Segment Information (Tables)

6 Months Ended

Jun. 30, 2024


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended June 30, 2024	(in millions)
Net revenues	$	304	$	236	$	245	$	147	$	932	$	(2)	$	930
Intersegment revenues	—		2		—		3		5		(5)		—
Total segment net revenues	$	304	$	238	$	245	$	150	$	937	$	(7)	$	930
Adjusted EBITDA	56		69		39		37		201
Depreciation and amortization	8		5		4		5		22		10		32

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended June 30, 2023	(in millions)
Net revenues	$	321	$	227	$	251	$	144	$	943	$	(3)	$	940
Intersegment revenues	—		2		—		1		3		(3)		—
Total segment net revenues	$	321	$	229	$	251	$	145	$	946	$	(6)	$	940
Adjusted EBITDA	40		62		45		28		175
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
Six Months Ended June 30, 2024	(in millions)
Net revenues	$	568	$	462	$	450	$	287	$	1,767	$	(3)	$	1,764
Intersegment revenues	—		6		—		6		12		(12)		—
Total segment net revenues	$	568	$	468	$	450	$	293	$	1,779	$	(15)	$	1,764
Adjusted EBITDA	89		134		70		66		359
Depreciation and amortization	16		9		8		11		44		19		63

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Six Months Ended June 30, 2023	(in millions)
Net revenues	$	604	$	457	$	475	$	285	$	1,821	$	(7)	$	1,814
Intersegment revenues	—		6		—		3		9		(9)		—
Total segment net revenues	$	604	$	463	$	475	$	288	$	1,830	$	(16)	$	1,814
Adjusted EBITDA	43		117		76		47		283
Depreciation and amortization	14		10		8		11		43		18		61

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 June 30, 2024	$	584	$	274	$	234	$	242	$	1,334	$	3,531	$	4,865
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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	201	$	175	$	359	$	283
Corporate / unallocated expenses	(29)		(25)		(65)		(51)
	172		150		294		232
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(32)		(30)		(63)		(61)
Interest expense, net	(25)		(31)		(51)		(60)
Consolidated GAAP income before income taxes	$	115	$	89	$	180	$	111

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)				(in millions)
Waste and storage products (1)	$	388	$	374	$	761	$	751
Cooking products	304		321		568		604
Tableware	245		251		450		475
Unallocated	(7)		(6)		(15)		(16)
Net revenues	$	930	$	940	$	1,764	$	1,814

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