UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022 

OR

☐ 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: 001-39205

REYNOLDS CONSUMER PRODUCTS INC.

(Exact name of Registrant as specified in its charter)

Delaware	45-3464426
(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: (800) 879-5067

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value	REYN	The Nasdaq Stock Market LLC

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 the 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 in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☑

As of April 29, 2022, the registrant had 209,862,658 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021	3
	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	4
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22
PART II.	OTHER INFORMATION	23
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
	Signatures	26

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those risks and uncertainties discussed in Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and as updated in our Quarterly Reports on Form 10-Q. You should specifically consider the numerous risks outlined in those “Risk Factors” sections. These risks and uncertainties include factors related to:

• changes in consumer preferences, lifestyle and environmental concerns;

• relationships with our major customers, consolidation of our customer bases and loss of a significant customer;

• competition and pricing pressures;

• loss of, or disruption at, any of our key manufacturing facilities;

• our suppliers of raw materials and any interruption in our supply of raw materials;

• loss due to an accident, labor issues, weather conditions, natural disaster, the emergence of a pandemic or disease outbreak, such as coronavirus or otherwise;

• the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic;

• costs of raw materials, energy, labor and freight, including the impact of tariffs, trade sanctions and similar matters affecting our importation of certain raw materials;

• our ability to develop and maintain brands that are critical to our success;

• economic downturns in our target markets;

• difficulty meeting our sales growth objectives and innovation goals; and

• changes in market interest rates, or a phase-out or replacement of the LIBO rate as an interest rate benchmark.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We are under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q to conform our prior statements to actual results or revised expectations.

Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 which was filed on February 9, 2022, under Part I, Item 1A. “Risk Factors” and as updated in our Quarterly Reports on Form 10-Q.

1

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Reynolds Consumer Products Inc.

Condensed Consolidated Statements of Income

(in millions, except for per share data)

(Unaudited)

	For the Three Months Ended
	March 31,
	2022			2021
Net revenues	$	818		$	732
Related party net revenues		27			25
Total net revenues		845			757
Cost of sales		(677	)		(565	)
Gross profit		168			192
Selling, general and administrative expenses		(83	)		(78	)
Other expense, net		(5	)		(3	)
Income from operations		80			111
Interest expense, net		(12	)		(12	)
Income before income taxes		68			99
Income tax expense		(16	)		(25	)
Net income	$	52		$	74
Earnings per share:
Basic	$	0.25		$	0.35
Diluted	$	0.25		$	0.35
Weighted average shares outstanding:
Basic		209.8			209.7
Effect of dilutive securities		—			0.1
Diluted		209.8			209.8

See accompanying notes to the condensed consolidated financial statements.

2

Reynolds Consumer Products Inc.

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(Unaudited)

	For the Three Months Ended
	March 31,
	2022		2021
Net income	$	52	$	74
Other comprehensive income, net of income taxes:
Interest rate derivatives		7		3
Other comprehensive income, net of income taxes		7		3
Comprehensive income	$	59	$	77

See accompanying notes to the condensed consolidated financial statements.

3

Reynolds Consumer Products Inc.

Condensed Consolidated Balance Sheets

(in millions, except for per share data)

	(Unaudited) As of March 31, 2022		As of December 31, 2021
Assets
Cash and cash equivalents	$	101	$	164
Accounts receivable (net of allowance for doubtful accounts of $1 and $1)		322		316
Other receivables		9		12
Related party receivables		11		10
Inventories		648		583
Other current assets		18		19
Total current assets		1,109		1,104
Property, plant and equipment (net of accumulated depreciation of $770 and $752)		676		677
Operating lease right-of-use assets, net		53		55
Goodwill		1,879		1,879
Intangible assets, net		1,054		1,061
Other assets		39		36
Total assets	$	4,810	$	4,812
Liabilities
Accounts payable	$	258	$	261
Related party payables		41		38
Current portion of long-term debt		25		25
Income taxes payable		18		1
Accrued and other current liabilities		140		159
Total current liabilities		482		484
Long-term debt		2,082		2,087
Long-term operating lease liabilities		44		46
Deferred income taxes		349		351
Long-term postretirement benefit obligation		49		50
Other liabilities		37		38
Total liabilities	$	3,043	$	3,056
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.001 par value; 2,000 shares authorized; 210 shares issued and    outstanding		—		—
Additional paid-in capital		1,381		1,381
Accumulated other comprehensive income		17		10
Retained earnings		369		365
Total stockholders' equity		1,767		1,756
Total liabilities and stockholders' equity	$	4,810	$	4,812

See accompanying notes to the condensed consolidated financial statements.

4

Reynolds Consumer Products Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in millions, except for per share data)

(Unaudited)

	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income		Total Equity (Deficit)
Balance as of December 31, 2020	$	—	$	1,381		$	233		$	1	$	1,615
Net income		—		—			74			—		74
Other comprehensive income, net of income taxes		—		—			—			3		3
Dividends ($0.23 per share declared and paid)		—		—			(48	)		—		(48	)
Other		—		(1	)		—			—		(1	)
Balance as of March 31, 2021	$	—	$	1,380		$	259		$	4	$	1,643
Balance as of December 31, 2021	$	—	$	1,381		$	365		$	10	$	1,756
Net income		—		—			52			—		52
Other comprehensive income, net of income taxes		—		—			—			7		7
Dividends ($0.23 per share declared and paid)		—		—			(48	)		—		(48	)
Balance as of March 31, 2022	$	—	$	1,381		$	369		$	17	$	1,767

See accompanying notes to the condensed consolidated financial statements.

5

Reynolds Consumer Products Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(Unaudited)

	Three Months Ended
	March 31,
	2022			2021
Cash provided by operating activities
Net income	$	52		$	74
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization		28			26
Deferred income taxes		(4	)		(6	)
Stock compensation expense		2			2
Change in assets and liabilities:
Accounts receivable, net		(6	)		9
Other receivables		3			4
Related party receivables		(1	)		(2	)
Inventories		(64	)		(88	)
Accounts payable		5			23
Related party payables		3			(4	)
Income taxes payable / receivable		20			29
Accrued and other current liabilities		(18	)		(50	)
Other assets and liabilities		(1	)		(8	)
Net cash provided by operating activities		19			9
Cash used in investing activities
Acquisition of property, plant and equipment		(28	)		(23	)
Net cash used in investing activities		(28	)		(23	)
Cash used in financing activities
Repayment of long-term debt		(6	)		(106	)
Dividends paid		(48	)		(48	)
Net cash used in financing activities		(54	)		(154	)
Net decrease in cash and cash equivalents		(63	)		(168	)
Cash and cash equivalents at beginning of period		164			312
Cash and cash equivalents at end of period	$	101		$	144

See accompanying notes to the condensed consolidated financial statements.

6

Reynolds Consumer Products Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1 – Description of Business and Basis of Presentation

Description of Business:

Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products across three broad categories: cooking products, waste and storage products and tableware. We sell our products under brands such as Reynolds and Hefty, and also under store brands. Our product portfolio includes aluminum foil, wraps, disposable bakeware, trash bags, food storage bags and disposable tableware. We report four business segments: Reynolds Cooking & Baking; Hefty Waste & Storage; Hefty Tableware; and Presto Products.

Basis of Presentation:

We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the disclosures therein. In our opinion, these interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial condition, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of annual operating results.

Note 2 – New Accounting Standards

Accounting Guidance Issued But Not Yet Adopted:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. This ASU was effective upon its issuance and can be applied prospectively through December 31, 2022. We are currently assessing the impact of this standard on our consolidated financial statements.

Note 3 – Inventories

Inventories consisted of the following:

	March 31, 2022		December 31, 2021
	(in millions)
Raw materials	$	198	$	206
Work in progress		72		63
Finished goods		339		276
Spare parts		39		38
Inventories	$	648	$	583

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Note 4 – Debt

Long-term debt consisted of the following:

	March 31, 2022			December 31, 2021
	(in millions)
Term loan facility	$	2,126		$	2,132
Deferred financing transaction costs		(17	)		(18	)
Original issue discounts		(2	)		(2	)
		2,107			2,112
Less: current portion		(25	)		(25	)
Long-term debt	$	2,082		$	2,087

External Debt Facilities

In February 2020, we entered into new external debt facilities (“External Debt Facilities”), which consist of (i) a $2,475 million senior secured term loan facility (“Term Loan Facility”); and (ii) a $250 million senior secured revolving credit facility (“Revolving Facility”).

Borrowings under the External Debt Facilities bear interest at a rate per annum equal to, at our option, either a base rate plus an applicable margin of 0.75% or a LIBO rate plus an applicable margin of 1.75%. During September 2020, we entered into a series of interest rate swaps to hedge a portion of the interest rate exposure resulting from these borrowings. Refer to Note 5 – Financial Instruments for further details.

The External Debt Facilities contain a springing financial covenant requiring compliance with a ratio of first lien net indebtedness to consolidated EBITDA, applicable solely to the Revolving Facility. The financial covenant is tested on the last day of any fiscal quarter only if the aggregate principal amount of borrowings under the Revolving Facility and drawn but unreimbursed letters of credit exceed 35% of the total amount of commitments under the Revolving Facility on such day. We are currently in compliance with the covenants contained in our External Debt Facilities.

If an event of default occurs, the lenders under the External Debt Facilities are entitled to take various actions, including the acceleration of amounts due under the External Debt Facilities and all actions permitted to be taken by secured creditors.

Term Loan Facility

The Term Loan Facility matures in February 2027. The Term Loan Facility amortizes in equal quarterly installments of $6 million, which commenced in June 2020, with the balance payable on maturity.

Revolving Facility

The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of March 31, 2022, we had no outstanding borrowings under the Revolving Facility, and we had $8 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.

Fair Value of Our Long-Term Debt

The fair value of our long-term debt as of March 31, 2022, which is a Level 2 fair value measurement, approximates the carrying value due to the variable market interest rate and the stability of our credit profile.

8

Note 5 - Financial Instruments

Interest Rate Derivatives

During 2020, we entered into a series of interest rate swaps which fixed the LIBO rate to an annual rate of 0.18% to 0.47% (for an annual effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million, of which $800 million notional value was still in effect as of March 31, 2022. These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility. We classified these instruments as cash flow hedges. Our cash flow hedge contracts outstanding as of March 31, 2022 cover periods ranging from one to four years. The effective portion of the gain or loss on the open hedging instrument is recorded in accumulated other comprehensive income and will be reclassified into earnings as interest expense, net when settled. The associated asset or liability on the open hedges is recorded at its fair value in other assets or other liabilities, as applicable. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates.

The following table provides the notional amounts, the annual rates, the annual effective rates, and the fair value of our interest rate derivatives:

(In millions)	Notional Amount		Annual Rate	Annual Effective Rate	Fair Value Asset
As of March 31, 2022	$	800	0.20% to 0.47%	1.96% to 2.22%	$	14
As of December 31, 2021	$	800	0.20% to 0.47%	1.96% to 2.22%	$	5

The following table provides the before tax effect of our interest rate derivatives on accumulated other comprehensive income and the consolidated statements of income: 

(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income		Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income
For the three months ended March 31, 2022	$	9	$	—
For the three months ended March 31, 2021	$	3	$	—

Note 6 – Stock-based Compensation

We granted restricted stock units (“RSUs”) in July 2019 to certain members of management, pursuant to retention agreements entered into with these employees (the “IPO Grants”). These RSUs vest upon satisfaction of both a performance-based vesting condition (the “IPO Condition”), which was satisfied when we completed our IPO on February 4, 2020, and a service-based vesting condition, which will be satisfied with respect to one-third of an employee’s RSUs on each anniversary from the date of our IPO for three consecutive years, subject to the employee’s continued employment through the applicable vesting date.

Additionally, we established an equity incentive plan for purposes of granting stock-based compensation awards to certain members of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. We have granted RSUs to certain employees and non-employee directors that have a service-based vesting condition. In addition, we have granted performance stock units (“PSUs”) to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur. A maximum of 10.5 million shares of common stock were initially available for issuance under equity incentive awards granted pursuant to the plan. In the three months ended March 31, 2022, 0.2 million RSUs and 0.2 million PSUs were granted, respectively.

As of March 31, 2022, there were stock-based compensation awards representing 0.7 million shares outstanding compared to 0.4 million shares outstanding as of December 31, 2021. For each of the three months ended March 31, 2022 and 2021, stock-based compensation expense was $2 million.

9

Note 7 – Commitments and Contingencies

Legal Proceedings:

We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, consumer complaints, personal injury and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations or cash flows in a future period.

As of March 31, 2022, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

Note 8 – Accumulated Other Comprehensive Income

The following table summarizes the changes in our balances of each component of accumulated other comprehensive income. 

(In millions)	Currency Translation Adjustments			Employee Benefit Plans		Interest Rate Derivatives			Accumulated Other Comprehensive Income
Balance as of December 31, 2020	$	(6	)	$	8	$	(1	)	$	1
Other comprehensive income		—			—		3			3
Balance as of March 31, 2021		(6	)		8		2			4
Balance as of December 31, 2021		(6	)		12		4			10
Other comprehensive income		—			—		7			7
Balance as of March 31, 2022	$	(6	)	$	12	$	11		$	17

Note 9 – Income Taxes

Our effective tax rate for the three months ended March 31, 2022 was 24.3%, compared to 25.0% in the prior year period.  

Note 10 – Segment Information

Our Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM"), has evaluated how he views and measures our performance. In applying the criteria set forth in the standards for reporting information about segments in financial statements, we have determined that we have four reportable segments - Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware and Presto Products. The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products.  This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions.  Our segments are described as follows:

Reynolds Cooking & Baking

Our Reynolds Cooking & Baking segment produces branded and store brand foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and E-Z Foil brands in the United States and selected international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America.

Hefty Waste & Storage

Our Hefty Waste & Storage segment produces both branded and store brand trash and food storage bags. Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags, and as the Hefty and Baggies brands for our food storage bags.

10

Hefty Tableware

Our Hefty Tableware segment sells both branded and store brand disposable and compostable plates, bowls, platters, cups and cutlery. Our Hefty branded products include dishes and party cups.

Presto Products

Our Presto Products segment primarily sells store brand products in four main categories: food storage bags, trash bags, reusable storage containers and plastic wrap. Our Presto Products segment also includes our specialty business, which serves other consumer products companies by providing Fresh-Lock and Slide-Rite resealable closure systems.

Information by Segment

We present 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 IPO and separation-related costs.

Total assets by segment are those assets directly associated with the respective operating activities, comprising inventory, property, plant and equipment and operating lease right-of-use assets. Other assets, such as cash, accounts receivable and intangible assets, are monitored on an entity-wide basis and not included in segment information that is regularly reviewed by our CODM.

Transactions between segments are at negotiated prices.

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)			Total
Three Months Ended March 31, 2022	(in millions)
Net revenues	$	268	$	226	$	210	$	140	$	844	$	1		$	845
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		268		228		210		141		847		(2	)		845
Adjusted EBITDA		28		45		23		19		115
Depreciation and amortization		6		4		4		5		19		9			28
	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)			Total
Three Months Ended March 31, 2021	(in millions)
Net revenues	$	272	$	192	$	170	$	126	$	760	$	(3	)	$	757
Intersegment revenues		—		2		—		—		2		(2	)		—
Total segment net revenues		272		194		170		126		762		(5	)		757
Adjusted EBITDA		53		44		34		18		149
Depreciation and amortization		5		4		4		5		18		8			26

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, 2022	$	615	$	292	$	171	$	251	$	1,329	$	3,481	$	4,810
As of December 31, 2021		562