Pactiv Evergreen (PTVE) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity File Number	001-39528
Entity Registrant Name	PACTIV EVERGREEN INC.
Entity Central Index Key	0001527508
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1538656
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,668,402
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 Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net revenues	$ 1,495	$ 1,164
Cost of sales	(1,263)	(1,056)
Gross profit	232	108
Selling, general and administrative expenses	(142)	(126)
Restructuring, asset impairment and other related charges		2
Other income, net	28	6
Operating income (loss) from continuing operations	118	(10)
Non-operating income, net	10	23
Interest expense, net	(49)	(42)
Income (loss) from continuing operations before tax	79	(29)
Income tax (expense) benefit	(36)	18
Income (loss) from continuing operations	43	(11)
Loss from discontinued operations, net of income taxes		(3)
Net income (loss)	43	(14)
Income attributable to non-controlling interests		(1)
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 43	$ (15)
From continuing operations
Basic	$ 0.24	$ (0.07)
Diluted	0.24	(0.07)
From discontinued operations
Basic		(0.02)
Diluted		(0.02)
Total
Basic	0.24	(0.09)
Diluted	$ 0.24	$ (0.09)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Other Comprehensive Income [Abstract]
Net income (loss)	$ 43	$ (14)
Other comprehensive loss, net of income taxes:
Currency translation adjustments	4	(20)
Defined benefit plans	(103)
Other comprehensive loss	(99)	(20)
Comprehensive loss	(56)	(34)
Comprehensive income attributable to non-controlling interests		(1)
Comprehensive loss attributable to Pactiv Evergreen Inc. common shareholders	$ (56)	$ (35)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 283	$ 197
Accounts receivable, net of allowances for doubtful accounts of $4 and $3	502	474
Related party receivables	41	48
Inventories	968	854
Other current assets	113	127
Assets held for sale	134	162
Total current assets	2,041	1,862
Property, plant and equipment, net	1,771	1,786
Operating lease right-of-use assets, net	272	278
Goodwill	1,812	1,812
Intangible assets, net	1,112	1,127
Deferred income taxes	7	7
Other noncurrent assets	147	149
Total assets	7,162	7,021
Liabilities
Accounts payable	433	364
Related party payables	11	10
Current portion of long-term debt	30	30
Current portion of operating lease liabilities	62	61
Income taxes payable	5	8
Accrued and other current liabilities	373	315
Liabilities held for sale	27	31
Total current liabilities	941	819
Long-term debt	4,213	4,220
Long-term operating lease liabilities	222	229
Deferred income taxes	231	246
Long-term employee benefit obligations	194	79
Other noncurrent liabilities	144	140
Total liabilities	5,945	5,733
Commitments and contingencies (Note 12)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,668,402 and 177,250,974 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	628	625
Accumulated other comprehensive loss	(198)	(99)
Retained earnings	783	758
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,213	1,284
Non-controlling interests	4	4
Total equity	1,217	1,288
Total liabilities and equity	$ 7,162	$ 7,021

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4	$ 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)	177,668,402	177,250,974
Common stock, shares outstanding (in shares)	177,668,402	177,250,974
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, 2020	$ 1,074		$ 614	$ (349)	$ 806	$ 3
Beginning balance, Shares at Dec. 31, 2020		177,200,000
Net (loss) income	(14)				(15)	1
Other comprehensive loss, net of income taxes	(20)			(20)
Equity based compensation	4		4
Dividends paid to common shareholders	(18)				(18)
Ending balance at Mar. 31, 2021	1,026		618	(369)	773	4
Ending balance, Shares at Mar. 31, 2021		177,200,000
Beginning balance at Dec. 31, 2021	$ 1,288		625	(99)	758	4
Beginning balance, Shares at Dec. 31, 2021	177,250,974	177,300,000
Net (loss) income	$ 43				43
Other comprehensive loss, net of income taxes	(99)			(99)
Equity based compensation	4		4
Vesting of restricted stock units, net of tax withholdings	(1)		(1)
Vesting of restricted stock units, net of tax withholdings, Shares		400,000
Dividends paid to common shareholders	(18)				(18)
Ending balance at Mar. 31, 2022	$ 1,217		$ 628	$ (198)	$ 783	$ 4
Ending balance, Shares at Mar. 31, 2022	177,668,402	177,700,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Common stock, dividends	$ 0.10	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash provided by operating activities
Net income (loss)	$ 43	$ (14)
Adjustments to reconcile net income (loss) to operating cash flows:
Depreciation and amortization	84	73
Deferred income taxes	18	(27)
Unrealized (gain) loss on derivatives	(5)	1
Other asset impairment charges		(2)
Gain on sale of businesses and noncurrent assets	(27)
Non-cash portion of employee benefit obligations	(10)	(21)
Non-cash portion of operating lease expense	19	20
Amortization of OID and DIC	1	1
Loss on extinguishment of debt		1
Equity based compensation	4	4
Other non-cash items, net	2	(2)
Change in assets and liabilities:
Accounts receivable, net	(11)	(51)
Inventories	(115)	(35)
Other current assets	9	(3)
Accounts payable	66	41
Operating lease payments	(19)	(19)
Income taxes payable/receivable	(1)	25
Accrued and other current liabilities	59	13
Employee benefit obligation contributions	(1)
Other assets and liabilities	4	4
Net cash provided by operating activities	120	9
Cash used in investing activities
Acquisition of property, plant and equipment	(50)	(60)
Acquisition of business, net of cash acquired	(2)
Disposal of businesses and joint venture equity interests, net of cash disposed	47	(6)
Net cash used in investing activities	(5)	(66)
Cash used in financing activities
Long-term debt repayments	(6)	(62)
Premium on redemption of long-term debt		(1)
Dividends paid to common shareholders	(18)	(18)
Other financing activities	(3)
Net cash used in financing activities	(27)	(81)
Effect of exchange rate changes on cash and cash equivalents		(2)
Increase (decrease) in cash and cash equivalents	88	(140)
Cash and cash equivalents, including amounts classified as held for sale, as of beginning of the period	214	468
Cash and cash equivalents as of end of the period	302	328
Cash and cash equivalents are comprised of:
Cash and cash equivalents	283	328
Cash and cash equivalents classified as assets held for sale	19	0
Cash and cash equivalents as of end of the period	302	328
Cash paid (received):
Interest	22	20
Income taxes paid (refunded), net	$ 19	$ (16)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Cash Flows [Abstract]
Right-of-use assets and lease liabilities recorded during period	$ 10	$ 33

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Note 1. Nature of Operations and Basis of Presentation The accompanying condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. (“PTVE”) and its subsidiaries (“we”, “us”, “our” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair 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, 2021 filed with the SEC on February 24, 2022. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. All intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations 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 represent Level 3 measurements in the fair value hierarchy, which include 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 progress of the pandemic, actions taken to contain the virus, the implementation and effectiveness of vaccinations and how quickly and to what extent normal economic and operating conditions can resume. Accounting Guidance Issued but Not Yet Adopted as of March 31, 2022 In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (“ASC 606”). Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. This ASU will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. This ASU is effective for annual and interim periods beginning after December 15, 2022. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. This ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements. 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.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 2. Acquisitions and Dispositions Acquisitions On October 1, 2021, we acquired 100% of the outstanding ownership interests of Fabri-Kal LLC, Monarch Mill Pond LLC and Pure Pulp Products LLC (collectively, “Fabri-Kal”) for a purchase price of $378 million, including final adjustments for cash, indebtedness and working capital of $2 million which was paid during the three months ended March 31, 2022. Fabri-Kal is a U.S. manufacturer of thermoformed plastic packaging products. Its products include portion cups, lids, clamshells, drink cups and yogurt containers for the consumer packaging goods and institutional foodservice markets. The acquisition includes four manufacturing facilities in the United States. The acquisition is expected to broaden our portfolio of sustainable packaging products and expand our manufacturing capacity to better serve our customers. The acquisition was funded with our existing cash resources and a portion of the U.S. term loans Tranche B-3 incurred in September 2021. The Fabri-Kal acquisition was accounted for under the acquisition method of accounting and the results of operations were included in our condensed consolidated financial statements from the date of acquisition. Included in our condensed consolidated statements of income (loss) are Fabri-Kal’s net revenues of $102 million for the three months ended March 31, 2022. The following table summarizes the preliminary purchase price allocation of the fair value of net tangible and intangible assets acquired and liabilities assumed: As of October 1, 2021 Cash and cash equivalents $ 3 Accounts receivable 46 Inventories 86 Other current assets 2 Property, plant and equipment 126 Operating lease right-of-use assets 31 Goodwill 66 Customer relationships 56 Trademarks 34 Deferred income taxes 8 Assets acquired $ 458 Accounts payable $ 17 Current portion of long-term debt 1 Current portion of operating lease liabilities 3 Accrued and other current liabilities 26 Long-term debt 1 Long-term operating lease liabilities 25 Long-term employee benefit obligations 6 Other noncurrent liabilities 1 Liabilities assumed $ 80 Total purchase price $ 378 We allocated the intangible assets acquired to the Foodservice segment which included $56 million of customer relationships with an estimated life of 8 years and $34 million of definite-lived trademarks with an estimated life of 10 years. We increased the cost of acquired inventories by $12 million, all of which was expensed as a component of cost of sales during the year ended December 31, 2021. We allocated $66 million of goodwill to the Foodservice segment, of which $42 million is expected to be tax deductible. Goodwill arises principally as a result of expansion opportunities provided by Fabri-Kal’s manufacturing capacity to better serve our customers and plant operation synergies. The purchase price allocation in the table above is preliminary and subject to the finalization of our valuation analysis. Real property and personal property fair values were determined using the cost approach. The fair values for customer relationships at the acquisition date were determined using the multi-period excess earnings method under the income approach. Significant assumptions used in assessing the fair value of the customer relationships intangible asset were forecasted Adjusted EBITDA margins and contributory asset charges. Trademark fair values were determined using the relief from royalty method. The fair value measurements of intangible assets are based on significant unobservable inputs and thus represent Level 3 inputs. Dispositions During the fourth quarter of 2021, we committed to a plan to sell our carton packaging and filling machinery businesses in China, Korea and Taiwan (“Beverage Merchandising Asia”) included in the Beverage Merchandising segment. As a result, we classified the assets and liabilities of Beverage Merchandising Asia as held for sale as of December 31, 2021. The operations of Beverage Merchandising Asia did not meet the criteria to be presented as discontinued operations. On January 4, 2022, we entered into a definitive agreement with SIG Schweizerische Industrie-Gesellschaft GmbH to sell Beverage Merchandising Asia. We expect to receive proceeds from the transaction of approximately $335 million, adjusted for cash, indebtedness and working capital as of the date of completion. The transaction is expected to close in the second or third quarter of 2022, subject to customary closing conditions, including regulatory approvals. The carrying amounts of the major classes of Beverage Merchandising Asia’s assets and liabilities as of March 31, 2022 and December 31, 2021 comprised the following: As of March 31, 2022 As of December 31, 2021 Cash and cash equivalents $ 19 $ 17 Accounts receivable 22 27 Inventories 23 23 Other current assets 2 3 Property, plant and equipment 47 48 Goodwill 14 14 Deferred income taxes 3 3 Other noncurrent assets 4 4 Total current assets held for sale $ 134 $ 139 Accounts payable $ 4 $ 7 Income taxes payable 3 3 Accrued and other current liabilities 17 18 Long-term employee benefit obligations 1 1 Deferred income taxes 2 2 Total current liabilities held for sale $ 27 $ 31 Income from operations before income taxes for Beverage Merchandising Asia for the three months ended March 31, 2022 and 2021 were $5 On October 12, 2021, we entered into a definitive agreement for the sale of our equity interests in Naturepak Beverage Packaging Co. Ltd., our 50% joint venture with Naturepak Limited, to affiliates of Elopak ASA. As a result, as of December 31, 2021, we reclassified the carrying value of our interests in Naturepak Beverage Packaging Co. Ltd. to assets held for sale. The transaction closed on March 29, 2022, and we received preliminary proceeds of $47 million, which are subject to adjustments for cash, indebtedness and working capital as of the date of completion, resulting in a preliminary gain on the sale of our equity interests of $27 million during the three months ended March 31, 2022 which was reflected in other income, net. Our interests in Naturepak Beverage Packaging Co. Ltd. did not meet the criteria to be presented as discontinued operations. During the third quarter of 2020, we committed to a plan to sell the South American closures businesses included in the Other operating segment. In December 2020, we entered into an agreement to sell the businesses. On March 31, 2021, we completed the sale of the 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. 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 South American closures business es’ income from operations before income taxes for the t hree months ended March 31, 2021 was insignificant.

Restructuring, Asset Impairment

Restructuring, Asset Impairment and Other Related Charges	3 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
Restructuring, Asset Impairment and Other Related Charges	Note 3. Restructuring, Asset Impairment and Other Related Charges There were no restructuring, asset impairment and other related charges recorded during the three months ended March 31, 2022. 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 businesses of $2 million. Refer to Note 2, Acquisitions and Dispositions The following table summarizes the changes to our restructuring liability for the three months ended March 31, 2022: December 31, 2021 Charges to Earnings Cash Paid March 31, 2022 Employee termination costs $ 2 $ — $ — $ 2 Total $ 2 $ — $ — $ 2 We expect to settle our restructuring liability within twelve months.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories The components of inventories consisted of the following: As of March 31, 2022 As of December 31, 2021 Raw materials $ 243 $ 226 Work in progress 114 102 Finished goods 512 427 Spare parts 99 99 Inventories $ 968 $ 854

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	Note 5. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Land and land improvements $ 72 $ 72 Buildings and building improvements 641 638 Machinery and equipment 3,395 3,383 Construction in progress 193 170 Property, plant and equipment, at cost 4,301 4,263 Less: accumulated depreciation (2,530 ) (2,477 ) Property, plant and equipment, net $ 1,771 $ 1,786 Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of income (loss): For the Three Months Ended March 31, 2022 2021 Cost of sales $ 63 $ 54 Selling, general and administrative expenses 6 6 Total depreciation expense $ 69 $ 60

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 6. Goodwill and Intangible Assets Goodwill by reportable segment was as follows: Foodservice Food Merchandising Beverage Merchandising Other (1) Total Balance as of December 31, 2021 $ 990 $ 770 $ 52 $ — $ 1,812 Movements — — — — — Balance as of March 31, 2022 $ 990 $ 770 $ 52 $ — $ 1,812 Accumulated impairment losses $ — $ — $ — $ 15 $ 15 (1) Other includes operations that do not meet the quantitative threshold for reportable segments. Intangible assets, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,075 $ (609 ) $ 466 $ 1,075 $ (594 ) $ 481 Trademarks $ 42 (9 ) 33 $ 42 (9 ) 33 Other 12 (12 ) — 12 (12 ) — Total finite-lived intangible assets $ 1,129 $ (630 ) $ 499 $ 1,129 $ (615 ) $ 514 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 $ 1,742 $ (630 ) $ 1,112 $ 1,742 $ (615 ) $ 1,127 Amortization expense for intangible assets of $15 million and $13 million for the three months ended March 31, 2022 and 2021, respectively, was recognized in selling, general and administrative expenses.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued and Other Current Liabilities	Note 7. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: As of March 31, 2022 As of December 31, 2021 Accrued personnel costs $ 92 $ 86 Accrued rebates and credits 98 87 Accrued interest 44 19 Other (1) 139 123 Accrued and other current liabilities $ 373 $ 315 (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, 2022
Debt Disclosure [Abstract]
Debt	Note 8. Debt Debt consisted of the following: As of As of March 31, December 31, 2022 2021 Credit Agreement $ 2,244 $ 2,250 Notes: 4.000% Senior Secured Notes due 2027 1,000 1,000 4.375% Senior Secured Notes due 2028 500 500 Pactiv Debentures: 7.950% Debentures due 2025 276 276 8.375% Debentures due 2027 200 200 Other 51 53 Total principal amount of borrowings 4,271 4,279 Deferred financing transaction costs (“DIC”) (16 ) (17 ) Original issue discounts, net of premiums (“OID”) (12 ) (12 ) 4,243 4,250 Less: current portion (30 ) (30 ) Long-term debt $ 4,213 $ 4,220 We were in compliance with all debt covenants during the three months ended March 31, 2022 and the year ended December 31, 2021 . On September 24, 2021, we incurred $1,015 million of term loans (“U.S. term loans tranche B-3”) and issued $500 million aggregate principal amount of 4.375% senior secured notes (“4.375% Notes”). A portion of the net proceeds from the U.S. term loans Tranche B-3, along with the net proceeds from the 4.375% Notes, was used to repay the $1,207 million of existing U.S. term loans Tranche B-1 maturing in February 2023, including accrued interest, extinguishing this tranche of borrowings. The balance of the net proceeds from the U.S. term loans Tranche B-3 was used to partially fund the acquisition of Fabri-Kal. During the three months ended March 31, 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. Credit Agreement PTVE and certain of its U.S. subsidiaries are parties to a senior secured credit agreement dated August 5, 2016 as amended (the “Credit Agreement”). The Credit Agreement comprises the following term and revolving tranches: Value Drawn or Utilized as of Applicable Interest Rate as of Maturity Date March 31, 2022 March 31, 2022 Term Tranches U.S. term loans Tranche B-2 February 5, 2026 $ 1,234 LIBOR (floor of 0.000%) + 3.250% U.S. term loans Tranche B-3 September 24, 2028 $ 1,010 LIBOR (floor of 0.500%) + 3.500% Revolving Tranche (1) U.S. Revolving Loans August 5, 2024 $ 44 — (1) The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of letters of The weighted average contractual interest rates related to our U.S. term loans Tranche B-2 and Tranche B-3 for the three months ended March 31, 2022 were 3.39% and 4.00%, respectively. The weighted average contractual interest rates related to our U.S. term loans Tranche B-1 and B-2 for the three months ended March 31, 2021 were 2.88% and 3.38%, respectively. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates. PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement to the extent permitted by law. The borrowers and the guarantors have granted security over substantially all of their assets to support the obligations under the Credit Agreement. This security is expected to be shared on a first priority basis with the holders of the Notes. Indebtedness under the Credit Agreement may be voluntarily repaid, in whole or in part, and must be mandatorily repaid in certain circumstances. We are required to make quarterly amortization payments of 0.25% of the principal amount of U.S. 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 2021 or are due in 2022 for the year ended December 31, 2021. The Credit Agreement 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 Credit Agreement. Notes Outstanding Notes, as of March 31, 2022, are summarized below: Maturity Date Interest Payment Dates 4.000% Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15 4.375% Senior Secured Notes due 2028 October 15, 2028 April 15 and October 15, commencing April 15, 2022 The effective interest rates of our debt obligations under the Notes are not materially different from the contractual interest rates. PTVE and certain of its U.S. subsidiaries have guaranteed on a senior basis the obligations under the Notes to the extent permitted by law. The issuers and the guarantors have granted security over substantially all of their assets to support the obligations under the Notes. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement. The respective indentures governing the 4.000% Senior Secured Notes due 2027 (“4.000% Notes”) and the 4.375% Notes (together with the 4.000% Notes, the “Notes”) contain 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 respective indentures governing the Notes. Under the respective indentures governing the Notes, we can, at our option, elect to redeem the Notes under terms and conditions specified in the indentures. Under the respective indentures governing the Notes, in certain circumstances which would constitute a change in control, the holders of the Notes have the right to require us to repurchase the Notes at a premium. Pactiv Debentures As of March 31, 2022, we had outstanding the following debentures (together, the “Pactiv Debentures”): Maturity Date Interest Payment Dates 7.950% Debentures due 2025 December 15, 2025 June 15 and December 15 8.375% Debentures due 2027 April 15, 2027 April 15 and October 15 The effective interest rates of our debt obligations under the Pactiv Debentures are not materially different from the contractual interest rates. The Pactiv Debentures are not guaranteed and are unsecured. The indentures governing the Pactiv Debentures contain a negative pledge clause limiting the ability of certain of our entities, subject to certain exceptions, to (i) incur or guarantee debt that is secured by liens on “Principal Manufacturing Properties” (as such term is defined in the indentures governing the Pactiv Debentures) or on the capital stock or debt of certain subsidiaries that own or lease any such Principal Manufacturing Property and (ii) sell and then take an immediate lease back of such Principal Manufacturing Property. The 8.375% Debentures due 2027 may be redeemed at any time at our option, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus a make-whole premium, if any, plus accrued and unpaid interest to the date of the redemption. Other borrowings Other borrowings represented finance lease obligations of $51 million and $53 million as of March 31, 2022 and December 31, 2021, respectively. Scheduled Maturities Below is a schedule of required future repayments on our debt outstanding as of March 31, 2022: 2022 $ 23 2023 30 2024 29 2025 304 2026 1,202 Thereafter 2,683 Total principal amount of borrowings $ 4,271 Fair value of our long-term debt The fair value of our long-term debt as of March 31, 2022 and December 31, 2021 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, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Credit Agreement $ 2,233 $ 2,188 $ 2,239 $ 2,243 Notes: 4.000% Senior Secured Notes due 2027 992 930 991 975 4.375% Senior Secured Notes due 2028 495 461 495 497 Pactiv Debentures: 7.950% Debentures due 2025 273 283 273 305 8.375% Debentures due 2027 199 207 199 222 Other 51 51 53 53 Total $ 4,243 $ 4,120 $ 4,250 $ 4,295 Interest expense, net Interest expense, net consisted of the following: For the Three Months Ended March 31, 2022 2021 Interest expense: Credit Agreement $ 21 $ 19 Notes 15 10 Pactiv Debentures 10 10 Interest income — (1 ) Amortization: DIC 1 1 Net foreign currency exchange losses 1 1 Loss on extinguishment of debt: Redemption premiums — 1 Other 1 1 Interest expense, net $ 49 $ 42

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments	Note 9. Financial Instruments We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets: As of March 31, 2022 As of December 31, 2021 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Commodity swap contracts $ 5 $ — $ 1 $ (1 ) Total fair value $ 5 $ — $ 1 $ (1 ) Recorded in: Other current assets $ 5 $ — $ 1 $ — Accrued and other current liabilities — — — (1 ) Total fair value $ 5 $ — $ 1 $ (1 ) Our derivatives are comprised of 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, 2022 and 2021, we recognized an unrealized gain of $5 million and an unrealized loss of $1 million, respectively, in cost of sales. The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2022: Type Unit of Measure Contracted Volume Contracted Price Range Contracted Date of Maturity Benzene swaps U.S. liquid gallon 5,518,856 $3.12 - $4.05 May 2022 - Dec 2022 Natural gas swaps Million BTU 224,024 $2.81 - $2.81 May 2022 - Sep 2022

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2022
Compensation And Retirement Disclosure [Abstract]
Employee Benefits	Note 10. 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, 2022 2021 Service cost $ — $ (2 ) Interest cost (21 ) (27 ) Expected return on plan assets 21 50 Ongoing net periodic benefit income — 21 Income due to settlement (1) 10 — Total net periodic benefit income $ 10 $ 21 (1) Refer to the Pension Partial Settlement Transactions section below for additional details. Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans was recognized as follows: For the Three Months Ended March 31, 2022 2021 Cost of sales $ — $ (2 ) Non-operating income, net 10 23 Total net periodic benefit income $ 10 $ 21 No contributions to the Pactiv Evergreen Pension Plan (“PEPP”) are expected to be made in 2022. Pension Partial Settlement Transactions On February 24, 2022, we purchased with $1,260 million of PEPP assets a non-participating group annuity contract from an insurance company and transferred $1,257 million of the PEPP’s projected benefit obligations. Under the transaction, the insurance company assumed responsibility for pension benefits and annuity administration for approximately 13,300 retirees or their beneficiaries. As a result of this transaction, the PEPP’s projected benefit obligations and plan assets were remeasured, and we recognized a non-cash pre-tax pension settlement gain of $10 million in the three months ended March 31, 2022. On July 21, 2021, we purchased with $941 million of PEPP assets a non-participating group annuity contract from an insurance company and transferred $959 million of the PEPP’s projected benefit obligations. Under the transaction, the insurance company will assume responsibility for pension benefits and annuity administration for approximately 16,300 retirees or their beneficiaries. As a result of this transaction, the PEPP’s projected benefit obligations and plan assets were remeasured, and we recognized a non-cash pre-tax pension settlement gain of $22 million in the third quarter of 2021.

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2022
Other Income And Expenses [Abstract]
Other Income, Net	Note 11. Other Income, Net Other income, net consisted of the following: For the Three Months Ended March 31, 2022 2021 Gain on sale of businesses and noncurrent assets $ 27 $ — Foreign exchange losses on cash (1) (2 ) — Transition service agreement income (2) 1 4 Other 2 2 Other income, net $ 28 $ 6 (1) Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities. (2) Refer to Note 15, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, Reynolds Consumer Products Inc. (“RCPI”) and Graham Packaging Company Inc. (“GPCI”), and our former closures businesses.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, personal injury and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our balance sheet, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our balance sheet, results of operations or cash flows in a future period. Except for amounts provided, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote. Legal Proceedings 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 $50 million from Pactiv that MP2 claims that Pactiv owes MP2 under an energy management services agreement (“EMSA”). Under the EMSA, including Transaction Confirmation No. 4, 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.” 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 and Transaction Confirmation No. 4, MP2 nevertheless seeks to hold Pactiv responsible in this lawsuit for approximately $50 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 and Transaction Confirmation No. 4 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. Indemnities As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. As of March 31, 2022, 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 or cash flows.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 13. Accumulated Other Comprehensive Loss The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss (“AOCL”): For the Three Months Ended March 31, 2022 2021 Currency translation adjustments: Balance as of beginning of period $ (207 ) $ (189 ) Currency translation adjustments 4 (9 ) Amounts reclassified from AOCL (1) — (11 ) Other comprehensive income (loss) 4 (20 ) Balance as of end of period $ (203 ) $ (209 ) Defined benefit plans: Balance as of beginning of period $ 108 $ (160 ) Net actuarial loss arising during year (2) (126 ) — Deferred tax expense on net actuarial loss 31 — Gain reclassified from AOCL Defined benefit plan settlement gain (10 ) — Deferred tax expense on reclassification 2 — Other comprehensive loss (103 ) — Balance as of end of period $ 5 $ (160 ) AOCL Balance as of beginning of period $ (99 ) $ (349 ) Other comprehensive loss (99 ) (20 ) Balance as of end of period $ (198 ) $ (369 ) (1) The reclassification of currency translation adjustment amounts to earnings during the three months ended March 31, 2021 relates to the sale of the South American closures businesses. Refer to Note 2, Acquisitions and Dispositions , for additional details. (2 ) Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim remeasurement of the PEPP due to the pension partial settlement transaction. The net actuarial loss for the three months ended March 31, 2022 was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits , for additional details.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The effective tax rates for the three months ended March 31, 2022 and 2021 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, 2022, we recognized a tax expense of $36 million on income from continuing operations before tax of $79 million. The effective tax rate was driven primarily by a $14 million discrete expense from the sale of our equity interests in Naturepak Beverage Packaging Co. Ltd. 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. We are under audit by the Internal Revenue Service (“IRS”) and other taxing authorities. The IRS is currently auditing our U.S. income tax returns for 2016-2017. As of March 31, 2022, 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, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions As of March 31, 2022, 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”). The related party entities and types of transactions we entered into with them are detailed below. All related parties detailed below have a common ultimate controlling shareholder, except for the joint ventures. Transaction Value for the Three Months Ended March 31, Balance Outstanding as of 2022 2021 March 31, 2022 December 31, 2021 Balances and transactions with joint ventures Included in other current assets $ 2 $ 9 Sale of goods and services (1) $ 7 $ 10 Balances and transactions with other entities controlled by Mr. Graeme Hart Current related party receivables (2) 41 48 Sale of goods and services (2) 100 78 Transition services agreements and rental income (2) 1 4 Charges (3) — 5 Related party payables (2) (11 ) (10 ) Purchase of goods (2) (27 ) (25 ) Charges (3) (3 ) (6 ) (1) (2 ) ( 3 )

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based Compensation	Note 16. 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. Equity based compensation expense of $4 million and $4 million for the three months ended March 31, 2022 and 2021, respectively, was recognized in selling, general and administrative expenses. Restricted Stock Units During the three months ended March 31, 2022, we granted 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 3 years beginning on the first anniversary of the grant date. During the vesting period, the RSUs carry dividend-equivalent rights, but the RSUs do not have voting rights. The RSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting date, unless the holder satisfies certain retirement-eligibility criteria (In thousands, except per share amounts) Number of Stock Units Weighted Average Grant Date Fair Value Non-vested, at January 1 1,491 $ 14.67 Granted (1) 1,091 $ 9.18 Forfeited (6 ) $ 14.55 Vested (332 ) $ 15.22 Non-vested, at March 31 2,244 $ 11.92 (1) Includes 11 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares Unrecognized compensation cost related to unvested RSUs as of March 31, 2022 was $19 million, which is expected to be recognized over a weighted average period of 2.4 years. The total vest date fair value of shares that vested during the three months ended March 31, 2022 was $ 3 million. Performance Share Units During the three months ended March 31, 2022, we granted performance share units (“PSUs”) to certain members of management which vest on the third anniversary of the grant date. Based on the achievement of various company performance targets during a performance period set by our Compensation Committee, upon vesting, the PSUs are exchanged for a number of shares of common stock equal to the number of PSUs multiplied by a factor between 0% and 200%. We use our stock price on the grant date to estimate the fair value of our PSUs. We adjust the expense based on the likelihood of future achievement of performance metrics. If any of the performance targets are not achieved, the awards are forfeited . During the vesting period, the PSUs carry dividend-equivalent rights, but the PSUs do not have voting rights. The PSUs and any related dividend-equivalent rights are forfeited in the event the holder is no longer an employee on the vesting date, unless the holder satisfies certain retirement-eligibility criteria The following table summarizes PSU activity during 2022: (In thousands, except per share amounts) Number of Stock Units Weighted Average Grant Date Fair Value Non-vested, at January 1 — $ — Granted (1) 1,042 $ 9.18 Non-vested, at March 31 1,042 $ 9.18 (1) Includes 11 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares Unrecognized compensation cost related to unvested PSUs as of March 31, 2022 was $9 million, which is expected to be recognized over a weighted average period of 2.4 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 17. Earnings Per Share Earnings (loss) per share, including a reconciliation of the number of shares used for our earnings (loss) per share calculation, was as follows: For the Three Months Ended March 31, 2022 2021 Net earnings (loss) attributable to Pactiv Evergreen Inc. common shareholders From continuing operations $ 43 $ (12 ) From discontinued operations — (3 ) Total $ 43 $ (15 ) Weighted average number of shares outstanding Basic 177.6 177.2 Effect of dilutive securities 0.4 — Diluted 178.0 177.2 Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders From continuing operations Basic $ 0.24 $ (0.07 ) Diluted $ 0.24 $ (0.07 ) From discontinued operations Basic $ — $ (0.02 ) Diluted $ — $ (0.02 ) Total Basic $ 0.24 $ (0.09 ) Diluted $ 0.24 $ (0.09 ) The weighted average number of anti-dilutive potential common shares excluded from the calculation above wa s 0.7 m and 0.2 million Our Board of Directors declared a dividend of $0.10 per share on May 3, 2022 to be paid on June 15, 2022 to shareholders of record as of May 31, 2022.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 18. 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”), who is our President and Chief Executive Officer, assesses information for decision-making purposes. The key factors used to identify these reportable segments are the organization 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), tableware, serviceware and other products which make eating on-the-go more enjoyable and easy to do. Food Merchandising - Manufactures products that protect and attractively display food while preserving freshness. Food Merchandising products include clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and egg cartons. Beverage Merchandising - Manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets. Beverage Merchandising manufactures and supplies integrated fresh carton systems, which include printed cartons, spouts and filling machinery. It also produces fiber-based liquid packaging board for its internal requirements and to sell to other 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 as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments. A segment’s Adjusted EBITDA represents its earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items, including but not limited to, restructuring, asset impairment and other related charges, gains or losses on the sale of businesses and noncurrent assets, non-cash pension income or expense, operational process engineering-related consultancy costs, business acquisition and integration costs and purchase accounting adjustments, unrealized gains or losses on derivatives, foreign exchange gains or losses on cash and 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, 2022 Net revenues $ 697 $ 404 $ 372 $ 1,473 Intersegment revenues — — 31 31 Total reportable segment net revenues $ 697 $ 404 $ 403 $ 1,504 Adjusted EBITDA $ 116 $ 60 $ 24 $ 200 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 Reportable segment assets consisted of the following: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total As of March 31, 2022 $ 1,434 $ 776 $ 981 $ 3,191 As of December 31, 2021 1,380 737 951 3,068 The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated GAAP income (loss) from continuing operations before income taxes: For the Three Months Ended March 31, 2022 2021 Reportable segment Adjusted EBITDA $ 200 $ 84 Other — 1 Unallocated (18 ) (8 ) 182 77 Adjustments to reconcile to GAAP income (loss) from continuing operations before income taxes Interest expense, net (49 ) (42 ) Depreciation and amortization (84 ) (73 ) Restructuring, asset impairment and other related charges — 2 Gain on sale of businesses and noncurrent assets 27 — Non-cash pension income 10 23 Operational process engineering-related consultancy costs (3 ) (3 ) Business acquisition and integration costs and purchase accounting adjustments (4 ) — Unrealized gains (losses) on derivatives 5 (1 ) Foreign exchange losses on cash (2 ) — Executive transition charges — (10 ) Costs associated with legacy sold facility (3 ) — Other — (2 ) Income (loss) from continuing operations before tax $ 79 $ (29 ) The following table presents a reconciliation of reportable segment assets to consolidated assets: As of March 31, 2022 As of December 31, 2021 Reportable segment assets $ 3,191 $ 3,068 Other 44 37 Unallocated (1) 3,927 3,916 Total assets $ 7,162 $ 7,021 (1) Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, 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, 2022 2021 Foodservice Containers $ 308 $ 209 Drinkware 268 165 Tableware 65 38 Serviceware and other 56 42 Food Merchandising Tableware 102 82 Bakery/snack/produce/fruit containers 91 69 Meat trays 85 87 Prepared food trays 41 34 Egg cartons 28 26 Other 57 44 Beverage Merchandising Cartons for fresh beverage products 217 192 Liquid packaging board 115 91 Paper products 71 74 Reportable segment net revenues 1,504 1,153 Other / Unallocated Other 22 29 Inter-segment eliminations (31 ) (18 ) Net revenues $ 1,495 $ 1,164 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, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounting Guidance Issued but Not Yet Adopted	Accounting Guidance Issued but Not Yet Adopted as of March 31, 2022 In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (“ASC 606”). Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. This ASU will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. This ASU is effective for annual and interim periods beginning after December 15, 2022. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. This ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. We are currently evaluating the impact of the new guidance on our condensed consolidated financial statements. 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.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Preliminary Purchase Price Allocation	The following table summarizes the preliminary purchase price allocation of the fair value of net tangible and intangible assets acquired and liabilities assumed: As of October 1, 2021 Cash and cash equivalents $ 3 Accounts receivable 46 Inventories 86 Other current assets 2 Property, plant and equipment 126 Operating lease right-of-use assets 31 Goodwill 66 Customer relationships 56 Trademarks 34 Deferred income taxes 8 Assets acquired $ 458 Accounts payable $ 17 Current portion of long-term debt 1 Current portion of operating lease liabilities 3 Accrued and other current liabilities 26 Long-term debt 1 Long-term operating lease liabilities 25 Long-term employee benefit obligations 6 Other noncurrent liabilities 1 Liabilities assumed $ 80 Total purchase price $ 378
Disposal Group, Held-for-sale, Not Discontinued Operations | Beverage Merchandising Asia
Carrying Amount of Major Classes of Assets and Liabilities	The carrying amounts of the major classes of Beverage Merchandising Asia’s assets and liabilities as of March 31, 2022 and December 31, 2021 comprised the following: As of March 31, 2022 As of December 31, 2021 Cash and cash equivalents $ 19 $ 17 Accounts receivable 22 27 Inventories 23 23 Other current assets 2 3 Property, plant and equipment 47 48 Goodwill 14 14 Deferred income taxes 3 3 Other noncurrent assets 4 4 Total current assets held for sale $ 134 $ 139 Accounts payable $ 4 $ 7 Income taxes payable 3 3 Accrued and other current liabilities 17 18 Long-term employee benefit obligations 1 1 Deferred income taxes 2 2 Total current liabilities held for sale $ 27 $ 31

Restructuring, Asset Impairme_2

Restructuring, Asset Impairment and Other Related Charges (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
Summary of Restructuring, Asset Impairment and Other Related Charges	During the three months ended March 31, 2021, we recorded the following restructuring, asset impairment and other related charges: Other Asset Impairment Total Other $ (2 ) $ (2 ) Total $ (2 ) $ (2 )
Summary of Restructuring Liability	The following table summarizes the changes to our restructuring liability for the three months ended March 31, 2022: December 31, 2021 Charges to Earnings Cash Paid March 31, 2022 Employee termination costs $ 2 $ — $ — $ 2 Total $ 2 $ — $ — $ 2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Summary of the Components of Inventory	The components of inventories consisted of the following: As of March 31, 2022 As of December 31, 2021 Raw materials $ 243 $ 226 Work in progress 114 102 Finished goods 512 427 Spare parts 99 99 Inventories $ 968 $ 854

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 As of December 31, 2021 Land and land improvements $ 72 $ 72 Buildings and building improvements 641 638 Machinery and equipment 3,395 3,383 Construction in progress 193 170 Property, plant and equipment, at cost 4,301 4,263 Less: accumulated depreciation (2,530 ) (2,477 ) Property, plant and equipment, net $ 1,771 $ 1,786 Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of income (loss): For the Three Months Ended March 31, 2022 2021 Cost of sales $ 63 $ 54 Selling, general and administrative expenses 6 6 Total depreciation expense $ 69 $ 60

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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) Total Balance as of December 31, 2021 $ 990 $ 770 $ 52 $ — $ 1,812 Movements — — — — — Balance as of March 31, 2022 $ 990 $ 770 $ 52 $ — $ 1,812 Accumulated impairment losses $ — $ — $ — $ 15 $ 15 (1) Other includes operations that do not meet the quantitative threshold for reportable segments.
Summary of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,075 $ (609 ) $ 466 $ 1,075 $ (594 ) $ 481 Trademarks $ 42 (9 ) 33 $ 42 (9 ) 33 Other 12 (12 ) — 12 (12 ) — Total finite-lived intangible assets $ 1,129 $ (630 ) $ 499 $ 1,129 $ (615 ) $ 514 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 $ 1,742 $ (630 ) $ 1,112 $ 1,742 $ (615 ) $ 1,127
Summary of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets Customer relationships $ 1,075 $ (609 ) $ 466 $ 1,075 $ (594 ) $ 481 Trademarks $ 42 (9 ) 33 $ 42 (9 ) 33 Other 12 (12 ) — 12 (12 ) — Total finite-lived intangible assets $ 1,129 $ (630 ) $ 499 $ 1,129 $ (615 ) $ 514 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 $ 1,742 $ (630 ) $ 1,112 $ 1,742 $ (615 ) $ 1,127

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following: As of March 31, 2022 As of December 31, 2021 Accrued personnel costs $ 92 $ 86 Accrued rebates and credits 98 87 Accrued interest 44 19 Other (1) 139 123 Accrued and other current liabilities $ 373 $ 315 (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, 2022
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of As of March 31, December 31, 2022 2021 Credit Agreement $ 2,244 $ 2,250 Notes: 4.000% Senior Secured Notes due 2027 1,000 1,000 4.375% Senior Secured Notes due 2028 500 500 Pactiv Debentures: 7.950% Debentures due 2025 276 276 8.375% Debentures due 2027 200 200 Other 51 53 Total principal amount of borrowings 4,271 4,279 Deferred financing transaction costs (“DIC”) (16 ) (17 ) Original issue discounts, net of premiums (“OID”) (12 ) (12 ) 4,243 4,250 Less: current portion (30 ) (30 ) Long-term debt $ 4,213 $ 4,220
Summary of Components of the Credit Agreement	The Credit Agreement comprises the following term and revolving tranches: Value Drawn or Utilized as of Applicable Interest Rate as of Maturity Date March 31, 2022 March 31, 2022 Term Tranches U.S. term loans Tranche B-2 February 5, 2026 $ 1,234 LIBOR (floor of 0.000%) + 3.250% U.S. term loans Tranche B-3 September 24, 2028 $ 1,010 LIBOR (floor of 0.500%) + 3.500% Revolving Tranche (1) U.S. Revolving Loans August 5, 2024 $ 44 — (1) The Revolving Tranche represents a $250 million facility. The amount utilized is in the form of letters of
Schedule of Outstanding Notes	Outstanding Notes, as of March 31, 2022, are summarized below: Maturity Date Interest Payment Dates 4.000% Senior Secured Notes due 2027 October 15, 2027 April 15 and October 15 4.375% Senior Secured Notes due 2028 October 15, 2028 April 15 and October 15, commencing April 15, 2022 As of March 31, 2022, we had outstanding the following debentures (together, the “Pactiv Debentures”): Maturity Date Interest Payment Dates 7.950% Debentures due 2025 December 15, 2025 June 15 and December 15 8.375% Debentures due 2027 April 15, 2027 April 15 and October 15
Schedule of Required Future Repayments of Outstanding Debt	Below is a schedule of required future repayments on our debt outstanding as of March 31, 2022: 2022 $ 23 2023 30 2024 29 2025 304 2026 1,202 Thereafter 2,683 Total principal amount of borrowings $ 4,271
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, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Credit Agreement $ 2,233 $ 2,188 $ 2,239 $ 2,243 Notes: 4.000% Senior Secured Notes due 2027 992 930 991 975 4.375% Senior Secured Notes due 2028 495 461 495 497 Pactiv Debentures: 7.950% Debentures due 2025 273 283 273 305 8.375% Debentures due 2027 199 207 199 222 Other 51 51 53 53 Total $ 4,243 $ 4,120 $ 4,250 $ 4,295
Interest Expense, Net	Interest expense, net consisted of the following: For the Three Months Ended March 31, 2022 2021 Interest expense: Credit Agreement $ 21 $ 19 Notes 15 10 Pactiv Debentures 10 10 Interest income — (1 ) Amortization: DIC 1 1 Net foreign currency exchange losses 1 1 Loss on extinguishment of debt: Redemption premiums — 1 Other 1 1 Interest expense, net $ 49 $ 42

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 As of December 31, 2021 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Commodity swap contracts $ 5 $ — $ 1 $ (1 ) Total fair value $ 5 $ — $ 1 $ (1 ) Recorded in: Other current assets $ 5 $ — $ 1 $ — Accrued and other current liabilities — — — (1 ) Total fair value $ 5 $ — $ 1 $ (1 )
Summary of Outstanding Commodity Derivative Contracts	The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2022: Type Unit of Measure Contracted Volume Contracted Price Range Contracted Date of Maturity Benzene swaps U.S. liquid gallon 5,518,856 $3.12 - $4.05 May 2022 - Dec 2022 Natural gas swaps Million BTU 224,024 $2.81 - $2.81 May 2022 - Sep 2022

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Service cost $ — $ (2 ) Interest cost (21 ) (27 ) Expected return on plan assets 21 50 Ongoing net periodic benefit income — 21 Income due to settlement (1) 10 — Total net periodic benefit income $ 10 $ 21 (1) Refer to the Pension Partial Settlement Transactions section below for additional details. Net periodic benefit income for defined benefit pension plans and other post-employment benefit plans was recognized as follows: For the Three Months Ended March 31, 2022 2021 Cost of sales $ — $ (2 ) Non-operating income, net 10 23 Total net periodic benefit income $ 10 $ 21

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income And Expenses [Abstract]
Schedule of Other Income, Net	Other income, net consisted of the following: For the Three Months Ended March 31, 2022 2021 Gain on sale of businesses and noncurrent assets $ 27 $ — Foreign exchange losses on cash (1) (2 ) — Transition service agreement income (2) 1 4 Other 2 2 Other income, net $ 28 $ 6 (1) Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities. (2) Refer to Note 15, Related Party Transactions, for additional details. The transition services agreement income is primarily attributable to services provided to our former segments, Reynolds Consumer Products Inc. (“RCPI”) and Graham Packaging Company Inc. (“GPCI”), and our former closures businesses.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Currency translation adjustments: Balance as of beginning of period $ (207 ) $ (189 ) Currency translation adjustments 4 (9 ) Amounts reclassified from AOCL (1) — (11 ) Other comprehensive income (loss) 4 (20 ) Balance as of end of period $ (203 ) $ (209 ) Defined benefit plans: Balance as of beginning of period $ 108 $ (160 ) Net actuarial loss arising during year (2) (126 ) — Deferred tax expense on net actuarial loss 31 — Gain reclassified from AOCL Defined benefit plan settlement gain (10 ) — Deferred tax expense on reclassification 2 — Other comprehensive loss (103 ) — Balance as of end of period $ 5 $ (160 ) AOCL Balance as of beginning of period $ (99 ) $ (349 ) Other comprehensive loss (99 ) (20 ) Balance as of end of period $ (198 ) $ (369 ) (1) The reclassification of currency translation adjustment amounts to earnings during the three months ended March 31, 2021 relates to the sale of the South American closures businesses. Refer to Note 2, Acquisitions and Dispositions , for additional details. (2 ) Net actuarial loss arising during the three months ended March 31, 2022 relates to the interim remeasurement of the PEPP due to the pension partial settlement transaction. The net actuarial loss for the three months ended March 31, 2022 was primarily due to asset returns, partially offset by an increase in the discount rate utilized in measuring plan obligations, reflecting changes in market rates. Refer to Note 10, Employee Benefits , for additional details.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transaction Value for the Three Months Ended March 31, Balance Outstanding as of 2022 2021 March 31, 2022 December 31, 2021 Balances and transactions with joint ventures Included in other current assets $ 2 $ 9 Sale of goods and services (1) $ 7 $ 10 Balances and transactions with other entities controlled by Mr. Graeme Hart Current related party receivables (2) 41 48 Sale of goods and services (2) 100 78 Transition services agreements and rental income (2) 1 4 Charges (3) — 5 Related party payables (2) (11 ) (10 ) Purchase of goods (2) (27 ) (25 ) Charges (3) (3 ) (6 ) (1) (2 ) ( 3 )

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Restricted Stock Units (RSUs)
Summary of Restricted Stock Unit Activity	The following table summarizes RSU activity during 2022: (In thousands, except per share amounts) Number of Stock Units Weighted Average Grant Date Fair Value Non-vested, at January 1 1,491 $ 14.67 Granted (1) 1,091 $ 9.18 Forfeited (6 ) $ 14.55 Vested (332 ) $ 15.22 Non-vested, at March 31 2,244 $ 11.92 (1) Includes 11 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported RSUs concurrently with the settlement of such RSUs for shares
Performance Stock Units (PSU)
Summary of Performance Stock Unit Activity	The following table summarizes PSU activity during 2022: (In thousands, except per share amounts) Number of Stock Units Weighted Average Grant Date Fair Value Non-vested, at January 1 — $ — Granted (1) 1,042 $ 9.18 Non-vested, at March 31 1,042 $ 9.18 (1) Includes 11 thousand shares reserved for issuance upon the settlement of dividend-equivalent rights carried by the reported PSUs concurrently with the settlement of such PSUs for shares

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings (Loss) Per Share	Earnings (loss) per share, including a reconciliation of the number of shares used for our earnings (loss) per share calculation, was as follows: For the Three Months Ended March 31, 2022 2021 Net earnings (loss) attributable to Pactiv Evergreen Inc. common shareholders From continuing operations $ 43 $ (12 ) From discontinued operations — (3 ) Total $ 43 $ (15 ) Weighted average number of shares outstanding Basic 177.6 177.2 Effect of dilutive securities 0.4 — Diluted 178.0 177.2 Earnings (loss) per share attributable to Pactiv Evergreen Inc. common shareholders From continuing operations Basic $ 0.24 $ (0.07 ) Diluted $ 0.24 $ (0.07 ) From discontinued operations Basic $ — $ (0.02 ) Diluted $ — $ (0.02 ) Total Basic $ 0.24 $ (0.09 ) Diluted $ 0.24 $ (0.09 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	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, 2022 Net revenues $ 697 $ 404 $ 372 $ 1,473 Intersegment revenues — — 31 31 Total reportable segment net revenues $ 697 $ 404 $ 403 $ 1,504 Adjusted EBITDA $ 116 $ 60 $ 24 $ 200 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 Reportable segment assets consisted of the following: Foodservice Food Merchandising Beverage Merchandising Reportable Segment Total As of March 31, 2022 $ 1,434 $ 776 $ 981 $ 3,191 As of December 31, 2021 1,380 737 951 3,068
Reconciliation of Operating Profit (Loss)	The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated GAAP income (loss) from continuing operations before income taxes: For the Three Months Ended March 31, 2022 2021 Reportable segment Adjusted EBITDA $ 200 $ 84 Other — 1 Unallocated (18 ) (8 ) 182 77 Adjustments to reconcile to GAAP income (loss) from continuing operations before income taxes Interest expense, net (49 ) (42 ) Depreciation and amortization (84 ) (73 ) Restructuring, asset impairment and other related charges — 2 Gain on sale of businesses and noncurrent assets 27 — Non-cash pension income 10 23 Operational process engineering-related consultancy costs (3 ) (3 ) Business acquisition and integration costs and purchase accounting adjustments (4 ) — Unrealized gains (losses) on derivatives 5 (1 ) Foreign exchange losses on cash (2 ) — Executive transition charges — (10 ) Costs associated with legacy sold facility (3 ) — Other — (2 ) Income (loss) from continuing operations before tax $ 79 $ (29 )
Reconciliation of Assets from Segment to Consolidated	The following table presents a reconciliation of reportable segment assets to consolidated assets: As of March 31, 2022 As of December 31, 2021 Reportable segment assets $ 3,191 $ 3,068 Other 44 37 Unallocated (1) 3,927 3,916 Total assets $ 7,162 $ 7,021 (1) Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, 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, 2022 2021 Foodservice Containers $ 308 $ 209 Drinkware 268 165 Tableware 65 38 Serviceware and other 56 42 Food Merchandising Tableware 102 82 Bakery/snack/produce/fruit containers 91 69 Meat trays 85 87 Prepared food trays 41 34 Egg cartons 28 26 Other 57 44 Beverage Merchandising Cartons for fresh beverage products 217 192 Liquid packaging board 115 91 Paper products 71 74 Reportable segment net revenues 1,504 1,153 Other / Unallocated Other 22 29 Inter-segment eliminations (31 ) (18 ) Net revenues $ 1,495 $ 1,164

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Details) $ in Millions	Mar. 29, 2022USD ($)	Jan. 04, 2022USD ($)	Oct. 12, 2021	Oct. 01, 2021USD ($)Facility	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Acquisitions And Dispositions [Line Items]
Proceeds from sale of business	$ 47
Goodwill					$ 1,812		$ 1,812
Percentage of dispositions joint venture			50.00%
Preliminary gain on sale of equity interests					27
South American closures business
Acquisitions And Dispositions [Line Items]
Charges related to assets and liabilities held-for-sale						$ 2
Discontinued operations, disposed of by sale | SIG Schweizerische Industrie-Gesellschaft GmbH | Beverage Merchandising Asia
Acquisitions And Dispositions [Line Items]
Proceeds from sale of business		$ 335
Income from operations before income taxes					5	$ 6
Foodservice
Acquisitions And Dispositions [Line Items]
Goodwill					990		$ 990
Fabri-Kal
Acquisitions And Dispositions [Line Items]
Percentage of outstanding ownership interests acquired				100.00%
Purchase price				$ 378
Proceeds from sale of business					2
Net revenues					$ 102
Increase in cost of acquired inventories				12
Goodwill				66
Fabri-Kal | Foodservice
Acquisitions And Dispositions [Line Items]
Goodwill				66
Goodwill expected to be tax deductible				42
Fabri-Kal | Trademarks
Acquisitions And Dispositions [Line Items]
Intangible assets				34
Fabri-Kal | Trademarks | Foodservice
Acquisitions And Dispositions [Line Items]
Intangible assets				$ 34
Finite-lived intangible assets estimated useful lives				10 years
Fabri-Kal | Customer Relationships
Acquisitions And Dispositions [Line Items]
Intangible assets				$ 56
Fabri-Kal | Customer Relationships | Foodservice
Acquisitions And Dispositions [Line Items]
Intangible assets				$ 56
Finite-lived intangible assets estimated useful lives				8 years
Fabri-Kal | United States
Acquisitions And Dispositions [Line Items]
Number of manufacturing facilities acquired | Facility				4

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Oct. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,812	$ 1,812
Fabri-Kal
Business Acquisition [Line Items]
Cash and cash equivalents			$ 3
Accounts receivable			46
Inventories			86
Other current assets			2
Property, plant and equipment			126
Operating lease right-of-use assets			31
Goodwill			66
Deferred income taxes			8
Assets acquired			458
Accounts payable			17
Current portion of long-term debt			1
Current portion of operating lease liabilities			3
Accrued and other current liabilities			26
Long-term debt			1
Long-term operating lease liabilities			25
Long-term employee benefit obligations			6
Other noncurrent liabilities			1
Liabilities assumed			80
Total purchase price			378
Customer Relationships | Fabri-Kal
Business Acquisition [Line Items]
Intangible assets			56
Trademarks | Fabri-Kal
Business Acquisition [Line Items]
Intangible assets			$ 34

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Carrying Amount of Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 19		$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Beverage Merchandising Asia
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash and cash equivalents	19	$ 17
Accounts receivable	22	27
Inventories	23	23
Other current assets	2	3
Property, plant and equipment	47	48
Goodwill	14	14
Deferred income taxes	3	3
Other noncurrent assets	4	4
Total current assets held for sale	134	139
Accounts payable	4	7
Income taxes payable	3	3
Accrued and other current liabilities	17	18
Long-term employee benefit obligations	1	1
Deferred income taxes	2	2
Total current liabilities held for sale	$ 27	$ 31

Restructuring, Asset Impairme_3

Restructuring, Asset Impairment and Other Related Charges - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]
Impairment, restructuring and other related charges	$ 0	$ (2,000,000)
South American closures business
Restructuring Cost And Reserve [Line Items]
Charges related to assets and liabilities held-for-sale		$ 2,000,000

Restructuring, Asset Impairme_4

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring, Asset Impairment and Other Related Charges (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges		$ (2,000,000)
Total	$ 0	(2,000,000)
Other
Restructuring Cost And Reserve [Line Items]
Other asset impairment charges		(2,000,000)
Total		$ (2,000,000)

Restructuring, Asset Impairme_5

Restructuring, Asset Impairment and Other Related Charges - Summary of Restructuring Liability (Details) $ in Millions	Mar. 31, 2022USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 2
Restructuring liability, ending balance	2
Employee terminations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	2
Restructuring liability, ending balance	$ 2

Inventories - Summary of the Co

Inventories - Summary of the Components of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 243	$ 226
Work in progress	114	102
Finished goods	512	427
Spare parts	99	99
Inventories	$ 968	$ 854

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 4,301	$ 4,263
Less: accumulated depreciation	(2,530)	(2,477)
Property, plant and equipment, net	1,771	1,786
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	72	72
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	641	638
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,395	3,383
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 193	$ 170

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, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Cost of sales	$ 63	$ 54
Selling, general and administrative expenses	6	6
Total depreciation expense	$ 69	$ 60

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Goodwill by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,812
Movements	0
Ending Balance	1,812
Accumulated impairment losses	15
Foodservice
Goodwill [Line Items]
Beginning Balance	990
Movements	0
Ending Balance	990
Food Merchandising
Goodwill [Line Items]
Beginning Balance	770
Movements	0
Ending Balance	770
Beverage Merchandising
Goodwill [Line Items]
Beginning Balance	52
Movements	0
Ending Balance	52
Other
Goodwill [Line Items]
Accumulated impairment losses	$ 15

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,129	$ 1,129
Accumulated Amortization	(630)	(615)
Net	499	514
Indefinite-lived intangible assets	613	613
Gross Carrying Amount	1,742	1,742
Net	1,112	1,127
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	1,075	1,075
Accumulated Amortization	(609)	(594)
Net	466	481
Trademarks
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	42	42
Accumulated Amortization	(9)	(9)
Net	33	33
Other
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12	12
Accumulated Amortization	$ (12)	$ (12)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 15	$ 13

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued personnel costs	$ 92	$ 86
Accrued rebates and credits	98	87
Accrued interest	44	19
Other	139	123
Accrued and other current liabilities	$ 373	$ 315

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal amount of borrowings	$ 4,271	$ 4,279
Deferred financing transaction costs (“DIC”)	(16)	(17)
Original issue discounts, net of premiums (“OID”)	(12)	(12)
Debt, net	4,243	4,250
Less: current portion	(30)	(30)
Long-term debt	4,213	4,220
4.000% Senior Secured Notes due 2027 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
4.375% Senior Secured Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
7.950% Debentures due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	276	276
8.375% Debentures due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	200	200
Other
Debt Instrument [Line Items]
Long-term debt, gross	51	53
Secured debt | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,244	$ 2,250

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
4.000% Senior Secured Notes due 2027 | Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028
7.950% Debentures due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
8.375% Debentures due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	Sep. 24, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 6	$ 62
Five Point One Two Five Percent Notes Due Two Thousand Twenty Three
Debt Instrument [Line Items]
Interest rate			5.125%
Repayments of Long-term Debt			$ 59
Redemption price percentage			101.281%
Loss on extinguishment of debt		1
U S Term Loans Tranche B3 | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,015	$ 1,010
U S Term Loans Tranche B3 | 4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500
Interest rate	4.375%
U S Term Loans Tranche B1 | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 1,207

Debt -Summary of Components of

Debt -Summary of Components of the Credit Agreement (Details) - Line of credit - Credit Agreement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 24, 2021
U S Term Loans Tranche B2
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Feb. 5, 2026
Long-term debt, gross	$ 1,234
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 Term Loans Tranche B3
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Sep. 24, 2028
Long-term debt, gross	$ 1,010	$ 1,015
U S Term Loans Tranche B3 | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Variable rate floor	0.50%
Basis spread on variable rate	3.50%
U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Debt Instrument Maturity Date	Aug. 5, 2024
Value Utilized	$ 44

Debt - Summary of Components of

Debt - Summary of Components of the Credit Agreement (Parenthetical) (Details)	Mar. 31, 2022USD ($)
Line of credit | Credit Agreement | U.S. Revolving Loans
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000,000

Debt - Credit Agreement - Addit

Debt - Credit Agreement - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
U S Term Loans Tranche B2 | Credit Agreement | Line of credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate	3.39%		3.38%
U S Term Loans Tranche B3
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate	4.00%
U S Term Loans Tranche B1 | Credit Agreement | Line of credit
Line Of Credit Facility [Line Items]
Weighted average contractual interest rate			2.88%
Secured debt | Credit Agreement | Line of credit
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments	0.25%
Due amount of excess cash flow prepayments		$ 0
Secured debt | Credit Agreement | Line of credit | Maximum
Line Of Credit Facility [Line Items]
Percentage of quarterly amortization payments	50.00%
Periodic prepayment percentage if leverage ratio threshold met	25.00%
Secured debt | Credit Agreement | Line of credit | Minimum
Line Of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met	0.00%

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Notes (Details) - Senior notes	3 Months Ended
	Mar. 31, 2022
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Maturity Date	Oct. 15, 2027
Interest Payment Dates	April 15 and October 15
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Maturity Date	Oct. 15, 2028
Interest Payment Dates	April 15 and October 15, commencing April 15, 2022

Debt - Schedule of Outstandin_2

Debt - Schedule of Outstanding Notes (Parenthetical) (Details) - Senior Secured Notes	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028

Debt - Notes - Additional Infor

Debt - Notes - Additional Information (Details) - Senior notes	Mar. 31, 2022	Dec. 31, 2021
4.000% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
4.375% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%

Debt - Debentures (Details)

Debt - Debentures (Details) - Unsecured Debt	3 Months Ended
	Mar. 31, 2022
7.950% Debentures due 2025
Debt Instrument [Line Items]
Maturity Date	Dec. 15, 2025
Interest Payment Dates	June 15 and December 15
8.375% Debentures due 2027
Debt Instrument [Line Items]
Maturity Date	Apr. 15, 2027
Interest Payment Dates	April 15 and October 15

Debt - Debentures (Parenthetica

Debt - Debentures (Parenthetical) (Details) - Unsecured Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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, 2022	Dec. 31, 2021
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, 2022	Dec. 31, 2021
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 51	$ 53

Debt -Schedule of Required Futu

Debt -Schedule of Required Future Repayments of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 23
2023	30
2024	29
2025	304
2026	1,202
Thereafter	2,683
Total principal amount of borrowings	$ 4,271	$ 4,279

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values and Fair Values of Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
4.000% Senior Secured Notes due 2027 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	$ 1,000	$ 1,000
4.375% Senior Secured Notes due 2028 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	500	500
7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	276	276
8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	200	200
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	51	53
Secured debt | Credit Agreement | Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	2,244	2,250
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	4,243	4,250
Reported Value Measurement | 4.000% Senior Secured Notes due 2027 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	992	991
Reported Value Measurement | 4.375% Senior Secured Notes due 2028 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	495	495
Reported Value Measurement | 7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	273	273
Reported Value Measurement | 8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	199	199
Reported Value Measurement | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	51	53
Reported Value Measurement | Secured debt | Credit Agreement | Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	2,233	2,239
Estimate of Fair Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	4,120	4,295
Estimate of Fair Value Measurement | 4.000% Senior Secured Notes due 2027 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	930	975
Estimate of Fair Value Measurement | 4.375% Senior Secured Notes due 2028 | Senior notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	461	497
Estimate of Fair Value Measurement | 7.950% Debentures due 2025 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	283	305
Estimate of Fair Value Measurement | 8.375% Debentures due 2027 | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	207	222
Estimate of Fair Value Measurement | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, gross	51	53
Estimate of Fair Value Measurement | Secured debt | Credit Agreement | Line of credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 2,188	$ 2,243

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, 2022	Dec. 31, 2021
Senior notes | 4.000% Senior Secured Notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.00%	4.00%
Debt instrument maturity year	2027	2027
Senior notes | 4.375% Senior Secured Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.375%	4.375%
Debt instrument maturity year	2028	2028
Unsecured Debt | 7.950% Debentures due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.95%	7.95%
Debt instrument maturity year	2025	2025
Unsecured Debt | 8.375% Debentures due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	8.375%	8.375%
Debt instrument maturity year	2027	2027

Debt - Interest Expense, Net (D

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest income		$ (1)
Amortization of deferred financing transaction costs	$ 1	1
Net foreign currency exchange losses	1	1
Redemption premiums		1
Other	1	1
Interest expense, net	49	42
Senior notes
Debt Instrument [Line Items]
Interest expense, debt	15	10
Unsecured Debt
Debt Instrument [Line Items]
Interest expense, debt	10	10
Secured debt | Credit Agreement | Line of credit
Debt Instrument [Line Items]
Interest expense, debt	$ 21	$ 19

Financial Instruments - Schedul

Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Asset Derivatives	$ 5	$ 1
Liability Derivatives		(1)
Other current assets
Derivative [Line Items]
Asset Derivatives	5	1
Commodity swap contracts
Derivative [Line Items]
Asset Derivatives	$ 5	1
Liability Derivatives		(1)
Accrued and other current liabilities
Derivative [Line Items]
Liability Derivatives		$ (1)

Financial Instruments - Additio

Financial Instruments - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on derivatives	$ 5	$ (1)

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2022MMBTU$ / gal$ / MMBTUgal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	224,024
Benzene swaps
Derivative [Line Items]
Contracted volume | gal	5,518,856
Minimum | Natural gas swaps
Derivative [Line Items]
Contracted price range | $ / MMBTU	2.81
Minimum | Benzene swaps
Derivative [Line Items]
Contracted price range | $ / gal	3.12
Maximum | Natural gas swaps
Derivative [Line Items]
Contracted price range | $ / MMBTU	2.81
Maximum | Benzene swaps
Derivative [Line Items]
Contracted price range | $ / gal	4.05

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, 2022	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Service cost		$ (2)
Interest cost	$ (21)	(27)
Expected return on plan assets	21	50
Ongoing net periodic benefit income		21
Income due to settlement	10
Total net periodic benefit income	$ 10	$ 21

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, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 10	$ 21
Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income		(2)
Non-operating Income, Net
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income	$ 10	$ 23

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details) $ in Millions	Feb. 24, 2022USD ($)Retiree	Jul. 21, 2021USD ($)Retiree	Mar. 31, 2022USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Non-cash pre-tax pension settlement gain			$ (10)		$ (23)
Pactiv Evergreen Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made			0
PEPP asset purchased	$ 1,260	$ 941
Projected benefit obligations	$ 1,257	$ 959
Pension benefits and annuity administration for retirees or their beneficiaries | Retiree	13,300	16,300
Non-cash pre-tax pension settlement gain			$ 10	$ 22

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income And Expenses [Abstract]
Gain on sale of businesses and noncurrent assets	$ 27
Foreign exchange losses on cash	(2)
Transition service agreement income	1	$ 4
Other	2	2
Other income, net	$ 28	$ 6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - MP2 Energy LLC $ in Millions	Apr. 14, 2021USD ($)
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 50
Loss contingency, shortfall in contract	$ 50

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,288	$ 1,074
Ending balance	1,217	1,026
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(207)	(189)
Currency translation adjustments	4	(9)
Amounts reclassified from AOCL		(11)
Other comprehensive income (loss)	4	(20)
Ending balance	(203)	(209)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	108	(160)
Net actuarial gain arising during year	(126)
Deferred tax expense on net actuarial gain	31
Defined benefit plan settlement gain	(10)
Deferred tax expense on reclassification	2
Other comprehensive income (loss)	(103)
Ending balance	5	(160)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(99)	(349)
Other comprehensive income (loss)	(99)	(20)
Ending balance	$ (198)	$ (369)

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before tax	$ 79	$ (29)
Income tax (expense) benefit	(36)	18
Tax rate benefit amount	14	$ 10
Unrecognized tax benefits decrease in income tax returns	$ 10

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Mar. 31, 2022
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, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from related parties, current	$ 41		$ 48
Purchase of goods	(27)	$ (25)
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current	2		9
Sale of goods and services	7	10
Affiliated Entity
Related Party Transaction [Line Items]
Current related party receivables	41		48
Related party payables	(11)		$ (10)
Sale of goods and services | Affiliated Entity
Related Party Transaction [Line Items]
Sale of goods and services	100	78
Transition services agreements and rental income | Affiliated Entity
Related Party Transaction [Line Items]
Transition services agreements and rental income	1	4
Charges
Related Party Transaction [Line Items]
Related party transactions, expenses	(3)	(6)
Charges | Affiliated Entity
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 5

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions (Parenthetical) (Details) - Affiliated Entity $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)lease_agreement
Tax Matters Agreement
Related Party Transaction [Line Items]
Current related party payable | $	$ 1
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 ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 21, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized (in shares)			9,079,395
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 19
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 4 months 24 days
Fair value of shares vested	$ 3
Restricted Stock Units (RSUs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation	$ 9
Unrecognized share-based compensation, weighted-average recognition period (in years)	2 years 4 months 24 days
Performance Stock Units (PSU) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	0.00%
Performance Stock Units (PSU) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation PSUs vesting percentage	200.00%
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4	$ 4

Equity Based Compensation - Sum

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Stock Units
Beginning balance, Non-vested | shares	1,491
Granted | shares	1,091
Forfeited | shares	(6)
Vested | shares	(332)
Ending balance, Non-vested | shares	2,244
Weighted-Average Grant Date Fair Value
Beginning balance, Non-vested | $ / shares	$ 14.67
Granted | $ / shares	9.18
Forfeited | $ / shares	14.55
Vested | $ / shares	15.22
Ending balance, Non-vested | $ / shares	$ 11.92

Equity Based Compensation - S_2

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Details) shares in Thousands	Mar. 31, 2022shares
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	11

Equity Based Compensation - S_3

Equity Based Compensation - Summary of Performance Share Units Activity (Details) - Performance Stock Units (PSU) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Stock Units
Granted | shares	1,042
Ending balance, Non-vested | shares	1,042
Weighted-Average Grant Date Fair Value
Granted | $ / shares	$ 9.18
Ending balance, Non-vested | $ / shares	$ 9.18

Equity Based Compensation - S_4

Equity Based Compensation - Summary of Performance Share Units Activity (Parenthetical) (Details) shares in Thousands	Mar. 31, 2022shares
Performance Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	11

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net earnings (loss) attributable to Pactiv Evergreen Inc. common shareholders
From continuing operations	$ 43	$ (12)
From discontinued operations		(3)
Net income (loss) attributable to Pactiv Evergreen Inc. common shareholders	$ 43	$ (15)
Weighted average number of shares outstanding
Basic	177.6	177.2
Effect of dilutive securities	0.4
Diluted	178	177.2
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from continuing operations
Basic	$ 0.24	$ (0.07)
Diluted	0.24	(0.07)
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, from discontinued operations
Basic		(0.02)
Diluted		(0.02)
Earnings (loss) per share attributable to Pactiv Evergreen Inc. common stockholders, total
Basic	0.24	(0.09)
Diluted	$ 0.24	$ (0.09)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	May 03, 2022	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share Basic [Line Items]
Weighted average number of shares outstanding (in shares)		700,000	200,000
Subsequent Event
Earnings Per Share Basic [Line Items]
Dividends payable, per share	$ 0.10
Dividends payable, date declared	May 3, 2022
Dividends payable, date to be paid	Jun. 15, 2022
Dividends payable, date of record	May 31, 2022

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
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, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 1,495	$ 1,164
Reportable segment assets	7,162		$ 7,021
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(31)	(18)
Unallocated
Segment Reporting Information [Line Items]
Reportable segment assets	3,927		3,916
Foodservice
Segment Reporting Information [Line Items]
Net revenues	697	454
Foodservice | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	697	454
Adjusted EBITDA	116	61
Reportable segment assets	1,434		1,380
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	404	342
Food Merchandising | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	404	342
Adjusted EBITDA	60	55
Reportable segment assets	776		737
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	372	339
Beverage Merchandising | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	31	18
Beverage Merchandising | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	403	357
Adjusted EBITDA	24	(32)
Reportable segment assets	981		951
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,473	1,135
Reportable Segments | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	31	18
Reportable Segments | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	1,504	1,153
Adjusted EBITDA	200	84
Reportable segment assets	3,191		3,068
Other | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	22	$ 29
Reportable segment assets	$ 44		$ 37

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA to Income (Loss) from Continuing Operations Before Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 182	$ 77
Interest expense, net	(49)	(42)
Depreciation and amortization	(84)	(73)
Restructuring, asset impairment and other related charges		2
Gain on sale of businesses and noncurrent assets	27
Non-cash pension income	10	23
Operational process engineering-related consultancy costs	(3)	(3)
Business acquisition and integration costs and purchase accounting adjustments	(4)
Unrealized gain (loss) on derivatives	5	(1)
Foreign exchange losses on cash	(2)
Executive transition charges		(10)
Costs associated with legacy sold facility	(3)
Other		(2)
Income (loss) from continuing operations before tax	79	(29)
Operating Segments | Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	200	84
Operating Segments | Other
Segment Reporting Information [Line Items]
Adjusted EBITDA		1
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (18)	$ (8)

Segment Information - Net Reven

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 1,495	$ 1,164
Foodservice
Segment Reporting Information [Line Items]
Net revenues	697	454
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	404	342
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	372	339
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,473	1,135
Operating Segments | Foodservice
Segment Reporting Information [Line Items]
Net revenues	697	454
Operating Segments | Foodservice | Containers
Segment Reporting Information [Line Items]
Net revenues	308	209
Operating Segments | Foodservice | Drinkware
Segment Reporting Information [Line Items]
Net revenues	268	165
Operating Segments | Foodservice | Tableware
Segment Reporting Information [Line Items]
Net revenues	65	38
Operating Segments | Foodservice | Serviceware and other
Segment Reporting Information [Line Items]
Net revenues	56	42
Operating Segments | Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	404	342
Operating Segments | Food Merchandising | Tableware
Segment Reporting Information [Line Items]
Net revenues	102	82
Operating Segments | Food Merchandising | Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	91	69
Operating Segments | Food Merchandising | Meat trays
Segment Reporting Information [Line Items]
Net revenues	85	87
Operating Segments | Food Merchandising | Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	41	34
Operating Segments | Food Merchandising | Egg cartons
Segment Reporting Information [Line Items]
Net revenues	28	26
Operating Segments | Food Merchandising | Other
Segment Reporting Information [Line Items]
Net revenues	57	44
Operating Segments | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	403	357
Operating Segments | Beverage Merchandising | Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	217	192
Operating Segments | Beverage Merchandising | Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	115	91
Operating Segments | Beverage Merchandising | Paper products
Segment Reporting Information [Line Items]
Net revenues	71	74
Operating Segments | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,504	1,153
Operating Segments | Other
Segment Reporting Information [Line Items]
Net revenues	22	29
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues	(31)	(18)
Intersegment Eliminations | Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	31	18
Intersegment Eliminations | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	$ 31	$ 18