Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 11 – Related Party Transactions

Packaging Finance Limited (“PFL”) owns the majority of our outstanding common stock and owns the majority of the outstanding common stock of Pactiv Evergreen Inc. and its subsidiaries (“PEI Group”). Transactions between us and PEI Group are described below.

For the three months ended March 31, 2022, revenues from products sold to PEI Group were $27 million, compared to $25 million in the comparable prior year period. For the three months ended March 31, 2022, products purchased from PEI Group were $93 million, compared to $74 million in the comparable prior year period. For each of the three months ended March 31, 2022, and March 31, 2021, PEI Group charged us freight and warehousing costs of $14 million, which were included in cost of sales. The resulting related party receivables and payables are settled regularly in the normal course of business.

Furthermore, $36 million of the dividends paid during each of the three months ended March 31, 2022 and March 31, 2021, were paid to PFL.