Reynolds Consumer Products (REYN) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Entity File Number	001-39205
Entity Registrant Name	REYNOLDS CONSUMER PRODUCTS INC.
Entity Central Index Key	0001786431
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		209,700,500
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net revenues	$ 691	$ 625
Related party net revenues	39	40
Total net revenues	730	665
Cost of sales	(541)	(492)
Gross profit	189	173
Selling, general and administrative expenses	(82)	(78)
Other expense, net	(15)	(5)
Income from operations	92	90
Interest expense, net	(27)	(68)
Income before income taxes	65	22
Income tax expense	(39)	(5)
Net income	$ 26	$ 17
Earnings per share:
Basic	$ 0.14	$ 0.11
Diluted	$ 0.14	$ 0.11
Weighted average shares outstanding:
Basic	188.8	155.5
Effect of dilutive securities	0.2
Diluted	189	155.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 26	$ 17
Other comprehensive income (loss), net of income taxes:
Currency translation adjustment	(2)
Employee benefit plans		(1)
Other comprehensive income (loss), net of income taxes	(2)	(1)
Comprehensive income	$ 24	$ 16

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 200	$ 102
Accounts receivable (net of allowance for doubtful accounts of $1 and $0)	316	13
Other receivables	8	7
Related party receivables	4	14
Inventories	433	418
Other current assets	12	16
Total current assets	973	570
Property, plant and equipment (net of accumulated depreciation of $657 and $642)	543	537
Operating lease right-of-use assets, net	62	42
Goodwill	1,879	1,879
Intangible assets, net	1,115	1,123
Other assets	15	9
Total assets	4,587	4,160
Liabilities
Accounts payable	144	135
Related party payables	48	72
Related party accrued interest payable		18
Current portion of long-term debt	25	21
Income taxes payable	10
Dividends payable	31
Accrued and other current liabilities	127	132
Total current liabilities	385	378
Long-term debt	2,423	1,990
Long-term related party borrowings		2,214
Long-term operating lease liabilities	54	35
Deferred income taxes	288	294
Long-term postretirement benefit obligation	49	48
Other liabilities	18	19
Total liabilities	3,217	4,978
Commitments and contingencies (Note 9)
Stockholders’ equity
Additional paid-in capital	1,378
Net parent deficit		(823)
Accumulated other comprehensive income	3	5
Retained earnings	(11)
Total stockholders' equity	1,370	(818)
Total liabilities and stockholders' equity	$ 4,587	$ 4,160

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 0
Property, plant and equipment, accumulated depreciation	$ 657	$ 642
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	209,700,000	209,700,000
Common stock, shares outstanding	209,700,000	209,700,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings	Net Parent (Deficit)	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2018	$ (1,027)			$ (1,034)	$ 7
Adoption of new accounting principle				(3)	3
Net income	17			17
Other comprehensive loss, net of income taxes	(1)				(1)
Net transfers (to) from Parent	12			12
Ending balance at Mar. 31, 2019	(999)			(1,008)	9
Beginning balance at Dec. 31, 2019	(818)			(823)	5
Net income	26		$ 20	6
Other comprehensive loss, net of income taxes	(2)				(2)
Net transfers (to) from Parent	855			855
Reclassification of net parent (deficit) in RCP		$ 38		$ (38)
Issuance of common stock, net of costs	1,339	1,339
Dividends declared	(31)		(31)
Stock-based compensation	1	1
Ending balance at Mar. 31, 2020	$ 1,370	$ 1,378	$ (11)		$ 3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash provided by (used in) operating activities
Net income	$ 26	$ 17
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	24	21
Deferred income taxes	28	(1)
Unrealized (gains) losses on derivatives	4	(7)
Stock compensation expense	1
Change in assets and liabilities:
Accounts receivable, net	(303)	3
Other receivables	(1)	8
Related party receivables	9	(88)
Inventories	(16)	(59)
Accounts payable	10	(11)
Related party payables	(20)	(18)
Related party accrued interest payable	(18)	53
Income taxes payable	11	6
Accrued and other current liabilities	(7)	(20)
Net cash used in operating activities	(255)	(96)
Other assets and liabilities	(3)
Cash (used in) provided by investing activities
Acquisition of property, plant and equipment	(23)	(15)
Advances to related parties		(50)
Repayments from related parties		137
Net cash (used in) provided by investing activities	(23)	72
Cash provided by (used in) financing activities
Proceeds from long-term debt, net of discounts	2,472
Repayments of RGHL Group Credit Agreement	(8)	(4)
Advances from related parties	240	12
Repayments to related parties	(3,627)	(6)
Deferred debt transaction costs	(28)
Proceeds from IPO settlement facility	1,168
Repayment of IPO settlement facility	(1,168)
Issuance of common stock	1,410
Equity issuance costs	(69)
Net transfers from (to) Parent	(14)	4
Net cash provided by financing activities	376	6
Net increase (decrease) in cash and cash equivalents	98	(18)
Cash and cash equivalents at beginning of period	102	23
Cash and cash equivalents at end of period	$ 200	$ 5

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Cash Flows [Abstract]
Recognition of ROU assets	$ 24	$ 3
Recognition of lease liabilities	$ 24	$ 3

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies 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 & 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: Prior to the completion of our Corporate Reorganization, as defined in our registration statement on Form S-1 (File No. 333-234731), and initial public offering (“IPO”) on February 4, 2020, we operated as part of Reynolds Group Holdings Limited (“RGHL”) and not as a stand-alone entity. We represented the business that was reported as the Reynolds Consumer Products segment in the consolidated financial statements of RGHL and its subsidiaries (collectively, “RGHL Group” or the “Parent”). As part of our Corporate Reorganization, we reorganized the legal structure of our entities so they are all under a single parent entity, Reynolds Consumer Products Inc. In conjunction with our Corporate Reorganization and IPO, we separated from RGHL Group on February 4, 2020. We 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, 2019, 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. Our condensed consolidated statements of income include allocations of certain expenses for services provided by RGHL Group prior to our separation, including, but not limited to, general corporate expenses related to group wide functions including executive management, finance, legal, tax, information technology and a portion of a related party management fee incurred by RGHL Group. Total costs allocated to us for these functions were $2 $1 $2 Initial Public Offering: On February 4, 2020, we completed our separation from RGHL Group and the IPO of our common stock pursuant to a Registration Statement on Form S-1. In the IPO, we sold an aggregate of 54,245,500 shares of common stock, including 7,075,500 shares of common stock purchased by the underwriters on February 7, 2020 pursuant to their option to purchase additional shares, under the Registration Statement at a public offering price of $26.00 per share. In conjunction with our separation from RGHL Group and IPO, we reclassified RGHL Group’s historical net investment in us to additional paid-in capital. Each share of our outstanding common stock, immediately prior to our IPO, was exchanged into 155,455 shares of common stock. In addition, certain related party borrowings owing to RGHL Group were contributed as additional paid-in capital without the issuance of any additional shares.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	Note 2 – New Accounting Standards Recently Adopted Accounting Guidance: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, Accounting Guidance Issued But Not Yet Adopted: In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Note 3 – Inventories Inventories consisted of the following: March 31, 2020 December 31, 2019 (in millions) Raw materials $ 136 $ 125 Work in progress 46 47 Finished goods 222 217 Spare parts 29 29 Inventories $ 433 $ 418

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Instruments [Abstract]
Debt	Note 4 – Debt Long-term debt consisted of the following: March 31, 2020 December 31, 2019 (in millions) Term loan facility $ 2,475 $ — RGHL Group U.S. Term Loan — 2,017 Deferred financing transaction costs (24 ) (4 ) Original issue discounts (3 ) (2 ) 2,448 2,011 Less: current portion (25 ) (21 ) Long-term debt $ 2,423 $ 1,990 External Debt Facilities In February 2020, we entered into new 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 addition, on February 4, 2020 we entered into, and extinguished, a $1,168 million facility (“IPO Settlement Facility”). The proceeds from the Term Loan Facility and IPO Settlement Facility, net of transaction costs and original issue discounts, together with available cash, were used to repay accrued related party interest and a portion of the related party loans payable. Borrowings under the External Debt Facilities bear interest at a rate per annum equal to, at our option, either a base rate or a LIBO rate plus an applicable margin of 1.75%. The External Debt Facilities contain a springing financial covenant requiring compliance with a ratio of first lien net indebtedness to consolidated EBITDA, 35% If an event of default occurs, the lenders under the External Debt Facilities are entitled to take various actions, including the acceleration of amounts due under the 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, commencing in June 2020, with the balance being payable on maturity. Revolving Facility The Revolving Facility matures in February 2025 and includes a sub-facility for letters of credit. As of March 31, 2020, we had no drawings under the Revolving Facility, however, we had $7 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility. Reallocation of Borrowings Under the RGHL Group Credit Agreement Amounts outstanding under the RGHL Group Credit Agreement were reallocated to an entity within RGHL Group and on February 4, 2020, we were fully and unconditionally released from the security and guarantee arrangements relating to RGHL Group’s borrowings. Fair Value of Our Long-Term Debt The fair value of our long-term debt as of March 31, 2020, 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.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2020
Compensation Related Costs [Abstract]
Benefit Plans	Note 5 – Benefit Plans Prior to our separation from RGHL Group and IPO, certain of our employees participated in a defined benefit plan sponsored by RGHL Group, along with participants of RGHL Group's other businesses. This plan was accounted for as a multiemployer plan in our combined financial statements presented in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and as a result, no asset or liability was recorded by us to recognize the funded status of the plan. We recorded no expense relating to our employees' participation in the RGHL Group sponsored plan in the condensed consolidated statements of income after the separation as this obligation was maintained by RGHL Group. After our separation from RGHL Group and IPO, we established a defined benefit plan for certain of our employees. The initial liability was $2 million which was funded during the first quarter of 2020. The plan is non-contributory and eligible employees are fully vested after five years of service. Components of Net Periodic Defined Benefit Pension and Other Postretirement Benefit Costs Total net periodic pension and postretirement benefit cost was $1 million and zero for the three months ended March 31, 2020 and 2019, respectively. Prior to the separation from RGHL Group, our net periodic benefit costs included just our other postretirement benefit plans. After the separation, total net periodic benefit costs include all costs associated with our defined benefit and other postretirement plans.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Prior to our separation from RGHL Group and IPO, our U.S. operations were included in the U.S. federal consolidated and certain state and local tax returns filed by RGHL Group. We also file certain separate U.S. state and local and foreign income tax returns. For the periods prior to separation, income tax (expense) benefit and deferred tax balances are presented in these condensed consolidated statements of income as if we filed tax returns on a stand-alone basis. Income tax payable balances as of December 31, 2019, were classified within “net parent deficit” on the condensed consolidated balance sheet since RGHL Group is legally liable for the tax. On separation from RGHL Group, becoming a separate taxable entity and the change from carve-out financial statements to consolidated financial statements, we have remeasured certain deferred taxes. These adjustments have been recognized directly in equity. Our income tax expense for the three months ended March 31, 2020 and 2019 incorporates an expected annualized effective tax rate of approximately 25%, excluding the impact of discrete items. Our income tax expense for the three months ended March 31, 2020 includes an incremental discrete expense of $23 million due to the remeasurement of our deferred tax asset associated with deductibility of interest expense as a result of the enactment, subsequent to our separation from RGHL Group, of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act on March 27, 2020. The retroactive components of the CARES Act are expected to change RGHL Group’s U.S. federal consolidated tax return for the year ended December 31, 2019, which will reduce the benefits of future tax deductions that we received at the time of separation from RGHL Group.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Financial Instruments Disclosure [Abstract]
Financial Instruments	Note 7 – Financial Instruments Derivative instruments, consisting of commodity contracts, were recorded at fair value in our condensed consolidated balance sheets and consisted of a liability of $4 million, recorded in accrued and other liabilities, and $1 million other current assets Our commodity contracts are primarily commodity swaps and are all Level 2 financial assets and liabilities. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. We recognized an unrealized loss $4 million The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2020: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Benzene swaps U.S. liquid gallon 1,340,608 $2.15-$2.59 Jun - Sep 2020 Diesel swaps U.S. liquid gallon 3,540,349 $2.50-$3.17 May 2020 - Mar 2021

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	Note 8 – Stock-based Compensation We granted restricted stock units (“RSUs”) in July 2019 to certain members of management, pursuant to retention agreements entered into with these employees (the “IPO Grants”). These RSUs vest upon satisfaction of both a performance-based vesting condition (the “IPO Condition”) and a service-based vesting condition (the “Service Condition”). The IPO Condition was satisfied when we completed our IPO on February 4, 2020. The Service Condition will be satisfied with respect to one-third of an employee’s RSUs on each anniversary from the date of our IPO for three consecutive years, subject to the employee’s continued employment through the applicable vesting date. In addition, in conjunction with our Corporate Reorganization and IPO, we have established a 2020 incentive award plan for purposes of granting stock-based compensation awards to certain of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. The maximum number of shares of common stock initially available for issuance under equity incentive awards granted pursuant to the plan is equal to 10.5

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – 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, 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, 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. As of March 31, 2020, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Note 10 – Segment Reporting 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 Chief Operating Decision Maker (“CODM”) monitors performance, allocates capital and makes strategic and operational decisions. 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 unrealized gains and losses on derivatives, costs associated with rationalizing operations and administrative functions, factoring discounts (pre-IPO), amortization of actuarial gains, the allocated related party management fee (pre-IPO) and IPO transaction-related costs. Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended March 31, 2020 (in millions) Net revenues $ 243 $ 189 $ 178 $ 127 $ 737 (7 ) $ 730 Intersegment revenues — 3 — — 3 (3 ) — Total segment net revenues 243 192 178 127 740 (10 ) 730 Adjusted EBITDA 40 55 35 23 153 Depreciation and amortization 6 4 3 4 17 7 24 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended March 31, 2019 (in millions) Net revenues $ 213 $ 161 $ 164 $ 127 $ 665 — $ 665 Intersegment revenues — 4 — — 4 (4 ) — Total segment net revenues 213 165 164 127 669 (4 ) 665 Adjusted EBITDA 18 39 35 20 112 Depreciation and amortization 4 3 3 6 16 5 21 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 March 31, 2020 $ 421 $ 241 $ 148 $ 181 $ 991 $ 3,596 $ 4,587 As of December 31, 2019 395 251 137 182 965 3,195 4,160 (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 March 31, 2020 2019 (in millions) Segment Adjusted EBITDA $ 153 $ 112 Corporate / unallocated expenses (18 ) (2 ) 135 110 Adjustments to reconcile to GAAP income before income taxes Depreciation and amortization (24 ) (21 ) Interest expense, net (27 ) (68 ) Factoring discount — (5 ) Allocated related party management fee — (2 ) IPO transaction-related costs (14 ) — Unrealized gains (losses) on derivatives (4 ) 7 Other (1 ) 1 Consolidated GAAP income before income taxes $ 65 $ 22 Information in Relation to Products Net revenues by product line are as follows: Three Months Ended March 31, 2020 2019 (in millions) Waste and storage products (1) $ 316 $ 288 Cooking products 243 213 Tableware 178 164 Other (7 ) — Net revenues $ 730 $ 665 (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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income	Note 11 – Accumulated Other Comprehensive Income The following table summarizes the changes in our balances of each component of accumulated other comprehensive income. Three Months Ended March 31, Three Months Ended March 31, 2020 2019 (in millions) Currency translation adjustments: Balance as of beginning of period $ (6 ) $ (7 ) Currency translation adjustments (2 ) — Other comprehensive income (loss) (2 ) — Balance as of end of period $ (8 ) $ (7 ) Employee benefit plans: Balance as of beginning of period $ 11 $ 14 Adoption of new accounting principle — 3 Amortization of actuarial gain — (1 ) Other comprehensive income (loss) — (1 ) Balance as of end of period $ 11 $ 16 Accumulated other comprehensive income Balance as of beginning of period $ 5 $ 7 Adoption of new accounting principle — 3 Other comprehensive income (loss) (2 ) (1 ) Balance as of end of period $ 3 $ 9

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 – Related Party Transactions We historically operated as part of RGHL Group. In preparation for our IPO, RGHL Group transferred its interest in us to Packaging Finance Limited (“PFL”). PFL owns the majority of our outstanding common stock and is the sole shareholder of RGHL Group. In addition to the allocation of expenses for certain services related to group wide functions provided by RGHL Group discussed in Note 1, other transactions between us and RGHL Group are described below. Transactions Related to our Separation from RGHL Group On January 30, 2020, we repurchased all of the U.S. accounts receivable that we previously sold through RGHL Group’s securitization facility for $264 million, $240 million of which was settled in cash and the remaining amount used to settle certain current related party receivables. The cash to purchase these receivables was provided by an increase in related party borrowings, which was subsequently settled as discussed below. On January 30, 2020, our outstanding borrowings, net of deferred financing transaction costs and original issue discounts plus accrued interest incurred under the RGHL Group Credit Agreement were reallocated to an entity within RGHL Group and on February 4, 2020, we were fully and unconditionally released from the security and guarantee arrangements relating to RGHL Group’s borrowings. This reallocation resulted in a payment to RGHL Group of $8 million for accrued interest and an increase of $2,001 million in related party borrowings, which was subsequently settled as discussed below. On February 4, 2020, we repaid $3,627 million of related party borrowings and $22 million of related party accrued interest owing to RGHL Group and capitalized, as additional paid-in capital without the issuance of any additional shares, the remaining $831 million balance of the related party borrowings owing to RGHL Group. On February 4, 2020, we entered into a transition services agreement with Reynolds Group Holdings Inc. whereby RGHL Group will continue to provide certain administrative services to us, including information technology services; accounting, treasury, financial reporting and transaction support; human resources; procurement; tax, legal and compliance related services; and other corporate services for up to 24 months. In addition, we entered into a transition services agreement with Rank Group Limited whereby, upon our request, Rank Group Limited will provide certain administrative services to us, including financial reporting, consulting and compliance services, insurance procurement and human resources support, legal and corporate secretarial support, and related services for up to 24 months. For the three months ended March 31, 2020, we incurred $3 million related to transition services included in selling, general and administrative expenses in our condensed consolidated statements of income. On-going Related Party Transactions For the three months ended March 31, 2020 and 2019, revenues from product sold to RGHL Group were $39 and $40 million, respectively. For the three months ended March 31, 2020 and 2019, products purchased from RGHL Group were $83 million and $124 million, respectively. For the three months ended March 31, 2020 and 2019, RGHL Group charged us $26 million and $34 million, respectively, of their freight and warehousing costs, which were included in cost of sales. Furthermore, $23 million of the dividend payable as of March 31, 2020 is due to PFL. The resulting related party receivables and payables are settled regularly with RGHL Group in the normal course of business.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 & 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: Prior to the completion of our Corporate Reorganization, as defined in our registration statement on Form S-1 (File No. 333-234731), and initial public offering (“IPO”) on February 4, 2020, we operated as part of Reynolds Group Holdings Limited (“RGHL”) and not as a stand-alone entity. We represented the business that was reported as the Reynolds Consumer Products segment in the consolidated financial statements of RGHL and its subsidiaries (collectively, “RGHL Group” or the “Parent”). As part of our Corporate Reorganization, we reorganized the legal structure of our entities so they are all under a single parent entity, Reynolds Consumer Products Inc. In conjunction with our Corporate Reorganization and IPO, we separated from RGHL Group on February 4, 2020. We 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, 2019, 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. Our condensed consolidated statements of income include allocations of certain expenses for services provided by RGHL Group prior to our separation, including, but not limited to, general corporate expenses related to group wide functions including executive management, finance, legal, tax, information technology and a portion of a related party management fee incurred by RGHL Group. Total costs allocated to us for these functions were $2 $1 $2
Initial Public Offering	Initial Public Offering: On February 4, 2020, we completed our separation from RGHL Group and the IPO of our common stock pursuant to a Registration Statement on Form S-1. In the IPO, we sold an aggregate of 54,245,500 shares of common stock, including 7,075,500 shares of common stock purchased by the underwriters on February 7, 2020 pursuant to their option to purchase additional shares, under the Registration Statement at a public offering price of $26.00 per share. In conjunction with our separation from RGHL Group and IPO, we reclassified RGHL Group’s historical net investment in us to additional paid-in capital. Each share of our outstanding common stock, immediately prior to our IPO, was exchanged into 155,455 shares of common stock. In addition, certain related party borrowings owing to RGHL Group were contributed as additional paid-in capital without the issuance of any additional shares.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted: In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: March 31, 2020 December 31, 2019 (in millions) Raw materials $ 136 $ 125 Work in progress 46 47 Finished goods 222 217 Spare parts 29 29 Inventories $ 433 $ 418

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Instruments [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: March 31, 2020 December 31, 2019 (in millions) Term loan facility $ 2,475 $ — RGHL Group U.S. Term Loan — 2,017 Deferred financing transaction costs (24 ) (4 ) Original issue discounts (3 ) (2 ) 2,448 2,011 Less: current portion (25 ) (21 ) Long-term debt $ 2,423 $ 1,990

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Financial Instruments Disclosure [Abstract]
Summary of Outstanding Commodity Derivative Contracts	The following table provides the detail of outstanding commodity derivative contracts as of March 31, 2020: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Benzene swaps U.S. liquid gallon 1,340,608 $2.15-$2.59 Jun - Sep 2020 Diesel swaps U.S. liquid gallon 3,540,349 $2.50-$3.17 May 2020 - Mar 2021

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 (in millions) Net revenues $ 243 $ 189 $ 178 $ 127 $ 737 (7 ) $ 730 Intersegment revenues — 3 — — 3 (3 ) — Total segment net revenues 243 192 178 127 740 (10 ) 730 Adjusted EBITDA 40 55 35 23 153 Depreciation and amortization 6 4 3 4 17 7 24 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended March 31, 2019 (in millions) Net revenues $ 213 $ 161 $ 164 $ 127 $ 665 — $ 665 Intersegment revenues — 4 — — 4 (4 ) — Total segment net revenues 213 165 164 127 669 (4 ) 665 Adjusted EBITDA 18 39 35 20 112 Depreciation and amortization 4 3 3 6 16 5 21
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 March 31, 2020 $ 421 $ 241 $ 148 $ 181 $ 991 $ 3,596 $ 4,587 As of December 31, 2019 395 251 137 182 965 3,195 4,160 (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 March 31, 2020 2019 (in millions) Segment Adjusted EBITDA $ 153 $ 112 Corporate / unallocated expenses (18 ) (2 ) 135 110 Adjustments to reconcile to GAAP income before income taxes Depreciation and amortization (24 ) (21 ) Interest expense, net (27 ) (68 ) Factoring discount — (5 ) Allocated related party management fee — (2 ) IPO transaction-related costs (14 ) — Unrealized gains (losses) on derivatives (4 ) 7 Other (1 ) 1 Consolidated GAAP income before income taxes $ 65 $ 22
Summary of Net Revenues by Product Line	Net revenues by product line are as follows: Three Months Ended March 31, 2020 2019 (in millions) Waste and storage products (1) $ 316 $ 288 Cooking products 243 213 Tableware 178 164 Other (7 ) — Net revenues $ 730 $ 665 (1) Waste and storage products are comprised of our Hefty Waste & Storage and Presto Products segments.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2020
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. Three Months Ended March 31, Three Months Ended March 31, 2020 2019 (in millions) Currency translation adjustments: Balance as of beginning of period $ (6 ) $ (7 ) Currency translation adjustments (2 ) — Other comprehensive income (loss) (2 ) — Balance as of end of period $ (8 ) $ (7 ) Employee benefit plans: Balance as of beginning of period $ 11 $ 14 Adoption of new accounting principle — 3 Amortization of actuarial gain — (1 ) Other comprehensive income (loss) — (1 ) Balance as of end of period $ 11 $ 16 Accumulated other comprehensive income Balance as of beginning of period $ 5 $ 7 Adoption of new accounting principle — 3 Other comprehensive income (loss) (2 ) (1 ) Balance as of end of period $ 3 $ 9

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	Feb. 07, 2020shares	Feb. 04, 2020$ / sharesshares	Mar. 31, 2020USD ($)Segment	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of reportable segments | Segment			4
R G H L Group
Related Party Transaction [Line Items]
Cost allocated to related party service provided | $			$ 2	$ 9
Related party transaction historical expenses not allocated | $			1	$ 4
Outstanding common stock shares exchanged immediately prior to IPO | shares		155,455
R G H L Group | Underwriters
Related Party Transaction [Line Items]
Number of common stock shares sold | shares	7,075,500
IPO | R G H L Group
Related Party Transaction [Line Items]
Issuance costs | $			$ 2
Number of common stock shares sold | shares		54,245,500
Shares issued, price per share | $ / shares		$ 26

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 136	$ 125
Work in progress	46	47
Finished goods	222	217
Spare parts	29	29
Inventories	$ 433	$ 418

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (24)	$ (4)
Original issue discounts	(3)	(2)
Total debt	2,448	2,011
Less: current portion	(25)	(21)
Long-term debt	2,423	1,990
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,475
RGHL Group U.S. Term Loan
Debt Instrument [Line Items]
Debt		$ 2,017

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, description		The 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 (commencing on June 30, 2020) only if the aggregate principal amount of borrowings under the Revolving Facility and drawn but unreimbursed letters of credit exceeds 35% of the total amount of commitments under the Revolving Facility on such day.
Quarterly unreimbursed letters of credit minimum percentage	35.00%
Debt instrument, maturity period		Feb. 28, 2025
Letters of credit outstanding		$ 7,000,000
Drawings under revolving facility		$ 0
Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, maturity period		Feb. 28, 2027
Debt instrument, periodic payment		$ 6,000,000
External Debt Facilities | London Interbank Offered Rate (LIBOR)
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	$ 2,475,000,000
External Debt Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	250,000,000
External Debt Facilities | IPO Settlement Facility
Debt Instrument [Line Items]
Extinguishment of debt	$ 1,168,000,000

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Expense relating to employees participation	$ 0
Contributed to pension plan	2,000,000
Net periodic postretirement benefit cost	$ 1,000,000	$ 0
Minimum
Defined Benefit Plan Disclosure [Line Items]
Employees eligible vesting period of service	5 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax [Line Items]
Expected annualized effective tax rate	25.00%
Income tax expense	$ 39	$ 5
R G H L Group
Income Tax [Line Items]
Income tax expense	$ 23

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cost of Sales
Derivative Instruments Gain Loss [Line Items]
Unrealized gain (loss) on securities	$ (4)	$ 7
Accrued and Other Liabilities
Derivative Instruments Gain Loss [Line Items]
Commodity contract liability	$ 4
Other Current Assets
Derivative Instruments Gain Loss [Line Items]
Commodity contract asset			$ 1

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2020$ / galgal
Benzene Swaps
Derivative [Line Items]
Type	Benzene swaps
Unit of measure	U.S. liquid gallon
Contracted volume | gal	1,340,608
Contracted date of maturity, start	2020-06
Contracted date of maturity, end	2020-09
Benzene Swaps | Minimum
Derivative [Line Items]
Contracted price range	2.15
Benzene Swaps | Maximum
Derivative [Line Items]
Contracted price range	2.59
Diesel Swaps
Derivative [Line Items]
Type	Diesel swaps
Unit of measure	U.S. liquid gallon
Contracted volume | gal	3,540,349
Contracted date of maturity, start	2020-05
Contracted date of maturity, end	2021-03
Diesel Swaps | Minimum
Derivative [Line Items]
Contracted price range	2.50
Diesel Swaps | Maximum
Derivative [Line Items]
Contracted price range	3.17

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of employees can satisfied the service condition	33.33%
Minimum period of employees need to continued employment	3 years
Number of common stock available for issuance	10.5
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	0.4
Shares granted	0.2
Restricted Stock Units | IPO Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	0.2

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Summary of

Segment Reporting - Summary of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 730	$ 665
Adjusted EBITDA	135	110
Depreciation and amortization	24	21
Net Revenues
Segment Reporting Information [Line Items]
Net revenues	730	665
Operating Segment
Segment Reporting Information [Line Items]
Net revenues	740	669
Adjusted EBITDA	153	112
Depreciation and amortization	17	16
Operating Segment | Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	243	213
Adjusted EBITDA	40	18
Depreciation and amortization	6	4
Operating Segment | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	192	165
Adjusted EBITDA	55	39
Depreciation and amortization	4	3
Operating Segment | Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	178	164
Adjusted EBITDA	35	35
Depreciation and amortization	3	3
Operating Segment | Presto Products
Segment Reporting Information [Line Items]
Net revenues	127	127
Adjusted EBITDA	23	20
Depreciation and amortization	4	6
Operating Segment | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	737	665
Operating Segment | Net Revenues | Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	243	213
Operating Segment | Net Revenues | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	189	161
Operating Segment | Net Revenues | Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	178	164
Operating Segment | Net Revenues | Presto Products
Segment Reporting Information [Line Items]
Net revenues	127	127
Operating Segment | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	3	4
Operating Segment | Intersegment Revenues | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	3	4
Unallocated
Segment Reporting Information [Line Items]
Net revenues	(10)	(4)
Adjusted EBITDA	(18)	(2)
Depreciation and amortization	7	5
Unallocated | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	(7)
Unallocated | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	$ (3)	$ (4)

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 4,587	$ 4,160
Operating Segment
Segment Reporting Information [Line Items]
Assets	991	965
Operating Segment | Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	421	395
Operating Segment | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	241	251
Operating Segment | Hefty Tableware
Segment Reporting Information [Line Items]
Assets	148	137
Operating Segment | Presto Products
Segment Reporting Information [Line Items]
Assets	181	182
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,596	$ 3,195

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 135	$ 110
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(24)	(21)
Interest expense, net	(27)	(68)
Factoring discount		(5)
Allocated related party management fee		(2)
IPO transaction-related costs	(14)
Unrealized gains (losses) on derivatives	(4)	7
Other	(1)	1
Income before income taxes	65	22
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	153	112
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(17)	(16)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(18)	(2)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (7)	$ (5)

Segment Reporting - Summary o_3

Segment Reporting - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 730	$ 665
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	316	288
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	243	213
Tableware
Segment Reporting Information [Line Items]
Net revenues	178	$ 164
Other
Segment Reporting Information [Line Items]
Net revenues	$ (7)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Summary of Changes in Balances for Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (818)	$ (1,027)
Other comprehensive income (loss)	(2)	(1)
Ending balance	1,370	(999)
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	(6)	(7)
Currency translation adjustments	(2)
Other comprehensive income (loss)	(2)
Balance as of end of period	(8)	(7)
Employee Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	11	14
Adoption of new accounting principle		3
Amortization of actuarial gain		(1)
Other comprehensive income (loss)		(1)
Balance as of end of period	11	16
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	5	7
Adoption of new accounting principle		3
Other comprehensive income (loss)	(2)	(1)
Ending balance	$ 3	$ 9

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Feb. 04, 2020	Jan. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Repayments of related party borrowings			$ 8	$ 4
Related party borrowings			48		$ 72
Revenues			730	665
Costs of sales			541	492
R G H L Group
Related Party Transaction [Line Items]
Repurchase of accounts receivable		$ 264
Cash payments to acquire receivables		240
Repayment of related party accrued interest	$ 22	8
Increase in related party borrowings		$ 2,001
Repayments of related party borrowings	3,627
Related party borrowings	$ 831
Revenues			39	40
Products purchased			83	124
R G H L Group | Freight and Warehousing Costs
Related Party Transaction [Line Items]
Costs of sales			26	$ 34
R G H L Group | Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Transition services			3
PFL
Related Party Transaction [Line Items]
Dividend payable			$ 23