Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Note 15. Related Party Transactions

As of June 30, 2023, approximately 77% of our shares were owned by PFL.

Transactions with our related parties are detailed below. All of our related parties are commonly controlled by Mr. Graeme Hart, our controlling shareholder, except for our joint ventures.

	Income (expense) for the						Income (expense) for the
	Three Months Ended June 30,						Six Months Ended June 30,						Balance Outstanding as of
	2023			2022			2023			2022			June 30, 2023			December 31, 2022
Joint ventures
Included in other current assets													$	3		$	3
Sale of goods and services(1)	$	2		$	3		$	4		$	10
Other common controlled entities
Related party receivables(2)														38			46
Sale of goods and services(2)		93			106			199			206
Transition services agreements and rental income(2)		—			—			1			1
Charges(3)		4			3			4			3
Related party payables(2)														(8	)		(6	)
Purchase of goods(2)		(10	)		(21	)		(37	)		(48	)
Charges(3)		(4	)		(3	)		(7	)		(6	)

(1)All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated based on market rates. All amounts are unsecured, non-interest bearing and settled on normal trade terms.

(2)We sell and purchase various goods and services with Reynolds Consumer Products Inc. (“RCPI”) under contractual arrangements that expire over a variety of periods through December 31, 2027. During the first quarter of 2023, we amended these contractual arrangements with RCPI, which, among other things, extended the expiration date for certain arrangements and included price adjustments for certain goods we sold to and purchased from RCPI in the current and prior periods. The price adjustments resulted in $22 million of incremental net revenues and $9 million of incremental costs of goods sold recognized during the six months ended June 30, 2023.

We also lease a portion of two facilities to RCPI and are party to an information technology services agreement with RCPI. We do not trade with Graham Packaging Company Inc. (“GPCI”) on an ongoing basis. We also are party to a transition services agreement with GPCI.

(3)These charges are for various costs incurred including services provided under a transition services agreement, an insurance sharing agreement and an investment advisory agreement with Rank Group Limited (“Rank”). All amounts are unsecured, non-interest bearing and settled on normal trade terms.