0001628280-23-037584 | 10-Q | XBRL Viewer | Reynolds Consumer Products INC

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Description of Business and Basis of Presentation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) category Segment
Supplier Finance Program [Line Items]
Number of product categories \| category	3
Number of reportable segments \| Segment	4
SCF Bank
Supplier Finance Program [Line Items]
Obligations under SCF \| $	$ 18

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 30, 2023		December 31, 2022
	(in millions)
Raw materials	$	171	$	215
Work in progress	53		81
Finished goods	303		383
Spare parts	49		43
Inventories	$	576	$	722

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39205
Entity Registrant Name	REYNOLDS CONSUMER PRODUCTS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3464426
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	800
Local Phone Number	879-5067
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	REYN
Security Exchange Name	NASDAQ
Entity 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		210,009,231
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001786431
Current Fiscal Year End Date	--12-31

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 26, 2023	Nov. 08, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Cash dividend per common share (in USD per share)			$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23
Principal payment									$ 113	$ 19
Term loan facility
Subsequent Event [Line Items]
Principal payment			$ 100
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share (in USD per share)	$ 0.23
Subsequent Events \| Term loan facility
Subsequent Event [Line Items]
Principal payment		$ 100

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 935	$ 967	$ 2,750	$ 2,729
Costs of sales	686	789	2,117	2,199
PEI Group
Related Party Transaction [Line Items]
Revenues	21	29	61	77
Products purchased	92	101	291	294
PFL
Related Party Transaction [Line Items]
Dividend paid	36	36	107	107
Freight and Warehousing Costs \| PEI Group
Related Party Transaction [Line Items]
Costs of sales	$ 9	$ 12	$ 28	$ 42

- 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

+ Details

Financial Instruments

9 Months Ended

Sep. 30, 2023

Financial Instruments [Abstract]

Financial Instruments

Interest Rate Derivatives

During 2020 and 2022, we entered into a series of interest rate swaps to fix the LIBOR of our External Debt Facilities. In February 2023, we amended our interest rate swaps to replace the interest rate benchmark from the LIBOR to SOFR. Other than the foregoing, the material terms of the interest rate swap agreements remained unchanged, and our election to use practical expedients under ASUs 2020-04 and 2021-01, as described in Note 2 - New Accounting Standards, resulted in no material impacts on our condensed consolidated financial statements. The aggregate notional amount of the interest rate swaps still in effect as of September 30, 2023 was $1,150 million, and the SOFR is fixed at an annual rate of 0.40% to 3.40% (for an annual effective interest rate of 2.15% to 5.15%, including margin).

The interest rate swaps outstanding as of September 30, 2023 hedge a portion of the interest rate exposure resulting from our Term Loan Facility for periods ranging from two to three 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 is 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 weighted average annual effective rates, and the fair value of our interest rate derivatives:


(In millions)	Notional Amount		Annual Rate	Weighted Average Annual Effective Rate		Fair Value - Other Current Assets		Fair Value - Other Assets
As of September 30, 2023	$	1,150	2.15% to 5.15%	4.38	%	$	30	$	22
As of December 31, 2022⁽¹⁾	$	1,150	2.19% to 5.19%	4.42	%	$	25	$	23

(1)Based on the interest rate swaps prior to the amendments entered into in February 2023, which was based on the LIBOR as of December 31, 2022.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income

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


(In millions)	Currency Translation Adjustments		Employee Benefit Plans		Interest Rate Derivatives		Accumulated Other Comprehensive Income
Balance as of December 31, 2021	$	(6)	$	12	$	4	$	10
Gain arising during the period	—		—		9		9
Reclassification to earnings	—		—		—		—
Effect of deferred taxes	—		—		(2)		(2)
Balance as of March 31, 2022	$	(6)	$	12	$	11	$	17
Gain arising during the period	—		—		5		5
Reclassification to earnings	—		(1)		—		(1)
Effect of deferred taxes	—		—		(1)		(1)
Balance as of June 30, 2022	$	(6)	$	11	$	15	$	20
Gain (loss) arising during the period	(2)		—		34		32
Reclassification to earnings	—		—		(3)		(3)
Effect of deferred taxes	—		—		(7)		(7)
Balance as of September 30, 2022	$	(8)	$	11	$	39	$	42

Balance as of December 31, 2022	$	(7)	$	23	$	36	$	52
Loss arising during the period	—		—		(10)		(10)
Reclassification to earnings	—		(1)		(6)		(7)
Effect of deferred taxes	—		—		4		4
Balance as of March 31, 2023	(7)		22		24		39
Gain arising during the period	—		—		25		25
Reclassification to earnings	—		(1)		(7)		(8)
Effect of deferred taxes	—		—		(4)		(4)
Balance as of June 30, 2023	(7)		21		38		52
Gain arising during the period	—		—		9		9
Reclassification to earnings	—		(1)		(8)		(9)
Effect of deferred taxes	—		—		—		—
Balance as of September 30, 2023	$	(7)	$	20	$	39	$	52

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance: 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, and subsequently in January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, both of which provide 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 (“LIBOR”), and other interbank offered rates expected to be discontinued, to alternative reference rates. Each of these ASUs were effective upon its issuance and could be applied prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which amended the sunset date of the guidance in Topic 848 to December 31, 2024 from December 31, 2022. We adopted the standards as of January 1, 2023. As a result of the planned phase out of the LIBOR as a reference rate and adoption of ASU 2020-04 and ASU 2021-01, we have amended our Credit Agreement and interest rate swaps and applied practical expedients under the guidance. The adoption did not have a material impact on our condensed consolidated financial statements. In September 2022, FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. These amendments require disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments are effective for fiscal years beginning after December 31, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 31, 2023. We adopted the standard, other than the amendment on rollforward information, as of January 1, 2023. The adoption relates to disclosure only, and does not have an impact on our condensed consolidated financial statements.

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	September 30, 2023		December 31, 2022
	(in millions)
Raw materials	$	171	$	215
Work in progress	53		81
Finished goods	303		383
Spare parts	49		43
Inventories	$	576	$	722

Segment Information - Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 165	$ 116	$ 398	$ 346
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(31)	(30)	(92)	(87)
Interest expense, net	(31)	(20)	(91)	(48)
IPO and separation-related costs	0	(3)	0	(10)
Income before income taxes	103	63	215	201
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	194	124	477	371
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(22)	(21)	(65)	(61)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(29)	(8)	(79)	(25)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (9)	$ (9)	$ (27)	$ (26)

- 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

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 1
Property, plant and equipment, accumulated depreciation	$ 878	$ 821
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000	2,000
Common stock, shares issued (in shares)	210	210
Common stock, shares outstanding (in shares)	210	210

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,150	$ 1,150
Interest Rate Swap One \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,150
Minimum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	2.15%	2.19%
Minimum \| Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	0.40%
Derivative, effective interest rate	2.15%
Cash flow hedge contracts period	2 years
Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	5.15%	5.19%
Maximum \| Interest Rate Swaps \| Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	3.40%
Derivative, effective interest rate	5.15%
Cash flow hedge contracts period	3 years

Segment Information - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total segment net revenues	$ 935	$ 967	$ 2,750	$ 2,729
Waste and Storage Products
Segment Reporting Information [Line Items]
Total segment net revenues	396	392	1,146	1,151
Cooking products
Segment Reporting Information [Line Items]
Total segment net revenues	312	327	916	889
Tableware
Segment Reporting Information [Line Items]
Total segment net revenues	233	251	708	701
Unallocated
Segment Reporting Information [Line Items]
Total segment net revenues	$ (6)	$ (3)	$ (20)	$ (12)

- Definition

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash provided by operating activities
Net income	$ 161	$ 152
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	92	87
Deferred income taxes	(3)	(1)
Stock compensation expense	10	4
Change in assets and liabilities:
Accounts receivable, net	3	27
Other receivables	11	0
Related party receivables	(2)	0
Inventories	146	(213)
Accounts payable	(5)	40
Related party payables	(16)	6
Income taxes payable / receivable	(11)	0
Accrued and other current liabilities	39	23
Other assets and liabilities	(2)	(7)
Net cash provided by operating activities	423	118
Cash used in investing activities
Acquisition of property, plant and equipment	(77)	(86)
Net cash used in investing activities	(77)	(86)
Cash used in financing activities
Repayment of long-term debt	(113)	(19)
Dividends paid	(144)	(144)
Other financing activities	(3)	0
Net cash used in financing activities	(260)	(163)
Net increase (decrease) in cash and cash equivalents	86	(131)
Cash and cash equivalents at beginning of period	38	164
Cash and cash equivalents at end of period	124	33
Cash paid:
Interest	86	42
Income taxes	$ 65	$ 49

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	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”). We sell and purchase various goods and services with PEI Group under contractual arrangements that expire over a variety of periods through December 31, 2027. During the nine months ended September 30, 2023, we amended these contractual arrangements with PEI Group, which, among other things, extended the expiration date for certain arrangements. Transactions between us and PEI Group are described below. For the three and nine months ended September 30, 2023, revenues from products sold to PEI Group were $21 million and $61 million, respectively, compared to $29 million and $77 million in the comparable prior year periods. For the three and nine months ended September 30, 2023, products purchased from PEI Group were $92 million and $291 million, respectively, compared to $101 million and $294 million in the comparable prior year periods. For the three and nine months ended September 30, 2023, PEI Group charged us freight and warehousing costs of $9 million and $28 million, respectively, compared to $12 million and $42 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 September 30, 2023 and September 30, 2022, and $107 million of the dividends paid during each of the nine months ended September 30, 2023 and September 30, 2022, were paid to PFL.

- Definition

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

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 124	$ 38
Accounts receivable (net of allowance for doubtful accounts of $1 and $1)	345	348
Other receivables	4	15
Inventories	576	722
Other current assets	48	41
Total current assets	1,106	1,171
Property, plant and equipment (net of accumulated depreciation of $878 and $821)	719	722
Operating lease right-of-use assets, net	57	65
Goodwill	1,879	1,879
Intangible assets, net	1,009	1,031
Other assets	68	61
Total assets	4,838	4,929
Liabilities
Current portion of long-term debt	0	25
Current operating lease liabilities	16	14
Income taxes payable	1	14
Accrued and other current liabilities	183	145
Total current liabilities	467	496
Long-term debt	1,981	2,066
Long-term operating lease liabilities	44	53
Deferred income taxes	364	365
Long-term postretirement benefit obligation	34	34
Other liabilities	56	47
Total liabilities	2,946	3,061
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.001 par value; 2,000 shares authorized; 210 shares issued and outstanding	0	0
Additional paid-in capital	1,392	1,385
Accumulated other comprehensive income	52	52
Retained earnings	448	431
Total stockholders’ equity	1,892	1,868
Total liabilities and stockholders’ equity	4,838	4,929
Related Party
Assets
Related party receivables	9	7
Liabilities
Accounts payable	30	46
Nonrelated Party
Liabilities
Accounts payable	$ 237	$ 252

Accumulated Other Comprehensive Income - Summary of Changes in Balances for Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,859	$ 1,825	$ 1,868	$ 1,776	$ 1,767	$ 1,756
Gain arising during the period	9	25	(10)	32	5	9
Reclassification to earnings	(9)	(8)	(7)	(3)	(1)
Effect of deferred taxes	0	(4)	4	(7)	(1)	(2)
Ending balance	1,892	1,859	1,825	1,798	1,776	1,767
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	52	39	52	20	17	10
Ending balance	52	52	39	42	20	17
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7)	(7)	(7)	(6)	(6)	(6)
Gain arising during the period				(2)
Ending balance	(7)	(7)	(7)	(8)	(6)	(6)
Employee Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	21	22	23	11	12	12
Gain arising during the period	0
Reclassification to earnings	(1)	(1)	(1)		(1)
Effect of deferred taxes	0
Ending balance	20	21	22	11	11	12
Interest Rate Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	38	24	36	15	11	4
Gain arising during the period	9	25	(10)	34	5	9
Reclassification to earnings	(8)	(7)	(6)	(3)
Effect of deferred taxes	0	(4)	4	(7)	(1)	(2)
Ending balance	$ 39	$ 38	$ 24	$ 39	$ 15	$ 11

- Definition

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

+ References

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+ Details

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Our equity incentive plan was established in 2020, for purposes of granting stock-based compensation awards to certain members of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. We have granted restricted stock units (“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 nine months ended September 30, 2023, zero and 0.2 million RSUs and zero and 0.2 million PSUs were granted, respectively. As of September 30, 2023, there were stock-based compensation awards representing 0.7 million shares outstanding compared to 0.4 million shares outstanding as of December 31, 2022. Stock-based compensation expense was $3 million and $10 million for the three and nine months ended September 30, 2023, respectively, compared to zero and $4 million in the comparable prior year periods.

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationOur 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 aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and EZ Foil brands in the United States and 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 September 30, 2023	(in millions)
Net revenues	$	312	$	241	$	233	$	147	$	933	$	2	$	935
Intersegment revenues	—		3		—		5		8		(8)		—
Total segment net revenues	$	312	$	244	$	233	$	152	$	941	$	(6)	$	935
Adjusted EBITDA	51		71		41		31		194
Depreciation and amortization	8		5		4		5		22		9		31

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended September 30, 2022	(in millions)
Net revenues	$	327	$	234	$	251	$	154	$	966	$	1	$	967
Intersegment revenues	—		3		—		1		4		(4)		—
Total segment net revenues	$	327	$	237	$	251	$	155	$	970	$	(3)	$	967
Adjusted EBITDA	33		44		24		23		124
Depreciation and amortization	6		5		4		6		21		9		30


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2023	(in millions)
Net revenues	$	916	$	697	$	708	$	433	$	2,754	$	(4)	$	2,750
Intersegment revenues	—		8		—		8		16		(16)		—
Total segment net revenues	$	916	$	705	$	708	$	441	$	2,770	$	(20)	$	2,750
Adjusted EBITDA	94		188		117		78		477
Depreciation and amortization	22		15		12		16		65		27		92

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2022	(in millions)
Net revenues	$	889	$	696	$	701	$	443	$	2,729	$	—	$	2,729
Intersegment revenues	—		8		—		4		12		(12)		—
Total segment net revenues	$	889	$	704	$	701	$	447	$	2,741	$	(12)	$	2,729
Adjusted EBITDA	97		135		72		67		371
Depreciation and amortization	18		14		12		17		61		26		87

Segment assets consisted of the following:


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
	(in millions)
As of September 30, 2023	$	595	$	262	$	224	$	236	$	1,317	$	3,521	$	4,838
As of December 31, 2022	646		314		226		274		1,460		3,469		4,929

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	194	$	124	$	477	$	371
Corporate / unallocated expenses	(29)		(8)		(79)		(25)
	165		116		398		346
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(31)		(30)		(92)		(87)
Interest expense, net	(31)		(20)		(91)		(48)
IPO and separation-related costs	—		(3)		—		(10)
Consolidated GAAP income before income taxes	$	103	$	63	$	215	$	201

Information in Relation to Products

Net revenues by product line are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Waste and storage products (1)	$	396	$	392	$	1,146	$	1,151
Cooking products	312		327		916		889
Tableware	233		251		708		701
Unallocated	(6)		(3)		(20)		(12)
Net revenues	$	935	$	967	$	2,750	$	2,729

(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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+ Details

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (13)	$ (14)
Original issue discounts	(1)	(2)
Total debt	1,981	2,091
Less: current portion	0	(25)
Long-term debt	1,981	2,066
Term loan facility
Debt Instrument [Line Items]
Debt	$ 1,995	$ 2,107

- Definition

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

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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

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+ Details

- Definition

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

+ References + Details

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Financial Instruments [Abstract]

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

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


(In millions)	Notional Amount		Annual Rate	Weighted Average Annual Effective Rate		Fair Value - Other Current Assets		Fair Value - Other Assets
As of September 30, 2023	$	1,150	2.15% to 5.15%	4.38	%	$	30	$	22
As of December 31, 2022⁽¹⁾	$	1,150	2.19% to 5.19%	4.42	%	$	25	$	23

(1)Based on the interest rate swaps prior to the amendments entered into in February 2023, which was based on the LIBOR as of December 31, 2022.

Segment Information - Summary of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total segment net revenues	$ 935	$ 967	$ 2,750	$ 2,729
Adjusted EBITDA	165	116	398	346
Depreciation and amortization	31	30	92	87
Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	935	967	2,750	2,729
Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0	0
Operating Segment
Segment Reporting Information [Line Items]
Total segment net revenues	941	970	2,770	2,741
Adjusted EBITDA	194	124	477	371
Depreciation and amortization	22	21	65	61
Operating Segment \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	933	966	2,754	2,729
Operating Segment \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	8	4	16	12
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Total segment net revenues	312	327	916	889
Adjusted EBITDA	51	33	94	97
Depreciation and amortization	8	6	22	18
Operating Segment \| Reynolds Cooking & Baking \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	312	327	916	889
Operating Segment \| Reynolds Cooking & Baking \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0	0
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Total segment net revenues	244	237	705	704
Adjusted EBITDA	71	44	188	135
Depreciation and amortization	5	5	15	14
Operating Segment \| Hefty Waste & Storage \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	241	234	697	696
Operating Segment \| Hefty Waste & Storage \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	3	3	8	8
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Total segment net revenues	233	251	708	701
Adjusted EBITDA	41	24	117	72
Depreciation and amortization	4	4	12	12
Operating Segment \| Hefty Tableware \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	233	251	708	701
Operating Segment \| Hefty Tableware \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	0	0	0	0
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Total segment net revenues	152	155	441	447
Adjusted EBITDA	31	23	78	67
Depreciation and amortization	5	6	16	17
Operating Segment \| Presto Products \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	147	154	433	443
Operating Segment \| Presto Products \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	5	1	8	4
Unallocated
Segment Reporting Information [Line Items]
Total segment net revenues	(6)	(3)	(20)	(12)
Adjusted EBITDA	(29)	(8)	(79)	(25)
Depreciation and amortization	9	9	27	26
Unallocated \| Net revenues
Segment Reporting Information [Line Items]
Total segment net revenues	2	1	(4)	0
Unallocated \| Intersegment revenues
Segment Reporting Information [Line Items]
Total segment net revenues	$ (8)	$ (4)	$ (16)	$ (12)

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

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.


(In millions)	Currency Translation Adjustments		Employee Benefit Plans		Interest Rate Derivatives		Accumulated Other Comprehensive Income
Balance as of December 31, 2021	$	(6)	$	12	$	4	$	10
Gain arising during the period	—		—		9		9
Reclassification to earnings	—		—		—		—
Effect of deferred taxes	—		—		(2)		(2)
Balance as of March 31, 2022	$	(6)	$	12	$	11	$	17
Gain arising during the period	—		—		5		5
Reclassification to earnings	—		(1)		—		(1)
Effect of deferred taxes	—		—		(1)		(1)
Balance as of June 30, 2022	$	(6)	$	11	$	15	$	20
Gain (loss) arising during the period	(2)		—		34		32
Reclassification to earnings	—		—		(3)		(3)
Effect of deferred taxes	—		—		(7)		(7)
Balance as of September 30, 2022	$	(8)	$	11	$	39	$	42

Balance as of December 31, 2022	$	(7)	$	23	$	36	$	52
Loss arising during the period	—		—		(10)		(10)
Reclassification to earnings	—		(1)		(6)		(7)
Effect of deferred taxes	—		—		4		4
Balance as of March 31, 2023	(7)		22		24		39
Gain arising during the period	—		—		25		25
Reclassification to earnings	—		(1)		(7)		(8)
Effect of deferred taxes	—		—		(4)		(4)
Balance as of June 30, 2023	(7)		21		38		52
Gain arising during the period	—		—		9		9
Reclassification to earnings	—		(1)		(8)		(9)
Effect of deferred taxes	—		—		—		—
Balance as of September 30, 2023	$	(7)	$	20	$	39	$	52

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 171	$ 215
Work in progress	53	81
Finished goods	303	383
Spare parts	49	43
Inventories	$ 576	$ 722

Financial Instruments - Summary of Notional Amounts, Annual Rates, Weighted Average Annual Effective Rates and Fair Value of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 1,150	$ 1,150
Weighted Average Annual Effective Rate	4.38%	4.42%
Fair Value - Other Current Assets	$ 30	$ 25
Fair Value - Other Assets	$ 22	$ 23
Minimum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	2.15%	2.19%
Maximum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	5.15%	5.19%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Adjusted EBITDA


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended September 30, 2023	(in millions)
Net revenues	$	312	$	241	$	233	$	147	$	933	$	2	$	935
Intersegment revenues	—		3		—		5		8		(8)		—
Total segment net revenues	$	312	$	244	$	233	$	152	$	941	$	(6)	$	935
Adjusted EBITDA	51		71		41		31		194
Depreciation and amortization	8		5		4		5		22		9		31

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended September 30, 2022	(in millions)
Net revenues	$	327	$	234	$	251	$	154	$	966	$	1	$	967
Intersegment revenues	—		3		—		1		4		(4)		—
Total segment net revenues	$	327	$	237	$	251	$	155	$	970	$	(3)	$	967
Adjusted EBITDA	33		44		24		23		124
Depreciation and amortization	6		5		4		6		21		9		30


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2023	(in millions)
Net revenues	$	916	$	697	$	708	$	433	$	2,754	$	(4)	$	2,750
Intersegment revenues	—		8		—		8		16		(16)		—
Total segment net revenues	$	916	$	705	$	708	$	441	$	2,770	$	(20)	$	2,750
Adjusted EBITDA	94		188		117		78		477
Depreciation and amortization	22		15		12		16		65		27		92

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Nine Months Ended September 30, 2022	(in millions)
Net revenues	$	889	$	696	$	701	$	443	$	2,729	$	—	$	2,729
Intersegment revenues	—		8		—		4		12		(12)		—
Total segment net revenues	$	889	$	704	$	701	$	447	$	2,741	$	(12)	$	2,729
Adjusted EBITDA	97		135		72		67		371
Depreciation and amortization	18		14		12		17		61		26		87

Summary of Segment Assets

Segment assets consisted of the following:


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
	(in millions)
As of September 30, 2023	$	595	$	262	$	224	$	236	$	1,317	$	3,521	$	4,838
As of December 31, 2022	646		314		226		274		1,460		3,469		4,929

Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	194	$	124	$	477	$	371
Corporate / unallocated expenses	(29)		(8)		(79)		(25)
	165		116		398		346
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(31)		(30)		(92)		(87)
Interest expense, net	(31)		(20)		(91)		(48)
IPO and separation-related costs	—		(3)		—		(10)
Consolidated GAAP income before income taxes	$	103	$	63	$	215	$	201

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Waste and storage products (1)	$	396	$	392	$	1,146	$	1,151
Cooking products	312		327		916		889
Tableware	233		251		708		701
Unallocated	(6)		(3)		(20)		(12)
Net revenues	$	935	$	967	$	2,750	$	2,729

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

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022, 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 March 2023, we initiated a voluntary Supply Chain Finance program (the “SCF”) with a global financial institution (the “SCF Bank”). Under the SCF, qualifying suppliers may elect to sell their receivables from us to the SCF Bank. These participating suppliers negotiate their receivables sales arrangements directly with the SCF Bank. We are not party to those agreements, nor do we provide any security or other forms of guarantees to the SCF Bank. The participation in the program is at the sole discretion of the supplier, we have no economic interest in a supplier’s decision to enter into the agreement and have no direct financial relationship with SCF Bank, as it relates to the SCF. Once a qualifying supplier elects to participate in the SCF and reaches an agreement with the SCF Bank, they elect which individual invoices they sell to the SCF Bank. The terms of our payment obligations are not impacted by a supplier’s participation in the SCF and as such, the SCF has no direct impact on our balance sheets, cash flows, or liquidity. Amounts due to suppliers who voluntarily participate in the SCF are included in accounts payable in our condensed consolidated balance sheet and our payments made under the SCF are reflected as an operating cash flow in the condensed consolidated statement of cash flows. As of September 30, 2023, the amount of obligations outstanding that we have confirmed as valid under the SCF was $18 million.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: 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, and subsequently in January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, both of which provide 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 (“LIBOR”), and other interbank offered rates expected to be discontinued, to alternative reference rates. Each of these ASUs were effective upon its issuance and could be applied prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which amended the sunset date of the guidance in Topic 848 to December 31, 2024 from December 31, 2022. We adopted the standards as of January 1, 2023. As a result of the planned phase out of the LIBOR as a reference rate and adoption of ASU 2020-04 and ASU 2021-01, we have amended our Credit Agreement and interest rate swaps and applied practical expedients under the guidance. The adoption did not have a material impact on our condensed consolidated financial statements. In September 2022, FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. These amendments require disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments are effective for fiscal years beginning after December 31, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 31, 2023. We adopted the standard, other than the amendment on rollforward information, as of January 1, 2023. The adoption relates to disclosure only, and does not have an impact on our condensed consolidated financial statements.

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	September 30, 2023		December 31, 2022
	(in millions)
Term loan facility	$	1,995	$	2,107
Deferred financing transaction costs	(13)		(14)
Original issue discounts	(1)		(2)
	1,981		2,091
Less: current portion	—		(25)
Long-term debt	$	1,981	$	2,066

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 69B
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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2021	$ 1,756	$ 1,381	$ 365	$ 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52		52
Other comprehensive income (loss), net of income taxes	7			7
Dividends ($0.23 per share declared and paid)	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152
Ending balance at Sep. 30, 2022	1,798	1,383	373	42
Beginning balance at Mar. 31, 2022	1,767	1,381	369	17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52		52
Other comprehensive income (loss), net of income taxes	3			3
Dividends ($0.23 per share declared and paid)	(48)		(48)
Other	2	2
Ending balance at Jun. 30, 2022	1,776	1,383	373	20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48		48
Other comprehensive income (loss), net of income taxes	22			22
Dividends ($0.23 per share declared and paid)	(48)		(48)
Ending balance at Sep. 30, 2022	1,798	1,383	373	42
Beginning balance at Dec. 31, 2022	1,868	1,385	431	52
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17		17
Other comprehensive income (loss), net of income taxes	(13)			(13)
Dividends ($0.23 per share declared and paid)	(48)		(48)
Other	1	1
Ending balance at Mar. 31, 2023	1,825	1,386	400	39
Beginning balance at Dec. 31, 2022	1,868	1,385	431	52
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161
Ending balance at Sep. 30, 2023	1,892	1,392	448	52
Beginning balance at Mar. 31, 2023	1,825	1,386	400	39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66		66
Other comprehensive income (loss), net of income taxes	13			13
Dividends ($0.23 per share declared and paid)	(48)		(48)
Other	3	3
Ending balance at Jun. 30, 2023	1,859	1,389	418	52
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78		78
Dividends ($0.23 per share declared and paid)	(48)		(48)
Other	3	3
Ending balance at Sep. 30, 2023	$ 1,892	$ 1,392	$ 448	$ 52

- Definition

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

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- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 78	$ 48	$ 161	$ 152
Other comprehensive (loss) income, net of income taxes:
Currency translation adjustment	0	(2)	0	(2)
Employee benefit plans	(1)	0	(3)	(1)
Interest rate derivatives	1	24	3	35
Other comprehensive income, net of income taxes	0	22	0	32
Comprehensive income	$ 78	$ 70	$ 161	$ 184

- Definition

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

+ References

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Quarterly Cash Dividend On October 26, 2023, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on November 30, 2023 to shareholders of record on November 16, 2023. Term Loan Facility Subsequent to September 30, 2023, we made a voluntary principal payment of $100 million related to our Term Loan Facility. Except as described above, there have been no events subsequent to September 30, 2023 which would require accrual or disclosure in these condensed consolidated financial statements.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings: We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us 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 as of September 30, 2023, 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.

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total net revenues	$ 935	$ 967	$ 2,750	$ 2,729
Cost of sales	(686)	(789)	(2,117)	(2,199)
Gross profit	249	178	633	530
Selling, general and administrative expenses	(115)	(90)	(327)	(264)
Other income (expense), net	0	(5)	0	(17)
Income from operations	134	83	306	249
Interest expense, net	(31)	(20)	(91)	(48)
Income before income taxes	103	63	215	201
Income tax expense	(25)	(15)	(54)	(49)
Net income	$ 78	$ 48	$ 161	$ 152
Earnings per share:
Basic (in USD per share)	$ 0.37	$ 0.23	$ 0.77	$ 0.72
Diluted (in USD per share)	$ 0.37	$ 0.23	$ 0.77	$ 0.72
Weighted average shares outstanding:
Basic (in shares)	210.0	209.9	210.0	209.8
Effect of dilutive securities (in shares)	0.0	0.0	0.0	0.1
Diluted (in shares)	210.0	209.9	210.0	209.9
Net revenues
Net revenues	$ 914	$ 938	$ 2,689	$ 2,652
Related party net revenues
Net revenues	$ 21	$ 29	$ 61	$ 77

Debt

9 Months Ended

Sep. 30, 2023

Debt Instruments [Abstract]

Debt

Long-term debt consisted of the following:


	September 30, 2023		December 31, 2022
	(in millions)
Term loan facility	$	1,995	$	2,107
Deferred financing transaction costs	(13)		(14)
Original issue discounts	(1)		(2)
	1,981		2,091
Less: current portion	—		(25)
Long-term debt	$	1,981	$	2,066

External Debt Facilities

In February 2020, we entered into 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 February 2023 we amended the External Debt Facilities (as amended, the “Amended External Debt Facilities”) which replaced the interest rate benchmark from the LIBOR to the Secured Overnight Financing Rate (“SOFR”). Other than the foregoing, the material terms of the External Debt Facilities remain unchanged, and our election to use practical expedients under ASU 2020-04 and ASU 2021-01, as described in Note 2 - New Accounting Standards, resulted in no material impacts on our condensed consolidated financial statements.

Borrowings under the Amended 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 SOFR plus an applicable margin of 1.75%. During September 2020, May 2022 and August 2022, we entered into a series of interest rate swaps to hedge a portion of the interest rate exposure resulting from these borrowings. In conjunction with the amendment of our External Debt Facilities, we amended the outstanding interest rate swaps to replace the interest rate benchmark from the LIBOR to SOFR. Refer to Note 5 – Financial Instruments for further details.

The Amended 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 Amended External Debt Facilities.

If an event of default occurs, the lenders under the Amended External Debt Facilities are entitled to take various actions, including the acceleration of amounts due under the Amended 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 three months ended September 30, 2023, we made a voluntary principal payment of $100 million related to our Term Loan Facility, which was first applied to pay the remaining quarterly amortization payments in full with the residual balance applied to the outstanding principal balance due at maturity.

Revolving Facility

The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of September 30, 2023, we had no outstanding borrowings under the Revolving Facility, and we had $6 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.

Fair Value of Our Long-Term Debt

The fair value of our long-term debt as of September 30, 2023, 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

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2023
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business: Reynolds Consumer Products Inc. and its subsidiaries (“we”, “us” or “our”) produce and sell products 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, 2022, 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 March 2023, we initiated a voluntary Supply Chain Finance program (the “SCF”) with a global financial institution (the “SCF Bank”). Under the SCF, qualifying suppliers may elect to sell their receivables from us to the SCF Bank. These participating suppliers negotiate their receivables sales arrangements directly with the SCF Bank. We are not party to those agreements, nor do we provide any security or other forms of guarantees to the SCF Bank. The participation in the program is at the sole discretion of the supplier, we have no economic interest in a supplier’s decision to enter into the agreement and have no direct financial relationship with SCF Bank, as it relates to the SCF. Once a qualifying supplier elects to participate in the SCF and reaches an agreement with the SCF Bank, they elect which individual invoices they sell to the SCF Bank. The terms of our payment obligations are not impacted by a supplier’s participation in the SCF and as such, the SCF has no direct impact on our balance sheets, cash flows, or liquidity. Amounts due to suppliers who voluntarily participate in the SCF are included in accounts payable in our condensed consolidated balance sheet and our payments made under the SCF are reflected as an operating cash flow in the condensed consolidated statement of cash flows. As of September 30, 2023, the amount of obligations outstanding that we have confirmed as valid under the SCF was $18 million.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends, per share, declared (in USD per share)	$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23
Dividends, per share, paid (in USD per share)	$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.23

Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 29, 2020	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Quarterly unreimbursed letters of credit minimum percentage	35.00%
Principal payment			$ 113	$ 19
Outstanding borrowings under revolving facility		$ 0	0
Letters of credit outstanding		6	$ 6
Debt instrument, maturity period			Feb. 28, 2025
Term loan facility
Debt Instrument [Line Items]
Debt instrument, periodic payment			$ 6
Principal payment		$ 100
Debt instrument, maturity period			Feb. 28, 2027
External Debt Facilities \| Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	0.75%
External Debt Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate	1.75%
External Debt Facilities \| Term loan facility
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	$ 2,475
External Debt Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	$ 250

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 78	$ 66	$ 17	$ 48	$ 52	$ 52	$ 161	$ 152

- Definition

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

+ References

+ Details

Segment Information - Summary of Segment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 4,838	$ 4,929
Operating Segment
Segment Reporting Information [Line Items]
Assets	1,317	1,460
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	595	646
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	262	314
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Assets	224	226
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Assets	236	274
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,521	$ 3,469

- 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 - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2023 category Segment
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Presto Products
Segment Reporting Information [Line Items]
Number of brand product categories \| category	4

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock available for issuance (in shares)	10,500,000		10,500,000
Shares issued (in shares)	700,000		700,000		400,000
Stock-based compensation expense	$ 3	$ 0	$ 10	$ 4
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)	0		200,000
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)	0		200,000

- Definition

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