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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024


	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 revenues	1,247		959		918		596		3,720		(25)		3,695
Other segment items(2)	(1,025)		(687)		(771)		(466)		(2,949)
Adjusted EBITDA	222		272		147		130		771
Depreciation and amortization	33		21		20		21		95		34		129
Capital expenditures	50		19		36		12		117		3		120
Total assets	563		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 revenues	1,273		942		967		593		3,775		(19)		3,756
Other segment items(2)	(1,089)		(681)		(793)		(481)		(3,044)
Adjusted EBITDA	184		261		174		112		731
Depreciation and amortization	31		19		16		21		87		37		124
Capital expenditures	46		11		28		8		93		11		104
Total assets	556		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 revenues	1,287		946		1,000		604		3,837		(20)		3,817
Other segment items(2)	(1,145)		(739)		(866)		(508)		(3,258)
Adjusted EBITDA	142		207		134		96		579
Depreciation and amortization	24		19		17		22		82		35		117
Capital expenditures	51		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.

Schedule of Segment Adjusted EBITDA to Consolidated GAAP Income Before Income Taxes

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


	For the Years Ended December 31,
	2024		2023		2022
	(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

Schedule of Net Revenues by Product Line

Net revenues by product line are as follows:


	For the Years Ended December 31,
	2024		2023		2022
	(in millions)
Waste and storage products(1)	$	1,555	$	1,535	$	1,550
Cooking products	1,247		1,273		1,287
Tableware products	918		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.

Schedule of Geographic Data for Net Revenues and Long-Lived Assets

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,
	2024		2023		2022
	(in millions)
Net revenues:
United States	$	3,601	$	3,661	$	3,742
Other	94		95		75
Net revenues	$	3,695	$	3,756	$	3,817


	As of December 31,
	2024		2023
	(in millions)
Long-lived assets
United States	$	751	$	725
Other	7		7
Long-lived assets	$	758	$	732