v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Adjusted EBITDA
 Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Three Months Ended June 30, 2026(in millions)
Total segment net revenues$314 $233 $217 $176 $940 $4 $944 
Other segment items(2)
(261)(164)(174)(149)(748)
Adjusted EBITDA53 69 43 27 192 
Depreciation and amortization10 5 6 5 26 7 33 
Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware 		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Three Months Ended June 30, 2025(in millions)
Total segment net revenues$295 $236 $242 $167 $940 $(2)$938 
Other segment items(2)
(246)(164)(207)(137)(754)
Adjusted EBITDA49 72 35 30 186 
Depreciation and amortization9 5 5 5 24 9 33 
Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Six Months Ended June 30, 2026(in millions)
Total segment net revenues6294573973351,81831,821
Other segment items(2)
(532)(326)(325)(281)(1,464)
Adjusted EBITDA971317254354
Depreciation and amortization1910119491665
Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Six Months Ended June 30, 2025(in millions)
Total segment net revenues5544624213201,757(1)1,756
Other segment items(2)
(467)(328)(369)(269)(1,433)
Adjusted EBITDA871345251324
Depreciation and amortization18101010481765
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 June 30, 2026$729 $272 $257 $349 $1,607 $3,472 $5,079 
As of December 31, 2025612 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 June 30,Six Months Ended June 30,
2026202520262025
(in millions) (in millions)
Segment Adjusted EBITDA$192 $186 $354 $324 
Corporate / unallocated expenses(21)(23)(52)(45)
171 163 302 279 
Adjustments to reconcile to GAAP income before income taxes  
Depreciation and amortization(33)(33)(65)(65)
Interest expense, net(22)(22)(44)(42)
Debt refinancing expense(1)
— — — (13)
Costs to execute strategic initiatives(2)
— (8)— (13)
CEO transition costs(3)
— (4)— (8)
Consolidated GAAP income before income taxes$116 $96 $193 $138 
(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.