0001628280-26-005284 | 10-K | XBRL Viewer | Reynolds Consumer Products INC

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Financial Instruments - Additional Information (Details) - Cash Flow Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest Rate Swap - 1
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,000	$ 1,150
Cash flow hedge contracts period (less than)	1 year
Interest Rate Swap - 1 \| Minimum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	2.66%
Derivative weighted average annual effective interest rate	4.41%
Interest Rate Swap - 1 \| Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	3.40%
Derivative weighted average annual effective interest rate	5.15%
Interest Rate Swap - 1 \| Weighted Average
Derivative Instruments Gain Loss [Line Items]
Derivative weighted average annual effective interest rate	4.71%
Interest Rate Swap - 2
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 900
Interest Rate Swap - 2 \| Minimum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	3.33%
Derivative weighted average annual effective interest rate	5.08%
Interest Rate Swap - 2 \| Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	3.41%
Derivative weighted average annual effective interest rate	5.16%
Interest Rate Swap - 2 \| Weighted Average
Derivative Instruments Gain Loss [Line Items]
Derivative weighted average annual effective interest rate	5.12%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates:

We prepare our consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions that affect a number of amounts in our consolidated financial statements. Significant accounting policy elections, estimates and assumptions include, among others, valuation assumptions of goodwill and intangible assets, useful lives of long-lived assets, sales incentives, income taxes and benefit plan assumptions. We base our estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our consolidated financial statements.

Currency Translation:

Our consolidated financial statements are presented in U.S. dollars, which is our reporting currency. We translate the results of operations of our subsidiaries with functional currencies other than the U.S. dollar using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of stockholders’ equity within accumulated other comprehensive income and transaction gains and losses in other expense, net in our consolidated statements of income.

Cash and Cash Equivalents:

Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We maintain our bank accounts with a relatively small number of high quality financial institutions. Cash balances held by non-U.S. entities as of December 31, 2025 and 2024 were $9 million and $10 million, respectively.

Accounts Receivable:

Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable balance. We evaluate the aging of the accounts receivable balances and the financial condition of our customers to estimate the amount of accounts receivable that may not be collected in the future and record the appropriate provision. The allowance for doubtful accounts was not material as of December 31, 2025 and 2024.

We are party to a factoring agreement with a financial institution to sell certain accounts receivable up to $95 million. We had no outstanding balance owed under the factoring arrangement as of December 31, 2025 and 2024. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the consolidated balance sheet at the time of the sales transaction. We classify proceeds received from the sales of accounts receivable as an operating cash flow in the consolidated statement of cash flows. We record the discount as other expense, net in the consolidated statement of income.

Inventories:

We value our inventories using the first-in, first-out method. Inventory is valued at actual cost, which includes raw materials, supplies, direct labor and manufacturing overhead associated with production. Inventory is stated at the lower of cost or net realizable value, which includes any costs to sell or dispose. In addition, appropriate consideration is given to obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value.

Long-Lived Assets:

Property, plant and equipment are stated at historical cost less depreciation, which is computed using the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods ranging from 5 to 20 years and buildings and building improvements over periods ranging from 15 to 40 years. Finite-lived intangible assets, which primarily consist of customer relationships, are stated at historical cost and amortized using the straight-line method (which reflects the pattern of how the assets’ economic benefits are consumed) over the assets’ estimated useful lives which range from 18 to 20 years.

Expenditures for maintenance and repairs are expensed as incurred. When property, plant or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and any gain or loss realized on disposition is reflected in other expense, net in our consolidated statements of income.

We review long-lived assets, including finite-lived intangible assets, for recoverability on an ongoing basis. Changes in depreciation or amortization are recorded prospectively when estimates of the remaining useful lives or residual values of long-lived assets change. We also review our long-lived assets for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, we perform undiscounted cash flow analysis to determine if an impairment exists. When testing for asset impairment, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. If an impairment loss is recorded, it is calculated as the excess of the asset’s carrying value over its estimated fair value as determined by an estimate of discounted future cash flows. Depending on the nature of the asset, impairment losses are recorded in either cost of sales or selling, general and administrative expenses in our consolidated statements of income. There were no impairments of long-lived assets in any of the years presented.

Leases:

We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets are recognized at the commencement date at the value of the lease liability, adjusted for any prepayments, lease incentives received and initial direct costs incurred. Lease liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For operating leases, following initial recognition, lease liability balances are amortized using the effective interest method, while the related operating lease ROU assets are adjusted by the difference between the fixed lease expense recognized under a straight-line method and the interest expense associated with the effective interest method in the period.

Some of our leases contain non-lease components, for example common area or other maintenance costs, that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component as we have elected to combine lease and non-lease components for all classes of underlying assets. All operating lease cash payments are recorded within cash flows from operating activities in the consolidated statements of cash flows. Principal cash payments on finance leases are recorded within cash flows from financing activities, while interest payments associated with finance leases are recorded within cash flows from operating activities in the consolidated statements of cash flows. Our lease agreements do not include significant restrictions, covenants or residual value guarantees.

Goodwill and Indefinite-Lived Intangible Assets:

Goodwill represents the excess of purchase price over the fair value of net assets acquired. We test goodwill for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We assess goodwill impairment risk by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our goodwill reporting units. Depending on factors such as prior-year test results, current year developments, current risk evaluations and other practical considerations, we may elect to perform quantitative testing instead. In our quantitative testing, we compare a reporting unit’s estimated fair value with its carrying value. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans and industry and economic conditions. The key assumptions associated with determining the estimated fair value are forecasted Adjusted EBITDA and a relevant earnings multiple. Our actual results and conditions may differ over time. If the carrying value of a reporting unit’s net assets exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value.

Our indefinite-lived intangible assets consist of certain trade names. We test indefinite-lived intangible assets for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Depending on factors such as prior-year test results, current year developments, current risk evaluations and other practical considerations, we may elect to perform quantitative testing instead. If potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value. We determine estimated fair value using the relief-from-royalty method, using key assumptions including planned revenue growth rates, market-based discount rates and estimates of royalty rates. If the carrying value of the asset exceeds its fair value, we consider the asset impaired and reduce its carrying value to the estimated fair value.

Supply Chain Financing:

We have an ongoing Supply Chain Finance program (the “SCF”) with a global financial institution (the “SCF Bank”). Under the SCF, qualifying suppliers may elect to sell their receivables from us to the SCF Bank. These participating suppliers negotiate their receivables sales arrangements directly with the SCF Bank. We are not party to those agreements, nor do we provide any security or other forms of guarantees to the SCF Bank. The participation in the program is at the sole discretion of the supplier, we have no economic interest in a supplier’s decision to enter into the agreement and have no direct financial relationship with the SCF Bank, as it relates to the SCF. Once a qualifying supplier elects to participate in the SCF and reaches an agreement with the SCF Bank, they elect which individual invoices they sell to the SCF Bank.

The terms of our payment obligations are not impacted by a supplier’s participation in the SCF and as such, the SCF has no impact on our balance sheets, cash flows or liquidity. Our payment terms with our suppliers for similar services and materials within individual markets are consistent between suppliers that elect to participate in the SCF and those that do not participate.

All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in the consolidated balance sheet and associated payments are included as an operating cash flow in the consolidated statement of cash flows.

Our outstanding obligations confirmed as valid under our SCF was as follows:


	As of December 31,
	2025		2024
	(in millions)
Confirmed obligations outstanding at the beginning of the year	$	12	$	19
Invoices confirmed during the year	46		60
Confirmed invoices paid during the year	(49)		(67)
Confirmed obligations outstanding at the end of the year	$	9	$	12

Revenue Recognition:

After assessing our customers’ creditworthiness, we recognize revenue when control over products transfers to our customers, which generally occurs upon delivery or shipment of the products. We account for product shipping, handling and insurance as fulfillment activities, with revenues for these activities recorded in net revenues and costs recorded in cost of sales. Any taxes collected on behalf of government authorities are excluded from net revenues.

Consideration in our contracts with customers is variable due to anticipated reductions such as discounts, allowances and trade promotions, collectively referred to as “sales incentives”. Accordingly, revenues are recorded net of estimated sales incentives, recognized throughout the year and as of year-end. The transaction price reflects our estimate of the amount of consideration to which we will be entitled, using an expected value method. We base these estimates principally on historical utilization and redemption rates, anticipated performance and our best judgment at the time to the extent that it is probable that a significant reversal of revenue recognized will not occur. Estimates of sales incentives are monitored and adjusted each period until the sales incentives are realized.

We consider purchase orders, which in some cases are governed by master supply agreements, to be the contracts with a customer. Key sales terms, such as pricing and quantities ordered, are established frequently, so most customer arrangements and related sales incentives have a duration of one year or shorter. We generally do not have any unbilled receivables at the end of a period. Deferred revenues are not material and primarily include customer advance payments typically collected a few days before product delivery, at which time deferred revenues are reclassified and recorded as net revenues. We generally do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year. We do not incur any significant costs to obtain a contract.

Marketing, Advertising and Research and Development:

We promote our products with marketing and advertising programs. These programs include, but are not limited to, cooperative advertising, in-store displays and consumer marketing promotions. The costs of end-consumer marketing programs that are conducted in conjunction with our customers, such as coupons, are recorded as a reduction to revenue. We do not defer these costs on our consolidated balance sheets and all marketing and advertising costs are recorded as an expense in the year incurred. Advertising expense was $55 million, $78 million and $79 million in the years ended December 31, 2025, 2024 and 2023, respectively. We expense product research and development costs as incurred. Research and development expense was $48 million, $45 million and $44 million in the years ended December 31, 2025, 2024 and 2023, respectively. We record marketing and advertising as well as research and development expenses in selling, general and administrative expenses.

Stock-based Compensation:

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the period in which the award vests in accordance with applicable guidance under Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. We have granted restricted stock units (“RSUs”) to certain members of management and to certain members of our Board of Directors that have a service-based vesting condition. In addition, we have granted performance stock units (“PSUs”) to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur.

Interest Rate Derivatives:

We manage interest rate risk by using interest rate derivative instruments. Interest rate swaps (pay fixed, receive variable) are entered into as cash flow hedges to manage a portion of the interest rate risk associated with our floating-rate borrowings.

We record interest rate derivative instruments at fair value (Level 2) and on a net basis by counterparty based on our master netting arrangements. The fair value of our interest rate derivatives is determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. The instruments are classified in our consolidated balance sheets in other assets or other liabilities, as applicable. Cash flows from interest rate derivative instruments are classified as operating activities in our consolidated statements of cash flows based on the nature of the derivative instrument. We have elected to use hedge accounting for our interest rate derivative instruments. Accordingly, the effective portion of the gain or loss on the open hedging instrument is recorded in other comprehensive income and is reclassified into earnings as interest expense, net when settled. We terminate derivative instruments if the underlying asset or liability matures or is repaid, or if we determine the underlying forecasted transaction is no longer probable of occurring.

Income Taxes:

Our income tax expense includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of our assets and liabilities, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse.

The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, we consider any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies.

We recognize the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount we recognize is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs.

Fair Value Measurements and Disclosures:

GAAP establishes a hierarchy for measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following three levels of inputs may be used to measure fair value:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

•Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Our assets and liabilities measured at fair value on a recurring basis are presented in Note 8 - Financial Instruments. We had no assets or liabilities measured at fair value on a non-recurring basis in any of the years presented.

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of our financial instruments. The carrying values of cash equivalents, accounts receivables, other receivables, related party receivables, accounts payable, related party payables and accrued and other current liabilities are reasonable estimates of their fair values as of December 31, 2025 and 2024 due to the short-term nature of these instruments.

Recently Adopted Accounting Guidance:

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), which enhances disclosures about significant segment expenses by requiring disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted the standard as of January 1, 2024, with no material impact on our consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), which enhances disclosures within the income tax rate reconciliation and information disclosed related to income taxes paid, and requires disaggregation of certain financial statement captions between domestic, foreign, federal and state. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We adopted the standard, prospectively, as of January 1, 2025, with no material impact on our consolidated financial statements.

Recently Issued Accounting Guidance:

In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which will require additional disclosure about specific expense categories included in the income statement. Annual disclosure requirements will be effective for us in our Annual Report on Form 10-K for the fiscal year ending December 31, 2026, and quarterly disclosure requirements will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.

In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which updates the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements.

In November 2025, FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which updates hedge accounting requirements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements.

In December 2025, FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, which clarifies interim disclosure requirements. This ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements.

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Leases executed but not yet commenced	$ 0
Recognition of operating ROU assets	32	$ 53
Recognition of operating lease liabilities	32	53
Recognition of finance lease liabilities in year	0	0
Payments for operating lease liabilities	$ 27	$ 21	$ 18
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	11 years
Options to renew lease term	15 years

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39205
Entity Registrant Name	REYNOLDS CONSUMER PRODUCTS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3464426
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	800
Local Phone Number	879-5067
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	REYN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,163
Entity Common Stock, Shares Outstanding (in shares)		210,343,558
Documents incorporated by reference	Portions of the Registrant’s definitive proxy statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001786431
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Net revenues	$ 3,721	$ 3,695	$ 3,756
Costs of sales	2,807	2,717	2,814
Dividends paid	192	192	192
PEI Group
Related Party Transaction [Line Items]
Net revenues	17	77	83
Products purchased	51	332	381
PEI Group \| Freight and Warehousing Costs
Related Party Transaction [Line Items]
Costs of sales	4	28	37
PFL
Related Party Transaction [Line Items]
Dividends paid	$ 143	$ 143	$ 143

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2025

Other Expense Net [Abstract]

Schedule of Other Expense, Net

Other expense, net consisted of the following:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Costs to execute strategic initiatives (1)	$	25	$	—	$	—
CEO transition costs (2)	15		—		—

Other expense, net	$	40	$	—	$	—

(1)Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.

(2) Reflects compensation and other costs related to the CEO transition effective January 1, 2025

Debt - Schedule of Required Future Repayments on Debt Outstanding (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Instruments [Abstract]
2026	$ 0
2027	0
2028	4
2029	16
2030	16
Thereafter	1,550
Total long-term debt	$ 1,586

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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-Paragraph 2
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 segment category	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Largest Customer \| Net Revenue \| Customer and its Affiliates
Segment Reporting Information [Line Items]
Net revenue, percentage	48.00%	48.00%	48.00%
Another Customer \| Net Revenue \| Customer and its Affiliates
Segment Reporting Information [Line Items]
Net revenue, percentage	11.00%
Presto Products
Segment Reporting Information [Line Items]
Number of brand categories \| category	3

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Financial Instruments - Schedule of Fair Value of Assets and Liabilities Associated with Interest Rate Swaps (Details) - Interest Rate Swaps - Cash Flow Hedges - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets:
Other current assets	$ 1	$ 15
Other assets	1	1
Total assets	2	16
Liabilities:
Accrued and other current liabilities	0	0
Other liabilities	1	0
Total liabilities	$ 1	$ 0

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Accrued personnel costs	$	59	$	66
Trade promotion allowances	33		36
Other	61		59
Accrued and other current liabilities	$	153	$	161

Benefit Plans - Schedule of Changes in and Amount of Accumulated Postretirement Benefit Obligation (Details) - Postretirement Benefit Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net Actuarial Gain
Accumulated postretirement benefit obligation as of January 1	$ 15	$ 16
Service cost	0	0
Interest cost	1	1
Benefits paid	(1)	(2)
Actuarial gains	(1)	0
Accumulated postretirement benefit obligation as of December 31	$ 14	$ 15

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Land and land improvements	$	50	$	47
Buildings and building improvements	240		230
Machinery and equipment	1,444		1,355
Construction in progress	123		87
Property, plant and equipment, at cost	1,857		1,719
Less: accumulated depreciation	(1,034)		(961)
Property, plant and equipment, net	$	823	$	758

Depreciation expense was $104 million, $98 million and $93 million for the years ended December 31, 2025, 2024 and 2023, respectively, of which $95 million, $89 million and $82 million, respectively, was recognized in cost of sales and $9 million, $9 million and $11 million, respectively, was recognized in selling, general and administrative expenses.

Stock-based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock available for issuance (in shares)	10.5
Shares issued (in shares)	2.0	1.3
Stock-based compensation expense	$ 21	$ 19	$ 14
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0.8
Unrecognized compensation expense	$ 9
Unrecognized stock-based compensation expense, weighted-average recognition period	1 year 4 months 17 days
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	0.4
Unrecognized compensation expense	$ 5
Unrecognized stock-based compensation expense, weighted-average recognition period	1 year 9 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We lease certain buildings and plant and equipment. Our leases have reasonably assured remaining lease terms of up to 11 years. Certain leases include options to renew for up to 15 years. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably certain. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the measurement of ROU assets and lease liabilities. Variable payments for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. Variable payments for equipment leases relate primarily to hours, miles, or other quantifiable usage factors, which are not determinable at the time of lease inception. These variable payments are expensed as incurred. The discount rate applied to our leases in determining the present value of lease payments is our incremental borrowing rate based on the information available at the commencement date. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

Operating lease costs consisted of the following:


	As of December 31,
	2025		2024		2023
	(in millions)
Operating lease costs	$	29	$	23	$	18
Variable lease costs	—		—		1
Short-term lease costs	4		4		4
Total operating lease costs	$	33	$	27	$	23

Lease costs related to the amortization of finance lease assets and interest on finance lease liabilities were not material for the years ended December 31, 2025, 2024 and 2023.

Future lease payments under non-cancellable leases were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases		Total
	(in millions)
2026	$	28	$	2	$	30
2027	25		2		27
2028	21		2		23
2029	18		2		20
2030	14		2		16
Thereafter	11		8		19
Total undiscounted lease payments	117		18		135
Less: imputed interest	(13)		(4)		(17)
Present value of lease liabilities	$	104	$	14	$	118

As of December 31, 2025, we had no material commitments related to operating leases executed that have not yet commenced.

Lease liabilities and ROU assets included in our consolidated balance sheets were as follows:


		As of December 31,
		2025		2024
		(in millions)
Operating leases	Balance Sheet Classification
Right-of-use assets	Operating lease right-of-use assets	$	98	$	90
Current lease liabilities	Current operating lease liabilities	$	23	$	20
Non-current lease liabilities	Long-term operating lease liabilities	81		73
Total operating lease liabilities		$	104	$	93

Finance leases	Balance Sheet Classification
Right-of-use assets	Other assets	$	13	$	15
Current lease liabilities	Accrued and other current liabilities	$	1	$	1
Non-current lease liabilities	Other liabilities	13		14
Total finance lease liabilities		$	14	$	15

During the years ended December 31, 2025 and 2024, new leases and lease modifications resulted in the recognition of operating ROU assets and corresponding operating lease liabilities totaling $32 million and $53 million, respectively. New leases and lease modifications resulting in the recognition of finance lease ROU assets and corresponding finance lease liabilities were not material during the years ended December 31, 2025 and 2024.

During the years ended December 31, 2025, 2024 and 2023, cash flows from operating activities in the consolidated statements of cash flows reflected $27 million, $21 million and $18 million, respectively, of payments for operating lease liabilities. Payments for finance lease liabilities in the years ended December 31, 2025, 2024 and 2023 were not material.

The weighted average remaining lease term and weighted average discount rates were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases
Weighted-average remaining lease term (in years)	4.83		9.69
Weighted-average discount rate	4.96	%	5.52	%

Leases

Operating lease costs consisted of the following:


	As of December 31,
	2025		2024		2023
	(in millions)
Operating lease costs	$	29	$	23	$	18
Variable lease costs	—		—		1
Short-term lease costs	4		4		4
Total operating lease costs	$	33	$	27	$	23

Lease costs related to the amortization of finance lease assets and interest on finance lease liabilities were not material for the years ended December 31, 2025, 2024 and 2023.

Future lease payments under non-cancellable leases were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases		Total
	(in millions)
2026	$	28	$	2	$	30
2027	25		2		27
2028	21		2		23
2029	18		2		20
2030	14		2		16
Thereafter	11		8		19
Total undiscounted lease payments	117		18		135
Less: imputed interest	(13)		(4)		(17)
Present value of lease liabilities	$	104	$	14	$	118

As of December 31, 2025, we had no material commitments related to operating leases executed that have not yet commenced.

Lease liabilities and ROU assets included in our consolidated balance sheets were as follows:


		As of December 31,
		2025		2024
		(in millions)
Operating leases	Balance Sheet Classification
Right-of-use assets	Operating lease right-of-use assets	$	98	$	90
Current lease liabilities	Current operating lease liabilities	$	23	$	20
Non-current lease liabilities	Long-term operating lease liabilities	81		73
Total operating lease liabilities		$	104	$	93

Finance leases	Balance Sheet Classification
Right-of-use assets	Other assets	$	13	$	15
Current lease liabilities	Accrued and other current liabilities	$	1	$	1
Non-current lease liabilities	Other liabilities	13		14
Total finance lease liabilities		$	14	$	15

The weighted average remaining lease term and weighted average discount rates were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases
Weighted-average remaining lease term (in years)	4.83		9.69
Weighted-average discount rate	4.96	%	5.52	%

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business: Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products that people use in their homes for cooking, serving, cleanup and storage. We sell our products under brands such as Reynolds and Hefty, and also under store brands. Our product portfolio includes aluminum foil, wraps, disposable bakeware, trash bags, food storage bags and disposable tableware. We report four business segments: Reynolds Cooking & Baking; Hefty Waste & Storage; Hefty Tableware; and Presto Products. Basis of Presentation: We have prepared the accompanying audited consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”).

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income

The following table summarizes the changes in our balances of each component of accumulated other comprehensive income.


	Currency Translation Adjustments		Employee Benefit Plans		Derivative Instruments		Accumulated Other Comprehensive Income
	(in millions)
Balance as of December 31, 2022	$	(7)	$	23	$	36	$	52
Gain arising during the period	—		18		12		30
Reclassification to earnings	—		(3)		(29)		(32)
Effect of deferred taxes	—		(4)		4		—
Balance as of December 31, 2023	$	(7)	$	34	$	23	$	50
Gain (loss) arising during the period	(3)		2		20		19
Reclassification to earnings	—		(6)		(32)		(38)
Effect of deferred taxes	—		1		3		4
Balance as of December 31, 2024	$	(10)	$	31	$	14	$	35
Gain arising during the period	2		2		2		6
Reclassification to earnings	—		(6)		(21)		(27)
Effect of deferred taxes	—		1		5		6
Balance as of December 31, 2025	$	(8)	$	28	$	—	$	20

Segment Information - Schedule of Segment Adjusted EBITDA to Consolidated GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 667	$ 678	$ 636
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(135)	(129)	(124)
Interest expense, net	(86)	(98)	(119)
Debt refinancing expense	(13)	0	0
Costs to execute strategic initiatives	(25)	0	0
CEO transition costs	(15)	0	0
Income before income taxes	393	451	393
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	761	771	731
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(101)	(95)	(87)
Corporate / unallocated expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(94)	(93)	(95)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (34)	$ (34)	$ (37)

Goodwill and Intangible Assets - Schedule of Estimated Annual Amortization for Intangible Assets (Details) $ in Millions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 22
2027	21
2028	18
2029	17
2030	$ 15

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in and Amount of Accumulated Postretirement Benefit Obligation

The changes in and the amount of the accumulated postretirement benefit obligation were as follows:


	As of December 31,
	2025		2024
	(in millions)
Accumulated postretirement benefit obligation as of January 1	$	15	$	16
Service cost	—		—
Interest cost	1		1
Benefits paid	(1)		(2)
Actuarial gains	(1)		—
Accumulated postretirement benefit obligation as of December 31	$	14	$	15

Schedule of Accrued Benefit Obligation Included in Consolidated Balance Sheets

The accrued benefit obligation was included in our consolidated balance sheets as follows:


	As of December 31,
	2025		2024
	(in millions)
Accrued and other current liabilities	$	1	$	2
Long-term postretirement benefit obligation	13		13
	$	14	$	15

Schedule of Accrued Benefit Obligation Recorded in Accumulated Other Comprehensive Income

A portion of our accrued benefit obligation has been recorded in accumulated other comprehensive income as follows:


	Net Actuarial Gain		Deferred Income Tax Expense		Accumulated Other Comprehensive Income
As of December 31, 2023	$	44	$	(10)	$	34
Changes	(4)		1		(3)
As of December 31, 2024	40		(9)		31
Changes	(4)		1		(3)
As of December 31, 2025	36		(8)		28

Schedule of Weighted-Average Assumptions to Determine Postretirement Benefit Obligations

We used the following weighted-average assumptions to determine our postretirement benefit obligations:


	As of December 31,
	2025		2024
Discount rate	5.31	%	5.58	%
Health care cost trend rate assumed for next year	8.50	%	8.50	%
Ultimate trend rate	4.40	%	4.40	%
Year that the rate reaches the ultimate trend rate	2035		2035

Schedule of Weighted-Average Assumptions to Determine Net Periodic Postretirement Health Care Cost

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:


	For the Years Ended December 31,
	2025		2024		2023
Discount rate	5.58	%	4.95	%	5.18	%
Health care cost trend rate assumed for next year	8.50	%	8.00	%	7.00	%
Ultimate trend rate	4.40	%	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2035		2033		2032

Schedule of Estimated Future Benefit Payments

Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2025 were as follows:


	(in millions)
2026	$	2
2027	2
2028	1
2029	1
2030	1
2031-2035	5

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2025
Operating Leases
Weighted-average remaining lease term (in years)	4 years 9 months 29 days
Weighted-average discount rate	4.96%
Finance Leases
Weighted-average remaining lease term (in years)	9 years 8 months 8 days
Weighted-average discount rate	5.52%

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 147	$ 137
Accounts receivable, net	355	337
Other receivables	10	7
Inventories	584	567
Other current assets	20	47
Total current assets	1,116	1,101
Property, plant and equipment, net	823	758
Operating lease right-of-use assets, net	98	90
Goodwill	1,895	1,895
Intangible assets, net	943	972
Other assets	61	57
Total assets	4,936	4,873
Liabilities
Current operating lease liabilities	23	20
Income taxes payable	14	5
Accrued and other current liabilities	153	161
Total current liabilities	577	539
Long-term debt	1,580	1,686
Long-term operating lease liabilities	81	73
Deferred income taxes	350	342
Long-term postretirement benefit obligation	13	14
Other liabilities	82	77
Total liabilities	2,683	2,731
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.001 par value; 2,000 shares authorized; 210.3 shares issued and outstanding	0	0
Additional paid-in capital	1,431	1,413
Accumulated other comprehensive income	20	35
Retained earnings	802	694
Total stockholders’ equity	2,253	2,142
Total liabilities and stockholders’ equity	4,936	4,873
Related Party
Assets
Related party receivables	0	6
Liabilities
Accounts payable	0	34
Nonrelated Party
Liabilities
Accounts payable	$ 387	$ 319

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Supply Chain Financing

Our outstanding obligations confirmed as valid under our SCF was as follows:


	As of December 31,
	2025		2024
	(in millions)
Confirmed obligations outstanding at the beginning of the year	$	12	$	19
Invoices confirmed during the year	46		60
Confirmed invoices paid during the year	(49)		(67)
Confirmed obligations outstanding at the end of the year	$	9	$	12

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Activity for RSUs and PSUs

A summary of activity for RSUs and PSUs for the year ended December 31, 2025 is as follows (in millions, except for per share data):


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested, at December 31, 2024	1.3	$	28.52
Granted	1.2	25.71
Forfeited	(0.2)	26.92
Vested	(0.3)	28.63
PSU performance adjustment	—	—
Unvested, at December 31, 2025	2.0	$	27.00

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,142	$ 1,983	$ 1,868
Gain (loss) arising during the period	6	19	30
Reclassification to earnings	(27)	(38)	(32)
Effect of deferred taxes	6	4	0
Ending balance	2,253	2,142	1,983
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	35	50	52
Ending balance	20	35	50
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10)	(7)	(7)
Gain (loss) arising during the period	2	(3)
Ending balance	(8)	(10)	(7)
Employee Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	31	34	23
Gain (loss) arising during the period	2	2	18
Reclassification to earnings	(6)	(6)	(3)
Effect of deferred taxes	1	1	(4)
Ending balance	28	31	34
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	14	23	36
Gain (loss) arising during the period	2	20	12
Reclassification to earnings	(21)	(32)	(29)
Effect of deferred taxes	5	3	4
Ending balance	$ 0	$ 14	$ 23

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies - Schedule of Supply Chain Financing (Details) - SCF Bank - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the year	$ 12	$ 19
Invoices confirmed during the year	46	60
Confirmed invoices paid during the year	(49)	(67)
Confirmed obligations outstanding at the end of the year	$ 9	$ 12

Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
2026	$ 2
2027	2
2028	1
2029	1
2030	1
2031-2035	$ 5

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per share, declared (in USD per share)	$ 0.92	$ 0.92	$ 0.92
Dividends per share, paid (in USD per share)	$ 0.92	$ 0.92	$ 0.92

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Selling, General and Administrative Expenses
Goodwill [Line Items]
Intangible assets amortization expense	$ 29	$ 29	$ 30

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans

Defined Benefit Plan

We have a defined benefit plan for certain of our employees, which is non-contributory and eligible employees are fully vested after five years of service. The impact of the liability of the defined benefit plan on our consolidated balance sheets as of December 31, 2025 and 2024 was not material.

Defined Contribution Plans

We offer defined contribution plans to eligible employees in the United States as well as employees in certain other countries. Our expense relating to defined contribution plans was $32 million, $32 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Postretirement Benefit Plan

Certain of our employees in the United States participate in a postretirement benefit plan. Our postretirement benefit plan is not funded. The changes in and the amount of the accumulated postretirement benefit obligation were as follows:


	As of December 31,
	2025		2024
	(in millions)
Accumulated postretirement benefit obligation as of January 1	$	15	$	16
Service cost	—		—
Interest cost	1		1
Benefits paid	(1)		(2)
Actuarial gains	(1)		—
Accumulated postretirement benefit obligation as of December 31	$	14	$	15

The accrued benefit obligation was included in our consolidated balance sheets as follows:


	As of December 31,
	2025		2024
	(in millions)
Accrued and other current liabilities	$	1	$	2
Long-term postretirement benefit obligation	13		13
	$	14	$	15

A portion of our accrued benefit obligation has been recorded in accumulated other comprehensive income as follows:


	Net Actuarial Gain		Deferred Income Tax Expense		Accumulated Other Comprehensive Income
As of December 31, 2023	$	44	$	(10)	$	34
Changes	(4)		1		(3)
As of December 31, 2024	40		(9)		31
Changes	(4)		1		(3)
As of December 31, 2025	36		(8)		28

We used the following weighted-average assumptions to determine our postretirement benefit obligations:


	As of December 31,
	2025		2024
Discount rate	5.31	%	5.58	%
Health care cost trend rate assumed for next year	8.50	%	8.50	%
Ultimate trend rate	4.40	%	4.40	%
Year that the rate reaches the ultimate trend rate	2035		2035

The year-end discount rate for our plan reflects a weighted-average rate from a high-quality corporate bond yield curve that matches the expected duration of the benefit payments. Changes in our discount rates were primarily the result of changes in bond yields year-over-year. Our expected health care cost trend rate is based on historical costs and long-term expectations. We also review our participation rates based on historical actual and expected trends on an annual basis.

Components of Net Periodic Postretirement Costs:

Our total net periodic postretirement benefit cost for each of the years ended December 31, 2025, 2024 and 2023 was not material.

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:


	For the Years Ended December 31,
	2025		2024		2023
Discount rate	5.58	%	4.95	%	5.18	%
Health care cost trend rate assumed for next year	8.50	%	8.00	%	7.00	%
Ultimate trend rate	4.40	%	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2035		2033		2032

Future Benefit Payments:

Expected contributions for the next fiscal year equal the estimated benefit payments of $2 million.

Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2025 were as follows:


	(in millions)
2026	$	2
2027	2
2028	1
2029	1
2030	1
2031-2035	5

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 301	$ 352	$ 298
Other comprehensive (loss) income, net of income taxes:
Currency translation adjustment	2	(3)	0
Employee benefit plans	(3)	(3)	11
Derivative instruments	(14)	(9)	(13)
Other comprehensive (loss) income, net of income taxes	(15)	(15)	(2)
Comprehensive income	$ 286	$ 337	$ 296

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2023	$	794	$	505	$	298	$	298	$	1,895
Movements	—		—		—		—		—
Balance as of December 31, 2024	794		505		298		298		1,895
Movements	—		—		—		—		—
Balance as of December 31, 2025	$	794	$	505	$	298	$	298	$	1,895

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of December 31, 2025						As of December 31, 2024
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(487)	$	93	$	580	$	(458)	$	122
Trade names	25		(25)		—		25		(25)		—
Total finite-lived intangible assets	605		(512)		93		605		(483)		122
Indefinite-lived intangible assets
Trade names	850		—		850		850		—		850
Total intangible assets	$	1,455	$	(512)	$	943	$	1,455	$	(483)	$	972

Schedule of Estimated Annual Amortization for Intangible Assets

Estimated annual amortization for intangible assets over the next five calendar years are as follows:


(in millions)	2026		2027		2028		2029		2030
Estimated annual amortization	$	22	$	21	$	18	$	17	$	15

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2023	$	794	$	505	$	298	$	298	$	1,895
Movements	—		—		—		—		—
Balance as of December 31, 2024	794		505		298		298		1,895
Movements	—		—		—		—		—
Balance as of December 31, 2025	$	794	$	505	$	298	$	298	$	1,895

Intangible assets, net consisted of the following:


	As of December 31, 2025						As of December 31, 2024
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(487)	$	93	$	580	$	(458)	$	122
Trade names	25		(25)		—		25		(25)		—
Total finite-lived intangible assets	605		(512)		93		605		(483)		122
Indefinite-lived intangible assets
Trade names	850		—		850		850		—		850
Total intangible assets	$	1,455	$	(512)	$	943	$	1,455	$	(483)	$	972

Amortization expense for intangible assets was $29 million, $29 million and $30 million for the years ended December 31, 2025, 2024 and 2023, respectively, and has been recognized in selling, general and administrative expenses.

Estimated annual amortization for intangible assets over the next five calendar years are as follows:


(in millions)	2026		2027		2028		2029		2030
Estimated annual amortization	$	22	$	21	$	18	$	17	$	15

Financial Instruments

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Financial Instruments

Interest Rate Derivatives

We have entered into a series of interest rate swaps to fix the SOFR of our External Debt Facilities.

The aggregate notional amount of the interest rate swaps in effect as of December 31, 2025 and 2024 was $1,000 million and $1,150 million, respectively. The SOFR of the swaps in effect is fixed at an annual rate of 2.66% to 3.40% (for an annual effective interest rate of 4.41% to 5.15%, including margin). These interest rate swaps that are in effect have maturity dates of less than one year, and a weighted average effective rate of 4.71%.

Additionally, during the year ended December 31, 2025, we entered into additional interest rate swaps with forward start dates beginning in February 2026, that had an aggregate notional value of $900 million, which fixes the SOFR to an annual rate of 3.33% to 3.41% (for an annual effective interest rate of 5.08% to 5.16%, including margin). These interest rate swaps with forward start dates have maturity dates between March 2028 and March 2031, and a weighted average effective rate of 5.12%.

The interest rate swaps outstanding as of December 31, 2025 hedge a portion of the interest rate exposure resulting from borrowings under our Term Loan Facility. We have classified these instruments as cash flow hedges.

The fair value of the assets and liabilities associated with our interest rate swaps, as reflected gross in the consolidated balance sheets, were as follows:


	As of December 31, 2025
	2025		2024
	(in millions)
Assets:
Other current assets	$	1	$	15
Other assets	1		1
Total assets	$	2	$	16

Liabilities:
Accrued and other current liabilities	$	—	$	—
Other liabilities	1		—
Total liabilities	$	1	$	—

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have a comprehensive cybersecurity and information security framework that includes risk assessment and mitigation. We leverage the National Institute of Standards and Technology Cyber Security Framework 2.0 for measuring overall readiness to respond to cyber threats and the Sarbanes-Oxley Act for assessment in internal controls. Our cybersecurity processes are integrated into our overall risk management program, and include a comprehensive cyber crisis management program that would apply if a cybersecurity related incident were to occur. We perform response simulations, tabletop exercises and recovery tests on a quarterly basis. In addition, we engage external consultants to perform penetration testing at least annually. Our cyber crisis management program includes a documented plan that provides overall coordination of our response to a major cyber incident as well as a resource engagement plan. As part of our crisis management plan, our cyber crisis communication plan accounts for timely and accurate dissemination of information to stakeholders during the crisis. Other components of our crisis management plan are our business continuity plan, that documents the application of specific strategies and measures to enable core business activities to continue during a cyber event, and our disaster recovery plan, that is designed to restore data and systems to their operational state. The ongoing development and maturity of our cyber crisis management program is reported to senior management quarterly. With respect to third-party service providers, we perform assessments of their information security capabilities prior to entering into a contractual agreement. We also perform periodic information security capabilities reviews for existing third-party service providers based on the risks identified in the initial review, or if events and circumstances necessitate a review. As a part of our comprehensive defense strategy we conduct monthly mandatory user training and bi-monthly phishing simulation exercises. To date, we have not identified any risks from cybersecurity incidents or threats, including as a result of previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, we are subject to ongoing risks from cybersecurity threats that could materially affect us, including our business strategy, results of operations, or financial conditions, as further described in “A cyber-attack or failure of one or more key information technology systems, operational technology systems, networks, processes, associated sites or service providers could have a material adverse impact on our business and reputation” in Item 1A. “Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have a comprehensive cybersecurity and information security framework that includes risk assessment and mitigation. We leverage the National Institute of Standards and Technology Cyber Security Framework 2.0 for measuring overall readiness to respond to cyber threats and the Sarbanes-Oxley Act for assessment in internal controls. Our cybersecurity processes are integrated into our overall risk management program, and include a comprehensive cyber crisis management program that would apply if a cybersecurity related incident were to occur.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats. The CISO is a Certified Information Systems Security Professional (“CISSP”), and has over 20 years of experience holding various roles in information technology and cybersecurity. The Audit Committee of our Board of Directors is charged with oversight of cybersecurity matters, including oversight of risks from cybersecurity threats. The CISO provides quarterly reports to the Audit Committee, as well as more frequent reports to our Cyber Security Steering Committee, which includes the Chief Executive Officer, Chief Financial Officer and other members of our senior management. These reports include updates on our cyber risks and threats, the status of projects to strengthen our information security systems, assessments of our information security program, and the emerging threat landscape. Our cybersecurity program is periodically evaluated by internal and external experts, with the results of those reviews reported to senior management and the Audit Committee. We also actively engage with key vendors and industry participants as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats. The CISO is a Certified Information Systems Security Professional (“CISSP”), and has over 20 years of experience holding various roles in information technology and cybersecurity. The Audit Committee of our Board of Directors is charged with oversight of cybersecurity matters, including oversight of risks from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats. The CISO is a Certified Information Systems Security Professional (“CISSP”), and has over 20 years of experience holding various roles in information technology and cybersecurity. The Audit Committee of our Board of Directors is charged with oversight of cybersecurity matters, including oversight of risks from cybersecurity threats. The CISO provides quarterly reports to the Audit Committee, as well as more frequent reports to our Cyber Security Steering Committee, which includes the Chief Executive Officer, Chief Financial Officer and other members of our senior management. These reports include updates on our cyber risks and threats, the status of projects to strengthen our information security systems, assessments of our information security program, and the emerging threat landscape. Our cybersecurity program is periodically evaluated by internal and external experts, with the results of those reviews reported to senior management and the Audit Committee. We also actively engage with key vendors and industry participants as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO is a Certified Information Systems Security Professional (“CISSP”), and has over 20 years of experience holding various roles in information technology and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our information security program is managed by a Chief Information Security Officer (“CISO”), whose team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including assessing and managing our material risks from cybersecurity threats. The CISO is a Certified Information Systems Security Professional (“CISSP”), and has over 20 years of experience holding various roles in information technology and cybersecurity. The Audit Committee of our Board of Directors is charged with oversight of cybersecurity matters, including oversight of risks from cybersecurity threats. The CISO provides quarterly reports to the Audit Committee, as well as more frequent reports to our Cyber Security Steering Committee, which includes the Chief Executive Officer, Chief Financial Officer and other members of our senior management. These reports include updates on our cyber risks and threats, the status of projects to strengthen our information security systems, assessments of our information security program, and the emerging threat landscape. Our cybersecurity program is periodically evaluated by internal and external experts, with the results of those reviews reported to senior management and the Audit Committee. We also actively engage with key vendors and industry participants as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Schedule of Significant Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
United States
Foreign	$ 3	$ 4	$ 3
Total current income tax expense	79	110	102
United States
Foreign	0	0	0
Total deferred income tax (benefit) expense	13	(11)	(7)
Total income tax expense	92	99	95
United States
United States
Federal	65	93	83
State	11	13	16
United States
Federal	14	(1)	(4)
State	$ (1)	$ (10)	$ (3)

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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 updated our segment reporting to 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 select 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 select international markets, and as the Hefty brand for our food storage bags in the U.S. Our food storage bags are sold internationally as Reynolds, Diamond, or Hefty Basics brands based on the 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, party cups, cutlery and containers.

Presto Products

Our Presto Products segment primarily sells store brand products in three main consumer 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, as well as performance versus the prior year, 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 other 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
2025	(in millions)
Net revenues	$	1,259	$	1,003	$	850	$	614	$	3,726	$	(5)	$	3,721
Intersegment revenues	—		8		—		14		22		(22)		—
Total segment net revenues	1,259		1,011		850		628		3,748		(27)		3,721
Other segment items(2)	(1,040)		(732)		(717)		(498)		(2,987)
Adjusted EBITDA	219		279		133		130		761
Depreciation and amortization	39		20		22		20		101		34		135
Capital expenditures	50		48		32		11		141		20		161
Total assets	612		318		242		251		1,423		3,513		4,936


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2024	(in millions)
Net revenues	$	1,206	$	971	$	936	$	585	$	3,698	$	(3)	$	3,695
Intersegment revenues	—		10		—		12		22		(22)		—
Total segment net revenues	1,206		981		936		597		3,720		(25)		3,695
Other segment items(2)	(990)		(704)		(788)		(467)		(2,949)
Adjusted EBITDA	216		277		148		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	$	1,237	$	949	$	984	$	580	$	3,750	$	6	$	3,756
Intersegment revenues	—		11		—		14		25		(25)		—
Total segment net revenues	1,237		960		984		594		3,775		(19)		3,756
Other segment items(2)	(1,060)		(695)		(807)		(482)		(3,044)
Adjusted EBITDA	177		265		177		112		731
Depreciation and amortization	31		19		16		21		87		37		124
Capital expenditures	46		11		28		8		93		11		104


(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,
	2025		2024		2023
	(in millions)
Segment Adjusted EBITDA	$	761	$	771	$	731
Corporate / unallocated expenses	(94)		(93)		(95)
	667		678		636
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(135)		(129)		(124)
Interest expense, net	(86)		(98)		(119)
Debt refinancing expense(1)	(13)		—		—
Costs to execute strategic initiatives(2)	(25)		—		—
CEO transition costs(3)	(15)		—		—
Consolidated GAAP income before income taxes	$	393	$	451	$	393

(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:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Cooking products	$	1,259	$	1,206	$	1,237
Waste products(1)	936		917		917
Tableware products	850		936		984
Storage products(1)	681		639		612
Unallocated	(5)		(3)		6
Net revenues	$	3,721	$	3,695	$	3,756

(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,
	2025		2024		2023
	(in millions)
Net revenues:
United States	$	3,631	$	3,601	$	3,661
Other	90		94		95
Net revenues	$	3,721	$	3,695	$	3,756


	As of December 31,
	2025		2024
	(in millions)
Long-lived assets
United States	$	815	$	751
Other	8		7
Long-lived assets	$	823	$	758

Entity-wide Disclosures

Net revenues from our largest customer and its affiliates was 48% of total net revenues for each of the years ended December 31, 2025, 2024 and 2023. The net revenues from our largest customer and its affiliates were recognized across all of our segments but concentrated more heavily in our Hefty Waste & Storage and Hefty Tableware segments. Another customer was 11% of total net revenues for the year ended December 31, 2025. Net revenues from this customer are in our Reynolds Cooking & Baking, Hefty Tableware and Presto Products segments. No other customers accounted for 10% or more of our total net revenues in any of the years presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information - Schedule of Net Revenues by Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 3,721	$ 3,695	$ 3,756
Cooking products
Segment Reporting Information [Line Items]
Net revenues	1,259	1,206	1,237
Waste products
Segment Reporting Information [Line Items]
Net revenues	936	917	917
Tableware products
Segment Reporting Information [Line Items]
Net revenues	850	936	984
Storage products
Segment Reporting Information [Line Items]
Net revenues	681	639	612
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ (5)	$ (3)	$ 6

- Definition

+ References

+ Details

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,895	$ 1,895
Movements	0	0
Goodwill, ending balance	1,895	1,895
Reynolds Cooking & Baking
Goodwill [Roll Forward]
Goodwill, beginning balance	794	794
Movements	0	0
Goodwill, ending balance	794	794
Hefty Waste & Storage
Goodwill [Roll Forward]
Goodwill, beginning balance	505	505
Movements	0	0
Goodwill, ending balance	505	505
Hefty Tableware
Goodwill [Roll Forward]
Goodwill, beginning balance	298	298
Movements	0	0
Goodwill, ending balance	298	298
Presto Products
Goodwill [Roll Forward]
Goodwill, beginning balance	298	298
Movements	0	0
Goodwill, ending balance	$ 298	$ 298

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Changes in Balances for Each Component of Accumulated Other Comprehensive Income

The following table summarizes the changes in our balances of each component of accumulated other comprehensive income.


	Currency Translation Adjustments		Employee Benefit Plans		Derivative Instruments		Accumulated Other Comprehensive Income
	(in millions)
Balance as of December 31, 2022	$	(7)	$	23	$	36	$	52
Gain arising during the period	—		18		12		30
Reclassification to earnings	—		(3)		(29)		(32)
Effect of deferred taxes	—		(4)		4		—
Balance as of December 31, 2023	$	(7)	$	34	$	23	$	50
Gain (loss) arising during the period	(3)		2		20		19
Reclassification to earnings	—		(6)		(32)		(38)
Effect of deferred taxes	—		1		3		4
Balance as of December 31, 2024	$	(10)	$	31	$	14	$	35
Gain arising during the period	2		2		2		6
Reclassification to earnings	—		(6)		(21)		(27)
Effect of deferred taxes	—		1		5		6
Balance as of December 31, 2025	$	(8)	$	28	$	—	$	20

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Costs

Operating lease costs consisted of the following:


	As of December 31,
	2025		2024		2023
	(in millions)
Operating lease costs	$	29	$	23	$	18
Variable lease costs	—		—		1
Short-term lease costs	4		4		4
Total operating lease costs	$	33	$	27	$	23

Schedule of Future Operating Lease Payments

Future lease payments under non-cancellable leases were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases		Total
	(in millions)
2026	$	28	$	2	$	30
2027	25		2		27
2028	21		2		23
2029	18		2		20
2030	14		2		16
Thereafter	11		8		19
Total undiscounted lease payments	117		18		135
Less: imputed interest	(13)		(4)		(17)
Present value of lease liabilities	$	104	$	14	$	118

Schedule of Future Finance Lease Payments

Future lease payments under non-cancellable leases were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases		Total
	(in millions)
2026	$	28	$	2	$	30
2027	25		2		27
2028	21		2		23
2029	18		2		20
2030	14		2		16
Thereafter	11		8		19
Total undiscounted lease payments	117		18		135
Less: imputed interest	(13)		(4)		(17)
Present value of lease liabilities	$	104	$	14	$	118

Schedule of Lease Liabilities and ROU Assets in Consolidated Balance Sheets

Lease liabilities and ROU assets included in our consolidated balance sheets were as follows:


		As of December 31,
		2025		2024
		(in millions)
Operating leases	Balance Sheet Classification
Right-of-use assets	Operating lease right-of-use assets	$	98	$	90
Current lease liabilities	Current operating lease liabilities	$	23	$	20
Non-current lease liabilities	Long-term operating lease liabilities	81		73
Total operating lease liabilities		$	104	$	93

Finance leases	Balance Sheet Classification
Right-of-use assets	Other assets	$	13	$	15
Current lease liabilities	Accrued and other current liabilities	$	1	$	1
Non-current lease liabilities	Other liabilities	13		14
Total finance lease liabilities		$	14	$	15

Schedule of Weighted Average Remaining Lease Term and Discount Rates

The weighted average remaining lease term and weighted average discount rates were as follows:


	As of December 31, 2025
	Operating Leases		Finance Leases
Weighted-average remaining lease term (in years)	4.83		9.69
Weighted-average discount rate	4.96	%	5.52	%

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Depreciation expense	$ 104	$ 98	$ 93
Cost of Sales
Property Plant And Equipment [Line Items]
Depreciation expense	95	89	82
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Depreciation expense	$ 9	$ 9	$ 11

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Packaging Finance Limited (“PFL”) owns the majority of our outstanding common stock, and until April 1, 2025, owned the majority of the outstanding common stock of Pactiv Evergreen Inc. and its subsidiaries (“PEI Group”). We sell and purchase various goods and services with PEI Group under contractual arrangements that expire over a variety of periods through December 31, 2027. During the years ended December 31, 2024 and 2023, we amended these contractual arrangements with PEI Group, which, among other things, extended the expiration date for certain arrangements. Transactions between us and PEI Group are described below. On April 1, 2025, PFL completed the sale of PEI Group, which was a related party through March 31, 2025, to an unrelated party. Accordingly, transactions and balances with PEI Group from April 1, 2025 are no longer classified as related party items. Related party receivables and payables outstanding as of March 31, 2025, have been reclassified to accounts receivable, net and accounts payable, respectively. The related party cash flow amounts presented reflect only activity through March 31, 2025. This change does not affect the presentation of historical related party disclosures. For the years ended December 31, 2025, 2024 and 2023, revenues from products sold to PEI Group as a related party were $17 million, $77 million and $83 million, respectively. For the years ended December 31, 2025, 2024 and 2023, products purchased from PEI Group as a related party were $51 million, $332 million and $381 million, respectively. For the years ended December 31, 2025, 2024 and 2023, PEI Group as a related party charged us freight and warehousing costs of $4 million, $28 million and $37 million, respectively, which were included in cost of sales. The resulting related party receivables and payables are settled regularly with PEI Group in the normal course of business. Furthermore, $143 million of dividends were paid to PFL during the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Income Taxes - Schedule of Reconciliation of Income Taxes Computed at U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount (in millions)
U.S. Federal statutory tax rate	$ 83	$ 95	$ 82
State and local income taxes, net of Federal income tax effect	6	12	10
Foreign tax effects	1
Effects of cross-border tax laws	(1)
Tax credits	(1)
Changes in valuation allowances	2
Changes in unrecognized tax benefits	2
Change in tax rates		(9)	0
Non-deductible expenses		2	3
Return to provision adjustments		(1)	0
Total income tax expense	$ 92	$ 99	$ 95
Percent
U.S. Federal statutory tax rate	21.00%
State and local income taxes, net of Federal income tax effect	1.50%
Foreign tax effects	0.10%
Effects of cross-border tax laws	(0.20%)
Tax credits	(0.30%)
Changes in valuation allowances	0.60%
Changes in unrecognized tax benefits	0.60%
Income tax expense and effective tax rate	23.30%
Tax Jurisdiction of Domicile [Extensible Enumeration]	United States

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 133	$ 129
Work in progress	76	60
Finished goods	309	318
Spare parts	66	60
Inventories	$ 584	$ 567

Income Taxes - Schedule of Components of Income Before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income before income taxes:
United States	$ 381	$ 438	$ 380
International	12	13	13
Income before income taxes	$ 393	$ 451	$ 393

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Schedule of Lease Liabilities and ROU Assets in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Right-of-use assets	$ 98	$ 90
Current lease liabilities	23	20
Non-current lease liabilities	81	73
Total operating lease liabilities	104	93
Finance leases
Right-of-use assets	13	15
Current lease liabilities	1	1
Non-current lease liabilities	13	14
Total finance lease liabilities	$ 14	$ 15
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total segment net revenues	$ 3,721	$ 3,695	$ 3,756
Adjusted EBITDA	667	678	636
Depreciation and amortization	135	129	124
Capital expenditures	161	120	104
Total assets	4,936	4,873
Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	3,721	3,695	3,756
Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0
Operating Segment
Segment Reporting Information [Line Items]
Total segment net revenues	3,748	3,720	3,775
Other segment items	(2,987)	(2,949)	(3,044)
Adjusted EBITDA	761	771	731
Depreciation and amortization	101	95	87
Capital expenditures	141	117	93
Total assets	1,423	1,356
Operating Segment \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	3,726	3,698	3,750
Operating Segment \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	22	22	25
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Total segment net revenues	1,259	1,206	1,237
Other segment items	(1,040)	(990)	(1,060)
Adjusted EBITDA	219	216	177
Depreciation and amortization	39	33	31
Capital expenditures	50	50	46
Total assets	612	563
Operating Segment \| Reynolds Cooking & Baking \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	1,259	1,206	1,237
Operating Segment \| Reynolds Cooking & Baking \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Total segment net revenues	1,011	981	960
Other segment items	(732)	(704)	(695)
Adjusted EBITDA	279	277	265
Depreciation and amortization	20	21	19
Capital expenditures	48	19	11
Total assets	318	282
Operating Segment \| Hefty Waste & Storage \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	1,003	971	949
Operating Segment \| Hefty Waste & Storage \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	8	10	11
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Total segment net revenues	850	936	984
Other segment items	(717)	(788)	(807)
Adjusted EBITDA	133	148	177
Depreciation and amortization	22	20	16
Capital expenditures	32	36	28
Total assets	242	259
Operating Segment \| Hefty Tableware \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	850	936	984
Operating Segment \| Hefty Tableware \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Total segment net revenues	628	597	594
Other segment items	(498)	(467)	(482)
Adjusted EBITDA	130	130	112
Depreciation and amortization	20	21	21
Capital expenditures	11	12	8
Total assets	251	252
Operating Segment \| Presto Products \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	614	585	580
Operating Segment \| Presto Products \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	14	12	14
Unallocated
Segment Reporting Information [Line Items]
Total segment net revenues	(27)	(25)	(19)
Adjusted EBITDA	(94)	(93)	(95)
Depreciation and amortization	34	34	37
Capital expenditures	20	3	11
Total assets	3,513	3,517
Unallocated \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	(5)	(3)	6
Unallocated \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	$ (22)	$ (22)	$ (25)

Income Taxes - Schedule of Components of Cash Paid for Income Taxes, Net of Refunds Received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 55
State	9
Foreign	3
Net cash taxes paid	$ 67	$ 125	$ 90

Segment Information - Schedule of Geographic Data for Net Revenues and Long-Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenues:
Net revenues	$ 3,721	$ 3,695	$ 3,756
Long-lived assets
Long-lived assets	823	758
United States
Net revenues:
Net revenues	3,631	3,601	3,661
Long-lived assets
Long-lived assets	815	751
Other
Net revenues:
Net revenues	90	94	$ 95
Long-lived assets
Long-lived assets	$ 8	$ 7

- Definition

+ References

+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Raw materials	$	133	$	129
Work in progress	76		60
Finished goods	309		318
Spare parts	66		60
Inventories	$	584	$	567

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Quarterly Cash Dividend On January 29, 2026, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on February 27, 2026 to shareholders of record on February 13, 2026. Segment Realignment On February 4, 2026, we announced an organizational realignment that is designed to increase efficiencies, sharpen the focus on innovation and establish a structure to better unlock growth opportunities. As part of this realignment, the Hefty Waste & Storage and Presto Products segments have been reorganized into two new reportable segments, separating our waste bags and food storage operations. The Reynolds Cooking & Baking and Hefty Tableware segments remain unchanged. The impacts of this change, including the recast of comparative segment disclosures, will be reflected beginning in the first quarter of 2026. Except as described above, there have been no events subsequent to December 31, 2025 which would require recognition or disclosure in these consolidated financial statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings: We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us related to employment matters, consumer complaints, advertising/labeling claims, personal injury claims and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances as of December 31, 2025, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations or cash flows in a future period.

Income Taxes - Schedule of Components of Net Deferred Income Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Employee benefits	$ 30	$ 25
Lease obligations	27	24
Inventory	8	8
Reserves	11	5
Tax losses	6	4
Total deferred tax assets	82	66
Valuation allowance	(9)	(7)
Total deferred tax assets after valuation allowance	73	59
Deferred tax liabilities
Intangible assets	(268)	(260)
Property, plant and equipment	(111)	(101)
Lease right-of-use assets	(26)	(23)
Prepaid expense	(16)	(12)
Financial instruments	0	(4)
Other	(2)	(1)
Total deferred tax liabilities	(423)	(401)
Net deferred tax liabilities	$ (350)	$ (342)

Income Taxes - Schedule of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance as of beginning of the year	$ 11	$ 11	$ 8
Increase associated with tax positions taken during the current year	1	1	2
Increase associated with tax positions taken in prior years	1		1
Decrease associated with tax positions taken in prior years		(1)
Ending unrecognized tax benefits	$ 13	$ 11	$ 11

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income tax were as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Income before income taxes:
United States	$	381	$	438	$	380
International	12		13		13
Total income before income taxes	$	393	$	451	$	393

Significant components of income tax expense were as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Current
United States
Federal	$	65	$	93	$	83
State	11		13		16
Foreign	3		4		3
Total current income tax expense	79		110		102
Deferred
United States
Federal	14		(1)		(4)
State	(1)		(10)		(3)
Foreign	—		—		—
Total deferred income tax (benefit) expense	13		(11)		(7)
Total income tax expense	$	92	$	99	$	95

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2025 to our income tax expense was as follows:


	For the Year Ended December 31,
	2025
	Amount (in millions)		Percent
U.S. Federal statutory tax rate	$	83	21.0	%
State and local income taxes, net of Federal income tax effect (1)	6		1.5	%
Foreign tax effects	1		0.1	%
Effects of cross-border tax laws	(1)		(0.2)	%
Tax credits	(1)		(0.3)	%
Changes in valuation allowances	2		0.6	%
Changes in unrecognized tax benefits	2		0.6	%
Income tax expense and effective tax rate	$	92	23.3	%

(1) State taxes in Wisconsin, California and Minnesota made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2024 and 2023, to our income tax expense was as follows:


	For the Years Ended December 31,
	2024		2023
	(in millions)
U.S. Federal income tax expense at the statutory rate	$	95	$	82
U.S. State income tax expense	12		10
Change in tax rates(1)	(9)		—
Non-deductible expenses	2		3
Return to provision adjustments	(1)		—
Total income tax expense	$	99	$	95

(1) Primarily due to a discrete tax benefit for the remeasurement of deferred tax liabilities due to a change in our state tax rates after apportionment.

Deferred Tax Assets and Liabilities

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of our net deferred income tax liability were as follows:


	As of December 31,
	2025		2024
	(in millions)
Deferred tax assets
Employee benefits	$	30	$	25
Lease obligations	27		24
Inventory	8		8
Reserves	11		5
Tax losses	6		4
Total deferred tax assets	82		66
Valuation allowance	(9)		(7)
Total deferred tax assets after valuation allowance	73		59
Deferred tax liabilities
Intangible assets	(268)		(260)
Property, plant and equipment	(111)		(101)
Lease right-of-use assets	(26)		(23)
Prepaid expense	(16)		(12)
Financial instruments	—		(4)
Other	(2)		(1)
Total deferred tax liabilities	(423)		(401)
Net deferred tax liabilities	$	(350)	$	(342)

Uncertain Tax Positions

ASC 740 prescribes a recognition threshold of more-likely-than not to be sustained upon examination as it relates to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. Our policy is to include interest and penalties related to gross unrecognized tax benefits in income tax expense.

The following table summarizes the activity related to our gross unrecognized tax benefits:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Balance as of beginning of the year	$	11	$	11	$	8
Increase associated with tax positions taken during the current year	1		1		2
Increase (decrease) associated with tax positions taken in prior years	1		(1)		1
Ending unrecognized tax benefits	$	13	$	11	$	11

Each year we file income tax returns in the various federal, state, local and foreign income taxing jurisdictions in which we operate. Canada is the only foreign jurisdiction in which we operate. Our income tax returns are subject to examination and possible challenge by the tax authorities. Although ultimate timing is uncertain, the net amount of tax liability for unrecognized tax benefits may change within the next twelve months due to changes in audit status, settlements of tax assessments and other events.

Taxes Paid

The components of cash paid for income taxes, net of refunds received, were as follows:


	For the Year Ended December 31,
	2025
	(in millions)
Federal	$	55
State	9
Foreign	3
Net cash taxes paid	$	67

Tax Reform

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”) which includes, among other provisions, changes to the U.S. corporate income tax system, including the allowance of 100% expensing of qualified asset expenditures, immediate expensing of qualifying domestic research and development expenses and permanent extensions of certain other provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for 2025, beginning January 19, 2025. The enactment did not have a material impact on our effective tax rate for the year ended December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000.0	2,000.0
Common stock, shares issued (in shares)	210.3	210.3
Common stock, shares outstanding (in shares)	210.3	210.3

Benefit Plans - Schedule of Accrued Benefit Obligation Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Accrued and other current liabilities	$ 153	$ 161
Long-term postretirement benefit obligation	13	14
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Accrued and other current liabilities	1	2
Long-term postretirement benefit obligation	13	13
Total	$ 14	$ 15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total net revenues	$ 3,721	$ 3,695	$ 3,756
Cost of sales	(2,807)	(2,717)	(2,814)
Gross profit	914	978	942
Selling, general and administrative expenses	(382)	(429)	(430)
Other expense, net	(40)	0	0
Income from operations	492	549	512
Interest expense, net	(86)	(98)	(119)
Debt refinancing expense	(13)	0	0
Income before income taxes	393	451	393
Income tax expense	(92)	(99)	(95)
Net income	$ 301	$ 352	$ 298
Earnings per share
Basic (in USD per share)	$ 1.43	$ 1.68	$ 1.42
Diluted (in USD per share)	$ 1.43	$ 1.67	$ 1.42
Weighted average shares outstanding:
Basic (in shares)	210.3	210.1	210.0
Diluted (in shares)	210.4	210.4	210.0
Net revenues
Total net revenues	$ 3,704	$ 3,618	$ 3,673
Related party net revenues
Total net revenues	$ 17	$ 77	$ 83

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Our equity incentive plan was established in 2020 for purposes of granting stock-based compensation awards to certain members of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. We have granted RSUs to certain employees and non-employee directors that have a service-based vesting condition. In addition, we have granted PSUs to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur. A maximum of 10.5 million shares of common stock were initially available for issuance under equity incentive awards granted pursuant to the plan. In the year ended December 31, 2025, 0.8 million RSUs and 0.4 million PSUs were granted.

A summary of activity for RSUs and PSUs for the year ended December 31, 2025 is as follows (in millions, except for per share data):


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested, at December 31, 2024	1.3	$	28.52
Granted	1.2	25.71
Forfeited	(0.2)	26.92
Vested	(0.3)	28.63
PSU performance adjustment	—	—
Unvested, at December 31, 2025	2.0	$	27.00

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2025, was $9 million, which is expected to be recognized over a weighted average period of 1.38 years.

Unrecognized compensation expense relating to unvested PSUs as of December 31, 2025, was $5 million, which is expected to be recognized over a weighted average period of 1.75 years.

There were stock-based compensation awards, representing 2.0 million shares and 1.3 million shares outstanding at December 31, 2025 and 2024, respectively. Stock-based compensation expense was $21 million, $19 million and $14 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Subsequent Events (Details)			12 Months Ended
Subsequent Events (Details)	Feb. 04, 2026 segment	Jan. 29, 2026 $ / shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Subsequent Event [Line Items]
Dividends, per share, declared (in USD per share)			$ 0.92	$ 0.92	$ 0.92
Subsequent Events
Subsequent Event [Line Items]
Dividends, per share, declared (in USD per share)		$ 0.23
Number of new reportable segments \| segment	2

Debt

12 Months Ended

Dec. 31, 2025

Debt Instruments [Abstract]

Debt

Long-Term Debt

Long-term debt consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Term Loan Facility	$	1,586	$	1,695
Deferred financing transaction costs	(6)		(8)
Original issue discounts	—		(1)
Long-term debt	$	1,580	$	1,686

External Debt Facilities

Our external debt facilities (“External Debt Facilities”) consist of a senior secured term loan facility (“Term Loan Facility”) and a $700 million senior secured revolving credit facility (“Revolving Facility”) in a syndicated loan arrangement. During March 2025, we amended the Term Loan Facility, replacing the then-existing facility, which was originally set to mature in February 2027, with a new $1,645 million facility maturing in March 2032 (“Amendment No. 4”). Other than the new maturity date and the recommencement of quarterly amortization payments, the material terms of our External Debt Facilities as a result of Amendment No. 4 remain unchanged.

In connection with Amendment No. 4 to our syndicated loan arrangement, we evaluated the accounting treatment of deferred and new debt transaction costs on a creditor-by-creditor basis in accordance with GAAP. This analysis resulted in the recognition of a debt refinancing expense of $13 million during fiscal year 2025, comprised of $12 million of new fees allocated to modified loans and $1 million of deferred financing transaction costs and original issue discount expensed related to extinguished loans. This expense is presented separately in our condensed consolidated statements of income. Additionally, during fiscal year 2025, we capitalized $1 million of qualifying financing-related costs associated with Amendment No. 4. These costs, along with $7 million of remaining deferred financing transaction costs, will be amortized over the remaining term of the Term Loan Facility, subject to acceleration for early term loan principal payments.

Borrowings under the External Debt Facilities bear interest at a rate per annum equal to, at our option, either a base rate plus an applicable margin of 0.75% or a SOFR plus an applicable margin of 1.75%. We have entered into a series of interest rate swaps to hedge a portion of the interest rate exposure resulting from these borrowings. Refer to Note 8 – Financial Instruments for further details.

The External Debt Facilities contain a springing financial covenant requiring compliance with a ratio of first lien net indebtedness to consolidated EBITDA, applicable solely to the Revolving Facility. The financial covenant is tested on the last day of any fiscal quarter only if the aggregate principal amount of borrowings under the Revolving Facility and drawn but unreimbursed letters of credit exceed 35% of the total amount of commitments under the Revolving Facility on such day. We are currently in compliance with the covenants contained in our External Debt Facilities.

If an event of default occurs, the lenders under the External Debt Facilities are entitled to take various actions, including the acceleration of amounts due under the External Debt Facilities and all actions permitted to be taken by secured creditors.

Term Loan Facility

The Term Loan Facility matures in March 2032. The Term Loan Facility amortizes in equal quarterly installments of $4 million, which commenced in June 2025, with the balance payable on maturity. During the years ended December 31, 2025 and 2024, we made voluntary principal repayments of $100 million and $150 million. As a result of voluntary principal repayments made after amending our External Debt Facilities, the Term Loan Facility has no quarterly amortization payments due until December 2028, when the quarterly amortization payments will recommence.

Revolving Facility

In November 2023, we amended the External Debt Facilities to extend the maturity date of the Revolving Facility by one year. In October 2024, we further amended the External Debt Facilities to replace the undrawn $250 million revolving facility maturing in February 2026 with an undrawn $700 million revolving facility maturing in October 2029. The Revolving Facility includes a sub-facility for letters of credit. As of December 31, 2025, we had no outstanding borrowings under the Revolving Facility, and we had $7 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.

Fair Value of Our Long-Term Debt

The fair value of our long-term debt as of December 31, 2025, which is a Level 2 fair value measurement, approximates the carrying value due to the variable market interest rate and the stability of our credit profile.

Interest expense, net:

Interest expense, net consisted of the following:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Interest expense, Term Loan Facility	$	100	$	127	$	142
Amortization of deferred financing transaction costs	2		4		4
Interest rate swaps (benefit) expense	(18)		(31)		(29)
Other	2		(2)		2
Interest expense, net	$	86	$	98	$	119

Scheduled Maturities

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2025:


	(in millions)
2026	$	—
2027	—
2028	4
2029	16
2030	16
Thereafter	1,550
Total long-term debt	$	1,586

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois

Benefit Plans - Schedule of Weighted-Average Assumptions to Determine Postretirement Benefit Obligations (Details) - Postretirement Benefit Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.31%	5.58%
Health care cost trend rate assumed for next year	8.50%	8.50%
Ultimate trend rate	4.40%	4.40%
Year that the rate reaches the ultimate trend rate	2035	2035

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,857	$ 1,719
Less: accumulated depreciation	(1,034)	(961)
Property, plant and equipment, net	823	758
Land and land improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	50	47
Buildings and building improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	240	230
Machinery and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	1,444	1,355
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	$ 123	$ 87

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (6)	$ (8)
Original issue discounts	0	(1)
Long-term debt	1,580	1,686
Term Loan Facility
Debt Instrument [Line Items]
Term Loan Facility	1,586	$ 1,695
Deferred financing transaction costs	$ (7)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
Other Expense, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Expense Net [Abstract]
Costs to execute strategic initiatives	$ 25	$ 0	$ 0
CEO transition costs	15	0	0
Other expense, net	$ 40	$ 0	$ 0

Description of Business and Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Raw materials	$	133	$	129
Work in progress	76		60
Finished goods	309		318
Spare parts	66		60
Inventories	$	584	$	567

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash provided by operating activities

Net income

$ 301

$ 352

$ 298

Adjustments to reconcile net income to operating cash flows:

Depreciation and amortization

135

129

124

Deferred income taxes

(11)

(5)

Stock compensation expense

Change in assets and liabilities:

Accounts receivable, net

(11)

Other receivables

(4)

Related party receivables

(1)

Inventories

(18)

(42)

198

Accounts payable

(31)

Related party payables

(9)

(12)

Income taxes payable / receivable

(17)

Accrued and other current liabilities

(6)

(26)

Other assets and liabilities

(23)

Net cash provided by operating activities

477

489

644

Cash used in investing activities

Acquisition of property, plant and equipment

(161)

(120)

(104)

Acquisition of business

(6)

Net cash used in investing activities

(161)

(120)

(110)

Cash (used in) provided by financing activities

Repayment of long-term debt

(108)

(150)

(262)

Dividends paid

(192)

Proceeds from term loan refinancing

^[1]

743

Repayments of existing term loan

^[1]

(743)

Other financing activities

(6)

(4)

(3)

Net cash used in financing activities

(306)

(346)

(457)

Effect of exchange rate changes on cash and cash equivalents

(1)

Cash and cash equivalents:

Increase in cash and cash equivalents

Balance as of beginning of the year

137

115

Balance as of end of the year

147

137

115

Cash paid:

Interest – long-term debt, net of interest rate swaps

114

Income taxes

$ 67

$ 125

$ 90

[1]	Represents cash inflows and outflows due to changes in term loan lender composition.

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Accrued personnel costs	$ 59	$ 66
Trade promotion allowances	33	36
Other	61	59
Accrued and other current liabilities	$ 153	$ 161

Other Expense, Net

12 Months Ended

Dec. 31, 2025

Other Expense Net [Abstract]

Other Expense, Net

Other expense, net consisted of the following:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Costs to execute strategic initiatives (1)	$	25	$	—	$	—
CEO transition costs (2)	15		—		—

Other expense, net	$	40	$	—	$	—

(1)Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.

(2) Reflects compensation and other costs related to the CEO transition effective January 1, 2025

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Tax

The components of income before income tax were as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Income before income taxes:
United States	$	381	$	438	$	380
International	12		13		13
Total income before income taxes	$	393	$	451	$	393

Schedule of Significant Components of Income Tax Expense

Significant components of income tax expense were as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Current
United States
Federal	$	65	$	93	$	83
State	11		13		16
Foreign	3		4		3
Total current income tax expense	79		110		102
Deferred
United States
Federal	14		(1)		(4)
State	(1)		(10)		(3)
Foreign	—		—		—
Total deferred income tax (benefit) expense	13		(11)		(7)
Total income tax expense	$	92	$	99	$	95

Schedule of Reconciliation of Income Taxes Computed at U.S. Federal Statutory Income Tax Rate

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2025 to our income tax expense was as follows:


	For the Year Ended December 31,
	2025
	Amount (in millions)		Percent
U.S. Federal statutory tax rate	$	83	21.0	%
State and local income taxes, net of Federal income tax effect (1)	6		1.5	%
Foreign tax effects	1		0.1	%
Effects of cross-border tax laws	(1)		(0.2)	%
Tax credits	(1)		(0.3)	%
Changes in valuation allowances	2		0.6	%
Changes in unrecognized tax benefits	2		0.6	%
Income tax expense and effective tax rate	$	92	23.3	%

(1) State taxes in Wisconsin, California and Minnesota made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2024 and 2023, to our income tax expense was as follows:


	For the Years Ended December 31,
	2024		2023
	(in millions)
U.S. Federal income tax expense at the statutory rate	$	95	$	82
U.S. State income tax expense	12		10
Change in tax rates(1)	(9)		—
Non-deductible expenses	2		3
Return to provision adjustments	(1)		—
Total income tax expense	$	99	$	95

(1) Primarily due to a discrete tax benefit for the remeasurement of deferred tax liabilities due to a change in our state tax rates after apportionment.

Schedule of Components of Net Deferred Income Tax Liability

The components of our net deferred income tax liability were as follows:


	As of December 31,
	2025		2024
	(in millions)
Deferred tax assets
Employee benefits	$	30	$	25
Lease obligations	27		24
Inventory	8		8
Reserves	11		5
Tax losses	6		4
Total deferred tax assets	82		66
Valuation allowance	(9)		(7)
Total deferred tax assets after valuation allowance	73		59
Deferred tax liabilities
Intangible assets	(268)		(260)
Property, plant and equipment	(111)		(101)
Lease right-of-use assets	(26)		(23)
Prepaid expense	(16)		(12)
Financial instruments	—		(4)
Other	(2)		(1)
Total deferred tax liabilities	(423)		(401)
Net deferred tax liabilities	$	(350)	$	(342)

Schedule of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Balance as of beginning of the year	$	11	$	11	$	8
Increase associated with tax positions taken during the current year	1		1		2
Increase (decrease) associated with tax positions taken in prior years	1		(1)		1
Ending unrecognized tax benefits	$	13	$	11	$	11

Schedule of Components of Cash Paid for Income Taxes, Net of Refunds Received

The components of cash paid for income taxes, net of refunds received, were as follows:


	For the Year Ended December 31,
	2025
	(in millions)
Federal	$	55
State	9
Foreign	3
Net cash taxes paid	$	67

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Impairments of long-lived assets	$ 0	$ 0	$ 0
Advertising expense	55,000,000	78,000,000	79,000,000
Research and development expense	$ 48,000,000	45,000,000	44,000,000
Percentage of employees can satisfied the service condition	33.33%
J P Morgan Chase Bank
Related Party Transaction [Line Items]
Accounts receivables sold for factoring	$ 95,000,000
Accounts receivable, factored	0	0
Fair Value, Nonrecurring
Related Party Transaction [Line Items]
Assets measured at fair value	0	0	0
Liabilities measured at fair value	$ 0	0	$ 0
Minimum \| Machinery and equipment
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life	5 years
Minimum \| Buildings and building improvements
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life	15 years
Minimum \| Customer relationships
Related Party Transaction [Line Items]
Finite-lived intangible assets, estimated useful life	18 years
Maximum \| Machinery and equipment
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life	20 years
Maximum \| Buildings and building improvements
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life	40 years
Maximum \| Customer relationships
Related Party Transaction [Line Items]
Finite-lived intangible assets, estimated useful life	20 years
Non-U.S. Entities
Related Party Transaction [Line Items]
Cash balances	$ 9,000,000	$ 10,000,000

Benefit Plans - Schedule of Weighted-Average Assumptions to Determine Net Periodic Postretirement Health Care Cost (Details) - Net Periodic Postretirement Health Care Cost	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.58%	4.95%	5.18%
Health care cost trend rate assumed for next year	8.50%	8.00%	7.00%
Ultimate trend rate	4.40%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2035	2033	2032

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 1,868	$ 0	$ 1,385	$ 431	$ 52
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	298			298
Other comprehensive loss, net of income taxes	(2)				(2)
Dividends	(192)			(192)
Other	11		11
Ending balance at Dec. 31, 2023	1,983	0	1,396	537	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	352			352
Other comprehensive loss, net of income taxes	(15)				(15)
Dividends	(192)			(192)
Other	14		17	(3)
Ending balance at Dec. 31, 2024	2,142	0	1,413	694	35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	301			301
Other comprehensive loss, net of income taxes	(15)				(15)
Dividends	(192)			(192)
Other	17		18	(1)
Ending balance at Dec. 31, 2025	$ 2,253	$ 0	$ 1,431	$ 802	$ 20

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: We have prepared the accompanying audited consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”).
Basis of Consolidation	Basis of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates: We prepare our consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions that affect a number of amounts in our consolidated financial statements. Significant accounting policy elections, estimates and assumptions include, among others, valuation assumptions of goodwill and intangible assets, useful lives of long-lived assets, sales incentives, income taxes and benefit plan assumptions. We base our estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our consolidated financial statements.
Currency Translation	Currency Translation: Our consolidated financial statements are presented in U.S. dollars, which is our reporting currency. We translate the results of operations of our subsidiaries with functional currencies other than the U.S. dollar using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of stockholders’ equity within accumulated other comprehensive income and transaction gains and losses in other expense, net in our consolidated statements of income.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We maintain our bank accounts with a relatively small number of high quality financial institutions. Cash balances held by non-U.S. entities as of December 31, 2025 and 2024 were $9 million and $10 million, respectively.
Accounts Receivable	Accounts Receivable: Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable balance. We evaluate the aging of the accounts receivable balances and the financial condition of our customers to estimate the amount of accounts receivable that may not be collected in the future and record the appropriate provision. The allowance for doubtful accounts was not material as of December 31, 2025 and 2024. We are party to a factoring agreement with a financial institution to sell certain accounts receivable up to $95 million. We had no outstanding balance owed under the factoring arrangement as of December 31, 2025 and 2024. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the consolidated balance sheet at the time of the sales transaction. We classify proceeds received from the sales of accounts receivable as an operating cash flow in the consolidated statement of cash flows. We record the discount as other expense, net in the consolidated statement of income.
Inventories	Inventories: We value our inventories using the first-in, first-out method. Inventory is valued at actual cost, which includes raw materials, supplies, direct labor and manufacturing overhead associated with production. Inventory is stated at the lower of cost or net realizable value, which includes any costs to sell or dispose. In addition, appropriate consideration is given to obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value.
Long-Lived Assets	Long-Lived Assets: Property, plant and equipment are stated at historical cost less depreciation, which is computed using the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods ranging from 5 to 20 years and buildings and building improvements over periods ranging from 15 to 40 years. Finite-lived intangible assets, which primarily consist of customer relationships, are stated at historical cost and amortized using the straight-line method (which reflects the pattern of how the assets’ economic benefits are consumed) over the assets’ estimated useful lives which range from 18 to 20 years. Expenditures for maintenance and repairs are expensed as incurred. When property, plant or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and any gain or loss realized on disposition is reflected in other expense, net in our consolidated statements of income. We review long-lived assets, including finite-lived intangible assets, for recoverability on an ongoing basis. Changes in depreciation or amortization are recorded prospectively when estimates of the remaining useful lives or residual values of long-lived assets change. We also review our long-lived assets for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, we perform undiscounted cash flow analysis to determine if an impairment exists. When testing for asset impairment, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. If an impairment loss is recorded, it is calculated as the excess of the asset’s carrying value over its estimated fair value as determined by an estimate of discounted future cash flows. Depending on the nature of the asset, impairment losses are recorded in either cost of sales or selling, general and administrative expenses in our consolidated statements of income. There were no impairments of long-lived assets in any of the years presented.
Leases	Leases: We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets are recognized at the commencement date at the value of the lease liability, adjusted for any prepayments, lease incentives received and initial direct costs incurred. Lease liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For operating leases, following initial recognition, lease liability balances are amortized using the effective interest method, while the related operating lease ROU assets are adjusted by the difference between the fixed lease expense recognized under a straight-line method and the interest expense associated with the effective interest method in the period. Some of our leases contain non-lease components, for example common area or other maintenance costs, that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component as we have elected to combine lease and non-lease components for all classes of underlying assets. All operating lease cash payments are recorded within cash flows from operating activities in the consolidated statements of cash flows. Principal cash payments on finance leases are recorded within cash flows from financing activities, while interest payments associated with finance leases are recorded within cash flows from operating activities in the consolidated statements of cash flows. Our lease agreements do not include significant restrictions, covenants or residual value guarantees.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets acquired. We test goodwill for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We assess goodwill impairment risk by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our goodwill reporting units. Depending on factors such as prior-year test results, current year developments, current risk evaluations and other practical considerations, we may elect to perform quantitative testing instead. In our quantitative testing, we compare a reporting unit’s estimated fair value with its carrying value. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans and industry and economic conditions. The key assumptions associated with determining the estimated fair value are forecasted Adjusted EBITDA and a relevant earnings multiple. Our actual results and conditions may differ over time. If the carrying value of a reporting unit’s net assets exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value. Our indefinite-lived intangible assets consist of certain trade names. We test indefinite-lived intangible assets for impairment on an annual basis in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Depending on factors such as prior-year test results, current year developments, current risk evaluations and other practical considerations, we may elect to perform quantitative testing instead. If potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value. We determine estimated fair value using the relief-from-royalty method, using key assumptions including planned revenue growth rates, market-based discount rates and estimates of royalty rates. If the carrying value of the asset exceeds its fair value, we consider the asset impaired and reduce its carrying value to the estimated fair value.
Supply Chain Financing	Supply Chain Financing: We have an ongoing Supply Chain Finance program (the “SCF”) with a global financial institution (the “SCF Bank”). Under the SCF, qualifying suppliers may elect to sell their receivables from us to the SCF Bank. These participating suppliers negotiate their receivables sales arrangements directly with the SCF Bank. We are not party to those agreements, nor do we provide any security or other forms of guarantees to the SCF Bank. The participation in the program is at the sole discretion of the supplier, we have no economic interest in a supplier’s decision to enter into the agreement and have no direct financial relationship with the SCF Bank, as it relates to the SCF. Once a qualifying supplier elects to participate in the SCF and reaches an agreement with the SCF Bank, they elect which individual invoices they sell to the SCF Bank. The terms of our payment obligations are not impacted by a supplier’s participation in the SCF and as such, the SCF has no impact on our balance sheets, cash flows or liquidity. Our payment terms with our suppliers for similar services and materials within individual markets are consistent between suppliers that elect to participate in the SCF and those that do not participate. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in the consolidated balance sheet and associated payments are included as an operating cash flow in the consolidated statement of cash flows.
Revenue Recognition	Revenue Recognition: After assessing our customers’ creditworthiness, we recognize revenue when control over products transfers to our customers, which generally occurs upon delivery or shipment of the products. We account for product shipping, handling and insurance as fulfillment activities, with revenues for these activities recorded in net revenues and costs recorded in cost of sales. Any taxes collected on behalf of government authorities are excluded from net revenues. Consideration in our contracts with customers is variable due to anticipated reductions such as discounts, allowances and trade promotions, collectively referred to as “sales incentives”. Accordingly, revenues are recorded net of estimated sales incentives, recognized throughout the year and as of year-end. The transaction price reflects our estimate of the amount of consideration to which we will be entitled, using an expected value method. We base these estimates principally on historical utilization and redemption rates, anticipated performance and our best judgment at the time to the extent that it is probable that a significant reversal of revenue recognized will not occur. Estimates of sales incentives are monitored and adjusted each period until the sales incentives are realized. We consider purchase orders, which in some cases are governed by master supply agreements, to be the contracts with a customer. Key sales terms, such as pricing and quantities ordered, are established frequently, so most customer arrangements and related sales incentives have a duration of one year or shorter. We generally do not have any unbilled receivables at the end of a period. Deferred revenues are not material and primarily include customer advance payments typically collected a few days before product delivery, at which time deferred revenues are reclassified and recorded as net revenues. We generally do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year. We do not incur any significant costs to obtain a contract.
Marketing, Advertising and Research and Development	Marketing, Advertising and Research and Development: We promote our products with marketing and advertising programs. These programs include, but are not limited to, cooperative advertising, in-store displays and consumer marketing promotions. The costs of end-consumer marketing programs that are conducted in conjunction with our customers, such as coupons, are recorded as a reduction to revenue. We do not defer these costs on our consolidated balance sheets and all marketing and advertising costs are recorded as an expense in the year incurred. Advertising expense was $55 million, $78 million and $79 million in the years ended December 31, 2025, 2024 and 2023, respectively. We expense product research and development costs as incurred. Research and development expense was $48 million, $45 million and $44 million in the years ended December 31, 2025, 2024 and 2023, respectively. We record marketing and advertising as well as research and development expenses in selling, general and administrative expenses.
Stock-based Compensation	Stock-based Compensation: Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the period in which the award vests in accordance with applicable guidance under Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. We have granted restricted stock units (“RSUs”) to certain members of management and to certain members of our Board of Directors that have a service-based vesting condition. In addition, we have granted performance stock units (“PSUs”) to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur.
Interest Rate Derivatives	Interest Rate Derivatives: We manage interest rate risk by using interest rate derivative instruments. Interest rate swaps (pay fixed, receive variable) are entered into as cash flow hedges to manage a portion of the interest rate risk associated with our floating-rate borrowings. We record interest rate derivative instruments at fair value (Level 2) and on a net basis by counterparty based on our master netting arrangements. The fair value of our interest rate derivatives is determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. The instruments are classified in our consolidated balance sheets in other assets or other liabilities, as applicable. Cash flows from interest rate derivative instruments are classified as operating activities in our consolidated statements of cash flows based on the nature of the derivative instrument. We have elected to use hedge accounting for our interest rate derivative instruments. Accordingly, the effective portion of the gain or loss on the open hedging instrument is recorded in other comprehensive income and is reclassified into earnings as interest expense, net when settled. We terminate derivative instruments if the underlying asset or liability matures or is repaid, or if we determine the underlying forecasted transaction is no longer probable of occurring.
Income Taxes	Income Taxes: Our income tax expense includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of our assets and liabilities, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse. The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, we consider any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies. We recognize the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount we recognize is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs.
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures: GAAP establishes a hierarchy for measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following three levels of inputs may be used to measure fair value: •Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. •Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Our assets and liabilities measured at fair value on a recurring basis are presented in Note 8 - Financial Instruments. We had no assets or liabilities measured at fair value on a non-recurring basis in any of the years presented. In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of our financial instruments. The carrying values of cash equivalents, accounts receivables, other receivables, related party receivables, accounts payable, related party payables and accrued and other current liabilities are reasonable estimates of their fair values as of December 31, 2025 and 2024 due to the short-term nature of these instruments.
Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance	Recently Adopted Accounting Guidance: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), which enhances disclosures about significant segment expenses by requiring disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted the standard as of January 1, 2024, with no material impact on our consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), which enhances disclosures within the income tax rate reconciliation and information disclosed related to income taxes paid, and requires disaggregation of certain financial statement captions between domestic, foreign, federal and state. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We adopted the standard, prospectively, as of January 1, 2025, with no material impact on our consolidated financial statements. Recently Issued Accounting Guidance: In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which will require additional disclosure about specific expense categories included in the income statement. Annual disclosure requirements will be effective for us in our Annual Report on Form 10-K for the fiscal year ending December 31, 2026, and quarterly disclosure requirements will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures. In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which updates the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In November 2025, FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which updates hedge accounting requirements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In December 2025, FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, which clarifies interim disclosure requirements. This ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements.

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 29	$ 23	$ 18
Variable lease costs	0	0	1
Short-term lease costs	4	4	4
Total operating lease costs	$ 33	$ 27	$ 23

Debt - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of deferred financing transaction costs	$ 2	$ 4	$ 4
Interest rate swaps (benefit) expense	(18)	(31)	(29)
Other	2	(2)	2
Interest expense, net	86	98	119
Term Loan Facility
Debt Instrument [Line Items]
Interest expense, Term Loan Facility	$ 100	$ 127	$ 142

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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+ Details

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Accrued personnel costs	$	59	$	66
Trade promotion allowances	33		36
Other	61		59
Accrued and other current liabilities	$	153	$	161

Debt - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 29, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025	Oct. 30, 2024
Debt Instrument [Line Items]
Debt refinancing expense		$ 13,000,000	$ 0	$ 0
Deferred financing transaction costs		$ 6,000,000	8,000,000
Quarterly unreimbursed letters of credit minimum percentage		35.00%
Outstanding borrowings under revolving facility		$ 0
Letters of credit outstanding		$ 7,000,000
External Debt Facilities \| Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate		0.75%
External Debt Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate		1.75%
Revolving Credit Facility \| External Debt Facilities \| Revolving Credit Agreement Due 2029
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity		$ 700,000,000				$ 700,000,000
Revolving Credit Facility \| External Debt Facilities \| Revolving Credit Agreement Due 2026
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity						$ 250,000,000
New Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Debt refinancing expense		13,000,000
New fees allocated to modified loans		12,000,000
Deferred financing transaction costs		1,000,000
New Senior Secured Term Loan Facility \| External Debt Facilities
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity					$ 1,645,000,000
Term Loan Facility
Debt Instrument [Line Items]
Financing-related costs		1,000,000
Deferred financing transaction costs		7,000,000
Debt instrument, periodic payment	$ 4,000,000
Principal payment		$ 100,000,000	$ 150,000,000

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Fair Value of Assets and Liabilities Associated with Interest Rate Swaps

The fair value of the assets and liabilities associated with our interest rate swaps, as reflected gross in the consolidated balance sheets, were as follows:


	As of December 31, 2025
	2025		2024
	(in millions)
Assets:
Other current assets	$	1	$	15
Other assets	1		1
Total assets	$	2	$	16

Liabilities:
Accrued and other current liabilities	$	—	$	—
Other liabilities	1		—
Total liabilities	$	1	$	—

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 28
2027	25
2028	21
2029	18
2030	14
Thereafter	11
Total undiscounted lease payments	117
Less: imputed interest	(13)
Total operating lease liabilities	104	$ 93
Finance Leases
2026	2
2027	2
2028	2
2029	2
2030	2
Thereafter	8
Total undiscounted lease payments	18
Less: imputed interest	(4)
Total finance lease liabilities	14	$ 15
Total
2026	30
2027	27
2028	23
2029	20
2030	16
Thereafter	19
Total undiscounted lease payments	135
Less: imputed interest	(17)
Present value of lease liabilities	$ 118

Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Eligible employees vesting period of service	5 years
Expense relating to defined contribution plans	$ 32	$ 32	$ 29
Expected contributions for the next fiscal year	$ 2

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Term Loan Facility	$	1,586	$	1,695
Deferred financing transaction costs	(6)		(8)
Original issue discounts	—		(1)
Long-term debt	$	1,580	$	1,686

Schedule of Interest Expense, Net

Interest expense, net consisted of the following:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Interest expense, Term Loan Facility	$	100	$	127	$	142
Amortization of deferred financing transaction costs	2		4		4
Interest rate swaps (benefit) expense	(18)		(31)		(29)
Other	2		(2)		2
Interest expense, net	$	86	$	98	$	119

Schedule of Required Future Repayments on Debt Outstanding

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2025:


	(in millions)
2026	$	—
2027	—
2028	4
2029	16
2030	16
Thereafter	1,550
Total long-term debt	$	1,586

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69E
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Benefit Plans - Schedule of Accrued Benefit Obligation Recorded in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Income Tax Expense
Changes	$ 13	$ (11)	$ (7)
Postretirement Benefit Plan
Net Actuarial Gain
Beginning balance	40	44
Changes	(4)	(4)
Ending balance	36	40	44
Deferred Income Tax Expense
Beginning balance	9	10
Changes	1	1
Ending balance	8	9	10
Accumulated Other Comprehensive Income
Beginning balance	31	34
Changes	(3)	(3)
Ending balance	$ 28	$ 31	$ 34

Stock-based Compensation - Schedule of Activity for RSUs and PSUs (Details) shares in Millions	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Unvested, beginning balance (in shares)	1.3
Unvested, ending balance (in shares)	2.0
RSUs and PSUs
Shares
Unvested, beginning balance (in shares)	1.3
Granted (in shares)	1.2
Forfeited (in shares)	(0.2)
Vested (in shares)	(0.3)
PSU performance adjustment (in shares)	0.0
Unvested, ending balance (in shares)	2.0
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in USD per share) \| $ / shares	$ 28.52
Granted (in USD per share) \| $ / shares	25.71
Forfeited (in USD per share) \| $ / shares	26.92
Vested (in USD per share) \| $ / shares	28.63
PSU performance adjustment (in USD per share) \| $ / shares	0
Unvested, ending balance (in USD per share) \| $ / shares	$ 27.00

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-lived intangible assets
Gross carrying amount	$ 605	$ 605
Accumulated amortization	512	483
Net	93	122
Indefinite-lived intangible assets
Gross carrying amount	1,455	1,455
Net	943	972
Trade names
Indefinite-lived intangible assets
Gross carrying amount	850	850
Customer relationships
Finite-lived intangible assets
Gross carrying amount	580	580
Accumulated amortization	487	458
Net	93	122
Trade names
Finite-lived intangible assets
Gross carrying amount	25	25
Accumulated amortization	25	25
Net	$ 0	$ 0

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:


	As of December 31,
	2025		2024
	(in millions)
Land and land improvements	$	50	$	47
Buildings and building improvements	240		230
Machinery and equipment	1,444		1,355
Construction in progress	123		87
Property, plant and equipment, at cost	1,857		1,719
Less: accumulated depreciation	(1,034)		(961)
Property, plant and equipment, net	$	823	$	758

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Adjusted EBITDA


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2025	(in millions)
Net revenues	$	1,259	$	1,003	$	850	$	614	$	3,726	$	(5)	$	3,721
Intersegment revenues	—		8		—		14		22		(22)		—
Total segment net revenues	1,259		1,011		850		628		3,748		(27)		3,721
Other segment items(2)	(1,040)		(732)		(717)		(498)		(2,987)
Adjusted EBITDA	219		279		133		130		761
Depreciation and amortization	39		20		22		20		101		34		135
Capital expenditures	50		48		32		11		141		20		161
Total assets	612		318		242		251		1,423		3,513		4,936


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2024	(in millions)
Net revenues	$	1,206	$	971	$	936	$	585	$	3,698	$	(3)	$	3,695
Intersegment revenues	—		10		—		12		22		(22)		—
Total segment net revenues	1,206		981		936		597		3,720		(25)		3,695
Other segment items(2)	(990)		(704)		(788)		(467)		(2,949)
Adjusted EBITDA	216		277		148		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	$	1,237	$	949	$	984	$	580	$	3,750	$	6	$	3,756
Intersegment revenues	—		11		—		14		25		(25)		—
Total segment net revenues	1,237		960		984		594		3,775		(19)		3,756
Other segment items(2)	(1,060)		(695)		(807)		(482)		(3,044)
Adjusted EBITDA	177		265		177		112		731
Depreciation and amortization	31		19		16		21		87		37		124
Capital expenditures	46		11		28		8		93		11		104


(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,
	2025		2024		2023
	(in millions)
Segment Adjusted EBITDA	$	761	$	771	$	731
Corporate / unallocated expenses	(94)		(93)		(95)
	667		678		636
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(135)		(129)		(124)
Interest expense, net	(86)		(98)		(119)
Debt refinancing expense(1)	(13)		—		—
Costs to execute strategic initiatives(2)	(25)		—		—
CEO transition costs(3)	(15)		—		—
Consolidated GAAP income before income taxes	$	393	$	451	$	393

(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:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Cooking products	$	1,259	$	1,206	$	1,237
Waste products(1)	936		917		917
Tableware products	850		936		984
Storage products(1)	681		639		612
Unallocated	(5)		(3)		6
Net revenues	$	3,721	$	3,695	$	3,756

(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,
	2025		2024		2023
	(in millions)
Net revenues:
United States	$	3,631	$	3,601	$	3,661
Other	90		94		95
Net revenues	$	3,721	$	3,695	$	3,756


	As of December 31,
	2025		2024
	(in millions)
Long-lived assets
United States	$	815	$	751
Other	8		7
Long-lived assets	$	823	$	758