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Segment Information
 3 Months Ended
Mar. 31, 2025
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.
Effective January 1, 2025, we have updated our segment reporting to now reflect our international business based on product category alignment, as opposed to the entirety of international results historically being reported in the Reynolds Cooking & Baking segment. All prior period segment disclosures have been recast to reflect this reassignment. Our composition of operating segments and reportable segments did not change, and this reassignment had no effect on our previously reported consolidated results of operations.
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 in the U.S. and selected international markets, and as the Hefty and Baggies brands for our food storage bags in the U.S. Our food storage bags internationally are sold as Reynolds, Diamond, or Hefty Basics brands based on region.
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 three main categories: food storage bags, trash bags 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 certain 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.
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, 2025(in millions)
Net revenues$259 $238 $179 $141 $817 $1 $818 
Intersegment revenues— 2 — 2 4 (4)— 
Total segment net revenues$259 $240 $179 $143 $821 $(3)$818 
Other segment items(2)
(221)(181)(162)(117)(681)
Adjusted EBITDA38 59 17 26 140 
Depreciation and amortization9 5 5 5 24 8 32 

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$256 $231 $208 $140 $835 $(2)$833 
Intersegment revenues— 3 — 3 6 (6)— 
Total segment net revenues$256 $234 $208 $143 $841 $(8)$833 
Other segment items(2)
(224)(167)(178)(114)(683)
Adjusted EBITDA32 67 30 29 158 
Depreciation and amortization8 5 4 6 23 9 32 
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, 2025$602 $287 $278 $263 $1,430 $3,409 $4,839 
As of December 31, 2024563 282 259 252 1,356 3,517 4,873 

(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.

(2)Other segment items reflected 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 total segment Adjusted EBITDA to GAAP income before income taxes:

Three Months Ended March 31,
20252024
(in millions)
Segment Adjusted EBITDA$140 $158 
Corporate / unallocated expenses(23)(36)
117 122 
Adjustments to reconcile to GAAP income before income taxes  
Depreciation and amortization(32)(32)
Interest expense, net(21)(25)
Debt refinancing expense(1)
(13)— 
Costs to execute strategic initiatives(2)
(5)— 
CEO transition costs(3)
(4)— 
Consolidated GAAP income before income taxes$42 $65 
(1)    Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing.
(2)    Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.
(3)    Reflects compensation and other costs related to the CEO transition effective January 1, 2025.
Information in Relation to Products
Net revenues by product line are as follows:

Three Months Ended March 31,
20252024
(in millions)
Waste and storage products (1)
$383 $377 
Cooking products259 256 
Tableware179 208 
Unallocated(3)(8)
Net revenues$818 $833 

(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.