0001628280-24-035405 | 10-Q | XBRL Viewer | Reynolds Consumer Products INC

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended June 30, 2024	(in millions)
Net revenues	$	304	$	236	$	245	$	147	$	932	$	(2)	$	930
Intersegment revenues	—		2		—		3		5		(5)		—
Total segment net revenues	$	304	$	238	$	245	$	150	$	937	$	(7)	$	930
Adjusted EBITDA	56		69		39		37		201
Depreciation and amortization	8		5		4		5		22		10		32

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Three Months Ended June 30, 2023	(in millions)
Net revenues	$	321	$	227	$	251	$	144	$	943	$	(3)	$	940
Intersegment revenues	—		2		—		1		3		(3)		—
Total segment net revenues	$	321	$	229	$	251	$	145	$	946	$	(6)	$	940
Adjusted EBITDA	40		62		45		28		175
Depreciation and amortization	7		5		4		5		21		9		30


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Six Months Ended June 30, 2024	(in millions)
Net revenues	$	568	$	462	$	450	$	287	$	1,767	$	(3)	$	1,764
Intersegment revenues	—		6		—		6		12		(12)		—
Total segment net revenues	$	568	$	468	$	450	$	293	$	1,779	$	(15)	$	1,764
Adjusted EBITDA	89		134		70		66		359
Depreciation and amortization	16		9		8		11		44		19		63

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated(1)		Total
Six Months Ended June 30, 2023	(in millions)
Net revenues	$	604	$	457	$	475	$	285	$	1,821	$	(7)	$	1,814
Intersegment revenues	—		6		—		3		9		(9)		—
Total segment net revenues	$	604	$	463	$	475	$	288	$	1,830	$	(16)	$	1,814
Adjusted EBITDA	43		117		76		47		283
Depreciation and amortization	14		10		8		11		43		18		61

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, 2024	$	584	$	274	$	234	$	242	$	1,334	$	3,531	$	4,865
As of December 31, 2023	556		267		216		239		1,278		3,502		4,780

(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.

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,
	2024		2023		2024		2023
	(in millions)				(in millions)
Segment Adjusted EBITDA	$	201	$	175	$	359	$	283
Corporate / unallocated expenses	(29)		(25)		(65)		(51)
	172		150		294		232
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(32)		(30)		(63)		(61)
Interest expense, net	(25)		(31)		(51)		(60)
Consolidated GAAP income before income taxes	$	115	$	89	$	180	$	111

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,
	2024		2023		2024		2023
	(in millions)				(in millions)
Waste and storage products (1)	$	388	$	374	$	761	$	751
Cooking products	304		321		568		604
Tableware	245		251		450		475
Unallocated	(7)		(6)		(15)		(16)
Net revenues	$	930	$	940	$	1,764	$	1,814

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

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	June 30, 2024		December 31, 2023
	(in millions)
Raw materials	$	142	$	153
Work in progress	58		60
Finished goods	327		260
Spare parts	57		51
Inventories	$	584	$	524

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		210,138,321
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001786431
Current Fiscal Year End Date	--12-31

Segment Information - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 930	$ 940	$ 1,764	$ 1,814
Waste and Storage Products
Segment Reporting Information [Line Items]
Total net revenues	388	374	761	751
Cooking products
Segment Reporting Information [Line Items]
Total net revenues	304	321	568	604
Tableware
Segment Reporting Information [Line Items]
Total net revenues	245	251	450	475
Unallocated
Segment Reporting Information [Line Items]
Total net revenues	$ (7)	$ (6)	$ (15)	$ (16)

New Accounting Standards	6 Months Ended
New Accounting Standards	Jun. 30, 2024
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance: In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 were 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 as of January 1, 2023, other than the amendment on rollforward information, which will be adopted prospectively in our Annual Report on Form 10-K for the year ending December 31, 2024 as required. The adoption relates to disclosure only, and does not have an impact on our condensed consolidated financial statements. Accounting Guidance Issued But Not Yet Adopted: In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), which enhances disclosures about significant segment expenses by requiring disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), which enhances disclosures within the income tax rate reconciliation and information disclosed related to income taxes paid, and requires disaggregation of certain financial statement captions between domestic, foreign, federal and state. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require public companies to include climate-related disclosures in their annual reports and registration statements. The final rules will require, among other matters, information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a registrant, including on its strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The disclosure requirements related to financial statements are expected to be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We are currently assessing the impact of these rules on our consolidated financial statements and related disclosures.

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
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, 2023, 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.
Supply Chain Financing	Supply Chain Financing: 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 the 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 impact on our balance sheets, cash flows, or liquidity. Our payment terms with our suppliers for similar services and materials within individual markets are consistent between suppliers that elect to participate in the SCF and those that do not participate. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in our condensed consolidated balance sheet and associated payments are included as an operating cash flow in the condensed consolidated statement of cash flows.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 were 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 as of January 1, 2023, other than the amendment on rollforward information, which will be adopted prospectively in our Annual Report on Form 10-K for the year ending December 31, 2024 as required. The adoption relates to disclosure only, and does not have an impact on our condensed consolidated financial statements. Accounting Guidance Issued But Not Yet Adopted: In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), which enhances disclosures about significant segment expenses by requiring disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), which enhances disclosures within the income tax rate reconciliation and information disclosed related to income taxes paid, and requires disaggregation of certain financial statement captions between domestic, foreign, federal and state. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require public companies to include climate-related disclosures in their annual reports and registration statements. The final rules will require, among other matters, information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a registrant, including on its strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The disclosure requirements related to financial statements are expected to be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We are currently assessing the impact of these rules on our consolidated financial statements and related disclosures.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 1
Property, plant and equipment, accumulated depreciation	$ 938	$ 897
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000.0	2,000.0
Common stock, shares issued (in shares)	210.1	210.1
Common stock, shares outstanding (in shares)	210.1	210.1

Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2020	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Quarterly unreimbursed letters of credit minimum percentage	35.00%
Outstanding borrowings under revolving facility		$ 0
Letters of credit outstanding		6
Term loan facility
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 6
Principal payment		$ 50	$ 250
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

Segment Information - Summary of Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 4,865	$ 4,780
Operating Segment
Segment Reporting Information [Line Items]
Assets	1,334	1,278
Operating Segment \| Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	584	556
Operating Segment \| Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	274	267
Operating Segment \| Hefty Tableware
Segment Reporting Information [Line Items]
Assets	234	216
Operating Segment \| Presto Products
Segment Reporting Information [Line Items]
Assets	242	239
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,531	$ 3,502

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash provided by operating activities
Net income	$ 145	$ 83
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	63	61
Deferred income taxes	0	2
Stock compensation expense	9	6
Change in assets and liabilities:
Accounts receivable, net	(23)	(38)
Other receivables	2	11
Related party receivables	0	0
Inventories	(60)	108
Accounts payable	92	(15)
Related party payables	(5)	(12)
Income taxes payable / receivable	(22)	(11)
Accrued and other current liabilities	(21)	19
Other assets and liabilities	3	(7)
Net cash provided by operating activities	183	207
Cash used in investing activities
Acquisition of property, plant and equipment	(48)	(51)
Net cash used in investing activities	(48)	(51)
Cash used in financing activities
Repayment of long-term debt	(50)	(12)
Dividends paid	(96)	(96)
Other financing activities	(3)	(3)
Net cash used in financing activities	(149)	(111)
Net (decrease) increase in cash and cash equivalents	(14)	45
Cash and cash equivalents at beginning of period	115	38
Cash and cash equivalents at end of period	101	83
Cash paid:
Interest - long-term debt, net of interest rate swaps	51	58
Income taxes	$ 56	$ 36

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 101	$ 115
Accounts receivable (net of allowance for doubtful accounts of $1 and $1)	371	347
Other receivables	5	7
Inventories	584	524
Other current assets	45	41
Total current assets	1,113	1,041
Property, plant and equipment (net of accumulated depreciation of $938 and $897)	729	732
Operating lease right-of-use assets, net	79	56
Goodwill	1,895	1,895
Intangible assets, net	987	1,001
Other assets	62	55
Total assets	4,865	4,780
Liabilities
Current operating lease liabilities	19	16
Income taxes payable	1	22
Accrued and other current liabilities	164	187
Total current liabilities	523	478
Long-term debt	1,784	1,832
Long-term operating lease liabilities	63	42
Deferred income taxes	359	357
Long-term postretirement benefit obligation	16	16
Other liabilities	80	72
Total liabilities	2,825	2,797
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.001 par value; 2,000 shares authorized; 210.1 shares issued and outstanding	0	0
Additional paid-in capital	1,404	1,396
Accumulated other comprehensive income	51	50
Retained earnings	585	537
Total stockholders’ equity	2,040	1,983
Total liabilities and stockholders’ equity	4,865	4,780
Related Party
Assets
Related party receivables	7	7
Liabilities
Accounts payable	29	34
Nonrelated Party
Liabilities
Accounts payable	$ 310	$ 219

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jun. 30, 2024
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 six months ended June 30, 2024, zero and 0.3 million RSUs and zero and 0.3 million PSUs were granted, respectively. As of June 30, 2024, there were stock-based compensation awards representing 1.4 million shares outstanding compared to 0.8 million shares outstanding as of December 31, 2023. Stock-based compensation expense was $5 million and $9 million for the three and six months ended June 30, 2024, respectively, compared to $3 million and $6 million in the comparable prior year periods.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2024, we recorded income tax expense of $18 million on income before income taxes of $115 million, or an effective tax rate of 16.0%, compared to income tax expense of $23 million on income before income taxes of $89 million, or an effective tax rate of 25.4%, for the three months ended June 30, 2023. For the six months ended June 30, 2024, we recorded income tax expense of $35 million on income before income taxes of $180 million, or an effective tax rate of 19.2%, compared to income tax expense of $28 million on income before income taxes of $111 million, or an effective tax rate of 25.3% for the six months ended June 30, 2023. For the three and six months ended June 30, 2024, our income tax expense included a discrete tax benefit for the remeasurement of deferred tax liabilities due to a change in our state tax rates after apportionment.

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 142	$ 153
Work in progress	58	60
Finished goods	327	260
Spare parts	57	51
Inventories	$ 584	$ 524

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 18	$ 23	$ 35	$ 28
Income before income taxes	$ 115	$ 89	$ 180	$ 111
Effective tax rate	16.00%	25.40%	19.20%	25.30%

Description of Business and Basis of Presentation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) category segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of product categories \| category	3
Number of reportable segments \| segment	4
Operating lease right-of-use assets	$ 32	$ 0
SCF obligation	$ 9		$ 19

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Aggregate notional amount	$ 1,150	$ 1,150
Interest Rate Swaps \| 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%	2.15%
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	1 year
Maximum
Derivative Instruments Gain Loss [Line Items]
Derivative, annual SOFR rate	5.15%	5.15%
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	2 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 1,868,000,000	$ 0	$ 1,385,000,000	$ 431,000,000	$ 52,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,000,000			17,000,000
Other comprehensive (loss) income, net of income taxes	(13,000,000)				(13,000,000)
Dividends (per share declared and paid)	(48,000,000)			(48,000,000)
Other	1,000,000		1,000,000
Ending balance at Mar. 31, 2023	1,825,000,000	0	1,386,000,000	400,000,000	39,000,000
Beginning balance at Dec. 31, 2022	1,868,000,000	0	1,385,000,000	431,000,000	52,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83,000,000
Ending balance at Jun. 30, 2023	1,859,000,000	0	1,389,000,000	418,000,000	52,000,000
Beginning balance at Mar. 31, 2023	1,825,000,000	0	1,386,000,000	400,000,000	39,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,000,000			66,000,000
Other comprehensive (loss) income, net of income taxes	13,000,000				13,000,000
Dividends (per share declared and paid)	(48,000,000)			(48,000,000)
Other	3,000,000		3,000,000
Ending balance at Jun. 30, 2023	1,859,000,000	0	1,389,000,000	418,000,000	52,000,000
Beginning balance at Dec. 31, 2023	1,983,000,000	0	1,396,000,000	537,000,000	50,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,000,000			49,000,000
Other comprehensive (loss) income, net of income taxes	3,000,000				3,000,000
Dividends (per share declared and paid)	(48,000,000)			(48,000,000)
Other	2,000,000		3,000,000	(1,000,000)
Ending balance at Mar. 31, 2024	1,989,000,000	0	1,399,000,000	537,000,000	53,000,000
Beginning balance at Dec. 31, 2023	1,983,000,000	0	1,396,000,000	537,000,000	50,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	145,000,000
Ending balance at Jun. 30, 2024	2,040,000,000	0	1,404,000,000	585,000,000	51,000,000
Beginning balance at Mar. 31, 2024	1,989,000,000	0	1,399,000,000	537,000,000	53,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,000,000			97,000,000
Other comprehensive (loss) income, net of income taxes	(2,000,000)				(2,000,000)
Dividends (per share declared and paid)	(48,000,000)			(48,000,000)
Other	4,000,000		5,000,000	(1,000,000)
Ending balance at Jun. 30, 2024	$ 2,040,000,000	$ 0	$ 1,404,000,000	$ 585,000,000	$ 51,000,000

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
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 year ended December 31, 2023 and the six months ended June 30, 2024, 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 each of the three and six months ended June 30, 2024, revenues from products sold to PEI Group were $16 million and $38 million, respectively, compared to $18 million and $40 million in the comparable prior year periods. For the three and six months ended June 30, 2024, products purchased from PEI Group were $83 million and $163 million, respectively, compared to $93 million and $199 million in the comparable prior year periods. For the three and six months ended June 30, 2024, PEI Group charged us freight and warehousing costs of $7 million and $15 million, respectively, compared to $9 million and $18 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, 2024 and June 30, 2023, and $72 million of the dividends paid during each of the six months ended June 30, 2024 and June 30, 2023, were paid to PFL.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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, advertising/labelling claims, 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 June 30, 2024, 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.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 97	$ 49	$ 66	$ 17	$ 145	$ 83

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jul. 25, 2024	Aug. 07, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Cash dividend per common share (in USD per share)			$ 0.23	$ 0.23	$ 0.23	$ 0.23
Principal payment							$ 50	$ 12
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		$ 50

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (10)	$ (12)
Original issue discounts	(1)	(1)
Total debt	1,784	1,832
Less: current portion	0	0
Long-term debt	1,784	1,832
Term loan facility
Debt Instrument [Line Items]
Debt	$ 1,795	$ 1,845

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Quarterly Cash Dividend On July 25, 2024, our Board of Directors approved a cash dividend of $0.23 per common share to be paid on August 30, 2024 to shareholders of record on August 16, 2024. Term Loan Facility Subsequent to June 30, 2024, we made a voluntary principal payment of $50 million related to our Term Loan Facility. Except as described above, there have been no events subsequent to June 30, 2024 which would require accrual or disclosure in these condensed consolidated financial statements.

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 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

Financial Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 1,150	$ 1,150
Weighted Average Annual Effective Rate	4.38%	4.38%
Fair Value - Other Current Assets	$ 26	$ 23
Fair Value - Other Assets	$ 8	$ 7
Minimum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	2.15%	2.15%
Maximum
Derivative Instruments Gain Loss [Line Items]
Annual Rate	5.15%	5.15%