0001564590-20-053230 | 10-Q | XBRL Viewer | Reynolds Consumer Products INC

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Entity File Number	001-39205
Entity Registrant Name	REYNOLDS CONSUMER PRODUCTS INC.
Entity Central Index Key	0001786431
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		209,700,500
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net revenues	$ 797	$ 705	$ 2,286	$ 2,083
Related party net revenues	26	36	89	114
Total net revenues	823	741	2,375	2,197
Cost of sales	(558)	(524)	(1,669)	(1,580)
Gross profit	265	217	706	617
Selling, general and administrative expenses	(97)	(76)	(260)	(231)
Other expense, net	(5)	(20)	(26)	(34)
Income from operations	163	121	420	352
Non-operating income, net		1		1
Interest expense, net	(13)	(39)	(57)	(174)
Income before income taxes	150	83	363	179
Income tax expense	(37)	(20)	(112)	(44)
Net income	$ 113	$ 63	$ 251	$ 135
Earnings per share:
Basic	$ 0.54	$ 0.41	$ 1.24	$ 0.87
Diluted	$ 0.54	$ 0.41	$ 1.24	$ 0.87
Weighted average shares outstanding:
Basic	209.7	155.5	202.7	155.5
Effect of dilutive securities	0.1		0.1
Diluted	209.8	155.5	202.8	155.5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 113	$ 63	$ 251	$ 135
Other comprehensive income (loss), net of income taxes:
Currency translation adjustment			(1)
Employee benefit plans	(1)		(1)	(1)
Other comprehensive income (loss), net of income taxes	(1)		(2)	(1)
Comprehensive income	$ 112	$ 63	$ 249	$ 134

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 351	$ 102
Accounts receivable (net of allowance for doubtful accounts of $1 and $0)	288	13
Other receivables	7	7
Related party receivables	10	14
Inventories	401	418
Other current assets	22	16
Total current assets	1,079	570
Property, plant and equipment (net of accumulated depreciation of $683 and $642)	574	537
Operating lease right-of-use assets, net	68	42
Goodwill	1,879	1,879
Intangible assets, net	1,100	1,123
Other assets	24	9
Total assets	4,724	4,160
Liabilities
Accounts payable	169	135
Related party payables	46	72
Related party accrued interest payable		18
Current portion of long-term debt	25	21
Accrued and other current liabilities	161	132
Total current liabilities	401	378
Long-term debt	2,313	1,990
Long-term related party borrowings		2,214
Long-term operating lease liabilities	58	35
Deferred income taxes	315	294
Long-term postretirement benefit obligation	49	48
Other liabilities	37	19
Total liabilities	3,173	4,978
Commitments and contingencies (Note 8)
Stockholders’ equity
Additional paid-in capital	1,380
Net parent deficit		(823)
Accumulated other comprehensive income	3	5
Retained earnings	168
Total stockholders' equity	1,551	(818)
Total liabilities and stockholders' equity	$ 4,724	$ 4,160

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 0
Property, plant and equipment, accumulated depreciation	$ 683	$ 642
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	209,700,000	209,700,000
Common stock, shares outstanding	209,700,000	209,700,000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Net Parent (Deficit)	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2018	$ (1,027)			$ (1,034)	$ 7
Adoption of new accounting principle				(3)	3
Net income	17			17
Other comprehensive income (loss), net of income taxes	(1)				(1)
Net transfers (to) from Parent	12			12
Ending balance at Mar. 31, 2019	(999)			(1,008)	9
Beginning balance at Dec. 31, 2018	(1,027)			(1,034)	7
Adoption of new accounting principle					3
Net income	135
Other comprehensive income (loss), net of income taxes					(1)
Ending balance at Sep. 30, 2019	(798)			(807)	9
Beginning balance at Mar. 31, 2019	(999)			(1,008)	9
Net income	55			55
Net transfers (to) from Parent	34			34
Ending balance at Jun. 30, 2019	(910)			(919)	9
Net income	63			63
Net transfers (to) from Parent	49			49
Ending balance at Sep. 30, 2019	(798)			(807)	9
Beginning balance at Dec. 31, 2019	(818)			(823)	5
Net income	26		$ 20	6
Other comprehensive income (loss), net of income taxes	(2)				(2)
Net transfers (to) from Parent	855			855
Reclassification of net parent (deficit) in RCP		$ 38		(38)
Issuance of common stock, net of costs	1,339	1,339
Dividends	(31)		(31)
Other	1	1
Ending balance at Mar. 31, 2020	1,370	1,378	(11)		3
Beginning balance at Dec. 31, 2019	(818)			$ (823)	5
Net income	251
Other comprehensive income (loss), net of income taxes					(2)
Ending balance at Sep. 30, 2020	1,551	1,380	168		3
Beginning balance at Mar. 31, 2020	1,370	1,378	(11)		3
Net income	112		112
Other comprehensive income (loss), net of income taxes	1				1
Other	1	1
Ending balance at Jun. 30, 2020	1,484	1,379	101		4
Net income	113		113
Other comprehensive income (loss), net of income taxes	(1)				(1)
Dividends	(46)		(46)
Other	1	1
Ending balance at Sep. 30, 2020	$ 1,551	$ 1,380	$ 168		$ 3

- Definition

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

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends, per share, declared	$ 0.22	$ 0.15

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash provided by (used in) operating activities
Net income	$ 251	$ 135
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	72	63
Deferred income taxes	56	(9)
Unrealized losses (gains) on derivatives	1	(9)
Stock compensation expense	4
Change in assets and liabilities:
Accounts receivable, net	(275)	1
Other receivables		9
Related party receivables	3	(57)
Inventories	17	(56)
Accounts payable	34	(17)
Related party payables	(23)	(84)
Related party accrued interest payable	(18)	121
Income taxes payable	2	50
Accrued and other current liabilities	28	1
Other assets and liabilities	(5)	(2)
Net cash provided by operating activities	147	146
Cash provided by (used in) investing activities
Acquisition of property, plant and equipment	(85)	(74)
Advances to related parties		(170)
Repayments from related parties		151
Net cash used in investing activities	(85)	(93)
Cash provided by (used in) financing activities
Proceeds from long-term debt, net of discounts	2,472
Repayment of long-term debt	(112)
Repayments of RGHL Group Credit Agreement	(8)	(16)
Advances from related parties	240	67
Repayments to related parties	(3,627)	(140)
Deferred debt transaction costs	(28)	(2)
Proceeds from IPO settlement facility	1,168
Repayment of IPO settlement facility	(1,168)
Issuance of common stock	1,410
Equity issuance costs	(69)
Dividends paid	(77)
Net transfers (to) from Parent	(14)	30
Net cash provided by (used in) financing activities	187	(61)
Net increase (decrease) in cash and cash equivalents	249	(8)
Cash and cash equivalents at beginning of period	102	23
Cash and cash equivalents at end of period	$ 351	$ 15

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement Of Cash Flows [Abstract]
Recognition of right-of-use assets	$ 34	$ 4
Recognition of lease liabilities	$ 34	$ 4

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1 – Summary of Significant Accounting Policies

Description of Business:

Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products across three broad categories: cooking products, waste & storage products and tableware. 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:

Prior to the completion of our Corporate Reorganization, as defined in our registration statement on Form S-1 (File No. 333-234731), and initial public offering (“IPO”) on February 4, 2020, we operated as part of Reynolds Group Holdings Limited (“RGHL”) and not as a stand-alone entity. We represented the business that was reported as the Reynolds Consumer Products segment in the consolidated financial statements of RGHL and its subsidiaries (collectively, “RGHL Group” or the “Parent”). In connection with its initial public offering, RGHL is now known as Pactiv Evergreen Inc. As part of our Corporate Reorganization, we reorganized the legal structure of our entities so they are all under a single parent entity, Reynolds Consumer Products Inc. In conjunction with our Corporate Reorganization and IPO, we separated from RGHL Group on February 4, 2020. We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019, and should be read in conjunction with the disclosures therein. In our opinion, these interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial condition, results of operations, and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of annual operating results.

Our condensed consolidated statements of income include allocations of certain expenses for services provided by RGHL Group prior to our separation, including, but not limited to, general corporate expenses related to group wide functions including executive management, finance, legal, tax, information technology and a portion of a related party management fee incurred by RGHL Group. For the three and nine months ended September 30, 2020, total costs allocated to us for these functions were zero and $2 million, respectively, compared to $9 million and $29 million in the comparable prior year periods. These costs were primarily included in selling, general and administrative expenses in our condensed consolidated statements of income. For the three and nine months ended September 30, 2020, these amounts included costs of zero and $1 million, respectively, compared to $7 million and $17 million in the comparable prior year periods, that were not historically allocated to us as part of RGHL Group's normal monthly reporting process. Additionally, for the three and nine months ended September 30, 2020 costs of zero and $2 million, respectively, compared to $11 million and $12 million in the comparable prior year periods, were allocated to us related to the IPO process that cannot be deferred and offset against the IPO proceeds, which are included in other expense, net in our condensed consolidated statements of income. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification, such as direct usage or headcount when identifiable, or proportional allocations determined with reference to time incurred, relative to revenues, or other reasonable methods of allocation. Amounts allocated on a proportional basis relate to certain corporate functions and are reflective of the time and effort expended in the provision of these corporate functions to us.

Initial Public Offering:

On February 4, 2020, we completed our separation from RGHL Group and the IPO of our common stock pursuant to a Registration Statement on Form S-1. In the IPO, we sold an aggregate of 54,245,500 shares of common stock, including 7,075,500 shares of common stock purchased by the underwriters on February 7, 2020 pursuant to their option to purchase additional shares, under the Registration Statement at a public offering price of $26.00 per share.

In conjunction with our separation from RGHL Group and IPO, we reclassified RGHL Group’s historical net investment in us to additional paid-in capital. Each share of our outstanding common stock, immediately prior to our IPO, was exchanged into 155,455 shares of common stock. In addition, certain related party borrowings owed to RGHL Group were contributed as additional paid-in capital without the issuance of any additional shares.

New Accounting Standards

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

New Accounting Standards

Note 2 – New Accounting Standards

Recently Adopted Accounting Guidance:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU and subsequent amendments to the initial guidance modify the impairment model to use an expected loss methodology in place of the previously used incurred loss methodology, which may result in earlier recognition of losses related to financial instruments. This change is effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and requires a cumulative effect adjustment to the balance sheet upon adoption. We adopted these requirements as of January 1, 2020 with no material impact on our condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. We adopted the standard as of January 1, 2020 with no material impact on our condensed consolidated financial statements.

Accounting Guidance Issued But Not Yet Adopted:

In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the requirements of this guidance, which is expected to impact our disclosures but is not expected to impact the measurement and recognition of amounts in our consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Note 3 – Inventories

Inventories consisted of the following:

	September 30, 2020		December 31, 2019
	(in millions)
Raw materials	$	128	$	125
Work in progress		51		47
Finished goods		191		217
Spare parts		31		29
Inventories	$	401	$	418

Debt

9 Months Ended

Sep. 30, 2020

Debt Instruments [Abstract]

Debt

Note 4 – Debt

Long-term debt consisted of the following:

	September 30, 2020			December 31, 2019
	(in millions)
Term loan facility	$	2,363		$	—
RGHL Group U.S. Term Loan		—			2,017
Deferred financing transaction costs		(22	)		(4	)
Original issue discounts		(3	)		(2	)
		2,338			2,011
Less: current portion		(25	)		(21	)
Long-term debt	$	2,313		$	1,990

External Debt Facilities

In February 2020, we entered into new external debt facilities (“External Debt Facilities”), which consist of (i) a $2,475 million senior secured term loan facility (“Term Loan Facility”); and (ii) a $250 million senior secured revolving credit facility (“Revolving Facility”). In addition, on February 4, 2020 we entered into, and extinguished, a $1,168 million facility (“IPO Settlement Facility”). The proceeds from the Term Loan Facility and IPO Settlement Facility, net of transaction costs and original issue discounts, together with available cash, were used to repay accrued related party interest and a portion of the related party loans payable.

Borrowings under the External Debt Facilities bear interest at a rate per annum equal to, at our option, either a base rate or a LIBO rate plus an applicable margin of 1.75%. During September 2020, we entered into a series of interest rate swaps to hedge a portion of the interest rate exposure resulting from these borrowings. Refer to Note 6 – 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.

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 February 2027. The Term Loan Facility amortizes in equal quarterly installments of $6 million, which commenced in June 2020, with the balance being payable on maturity. During the third quarter of 2020, we made a voluntary principal payment of $100 million related to our Term Loan Facility.

Revolving Facility

The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of September 30, 2020, 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.

Reallocation of Borrowings Under the RGHL Group Credit Agreement

Amounts outstanding under the RGHL Group Credit Agreement were reallocated to an entity within RGHL Group and on February 4, 2020, we were fully and unconditionally released from the security and guarantee arrangements relating to RGHL Group’s borrowings.

Fair Value of Our Long-Term Debt

The fair value of our long-term debt as of September 30, 2020, 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.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 5 – Income Taxes

Prior to our separation from RGHL Group and IPO, our U.S. operations were included in the U.S. federal consolidated and certain state and local tax returns filed by RGHL Group. We also file certain separate U.S. state and local and foreign income tax returns. For the periods prior to separation, income tax (expense) benefit and deferred tax balances are presented in these condensed consolidated financial statements as if we filed tax returns on a stand-alone basis. Income tax payable balances as of December 31, 2019, were classified within “net parent deficit” on the condensed consolidated balance sheet since RGHL Group is legally liable for the tax. Upon separation from RGHL Group, becoming a separate taxable entity and the change from carve-out financial statements to consolidated financial statements, we have remeasured certain deferred taxes. These adjustments have been recognized directly in equity.

Our income tax expense for the three and nine months ended September 30, 2020 incorporates an expected annualized effective tax rate of approximately 25% for both periods, excluding the impact of discrete items, compared to 24% and 25% in the comparable prior year periods. Our income tax expense for the nine months ended September 30, 2020 includes an incremental discrete expense of $23 million due to the remeasurement of our deferred tax asset associated with the deductibility of interest expense as a result of the enactment, subsequent to our separation from RGHL Group, of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The retroactive components of the CARES Act are expected to change RGHL Group’s U.S. federal consolidated tax return for the year ended December 31, 2019, which will reduce the benefits of future tax deductions that we received at the time of separation from RGHL Group.

Financial Instruments

9 Months Ended

Sep. 30, 2020

Financial Instruments Disclosure [Abstract]

Financial Instruments

Note 6 – Financial Instruments

Interest Rate Derivatives

During September 2020, we entered into a series of interest rate swaps which fixed the LIBO rate to an annual rate of 0.18% to 0.47% (for an effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million to hedge a portion of the interest rate exposure resulting from our Term Loan Facility and classified these instruments as cash flow hedges. Our cash flow hedge contracts are for periods ranging from one to five years. The effective portion of the gain or loss on the open hedging instrument will be recorded in other comprehensive income and will be reclassified into earnings as interest expense, net when settled. The associated asset or liability on the open hedges is recorded at its fair value in other assets or other liabilities, as applicable.

Commodity Derivatives

Derivative commodity contracts were recorded at fair value in our condensed consolidated balance sheets and consisted of a liability of $1 million, recorded in accrued and other current liabilities, and an asset of $1 million, recorded in other current assets, as of September 30, 2020 and December 31, 2019, respectively.

Our commodity contracts are primarily commodity swaps and are all Level 2 financial assets and liabilities. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

For the three and nine months ended September 30, 2020, we recognized no unrealized gain or loss and an unrealized loss of $1 million, respectively, compared to unrealized gains of $1 million and $9 million in the comparable prior year periods, in cost of sales in the condensed consolidated statements of income.

The following table provides the detail of outstanding commodity derivative contracts as of September 30, 2020:

Type

Unit of measure

Contracted

volume

Contracted

price range

Contracted date

of maturity

Benzene swaps

U.S. liquid gallon

199,827

$1.25-$1.25

Nov 2020

Diesel swaps

U.S. liquid gallon

1,771,810

$2.30-$3.16

Oct 2020 - Jun 2021

Stock-based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 7 – Stock-based Compensation

We granted restricted stock units (“RSUs”) in July 2019 to certain members of management, pursuant to retention agreements entered into with these employees (the “IPO Grants”). These RSUs vest upon satisfaction of both a performance-based vesting condition (the “IPO Condition”) and a service-based vesting condition (the “Service Condition”). The IPO Condition was satisfied when we completed our IPO on February 4, 2020. The Service Condition will be satisfied with respect to one-third of an employee’s RSUs on each anniversary from the date of our IPO for three consecutive years, subject to the employee’s continued employment through the applicable vesting date.

In addition, in conjunction with our Corporate Reorganization and IPO, we have established a 2020 incentive award plan for purposes of granting stock-based compensation awards to certain of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. A maximum of 10.5 million shares of common stock are initially available for issuance under equity incentive awards granted pursuant to the plan. In the three and nine months ended September 30, 2020, zero and 0.3 million shares were granted, respectively.

At September 30, 2020, there were stock-based compensation awards representing approximately 0.5 million shares outstanding. For the three and nine months ended September 30, 2020, stock-based compensation expense was $1 million and $4 million, respectively, and zero in each of the comparable prior year periods.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 – 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 relating to employment matters, personal injury 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, 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.

As of September 30, 2020, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Note 9 – Segment Reporting

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 Chief Operating Decision Maker (“CODM”) monitors performance, allocates capital and makes strategic and operational decisions. We present segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments. Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude unrealized gains and losses on commodity derivatives, factoring discounts (pre-IPO), the allocated related party management fee (pre-IPO) and IPO and separation-related costs.

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended September 30, 2020	(in millions)
Net revenues	$	285	$	207	$	192	$	136	$	820	$	3		$	823
Intersegment revenues		—		2		—		—		2		(2	)		—
Total segment net revenues		285		209		192		136		822		1			823
Adjusted EBITDA		63		65		43		28		199
Depreciation and amortization		5		4		3		4		16		8			24

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended September 30, 2019	(in millions)
Net revenues	$	256	$	183	$	174	$	128	$	741	$	—		$	741
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		256		185		174		129		744		(3	)		741
Adjusted EBITDA		49		51		40		23		163
Depreciation and amortization		5		3		1		5		14		7			21

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Nine Months Ended September 30, 2020	(in millions)
Net revenues	$	824	$	597	$	556	$	400	$	2,377	$	(2	)	$	2,375
Intersegment revenues		—		7		—		1		8		(8	)		—
Total segment net revenues		824		604		556		401		2,385		(10	)		2,375
Adjusted EBITDA		169		183		120		80		552
Depreciation and amortization		15		12		10		13		50		22			72

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Nine Months Ended September 30, 2019	(in millions)
Net revenues	$	744	$	522	$	545	$	386	$	2,197	$	—		$	2,197
Intersegment revenues		—		11		—		1		12		(12	)		—
Total segment net revenues		744		533		545		387		2,209		(12	)		2,197
Adjusted EBITDA		116		142		126		67		451
Depreciation and amortization		13		9		5		15		42		21			63

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾		Total
	(in millions)
As of September 30, 2020	$	416	$	235	$	146	$	196	$	993	$	3,731	$	4,724
As of December 31, 2019		395		251		137		182		965		3,195		4,160

(1)

Unallocated includes the elimination of intersegment revenues, other revenue adjustments and certain corporate costs, depreciation and amortization and assets not allocated to segments. Unallocated assets are comprised of cash, accounts receivable, other receivables, entity-wide property, plant and equipment, entity-wide operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other assets.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	199		$	163		$	552		$	451
Corporate / unallocated expenses		(7	)		(1	)		(33	)		(10	)
		192			162			519			441
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(24	)		(21	)		(72	)		(63	)
Interest expense, net		(13	)		(39	)		(57	)		(174	)
Factoring discount		—			(5	)		—			(15	)
Allocated related party management fee		—			(3	)		—			(7	)
IPO and separation-related costs		(5	)		(11	)		(26	)		(12	)
Unrealized gains (losses) on derivatives		—			1			(1	)		9
Other		—			(1	)		—			—
Consolidated GAAP income before income taxes	$	150		$	83		$	363		$	179

Information in Relation to Products

Net revenues by product line are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020			2019
	(in millions)				(in millions)
Waste and storage products ⁽¹⁾	$	343	$	311	$	997		$	908
Cooking products		285		256		824			744
Tableware		192		174		556			545
Unallocated		3		—		(2	)		—
Net revenues	$	823	$	741	$	2,375		$	2,197

(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.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 10 – Accumulated Other Comprehensive Income

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)						(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(7	)	$	(7	)	$	(6	)	$	(7	)
Currency translation adjustments		—			—			(1	)		—
Other comprehensive income (loss)		—			—			(1	)		—
Balance as of end of period	$	(7	)	$	(7	)	$	(7	)	$	(7	)
Employee benefit plans:
Balance as of beginning of period	$	11		$	16		$	11		$	14
Adoption of new accounting principle		—			—			—			3
(Gains) and losses reclassified into net income:
Amortization of actuarial gain		(1	)		(1	)		(1	)		(2	)
Tax benefit on reclassifications		—			1			—			1
Other comprehensive income (loss)		(1	)		—			(1	)		(1	)
Balance as of end of period	$	10		$	16		$	10		$	16
Accumulated other comprehensive income
Balance as of beginning of period	$	4		$	9		$	5		$	7
Adoption of new accounting principle		—			—			—			3
Other comprehensive income (loss)		(1	)		—			(2	)		(1	)
Balance as of end of period	$	3		$	9		$	3		$	9

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

Note 11 – Related Party Transactions

We historically operated as part of RGHL Group. In preparation for our IPO, RGHL Group transferred its interest in us to Packaging Finance Limited (“PFL”). PFL owns the majority of our outstanding common stock and is the sole shareholder of RGHL Group. In addition to the allocation of expenses for certain services related to group wide functions provided by RGHL Group discussed in Note 1 – Summary of Significant Accounting Policies, other transactions between us and RGHL Group are described below.

Transactions Related to our Separation from RGHL Group

On January 30, 2020, we repurchased all of the U.S. accounts receivable that we previously sold through RGHL Group’s securitization facility for $264 million, $240 million of which was settled in cash and the remaining amount used to settle certain current related party receivables. The cash to purchase these receivables was provided by an increase in related party borrowings, which was subsequently settled as discussed below.

On January 30, 2020, our outstanding borrowings, net of deferred financing transaction costs and original issue discounts plus accrued interest incurred under the RGHL Group Credit Agreement were reallocated to an entity within RGHL Group and on February 4, 2020, we were fully and unconditionally released from the security and guarantee arrangements relating to RGHL Group’s borrowings. This reallocation resulted in a payment to RGHL Group of $8 million for accrued interest and an increase of $2,001 million in related party borrowings, which was subsequently settled as discussed below.

On February 4, 2020, we repaid $3,627 million of related party borrowings and $22 million of related party accrued interest owed to RGHL Group and capitalized, as additional paid-in capital without the issuance of any additional shares, the remaining $831 million balance of the related party borrowings owed to RGHL Group.

On February 4, 2020, we entered into a transition services agreement with Reynolds Group Holdings Inc. whereby RGHL Group will continue to provide certain administrative services to us, including information technology services; accounting, treasury, financial reporting and transaction support; human resources; procurement; tax, legal and compliance related services; and other corporate services for up to 24 months. In addition, we entered into a transition services agreement with Rank Group Limited whereby, upon our request, Rank Group Limited will provide certain administrative services to us, including financial reporting, consulting and compliance services, insurance procurement and human resources support, legal and corporate secretarial support, and related services for up to 24 months. For the three and nine months ended September 30, 2020, we incurred $3 million and $8 million, respectively, related to transition services which were included in selling, general and administrative expenses in our condensed consolidated statements of income.

On-going Related Party Transactions

For the three and nine months ended September 30, 2020, revenues from products sold to RGHL Group were $26 million and $89 million, respectively, compared to $36 million and $114 million in the comparable prior year periods. For the three and nine months ended September 30, 2020, products purchased from RGHL Group were $83 million and $244 million, respectively, compared to $119 million and $353 million in the comparable prior year periods. For the three and nine months ended September 30, 2020, RGHL Group charged us freight and warehousing costs of $16 million and $62 million, respectively, compared to $35 million and $106 million in the comparable prior year periods, which were included in cost of sales. The resulting related party receivables and payables are settled regularly with RGHL Group in the normal course of business. Furthermore, $34 million and $57 million of the dividends paid during the three and nine months ended September 30, 2020, respectively, were paid to PFL.

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 12 – Subsequent Events

Quarterly Cash Dividend

On October 28, 2020, our Board of Directors approved a cash dividend of $0.22 per common share to be paid on November 30, 2020 to shareholders of record on November 16, 2020.

Term Loan Facility

Subsequent to September 30, 2020, we made a voluntary principal payment of $100 million related to our Term Loan Facility.

Except as described above, there have been no events subsequent to September 30, 2020 which would require accrual or disclosure in these condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Description of Business	Description of Business: Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products across three broad categories: cooking products, waste & storage products and tableware. 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	Basis of Presentation: Prior to the completion of our Corporate Reorganization, as defined in our registration statement on Form S-1 (File No. 333-234731), and initial public offering (“IPO”) on February 4, 2020, we operated as part of Reynolds Group Holdings Limited (“RGHL”) and not as a stand-alone entity. We represented the business that was reported as the Reynolds Consumer Products segment in the consolidated financial statements of RGHL and its subsidiaries (collectively, “RGHL Group” or the “Parent”). In connection with its initial public offering, RGHL is now known as Pactiv Evergreen Inc. As part of our Corporate Reorganization, we reorganized the legal structure of our entities so they are all under a single parent entity, Reynolds Consumer Products Inc. In conjunction with our Corporate Reorganization and IPO, we separated from RGHL Group on February 4, 2020. We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019, and should be read in conjunction with the disclosures therein. In our opinion, these interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial condition, results of operations, and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of annual operating results. Our condensed consolidated statements of income include allocations of certain expenses for services provided by RGHL Group prior to our separation, including, but not limited to, general corporate expenses related to group wide functions including executive management, finance, legal, tax, information technology and a portion of a related party management fee incurred by RGHL Group. For the three and nine months ended September 30, 2020, total costs allocated to us for these functions were zero and $2 million, respectively, compared to $9 million and $29 million in the comparable prior year periods. These costs were primarily included in selling, general and administrative expenses in our condensed consolidated statements of income. For the three and nine months ended September 30, 2020, these amounts included costs of zero and $1 million, respectively, compared to $7 million and $17 million in the comparable prior year periods, that were not historically allocated to us as part of RGHL Group's normal monthly reporting process. Additionally, for the three and nine months ended September 30, 2020 costs of zero and $2 million, respectively, compared to $11 million and $12 million in the comparable prior year periods, were allocated to us related to the IPO process that cannot be deferred and offset against the IPO proceeds, which are included in other expense, net in our condensed consolidated statements of income. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification, such as direct usage or headcount when identifiable, or proportional allocations determined with reference to time incurred, relative to revenues, or other reasonable methods of allocation. Amounts allocated on a proportional basis relate to certain corporate functions and are reflective of the time and effort expended in the provision of these corporate functions to us.
Initial Public Offering	Initial Public Offering: On February 4, 2020, we completed our separation from RGHL Group and the IPO of our common stock pursuant to a Registration Statement on Form S-1. In the IPO, we sold an aggregate of 54,245,500 shares of common stock, including 7,075,500 shares of common stock purchased by the underwriters on February 7, 2020 pursuant to their option to purchase additional shares, under the Registration Statement at a public offering price of $26.00 per share. In conjunction with our separation from RGHL Group and IPO, we reclassified RGHL Group’s historical net investment in us to additional paid-in capital. Each share of our outstanding common stock, immediately prior to our IPO, was exchanged into 155,455 shares of common stock. In addition, certain related party borrowings owed to RGHL Group were contributed as additional paid-in capital without the issuance of any additional shares.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU and subsequent amendments to the initial guidance modify the impairment model to use an expected loss methodology in place of the previously used incurred loss methodology, which may result in earlier recognition of losses related to financial instruments. This change is effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and requires a cumulative effect adjustment to the balance sheet upon adoption. We adopted these requirements as of January 1, 2020 with no material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. We adopted the standard as of January 1, 2020 with no material impact on our condensed consolidated financial statements.
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted: In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the requirements of this guidance, which is expected to impact our disclosures but is not expected to impact the measurement and recognition of amounts in our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements.

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	September 30, 2020		December 31, 2019
	(in millions)
Raw materials	$	128	$	125
Work in progress		51		47
Finished goods		191		217
Spare parts		31		29
Inventories	$	401	$	418

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	September 30, 2020			December 31, 2019
	(in millions)
Term loan facility	$	2,363		$	—
RGHL Group U.S. Term Loan		—			2,017
Deferred financing transaction costs		(22	)		(4	)
Original issue discounts		(3	)		(2	)
		2,338			2,011
Less: current portion		(25	)		(21	)
Long-term debt	$	2,313		$	1,990

- 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.

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+ Details

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Financial Instruments Disclosure [Abstract]

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of September 30, 2020:

Type

Unit of measure

Contracted

volume

Contracted

price range

Contracted date

of maturity

Benzene swaps

U.S. liquid gallon

199,827

$1.25-$1.25

Nov 2020

Diesel swaps

U.S. liquid gallon

1,771,810

$2.30-$3.16

Oct 2020 - Jun 2021

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summary of Adjusted EBITDA

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended September 30, 2020	(in millions)
Net revenues	$	285	$	207	$	192	$	136	$	820	$	3		$	823
Intersegment revenues		—		2		—		—		2		(2	)		—
Total segment net revenues		285		209		192		136		822		1			823
Adjusted EBITDA		63		65		43		28		199
Depreciation and amortization		5		4		3		4		16		8			24

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended September 30, 2019	(in millions)
Net revenues	$	256	$	183	$	174	$	128	$	741	$	—		$	741
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		256		185		174		129		744		(3	)		741
Adjusted EBITDA		49		51		40		23		163
Depreciation and amortization		5		3		1		5		14		7			21

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Nine Months Ended September 30, 2020	(in millions)
Net revenues	$	824	$	597	$	556	$	400	$	2,377	$	(2	)	$	2,375
Intersegment revenues		—		7		—		1		8		(8	)		—
Total segment net revenues		824		604		556		401		2,385		(10	)		2,375
Adjusted EBITDA		169		183		120		80		552
Depreciation and amortization		15		12		10		13		50		22			72

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Nine Months Ended September 30, 2019	(in millions)
Net revenues	$	744	$	522	$	545	$	386	$	2,197	$	—		$	2,197
Intersegment revenues		—		11		—		1		12		(12	)		—
Total segment net revenues		744		533		545		387		2,209		(12	)		2,197
Adjusted EBITDA		116		142		126		67		451
Depreciation and amortization		13		9		5		15		42		21			63

Summary of Segment Assets

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾		Total
	(in millions)
As of September 30, 2020	$	416	$	235	$	146	$	196	$	993	$	3,731	$	4,724
As of December 31, 2019		395		251		137		182		965		3,195		4,160

(1)

Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	199		$	163		$	552		$	451
Corporate / unallocated expenses		(7	)		(1	)		(33	)		(10	)
		192			162			519			441
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(24	)		(21	)		(72	)		(63	)
Interest expense, net		(13	)		(39	)		(57	)		(174	)
Factoring discount		—			(5	)		—			(15	)
Allocated related party management fee		—			(3	)		—			(7	)
IPO and separation-related costs		(5	)		(11	)		(26	)		(12	)
Unrealized gains (losses) on derivatives		—			1			(1	)		9
Other		—			(1	)		—			—
Consolidated GAAP income before income taxes	$	150		$	83		$	363		$	179

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020			2019
	(in millions)				(in millions)
Waste and storage products ⁽¹⁾	$	343	$	311	$	997		$	908
Cooking products		285		256		824			744
Tableware		192		174		556			545
Unallocated		3		—		(2	)		—
Net revenues	$	823	$	741	$	2,375		$	2,197

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

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Summary 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.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)						(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(7	)	$	(7	)	$	(6	)	$	(7	)
Currency translation adjustments		—			—			(1	)		—
Other comprehensive income (loss)		—			—			(1	)		—
Balance as of end of period	$	(7	)	$	(7	)	$	(7	)	$	(7	)
Employee benefit plans:
Balance as of beginning of period	$	11		$	16		$	11		$	14
Adoption of new accounting principle		—			—			—			3
(Gains) and losses reclassified into net income:
Amortization of actuarial gain		(1	)		(1	)		(1	)		(2	)
Tax benefit on reclassifications		—			1			—			1
Other comprehensive income (loss)		(1	)		—			(1	)		(1	)
Balance as of end of period	$	10		$	16		$	10		$	16
Accumulated other comprehensive income
Balance as of beginning of period	$	4		$	9		$	5		$	7
Adoption of new accounting principle		—			—			—			3
Other comprehensive income (loss)		(1	)		—			(2	)		(1	)
Balance as of end of period	$	3		$	9		$	3		$	9

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	Feb. 07, 2020 shares	Feb. 04, 2020 $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Segment	Sep. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Number of reportable segments \| Segment					4
RGHL Group
Related Party Transaction [Line Items]
Cost allocated to related party service provided \| $			$ 0	$ 9	$ 2	$ 29
Related party transaction historical expenses not allocated \| $			0	7	1	17
Outstanding common stock shares exchanged immediately prior to IPO \| shares		155,455
RGHL Group \| Underwriters
Related Party Transaction [Line Items]
Number of common stock shares sold \| shares	7,075,500
IPO \| RGHL Group
Related Party Transaction [Line Items]
Issuance costs \| $			$ 0	$ 11	$ 2	$ 12
Number of common stock shares sold \| shares		54,245,500
Shares issued, price per share \| $ / shares		$ 26.00

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 128	$ 125
Work in progress	51	47
Finished goods	191	217
Spare parts	31	29
Inventories	$ 401	$ 418

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (22)	$ (4)
Original issue discounts	(3)	(2)
Total debt	2,338	2,011
Less: current portion	(25)	(21)
Long-term debt	2,313	1,990
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,363
RGHL Group U.S. Term Loan
Debt Instrument [Line Items]
Debt		$ 2,017

Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 29, 2020	Sep. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Line of credit facility, description			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.
Quarterly unreimbursed letters of credit minimum percentage	35.00%
Debt instrument, maturity period			Feb. 28, 2025
Letters of credit outstanding		$ 7,000,000	$ 7,000,000
Outstanding borrowings under revolving facility		0	$ 0
Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, maturity period			Feb. 28, 2027
Debt instrument, periodic payment			$ 6,000,000
Debt instrument, voluntary principal payment		$ 100,000,000
External Debt Facilities \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate	1.75%
External Debt Facilities \| Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	$ 2,475,000,000
External Debt Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	250,000,000
External Debt Facilities \| IPO Settlement Facility
Debt Instrument [Line Items]
Extinguishment of debt	$ 1,168,000,000

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax [Line Items]
Expected annualized effective tax rate	25.00%	24.00%	25.00%	25.00%
Income tax expense	$ 37	$ 20	$ 112	$ 44
RGHL Group
Income Tax [Line Items]
Income tax expense			$ 23

Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cost of Sales
Derivative Instruments Gain Loss [Line Items]
Unrealized gain (loss) on securities	$ 0	$ 1,000,000	$ (1,000,000)	$ 9,000,000
Accrued and Other Current Liabilities
Derivative Instruments Gain Loss [Line Items]
Commodity contract liability	1,000,000		1,000,000		$ 1,000,000
Other Current Assets
Derivative Instruments Gain Loss [Line Items]
Commodity contract asset	1,000,000		1,000,000		$ 1,000,000
Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,650,000,000		$ 1,650,000,000
Minimum \| Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	0.18%		0.18%
Derivative, effective interest rate	1.93%		1.93%
Cash flow hedge contracts period			1 year
Maximum \| Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	0.47%		0.47%
Derivative, effective interest rate	2.22%		2.22%
Cash flow hedge contracts period			5 years

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2020 $ / gal gal
Benzene Swaps
Derivative [Line Items]
Type	Benzene swaps
Unit of measure	U.S. liquid gallon
Contracted volume \| gal	199,827
Contracted date of maturity	2020-11
Benzene Swaps \| Minimum
Derivative [Line Items]
Contracted price range	1.25
Benzene Swaps \| Maximum
Derivative [Line Items]
Contracted price range	1.25
Diesel Swaps
Derivative [Line Items]
Type	Diesel swaps
Unit of measure	U.S. liquid gallon
Contracted volume \| gal	1,771,810
Contracted date of maturity, start	2020-10
Contracted date of maturity, end	2021-06
Diesel Swaps \| Minimum
Derivative [Line Items]
Contracted price range	2.30
Diesel Swaps \| Maximum
Derivative [Line Items]
Contracted price range	3.16

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Percentage of employees can satisfied the service condition			33.33%
Minimum period of employees need to continued employment			3 years
Number of common stock available for issuance	10,500,000		10,500,000
Shares issued	500,000		500,000
Shares granted	0		300,000
Stock-based compensation expense	$ 1,000,000	$ 0	$ 4,000,000	$ 0

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Summary of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 823	$ 741	$ 2,375	$ 2,197
Adjusted EBITDA	192	162	519	441
Depreciation and amortization	24	21	72	63
Net Revenues
Segment Reporting Information [Line Items]
Net revenues	823	741	2,375	2,197
Operating Segment
Segment Reporting Information [Line Items]
Net revenues	822	744	2,385	2,209
Adjusted EBITDA	199	163	552	451
Depreciation and amortization	16	14	50	42
Operating Segment \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	820	741	2,377	2,197
Operating Segment \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	2	3	8	12
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	285	256	824	744
Adjusted EBITDA	63	49	169	116
Depreciation and amortization	5	5	15	13
Operating Segment \| Reynolds Cooking & Baking \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	285	256	824	744
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	209	185	604	533
Adjusted EBITDA	65	51	183	142
Depreciation and amortization	4	3	12	9
Operating Segment \| Hefty Waste & Storage \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	207	183	597	522
Operating Segment \| Hefty Waste & Storage \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	2	2	7	11
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	192	174	556	545
Adjusted EBITDA	43	40	120	126
Depreciation and amortization	3	1	10	5
Operating Segment \| Hefty Tableware \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	192	174	556	545
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Net revenues	136	129	401	387
Adjusted EBITDA	28	23	80	67
Depreciation and amortization	4	5	13	15
Operating Segment \| Presto Products \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	136	128	400	386
Operating Segment \| Presto Products \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues		1	1	1
Unallocated
Segment Reporting Information [Line Items]
Net revenues	1	(3)	(10)	(12)
Adjusted EBITDA	(7)	(1)	(33)	(10)
Depreciation and amortization	8	7	22	21
Unallocated \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	3		(2)
Unallocated \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	$ (2)	$ (3)	$ (8)	$ (12)

Segment Reporting - Summary of Segment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 4,724	$ 4,160
Operating Segment
Segment Reporting Information [Line Items]
Assets	993	965
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	416	395
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	235	251
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Assets	146	137
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Assets	196	182
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,731	$ 3,195

Segment Reporting - Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 192	$ 162	$ 519	$ 441
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(24)	(21)	(72)	(63)
Interest expense, net	(13)	(39)	(57)	(174)
Factoring discount		(5)		(15)
Allocated related party management fee		(3)		(7)
IPO and separation-related costs	(5)	(11)	(26)	(12)
Unrealized gains (losses) on derivatives		1	(1)	9
Other		(1)
Income before income taxes	150	83	363	179
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	199	163	552	451
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(16)	(14)	(50)	(42)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(7)	(1)	(33)	(10)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (8)	$ (7)	$ (22)	$ (21)

Segment Reporting - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 823	$ 741	$ 2,375	$ 2,197
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	343	311	997	908
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	285	256	824	744
Tableware
Segment Reporting Information [Line Items]
Net revenues	192	$ 174	556	$ 545
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ 3		$ (2)

Accumulated Other Comprehensive Income - Summary of Changes in Balances for Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 1,484	$ 1,370	$ (818)	$ (910)	$ (1,027)	$ (818)	$ (1,027)
Other comprehensive income (loss)	(1)	1	(2)		(1)
Ending balance	1,551	1,484	1,370	(798)	(999)	1,551	(798)
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	(7)		(6)	(7)	(7)	(6)	(7)
Currency translation adjustments						(1)
Other comprehensive income (loss)						(1)
Balance as of end of period	(7)	(7)		(7)		(7)	(7)
Employee Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	11		11	16	14	11	14
Adoption of new accounting principle							3
Amortization of actuarial gain	(1)			(1)		(1)	(2)
Tax benefit on reclassifications				1			1
Other comprehensive income (loss)	(1)					(1)	(1)
Balance as of end of period	10	11		16		10	16
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	4	3	5	9	7	5	7
Adoption of new accounting principle					3		3
Other comprehensive income (loss)	(1)	1	(2)		(1)	(2)	(1)
Ending balance	$ 3	$ 4	$ 3	$ 9	$ 9	$ 3	$ 9

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Feb. 04, 2020	Jan. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party borrowings			$ 46		$ 46		$ 72
Revenues			823	$ 741	2,375	$ 2,197
Costs of sales			558	524	1,669	1,580
RGHL Group
Related Party Transaction [Line Items]
Repurchase of accounts receivable		$ 264
Cash payments to acquire receivables		240
Repayment of related party accrued interest	$ 22	8
Increase in related party borrowings		$ 2,001
Repayments of related party borrowings	3,627
Related party borrowings	$ 831
Revenues			26	36	89	114
Products purchased			83	119	244	353
RGHL Group \| Freight and Warehousing Costs
Related Party Transaction [Line Items]
Costs of sales			16	$ 35	62	$ 106
RGHL Group \| Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Transition services			3		8
PFL
Related Party Transaction [Line Items]
Dividend paid			$ 34		$ 57

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Oct. 28, 2020	Oct. 01, 2020	Sep. 30, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividend per common share			$ 0.22	$ 0.15
Term Loan Facility
Subsequent Event [Line Items]
Debt instrument, voluntary principal payment			$ 100
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share	$ 0.22
Cash dividend per common share, date to be paid	Nov. 30, 2020
Cash dividend per common share, date of record	Nov. 16, 2020
Subsequent Events \| Term Loan Facility
Subsequent Event [Line Items]
Debt instrument, voluntary principal payment		$ 100