0001564590-22-004307 | 10-K | XBRL Viewer | Reynolds Consumer Products INC

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Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenues	$ 3,445	$ 3,147	$ 2,883
Related party net revenues	111	116	149
Total net revenues	3,556	3,263	3,032
Cost of sales	(2,745)	(2,290)	(2,152)
Gross profit	811	973	880
Selling, general and administrative expenses	(320)	(358)	(305)
Other expense, net	(13)	(29)	(65)
Income from operations	478	586	510
Interest expense, net	(48)	(70)	(209)
Income before income taxes	430	516	301
Income tax expense	(106)	(153)	(76)
Net income	$ 324	$ 363	$ 225
Earnings per share
Basic	$ 1.54	$ 1.78	$ 1.45
Diluted	$ 1.54	$ 1.77	$ 1.45
Weighted average shares outstanding:
Basic	209.8	204.5	155.5
Diluted	209.8	204.5	155.5

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 324	$ 363	$ 225
Other comprehensive income (loss), net of income taxes:
Currency translation adjustment			1
Employee benefit plans	4	(3)	(6)
Interest rate derivatives	5	(1)
Other comprehensive income (loss), net of income taxes	9	(4)	(5)
Comprehensive income	$ 333	$ 359	$ 220

- Definition

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

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 164	$ 312
Accounts receivable, net	316	292
Other receivables	12	9
Related party receivables	10	8
Inventories	583	419
Other current assets	19	13
Total current assets	1,104	1,053
Property, plant and equipment, net	677	612
Operating lease right-of-use assets, net	55	61
Goodwill	1,879	1,879
Intangible assets, net	1,061	1,092
Other assets	36	25
Total assets	4,812	4,722
Liabilities
Accounts payable	261	185
Related party payables	38	41
Current portion of long-term debt	25	25
Accrued and other current liabilities	160	181
Total current liabilities	484	432
Long-term debt	2,087	2,208
Long-term operating lease liabilities	46	51
Deferred income taxes	351	326
Long-term postretirement benefit obligation	50	53
Other liabilities	38	37
Total liabilities	3,056	3,107
Commitments and contingencies (Note 13)
Stockholders’ equity
Additional paid-in capital	1,381	1,381
Accumulated other comprehensive income	10	1
Retained earnings	365	233
Total stockholders' equity	1,756	1,615
Total liabilities and stockholders' equity	$ 4,812	$ 4,722

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
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

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings	Net Parent (Deficit)	Net Parent (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2018	$ (1,027)			$ (1,034)	$ (3)	$ 7	$ 3
Net income	225			225
Other comprehensive income (loss), net of income taxes	(5)					(5)
Net transfers (to) from Parent	(11)			(11)
Ending balance at Dec. 31, 2019	(818)			(823)		5
Net income	363		$ 357	6
Other comprehensive income (loss), net of income taxes	(4)					(4)
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	(124)		(124)
Other	4	4
Ending balance at Dec. 31, 2020	1,615	1,381	233			1
Net income	324		324
Other comprehensive income (loss), net of income taxes	9					9
Dividends	(192)		(192)
Ending balance at Dec. 31, 2021	$ 1,756	$ 1,381	$ 365			$ 10

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

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

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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.

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Consolidated Statements of Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2021 $ / shares
Statement Of Stockholders Equity [Abstract]
Dividends, per share, declared	$ 0.92
Dividends, per share, paid	$ 0.92

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash provided by operating activities
Net income	$ 324	$ 363	$ 225
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	109	99	91
Deferred income taxes	22	67	1
Unrealized (gains) losses on commodity derivatives			(9)
Stock compensation expense	4	5
Change in assets and liabilities:
Accounts receivable, net	(24)	(279)	2
Other receivables	(3)	(2)	6
Related party receivables	(2)	5	(27)
Inventories	(165)		2
Accounts payable	71	54	(6)
Related party payables	(3)	(28)	(89)
Related party accrued interest payable		(18)	133
Income taxes payable	(7)	7	72
Accrued and other current liabilities	(15)	38	9
Other assets and liabilities	(1)	8	(7)
Net cash provided by operating activities	310	319	403
Cash used in investing activities
Acquisition of property, plant and equipment	(141)	(143)	(109)
Advances to related parties			(170)
Repayments from related parties			151
Net cash used in investing activities	(141)	(143)	(128)
Cash (used in) provided by financing activities
Repayment of long-term debt	(125)	(218)	(21)
Dividends paid	(192)	(124)
Proceeds from long-term debt, net of discounts		2,472
Repayments of PEI Group Credit Agreement		(8)
Advances from related parties		240	67
Repayments to related parties		(3,627)	(141)
Deferred debt transaction costs		(28)	(4)
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 from (to) Parent		(14)	(97)
Net cash (used in) provided by financing activities	(317)	34	(196)
Cash and cash equivalents:
(Decrease) increase in cash and cash equivalents	(148)	210	79
Balance as of beginning of the year	312	102	23
Balance as of end of the year	164	312	102
Cash paid:
Interest - long-term debt	41	60	103
Interest - related party borrowings		23	6
Income taxes	$ 91	$ 76	$ 4

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business and Basis of Presentation

Note 1 - Description of Business and Basis of Presentation

Description of Business:

Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products across three broad categories: cooking products, waste and 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 audited consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP").

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.

All financial information presented after our Corporate Reorganization and IPO represents the consolidated financial statements of our company. Our consolidated statements of income include allocations of certain expenses for services provided by PEI Group prior to our separation in February 2020, 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 PEI Group. Total costs allocated to us for these functions were $2 million and $41 million for the years ended December 31, 2020 and 2019, respectively, and were primarily included in selling, general and administrative expenses in our consolidated statements of income. These amounts include costs of $1 million and $22 million for the years ended December 31, 2020 and 2019, respectively, that were not historically allocated to us as part of PEI Group's normal monthly reporting process. Additionally, in the years ended December 31, 2020 and 2019, costs of $2 million and $28 million, respectively, were allocated to us related to the IPO process that cannot be deferred and offset against the IPO proceeds, as well as costs related to our preparations to operate as a stand-alone public company, which were included in other expense, net in our 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.

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 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 consolidated statements of cash flows as a financing activity in net transfers from (to) Parent. Refer to Note 17 - Related Party Transactions for further information.

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.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Use of Estimates:

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

Currency Translation:

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

Cash and Cash Equivalents:

Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We maintain our bank accounts with a relatively small number of high quality financial institutions. Cash balances held by non-U.S. entities as of December 31, 2021 and 2020 were $7 million and $9 million, respectively.

Accounts Receivable:

Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable balance. We evaluate the aging of the accounts receivable balances and the financial condition of our customers to estimate the amount of accounts receivable that may not be collected in the future and record the appropriate provision. The allowance for doubtful accounts was not material as of December 31, 2021 and 2020.

Inventories:

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

Long-Lived Assets:

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

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

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

Leases:

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

Some of our leases contain non-lease components, for example common area or other maintenance costs, that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component as we have elected to combine lease and non-lease components for all classes of underlying assets. We recognize interest on operating lease liabilities and amortization of ROU assets as a single lease expense for operating leases on a straight-line basis over the lease term, substantially all in cost of sales in our consolidated statements of income. All operating lease cash payments are recorded within cash flows from operating activities in the consolidated statements of cash flows. Our lease agreements do not include significant restrictions, covenants or residual value guarantees.

Goodwill and Indefinite-Lived Intangible Assets:

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

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

Revenue Recognition:

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

Consideration in our contracts with customers is variable due to anticipated reductions such as discounts, allowances and trade promotions, collectively referred to as “sales incentives”. Accordingly, revenues are recorded net of estimated sales incentives, based on known or expected adjustments. The transaction price reflects our estimate of the amount of consideration to which we will be

entitled, using an expected value method. We base these estimates principally on historical utilization and redemption rates, anticipated performance and our best judgment at the time to the extent that it is probable that a significant reversal of revenue recognized will not occur. Estimates of sales incentives are monitored and adjusted each period until the sales incentives are realized.

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

Marketing, Advertising and Research and Development:

We promote our products with marketing and advertising programs. These programs include, but are not limited to, cooperative advertising, in-store displays and consumer marketing promotions. The costs of end-consumer marketing programs that are conducted in conjunction with our customers, such as coupons, are recorded as a reduction to revenue. We do not defer these costs on our consolidated balance sheets and all marketing and advertising costs are recorded as an expense in the year incurred. Advertising expense was $43 million, $72 million and $57 million in the years ended December 31, 2021, 2020 and 2019, respectively. We expense product research and development costs as incurred. Research and development expense was $36 million, $41 million and $33 million in the years ended December 31, 2021, 2020 and 2019, respectively. We record marketing and advertising as well as research and development expenses in selling, general and administrative expenses.

Stock-based Compensation:

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the period in which the awards vest in accordance with applicable guidance under Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. In contemplation of us issuing shares to the public, we granted restricted stock units (“RSUs”) in July 2019 to certain members of management, pursuant to retention agreements entered into with these employees. These RSUs vest upon satisfaction of both a performance-based vesting condition, which was satisfied when we completed our IPO on February 4, 2020, and a service-based vesting condition, which 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. We have also granted RSUs to certain members of management and to certain members of our Board of Directors that have a service-based vesting condition. In addition, we 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.

Financial Instruments:

We are exposed to certain risks relating to our ongoing business operations. To manage the volatility relating to these exposures, we enter into various derivative instruments from time to time under our risk management policies. We are not a party to leveraged derivatives and, by policy, do not use financial instruments for speculative purposes.

Interest Rate Derivatives:

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

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

Commodity Derivatives:

We are exposed to price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. From time to time we may enter into derivative financial instruments to mitigate certain risks.

We record commodity derivative financial instruments at fair value (Level 2) and on a gross basis in our consolidated balance sheets in other current assets or accrued and other current liabilities due to their relatively short-term duration. Cash flows from commodity

derivative instruments are classified as operating activities in our consolidated statements of cash flows based on the nature of the derivative instrument. Historically, we have not elected to use hedge accounting. Accordingly, any unrealized gains or losses (mark-to-market impacts) and realized gains or losses are recorded in cost of sales in our consolidated statements of income.

Income Taxes:

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

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

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

Fair Value Measurements and Disclosures:

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

•

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

•

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

•

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

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

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of our financial instruments. The carrying values of cash equivalents, accounts receivables, other receivables, related party receivables, accounts payable, related party payables and accrued and other current liabilities are reasonable estimates of their fair values as of December 31, 2021 and 2020 due to the short-term nature of these instruments.

Variable Interest Entities:

Variable interest entities (“VIEs”) are primarily entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders, as a group, lack one or more of the following characteristics: (a) direct or indirect ability to make decisions, (b) obligation to absorb expected losses or (c) right to receive expected residual returns. Prior to our separation from PEI Group and IPO, we had a variable interest in one VIE related to our factoring arrangement with PEI Group, described below.

Transfers of Financial Assets:

Prior to our separation from PEI Group and IPO in February 2020, we accounted for transfers of financial assets, such as non-recourse accounts receivable factoring arrangements, when we surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of our continuing involvement with the assets transferred and any other relevant considerations. We had a non-recourse factoring arrangement in which we sold eligible receivables to a special purpose entity (“SPE”) consolidated by PEI Group in exchange for cash. We transferred sold accounts receivables in their entirety to PEI Group and satisfied all of the conditions to report the transfer of financial assets in their entirety as a sale. The SPE was considered to be a VIE, however we were not its primary beneficiary because we did not have the power to direct any of its most significant activities through our arrangement as a collecting agent. On January 30, 2020, we repurchased all of the U.S. accounts receivable sold for $264 million, $240 million of which was settled in cash and the remaining amount used to settle certain current related party receivables. The proceeds from the sales of receivables are included in cash from operating activities in our consolidated statements of cash flows.

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 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 consolidated financial statements.

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 adopted the standard as of January 1, 2021 with no material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASC 740”), 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 consolidated financial statements.

Recently Issued Accounting Guidance:

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

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 3 - Inventories

Inventories consisted of the following:

	As of December 31,
	2021		2020
	(in millions)
Raw materials	$	206	$	138
Work in progress		63		54
Finished goods		276		194
Spare parts		38		33
Inventories	$	583	$	419

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

Note 4 - Property, Plant and Equipment, Net

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

	As of December 31,
	2021			2020
	(in millions)
Land and land improvements	$	43		$	36
Buildings and building improvements		183			145
Machinery and equipment		1,126			1,005
Construction in progress		77			118
Property, plant and equipment, at cost		1,429			1,304
Less: accumulated depreciation		(752	)		(692	)
Property, plant and equipment, net	$	677		$	612

Depreciation expense was $78 million, $68 million and $59 million for the years ended December 31, 2021, 2020 and 2019, respectively, of which $70 million, $62 million and $55 million, respectively, was recognized in cost of sales and $8 million, $6 million and $4 million, respectively, was recognized in selling, general and administrative expenses.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5 - Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2019	$	794	$	505	$	282	$	298	$	1,879
Movements		—		—		—		—		—
Balance as of December 31, 2020		794		505		282		298		1,879
Movements		—		—		—		—		—
Balance as of December 31, 2021	$	794	$	505	$	282	$	298	$	1,879

Intangible assets, net consisted of the following:

	As of December 31, 2021							As of December 31, 2020
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(371	)	$	209	$	580	$	(342	)	$	238
Trade names		25		(23	)		2		25		(21	)		4
Total finite-lived intangible assets		605		(394	)		211		605		(363	)		242
Indefinite-lived intangible assets
Trade names		850		—			850		850		—			850
Total intangible assets	$	1,455	$	(394	)	$	1,061	$	1,455	$	(363	)	$	1,092

Amortization expense for intangible assets was $31 million, $31 million and $32 million for the years ended December 31, 2021, 2020 and 2019, respectively, and has been recognized in selling, general and administrative expenses. For the next five years, we estimate annual amortization expense of approximately $28 million each year.

Debt

12 Months Ended

Dec. 31, 2021

Debt Instruments [Abstract]

Debt

Note 6 - Debt

Long-Term Debt:

Long-term debt consisted of the following:

	As of December 31,
	2021			2020
	(in millions)
Term Loan Facility	$	2,132		$	2,257
Deferred financing transaction costs		(18	)		(21	)
Original issue discounts		(2	)		(3	)
		2,112			2,233
Less: current portion		(25	)		(25	)
Long-term debt	$	2,087		$	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. Refer to Note 8 – Financial Instruments for further details.

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

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

Term Loan Facility

The Term Loan Facility matures in 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 year ended December 31, 2021, we made voluntary principal payments of $100 million on our Term Loan Facility.

Revolving Facility

The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of December 31, 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 December 31, 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.

Interest expense, net:

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Interest expense, Term Loan Facility	$	41	$	52	$	—
Amortization of deferred financing transaction costs		4		4		1
Interest expense, PEI Group U.S. Term Loan		—	8		101
Interest expense, related party borrowings⁽¹⁾		—		5		140
Interest income, related party receivables ⁽¹⁾		—		—		(33	)
Other		3		1		—
Interest expense, net	$	48	$	70	$	209

(1)	Refer to Note 17 – Related Party Transactions for additional information.

Scheduled Maturities

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2021:

	(in millions)
2022	$	25
2023		25
2024		25
2025		25
2026		25
Thereafter		2,007
Total long-term debt	$	2,132

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 7 - Leases

We lease certain buildings and plant and equipment. Our leases have reasonably assured remaining lease terms of up to 8 years. Certain leases include options to renew for up to 15 years. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably certain. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the measurement of ROU assets and operating lease liabilities. Variable payments for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. Variable payments for equipment leases relate primarily to hours, miles, or other quantifiable usage factors, which are not determinable at the time of lease inception. These variable payments are expensed as incurred. The discount rate applied to our leases in determining the present value of lease payments is our incremental borrowing rate based on the information available at the commencement date. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. We do not have finance leases.

Lease costs consisted of the following:

	As of December 31,
	2021		2020		2019
	(in millions)
Operating lease costs	$	15	$	16	$	11
Variable lease costs		1		1		1
Short-term lease costs		3		3		5
Total lease costs	$	19	$	20	$	17

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

	As of December 31,
	2021
	(in millions)
2022	$	14
2023		12
2024		12
2025		10
2026		6
Thereafter		11
Total undiscounted lease payments		65
Less: imputed interest		(8	)
Operating lease liabilities	$	57

As of December 31, 2021, there were no material lease transactions that we have entered into but have not yet commenced.

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

	As of December 31,
	2021		2020
	(in millions)
Accrued and other current liabilities	$	11	$	13
Long-term operating lease liabilities		46		51
	$	57	$	64
Operating lease right-of-use assets, net	$	55	$	61

During the years ended December 31, 2021 and 2020, new leases and lease modifications resulted in the recognition of ROU assets and corresponding lease liabilities of $9 million and $31 million, respectively. During the years ended December 31, 2021, 2020 and 2019, cash flows from operating activities in the consolidated statements of cash flows reflected $15 million, $14 million, and $10 million, respectively, of payments for operating lease liabilities.

As of December 31, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.42 years and 5.09%, respectively.

Financial Instruments

12 Months Ended

Dec. 31, 2021

Financial Instruments Disclosure [Abstract]

Financial Instruments

Note 8 - Financial Instruments

Interest Rate Derivatives

During the year ended December 31, 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 annual effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million, of which $800 million notional value was still in effect as of December 31, 2021. These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility. We classified these instruments as cash flow hedges. Our cash flow hedge contracts outstanding as of December 31, 2021 cover periods ranging from one to four years. The effective portion of the gain or loss on the open hedging instrument is recorded in accumulated 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. The effect of our interest rate derivatives on accumulated other comprehensive income and the consolidated statements of income for the year ended December 31, 2021 were not material. The fair value of our interest rate contracts designated as cash flow hedging instruments included on our consolidated balance sheets as of December 31, 2021 and 2020 was not material.

Benefit Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

Note 9 - Benefit Plans

Defined Benefit Plan

After our separation from PEI Group and IPO in February 2020, we established a defined benefit plan for certain of our employees. The initial liability was $2 million which was funded during 2020. The plan is non-contributory and eligible employees are fully vested after five years of service. The impact of the liability of the defined benefit plan on our consolidated balance sheets as of December 31, 2021 and 2020 was not material.

Defined Contribution Plans

We offer defined contribution plans to eligible employees in the United States as well as employees in certain other countries. Our expense relating to defined contribution plans was $26 million, $24 million and $20 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Postretirement Benefit Plan

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

	As of December 31,
	2021			2020
	(in millions)
Accumulated postretirement benefit obligation as of January 1	$	54		$	51
Service cost		1			1
Interest cost		1			2
Benefits paid		(3	)		(4	)
Actuarial (gains) losses		(5	)		4
Accumulated postretirement benefit obligation as of December 31	$	48		$	54

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

	As of December 31,
	2021		2020
	(in millions)
Accrued and other current liabilities	$	3	$	3
Long-term postretirement benefit obligation		45		51
	$	48	$	54

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

	As of December 31, 2019			Changes			As of December 31, 2020			Changes			As of December 31, 2021
	(in millions)
Net actuarial gain (loss)	$	15		$	(5	)	$	10		$	5		$	15
Deferred income tax (expense) benefit		(4	)		2			(2	)		(1	)		(3	)
Accumulated other comprehensive income	$	11		$	(3	)	$	8		$	4		$	12

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

	As of December 31,
	2021			2020
Discount rate		2.90	%		2.54	%
Health care cost trend rate assumed for next year		6.60	%		6.90	%
Ultimate trend rate		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029

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

Components of Net Periodic Postretirement Costs:

Our total net periodic pension and postretirement benefit cost for each of the years ended December 31, 2021, 2020 and 2019 was not material. Prior to the separation from PEI Group in February 2020, our net periodic benefit costs included only our other postretirement benefit plan. After the separation, total net periodic benefit costs include all costs associated with our defined benefit and other postretirement plans.

The service cost component of net periodic postretirement costs, interest cost and amortization of actuarial gain are recognized in cost of sales in the consolidated statements of income.

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

	For the Years Ended December 31,
	2021			2020			2019
Discount rate		2.54	%		3.24	%		4.37	%
Health care cost trend rate assumed for next year		6.90	%		7.20	%		7.70	%
Ultimate trend rate		4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029			2029

Future Benefit Payments:

Expected contributions for the next fiscal year equal the estimated benefit payments of $3 million.

Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2021 were as follows:

	(in millions)
2022	$	3
2023		3
2024		3
2025		3
2026		3
2027-2031	14

Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 10 - 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, which was satisfied when we completed our IPO on February 4, 2020, and a service-based vesting condition, which 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 in February 2020, 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 have granted performance stock units (“PSUs”) to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur. 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 years ended December 31, 2021 and 2020, 0.2 million and 0.3 million RSUs and 0.2 million and 0.2 million PSUs were granted, respectively.

A summary of activity for RSUs and PSUs for the years ended December 31, 2021 and 2020, is as follows (in millions, except for per share data):

	Shares			Weighted-Average Grant-Date Fair Value Per Share
Unvested, at January 1, 2020		—		$	—
Granted	0.5				29
Forfeited		(0.1	)		27
Vested		—			—
Unvested, at December 31, 2020		0.4		$	29
Granted		0.3			30
Forfeited		—			—
Vested		(0.1	)		28
PSU performance adjustment		(0.2	)		30
Unvested, at December 31, 2021		0.4		$	29

Unrecognized compensation expense relating to unvested RSUs and PSUs as of December 31, 2021, was $6 million, which is expected to be recognized over a weighted average period of 1.4 years.

There were stock-based compensation awards representing 0.4 million shares outstanding at December 31, 2021 and 2020. Stock-based compensation expense was $4 million and $5 million for the years ended December 31, 2021 and 2020, respectively.

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities And Other Liabilities [Abstract]

Accrued and Other Current Liabilities

Note 11 - Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2021		2020
	(in millions)
Trade promotion allowances	$	40	$	35
Accrued personnel costs		34		63
Other		86		83
Accrued and other current liabilities	$	160	$	181

Other Expense, Net

12 Months Ended

Dec. 31, 2021

Other Expense Net [Abstract]

Other Expense, Net

Note 12 - Other Expense, Net

Other expense, net consisted of the following:

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Factoring discount ⁽¹⁾	$	—		$	—		$	25
Allocated related party management fee ⁽²⁾		—			—			10
IPO and separation-related costs ⁽³⁾		14			31			31
Other		(1	)		(2	)		(1	)
Other expense, net	$	13		$	29		$	65

(1)

Reflects the loss on sale that we incurred when we sold our U.S. trade receivables through PEI Group’s securitization facility. Our participation in this facility ceased upon the completion of our Corporate Reorganization and IPO.

(2)

Reflects our allocation, from PEI Group, of a management fee that was charged by Rank to PEI Group, which ceased upon the completion of our Corporate Reorganization and IPO.

(3)

Reflects costs related to our separation to operate as a stand-alone public company and the IPO process.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13 - 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 December 31, 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

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 14 - Accumulated Other Comprehensive Income

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

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(6	)	$	(6	)	$	(7	)
Currency translation adjustments		—			—			1
Other comprehensive income		—			—			1
Balance as of end of period	$	(6	)	$	(6	)	$	(6	)
Employee benefit plans:
Balance as of beginning of period	$	8		$	11		$	14
Adoption of new accounting principle		—			—			3
Net actuarial gain (loss) arising during period		6			(4	)		(5	)
Deferred tax (expense) benefit on net actuarial gain (loss)		(1	)		2			1
(Gains) and losses reclassified into net income:
Amortization of actuarial gain		(1	)		(1	)		(2	)
Other comprehensive income (loss)		4			(3	)		(6	)
Balance as of end of period	$	12		$	8		$	11
Interest rate derivatives:
Balance as of beginning of period	$	(1	)	$	—		$	—
Gain (loss) arising during period, net of income tax		5			(1	)		—
Other comprehensive income (loss)		5			(1	)		—
Balance as of end of period	$	4		$	(1	)	$	—
Accumulated other comprehensive income
Balance as of beginning of period	$	1		$	5		$	7
Adoption of new accounting principle		—			—			3
Other comprehensive income (loss)		9			(4	)		(5	)
Balance as of end of period	$	10		$	1		$	5

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 15 - Income Taxes

Prior to our separation from PEI Group and IPO in February 2020, 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 the separation, income tax (expense) benefit are presented in the 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.

The components of income before income tax were as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Income before income taxes:
United States	$	424	$	511	$	300
International		6		5		1
Total income before income taxes	$	430	$	516	$	301

Significant components of income tax expense were as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Current
United States
Federal	$	69	$	70	$	68
State		14		14		8
Foreign		1		1		—
Total current income tax expense		84		85		76
Deferred
United States
Federal		19		54		3
State		3		13		(3	)
Foreign		—		1		—
Total deferred income tax expense		22		68		—
Total income tax expense	$	106	$	153	$	76

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2021, 2020 and 2019, to our income tax expense was as follows:

	For the Years Ended December 31,
	2021		2020			2019
	(in millions)
U.S. Federal income tax expense at the statutory rate	$	90	$	108		$	63
U.S. State income tax expense		15		17			2
Non-deductible expenses		—		2			6
CARES Act		—		27			—
Return to provision adjustments		1		(2	)		3
Other		—		1			2
Total income tax expense	$	106	$	153		$	76

Deferred Tax Assets and Liabilities

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

	As of December 31,
	2021			2020
	(in millions)
Deferred tax assets
Employee benefits	$	26		$	24
Lease obligations		13			15
Inventory		9			7
Reserves		4			2
Tax losses		4			4
Tax credits		—			4
Total deferred tax assets		56			56
Valuation allowance		(6	)		(5	)
Total deferred tax assets after valuation allowance		50			51
Deferred tax liabilities
Intangible assets		(293	)		(291	)
Property, plant and equipment		(93	)		(72	)
Lease right-of-use assets		(13	)		(14	)
Other		(2	)		—
Total deferred tax liabilities		(401	)		(377	)
Net deferred tax liabilities	$	(351	)	$	(326	)

State and foreign net operating loss carryforwards, presented on a gross basis, and tax credit carryforwards were as follows:

	As of December 31,
	2021		2020
	(in millions)
State and foreign net operating loss carryforwards
Expires within 5 years	$	—	$	—
Expires after 5 years or no expiration		42		49
Total net operating loss carryforwards	$	42	$	49
Tax credit carryforwards
Expires within 5 years	$	—	$	4
Total tax credit carryforwards	$	—	$	4

Deferred tax assets related to state and foreign net operating loss carryforwards and state tax credit carryforwards are available to offset future state and foreign taxable earnings. We have provided a valuation allowance to reduce the carrying value of certain of these deferred tax assets, as we have concluded that, based on the available evidence, it is more likely than not that the deferred tax assets will not be fully realized. Valuation allowances relating to these losses were $4 million and $5 million as of December 31, 2021 and 2020, respectively. There were no material changes in valuation allowances in any of the years presented.

Uncertain Tax Positions

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

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

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Balance as of beginning of the year	$	4	$	2	$	1
Increase associated with tax positions taken during the current year		1		2		1
Ending unrecognized tax benefits	$	5	$	4	$	2

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

Prior to February 4, 2020, we were part of consolidated U.S. federal tax returns filed by PEI Group. Under a Tax Matters Agreement, entered into as part of our corporate reorganization prior to our IPO, PEI Group has retained responsibility for all U.S. federal tax matters for periods to and including February 4, 2020.

Taxes Paid

Taxes paid were $91 million, $76 million and $4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Prior to our separation from PEI Group and IPO, our U.S. entities were members of a consolidated U.S. tax entity group for federal and certain state tax returns filed by the PEI Group. For periods prior to our separation, the current U.S. federal and state tax liabilities of our U.S. entities was aggregated with the other members of the consolidated U.S. tax entity group and settled on a net basis by a related party. There was no formal tax sharing agreement. The settlement of our current U.S. federal and state taxes for the periods prior to our separation were recognized directly as a movement in Net Parent deficit.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 16 - 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, butcher 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 and Hefty Strong brands for trash bags, and as the Hefty and Baggies brands for our food storage bags.

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 on commodity derivatives, factoring discounts, the allocated related party management fee 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.

The accounting policies applied by our segments are the same as those described in Note 2 - Summary of Significant Accounting Policies. Transactions between segments are at negotiated prices.

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2021	(in millions)
Net revenues	$	1,314	$	876	$	815	$	560	$	3,565	$	(9	)	$	3,556
Intersegment revenues		—		8		—		4		12		(12	)		—
Total segment net revenues		1,314		884		815		564		3,577		(21	)		3,556
Adjusted EBITDA		255		173		137		69		634
Depreciation and amortization		21		18		16		21		76		33			109
Capital expenditures		42		22		19		53		136		5			141
Total assets		562		290		165		247		1,264		3,548			4,812

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2020	(in millions)
Net revenues	$	1,159	$	809	$	763	$	532	$	3,263	$	—		$	3,263
Intersegment revenues		—		9		—		1		10		(10	)		—
Total segment net revenues		1,159		818		763		533		3,273		(10	)		3,263
Adjusted EBITDA		254		236		170		98		758
Depreciation and amortization		20		15		14		19		68		31			99
Capital expenditures		33		30		24		38		125		18			143
Total assets		433		248		157		204		1,042		3,680			4,722

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2019	(in millions)
Net revenues	$	1,076	$	695	$	751	$	510	$	3,032	$	—		$	3,032
Intersegment revenues		—		14		—		1		15		(15	)		—
Total segment net revenues		1,076		709		751		511		3,047		(15	)		3,032
Adjusted EBITDA		209		190		178		91		668
Depreciation and amortization		20		13		9		21		63		28			91
Capital expenditures⁽²⁾		34		41		6		24		105		8			113

(1)

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

(2)

Until October 31, 2019, the property, plant and equipment included in our Hefty Tableware segment was contributed to us from PEI Group. No capital expenditures were incurred by us in relation to these items. On November 1, 2019, as part of our separation from PEI Group, we acquired the legal title to these assets.

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

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Segment Adjusted EBITDA	$	634		$	758		$	668
Corporate / unallocated expenses		(33	)		(41	)		(13	)
		601			717			655
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(109	)		(99	)		(91	)
Interest expense, net		(48	)		(70	)		(209	)
Factoring discount		—			—			(25	)
Allocated related party management fee		—			—			(10	)
IPO and separation-related costs		(14	)		(31	)		(31	)
Unrealized gains on derivatives		—			—			9
Other		—			(1	)		3
Consolidated GAAP income before income taxes	$	430		$	516		$	301

Information in Relation to Products

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Waste and storage products⁽¹⁾	$	1,448		$	1,351		$	1,220
Cooking products		1,314			1,159			1,076
Tableware		815			763			751
Unallocated		(21	)		(10	)		(15	)
Net revenues	$	3,556		$	3,263		$	3,032

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

Our different product lines are generally sold to a common group of customers. For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.

Geographic Data

Geographic data for net revenues (recognized based on location of our business operations) and long-lived assets (representing property, plant and equipment) are as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Net revenues:
United States	$	3,495	$	3,206	$	2,982
Other		61		57		50
Net revenues	$	3,556	$	3,263	$	3,032

	As of December 31,
	2021		2020
	(in millions)
Long-lived assets
United States	$	671	$	606
Other		6		6
Long-lived assets	$	677	$	612

Entity-wide Disclosures

Net revenues from our largest customer and its affiliates were 44%, 43% and 43% of total net revenues for the years ended December 31, 2021, 2020 and 2019, respectively. The net revenues from our largest customer were recognized across all of our segments. No other customers accounted for 10% or more of our total net revenues in any of the years presented.

- Definition

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

+ References

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Note 17 - Related Party Transactions

We historically operated as part of PEI Group. In preparation for our IPO in February 2020, 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. In addition to the pre-IPO allocation of expenses for certain services related to group wide functions provided by PEI Group discussed in Note 1 – Description of Business and Basis of Presentation, other transactions between us and PEI Group are described below.

On-going Related Party Transactions

For the years ended December 31, 2021, 2020 and 2019, revenues from products sold to PEI Group were $111 million, $116 million and $149 million, respectively. For the years ended December 31, 2021, 2020 and 2019, products purchased from PEI Group were $343 million, $330 million and $438 million, respectively. For the years ended December 31, 2021, 2020 and 2019, PEI Group charged us freight and warehousing costs of $60 million, $80 million and $134 million, respectively, which were included in cost of sales. The resulting related party receivables and payables are settled regularly with PEI Group in the normal course of business. Furthermore, $143 million and $92 million of dividends were paid to PFL during the years ended December 31, 2021 and 2020, respectively.

Transactions Related to our Separation from PEI Group

On November 1, 2019, as part of our separation from PEI Group, we acquired the legal title to certain property, plant and equipment and inventories from PEI Group for cash consideration of $112 million which represented fair market value and is presented within net transfers from (to) Parent in our consolidated statements of cash flows. These assets are directly attributable to our business and have been historically reflected in our consolidated financial statements, at their respective net book values, within our Hefty Tableware segment.

We had written interest-bearing loan agreements in place with PEI Group. In June 2019, all of our non-current related party receivables and a portion of current related party receivables were used to reduce the balances outstanding of various related party borrowings, related party accrued interest payable and related party payables. As a result of this process, we net settled related party borrowings of $1,714 million, related party accrued interest payable of $655 million and related party payables of $94 million. Accordingly, we had

no related party long-term receivables as of December 31, 2019. Related party borrowings were $2,214 million as of December 31, 2019. Related party accrued interest payable was $18 million as of December 31, 2019. We remitted accrued interest payable on the borrowings to PEI Group as and when requested in conjunction with its cash management activities. Interest expense and income related to these loan agreements were accrued based on the written loan agreements. During the year ended December 31, 2019, we borrowed $98 million ($31 million non-cash), from PEI Group and repaid borrowings of $141 million. In addition, during the year ended December 31, 2019, $36 million of accrued interest was capitalized into related party borrowings. During the year ended December 31, 2019, we advanced loans of $170 million to PEI Group and received repayments of $151 million. The weighted average contractual interest rate related to our related party borrowings as of December 31, 2019 was 2.20%.

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 years ended December 31, 2021 and 2020, we incurred $6 million and $10 million, respectively, related to transition services which was included in selling, general and administrative expenses in our consolidated statements of income.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 18 - Subsequent Events

Quarterly Cash Dividend

On January 27, 2022, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on February 28, 2022 to shareholders of record on February 14, 2022.

Except as described above, there have been no events subsequent to December 31, 2021 which would require accrual or disclosure in these consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business

Description of Business:

Basis of Presentation

Basis of Presentation:

We have prepared the accompanying audited consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP").

Initial Public Offering

Initial Public Offering:

Use of Estimates

Use of Estimates:

Currency Translation

Currency Translation:

Cash and Cash Equivalents

Cash and Cash Equivalents:

Accounts Receivable:

Inventories:

Long-Lived Assets:

Leases:

Goodwill and Indefinite-Lived Intangible Assets

Goodwill and Indefinite-Lived Intangible Assets:

Revenue Recognition

Revenue Recognition:

Marketing, Advertising and Research and Development

Marketing, Advertising and Research and Development:

Stock-based Compensation

Stock-based Compensation:

Financial Instruments

Financial Instruments:

Interest Rate Derivatives:

Commodity Derivatives:

Income Taxes

Income Taxes:

Fair Value Measurements and Disclosures

Fair Value Measurements and Disclosures:

•

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

•

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

Variable Interest Entities

Variable Interest Entities:

Transfers of Financial Assets

Transfers of Financial Assets:

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance:

Recently Issued Accounting Guidance

Recently Issued Accounting Guidance:

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	As of December 31,
	2021		2020
	(in millions)
Raw materials	$	206	$	138
Work in progress		63		54
Finished goods		276		194
Spare parts		38		33
Inventories	$	583	$	419

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

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

	As of December 31,
	2021			2020
	(in millions)
Land and land improvements	$	43		$	36
Buildings and building improvements		183			145
Machinery and equipment		1,126			1,005
Construction in progress		77			118
Property, plant and equipment, at cost		1,429			1,304
Less: accumulated depreciation		(752	)		(692	)
Property, plant and equipment, net	$	677		$	612

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2019	$	794	$	505	$	282	$	298	$	1,879
Movements		—		—		—		—		—
Balance as of December 31, 2020		794		505		282		298		1,879
Movements		—		—		—		—		—
Balance as of December 31, 2021	$	794	$	505	$	282	$	298	$	1,879

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of December 31, 2021							As of December 31, 2020
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(371	)	$	209	$	580	$	(342	)	$	238
Trade names		25		(23	)		2		25		(21	)		4
Total finite-lived intangible assets		605		(394	)		211		605		(363	)		242
Indefinite-lived intangible assets
Trade names		850		—			850		850		—			850
Total intangible assets	$	1,455	$	(394	)	$	1,061	$	1,455	$	(363	)	$	1,092

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	As of December 31,
	2021			2020
	(in millions)
Term Loan Facility	$	2,132		$	2,257
Deferred financing transaction costs		(18	)		(21	)
Original issue discounts		(2	)		(3	)
		2,112			2,233
Less: current portion		(25	)		(25	)
Long-term debt	$	2,087		$	2,208

Schedule of Interest Expense, Net

Interest expense, net consisted of the following:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Interest expense, Term Loan Facility	$	41	$	52	$	—
Amortization of deferred financing transaction costs		4		4		1
Interest expense, PEI Group U.S. Term Loan		—	8		101
Interest expense, related party borrowings⁽¹⁾		—		5		140
Interest income, related party receivables ⁽¹⁾		—		—		(33	)
Other		3		1		—
Interest expense, net	$	48	$	70	$	209

(1)	Refer to Note 17 – Related Party Transactions for additional information.

Schedule of Required Future Repayments on Debt Outstanding

Below is a schedule of required future repayments on our debt outstanding as of December 31, 2021:

	(in millions)
2022	$	25
2023		25
2024		25
2025		25
2026		25
Thereafter		2,007
Total long-term debt	$	2,132

- 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

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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Lease Costs

Lease costs consisted of the following:

	As of December 31,
	2021		2020		2019
	(in millions)
Operating lease costs	$	15	$	16	$	11
Variable lease costs		1		1		1
Short-term lease costs		3		3		5
Total lease costs	$	19	$	20	$	17

Summary of Future Lease Payments Under Non-Cancellable Leases

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

	As of December 31,
	2021
	(in millions)
2022	$	14
2023		12
2024		12
2025		10
2026		6
Thereafter		11
Total undiscounted lease payments		65
Less: imputed interest		(8	)
Operating lease liabilities	$	57

Summary of Operating Lease Liabilities and ROU Assets Included in Consolidated Balance Sheets

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

	As of December 31,
	2021		2020
	(in millions)
Accrued and other current liabilities	$	11	$	13
Long-term operating lease liabilities		46		51
	$	57	$	64
Operating lease right-of-use assets, net	$	55	$	61

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Schedule of Changes in and Amount of Accumulated Postretirement Benefit Obligation

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

	As of December 31,
	2021			2020
	(in millions)
Accumulated postretirement benefit obligation as of January 1	$	54		$	51
Service cost		1			1
Interest cost		1			2
Benefits paid		(3	)		(4	)
Actuarial (gains) losses		(5	)		4
Accumulated postretirement benefit obligation as of December 31	$	48		$	54

Schedule of Accrued Benefit Obligation Included in Consolidated Balance Sheets

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

	As of December 31,
	2021		2020
	(in millions)
Accrued and other current liabilities	$	3	$	3
Long-term postretirement benefit obligation		45		51
	$	48	$	54

Schedule of Accrued Benefit Obligation Recorded in Accumulated Other Comprehensive Income

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

	As of December 31, 2019			Changes			As of December 31, 2020			Changes			As of December 31, 2021
	(in millions)
Net actuarial gain (loss)	$	15		$	(5	)	$	10		$	5		$	15
Deferred income tax (expense) benefit		(4	)		2			(2	)		(1	)		(3	)
Accumulated other comprehensive income	$	11		$	(3	)	$	8		$	4		$	12

Schedule of Weighted-Average Assumptions to Determine Postretirement Benefit Obligations

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

	As of December 31,
	2021			2020
Discount rate		2.90	%		2.54	%
Health care cost trend rate assumed for next year		6.60	%		6.90	%
Ultimate trend rate		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029

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

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

	For the Years Ended December 31,
	2021			2020			2019
Discount rate		2.54	%		3.24	%		4.37	%
Health care cost trend rate assumed for next year		6.90	%		7.20	%		7.70	%
Ultimate trend rate		4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029			2029

Schedule of Estimated Future Benefit Payments

Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2021 were as follows:

	(in millions)
2022	$	3
2023		3
2024		3
2025		3
2026		3
2027-2031	14

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity for RSUs and PSUs

A summary of activity for RSUs and PSUs for the years ended December 31, 2021 and 2020, is as follows (in millions, except for per share data):

	Shares			Weighted-Average Grant-Date Fair Value Per Share
Unvested, at January 1, 2020		—		$	—
Granted	0.5				29
Forfeited		(0.1	)		27
Vested		—			—
Unvested, at December 31, 2020		0.4		$	29
Granted		0.3			30
Forfeited		—			—
Vested		(0.1	)		28
PSU performance adjustment		(0.2	)		30
Unvested, at December 31, 2021		0.4		$	29

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities And Other Liabilities [Abstract]

Summary of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	As of December 31,
	2021		2020
	(in millions)
Trade promotion allowances	$	40	$	35
Accrued personnel costs		34		63
Other		86		83
Accrued and other current liabilities	$	160	$	181

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Expense Net [Abstract]

Summary of Other Expense, Net

Other expense, net consisted of the following:

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Factoring discount ⁽¹⁾	$	—		$	—		$	25
Allocated related party management fee ⁽²⁾		—			—			10
IPO and separation-related costs ⁽³⁾		14			31			31
Other		(1	)		(2	)		(1	)
Other expense, net	$	13		$	29		$	65

(1)

(2)

Reflects our allocation, from PEI Group, of a management fee that was charged by Rank to PEI Group, which ceased upon the completion of our Corporate Reorganization and IPO.

(3)

Reflects costs related to our separation to operate as a stand-alone public company and the IPO process.

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 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.

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(6	)	$	(6	)	$	(7	)
Currency translation adjustments		—			—			1
Other comprehensive income		—			—			1
Balance as of end of period	$	(6	)	$	(6	)	$	(6	)
Employee benefit plans:
Balance as of beginning of period	$	8		$	11		$	14
Adoption of new accounting principle		—			—			3
Net actuarial gain (loss) arising during period		6			(4	)		(5	)
Deferred tax (expense) benefit on net actuarial gain (loss)		(1	)		2			1
(Gains) and losses reclassified into net income:
Amortization of actuarial gain		(1	)		(1	)		(2	)
Other comprehensive income (loss)		4			(3	)		(6	)
Balance as of end of period	$	12		$	8		$	11
Interest rate derivatives:
Balance as of beginning of period	$	(1	)	$	—		$	—
Gain (loss) arising during period, net of income tax		5			(1	)		—
Other comprehensive income (loss)		5			(1	)		—
Balance as of end of period	$	4		$	(1	)	$	—
Accumulated other comprehensive income
Balance as of beginning of period	$	1		$	5		$	7
Adoption of new accounting principle		—			—			3
Other comprehensive income (loss)		9			(4	)		(5	)
Balance as of end of period	$	10		$	1		$	5

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Components of Income Before Income Tax

The components of income before income tax were as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Income before income taxes:
United States	$	424	$	511	$	300
International		6		5		1
Total income before income taxes	$	430	$	516	$	301

Summary of Significant Components of Income Tax Expense

Significant components of income tax expense were as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Current
United States
Federal	$	69	$	70	$	68
State		14		14		8
Foreign		1		1		—
Total current income tax expense		84		85		76
Deferred
United States
Federal		19		54		3
State		3		13		(3	)
Foreign		—		1		—
Total deferred income tax expense		22		68		—
Total income tax expense	$	106	$	153	$	76

Summary of Reconciliation of Income Taxes Computed at U.S. Federal Statutory Income Tax Rate to Income Tax Expense

A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate of 21% for 2021, 2020 and 2019, to our income tax expense was as follows:

	For the Years Ended December 31,
	2021		2020			2019
	(in millions)
U.S. Federal income tax expense at the statutory rate	$	90	$	108		$	63
U.S. State income tax expense		15		17			2
Non-deductible expenses		—		2			6
CARES Act		—		27			—
Return to provision adjustments		1		(2	)		3
Other		—		1			2
Total income tax expense	$	106	$	153		$	76

Summary of Components of Net Deferred Income Tax Liability

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

	As of December 31,
	2021			2020
	(in millions)
Deferred tax assets
Employee benefits	$	26		$	24
Lease obligations		13			15
Inventory		9			7
Reserves		4			2
Tax losses		4			4
Tax credits		—			4
Total deferred tax assets		56			56
Valuation allowance		(6	)		(5	)
Total deferred tax assets after valuation allowance		50			51
Deferred tax liabilities
Intangible assets		(293	)		(291	)
Property, plant and equipment		(93	)		(72	)
Lease right-of-use assets		(13	)		(14	)
Other		(2	)		—
Total deferred tax liabilities		(401	)		(377	)
Net deferred tax liabilities	$	(351	)	$	(326	)

Summary of State and Foreign Net Operating Loss Carryforwards on Gross Basis and Tax Credit Carryforwards

State and foreign net operating loss carryforwards, presented on a gross basis, and tax credit carryforwards were as follows:

	As of December 31,
	2021		2020
	(in millions)
State and foreign net operating loss carryforwards
Expires within 5 years	$	—	$	—
Expires after 5 years or no expiration		42		49
Total net operating loss carryforwards	$	42	$	49
Tax credit carryforwards
Expires within 5 years	$	—	$	4
Total tax credit carryforwards	$	—	$	4

Summary of Activity Related to Gross Unrecognized Tax Benefits

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

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Balance as of beginning of the year	$	4	$	2	$	1
Increase associated with tax positions taken during the current year		1		2		1
Ending unrecognized tax benefits	$	5	$	4	$	2

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Adjusted EBITDA

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2021	(in millions)
Net revenues	$	1,314	$	876	$	815	$	560	$	3,565	$	(9	)	$	3,556
Intersegment revenues		—		8		—		4		12		(12	)		—
Total segment net revenues		1,314		884		815		564		3,577		(21	)		3,556
Adjusted EBITDA		255		173		137		69		634
Depreciation and amortization		21		18		16		21		76		33			109
Capital expenditures		42		22		19		53		136		5			141
Total assets		562		290		165		247		1,264		3,548			4,812

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2020	(in millions)
Net revenues	$	1,159	$	809	$	763	$	532	$	3,263	$	—		$	3,263
Intersegment revenues		—		9		—		1		10		(10	)		—
Total segment net revenues		1,159		818		763		533		3,273		(10	)		3,263
Adjusted EBITDA		254		236		170		98		758
Depreciation and amortization		20		15		14		19		68		31			99
Capital expenditures		33		30		24		38		125		18			143
Total assets		433		248		157		204		1,042		3,680			4,722

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated⁽¹⁾			Total
2019	(in millions)
Net revenues	$	1,076	$	695	$	751	$	510	$	3,032	$	—		$	3,032
Intersegment revenues		—		14		—		1		15		(15	)		—
Total segment net revenues		1,076		709		751		511		3,047		(15	)		3,032
Adjusted EBITDA		209		190		178		91		668
Depreciation and amortization		20		13		9		21		63		28			91
Capital expenditures⁽²⁾		34		41		6		24		105		8			113

(1)

(2)

Reconciliation of Segment Adjusted EBITDA to Consolidated GAAP Income Before Income Taxes

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

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Segment Adjusted EBITDA	$	634		$	758		$	668
Corporate / unallocated expenses		(33	)		(41	)		(13	)
		601			717			655
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(109	)		(99	)		(91	)
Interest expense, net		(48	)		(70	)		(209	)
Factoring discount		—			—			(25	)
Allocated related party management fee		—			—			(10	)
IPO and separation-related costs		(14	)		(31	)		(31	)
Unrealized gains on derivatives		—			—			9
Other		—			(1	)		3
Consolidated GAAP income before income taxes	$	430		$	516		$	301

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	For the Years Ended December 31,
	2021			2020			2019
	(in millions)
Waste and storage products⁽¹⁾	$	1,448		$	1,351		$	1,220
Cooking products		1,314			1,159			1,076
Tableware		815			763			751
Unallocated		(21	)		(10	)		(15	)
Net revenues	$	3,556		$	3,263		$	3,032

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

Summary of Geographic Data for Net Revenues and Long-Lived Assets

Geographic data for net revenues (recognized based on location of our business operations) and long-lived assets (representing property, plant and equipment) are as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(in millions)
Net revenues:
United States	$	3,495	$	3,206	$	2,982
Other		61		57		50
Net revenues	$	3,556	$	3,263	$	3,032

	As of December 31,
	2021		2020
	(in millions)
Long-lived assets
United States	$	671	$	606
Other		6		6
Long-lived assets	$	677	$	612

Description of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 07, 2020 shares	Feb. 04, 2020 $ / shares shares	Dec. 31, 2021 Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Number of reportable segments \| Segment			4
Pactiv Evergreen Inc.
Related Party Transaction [Line Items]
Cost allocated to related party service provided \| $				$ 2	$ 41
Related party transaction historical expenses not allocated \| $				1	22
Outstanding common stock shares exchanged immediately prior to IPO \| shares		155,455
Pactiv Evergreen Inc. \| Underwriters
Related Party Transaction [Line Items]
Number of common stock shares sold \| shares	7,075,500
IPO \| Pactiv Evergreen Inc.
Related Party Transaction [Line Items]
Issuance costs \| $				$ 2	$ 28
Number of common stock shares sold \| shares		54,245,500
Shares issued, price per share \| $ / shares		$ 26.00

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) VIE	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Impairments of long-lived assets		$ 0	$ 0	$ 0
Advertising expense		43,000,000	72,000,000	57,000,000
Research and development expense		$ 36,000,000	41,000,000	33,000,000
Percentage of employees can satisfied the service condition		33.33%
Minimum period of employees need to continued employment		3 years
PEI Group
Related Party Transaction [Line Items]
Number of variable interest entity \| VIE		1
PEI Group \| Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Amount of Accounts Receivable Repurchased	$ 264,000,000
Payments for repurchase of accounts receivable	$ 240,000,000
Fair Value, Nonrecurring
Related Party Transaction [Line Items]
Assets measured at fair value		$ 0	0	0
Liabilities measured at fair value		$ 0	0	$ 0
Minimum \| Machinery and Equipment
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life		5 years
Minimum \| Buildings and Building Improvements
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life		15 years
Minimum \| Customer Relationships
Related Party Transaction [Line Items]
Finite-lived intangible assets, estimated useful life		18 years
Maximum \| Machinery and Equipment
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life		20 years
Maximum \| Buildings and Building Improvements
Related Party Transaction [Line Items]
Property, plant and equipment estimated useful life		40 years
Maximum \| Customer Relationships
Related Party Transaction [Line Items]
Finite-lived intangible assets, estimated useful life		20 years
Non-U.S. Entities
Related Party Transaction [Line Items]
Cash balances		$ 7,000,000	$ 9,000,000

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 206	$ 138
Work in progress	63	54
Finished goods	276	194
Spare parts	38	33
Inventories	$ 583	$ 419

Property, Plant and Equipment, Net - Summary of Property,Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,429	$ 1,304
Less: accumulated depreciation	(752)	(692)
Property, plant and equipment, net	677	612
Land and Land Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	43	36
Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	183	145
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	1,126	1,005
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, at cost	$ 77	$ 118

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Depreciation expense	$ 78	$ 68	$ 59
Cost of Sales
Property Plant And Equipment [Line Items]
Depreciation expense	70	62	55
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Depreciation expense	$ 8	$ 6	$ 4

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 1,879	$ 1,879	$ 1,879
Reynolds Cooking & Baking
Goodwill [Line Items]
Goodwill	794	794	794
Hefty Waste & Storage
Goodwill [Line Items]
Goodwill	505	505	505
Hefty Tableware
Goodwill [Line Items]
Goodwill	282	282	282
Presto Products
Goodwill [Line Items]
Goodwill	$ 298	$ 298	$ 298

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	$ 1,455	$ 1,455
Intangible assets, Accumulated amortization	(394)	(363)
Intangible assets, net	1,061	1,092
Finite-Lived Intangible Assets
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	605	605
Intangible assets, Accumulated amortization	(394)	(363)
Intangible assets, net	211	242
Finite-Lived Intangible Assets \| Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	580	580
Intangible assets, Accumulated amortization	(371)	(342)
Intangible assets, net	209	238
Finite-Lived Intangible Assets \| Trade Names
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	25	25
Intangible assets, Accumulated amortization	(23)	(21)
Intangible assets, net	2	4
Indefinite-Lived Intangible Assets \| Trade Names
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	850	850
Intangible assets, net	$ 850	$ 850

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Estimated amortization expense for year one	$ 28
Estimated amortization expense for year two	28
Estimated amortization expense for year three	28
Estimated amortization expense for year four	28
Estimated amortization expense for year five	28
Selling, General and Administrative Expenses
Finite Lived Intangible Assets [Line Items]
Intangible assets amortization expense	$ 31	$ 31	$ 32

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (18)	$ (21)
Original issue discounts	(2)	(3)
Total debt	2,112	2,233
Less: current portion	(25)	(25)
Long-term debt	2,087	2,208
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,132	$ 2,257

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 29, 2020	Dec. 31, 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 payments		$ 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

Debt - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of deferred financing transaction costs	$ 4	$ 4	$ 1
Interest expense, related party borrowings		5	140
Interest income, related party receivables			(33)
Other	3	1
Interest expense, net	48	70	209
Term Loan Facility
Debt Instrument [Line Items]
Interest expense	$ 41	52
PEI Group U.S. Term Loan
Debt Instrument [Line Items]
Interest expense		$ 8	$ 101

Debt - Schedule of Required Future Repayments on Debt Outstanding (Details) $ in Millions	Dec. 31, 2021 USD ($)
Maturities Of Long Term Debt [Abstract]
2022	$ 25
2023	25
2024	25
2025	25
2026	25
Thereafter	2,007
Total long-term debt	$ 2,132

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Lease term	Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.
Lease not yet commenced description	there were no material lease transactions that we have entered into but have not yet commenced.
Recognition of ROU assets	$ 9	$ 31
Recognition of lease liabilities	9	31
Payments for operating lease liabilities	$ 15	$ 14	$ 10
Weighted average remaining operating lease term	5 years 5 months 1 day
Weighted average discount rate for operating leases	5.09%
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	8 years
Options to renew lease term	15 years

Leases - Summary of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Cost [Abstract]
Operating lease costs	$ 15	$ 16	$ 11
Variable lease costs	1	1	1
Short-term lease costs	3	3	5
Total lease costs	$ 19	$ 20	$ 17

Leases - Summary of Future Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Lease Cost [Abstract]
2022	$ 14
2023	12
2024	12
2025	10
2026	6
Thereafter	11
Total undiscounted lease payments	65
Less: imputed interest	(8)
Operating lease liabilities	$ 57	$ 64

Leases - Summary of Operating Lease Liabilities and ROU Assets Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets And Liabilities Lessee [Abstract]
Accrued and other current liabilities	$ 11	$ 13
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued and other current liabilities	Accrued and other current liabilities
Long-term operating lease liabilities	$ 46	$ 51
Operating lease liabilities	57	64
Operating lease right-of-use assets, net	$ 55	$ 61

Financial Instruments - Additional Information (Details) - Interest Rate Swaps - Cash Flow Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,650	$ 800
Minimum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	0.18%
Derivative, effective interest rate	1.93%
Cash flow hedge contracts period	1 year
Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	0.47%
Derivative, effective interest rate	2.22%
Cash flow hedge contracts period	4 years

Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Contributed to pension plan		$ 2
Eligible employees vesting period of service	5 years
Expense relating to defined contribution plans	$ 26	$ 24	$ 20
Expected contributions for the next fiscal year	$ 3

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Benefit Plans - Schedule of Changes in and Amount of Accumulated Postretirement Benefit Obligation (Details) - Postretirement Benefit Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Balance as of beginning of period	$ 54	$ 51
Service cost	1	1
Interest cost	1	2
Benefits paid	(3)	(4)
Actuarial (gains) losses	(5)	4
Balance as of end of period	$ 48	$ 54

Benefit Plans - Schedule of Accrued Benefit Obligation Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Accrued and other current liabilities	$ 160	$ 181
Long-term postretirement benefit obligation	50	53
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Accrued and other current liabilities	3	3
Long-term postretirement benefit obligation	45	51
Total	$ 48	$ 54

Benefit Plans - Schedule of Accrued Benefit Obligation Recorded in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Deferred income tax (expense) benefit	$ 22	$ 68
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	15	10	$ 15
Deferred income tax (expense) benefit	(3)	(2)	(4)
Accumulated other comprehensive income	12	8	$ 11
Postretirement Benefit Plan \| Changes
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	5	(5)
Deferred income tax (expense) benefit	(1)	2
Accumulated other comprehensive income	$ 4	$ (3)

Benefit Plans - Schedule of Weighted-Average Assumptions to Determine Postretirement Benefit Obligations (Details) - Postretirement Benefit Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.90%	2.54%
Health care cost trend rate assumed for next year	6.60%	6.90%
Ultimate trend rate	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2029	2029

Benefit Plans - Schedule of Weighted-Average Assumptions to Determine Net Periodic Postretirement Health Care Cost (Details) - Net Periodic Postretirement Health Care Cost	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.54%	3.24%	4.37%
Health care cost trend rate assumed for next year	6.90%	7.20%	7.70%
Ultimate trend rate	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2029	2029	2029

Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Compensation And Retirement Disclosure [Abstract]
2022	$ 3
2023	3
2024	3
2025	3
2026	3
2027-2031	$ 14

Stock-based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	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	10.5
Shares issued	0.4	0.4
Stock-based compensation expense	$ 4	$ 5
RSUs
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Shares granted	0.2	0.3
PSUs
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Shares granted	0.2	0.2
RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Shares granted	0.3	0.5
Unrecognized compensation expense	$ 6
Unrecognized stock-based compensation expense, weighted-average recognition period	1 year 4 months 24 days
Shares issued	0.4	0.4

Stock-Based Compensation - Summary of Activity for RSUs and PSUs (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Unvested, Beginning balance	0.4
Unvested, Ending balance	0.4	0.4
RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Unvested, Beginning balance	0.4
Granted	0.3	0.5
Forfeited		(0.1)
Vested	(0.1)
PSU performance adjustment	(0.2)
Unvested, Ending balance	0.4	0.4
Unvested, Beginning balance	$ 29
Granted	30	$ 29
Forfeited		27
Vested	28
PSU performance adjustment	30
Unvested, Ending balance	$ 29	$ 29

Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities And Other Liabilities [Abstract]
Trade promotion allowances	$ 40	$ 35
Accrued personnel costs	34	63
Other	86	83
Accrued and other current liabilities	$ 160	$ 181

Other Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Expense Net [Abstract]
Factoring discount			$ 25
Allocated related party management fee			10
IPO and separation-related costs	$ 14	$ 31	31
Other	(1)	(2)	(1)
Other expense, net	$ 13	$ 29	$ 65

Accumulated Other Comprehensive Income - Summary of Changes in Balances for Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 1,615	$ (818)	$ (1,027)
Other comprehensive income (loss)	9	(4)	(5)
Ending balance	1,756	1,615	(818)
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	(6)	(6)	(7)
Currency translation adjustments			1
Other comprehensive income (loss)			1
Balance as of end of period	(6)	(6)	(6)
Employee Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	8	11	14
Adoption of new accounting principle			3
Net actuarial gain (loss) arising during period	6	(4)	(5)
Deferred tax (expense) benefit on net actuarial gain (loss)	(1)	2	1
Amortization of actuarial gain	(1)	(1)	(2)
Other comprehensive income (loss)	4	(3)	(6)
Balance as of end of period	12	8	11
Interest Rate Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	(1)
Gain (loss) arising during period, net of income tax	5	(1)
Other comprehensive income (loss)	5	(1)
Balance as of end of period	4	(1)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	1	5	7
Adoption of new accounting principle			3
Other comprehensive income (loss)	9	(4)	(5)
Ending balance	$ 10	$ 1	$ 5

Income Taxes - Summary of Components of Income Before Income Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income before income taxes:
United States	$ 424	$ 511	$ 300
International	6	5	1
Income before income taxes	$ 430	$ 516	$ 301

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Summary of Significant Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Foreign	$ 1	$ 1
Total current income tax expense	84	85	$ 76
Deferred
Foreign		1
Total deferred income tax expense	22	68
Total income tax expense	106	153	76
United States
Current
Federal	69	70	68
State	14	14	8
Deferred
Federal	19	54	3
State	$ 3	$ 13	$ (3)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
U.S. Federal statutory income tax rate	21.00%	21.00%	21.00%
Valuation allowances	$ 6	$ 5
Taxes paid	91	76	$ 4
State
Income Tax [Line Items]
Valuation allowances	$ 4	$ 5

Income Taxes - Summary of Reconciliation of Income Taxes Computed at U.S. Federal Statutory Income Tax Rate to Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. Federal income tax expense at the statutory rate	$ 90	$ 108	$ 63
U.S. State income tax expense	15	17	2
Non-deductible expenses		2	6
CARES Act		27
Return to provision adjustments	1	(2)	3
Other		1	2
Total income tax expense	$ 106	$ 153	$ 76

- Definition

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

+ References + Details

Income Taxes - Summary of Components of Net Deferred Income Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Employee benefits	$ 26	$ 24
Lease obligations	13	15
Inventory	9	7
Reserves	4	2
Tax losses	4	4
Tax credits		4
Total deferred tax assets	56	56
Valuation allowance	(6)	(5)
Total deferred tax assets after valuation allowance	50	51
Deferred tax liabilities
Intangible assets	(293)	(291)
Property, plant and equipment	(93)	(72)
Lease right-of-use assets	(13)	(14)
Other	(2)
Total deferred tax liabilities	(401)	(377)
Net deferred tax liabilities	$ (351)	$ (326)

Income Taxes - Summary of State and Foreign Net Operating Loss Carryforwards on Gross Basis and Tax Credit Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Total tax credit carryforwards		$ 4
Expires within 5 Years
Income Tax [Line Items]
Total tax credit carryforwards		4
State and Foreign Net Operating Loss Carryforwards
Income Tax [Line Items]
Total net operating loss carryforwards	$ 42	49
State and Foreign Net Operating Loss Carryforwards \| Expires after 5 Years or No Expiration
Income Tax [Line Items]
Total net operating loss carryforwards	$ 42	$ 49

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance as of beginning of the year	$ 4	$ 2	$ 1
Increase associated with tax positions taken during the current year	1	2	1
Ending unrecognized tax benefits	$ 5	$ 4	$ 2

Segment Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Number of reportable segments	4
Customer and its Affiliates \| Net Revenue \| Major Customers
Segment Reporting Information [Line Items]
Net revenue, percentage	44.00%	43.00%	43.00%

Segment Information - Summary of Adjusted EBITDA (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues		$ 3,556,000,000	$ 3,263,000,000	$ 3,032,000,000
Adjusted EBITDA		601,000,000	717,000,000	655,000,000
Depreciation and amortization		109,000,000	99,000,000	91,000,000
Capital expenditures	$ 0	141,000,000	143,000,000	113,000,000
Total assets		4,812,000,000	4,722,000,000
Net Revenues
Segment Reporting Information [Line Items]
Net revenues		3,556,000,000	3,263,000,000	3,032,000,000
Operating Segment
Segment Reporting Information [Line Items]
Net revenues		3,577,000,000	3,273,000,000	3,047,000,000
Adjusted EBITDA		634,000,000	758,000,000	668,000,000
Depreciation and amortization		76,000,000	68,000,000	63,000,000
Capital expenditures		136,000,000	125,000,000	105,000,000
Total assets		1,264,000,000	1,042,000,000
Operating Segment \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		3,565,000,000	3,263,000,000	3,032,000,000
Operating Segment \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues		12,000,000	10,000,000	15,000,000
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues		1,314,000,000	1,159,000,000	1,076,000,000
Adjusted EBITDA		255,000,000	254,000,000	209,000,000
Depreciation and amortization		21,000,000	20,000,000	20,000,000
Capital expenditures		42,000,000	33,000,000	34,000,000
Total assets		562,000,000	433,000,000
Operating Segment \| Reynolds Cooking & Baking \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		1,314,000,000	1,159,000,000	1,076,000,000
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues		884,000,000	818,000,000	709,000,000
Adjusted EBITDA		173,000,000	236,000,000	190,000,000
Depreciation and amortization		18,000,000	15,000,000	13,000,000
Capital expenditures		22,000,000	30,000,000	41,000,000
Total assets		290,000,000	248,000,000
Operating Segment \| Hefty Waste & Storage \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		876,000,000	809,000,000	695,000,000
Operating Segment \| Hefty Waste & Storage \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues		8,000,000	9,000,000	14,000,000
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues		815,000,000	763,000,000	751,000,000
Adjusted EBITDA		137,000,000	170,000,000	178,000,000
Depreciation and amortization		16,000,000	14,000,000	9,000,000
Capital expenditures		19,000,000	24,000,000	6,000,000
Total assets		165,000,000	157,000,000
Operating Segment \| Hefty Tableware \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		815,000,000	763,000,000	751,000,000
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Net revenues		564,000,000	533,000,000	511,000,000
Adjusted EBITDA		69,000,000	98,000,000	91,000,000
Depreciation and amortization		21,000,000	19,000,000	21,000,000
Capital expenditures		53,000,000	38,000,000	24,000,000
Total assets		247,000,000	204,000,000
Operating Segment \| Presto Products \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		560,000,000	532,000,000	510,000,000
Operating Segment \| Presto Products \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues		4,000,000	1,000,000	1,000,000
Unallocated
Segment Reporting Information [Line Items]
Net revenues		(21,000,000)	(10,000,000)	(15,000,000)
Adjusted EBITDA		(33,000,000)	(41,000,000)	(13,000,000)
Depreciation and amortization		33,000,000	31,000,000	28,000,000
Capital expenditures		5,000,000	18,000,000	8,000,000
Total assets		3,548,000,000	3,680,000,000
Unallocated \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues		(9,000,000)
Unallocated \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues		$ (12,000,000)	$ (10,000,000)	$ (15,000,000)

Segment Information - Summary of Adjusted EBITDA (Parenthetical) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Capital expenditures	$ 0	$ 141,000,000	$ 143,000,000	$ 113,000,000

Segment Information - Reconciliation of Segment Adjusted EBITDA to Consolidated GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 601	$ 717	$ 655
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(109)	(99)	(91)
Interest expense, net	(48)	(70)	(209)
Factoring discount			(25)
Allocated related party management fee			(10)
IPO and separation-related costs	(14)	(31)	(31)
Unrealized gains on derivatives			9
Other		(1)	3
Income before income taxes	430	516	301
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	634	758	668
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(76)	(68)	(63)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(33)	(41)	(13)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (33)	$ (31)	$ (28)

Segment Information - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 3,556	$ 3,263	$ 3,032
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	1,448	1,351	1,220
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	1,314	1,159	1,076
Tableware
Segment Reporting Information [Line Items]
Net revenues	815	763	751
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ (21)	$ (10)	$ (15)

- 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
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Segment Information - Summary of Geographic Data for Net Revenues and Long-Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net revenues:
Net revenues	$ 3,556	$ 3,263	$ 3,032
Long-lived assets
Long-lived assets	677	612
United States
Net revenues:
Net revenues	3,495	3,206	2,982
Long-lived assets
Long-lived assets	671	606
Other
Net revenues:
Net revenues	61	57	$ 50
Long-lived assets
Long-lived assets	$ 6	$ 6

- Definition

+ References

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)				1 Months Ended	12 Months Ended
	Feb. 04, 2020	Jan. 30, 2020	Nov. 01, 2019	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Revenues					$ 3,556,000,000	$ 3,263,000,000	$ 3,032,000,000
Costs of sales					2,745,000,000	2,290,000,000	2,152,000,000
Repayments to related parties						3,627,000,000	141,000,000
Related party payables					(3,000,000)	(28,000,000)	(89,000,000)
Repayments from related parties							151,000,000
Related party borrowings					38,000,000	41,000,000
PEI Group
Related Party Transaction [Line Items]
Revenues					111,000,000	116,000,000	149,000,000
Products purchased					343,000,000	330,000,000	438,000,000
Cash consideration			$ 112,000,000
Repayments of related party borrowings	$ 3,627,000,000			$ 1,714,000,000
Repayments to related parties							141,000,000
Repayment of related party accrued interest	22,000,000	$ 8,000,000		655,000,000			18,000,000
Related party payables				$ 94,000,000
Long-term related party receivables							0
Long-term related party borrowings							2,214,000,000
Related party borrowings							98,000,000
Related party non cash borrowings							31,000,000
Accrued interest capitalized in to related party borrowings							36,000,000
Related party transactions loans advanced							170,000,000
Repayments from related parties							$ 151,000,000
Weighted average interest rate							2.20%
Repurchase of accounts receivable		264,000,000
Cash payments to acquire receivables		240,000,000
Increase in related party borrowings		$ 2,001,000,000
Related party borrowings	$ 831,000,000
PEI Group \| Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Transition services					6,000,000	10,000,000
PFL
Related Party Transaction [Line Items]
Dividend paid					143,000,000	92,000,000
Freight and Warehousing Costs \| PEI Group
Related Party Transaction [Line Items]
Costs of sales					$ 60,000,000	$ 80,000,000	$ 134,000,000

Subsequent Events - Additional Information (Details) - $ / shares		12 Months Ended
	Jan. 27, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Cash dividend per common share		$ 0.92	$ 0.59
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share	$ 0.23
Cash dividend per common share, date to be paid	Feb. 28, 2022
Cash dividend per common share, date of record	Feb. 14, 2022