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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information 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 aluminum 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 EZ 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.
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 may be further adjusted to exclude certain non-recurring costs, if applicable.
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, 2024(in millions)
Net revenues$264 $226 $205 $140 $835 $(2)$833 
Intersegment revenues— 3 — 3 6 (6)— 
Total segment net revenues264 229 205 143 841 (8)833 
Adjusted EBITDA33 66 30 29 158  
Depreciation and amortization8 5 4 6 23 9 32 
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 revenues283 233 224 144 884 (10)874 
Adjusted EBITDA4 55 30 19 108  
Depreciation and amortization7 5 4 5 21 9 30 


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, 2024$572 $271 $240 $238 $1,321 $3,537 $4,858 
As of December 31, 2023556 267 216 239 1,278 3,502 4,780 

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

Three Months Ended March 31,
20242023
(in millions)
Segment Adjusted EBITDA$158 $108 
Corporate / unallocated expenses(36)(26)
122 82 
Adjustments to reconcile to GAAP income before income taxes  
Depreciation and amortization(32)(30)
Interest expense, net(25)(29)
Consolidated GAAP income before income taxes$65 $23 
Information in Relation to Products
Net revenues by product line are as follows:

Three Months Ended March 31,
20242023
(in millions)
Waste and storage products (1)
$372 $377 
Cooking products264 283 
Tableware205 224 
Unallocated(8)(10)
Net revenues$833 $874 

(1)Waste and storage products are comprised of our Hefty Waste & Storage and Presto Products segments.
Our different product lines are generally sold to a common group of customers. For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.