dividend of $0.10 per share on May 3, 2021 to be paid on June 15, 2021 to shareholders of record as of May 28, 2021.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Note 19. Segment Information ASC 280 Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280, we have three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. These reportable segments reflect our operating structure and the manner in which our Chief Operating Decision Maker (“CODM”) assesses information for decision-making purposes. The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products. This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions. Our reportable segments are described as follows: Foodservice - Manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Foodservice manufactures food containers, drinkware (hot and cold cups and lids), dinnerware, serviceware and other products which make eating on-the-go more enjoyable and easy to do. Food Merchandising - Manufactures products that protect and attractively display food while preserving freshness. Food Merchandising products include clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and molded fiber cartons. Beverage Merchandising - M anufactures 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 fres h beverage carton manufacturers as well as a range of paper-based products which it sells to paper and packaging converters. Other/Unallocated - In addition to our reportable segments, we have other operating segments that do not meet the threshold for presentation as a reportable segment. These operating segments include the remaining components of our former closures business, which generate revenue from the sale of caps and closures, and are presented as “Other” in the reconciliation between total reportable segment amounts and the equivalent consolidated measure. Unallocated includes corporate costs, primarily relating to companywide functions such as finance, tax and legal and the effects of the PEPP and equity based compensation. Information by Segment We present reportable segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments. Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, foreign exchange gains or losses on cash, related party management fees, unrealized gains or losses on derivatives, gains or losses on the sale of businesses and noncurrent assets, impairment charges, restructuring, asset impairment and other related charges, operational process engineering-related consultancy costs, non-cash pension income or expense, strategic review and transaction-related costs, and executive transition charges. Reportable segment assets represent trade receivables, inventory and property, plant and equipment: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total For the Three Months Ended March 31, 2021 Net revenues $ 454 $ 342 $ 339 $ 1,135 Intersegment revenues — — 18 18 Total reportable segment net revenues $ 454 $ 342 $ 357 $ 1,153 Adjusted EBITDA $ 61 $ 55 $ (32 ) $ 84 For the Three Months Ended March 31, 2020 Net revenues $ 473 $ 344 $ 363 $ 1,180 Intersegment revenues — — 34 34 Total reportable segment net revenues $ 473 $ 344 $ 397 $ 1,214 Adjusted EBITDA $ 56 $ 53 $ 49 $ 158 Reportable segment assets consisted of the following: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total As of March 31, 2021 $ 1,099 $ 722 $ 1,065 $ 2,886 As of December 31, 2020 1,064 703 1,039 2,806 The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP (loss) income from continuing operations before income taxes: For the Three Months Ended March 31, 2021 2020 Reportable segment Adjusted EBITDA $ 84 $ 158 Other 1 2 Unallocated (8 ) (15 ) 77 145 Adjustments to reconcile to U.S. GAAP (loss) income from continuing operations before income taxes Interest expense, net (42 ) (102 ) Depreciation and amortization (73 ) (68 ) Restructuring, asset impairment and other related charges 2 (3 ) Non-cash pension income 23 18 Operational process engineering related consultancy costs (3 ) (8 ) Related party management fee — (5 ) Strategic review and transaction-related costs — (6 ) Foreign exchange gains on cash — 84 Unrealized losses on derivatives (1 ) (17 ) Executive transition charges (10 ) — Other (2 ) 1 (Loss) income from continuing operations before tax $ (29 ) $ 39 The following table presents a reconciliation of reportable segment assets to consolidated assets: As of March 31, 2021 As of December 31, 2020 Reportable segment assets $ 2,886 $ 2,806 Other 40 34 Unallocated (1) 3,825 4,003 Total assets $ 6,751 $ 6,843 (1) Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets. Information in Relation to Products Net revenues by product line are as follows: For the Three Months Ended March 31, 2021 2020 Foodservice Drinkware (1) $ 165 $ 182 Containers (1) 209 179 Tableware (1) 38 64 Serviceware and other (1) 42 48 Food Merchandising Meat trays 87 95 Bakery/snack/produce/fruit containers 69 64 Prepared food trays 34 34 Egg cartons 26 26 Tableware (2) 82 87 Other 44 38 Beverage Merchandising Cartons for fresh beverage products 192 200 Liquid packaging board 91 115 Paper products 74 82 Reportable segment net revenues 1,153 1,214 Other / Unallocated Other 29 32 Inter-segment eliminations (18 ) (34 ) Net revenues $ 1,164 $ 1,212 (1) Certain product sales in the prior year have been re-categorized to conform with the current year presentation as the segment realigned its go-to-market product strategy. (2) During the current year, Food Merchandising changed the name of its historical Dinnerware product line to Tableware. 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, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recently Adopted and Recently Issued But Not Yet Accounting Guidance	Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU requires sponsors of defined benefit pension or other post-retirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2020 and must be applied on a retrospective basis to all years presented. The requirements of this guidance have an impact on our annual disclosures but have no impact on the measurement and recognition of amounts in our condensed consolidated financial statements. Accounting Guidance Issued but Not Yet Adopted as of March 31, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and whether we plan to adopt the optional expedients and exceptions provided under this new standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Summary of Discontinued Operations Financial Information	Income from discontinued operations, which includes the results of GPC through September 16, 2020 and the results of RCP through February 4, 2020, were as follows: For the Three Months Ended March 31, 2020 Net revenues $ 652 Cost of sales (519 ) Gross profit 133 Selling, general and administrative expenses (82 ) Restructuring, asset impairment and other related charges (5 ) Interest expense, net (1) (21 ) Other expense, net — Income before income taxes from discontinued operations 25 Income tax expense (22 ) Net income from discontinued operations, before gain on disposal 3 Gain on disposal, net of income taxes — Net income from discontinued operations $ 3 (1) Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCPI; also includes a $5 million loss on extinguishment of debt from the repayment of corporate debt on February 4, 2020 Cash flows from discontinued operations were as follows: For the Three Months Ended March 31, 2020 Net cash provided by operating activities $ 35 Net cash used in investing activities (42 ) Net cash provided by financing activities 478 Net cash from discontinued operations $ 471

Impairment, Restructuring and_2

Impairment, Restructuring and Other Related Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Summary of Impairment, Restructuring and Other Related Charges	During the three months ended March 31, 2021, we recorded the following impairment, restructuring and other related charges: Other asset impairment Total Other $ (2 ) $ (2 ) Total $ (2 ) $ (2 ) During the three months ended March 31, 2020, we recorded the following impairment, restructuring and other related charges: Other asset impairment Employee terminations Other restructuring charges Total Foodservice $ 1 $ — $ 1 $ 2 Beverage Merchandising — 1 — 1 Total $ 1 $ 1 $ 1 $ 3
Summary of Restructuring Liability	The following table summarizes the changes to our restructuring liability for the three months ended March 31, 2021: December 31, 2020 Charges to earnings Cash paid March 31, 2021 Employee termination costs $ 7 $ — $ (3 ) $ 4 Total $ 7 $ — $ (3 ) $ 4

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Summary of the Components of Inventory	The components of inventories consisted of the following: As of March 31, 2021 As of December 31, 2020 Raw materials $ 190 $ 180 Work in progress 108 108 Finished goods 429 410 Spare parts 89 86 Inventories $ 816 $ 784

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment, Net and Depreciation Expense	Property, plant and equipment, net consisted of the following: As of March 31, 2021 As of December 31, 2020 Land and land improvements $ 86 $ 87 Buildings and building improvements 533 532 Machinery and equipment 3,236 3,148 Construction in progress 157 191 Property, plant and equipment, at cost 4,012 3,958 Less: accumulated depreciation (2,325 ) (2,273 ) Property, plant and equipment, net $ 1,687 $ 1,685 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 March 31, 2021 March 31, 2020 Cost of sales $ 54 $ 50 Selling, general and administrative expenses 6 4 Total depreciation expense $ 60 $ 54

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill by Reportable Segment	Goodwill by reportable segment was as follows: Foodservice Food Merchandising Beverage Merchandising Other (1) (2) Total Balance as of December 31, 2020 $ 924 $ 770 $ 66 $ — $ 1,760 Impairment charges — — — — — Balance as of March 31, 2021 $ 924 $ 770 $ 66 $ — $ 1,760 Accumulated impairment losses $ — $ — $ — $ 15 $ 15 (1) Other includes operations that do not meet the quantitative threshold for reportable segments. (2) During the three months ended March 31, 2021, we reduced the gross carrying amount of goodwill and accumulated impairment losses by $7 million for the disposition of the remaining South American closures businesses within the Other operating segment. Refer to Note 3, Assets and Liabilities Held for Sale , for additional details.
Summary of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following: As of March 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,019 $ (553 ) $ 466 $ 1,019 $ (540 ) $ 479 Other 20 (20 ) — 20 (20 ) — Total finite-lived intangible assets $ 1,039 $ (573 ) $ 466 $ 1,039 $ (560 ) $ 479 Indefinite-lived intangible assets Trademarks $ 554 $ — $ 554 $ 554 $ — $ 554 Other 59 — 59 59 — 59 Total indefinite-lived intangible assets $ 613 $ — $ 613 $ 613 $ — $ 613 Total intangible assets $ 1,652 $ (573 ) $ 1,079 $ 1,652 $ (560 ) $ 1,092
Summary of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following: As of March 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,019 $ (553 ) $ 466 $ 1,019 $ (540 ) $ 479 Other 20 (20 ) — 20 (20 ) — Total finite-lived intangible assets $ 1,039 $ (573 ) $ 466 $ 1,039 $ (560 ) $ 479 Indefinite-lived intangible assets Trademarks $ 554 $ — $ 554 $ 554 $ — $ 554 Other 59 — 59 59 — 59 Total indefinite-lived intangible assets $ 613 $ — $ 613 $ 613 $ — $ 613 Total intangible assets $ 1,652 $ (573 ) $ 1,079 $ 1,652 $ (560 ) $ 1,092

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following: As of March 31, 2021 As of December 31, 2020 Accrued personnel costs $ 101 $ 117 Accrued rebates and credits 74 68 Accrued interest 34 16 Other (1) 123 121 Accrued and other current liabilities $ 332 $ 322 (1) Other includes items such as accruals for freight, utilities and property and other non-income related taxes.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of March 31, 2021 As of December 31, 2020 Credit Agreement $ 2,453 $ 2,457 Notes: 5.125% Senior Secured Notes due 2023 — 59 4.000% Senior Secured Notes due 2027 1,000 1,000 Pactiv Debentures: 7.950% Debentures due 2025 276 276 8.375% Debentures due 2027 200 200 Other 12 12 Total principal amount of borrowings 3,941 4,004 Deferred financing transaction costs ("DIC") (14 ) (14 ) Original issue discounts, net of premiums ("OID") (9 ) (10 ) 3,918 3,980 Less: current portion (15 ) (15 ) Long-term debt $ 3,903 $ 3,965
Summary of Components of the Credit Agreement	The Credit Agreement comprises the following term and revolving tranches: Maturity Date Value Drawn or Utilized as of March 31, 2021 Applicable Interest Rate as of March 31, 2021 Term Tranches U.S. term loans Tranche B-1 February 5, 2023 $ 1,207 LIBOR (floor of 0.000%) + 2.750% U.S. term loans Tranche B-2 February 5, 2026 $ 1,246 LIBOR (floor of 0.000%) + 3.250% Revolving Tranche (1) U.S. Revolving Loans August 5, 2024 $ 43 — (1) The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of bank guarantees and letters of
Schedule of Outstanding Senior Secured Notes	Outstanding Notes, as of March 31, 2021, are summarized below: Description Maturity date Semi-annual interest payment dates 4.000% Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15, commencing April 15, 2021 As of March 31, 2021, we had outstanding the following debentures (together, the “Pactiv Debentures”): Description Maturity date Semi-annual 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, 2021: 2021 $ 11 2022 16 2023 1,220 2024 13 2025 289 Thereafter 2,392 Total principal amount of borrowings $ 3,941
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, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Agreement $ 2,444 $ 2,437 $ 2,447 $ 2,443 Notes: 5.125% Senior Secured Notes due 2023 — — 59 60 4.000% Senior Secured Notes due 2027 991 981 991 1,024 Pactiv Debentures: 7.950% Debentures due 2025 273 308 273 318 8.375% Debentures due 2027 198 229 198 235 Other 12 12 12 12 Total $ 3,918 $ 3,967 $ 3,980 $ 4,092
Interest Expense, Net	Interest expense, net consisted of the following: As of March 31, 2021 As of March 31, 2020 Interest expense: Securitization Facility $ — $ 3 Credit Agreement 19 38 Notes 10 43 Pactiv Debentures 10 10 Interest income, related party (1) — (4 ) Interest income, other (1 ) (4 ) Amortization: Deferred financing transaction costs 1 6 Original issue discounts — 2 Derivative losses — 12 Net foreign currency exchange losses (gains) 1 (6 ) Loss on extinguishment of debt: Write-off of unamortized DIC and OID — — Redemption premiums 1 — Other 1 2 Interest expense, net (2) $ 42 $ 102 (1) Refer to Note 16, Related Party Transactions, for additional details (2) Amounts presented in the above table exclude interest expense and amortization of deferred financing transaction costs in respect of our 5.750 % Senior Secured Notes which were due 2020. Such amounts are presented within discontinued operations as these senior secured notes were required to be repaid in conjunction with the distribution of RCPI.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets: As of March 31, 2021 As of December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Commodity swap contracts $ 6 $ — $ 9 $ (2 ) Total fair value $ 6 $ — $ 9 $ (2 ) Recorded in: Other current assets $ 6 $ — $ 9 $ — Accrued and other current liabilities — — — (2 ) Total fair value $ 6 $ — $ 9 $ (2 )
Summary of Outstanding Commodity Derivative Contracts	The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2021: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Natural gas swaps Million BTU 2,148,395 $2.47 - $2.94 May 2021 - Sep 2022 Polymer-grade propylene swaps Pound 24,571,427 $0.38 - $0.52 Apr 2021 - Aug 2021 Benzene swaps U.S. liquid gallon 5,518,856 $1.51 - $2.96 May 2021 - Dec 2021 Diesel swaps U.S. liquid gallon 233,160 $2.41 - $2.50 Apr 2021 - Dec 2021 Low-density polyethylene swaps Pound 9,000,000 $ 0.71 Apr 2021 - Dec 2021 Ethylene swaps Pound 161,944 $ 0.26 Apr 2021 - Apr 2021

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Net Periodic Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans	Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans consisted of the following: For the Three Months Ended March 31, 2021 2020 Service cost $ (2 ) $ (2 ) Interest cost (27 ) (35 ) Expected return on plan assets 50 51 Total net periodic benefit income $ 21 $ 14 Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans has been recognized as follows: For the Three Months Ended March 31, 2021 2020 Cost of sales $ (2 ) $ (2 ) Non-operating income, net 23 16 Total net periodic benefit income $ 21 $ 14

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income And Expenses [Abstract]
Schedule of Other Income, Net	Other income, net consisted of the following: For the Three Months Ended March 31, 2021 2020 Related party management fee (1) $ — $ (5 ) Foreign exchange gains on cash (2) — 84 Transition service agreement income (1) 4 4 Other 2 (6 ) Other income, net $ 6 $ 77 (1) See Note 16, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, RCP and GPC, and our former closures businesses. (2) Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Currency translation adjustments: Balance as of beginning of period $ (189 ) $ (354 ) Currency translation adjustments (9 ) (174 ) Amounts reclassified from AOCL (1) (11 ) 1 Other comprehensive income (loss) (20 ) (173 ) Distribution of RCPI (2)(3) — 2 Balance as of end of period $ (209 ) $ (525 ) Defined benefit plans: Plans associated with continuing operations Balance as of beginning of period $ (160 ) $ (176 ) Balance as of end of period $ (160 ) $ (176 ) Plans held for sale or distribution Balance as of beginning of period $ — $ 12 Distribution of RCPI (2)(3) — (13 ) Balance as of end of period $ — $ (1 ) AOCL Balance as of beginning of period $ (349 ) $ (518 ) Other comprehensive income (loss) (20 ) (173 ) Distribution of RCPI (2)(3) — (11 ) Balance as of end of period $ (369 ) $ (702 ) (1) The reclassification of currency translation adjustment amounts to earnings during the three months ended March 31, 2021 relates to the sale of the remaining South American closures business. See Note 3, Assets and Liabilities Held for Sale , for additional details. (2) Currency Discontinued Operations, for additional details. (3) Defined benefit plan reclassifications associated with the distribution of RCPI are recorded directly to retained earnings.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transaction Value for the Three Months Ended Balance Outstanding as of: March 31, 2021 March 31, 2020 March 31, 2021 December 31, 2020 Balances and transactions with joint ventures Included in other current assets $ 11 $ 7 Sale of goods and services (1) $ 10 $ 11 Balances and transactions with other entities controlled by Mr. Graeme Hart Current related party receivables 49 55 Sale of goods and services (2) 78 87 Transition services agreements and rental income (2) 4 3 Tax loss transfer (3) — 13 Recharges (4) 5 — Noncurrent related party receivables (5) — — Interest income — 3 Related party payables (8 ) (10 ) Purchase of goods (2) (25 ) (39 ) Recharges (4) (6 ) (6 ) Management fee (6) — (5 ) Tax loss transfer (3) — (1 ) (1) (2) Discontinued Operations (3) (4) (5 ) Our previous loan with R ank accrued interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25 %. During the three months ended March 31, 2020, interest was charged at 4.28 % . In September 2020, in preparation for our IPO, the loan receivable was forgiven and was recognized as a reduction in retained earnings. (6 )

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Restricted Stock Units (RSUs)
Summary of Restricted Stock Unit Activity	The following table summarizes RSU activity during 2021: (in thousands, except per share amounts) Number of Stock Units Weighted- Average Grant Date Fair Value Non-vested, at January 1 297 $ 14.00 Granted 686 $ 15.04 Non-vested, at March 31 983 $ 14.73
Performance Stock Units (PSU)
Summary of Performance Stock Unit Activity	The following table summarizes PSU activity during 2021: (in thousands, except per share amounts) Number of Stock Units Weighted- Average Grant Date Fair Value Non-vested, at January 1 — $ — Granted 298 $ 15.05 Non-vested, at March 31 298 $ 15.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	A reconciliation of the number of shares used for our (loss) earnings per share calculation was as follows: For the Three Months Ended March 31, 2021 2020 Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders From continuing operations $ (12 ) $ 133 From discontinued operations (3 ) 3 Total $ (15 ) $ 136 Weighted average number of shares outstanding Basic 177.2 134.4 Effect of dilutive securities — — Diluted 177.2 134.4 (Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders From continuing operations Basic $ (0.07 ) $ 0.99 Diluted $ (0.07 ) $ 0.99 From discontinued operations Basic $ (0.02 ) $ 0.02 Diluted $ (0.02 ) $ 0.02 Total Basic $ (0.09 ) $ 1.01 Diluted $ (0.09 ) $ 1.01

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	We present reportable segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments. Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, foreign exchange gains or losses on cash, related party management fees, unrealized gains or losses on derivatives, gains or losses on the sale of businesses and noncurrent assets, impairment charges, restructuring, asset impairment and other related charges, operational process engineering-related consultancy costs, non-cash pension income or expense, strategic review and transaction-related costs, and executive transition charges. Reportable segment assets represent trade receivables, inventory and property, plant and equipment: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total For the Three Months Ended March 31, 2021 Net revenues $ 454 $ 342 $ 339 $ 1,135 Intersegment revenues — — 18 18 Total reportable segment net revenues $ 454 $ 342 $ 357 $ 1,153 Adjusted EBITDA $ 61 $ 55 $ (32 ) $ 84 For the Three Months Ended March 31, 2020 Net revenues $ 473 $ 344 $ 363 $ 1,180 Intersegment revenues — — 34 34 Total reportable segment net revenues $ 473 $ 344 $ 397 $ 1,214 Adjusted EBITDA $ 56 $ 53 $ 49 $ 158 Reportable segment assets consisted of the following: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total As of March 31, 2021 $ 1,099 $ 722 $ 1,065 $ 2,886 As of December 31, 2020 1,064 703 1,039 2,806
Reconciliation of Operating Profit (Loss)	The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP (loss) income from continuing operations before income taxes: For the Three Months Ended March 31, 2021 2020 Reportable segment Adjusted EBITDA $ 84 $ 158 Other 1 2 Unallocated (8 ) (15 ) 77 145 Adjustments to reconcile to U.S. GAAP (loss) income from continuing operations before income taxes Interest expense, net (42 ) (102 ) Depreciation and amortization (73 ) (68 ) Restructuring, asset impairment and other related charges 2 (3 ) Non-cash pension income 23 18 Operational process engineering related consultancy costs (3 ) (8 ) Related party management fee — (5 ) Strategic review and transaction-related costs — (6 ) Foreign exchange gains on cash — 84 Unrealized losses on derivatives (1 ) (17 ) Executive transition charges (10 ) — Other (2 ) 1 (Loss) income from continuing operations before tax $ (29 ) $ 39
Reconciliation of Assets from Segment to Consolidated	The following table presents a reconciliation of reportable segment assets to consolidated assets: As of March 31, 2021 As of December 31, 2020 Reportable segment assets $ 2,886 $ 2,806 Other 40 34 Unallocated (1) 3,825 4,003 Total assets $ 6,751 $ 6,843 (1) Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, 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 March 31, 2021 2020 Foodservice Drinkware (1) $ 165 $ 182 Containers (1) 209 179 Tableware (1) 38 64 Serviceware and other (1) 42 48 Food Merchandising Meat trays 87 95 Bakery/snack/produce/fruit containers 69 64 Prepared food trays 34 34 Egg cartons 26 26 Tableware (2) 82 87 Other 44 38 Beverage Merchandising Cartons for fresh beverage products 192 200 Liquid packaging board 91 115 Paper products 74 82 Reportable segment net revenues 1,153 1,214 Other / Unallocated Other 29 32 Inter-segment eliminations (18 ) (34 ) Net revenues $ 1,164 $ 1,212 (1) Certain product sales in the prior year have been re-categorized to conform with the current year presentation as the segment realigned its go-to-market product strategy. (2) During the current year, Food Merchandising changed the name of its historical Dinnerware product line to Tableware.

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation - Additional Information (Details) - shares	Sep. 16, 2020	Feb. 04, 2020	Mar. 31, 2020	Mar. 31, 2021
ASU 2018-14
Subsidiary Sale Of Stock [Line Items]
Change in accounting principle, accounting standards update, adopted				true
Change in accounting principle accounting standards update immaterial effect				true
Discontinued Operations | Reynolds Consumer Products Inc.
Subsidiary Sale Of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)		35,791,985	35,791,985
Discontinued Operations | Graham Packaging Company Inc.
Subsidiary Sale Of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)	14,036,726

Discontinued Operations - Summa

Discontinued Operations - Summary of Income from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ (3)	$ 3
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		652
Cost of sales		(519)
Gross profit		133
Selling, general and administrative expenses		(82)
Restructuring, asset impairment and other related charges		(5)
Interest expense, net		(21)
Income before income taxes from discontinued operations		25
Income tax expense		(22)
Net income from discontinued operations, before gain on disposal		3
Net income from discontinued operations		$ 3

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Income from Discontinued Operations (Parenthetical) (Details) - USD ($) $ in Millions	Feb. 04, 2020	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt		$ 5
5.750% Senior Secured Notes due 2020 | Senior notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt	$ 5

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - Discontinued operations, disposed of by sale - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Charges related to historical tax agreements	$ 3
Depreciation and amortization expense		$ 67
Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment		1
Restructuring and other related charges		$ 4

Discontinued Operations - Sum_3

Discontinued Operations - Summary of Cash Flows (Details) - Discontinued operations, disposed of by sale $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 35
Net cash used in investing activities	(42)
Net cash provided by financing activities	478
Net cash from discontinued operations	$ 471

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Initial impairment charge related to assets and liabilities held-for-sale	$ 2

Impairment, Restructuring and_3

Impairment, Restructuring and Other Related Charges - Summary of Impairment, Restructuring and Other Related Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges	$ (2)	$ 1
Employee terminations		1
Other restructuring charges		1
Total	(2)	3
Other
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges	(2)
Total	$ (2)
Foodservice
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges		1
Other restructuring charges		1
Total		2
Beverage Merchandising
Restructuring Cost And Reserve [Line Items]
Employee terminations		1
Total		$ 1

Impairment, Restructuring and_4

Impairment, Restructuring and Other Related Charges - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Impairment related to property, plant and equipment		$ 1
Employee terminations		1
Other restructuring charges		1
Other | South American Closures Business
Restructuring Cost And Reserve [Line Items]
Partial reversal of initial impairment charge	$ 2
Foodservice
Restructuring Cost And Reserve [Line Items]
Other restructuring charges		1
Carrying values of the impaired assets (less than)		$ 1

Impairment, Restructuring and_5

Impairment, Restructuring and Other Related Charges - Summary of Restructuring Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 4	$ 7
Cash paid	(3)
Employee terminations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	4	$ 7
Cash paid	$ (3)

Inventories - Summary of the Co

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 190	$ 180
Work in progress	108	108
Finished goods	429	410
Spare parts	89	86
Inventories	$ 816	$ 784

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,012	$ 3,958
Less: accumulated depreciation	(2,325)	(2,273)
Property, plant and equipment, net	1,687	1,685
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	86	87
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	533	532
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,236	3,148
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 157	$ 191

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, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Cost of sales	$ 54	$ 50
Selling, general and administrative expenses	6	4
Total depreciation expense	$ 60	$ 54

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,760
Impairment charges	0
Ending Balance	1,760
Accumulated impairment losses	15
Foodservice
Goodwill [Line Items]
Beginning Balance	924
Impairment charges	0
Ending Balance	924
Food Merchandising
Goodwill [Line Items]
Beginning Balance	770
Impairment charges	0
Ending Balance	770
Beverage Merchandising
Goodwill [Line Items]
Beginning Balance	66
Impairment charges	0
Ending Balance	66
Other
Goodwill [Line Items]
Impairment charges	0
Accumulated impairment losses	$ 15

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) (Parenthetical) $ in Millions	Mar. 31, 2021USD ($)
Finite Lived Intangible Assets [Line Items]
Goodwill, accumulated impairment loss	$ 15
Discontinued operations, disposed of by sale
Finite Lived Intangible Assets [Line Items]
Goodwill, gross carrying amount	7
Goodwill, accumulated impairment loss	$ 7

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,039	$ 1,039
Accumulated Amortization	(573)	(560)
Net	466	479
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,652	1,652
Net	1,079	1,092
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	554	554
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	59	59
Customer Relationships
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,019	1,019
Accumulated Amortization	(553)	(540)
Net	466	479
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	20	20
Accumulated Amortization	$ (20)	$ (20)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 13	$ 14

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued personnel costs	$ 101	$ 117
Accrued rebates and credits	74	68
Accrued interest	34	16
Other	123	121
Accrued and other current liabilities	$ 332	$ 322

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other	$ 12	$ 12
Total principal amount of borrowings	3,941	4,004
Deferred financing transaction costs ("DIC")	(14)	(14)
Original issue discounts, net of premiums ("OID")	(9)	(10)
Debt, net	3,918	3,980
Less: current portion	(15)	(15)
Long-term debt	3,903	3,965
5.125% Senior Secured Notes due 2023 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross		59
4.000% Notes due 2027 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
7.950% Debentures due 2025 | Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	276	276
8.375% Debentures due 2027 | Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	200	200
Secured debt | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,453	$ 2,457

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Feb. 16, 2021
5.125% Senior Secured Notes due 2023 | Senior notes
Debt Instrument [Line Items]
Interest rate		5.125%	5.125%
Debt instrument maturity year		2023
4.000% Notes due 2027 | Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
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 - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Repayment of debt	$ 62	$ 3,206	$ 8,944
Aggregate price of debt			$ 8,978
Loss on extinguishment of debt		$ 5

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, 2021USD ($)
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Maturity Date	Feb. 5, 2023
Long-term debt, gross	$ 1,207
U S Term Loans Tranche B1 | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.00%
Basis spread on variable rate	2.75%
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Maturity Date	Feb. 5, 2026
Long-term debt, gross	$ 1,246
U S Term Loans Tranche B2 | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.00%
Basis spread on variable rate	3.25%
U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Maturity Date	Aug. 5, 2024
Value Utilized	$ 43

Debt - Summary of Components of

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Mar. 31, 2021USD ($)
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) - Credit Agreement - Line of credit - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
U S Term Loans Tranche B1
Line Of Credit Facility [Line Items]
Weighted average contractual interest rates	2.88%		4.44%
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Weighted average contractual interest rates	3.38%
Secured debt
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments	0.25%
Due amount of excess cash flow prepayments		$ 0
Secured debt | Maximum
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments	50.00%
Periodic prepayment percentage if leverage ratio threshold met	25.00%
Secured debt | Minimum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met	0.00%

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Senior Secured Notes (Details) - Senior Secured Notes - 4.000% Notes due 2027	3 Months Ended
	Mar. 31, 2021
Debt Instrument [Line Items]
Maturity date	Oct. 15, 2027
Semi-annual interest payment dates	April 15 and October 15, commencing April 15, 2021

Debt - Schedule of Outstandin_2

Debt - Schedule of Outstanding Senior Secured Notes (Parenthetical) (Details) - 4.000% Notes due 2027 - Senior Secured Notes	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027

Debt - Notes - Additional Infor

Debt - Notes - Additional Information (Details) - USD ($) $ in Millions	Feb. 16, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt repayments		$ 62	$ 3,206	$ 8,944
Loss on extinguishment of debt			$ 5
5.125% Senior Secured Notes due 2023 | Senior notes
Debt Instrument [Line Items]
Long-term debt repayments	$ 59
Interest rate	5.125%			5.125%
Redemption price percentage	101.281%
Loss on extinguishment of debt	$ 1

Debt - Debentures (Details)

Debt - Debentures (Details) - Unsecured debt	3 Months Ended
	Mar. 31, 2021
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2025
Semi-annual interest payment dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2027
Semi-annual interest payment dates	April 15 and October 15

Debt - Debentures (Parenthetica

Debt - Debentures (Parenthetical) (Details) - Unsecured debt	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
7.950% Debentures due 2025
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Debentures - Additional

Debt - Debentures - Additional Information (Details) - Unsecured debt - 8.375% Debentures due 2027	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Redemption price percentage	100.00%

Debt - Other Debt - Additional

Debt - Other Debt - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Finance lease obligations	$ 12	$ 12

Debt -Schedule of Required Futu

Debt -Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 11
2022	16
2023	1,220
2024	13
2025	289
Thereafter	2,392
Total principal amount of borrowings	$ 3,941	$ 4,004

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	$ 12	$ 12
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	12	12
Total	3,918	3,980
Carrying Value | 5.125% Senior Secured Notes due 2023 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		59
Carrying Value | 4.000% Notes due 2027 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	991	991
Carrying Value | 7.950% Debentures due 2025 | Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	273	273
Carrying Value | 8.375% Debentures due 2027 | Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	198	198
Carrying Value | Secured debt | Credit Agreement | Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,444	2,447
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other	12	12
Total	3,967	4,092
Fair Value | 5.125% Senior Secured Notes due 2023 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt		60
Fair Value | 4.000% Notes due 2027 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	981	1,024
Fair Value | 7.950% Debentures due 2025 | Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	308	318
Fair Value | 8.375% Debentures due 2027 | Unsecured debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	229	235
Fair Value | Secured debt | Credit Agreement | Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,437	$ 2,443

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, 2021	Dec. 31, 2020	Feb. 16, 2021
Senior notes | 5.125% Senior Secured Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate		5.125%	5.125%
Debt instrument maturity year		2023
Senior notes | 4.000% Notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
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, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Interest income, related party		$ (4)
Interest income, other	$ (1)	(4)
Amortization of deferred financing transaction costs	1	6
Amortization of original issue discounts		2
Derivative losses		12
Net foreign currency exchange losses (gains)	1	(6)
Redemption premiums	1
Other	1	2
Interest expense, net	42	102
Senior notes
Debt Instrument [Line Items]
Interest expense, debt	10	43
Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	10	10
Secured debt | Securitization Facility | Line of credit
Debt Instrument [Line Items]
Interest expense, debt		3
Secured debt | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Interest expense, debt	$ 19	$ 38

Debt - Interest Expense, Net (P

Debt - Interest Expense, Net (Parenthetical) (Details)	Mar. 31, 2021	Mar. 31, 2020
Senior notes | 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%

Financial Instruments - Schedul

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Asset Derivatives	$ 6	$ 9
Liability Derivatives		(2)
Other current assets
Derivative [Line Items]
Asset Derivatives	6	9
Commodity swap contracts
Derivative [Line Items]
Asset Derivatives	$ 6	9
Liability Derivatives		(2)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives		$ (2)

Financial Instruments - Additio

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized loss on derivatives	$ 1	$ 17

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2021MMBTUlb$ / MMBTU$ / lb$ / galgal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	2,148,395
Natural gas swaps | Minimum
Derivative [Line Items]
Contracted price range | $ / MMBTU	2.47
Natural gas swaps | Maximum
Derivative [Line Items]
Contracted price range | $ / MMBTU	2.94
Polymer-grade propylene swaps
Derivative [Line Items]
Contracted volume | lb	24,571,427
Polymer-grade propylene swaps | Minimum
Derivative [Line Items]
Contracted price range | $ / lb	0.38
Polymer-grade propylene swaps | Maximum
Derivative [Line Items]
Contracted price range | $ / lb	0.52
Benzene swaps
Derivative [Line Items]
Contracted volume | gal	5,518,856
Benzene swaps | Minimum
Derivative [Line Items]
Contracted price range | $ / gal	1.51
Benzene swaps | Maximum
Derivative [Line Items]
Contracted price range | $ / gal	2.96
Diesel swaps
Derivative [Line Items]
Contracted volume | gal	233,160
Diesel swaps | Minimum
Derivative [Line Items]
Contracted price range | $ / gal	2.41
Diesel swaps | Maximum
Derivative [Line Items]
Contracted price range | $ / gal	2.50
Low-density polyethylene swaps
Derivative [Line Items]
Contracted volume | lb	9,000,000
Contracted price range | $ / lb	0.71
Ethylene swaps
Derivative [Line Items]
Contracted volume | lb	161,944
Contracted price range | $ / lb	0.26

Employee Benefits - Net Periodi

Employee Benefits - Net Periodic Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Service cost	$ (2)	$ (2)
Interest cost	(27)	(35)
Expected return on plan assets	50	51
Total net periodic benefit income	$ 21	$ 14

Employee Benefits - Net Perio_2

Employee Benefits - Net Periodic Defined Benefit Income for Defined Benefit Pension Plans and Other Post-employment Benefit Plans Recognized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 21	$ 14
Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	(2)	(2)
Non-operating Income, Net
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 23	$ 16

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 0

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income And Expenses [Abstract]
Related party management fee		$ (5)
Foreign exchange gains on cash		84
Transition service agreement income	$ 4	4
Other	2	(6)
Other income, net	$ 6	$ 77

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Subsequent Event - MP2 Energy LLC $ in Millions	Apr. 14, 2021USD ($)
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 40
Loss contingency, shortfall in contract	$ 40

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,074	$ 2,082
Ending balance	1,026	1,998
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(189)	(354)
Currency translation adjustments	(9)	(174)
Amounts reclassified from AOCL	(11)	1
Other comprehensive income (loss)	(20)	(173)
Distribution of RCPI		2
Ending balance	(209)	(525)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(349)	(518)
Other comprehensive income (loss)	(20)	(173)
Distribution of RCPI		(11)
Ending balance	(369)	(702)
Continuing Operations | Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(160)	(176)
Ending balance	$ (160)	(176)
Discontinued Operations | Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		12
Distribution of RCPI		(13)
Ending balance		$ (1)

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before tax	$ (29)	$ 39
Income tax benefit	18	94
Tax rate benefit amount	10	$ 90
Unrecognized tax benefits decrease in income tax returns	$ 10

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Mar. 31, 2021
Packaging Finance Limited And Other Entities
Related Party Transaction [Line Items]
Ownership percentage	78.00%

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related parties, current	$ 49		$ 55
Interest income		$ 4
Purchase of goods	(25)	(39)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current	11		7
Sale of goods and services	10	11
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables	49		55
Noncurrent related party receivables	0		0
Interest income	0	3
Related party payables	(8)		$ (10)
Sale of goods and services | Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services	78	87
Transition services agreements and rental income | Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income	4	3
Tax loss transfer
Related Party Transaction [Line Items]
Related party transactions, expenses	0	(1)
Tax loss transfer | Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction	0	13
Recharges
Related Party Transaction [Line Items]
Related party transactions, expenses	(6)	(6)
Recharges | Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction	5	0
Management fee, related parties
Related Party Transaction [Line Items]
Related party transactions, expenses	$ 0	$ (5)

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions (Parenthetical) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)lease_agreement	Mar. 31, 2020USD ($)	Dec. 31, 2019	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Related party management fee		$ 5
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables	$ 49			$ 55
Affiliated Entity | Tax Matters Agreement
Related Party Transaction [Line Items]
Current related party receivables	$ 12
Affiliated Entity | Loan Transaction With Related Party
Related Party Transaction [Line Items]
Related party transaction, rate		4.28%	3.25%
Affiliated Entity | Lease Agreements
Related Party Transaction [Line Items]
Number of lease agreements | lease_agreement	2

Equity Based Compensation - Add

Equity Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 21, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized (in shares)			9,079,395
Stock-based compensation expense		$ 0
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 9,000,000
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 7 months 6 days
Restricted Stock Units (RSUs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 4,000,000
Unrecognized share-based compensation, weighted-average recognition period (in years)	3 years
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,000,000

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, 2021$ / sharesshares
Number of Stock Units
Beginning balance, Non-vested | shares	297
Granted | shares	686
Ending balance, Non-vested | shares	983
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested | $ / shares	$ 14
Granted | $ / shares	15.04
Ending balance, Non-vested | $ / shares	$ 14.73

Equity Based Compensation - S_2

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Stock Units
Granted | shares	298
Ending balance, Non-vested | shares	298
Weighted-Average Grant Date Fair Value
Granted | $ / shares	$ 15.05
Ending balance, Non-vested | $ / shares	$ 15.05

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations	$ (12)	$ 133
From discontinued operations	(3)	3
Net (loss) income attributable to Pactiv Evergreen Inc. common shareholders	$ (15)	$ 136
Weighted average number of shares outstanding
Basic	177.2	134.4
Diluted	177.2	134.4
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, from continuing operations
Basic	$ (0.07)	$ 0.99
Diluted	(0.07)	0.99
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, from discontinued operations
Basic	(0.02)	0.02
Diluted	(0.02)	0.02
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders, total
Basic	(0.09)	1.01
Diluted	$ (0.09)	$ 1.01

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	May 03, 2021	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)			134.4
Weighted average number of shares outstanding (in shares)		0.2
Subsequent event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	May 3, 2021
Dividends payable, date to be paid	Jun. 15, 2021
Dividends payable, date of record	May 28, 2021

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Segment
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, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,164	$ 1,212
Adjusted EBITDA	77	145
Reportable segment assets	6,751		$ 6,843
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	(18)	(34)
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(8)	(15)
Reportable segment assets	3,825		4,003
Foodservice
Segment Reporting Information [Line Items]
Net revenues	454	473
Foodservice | Operating segments
Segment Reporting Information [Line Items]
Net revenues	454	473
Adjusted EBITDA	61	56
Reportable segment assets	1,099		1,064
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	342	344
Food Merchandising | Operating segments
Segment Reporting Information [Line Items]
Net revenues	342	344
Adjusted EBITDA	55	53
Reportable segment assets	722		703
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	339	363
Beverage Merchandising | Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	18	34
Beverage Merchandising | Operating segments
Segment Reporting Information [Line Items]
Net revenues	357	397
Adjusted EBITDA	(32)	49
Reportable segment assets	1,065		1,039
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,135	1,180
Reportable Segments | Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	18	34
Reportable Segments | Operating segments
Segment Reporting Information [Line Items]
Net revenues	1,153	1,214
Adjusted EBITDA	84	158
Reportable segment assets	2,886		2,806
Other | Operating segments
Segment Reporting Information [Line Items]
Net revenues	29	32
Adjusted EBITDA	1	$ 2
Reportable segment assets	$ 40		$ 34

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA to (Loss) Income from Continuing Operations Before Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 77	$ 145
Interest expense, net	(42)	(102)
Depreciation and amortization	(73)	(68)
Restructuring, asset impairment and other related charges	2	(3)
Non-cash pension income	23	18
Operational process engineering related consultancy costs	(3)	(8)
Related party management fee		(5)
Strategic review and transaction-related costs		(6)
Foreign exchange gains on cash		84
Unrealized losses on derivatives	(1)	(17)
Executive transition charges	(10)
Other	(2)	1
(Loss) income from continuing operations before tax	(29)	39
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(8)	(15)
Reportable Segments | Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	84	158
Other | Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1	$ 2

Segment Information - Net Reven

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,164	$ 1,212
Foodservice
Segment Reporting Information [Line Items]
Net revenues	454	473
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	342	344
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	339	363
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,135	1,180
Operating segments | Foodservice
Segment Reporting Information [Line Items]
Net revenues	454	473
Operating segments | Foodservice | Drinkware
Segment Reporting Information [Line Items]
Net revenues	165	182
Operating segments | Foodservice | Containers
Segment Reporting Information [Line Items]
Net revenues	209	179
Operating segments | Foodservice | Tableware
Segment Reporting Information [Line Items]
Net revenues	38	64
Operating segments | Foodservice | Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	42	48
Operating segments | Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	342	344
Operating segments | Food Merchandising | Tableware
Segment Reporting Information [Line Items]
Net revenues	82	87
Operating segments | Food Merchandising | Meat trays
Segment Reporting Information [Line Items]
Net revenues	87	95
Operating segments | Food Merchandising | Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	69	64
Operating segments | Food Merchandising | Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	34	34
Operating segments | Food Merchandising | Egg cartons
Segment Reporting Information [Line Items]
Net revenues	26	26
Operating segments | Food Merchandising | Other
Segment Reporting Information [Line Items]
Net revenues	44	38
Operating segments | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	357	397
Operating segments | Beverage Merchandising | Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	192	200
Operating segments | Beverage Merchandising | Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	91	115
Operating segments | Beverage Merchandising | Paper products
Segment Reporting Information [Line Items]
Net revenues	74	82
Operating segments | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,153	1,214
Operating segments | Other
Segment Reporting Information [Line Items]
Net revenues	29	32
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	(18)	(34)
Inter-segment eliminations | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	18	34
Inter-segment eliminations | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	$ 18	$ 34