Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023	(in millions)
Net revenues	$	283	$	230	$	224	$	141	$	878	$	(4)	$	874
Intersegment revenues	—		3		—		3		6		(6)		—
Total segment net revenues	283		233		224		144		884		(10)		874
Adjusted EBITDA	4		55		30		19		108
Depreciation and amortization	7		5		4		5		21		9		30
	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

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, 2023	$	639	$	293	$	227	$	257	$	1,416	$	3,449	$	4,865
As of December 31, 2022	646		314		226		274		1,460		3,469		4,929

(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,
	2023		2022
	(in millions)
Segment Adjusted EBITDA	$	108	$	115
Corporate / unallocated expenses	(26)		(3)
	82		112
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(30)		(28)
Interest expense, net	(29)		(12)
IPO and separation-related costs	—		(4)
Consolidated GAAP income before income taxes	$	23	$	68

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	Three Months Ended March 31,
	2023		2022
	(in millions)
Waste and storage products (1)	$	377	$	369
Cooking products	283		268
Tableware	224		210
Unallocated	(10)		(2)
Net revenues	$	874	$	845

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