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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________ 

FORM 10-Q
________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________

Commission File Number: 001-39528
________________
PACTIV EVERGREEN INC.
(Exact Name of Registrant as Specified in Its Charter)
________________ 
Delaware
 
98-1538656
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification Number)
1900 W. Field Court
Lake Forest, Illinois 60045
(Address of principal executive offices) (Zip Code)

Telephone: (847482-2000
(Registrant's telephone number, including area code)
________________
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, $0.001 par value
 
PTVE
 
Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes No
The registrant had 177,157,710 shares of common stock, $0.001 par value per share, outstanding as of November 6, 2020.
 



Table of Contents

 
 
 
 
Page
PART I.
 
FINANCIAL INFORMATION
 
Item 1.
 
Financial Statements (Unaudited)
 
 
 
Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2020 and 2019
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019
 
 
 
Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019
 
 
 
Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019
 
 
 
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019
 
 
 
Notes to the Condensed Consolidated Financial Statements
 
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk
 
Item 4.
 
Controls and Procedures
 
PART II.
 
OTHER INFORMATION
 
Item 1.
 
Legal Proceedings
 
Item 1A.
 
Risk Factors
 
Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3.
 
Defaults Upon Senior Securities
 
Item 4.
 
Mine Safety Disclosures
 
Item 5.
 
Other Information
 
Item 6.
 
Exhibits
 
 
 
Signatures
 
 
 
 
 
 


1


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Pactiv Evergreen Inc.
Condensed Consolidated Statements of Income (Loss)
(in millions, except per share amounts)
(unaudited)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net revenues (includes related party net revenues of $89, $72, $259 and $213)
$
1,195

 
$
1,306

 
$
3,514

 
$
3,888

Cost of sales
(1,011
)
 
(1,100
)
 
(2,982
)
 
(3,249
)
Gross profit
184

 
206

 
532

 
639

Selling, general and administrative expenses
(116
)
 
(104
)
 
(358
)
 
(341
)
Goodwill impairment charges
(6
)
 
(16
)
 
(6
)
 
(16
)
Restructuring, asset impairment and other related charges
(14
)
 
(39
)
 
(18
)
 
(45
)
Other (expense) income, net
(79
)
 
2

 
(48
)
 
(7
)
Operating (loss) income from continuing operations
(31
)
 
49

 
102

 
230

Non-operating income (expense), net
17

 

 
50

 
(2
)
Interest expense, net
(87
)
 
(84
)
 
(275
)
 
(312
)
Loss from continuing operations before tax
(101
)
 
(35
)
 
(123
)
 
(84
)
Income tax (expense) benefit
(42
)
 

 
95

 
(16
)
Loss from continuing operations
(143
)
 
(35
)
 
(28
)
 
(100
)
(Loss) income from discontinued operations, net of income taxes
(216
)
 
91

 
(234
)
 
270

Net (loss) income
(359
)
 
56

 
(262
)
 
170

Income attributable to non-controlling interests

 

 
(1
)
 
(1
)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders
$
(359
)
 
$
56

 
$
(263
)
 
$
169

 
 
 
 
 
 
 
 
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders
 
 
 
 
 
 
 
From continuing operations
 
 
 
 
 
 
 
Basic
$
(1.03
)
 
$
(0.26
)
 
$
(0.22
)
 
$
(0.75
)
Diluted
$
(1.03
)
 
(0.26
)
 
$
(0.22
)
 
$
(0.75
)
From discontinued operations
 
 
 
 
 
 
 
Basic
$
(1.56
)
 
$
0.67

 
$
(1.72
)
 
$
2.01

Diluted
$
(1.56
)
 
$
0.67

 
$
(1.72
)
 
$
2.01

Total
 
 
 
 
 
 
 
Basic
$
(2.59
)
 
$
0.41

 
$
(1.94
)
 
$
1.26

Diluted
$
(2.59
)
 
$
0.41

 
$
(1.94
)
 
$
1.26













See accompanying notes to the condensed consolidated financial statements.

2


Pactiv Evergreen Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in millions)
(unaudited)



 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(359
)
 
$
56

 
$
(262
)
 
$
170

Other comprehensive income (loss), net of income taxes:
 
 
 
 
 
 
 
Currency translation adjustments
66

 
(64
)
 
(29
)
 
(47
)
Defined benefit plans

 
(1
)
 

 
(2
)
Other comprehensive income (loss)
66

 
(65
)
 
(29
)
 
(49
)
Comprehensive (loss) income
(293
)
 
(9
)
 
(291
)
 
121

Comprehensive income attributable to non-controlling interests

 

 
(1
)
 
(1
)
Comprehensive (loss) income attributable to Pactiv Evergreen Inc. common stockholders
$
(293
)
 
$
(9
)
 
$
(292
)
 
$
120








































See accompanying notes to the condensed consolidated financial statements.

3


Pactiv Evergreen Inc.
Condensed Consolidated Balance Sheets
(in millions, except share amounts)
(unaudited)



 
As of September 30, 2020
 
As of December 31, 2019
Assets

 

Cash and cash equivalents
$
1,756

 
$
1,155

Accounts receivable, less allowances for doubtful accounts of $5 and $4
425

 
445

Related party receivables
57

 

Inventories
744

 
753

Other current assets
172

 
119

Assets held for sale or distribution
23

 
1,232

Total current assets
3,177

 
3,704

Property, plant and equipment, net
1,666

 
1,703

Operating lease right-of-use assets, net
237

 
191

Goodwill
1,760

 
1,766

Intangible assets, net
1,104

 
1,147

Deferred income taxes
11

 
21

Related party receivables

 
339

Other noncurrent assets
221

 
161

Noncurrent assets held for sale or distribution
41

 
7,143

Total assets
$
8,217

 
$
16,175

 
 
 
 
Liabilities
 
 
 
Accounts payable
$
297

 
$
316

Related party payables
21

 
30

Current portion of long-term debt
2

 
3,587

Current portion of operating lease liabilities
55

 
47

Income taxes payable
16

 
14

Accrued and other current liabilities
342

 
418

Liabilities held for sale or distribution
8

 
485

Total current liabilities
741

 
4,897

Long-term debt
5,196

 
7,043

Long-term operating lease liabilities
198

 
157

Deferred income taxes
504

 
150

Long-term employee benefit obligations
678

 
730

Other noncurrent liabilities
150

 
124

Noncurrent liabilities held for sale or distribution

 
992

Total liabilities
$
7,467

 
$
14,093

Commitments and contingencies (Note 14)


 










See accompanying notes to the condensed consolidated financial statements.

4


Pactiv Evergreen Inc.
Condensed Consolidated Balance Sheets
(in millions, except share amounts)
(unaudited)



 
As of September 30, 2020
 
As of December 31, 2019
Equity
 
 
 
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 175,434,000 and 134,408,000 shares issued and outstanding, respectively

 

Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding

 

Additional paid in capital
580

 
103

Accumulated other comprehensive loss
(386
)
 
(518
)
Retained earnings
554

 
2,494

Total equity attributable to Pactiv Evergreen Inc. common stockholders
748

 
2,079

Non-controlling interests
2

 
3

Total equity
$
750

 
$
2,082

Total liabilities and equity
$
8,217

 
$
16,175















































See accompanying notes to the condensed consolidated financial statements.

5


Pactiv Evergreen Inc.
Condensed Consolidated Statements of Equity
(in millions)
(unaudited)


 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid In Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Non-controlling Interests
 
Total Equity
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
134.4

 
$

 
$
103

 
$
(714
)
 
$
2,516

 
$
5

 
$
1,910

Net income
 
 

 

 

 
56

 

 
56

Other comprehensive loss, net of income taxes
 
 

 

 
(65
)
 

 

 
(65
)
Balance as of September 30, 2019
134.4

 
$

 
$
103

 
$
(779
)
 
$
2,572

 
$
5

 
$
1,901

 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2020
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2020
134.4

 
$

 
$
55

 
$
(624
)
 
$
2,603

 
$
3

 
$
2,037

Net loss
 
 

 

 

 
(359
)
 

 
(359
)
Other comprehensive income, net of income taxes
 
 

 

 
66

 

 

 
66

Forgiveness of related party balances pre IPO
 
 

 

 

 
(362
)
 

 
(362
)
Distribution of Graham Packaging Company Inc.(1)
 
 

 
(22
)
 
172

 
(1,328
)
 

 
(1,178
)
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions
41.0

 

 
546

 

 

 

 
546

Stock-based compensation
 
 

 
1

 

 

 

 
1

Dividends paid to non-controlling interests
 
 

 

 

 

 
(1
)
 
(1
)
Balance as of September 30, 2020
175.4

 
$

 
$
580

 
$
(386
)
 
$
554

 
$
2

 
$
750

 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
134.4

 
$

 
$
103

 
$
(689
)
 
$
2,362

 
$
9

 
$
1,785

Cumulative impact of adopting ASU 2018-02
 
 

 

 
(41
)
 
41

 

 

Net income
 
 

 

 

 
169

 
1

 
170

Other comprehensive loss, net of income taxes
 
 

 

 
(49
)
 

 

 
(49
)
Disposition of non-controlling interest
 
 

 

 

 

 
(4
)
 
(4
)
Dividends paid to non-controlling interests
 
 

 

 

 

 
(1
)
 
(1
)
Balance as of September 30, 2019
134.4

 
$

 
$
103

 
$
(779
)
 
$
2,572

 
$
5

 
$
1,901









See accompanying notes to the condensed consolidated financial statements.

6


Pactiv Evergreen Inc.
Condensed Consolidated Statements of Equity
(in millions)
(unaudited)


 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid In Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Non-controlling Interests
 
Total Equity
For the Nine Months Ended September 30, 2020
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2019
134.4

 
$

 
$
103

 
$
(518
)
 
$
2,494

 
$
3

 
$
2,082

Net (loss) income
 
 

 

 

 
(263
)
 
1

 
(262
)
Other comprehensive loss, net of income taxes
 
 

 

 
(29
)
 

 

 
(29
)
Distribution of Reynolds Consumer Products Inc.(1)
 
 

 
(48
)
 
(11
)
 
13

 

 
(46
)
Forgiveness of related party balances pre IPO
 
 

 

 

 
(362
)
 

 
(362
)
Distribution of Graham Packaging Company Inc.(1)
 
 

 
(22
)
 
172

 
(1,328
)
 

 
(1,178
)
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions
41.0

 

 
546

 

 

 

 
546

Stock-based compensation
 
 

 
1

 

 

 

 
1

Dividends paid to non-controlling interests
 
 

 

 

 

 
(2
)
 
(2
)
Balance as of September 30, 2020
175.4

 
$

 
$
580

 
$
(386
)
 
$
554

 
$
2

 
$
750


(1)
Refer to Note 3 - Discontinued Operations.


























See accompanying notes to the condensed consolidated financial statements.

7


Pactiv Evergreen Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)


 
For the Nine Months Ended September 30,
 
2020
 
2019
Cash provided by (used in) operating activities
 
 
 
Net (loss) income
$
(262
)
 
$
170

Adjustments to reconcile net (loss) income to operating cash flows:


 


Depreciation and amortization
391

 
484

Deferred income taxes
310

 
3

Unrealized gains on derivatives
(3
)
 
(15
)
Goodwill impairment charges
6

 
25

Other asset impairment charges
15

 
98

(Gain) loss on disposal of businesses and other assets
(8
)
 
23

Non-cash portion of employee benefit obligations
(44
)
 
9

Non-cash portion of operating lease expense
78

 
81

Other non-cash items, net
(2
)
 
(2
)
Change in assets and liabilities:
 
 
 
Accounts receivable, net
(4
)
 
(62
)
Inventories
(29
)
 
(85
)
Other current assets

 
33

Accounts payable
24

 
(31
)
Operating lease payments
(75
)
 
(78
)
Income taxes payable
(121
)
 
(55
)
Accrued and other current liabilities
(76
)
 
2

Other assets and liabilities
70

 
(37
)
Net cash provided by operating activities
270

 
563

Cash provided by (used in) investing activities
 
 
 
Acquisition of property, plant and equipment and intangible assets
(329
)
 
(467
)
Proceeds from sale of property, plant and equipment
1

 
21

Disposal of businesses, net of cash disposed
8

 
(4
)
Proceeds from related party loan repayment

 
5

Net cash used in investing activities
(320
)
 
(445
)
Cash provided by (used in) financing activities
 
 
 
Long-term debt proceeds
5,614

 

Long-term debt repayments
(5,473
)
 
(27
)
Financing transaction costs on long-term debt
(35
)
 

Premium on redemption of long-term debt
(2
)
 

Net proceeds from issuance of shares
546

 

Cash held by Reynolds Consumer Products at the time of distribution
(31
)
 

Cash held by Graham Packaging Company at the time of distribution
(79
)
 

Other financing activities
(4
)
 
(2
)
Net cash provided by (used in) financing activities
536

 
(29
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(15
)
 
(3
)
Increase (decrease) in cash, cash equivalents and restricted cash
471

 
86

Cash, cash equivalents and restricted cash as of beginning of the period
1,294

 
786

Cash, cash equivalents and restricted cash as of end of the period
$
1,765

 
$
872






See accompanying notes to the condensed consolidated financial statements.

8


Pactiv Evergreen Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)


 
For the Nine Months Ended September 30,
 
2020
 
2019
Cash, cash equivalents and restricted cash are comprised of:
 
 
 
Cash and cash equivalents
$
1,756

 
$
785

Cash and cash equivalents classified as assets held for sale or distribution
9

 
85

Restricted cash included within other current assets

 
2

Cash, cash equivalents and restricted cash as of end of the period
$
1,765

 
$
872

 
 
 
 
Cash paid (received):
 
 
 
Interest
$
344

 
$
448

Income taxes (refunded) paid
(15
)
 
71


Significant non-cash investing and financing activities

During the nine months ended September 30, 2020, we repurchased and canceled 35,791,985 shares from Packaging Finance Limited ("PFL") in exchange for transferring 100% of the shares in Reynolds Consumer Products Inc. ("RCPI") to PFL and 14,036,726 shares from PFL in exchange for transferring 100% of the shares in Graham Packaging Company Inc. ("GPCI") to PFL. Refer to Note 3 - Discontinued Operations. Refer to Note 18 - Related Party Transactions for details of significant non-cash investing and financing activities with related parties.

During the nine months ended September 30, 2019, we recognized operating lease right-of-use assets of $359 million and operating lease liabilities of $370 million upon the adoption of the new lease accounting requirements on January 1, 2019. In addition, $127 million and $73 million of right-of-use assets and lease liabilities were recorded during the nine months ended September 30, 2020 and 2019, respectively.




























See accompanying notes to the condensed consolidated financial statements.

9


Pactiv Evergreen Inc.

Notes to the Condensed Consolidated Financial Statements
(unaudited)



Note 1 - Nature of Operations and Basis of Presentation

The accompanying condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. ("PTVE") (formerly known as Reynolds Group Holdings Limited) and its subsidiaries (“we”, “us”, “our” or the "Company").

We are a manufacturer and supplier of fresh food and beverage packaging products, primarily in North America. We report our business in three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. Our Foodservice segment manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Our Food Merchandising segment manufactures products that protect and attractively display food while preserving freshness. Our Beverage Merchandising segment manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets.

On September 21, 2020, we completed the initial public offering ("IPO") of our common stock pursuant to a Registration Statement on Form S-1 (File No. 333-248250).

Prior to the closing of the IPO, we completed the following transactions which resulted in changes to our common stock and issued and outstanding shares:
On September 16, 2020, the distribution of all of our shares in GPCI to PFL in consideration for the buy-back of 14,036,726 of our outstanding shares;
On September 17, 2020, the conversion of Reynolds Group Holdings Limited into PTVE, a corporation incorporated in the state of Delaware, with 1,000 shares of common stock issued and outstanding; and
On September 21, 2020, the consummation of a stock split pursuant to which each share of our outstanding common stock was reclassified into 134,408 shares of common stock, resulting in 134,408,000 shares issued and outstanding.
These transactions have been retrospectively reflected for all periods presented.

In the IPO, we sold 41,026,000 shares of common stock at a public offering price of $14.00 per share, with net proceeds of $546 million. On October 20, 2020, we sold 1,723,710 shares of common stock to the underwriters pursuant to their option to purchase additional shares at the public offering price of $14.00 per share, with net proceeds of $23 million.

These condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our condensed consolidated balance sheet as of December 31, 2019 has been derived from our audited consolidated financial statements as of that date. Our condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2019, which include a complete set of footnote disclosures, including our significant accounting policies. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. All intercompany accounts and transactions have been eliminated in consolidation.

Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations. Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 3 - Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of substantially all of our Closures business, sold in December 2019, all of our former Reynolds Consumer Products ("RCP") segment, distributed in February 2020, and all of our former Graham Packaging ("GPC") segment, distributed in September 2020, are presented as discontinued operations for all periods presented. Sales from our continuing operations to our discontinued operations previously eliminated in consolidation have been recast as external revenues and are included in net revenues within operating income from continuing operations. Refer to Note 18 - Related Party Transactions for further information.


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