XML 40 R27.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025


	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 EBITDA	38		59		17		26		140
Depreciation and amortization	9		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 EBITDA	32		67		30		29		158
Depreciation and amortization	8		5		4		6		23		9		32

Schedule 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, 2025	$	602	$	287	$	278	$	263	$	1,430	$	3,409	$	4,839
As of December 31, 2024	563		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.

Schedule of Reconciliation of Total Segment Adjusted EBITDA to GAAP Income Before Income Taxes

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


	Three Months Ended March 31,
	2025		2024
	(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.

Schedule of Net Revenues by Product Line

Net revenues by product line are as follows:


	Three Months Ended March 31,
	2025		2024
	(in millions)
Waste and storage products (1)	$	383	$	377
Cooking products	259		256
Tableware	179		208
Unallocated	(3)		(8)
Net revenues	$	818	$	833

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