Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Adjusted EBITDA

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)			Total
Three Months Ended March 31, 2020	(in millions)
Net revenues	$	243	$	189	$	178	$	127	$	737		(7	)	$	730
Intersegment revenues		—		3		—		—		3		(3	)		—
Total segment net revenues		243		192		178		127		740		(10	)		730
Adjusted EBITDA		40		55		35		23		153
Depreciation and amortization		6		4		3		4		17		7			24

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)			Total
Three Months Ended March 31, 2019	(in millions)
Net revenues	$	213	$	161	$	164	$	127	$	665		—		$	665
Intersegment revenues		—		4		—		—		4		(4	)		—
Total segment net revenues		213		165		164		127		669		(4	)		665
Adjusted EBITDA		18		39		35		20		112
Depreciation and amortization		4		3		3		6		16		5			21

Summary of Segment Assets

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
	(in millions)
As of March 31, 2020	$	421	$	241	$	148	$	181	$	991	$	3,596	$	4,587
As of December 31, 2019		395		251		137		182		965		3,195		4,160

(1) Unallocated includes the elimination of intersegment revenues, other revenue adjustments and certain corporate costs, depreciation and amortization and assets not allocated to segments. Unallocated assets are comprised of cash, accounts receivable, other receivables, entity-wide property, plant and equipment, entity-wide operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other assets.

Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes

The following table presents a reconciliation of segment Adjusted EBITDA to GAAP income before income taxes:

	Three Months Ended March 31,
	2020			2019
	(in millions)
Segment Adjusted EBITDA	$	153		$	112
Corporate / unallocated expenses		(18	)		(2	)
		135			110
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(24	)		(21	)
Interest expense, net		(27	)		(68	)
Factoring discount		—			(5	)
Allocated related party management fee		—			(2	)
IPO transaction-related costs		(14	)		—
Unrealized gains (losses) on derivatives		(4	)		7
Other		(1	)		1
Consolidated GAAP income before income taxes	$	65		$	22

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	Three Months Ended March 31,
	2020			2019
	(in millions)
Waste and storage products (1)	$	316		$	288
Cooking products		243			213
Tableware		178			164
Other		(7	)		—
Net revenues	$	730		$	665

(1) Waste and storage products are comprised of our Hefty Waste & Storage and Presto Products segments.