v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 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 September 30, 2026(in millions)
Total segment net revenues$337 $248 $186 $172 $943 $1 $944 
Other segment items(2)
(288)(172)(161)(142)(763)
Adjusted EBITDA49 76 25 30 180 
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 September 30, 2025(in millions)
Total segment net revenues$308 $244 $200 $180 $932 $(1)$931 
Other segment items(2)
(255)(172)(171)(144)(742)
Adjusted EBITDA53 72 29 36 190 
Depreciation and amortization10 5 5 5 25 9 34 
Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Nine Months Ended September 30, 2026(in millions)
Total segment net revenues9667055835062,76052,765
Other segment items(2)
(819)(499)(487)(422)(2,227)
Adjusted EBITDA1472069684533
Depreciation and amortization29151814762298
Reynolds
Cooking
& Kitchen Essentials		Hefty
Waste & Clean-Up		Hefty Home &
Tableware		Hefty
Storage & Organization		Segment
Total
Unallocated(1)
Total
Nine Months Ended September 30, 2025(in millions)
Total segment net revenues8627056225002,689(2)2,687
Other segment items(2)
(722)(499)(541)(414)(2,176)
Adjusted EBITDA1402068186513
Depreciation and amortization281516157426100
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 September 30, 2026$743 $294 $265 $374 $1,676 $3,433 $5,109 
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 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 September 30,Nine Months Ended September 30,
2026202520262025
(in millions) (in millions)
Segment Adjusted EBITDA$180 $190 $533 $513 
Corporate / unallocated expenses(17)(22)(69)(66)
163 168 464 447 
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization(33)(34)(98)(100)
Interest expense, net(22)(21)(65)(63)
Environmental remediation reserve(1)
(25)— (25)— 
Debt refinancing expense(2)
— — — (13)
Costs to execute strategic initiatives(3)
— (5)— (17)
CEO transition costs(4)
— (6)— (14)
Other(5)
(7)— (7)— 
Consolidated GAAP income before income taxes$76 $102 $269 $240 
(1)    Reflects estimated costs for environmental remediation at one of our manufacturing facilities.    
(2)    Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing.
(3)    Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.
(4)    Reflects compensation and other costs related to the CEO transition effective January 1, 2025.
(5)     Includes acquisition and one-time settlement costs.