Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 302	$ 531
Accounts receivable, net of allowances of $3 and $3	468	448
Related party receivables	38	46
Inventories	927	1,062
Other current assets	114	126
Assets held for sale		6
Total current assets	1,849	2,219
Property, plant and equipment, net	1,488	1,773
Operating lease right-of-use assets, net	268	262
Goodwill	1,815	1,815
Intangible assets, net	1,034	1,064
Other noncurrent assets	176	173
Total assets	6,630	7,306
Liabilities
Accounts payable	352	388
Related party payables	8	6
Current portion of long-term debt	18	31
Current portion of operating lease liabilities	62	65
Income taxes payable	3	6
Accrued and other current liabilities	402	415
Liabilities held for sale		3
Total current liabilities	845	914
Long-term debt	3,822	4,105
Long-term operating lease liabilities	220	209
Deferred income taxes	255	319
Long-term employee benefit obligations	59	60
Other noncurrent liabilities	144	146
Total liabilities	5,345	5,753
Commitments and contingencies (Note 12)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 178,385,804 and 177,926,081 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	660	647
Accumulated other comprehensive loss	(71)	(102)
Retained earnings	693	1,003
Total equity attributable to Pactiv Evergreen Inc. common shareholders	1,282	1,548
Non-controlling interests	3	5
Total equity	1,285	1,553
Total liabilities and equity	$ 6,630	$ 7,306