Segment Information (Tables)

3 Months Ended

Mar. 31, 2024


	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 revenues	264		229		205		143		841		(8)		833
Adjusted EBITDA	33		66		30		29		158
Depreciation and amortization	8		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 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

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, 2024	$	572	$	271	$	240	$	238	$	1,321	$	3,537	$	4,858
As of December 31, 2023	556		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.

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,
	2024		2023
	(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

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Waste and storage products (1)	$	372	$	377
Cooking products	264		283
Tableware	205		224
Unallocated	(8)		(10)
Net revenues	$	833	$	874

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