0001564590-21-054279 | 10-Q | XBRL Viewer | Reynolds Consumer Products INC

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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		209,760,472
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net revenues	$ 876	$ 797	$ 2,455	$ 2,286
Related party net revenues	29	26	79	89
Total net revenues	905	823	2,534	2,375
Cost of sales	(723)	(558)	(1,952)	(1,669)
Gross profit	182	265	582	706
Selling, general and administrative expenses	(77)	(97)	(244)	(260)
Other expense, net	(5)	(5)	(10)	(26)
Income from operations	100	163	328	420
Interest expense, net	(12)	(13)	(36)	(57)
Income before income taxes	88	150	292	363
Income tax expense	(22)	(37)	(72)	(112)
Net income	$ 66	$ 113	$ 220	$ 251
Earnings per share:
Basic	$ 0.31	$ 0.54	$ 1.05	$ 1.24
Diluted	$ 0.31	$ 0.54	$ 1.05	$ 1.24
Weighted average shares outstanding:
Basic	209.7	209.7	209.7	202.7
Effect of dilutive securities	0.1	0.1	0.1	0.1
Diluted	209.8	209.8	209.8	202.8

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 66	$ 113	$ 220	$ 251
Other comprehensive (loss) income, net of income taxes:
Currency translation adjustment				(1)
Employee benefit plans		(1)		(1)
Interest rate derivatives			2
Other comprehensive (loss) income, net of income taxes		(1)	2	(2)
Comprehensive income	$ 66	$ 112	$ 222	$ 249

- 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

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 70	$ 312
Accounts receivable (net of allowance for doubtful accounts of $1 and $1)	319	292
Other receivables	6	9
Related party receivables	10	8
Inventories	615	419
Other current assets	21	13
Total current assets	1,041	1,053
Property, plant and equipment (net of accumulated depreciation of $740 and $692)	656	612
Operating lease right-of-use assets, net	55	61
Goodwill	1,879	1,879
Intangible assets, net	1,069	1,092
Other assets	33	25
Total assets	4,733	4,722
Liabilities
Accounts payable	252	185
Related party payables	35	41
Current portion of long-term debt	25	25
Accrued and other current liabilities	156	181
Total current liabilities	468	432
Long-term debt	2,092	2,208
Long-term operating lease liabilities	46	51
Deferred income taxes	335	326
Long-term postretirement benefit obligation	55	53
Other liabilities	43	37
Total liabilities	3,039	3,107
Commitments and contingencies (Note 6)
Stockholders’ equity
Additional paid-in capital	1,382	1,381
Accumulated other comprehensive income	3	1
Retained earnings	309	233
Total stockholders' equity	1,694	1,615
Total liabilities and stockholders' equity	$ 4,733	$ 4,722

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 1
Property, plant and equipment, accumulated depreciation	$ 740	$ 692
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	210,000,000	210,000,000
Common stock, shares outstanding	210,000,000	210,000,000

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, 2019	$ (818)			$ (823)	$ 5
Net income	26		$ 20	6
Other comprehensive income (loss), net of income taxes	(2)				(2)
Net transfers 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
Beginning balance at Dec. 31, 2020	1,615	1,381	233		1
Net income	74		74
Other comprehensive income (loss), net of income taxes	3				3
Dividends	(48)		(48)
Other	(1)	(1)
Ending balance at Mar. 31, 2021	1,643	1,380	259		4
Beginning balance at Dec. 31, 2020	1,615	1,381	233		1
Net income	220
Other comprehensive income (loss), net of income taxes					2
Ending balance at Sep. 30, 2021	1,694	1,382	309		3
Beginning balance at Mar. 31, 2021	1,643	1,380	259		4
Net income	80		80
Other comprehensive income (loss), net of income taxes	(1)				(1)
Dividends	(48)		(48)
Other	2	2
Ending balance at Jun. 30, 2021	1,676	1,382	291		3
Net income	66		66
Dividends	(48)		(48)
Ending balance at Sep. 30, 2021	$ 1,694	$ 1,382	$ 309		$ 3

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Dividends, per share, declared	$ 0.23	$ 0.23	$ 0.23
Dividends, per share, paid	$ 0.23	$ 0.23	$ 0.23

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash provided by operating activities
Net income	$ 220	$ 251
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	81	72
Deferred income taxes	8	56
Unrealized losses on derivatives		1
Stock compensation expense	5	4
Change in assets and liabilities:
Accounts receivable, net	(27)	(275)
Other receivables	3
Related party receivables	(2)	3
Inventories	(197)	17
Accounts payable	64	34
Related party payables	(6)	(23)
Related party accrued interest payable		(18)
Income taxes payable / receivable	(7)	2
Accrued and other current liabilities	(20)	28
Other assets and liabilities		(5)
Net cash provided by operating activities	122	147
Cash used in investing activities
Acquisition of property, plant and equipment	(101)	(85)
Net cash used in investing activities	(101)	(85)
Cash (used in) provided by financing activities
Repayment of long-term debt	(119)	(112)
Dividends paid	(144)	(77)
Proceeds from long-term debt, net of discounts		2,472
Repayments of PEI Group Credit Agreement		(8)
Advances from related parties		240
Repayments to related parties		(3,627)
Deferred debt transaction costs		(28)
Proceeds from IPO settlement facility		1,168
Repayment of IPO settlement facility		(1,168)
Issuance of common stock		1,410
Equity issuance costs		(69)
Net transfers to Parent		(14)
Net cash (used in) provided by financing activities	(263)	187
Net (decrease) increase in cash and cash equivalents	(242)	249
Cash and cash equivalents at beginning of period	312	102
Cash and cash equivalents at end of period	70	351
Cash Paid:
Income Taxes	$ 72	$ 54

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

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:

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, 2020, 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.

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 Pactiv Evergreen Inc. (“PEI”) and not as a stand-alone entity. We represented the business that was previously reported as the Reynolds Consumer Products segment in the consolidated financial statements of PEI and its subsidiaries (collectively, “PEI Group” or the “Parent”). 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 PEI Group on February 4, 2020.

Net Parent deficit represented the former Parent’s interest in our net assets. As a direct ownership relationship did not exist between the various entities of our previously combined group, a Net Parent deficit account was shown in our previously combined financial statements. The majority of transactions between us and PEI Group have a history of settlement or were settled for cash in conjunction with our separation from PEI Group and IPO. These transactions have been reflected in our condensed consolidated balance sheets as related party receivables and payables. Transactions that did not have a history of settlement were reflected in equity (deficit) in our previously combined balance sheets as Net Parent deficit and, when cash was utilized (contributed), in our condensed consolidated statements of cash flows as a financing activity in net transfers from (to) Parent.

Initial Public Offering:

On February 4, 2020, we completed our separation from PEI 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 PEI Group and IPO, we reclassified PEI 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 PEI Group were contributed as additional paid-in capital without the issuance of any additional shares.

New Accounting Standards

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

New Accounting Standards

Note 2 – New Accounting Standards

Recently Adopted Accounting Guidance:

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted the standard as of January 1, 2021 with no material impact on our condensed 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. We adopted the standard as of January 1, 2021 with no material impact on our condensed consolidated financial statements.

Accounting Guidance Issued But Not Yet Adopted:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. This ASU was effective upon its issuance and can be applied prospectively through December 31, 2022. We are currently assessing the impact of this standard on our consolidated financial statements.

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Note 3 – Inventories

Inventories consisted of the following:

	September 30, 2021		December 31, 2020
	(in millions)
Raw materials	$	197	$	138
Work in progress		70		54
Finished goods		312		194
Spare parts		36		33
Inventories	$	615	$	419

Debt

9 Months Ended

Sep. 30, 2021

Debt Instruments [Abstract]

Debt

Note 4 – Debt

Long-term debt consisted of the following:

	September 30, 2021			December 31, 2020
	(in millions)
Term loan facility	$	2,138		$	2,257
Deferred financing transaction costs		(19	)		(21	)
Original issue discounts		(2	)		(3	)
		2,117			2,233
Less: current portion		(25	)		(25	)
Long-term debt	$	2,092		$	2,208

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.

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 February 2027. The Term Loan Facility amortizes in equal quarterly installments of $6 million, which commenced in June 2020, with the balance payable on maturity. During the nine months ended September 30, 2021, 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, 2021, we had no outstanding borrowings under the Revolving Facility, and we had $8 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 September 30, 2021, 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.

Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 5 – 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 established an equity incentive 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. We have granted RSUs to certain employees and non-employee directors that have a service-based vesting condition. In addition, we 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. 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 three and nine months ended September 30, 2021, zero and 0.2 million RSUs and zero and 0.2 million PSUs were granted, respectively.

As of September 30, 2021, there were stock-based compensation awards representing 0.7 million shares outstanding compared to 0.4 million shares outstanding as of December 31, 2020. Stock-based compensation expense was $2 million and $5 million for the three and nine months ended September 30, 2021, respectively, and $1 million and $4 million in the comparable prior year periods.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6 – 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, 2021, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 7 – 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,
	2021			2020			2021			2020
	(in millions)						(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(6	)	$	(7	)	$	(6	)	$	(6	)
Currency translation adjustments		—			—			—			(1	)
Other comprehensive (loss)		—			—			—			(1	)
Balance as of end of period	$	(6	)	$	(7	)	$	(6	)	$	(7	)
Employee benefit plans:
Balance as of beginning of period	$	8		$	11		$	8		$	11
Amortization of actuarial gain		—			(1	)		—			(1	)
Other comprehensive (loss)		—			(1	)		—			(1	)
Balance as of end of period	$	8		$	10		$	8		$	10
Interest rate derivatives:
Balance as of beginning of period	$	1		$	—		$	(1	)	$	—
Income arising during period		—			—			2			—
Other comprehensive income		—			—			2			—
Balance as of end of period	$	1		$	—		$	1		$	—
Accumulated other comprehensive income
Balance as of beginning of period	$	3		$	4		$	1		$	5
Other comprehensive (loss) income		—			(1	)		2			(2	)
Balance as of end of period	$	3		$	3		$	3		$	3

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – Income Taxes

Prior to our separation from PEI Group and IPO, our U.S. operations were included in the U.S. federal consolidated and certain state and local tax returns filed by PEI 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. Upon separation from PEI 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, 2021 incorporated an expected annualized effective tax rate of 24.6% for both periods, excluding the impact of discrete items, compared to 24.5% in the comparable prior year periods. Our income tax expense for the nine months ended September 30, 2020 included 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 PEI Group, of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 9 – 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. Our segments are described as follows:

Reynolds Cooking & Baking

Our Reynolds Cooking & Baking segment produces branded and store brand foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and E-Z Foil brands in the United States and selected international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America.

Hefty Waste & Storage

Our Hefty Waste & Storage segment produces both branded and store brand trash and food storage bags. Our branded products are sold under the Hefty Ultra Strong, Hefty Strong Trash Bags, Hefty Renew and Hefty Slider Bags brands.

Hefty Tableware

Our Hefty Tableware segment sells both branded and store brand disposable and compostable plates, bowls, platters, cups and cutlery. Our Hefty branded products include dishes and party cups.

Presto Products

Our Presto Products segment primarily sells store brand products in four main categories: food storage bags, trash bags, reusable storage containers 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 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 and IPO and separation-related costs.

Total assets by segment are those assets directly associated with the respective operating activities, comprising inventory, property, plant and equipment and operating lease right-of-use assets. Other assets, such as cash, accounts receivable and intangible assets, are monitored on an entity-wide basis and not included in segment information that is regularly reviewed by our CODM.

Transactions between segments are at negotiated prices.

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended September 30, 2021	(in millions)
Net revenues	$	328	$	235	$	196	$	150	$	909	$	(4	)	$	905
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		328		237		196		151		912		(7	)		905
Adjusted EBITDA		56		37		25		14		132
Depreciation and amortization		5		5		4		5		19		8			27

	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
Nine Months Ended September 30, 2021	(in millions)
Net revenues	$	902	$	645	$	582	$	417	$	2,546	$	(12	)	$	2,534
Intersegment revenues		—		6		—		3		9		(9	)		—
Total segment net revenues		902		651		582		420		2,555		(21	)		2,534
Adjusted EBITDA		167		127		104		52		450
Depreciation and amortization		15		14		12		15		56		25			81

	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

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, 2021	$	571	$	288	$	169	$	246	$	1,274	$	3,459	$	4,733
As of December 31, 2020		433		248		157		204		1,042		3,680		4,722

(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,
	2021			2020			2021			2020
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	132		$	199		$	450		$	552
Corporate / unallocated expenses		—			(7	)		(30	)		(33	)
		132			192			420			519
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(27	)		(24	)		(81	)		(72	)
Interest expense, net		(12	)		(13	)		(36	)		(57	)
IPO and separation-related costs		(5	)		(5	)		(11	)		(26	)
Unrealized gains (losses) on derivatives		—			—			—			(1	)
Consolidated GAAP income before income taxes	$	88		$	150		$	292		$	363

Information in Relation to Products

Net revenues by product line are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
	(in millions)					(in millions)
Waste and storage products ⁽¹⁾	$	388		$	345	$	1,071		$	1,005
Cooking products		328			285		902			824
Tableware		196			192		582			556
Unallocated		(7	)		1		(21	)		(10	)
Net revenues	$	905		$	823	$	2,534		$	2,375

(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.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

Note 10 – Related Party Transactions

We historically operated as part of PEI Group. In preparation for our IPO, PEI Group transferred its interest in us to Packaging Finance Limited (“PFL”). PFL owns the majority of our outstanding common stock and owns the majority of the outstanding common stock of PEI Group. Transactions between us and PEI Group are described below.

Ongoing Related Party Transactions

For the three and nine months ended September 30, 2021, revenues from products sold to PEI Group were $29 million and $79 million, respectively, compared to $26 million and $89 million in the comparable prior year periods. For the three and nine months ended September 30, 2021, products purchased from PEI Group were $85 million and $247 million, respectively, compared to $83 million and $244 million in the comparable prior year periods. For the three and nine months ended September 30, 2021, PEI Group charged us freight and warehousing costs of $14 million and $44 million, respectively, compared to $16 million and $62 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 PEI Group in the normal course of business.

Furthermore, $36 million and $107 million of the dividends paid during the three and nine months ended September 30, 2021, respectively, were paid to PFL, compared to $34 million and $57 million in the comparable prior year periods.

Transactions Related to our Separation from PEI Group

On January 30, 2020, we repurchased all of the U.S. accounts receivable that we previously sold through PEI 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 PEI Group Credit Agreement were reallocated to an entity within PEI Group and on February 4, 2020, we were fully and unconditionally released from the security and guarantee arrangements relating to PEI Group’s borrowings. This reallocation resulted in a payment to PEI 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 PEI 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 PEI Group.

On February 4, 2020, we entered into a transition services agreement with a subsidiary of PEI Group, whereby PEI 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 (an affiliate of PEI Group) 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, 2021, we incurred $2 million and $5 million, respectively, related to transition services which were included in selling, general and administrative expenses in our condensed consolidated statements of income compared to $3 million and $8 million in the comparable prior year periods.

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 11 – Subsequent Events

Quarterly Cash Dividend

On October 28, 2021, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on November 30, 2021 to shareholders of record on November 16, 2021.

Except as described above, there have been no events subsequent to September 30, 2021 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, 2021
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: 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, 2020, 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. 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 Pactiv Evergreen Inc. (“PEI”) and not as a stand-alone entity. We represented the business that was previously reported as the Reynolds Consumer Products segment in the consolidated financial statements of PEI and its subsidiaries (collectively, “PEI Group” or the “Parent”). 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 PEI Group on February 4, 2020. Net Parent deficit represented the former Parent’s interest in our net assets. As a direct ownership relationship did not exist between the various entities of our previously combined group, a Net Parent deficit account was shown in our previously combined financial statements. The majority of transactions between us and PEI Group have a history of settlement or were settled for cash in conjunction with our separation from PEI Group and IPO. These transactions have been reflected in our condensed consolidated balance sheets as related party receivables and payables. Transactions that did not have a history of settlement were reflected in equity (deficit) in our previously combined balance sheets as Net Parent deficit and, when cash was utilized (contributed), in our condensed consolidated statements of cash flows as a financing activity in net transfers from (to) Parent.
Initial Public Offering	Initial Public Offering: On February 4, 2020, we completed our separation from PEI 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 PEI Group and IPO, we reclassified PEI 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 PEI Group were contributed as additional paid-in capital without the issuance of any additional shares.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted the standard as of January 1, 2021 with no material impact on our condensed 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. We adopted the standard as of January 1, 2021 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. This ASU was effective upon its issuance and can be applied prospectively through December 31, 2022. We are currently assessing the impact of this standard on our consolidated financial statements.

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	September 30, 2021		December 31, 2020
	(in millions)
Raw materials	$	197	$	138
Work in progress		70		54
Finished goods		312		194
Spare parts		36		33
Inventories	$	615	$	419

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	September 30, 2021			December 31, 2020
	(in millions)
Term loan facility	$	2,138		$	2,257
Deferred financing transaction costs		(19	)		(21	)
Original issue discounts		(2	)		(3	)
		2,117			2,233
Less: current portion		(25	)		(25	)
Long-term debt	$	2,092		$	2,208

- 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
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+ Details

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2021

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,
	2021			2020			2021			2020
	(in millions)						(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(6	)	$	(7	)	$	(6	)	$	(6	)
Currency translation adjustments		—			—			—			(1	)
Other comprehensive (loss)		—			—			—			(1	)
Balance as of end of period	$	(6	)	$	(7	)	$	(6	)	$	(7	)
Employee benefit plans:
Balance as of beginning of period	$	8		$	11		$	8		$	11
Amortization of actuarial gain		—			(1	)		—			(1	)
Other comprehensive (loss)		—			(1	)		—			(1	)
Balance as of end of period	$	8		$	10		$	8		$	10
Interest rate derivatives:
Balance as of beginning of period	$	1		$	—		$	(1	)	$	—
Income arising during period		—			—			2			—
Other comprehensive income		—			—			2			—
Balance as of end of period	$	1		$	—		$	1		$	—
Accumulated other comprehensive income
Balance as of beginning of period	$	3		$	4		$	1		$	5
Other comprehensive (loss) income		—			(1	)		2			(2	)
Balance as of end of period	$	3		$	3		$	3		$	3

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021	(in millions)
Net revenues	$	328	$	235	$	196	$	150	$	909	$	(4	)	$	905
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		328		237		196		151		912		(7	)		905
Adjusted EBITDA		56		37		25		14		132
Depreciation and amortization		5		5		4		5		19		8			27

	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
Nine Months Ended September 30, 2021	(in millions)
Net revenues	$	902	$	645	$	582	$	417	$	2,546	$	(12	)	$	2,534
Intersegment revenues		—		6		—		3		9		(9	)		—
Total segment net revenues		902		651		582		420		2,555		(21	)		2,534
Adjusted EBITDA		167		127		104		52		450
Depreciation and amortization		15		14		12		15		56		25			81

	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

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, 2021	$	571	$	288	$	169	$	246	$	1,274	$	3,459	$	4,733
As of December 31, 2020		433		248		157		204		1,042		3,680		4,722

(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,
	2021			2020			2021			2020
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	132		$	199		$	450		$	552
Corporate / unallocated expenses		—			(7	)		(30	)		(33	)
		132			192			420			519
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(27	)		(24	)		(81	)		(72	)
Interest expense, net		(12	)		(13	)		(36	)		(57	)
IPO and separation-related costs		(5	)		(5	)		(11	)		(26	)
Unrealized gains (losses) on derivatives		—			—			—			(1	)
Consolidated GAAP income before income taxes	$	88		$	150		$	292		$	363

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,
	2021			2020		2021			2020
	(in millions)					(in millions)
Waste and storage products ⁽¹⁾	$	388		$	345	$	1,071		$	1,005
Cooking products		328			285		902			824
Tableware		196			192		582			556
Unallocated		(7	)		1		(21	)		(10	)
Net revenues	$	905		$	823	$	2,534		$	2,375

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

Summary of Significant Accounting Policies - Additional Information (Details)			9 Months Ended
	Feb. 07, 2020 shares	Feb. 04, 2020 $ / shares shares	Sep. 30, 2021 Segment
Related Party Transaction [Line Items]
Number of reportable segments \| Segment			4
Pactiv Evergreen Inc.
Related Party Transaction [Line Items]
Outstanding common stock shares exchanged immediately prior to IPO		155,455
Pactiv Evergreen Inc. \| Underwriters
Related Party Transaction [Line Items]
Number of common stock shares sold	7,075,500
IPO \| Pactiv Evergreen Inc.
Related Party Transaction [Line Items]
Number of common stock shares sold		54,245,500
Shares issued, price per share \| $ / shares		$ 26.00

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 197	$ 138
Work in progress	70	54
Finished goods	312	194
Spare parts	36	33
Inventories	$ 615	$ 419

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (19)	$ (21)
Original issue discounts	(2)	(3)
Total debt	2,117	2,233
Less: current portion	(25)	(25)
Long-term debt	2,092	2,208
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,138	$ 2,257

Debt - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 29, 2020	Sep. 30, 2021
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. We are currently in compliance with the covenants contained in our External Debt Facilities.
Quarterly unreimbursed letters of credit minimum percentage	35.00%
Debt instrument, maturity period		Feb. 28, 2025
Letters of credit outstanding		$ 8,000,000
Outstanding borrowings under revolving facility		$ 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

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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	700,000		700,000		400,000
Stock-based compensation expense	$ 2	$ 1	$ 5	$ 4
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	0		200,000
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	0		200,000

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
	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 1,643	$ 1,615	$ 1,484	$ 1,370	$ (818)	$ 1,615	$ (818)
Other comprehensive income (loss)	(1)	3	(1)	1	(2)
Ending balance	1,676	1,643	1,551	1,484	1,370	1,694	1,551
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period		(6)	(7)		(6)	(6)	(6)
Currency translation adjustments							(1)
Other comprehensive income (loss)							(1)
Balance as of end of period	(6)		(7)	(7)		(6)	(7)
Employee Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period		8	11		11	8	11
Amortization of actuarial gain			(1)				(1)
Other comprehensive income (loss)			(1)				(1)
Balance as of end of period	8		10	11		8	10
Interest Rate Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period		(1)				(1)
Income arising during period						2
Other comprehensive income (loss)						2
Balance as of end of period	1					1
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	4	1	4	3	5	1	5
Other comprehensive income (loss)	(1)	3	(1)	1	(2)	2	(2)
Ending balance	$ 3	$ 4	$ 3	$ 4	$ 3	$ 3	$ 3

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax [Line Items]
Expected annualized effective tax rate	24.60%	24.50%	24.60%	24.50%
Income tax expense	$ 22	$ 37	$ 72	$ 112
RGHL Group
Income Tax [Line Items]
Income tax expense				$ 23

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Summary of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 905	$ 823	$ 2,534	$ 2,375
Adjusted EBITDA	132	192	420	519
Depreciation and amortization	27	24	81	72
Net Revenues
Segment Reporting Information [Line Items]
Net revenues	905	823	2,534	2,375
Operating Segment
Segment Reporting Information [Line Items]
Net revenues	912	822	2,555	2,385
Adjusted EBITDA	132	199	450	552
Depreciation and amortization	19	16	56	50
Operating Segment \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	909	820	2,546	2,377
Operating Segment \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	3	2	9	8
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	328	285	902	824
Adjusted EBITDA	56	63	167	169
Depreciation and amortization	5	5	15	15
Operating Segment \| Reynolds Cooking & Baking \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	328	285	902	824
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	237	209	651	604
Adjusted EBITDA	37	65	127	183
Depreciation and amortization	5	4	14	12
Operating Segment \| Hefty Waste & Storage \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	235	207	645	597
Operating Segment \| Hefty Waste & Storage \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	2	2	6	7
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	196	192	582	556
Adjusted EBITDA	25	43	104	120
Depreciation and amortization	4	3	12	10
Operating Segment \| Hefty Tableware \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	196	192	582	556
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Net revenues	151	136	420	401
Adjusted EBITDA	14	28	52	80
Depreciation and amortization	5	4	15	13
Operating Segment \| Presto Products \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	150	136	417	400
Operating Segment \| Presto Products \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	1		3	1
Unallocated
Segment Reporting Information [Line Items]
Net revenues	(7)	1	(21)	(10)
Adjusted EBITDA		(7)	(30)	(33)
Depreciation and amortization	8	8	25	22
Unallocated \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	(4)	3	(12)	(2)
Unallocated \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	$ (3)	$ (2)	$ (9)	$ (8)

Segment Information - Summary of Segment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 4,733	$ 4,722
Operating Segment
Segment Reporting Information [Line Items]
Assets	1,274	1,042
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	571	433
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	288	248
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Assets	169	157
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Assets	246	204
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,459	$ 3,680

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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+ Details

Segment Information - Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 132	$ 192	$ 420	$ 519
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(27)	(24)	(81)	(72)
Interest expense, net	(12)	(13)	(36)	(57)
IPO and separation-related costs	(5)	(5)	(11)	(26)
Unrealized gains (losses) on derivatives				(1)
Income before income taxes	88	150	292	363
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	132	199	450	552
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(19)	(16)	(56)	(50)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA		(7)	(30)	(33)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (8)	$ (8)	$ (25)	$ (22)

Segment Information - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 905	$ 823	$ 2,534	$ 2,375
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	388	345	1,071	1,005
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	328	285	902	824
Tableware
Segment Reporting Information [Line Items]
Net revenues	196	192	582	556
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ (7)	$ 1	$ (21)	$ (10)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Feb. 04, 2020	Jan. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenues			$ 905	$ 823	$ 2,534	$ 2,375
Costs of sales			723	558	1,952	1,669
Related party borrowings			35		35		$ 41
PEI Group
Related Party Transaction [Line Items]
Revenues			29	26	79	89
Products purchased			85	83	247	244
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
PEI Group \| Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Transition services			2	3	5	8
PFL
Related Party Transaction [Line Items]
Dividend paid			36	34	107	57
Freight and Warehousing Costs \| PEI Group
Related Party Transaction [Line Items]
Costs of sales			$ 14	$ 16	$ 44	$ 62

Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended
	Oct. 28, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividend per common share		$ 0.23	$ 0.23	$ 0.23	$ 0.22	$ 0.15
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share	$ 0.23
Cash dividend per common share, date to be paid	Nov. 30, 2021
Cash dividend per common share, date of record	Nov. 16, 2021