Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

	Transaction Value for the Three Months Ended						Balance Outstanding as of:
	March 31, 2021			March 31, 2020			March 31, 2021			December 31, 2020
Balances and transactions with joint ventures
Included in other current assets							$	11		$	7
Sale of goods and services⁽¹⁾	$	10		$	11
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables							49				55
Sale of goods and services⁽²⁾	78				87
Transition services agreements and rental income⁽²⁾	4				3
Tax loss transfer⁽³⁾		—			13
Recharges⁽⁴⁾	5				—
Noncurrent related party receivables⁽⁵⁾								—			—
Interest income		—			3
Related party payables								(8	)		(10	)
Purchase of goods⁽²⁾		(25	)		(39	)
Recharges⁽⁴⁾		(6	)		(6	)
Management fee⁽⁶⁾		—			(5	)
Tax loss transfer⁽³⁾		—			(1	)

⁽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 repayable on demand.}

⁽²⁾

^{Following the distribution of RCPI on February 4, 2020, we continue to trade with them, selling and purchasing various goods and services under contractual arrangements that expire over a variety of periods through December 31, 2024. Prior to February 4, 2020, our continuing operations recognized revenue and cost of sales in respect of sales to and purchases from RCPI. Refer to Note 2, Discontinued Operations. As part of the separation process, among other agreements, we have entered into two lease arrangements with RCPI and entered into a transition services agreement to provide ongoing agreed services to RCPI, as requested. We do not trade with GPCI on an ongoing basis. We have entered into a transition services agreement to provide ongoing agreed services to GPCI, as requested. We have also entered into a tax matters agreement with GPCI. We have recognized a receivable of $12 million under the tax matters agreement in relation to GPCI’s estimated share of U.S. federal taxes in respect of the period from January 1, 2020 through to September 16, 2020.}

⁽³⁾	^{Represents payments received or made for tax losses transferred between our entities and other entities controlled by Mr. Graeme Hart.}

⁽⁴⁾

^{Represents certain costs paid on our behalf that were subsequently recharged to us or that we pay on behalf of a related party and subsequently recharge to them. These charges are for various costs incurred including services provided, financing and other activities. All amounts are unsecured, non-interest bearing and settled on normal trade terms. As part of our IPO, we have entered into a transition services agreement with Rank Group Limited ("Rank"), an entity controlled by Mr. Graeme Hart, under which Rank will, upon our request, continue to provide certain administrative and support services to us, and we will provide support services to Rank upon request. All services provided will be charged at an agreed hourly rate plus any third party costs.}

⁽⁵⁾

Our previous loan with Rank accrued interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25%. During the three months ended March 31, 2020, interest was charged at 4.28%. In September 2020, in preparation for our IPO, the loan receivable was forgiven and was recognized as a reduction in retained earnings.

⁽⁶⁾

^{Our previous financing agreements permitted the payment of management fees to related parties for management, consulting, monitoring and advising services. The management fees were paid pursuant to a services agreement with Rank which was terminated upon our IPO. During the three months ended March 31, 2020, management fees of $5 million were recognized in Other income, net.}