Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2021	$	794	$	505	$	282	$	298	$	1,879
Movements	—		—		—		—		—
Balance as of December 31, 2022	794		505		282		298		1,879
Acquisition of business (1)	—		—		16		—		16
Balance as of December 31, 2023	$	794	$	505	$	298	$	298	$	1,895

(1) During the year ended December 31, 2023, we recognized $16 million of provisional goodwill associated with the acquisition of Atacama Manufacturing Inc. The acquisition did not have a material impact on our financial statements.

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(429)	$	151	$	580	$	(400)	$	180
Trade names	25		(25)		—		25		(24)		1
Total finite-lived intangible assets	605		(454)		151		605		(424)		181
Indefinite-lived intangible assets
Trade names	850		—		850		850		—		850
Total intangible assets	$	1,455	$	(454)	$	1,001	$	1,455	$	(424)	$	1,031

Schedule of Finite-Lived Intangible Assets

Estimated annual amortization for intangible assets over the next five calendar years are as follows:

(in millions)	2024		2025		2026		2027		2028
Estimated annual amortization	$	29	$	29	$	22	$	21	$	18