0001564590-22-028605 | 10-Q | XBRL Viewer | Reynolds Consumer Products INC

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Entity File Number	001-39205
Entity Registrant Name	REYNOLDS CONSUMER PRODUCTS INC.
Entity Central Index Key	0001786431
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3464426
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	800
Local Phone Number	879-5067
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	REYN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		209,862,658
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net revenues	$ 896	$ 847	$ 1,714	$ 1,579
Related party net revenues	21	26	48	50
Total net revenues	917	873	1,762	1,629
Cost of sales	(733)	(665)	(1,410)	(1,229)
Gross profit	184	208	352	400
Selling, general and administrative expenses	(91)	(89)	(174)	(167)
Other expense, net	(7)	(2)	(12)	(5)
Income from operations	86	117	166	228
Interest expense, net	(16)	(12)	(28)	(24)
Income before income taxes	70	105	138	204
Income tax expense	(18)	(25)	(34)	(50)
Net income	$ 52	$ 80	$ 104	$ 154
Earnings per share:
Basic	$ 0.25	$ 0.38	$ 0.50	$ 0.73
Diluted	$ 0.25	$ 0.38	$ 0.50	$ 0.73
Weighted average shares outstanding:
Basic	209.9	209.8	209.8	209.7
Effect of dilutive securities		0.1	0.1	0.1
Diluted	209.9	209.9	209.9	209.8

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 52	$ 80	$ 104	$ 154
Other comprehensive income (loss), net of income taxes:
Employee benefit plans	(1)		(1)
Interest rate derivatives	4	(1)	11	2
Other comprehensive income (loss), net of income taxes	3	(1)	10	2
Comprehensive income	$ 55	$ 79	$ 114	$ 156

- Definition

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

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 101	$ 164
Accounts receivable (net of allowance for doubtful accounts of $1 and $1)	259	316
Other receivables	8	12
Related party receivables	8	10
Inventories	734	583
Other current assets	38	19
Total current assets	1,148	1,104
Property, plant and equipment (net of accumulated depreciation of $791 and $752)	684	677
Operating lease right-of-use assets, net	63	55
Goodwill	1,879	1,879
Intangible assets, net	1,046	1,061
Other assets	39	36
Total assets	4,859	4,812
Liabilities
Accounts payable	277	261
Related party payables	46	38
Current portion of long-term debt	25	25
Accrued and other current liabilities	171	160
Total current liabilities	519	484
Long-term debt	2,076	2,087
Long-term operating lease liabilities	52	46
Deferred income taxes	352	351
Long-term postretirement benefit obligation	50	50
Other liabilities	34	38
Total liabilities	3,083	3,056
Commitments and contingencies (Note 7)
Stockholders’ equity
Additional paid-in capital	1,383	1,381
Accumulated other comprehensive income	20	10
Retained earnings	373	365
Total stockholders' equity	1,776	1,756
Total liabilities and stockholders' equity	$ 4,859	$ 4,812

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 1
Property, plant and equipment, accumulated depreciation	$ 791	$ 752
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	210,000,000	210,000,000
Common stock, shares outstanding	210,000,000	210,000,000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2020	$ 1,615	$ 1,381	$ 233	$ 1
Net income	74		74
Other comprehensive income (loss), net of income taxes	3			3
Dividends	(48)		(48)
Other	(1)	(1)
Ending balance at Mar. 31, 2021	1,643	1,380	259	4
Beginning balance at Dec. 31, 2020	1,615	1,381	233	1
Net income	154
Ending balance at Jun. 30, 2021	1,676	1,382	291	3
Beginning balance at Mar. 31, 2021	1,643	1,380	259	4
Net income	80		80
Other comprehensive income (loss), net of income taxes	(1)			(1)
Dividends	(48)		(48)
Other	2	2
Ending balance at Jun. 30, 2021	1,676	1,382	291	3
Beginning balance at Dec. 31, 2021	1,756	1,381	365	10
Net income	52		52
Other comprehensive income (loss), net of income taxes	7			7
Dividends	(48)		(48)
Ending balance at Mar. 31, 2022	1,767	1,381	369	17
Beginning balance at Dec. 31, 2021	1,756	1,381	365	10
Net income	104
Ending balance at Jun. 30, 2022	1,776	1,383	373	20
Beginning balance at Mar. 31, 2022	1,767	1,381	369	17
Net income	52		52
Other comprehensive income (loss), net of income taxes	3			3
Dividends	(48)		(48)
Other	2	2
Ending balance at Jun. 30, 2022	$ 1,776	$ 1,383	$ 373	$ 20

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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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- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Dividends, per share, declared	$ 0.23	$ 0.23	$ 0.23	$ 0.23
Dividends, per share, paid	$ 0.23	$ 0.23	$ 0.23	$ 0.23

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash provided by operating activities
Net income	$ 104	$ 154
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	57	53
Deferred income taxes	(3)	(4)
Stock compensation expense	4	3
Change in assets and liabilities:
Accounts receivable, net	57	(40)
Other receivables	4	3
Related party receivables	3
Inventories	(151)	(163)
Accounts payable	22	54
Related party payables	8	(6)
Income taxes payable / receivable	(2)	(14)
Accrued and other current liabilities	12	(22)
Other assets and liabilities	(14)
Net cash provided by operating activities	101	18
Cash used in investing activities
Acquisition of property, plant and equipment	(56)	(73)
Net cash used in investing activities	(56)	(73)
Cash used in financing activities
Repayment of long-term debt	(12)	(112)
Dividends paid	(96)	(96)
Net cash used in financing activities	(108)	(208)
Net decrease in cash and cash equivalents	(63)	(263)
Cash and cash equivalents at beginning of period	164	312
Cash and cash equivalents at end of period	101	49
Cash paid:
Income taxes	$ 37	$ 67

Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2022

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 unaudited condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the disclosures therein. In our opinion, these interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial condition, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of annual operating results.

In May 2022, we entered into an accounts receivable factoring agreement with JP Morgan Chase Bank, N.A. to sell certain accounts receivables up to $190 million. Factored receivables as of June 30, 2022 were $106 million. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the condensed consolidated balance sheet at the time of the sales transaction. We classify proceeds received from the sales of accounts receivable as an operating cash flow in the condensed consolidated statement of cash flows. We record the discount as other expense, net in the condensed consolidated statement of income.

New Accounting Standards

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

New Accounting Standards

Note 2 – New Accounting Standards

Accounting Guidance Issued But Not Yet Adopted:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Note 3 – Inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
	(in millions)
Raw materials	$	233	$	206
Work in progress		84		63
Finished goods		377		276
Spare parts		40		38
Inventories	$	734	$	583

Debt

6 Months Ended

Jun. 30, 2022

Debt Instruments [Abstract]

Debt

Note 4 – Debt

Long-term debt consisted of the following:

	June 30, 2022			December 31, 2021
	(in millions)
Term loan facility	$	2,119		$	2,132
Deferred financing transaction costs		(16	)		(18	)
Original issue discounts		(2	)		(2	)
		2,101			2,112
Less: current portion		(25	)		(25	)
Long-term debt	$	2,076		$	2,087

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”).

Borrowings under the External Debt Facilities bear interest at a rate per annum equal to, at our option, either a base rate plus an applicable margin of 0.75% or a 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. In May 2022, we entered into another series of interest rate swaps to hedge a portion of the interest rate exposure that remains from these borrowings. Refer to Note 5 – 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.

Revolving Facility

The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of June 30, 2022, 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 June 30, 2022, 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.

- 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.

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+ Details

Financial Instruments

6 Months Ended

Jun. 30, 2022

Financial Instruments [Abstract]

Financial Instruments

Note 5 - Financial Instruments

Interest Rate Derivatives

During 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 June 30, 2022. In May 2022, we entered into additional interest rate swaps which fixed the LIBO rate to an annual rate of 2.70% to 2.74% (for an annual effective interest rate of 4.45% to 4.49%, including margin) for an aggregate notional amount of $600 million. As of June 30, 2022, we had interest rate swaps of an aggregate notional amount of $1,400 million.

The interest rate swaps outstanding as of June 30, 2022 hedge a portion of the interest rate exposure resulting from our Term Loan Facility for periods ranging from less than one year to four years. We classified these instruments as cash flow hedges. 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 fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates, and is classified as Level 2 within the fair value hierarchy.

The following table provides the notional amounts, the annual rates, the annual effective rates, and the fair value of our interest rate derivatives:

(In millions)	Notional Amount		Annual Rate	Average Annual Effective Rate	Fair Value Asset
As of June 30, 2022	$	1,400	0.20% to 2.74%	1.96% to 4.47%	$	20
As of December 31, 2021	$	800	0.20% to 0.47%	1.96% to 2.22%	$	5

The following table provides the before tax effect of our interest rate derivatives on accumulated other comprehensive income and the condensed consolidated statements of income:

(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income			Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income
For the three months ended June 30, 2022	$	6		$	—
For the three months ended June 30, 2021	$	(1	)	$	—
For the six months ended June 30, 2022	$	15		$	—
For the six months ended June 30, 2021	$	2		$	(1	)

Stock-based Compensation

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 6 – Stock-based Compensation

We granted restricted stock units (“RSUs”) in July 2019 to certain members of management, pursuant to retention agreements entered into with these employees (the “IPO Grants”). These RSUs vest upon satisfaction of both a performance-based vesting condition (the “IPO Condition”), 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.

Additionally, we established an equity incentive plan for purposes of granting stock-based compensation awards to certain members of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. We have granted RSUs to certain employees and non-employee directors that have a service-based vesting condition. In addition, we have granted performance stock units (“PSUs”) to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur. A maximum of 10.5 million shares of common stock were initially available for issuance under equity incentive awards granted pursuant to the plan. In the three and six months ended June 30, 2022, zero and 0.2 million RSUs and zero and 0.2 million PSUs were granted, respectively.

As of June 30, 2022, there were stock-based compensation awards representing 0.6 million shares outstanding compared to 0.4 million shares outstanding as of December 31, 2021. Stock-based compensation expense was $2 million and $4 million for the three and six months ended June 30, 2022, respectively, and $2 million and $3 million in the comparable prior year periods.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – 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, consumer complaints, 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 June 30, 2022, 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

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 8 – Accumulated Other Comprehensive Income

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

(In millions)	Currency Translation Adjustments			Employee Benefit Plans			Interest Rate Derivatives			Accumulated Other Comprehensive Income
Balance as of December 31, 2020	$	(6	)	$	8		$	(1	)	$	1
Other comprehensive income		—			—			3			3
Balance as of March 31, 2021	$	(6	)	$	8		$	2		$	4
Other comprehensive loss		—			—			(1	)		(1	)
Balance as of June 30, 2021	$	(6	)	$	8		$	1		$	3

Balance as of December 31, 2021	$	(6	)	$	12		$	4		$	10
Other comprehensive income		—			—			7			7
Balance as of March 31, 2022	$	(6	)	$	12		$	11		$	17
Other comprehensive (loss) income		—			(1	)		4			3
Balance as of June 30, 2022	$	(6	)	$	11		$	15		$	20

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 9 – Segment Information

Our Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM"), has evaluated how he views and measures our performance. In applying the criteria set forth in the standards for reporting information about segments in financial statements, we have determined that we have four reportable segments - Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware and Presto Products. The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products. This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions. Our segments are described as follows:

Reynolds Cooking & Baking

Our Reynolds Cooking & Baking segment produces branded and store brand foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, 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 IPO and separation-related costs.

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

Transactions between segments are at negotiated prices.

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2022	(in millions)
Net revenues	$	294	$	236	$	240	$	149	$	919	$	(2	)	$	917
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		294		238		240		150		922		(5	)		917
Adjusted EBITDA		36		46		25		25		132
Depreciation and amortization		6		5		4		5		20		9			29

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2021	(in millions)
Net revenues	$	303	$	218	$	217	$	141	$	879	$	(6	)	$	873
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		303		220		217		142		882		(9	)		873
Adjusted EBITDA		59		45		45		21		170
Depreciation and amortization		5		5		4		5		19		8			27

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2022	(in millions)
Net revenues	$	562	$	462	$	450	$	289	$	1,763	$	(1	)	$	1,762
Intersegment revenues		—		4		—		3		7		(7	)		—
Total segment net revenues		562		466		450		292		1,770		(8	)		1,762
Adjusted EBITDA		64		91		48		44		247
Depreciation and amortization		12		9		8		11		40		17			57

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2021	(in millions)
Net revenues	$	574	$	410	$	386	$	267	$	1,637	$	(8	)	$	1,629
Intersegment revenues		—		4		—		1		5		(5	)		—
Total segment net revenues		574		414		386		268		1,642		(13	)		1,629
Adjusted EBITDA		111		90		79		38		318
Depreciation and amortization		10		9		8		10		37		16			53

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾		Total
	(in millions)
As of June 30, 2022	$	672	$	304	$	181	$	265	$	1,422	$	3,437	$	4,859
As of December 31, 2021		562		290		165		247		1,264		3,548		4,812

(1)

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

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	132		$	170		$	247		$	318
Corporate / unallocated expenses		(14	)		(22	)		(17	)		(30	)
		118			148			230			288
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(29	)		(27	)		(57	)		(53	)
Interest expense, net		(16	)		(12	)		(28	)		(24	)
IPO and separation-related costs		(3	)		(4	)		(7	)		(7	)
Consolidated GAAP income before income taxes	$	70		$	105		$	138		$	204

Information in Relation to Products

Net revenues by product line are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in millions)						(in millions)
Waste and storage products ⁽¹⁾	$	388		$	362		$	758		$	682
Cooking products		294			303			562			574
Tableware		240			217			450			386
Unallocated		(5	)		(9	)		(8	)		(13	)
Net revenues	$	917		$	873		$	1,762		$	1,629

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

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

- Definition

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

+ References

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-Publisher FASB
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+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

Note 10 – Related Party Transactions

Packaging Finance Limited (“PFL”) owns the majority of our outstanding common stock and owns the majority of the outstanding common stock of Pactiv Evergreen Inc. and its subsidiaries (“PEI Group”). Transactions between us and PEI Group are described below.

For the three and six months ended June 30, 2022, revenues from products sold to PEI Group were $21 million and $48 million, respectively, compared to $26 million and $50 million in the comparable prior year periods. For the three and six months ended June 30, 2022, products purchased from PEI Group were $100 million and $194 million, respectively, compared to $88 million and $162 million in the comparable prior year periods. For the three and six months ended June 30, 2022, PEI Group charged us freight and warehousing costs of $15 million and $29 million, respectively, compared to $15 million and $29 million in the comparable prior year periods, which were included in cost of sales. The resulting related party receivables and payables are settled regularly in the normal course of business.

Furthermore, $36 million of the dividends paid during each of the three months ended June 30, 2022 and June 30, 2021, and $71 million of the dividends paid during each of the six months ended June 30, 2022 and June 30, 2021, were paid to PFL.

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 11 – Subsequent Events

Quarterly Cash Dividend

On July 28, 2022, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on August 31, 2022 to shareholders of record on August 17, 2022.

Except as described above, there have been no events subsequent to June 30, 2022 which would require accrual or disclosure in these condensed consolidated financial statements.

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business: Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products across three broad categories: cooking products, waste 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	Basis of Presentation: We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the disclosures therein. In our opinion, these interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial condition, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of annual operating results.
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. This ASU was effective upon its issuance and can be applied prospectively through December 31, 2022. We are currently assessing the impact of this standard on our consolidated financial statements.

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
	(in millions)
Raw materials	$	233	$	206
Work in progress		84		63
Finished goods		377		276
Spare parts		40		38
Inventories	$	734	$	583

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	June 30, 2022			December 31, 2021
	(in millions)
Term loan facility	$	2,119		$	2,132
Deferred financing transaction costs		(16	)		(18	)
Original issue discounts		(2	)		(2	)
		2,101			2,112
Less: current portion		(25	)		(25	)
Long-term debt	$	2,076		$	2,087

- 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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+ Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Financial Instruments [Abstract]

Summary of Notional Amounts, Annual Rates, Annual Effective Rates and Fair Value of Interest Rate Derivatives

The following table provides the notional amounts, the annual rates, the annual effective rates, and the fair value of our interest rate derivatives:

(In millions)	Notional Amount		Annual Rate	Average Annual Effective Rate	Fair Value Asset
As of June 30, 2022	$	1,400	0.20% to 2.74%	1.96% to 4.47%	$	20
As of December 31, 2021	$	800	0.20% to 0.47%	1.96% to 2.22%	$	5

Schedule Of Interest Rate Derivatives On Accumulated Other Comprehensive Income

The following table provides the before tax effect of our interest rate derivatives on accumulated other comprehensive income and the condensed consolidated statements of income:

(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income			Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income
For the three months ended June 30, 2022	$	6		$	—
For the three months ended June 30, 2021	$	(1	)	$	—
For the six months ended June 30, 2022	$	15		$	—
For the six months ended June 30, 2021	$	2		$	(1	)

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2022

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, net of income taxes.

(In millions)	Currency Translation Adjustments			Employee Benefit Plans			Interest Rate Derivatives			Accumulated Other Comprehensive Income
Balance as of December 31, 2020	$	(6	)	$	8		$	(1	)	$	1
Other comprehensive income		—			—			3			3
Balance as of March 31, 2021	$	(6	)	$	8		$	2		$	4
Other comprehensive loss		—			—			(1	)		(1	)
Balance as of June 30, 2021	$	(6	)	$	8		$	1		$	3

Balance as of December 31, 2021	$	(6	)	$	12		$	4		$	10
Other comprehensive income		—			—			7			7
Balance as of March 31, 2022	$	(6	)	$	12		$	11		$	17
Other comprehensive (loss) income		—			(1	)		4			3
Balance as of June 30, 2022	$	(6	)	$	11		$	15		$	20

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Adjusted EBITDA

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2022	(in millions)
Net revenues	$	294	$	236	$	240	$	149	$	919	$	(2	)	$	917
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		294		238		240		150		922		(5	)		917
Adjusted EBITDA		36		46		25		25		132
Depreciation and amortization		6		5		4		5		20		9			29

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2021	(in millions)
Net revenues	$	303	$	218	$	217	$	141	$	879	$	(6	)	$	873
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		303		220		217		142		882		(9	)		873
Adjusted EBITDA		59		45		45		21		170
Depreciation and amortization		5		5		4		5		19		8			27

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2022	(in millions)
Net revenues	$	562	$	462	$	450	$	289	$	1,763	$	(1	)	$	1,762
Intersegment revenues		—		4		—		3		7		(7	)		—
Total segment net revenues		562		466		450		292		1,770		(8	)		1,762
Adjusted EBITDA		64		91		48		44		247
Depreciation and amortization		12		9		8		11		40		17			57

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2021	(in millions)
Net revenues	$	574	$	410	$	386	$	267	$	1,637	$	(8	)	$	1,629
Intersegment revenues		—		4		—		1		5		(5	)		—
Total segment net revenues		574		414		386		268		1,642		(13	)		1,629
Adjusted EBITDA		111		90		79		38		318
Depreciation and amortization		10		9		8		10		37		16			53

Summary of Segment Assets

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾		Total
	(in millions)
As of June 30, 2022	$	672	$	304	$	181	$	265	$	1,422	$	3,437	$	4,859
As of December 31, 2021		562		290		165		247		1,264		3,548		4,812

(1)

Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	132		$	170		$	247		$	318
Corporate / unallocated expenses		(14	)		(22	)		(17	)		(30	)
		118			148			230			288
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(29	)		(27	)		(57	)		(53	)
Interest expense, net		(16	)		(12	)		(28	)		(24	)
IPO and separation-related costs		(3	)		(4	)		(7	)		(7	)
Consolidated GAAP income before income taxes	$	70		$	105		$	138		$	204

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in millions)						(in millions)
Waste and storage products ⁽¹⁾	$	388		$	362		$	758		$	682
Cooking products		294			303			562			574
Tableware		240			217			450			386
Unallocated		(5	)		(9	)		(8	)		(13	)
Net revenues	$	917		$	873		$	1,762		$	1,629

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

Description of Business and Basis of Presentation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) Segment
Related Party Transaction [Line Items]
Number of reportable segments \| Segment	4
JP Morgan Chase Bank
Related Party Transaction [Line Items]
Accounts receivables sold for factoring	$ 190
Factored receivables	$ 106

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 233	$ 206
Work in progress	84	63
Finished goods	377	276
Spare parts	40	38
Inventories	$ 734	$ 583

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (16)	$ (18)
Original issue discounts	(2)	(2)
Total debt	2,101	2,112
Less: current portion	(25)	(25)
Long-term debt	2,076	2,087
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,119	$ 2,132

- 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 ($)	1 Months Ended	6 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 29, 2020	Jun. 30, 2022
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
External Debt Facilities \| Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	0.75%
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

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	May 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,400		$ 800
Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	800			$ 1,650
Interest Rate Swap One \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,400	$ 600
Minimum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	0.20%		0.20%
Derivative, effective interest rate	1.96%		1.96%
Minimum \| Interest Rate Swaps \| Cash Flow Hedges
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
Minimum \| Interest Rate Swap One \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate		2.70%
Derivative, effective interest rate		4.45%
Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate	2.74%		0.47%
Derivative, effective interest rate	4.47%		2.22%
Maximum \| Interest Rate Swaps \| Cash Flow Hedges
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
Maximum \| Interest Rate Swap One \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual LIBO rate		2.74%
Derivative, effective interest rate		4.49%

Financial Instruments - Summary of Notional Amounts, Annual Rates, Annual Effective Rates and Fair Value of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 1,400	$ 800
Fair Value Asset	$ 20	$ 5
Minimum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	0.20%	0.20%
Average Annual Effective Rate	1.96%	1.96%
Maximum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	2.74%	0.47%
Average Annual Effective Rate	4.47%	2.22%

Financial Instruments - Summary of Before Tax Effect of Interest Rate Derivatives on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financial Instruments [Abstract]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ 6	$ (1)	$ 15	$ 2
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income				$ (1)

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of employees can satisfied the service condition			33.33%
Minimum period of employees need to continued employment			3 years
Number of common stock available for issuance	10,500,000		10,500,000
Shares issued	600,000		600,000		400,000
Stock-based compensation expense	$ 2	$ 2	$ 4	$ 3
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	0		200,000
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	0		200,000

Accumulated Other Comprehensive Income - Summary of Changes in Balances for Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 1,767	$ 1,756	$ 1,643	$ 1,615
Other comprehensive (loss) income	3	7	(1)	3
Ending balance	1,776	1,767	1,676	1,643
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(6)	(6)	(6)	(6)
Ending balance	(6)	(6)	(6)	(6)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	12	12	8	8
Other comprehensive (loss) income	(1)
Ending balance	11	12	8	8
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	11	4	2	(1)
Other comprehensive (loss) income	4	7	(1)	3
Ending balance	15	11	1	2
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	17	10	4	1
Other comprehensive (loss) income	3	7	(1)	3
Ending balance	$ 20	$ 17	$ 3	$ 4

- Definition

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

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Summary of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 917	$ 873	$ 1,762	$ 1,629
Adjusted EBITDA	118	148	230	288
Depreciation and amortization	29	27	57	53
Net Revenues
Segment Reporting Information [Line Items]
Net revenues	917	873	1,762	1,629
Operating Segment
Segment Reporting Information [Line Items]
Net revenues	922	882	1,770	1,642
Adjusted EBITDA	132	170	247	318
Depreciation and amortization	20	19	40	37
Operating Segment \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	919	879	1,763	1,637
Operating Segment \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	3	3	7	5
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	294	303	562	574
Adjusted EBITDA	36	59	64	111
Depreciation and amortization	6	5	12	10
Operating Segment \| Reynolds Cooking & Baking \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	294	303	562	574
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	238	220	466	414
Adjusted EBITDA	46	45	91	90
Depreciation and amortization	5	5	9	9
Operating Segment \| Hefty Waste & Storage \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	236	218	462	410
Operating Segment \| Hefty Waste & Storage \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	2	2	4	4
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	240	217	450	386
Adjusted EBITDA	25	45	48	79
Depreciation and amortization	4	4	8	8
Operating Segment \| Hefty Tableware \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	240	217	450	386
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Net revenues	150	142	292	268
Adjusted EBITDA	25	21	44	38
Depreciation and amortization	5	5	11	10
Operating Segment \| Presto Products \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	149	141	289	267
Operating Segment \| Presto Products \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	1	1	3	1
Unallocated
Segment Reporting Information [Line Items]
Net revenues	(5)	(9)	(8)	(13)
Adjusted EBITDA	(14)	(22)	(17)	(30)
Depreciation and amortization	9	8	17	16
Unallocated \| Net Revenues
Segment Reporting Information [Line Items]
Net revenues	(2)	(6)	(1)	(8)
Unallocated \| Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	$ (3)	$ (3)	$ (7)	$ (5)

Segment Information - Summary of Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 4,859	$ 4,812
Operating Segment
Segment Reporting Information [Line Items]
Assets	1,422	1,264
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	672	562
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	304	290
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Assets	181	165
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Assets	265	247
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,437	$ 3,548

- Definition

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

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Segment Information - Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 118	$ 148	$ 230	$ 288
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(29)	(27)	(57)	(53)
Interest expense, net	(16)	(12)	(28)	(24)
IPO and separation-related costs	(3)	(4)	(7)	(7)
Income before income taxes	70	105	138	204
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	132	170	247	318
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(20)	(19)	(40)	(37)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(14)	(22)	(17)	(30)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (9)	$ (8)	$ (17)	$ (16)

- Definition

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

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+ Details

Segment Information - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 917	$ 873	$ 1,762	$ 1,629
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	388	362	758	682
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	294	303	562	574
Tableware
Segment Reporting Information [Line Items]
Net revenues	240	217	450	386
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ (5)	$ (9)	$ (8)	$ (13)

- 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).

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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Revenues	$ 917	$ 873	$ 1,762	$ 1,629
Costs of sales	733	665	1,410	1,229
PEI Group
Related Party Transaction [Line Items]
Revenues	21	26	48	50
Products purchased	100	88	194	162
PFL
Related Party Transaction [Line Items]
Dividend paid	36	36	71	71
Freight and Warehousing Costs \| PEI Group
Related Party Transaction [Line Items]
Costs of sales	$ 15	$ 15	$ 29	$ 29

- Definition

+ References

+ Details

Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended
	Jul. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Cash dividend per common share		$ 0.23	$ 0.23	$ 0.23	$ 0.23
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share	$ 0.23
Cash dividend per common share, date to be paid	Aug. 31, 2022
Cash dividend per common share, date of record	Aug. 17, 2022