Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

We present reportable segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments.

Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, foreign exchange gains or losses on cash, related party management fees, unrealized gains or losses on derivatives, gains or losses on the sale of businesses and noncurrent assets, impairment charges, restructuring, asset impairment and other related charges, operational process engineering-related consultancy costs, non-cash pension income or expense, strategic review and transaction-related costs, and executive transition charges.

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

	Foodservice		Food Merchandising		Beverage Merchandising			Reportable Segment Total
For the Three Months Ended March 31, 2021
Net revenues	$	454	$	342	$	339		$	1,135
Intersegment revenues		—		—		18			18
Total reportable segment net revenues	$	454	$	342	$	357		$	1,153
Adjusted EBITDA	$	61	$	55	$	(32	)	$	84
For the Three Months Ended March 31, 2020
Net revenues	$	473	$	344	$	363		$	1,180
Intersegment revenues		—		—		34			34
Total reportable segment net revenues	$	473	$	344	$	397		$	1,214
Adjusted EBITDA	$	56	$	53	$	49		$	158

Reportable segment assets consisted of the following:

	Foodservice		Food Merchandising		Beverage Merchandising		Reportable Segment Total
As of March 31, 2021	$	1,099	$	722	$	1,065	$	2,886
As of December 31, 2020		1,064		703		1,039		2,806

Reconciliation of Operating Profit (Loss)

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP (loss) income from continuing operations before income taxes:

	For the Three Months Ended March 31,
	2021			2020
Reportable segment Adjusted EBITDA	$	84		$	158
Other		1			2
Unallocated		(8	)		(15	)
		77			145
Adjustments to reconcile to U.S. GAAP (loss) income    from continuing operations before income taxes
Interest expense, net		(42	)		(102	)
Depreciation and amortization		(73	)		(68	)
Restructuring, asset impairment and other related charges		2			(3	)
Non-cash pension income		23			18
Operational process engineering related consultancy costs		(3	)		(8	)
Related party management fee		—			(5	)
Strategic review and transaction-related costs		—			(6	)
Foreign exchange gains on cash		—			84
Unrealized losses on derivatives		(1	)		(17	)
Executive transition charges		(10	)		—
Other		(2	)		1
(Loss) income from continuing operations before tax	$	(29	)	$	39

Reconciliation of Assets from Segment to Consolidated

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

	As of March 31, 2021		As of December 31, 2020
Reportable segment assets	$	2,886	$	2,806
Other		40		34
Unallocated(1)		3,825		4,003
Total assets	$	6,751	$	6,843

⁽¹⁾ Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets.

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	For the Three Months Ended March 31,
	2021			2020
Foodservice
Drinkware(1)	$	165		$	182
Containers(1)		209			179
Tableware(1)		38			64
Serviceware and other(1)		42			48
Food Merchandising
Meat trays		87			95
Bakery/snack/produce/fruit containers		69			64
Prepared food trays		34			34
Egg cartons		26			26
Tableware(2)		82			87
Other		44			38
Beverage Merchandising
Cartons for fresh beverage products		192			200
Liquid packaging board		91			115
Paper products		74			82
Reportable segment net revenues		1,153			1,214
Other / Unallocated
Other		29			32
Inter-segment eliminations		(18	)		(34	)
Net revenues	$	1,164		$	1,212

⁽¹⁾ Certain product sales in the prior year have been re-categorized to conform with the current year presentation as the segment realigned its go-to-market product strategy.

⁽²⁾ During the current year, Food Merchandising changed the name of its historical Dinnerware product line to Tableware.