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