Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Adjusted EBITDA

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended June 30, 2025	(in millions)
Net revenues	$	295	$	253	$	242	$	150	$	940	$	(2)	$	938
Intersegment revenues	—		2		—		3		5		(5)		—
Total segment net revenues	$	295	$	255	$	242	$	153	$	945	$	(7)	$	938
Other segment items(2)	(246)		(184)		(207)		(120)		(757)
Adjusted EBITDA	49		71		35		33		188
Depreciation and amortization	9		5		5		5		24		9		33

	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	$	291	$	242	$	251	$	148	$	932	$	(2)	$	930
Intersegment revenues	—		2		—		3		5		(5)		—
Total segment net revenues	$	291	$	244	$	251	$	151	$	937	$	(7)	$	930
Other segment items(2)	(237)		(173)		(212)		(114)		(736)
Adjusted EBITDA	54		71		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
Six Months Ended June 30, 2025	(in millions)
Net revenues	$	554	$	491	$	421	$	291	$	1,757	$	(1)	$	1,756
Intersegment revenues	—		5		—		5		10		(10)		—
Total segment net revenues	$	554	$	496	$	421	$	296	$	1,767	$	(11)	$	1,756
Other segment items(2)	(467)		(367)		(369)		(237)		(1,440)
Adjusted EBITDA	87		129		52		59		327
Depreciation and amortization	18		10		10		10		48		17		65

	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	$	547	$	473	$	459	$	288	$	1,767	$	(3)	$	1,764
Intersegment revenues	—		6		—		6		12		(12)		—
Total segment net revenues	$	547	$	479	$	459	$	294	$	1,779	$	(15)	$	1,764
Other segment items(2)	(461)		(341)		(390)		(228)		(1,420)
Adjusted EBITDA	86		138		69		66		359
Depreciation and amortization	16		9		8		11		44		19		63

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 June 30, 2025	$	614	$	299	$	254	$	269	$	1,436	$	3,425	$	4,861
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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	188	$	201	$	327	$	359
Corporate / unallocated expenses	(25)		(29)		(48)		(65)
	163		172		279		294
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(33)		(32)		(65)		(63)
Interest expense, net	(22)		(25)		(42)		(51)
Debt refinancing expense(1)	—		—		(13)		—
Costs to execute strategic initiatives(2)	(8)		—		(13)		—
CEO transition costs(3)	(4)		—		(8)		—
Consolidated GAAP income before income taxes	$	96	$	115	$	138	$	180

(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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)				(in millions)
Waste and storage products (1)	$	408	$	395	$	792	$	773
Cooking products	295		291		554		547
Tableware	242		251		421		459
Unallocated	(7)		(7)		(11)		(15)
Net revenues	$	938	$	930	$	1,756	$	1,764

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