Segment Information (Tables)

9 Months Ended

Sep. 30, 2023


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended September 30, 2023	(in millions)
Net revenues	$	312	$	241	$	233	$	147	$	933	$	2	$	935
Intersegment revenues	—		3		—		5		8		(8)		—
Total segment net revenues	$	312	$	244	$	233	$	152	$	941	$	(6)	$	935
Adjusted EBITDA	51		71		41		31		194
Depreciation and amortization	8		5		4		5		22		9		31

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended September 30, 2022	(in millions)
Net revenues	$	327	$	234	$	251	$	154	$	966	$	1	$	967
Intersegment revenues	—		3		—		1		4		(4)		—
Total segment net revenues	$	327	$	237	$	251	$	155	$	970	$	(3)	$	967
Adjusted EBITDA	33		44		24		23		124
Depreciation and amortization	6		5		4		6		21		9		30


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2023	(in millions)
Net revenues	$	916	$	697	$	708	$	433	$	2,754	$	(4)	$	2,750
Intersegment revenues	—		8		—		8		16		(16)		—
Total segment net revenues	$	916	$	705	$	708	$	441	$	2,770	$	(20)	$	2,750
Adjusted EBITDA	94		188		117		78		477
Depreciation and amortization	22		15		12		16		65		27		92

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2022	(in millions)
Net revenues	$	889	$	696	$	701	$	443	$	2,729	$	—	$	2,729
Intersegment revenues	—		8		—		4		12		(12)		—
Total segment net revenues	$	889	$	704	$	701	$	447	$	2,741	$	(12)	$	2,729
Adjusted EBITDA	97		135		72		67		371
Depreciation and amortization	18		14		12		17		61		26		87

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 September 30, 2023	$	595	$	262	$	224	$	236	$	1,317	$	3,521	$	4,838
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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	194	$	124	$	477	$	371
Corporate / unallocated expenses	(29)		(8)		(79)		(25)
	165		116		398		346
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(31)		(30)		(92)		(87)
Interest expense, net	(31)		(20)		(91)		(48)
IPO and separation-related costs	—		(3)		—		(10)
Consolidated GAAP income before income taxes	$	103	$	63	$	215	$	201

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Waste and storage products (1)	$	396	$	392	$	1,146	$	1,151
Cooking products	312		327		916		889
Tableware	233		251		708		701
Unallocated	(6)		(3)		(20)		(12)
Net revenues	$	935	$	967	$	2,750	$	2,729

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