Segment Information (Tables)

3 Months Ended

Mar. 31, 2026


	Reynolds Cooking & Kitchen Essentials		Hefty Waste & Clean-Up		Hefty Home & Tableware		Hefty Storage & Organization		Segment Total		Unallocated(1)		Total
Three Months Ended March 31, 2026	(in millions)


Total segment net revenues	$	314	$	224	$	180	$	159	$	877	$	—	$	877
Other segment items(2)	(270)		(162)		(152)		(132)		(716)
Adjusted EBITDA	44		62		28		27		161
Depreciation and amortization	10		4		6		5		25		8		33


	Reynolds Cooking & Kitchen Essentials		Hefty Waste & Clean-Up		Hefty Home & Tableware		Hefty Storage & Organization		Segment Total		Unallocated(1)		Total
Three Months Ended March 31, 2025	(in millions)


Total segment net revenues	$	259	$	226	$	179	$	153	$	817	$	1	$	818
Other segment items(2)	(221)		(164)		(162)		(132)		(679)
Adjusted EBITDA	38		62		17		21		138
Depreciation and amortization	9		5		5		5		24		8		32

Schedule of Segment Assets

Segment assets consisted of the following:


	Reynolds Cooking & Kitchen Essentials		Hefty Waste & Clean-Up		Hefty Home & Tableware		Hefty Storage & Organization		Segment Total		Unallocated(1)		Total
	(in millions)
As of March 31, 2026	$	657	$	262	$	252	$	315	$	1,486	$	3,444	$	4,930
As of December 31, 2025	612		264		242		305		1,423		3,513		4,936

(1)Unallocated includes 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.

(2)Other segment items reflected in Segment Adjusted EBITDA primarily include cost of sales (including input, manufacturing and logistics costs), salaries and benefits, advertising expenses and professional fees. These items are monitored on an entity-wide basis and are not included in segment information that is regularly reviewed by our CODM.

Schedule of Reconciliation of Total Segment Adjusted EBITDA to GAAP Income Before Income Taxes

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


	Three Months Ended March 31,
		2026		2025
	(in millions)
Segment Adjusted EBITDA		$	161	$	138
Corporate / unallocated expenses		(30)		(21)
		131		117
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(33)		(32)
Interest expense, net		(21)		(21)
Debt refinancing expense(1)		—		(13)
Costs to execute strategic initiatives(2)		—		(5)
CEO transition costs(3)		—		(4)
Consolidated GAAP income before income taxes		$	77	$	42

(1) Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing.

(2) Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.

(3) Reflects compensation and other costs related to the CEO transition effective January 1, 2025.