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Segment Information
 12 Months Ended
Dec. 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 evaluates the performance of each segment and allocates resources (including employees, property and financial or capital resources) for each segment, predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments.
Adjusted EBITDA represents each segment’s earnings before interest, tax, depreciation and amortization and may be further adjusted to exclude IPO and separation-related costs, as well as certain other non-recurring items, 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.
The accounting policies applied by our segments are the same as those described in Note 2 - Summary of Significant Accounting Policies. Transactions between segments are at negotiated prices.
Reynolds
Cooking
& Baking		Hefty
Waste &
Storage		Hefty
Tableware		Presto
Products		Segment
total
Unallocated(1)
Total
2024(in millions)
Net revenues$1,247 $949 $918 $584 $3,698 $(3)$3,695 
Intersegment revenues— 10 — 12 22 (22)— 
Total segment net revenues1,247 959 918 596 3,720 (25)3,695 
Other segment items(2)
(1,025)(687)(771)(466)(2,949)
Adjusted EBITDA222 272 147 130 771   
Depreciation and amortization33 21 20 21 95 34 129 
Capital expenditures50 19 36 12 117 3 120 
Total assets563 282 259 252 1,356 3,517 4,873 
Reynolds
Cooking
& Baking
Hefty
Waste &
Storage
Hefty
Tableware
Presto
Products
Segment
total
Unallocated(1)
Total
2023(in millions)
Net revenues$1,273 $931 $967 $579 $3,750 $6 $3,756 
Intersegment revenues— 11 — 14 25 (25)— 
Total segment net revenues1,273 942 967 593 3,775 (19)3,756 
Other segment items(2)
(1,089)(681)(793)(481)(3,044)
Adjusted EBITDA184 261 174 112 731   
Depreciation and amortization31 19 16 21 87 37 124 
Capital expenditures46 11 28 8 93 11 104 
Total assets556 267 216 239 1,278 3,502 4,780 
Reynolds
Cooking
& Baking		Hefty
Waste &
Storage		Hefty
Tableware		Presto
Products		Segment
total
Unallocated(1)
Total
2022(in millions)
Net revenues$1,287 $934 $1,000 $597 $3,818 $(1)$3,817 
Intersegment revenues— 12 — 7 19 (19)— 
Total segment net revenues1,287 946 1,000 604 3,837 (20)3,817 
Other segment items(2)
(1,145)(739)(866)(508)(3,258)
Adjusted EBITDA142 207 134 96 579  
Depreciation and amortization24 19 17 22 82 35 117 
Capital expenditures51 15 36 20 122 6 128 
(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 ROU assets, goodwill, intangible assets, related party receivables and other assets.
(2)Other segment items included in Segment Adjusted EBITDA primarily include cost of sales (including material, manufacturing and logistics costs), salaries and benefits, advertising expenses and professional fees. The CODM allocates resources and assesses performance on a consolidated level for these other segment items.
The following table presents a reconciliation of segment Adjusted EBITDA to consolidated GAAP income before income taxes:
For the Years Ended December 31,
202420232022
(in millions)
Segment Adjusted EBITDA$771 $731 $579 
Corporate / unallocated expenses(93)(95)(33)
678 636 546 
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization(129)(124)(117)
Interest expense, net(98)(119)(76)
IPO and separation-related costs— — (12)
Other— — (3)
Consolidated GAAP income before income taxes$451 $393 $338 
Information in Relation to Products
Net revenues by product line are as follows:
For the Years Ended December 31,
202420232022
(in millions)
Waste and storage products(1)
$1,555 $1,535 $1,550 
Cooking products1,247 1,273 1,287 
Tableware products918 967 1,000 
Unallocated(25)(19)(20)
Net revenues$3,695 $3,756 $3,817 
(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.
Geographic Data
Geographic data for net revenues (recognized based on location of our business operations) and long-lived assets (representing property, plant and equipment) are as follows:
For the Years Ended December 31,
202420232022
(in millions)
Net revenues:
United States$3,601 $3,661 $3,742 
Other94 95 75 
Net revenues$3,695 $3,756 $3,817 
As of December 31,
20242023
(in millions)
Long-lived assets
United States$751 $725 
Other7 7 
Long-lived assets$758 $732 
Entity-wide Disclosures
Net revenues from our largest customer and its affiliates were 48% of total net revenues for each of the years ended December 31, 2024, 2023 and 2022. The net revenues from our largest customer were recognized across all of our segments. No other customers accounted for 10% or more of our total net revenues in any of the years presented.