Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Segment Reporting Information


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
For the Three Months Ended June 30, 2023
Net revenues	$	656	$	770	$	1,426
Intersegment revenues		—		35		35
Total reportable segment net revenues		656		805		1,461
Adjusted EBITDA		128		109		237

For the Three Months Ended June 30, 2022
Net revenues	$	749	$	864	$	1,613
Intersegment revenues		—		42		42
Total reportable segment net revenues		749		906		1,655
Adjusted EBITDA		161		111		272

For the Six Months Ended June 30, 2023
Net revenues	$	1,270	$	1,585	$	2,855
Intersegment revenues		—		70		70
Total reportable segment net revenues		1,270		1,655		2,925
Adjusted EBITDA		234		210		444

For the Six Months Ended June 30, 2022
Net revenues	$	1,402	$	1,684	$	3,086
Intersegment revenues		—		73		73
Total reportable segment net revenues		1,402		1,757		3,159
Adjusted EBITDA		271		201		472

Reportable segment assets consisted of the following:


	Foodservice		Food and Beverage Merchandising		Reportable Segment Total
As of June 30, 2023	$	1,332	$	1,537	$	2,869
As of December 31, 2022		1,385		1,884		3,269

Reconciliation of Operating Profit (Loss)

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated (loss) income before income taxes:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Reportable segment Adjusted EBITDA	$	237		$	272		$	444		$	472
Other		—			2			—			2
Unallocated		(20	)		(25	)		(38	)		(43	)
		217			249			406			431
Adjustments to reconcile to (loss) income before income taxes
Interest expense, net		(64	)		(50	)		(127	)		(99	)
Depreciation and amortization (excluding restructuring-related charges)		(82	)		(86	)		(166	)		(170	)
Beverage Merchandising Restructuring charges		(216	)		—			(403	)		—
Other restructuring and asset impairment charges (reversals)		(1	)		(1	)		—			(1	)
(Loss) gain on sale of businesses and noncurrent assets		(1	)		—			(1	)		27
Non-cash pension (expense) income		(3	)		(2	)		(4	)		8
Operational process engineering-related consultancy costs		—			(1	)		—			(4	)
Business integration costs		—			(2	)		—			(6	)
Unrealized gains (losses) on commodity derivatives		1			1			(1	)		6
Foreign exchange gains (losses) on cash		2			—			(2	)		(2	)
Executive transition charges		—			(2	)		—			(2	)
Gains (losses) on legal settlements		—			15			(1	)		15
Costs associated with legacy facility		—			(3	)		—			(6	)
Other		—			1			—			1
(Loss) income before tax	$	(147	)	$	119		$	(299	)	$	198

The following table presents a reconciliation of reportable segment assets to consolidated assets:


	As of June 30, 2023		As of December 31, 2022
Reportable segment assets(1)	$	2,869	$	3,269
Unallocated(2)		3,761		4,037
Total assets	$	6,630	$	7,306

(1)

Reportable segment assets represent trade receivables, inventory and property, plant and equipment.

(2)

Unallocated is comprised of cash and cash equivalents, other current assets, assets held for sale, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other noncurrent assets.

Reconciliation of Assets from Segment to Consolidated

The following table presents a reconciliation of reportable segment assets to consolidated assets:


	As of June 30, 2023		As of December 31, 2022
Reportable segment assets(1)	$	2,869	$	3,269
Unallocated(2)		3,761		4,037
Total assets	$	6,630	$	7,306

(1)

Reportable segment assets represent trade receivables, inventory and property, plant and equipment.

(2)

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Foodservice
Drinkware	$	304		$	348		$	568		$	612
Containers		238			275			467			542
Tableware		68			73			143			138
Serviceware and other		46			53			92			110
Food and Beverage Merchandising
Cartons for fresh beverage products		182			230			377			447
Bakery/snack/produce/fruit containers		139			152			266			287
Liquid packaging board		121			121			249			236
Meat trays		109			91			215			175
Tableware		103			111			206			213
Paper products		27			69			74			140
Prepared food trays		36			40			72			82
Egg cartons		32			29			70			57
Other		56			63			126			120
Reportable segment net revenues		1,461			1,655			2,925			3,159
Other / Unallocated
Other		—			27			2			49
Intersegment eliminations		(35	)		(42	)		(70	)		(73	)
Net revenues	$	1,426		$	1,640		$	2,857		$	3,135