Reynolds Consumer Products (REYN) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net revenues	$ 798	$ 753	$ 1,489	$ 1,378
Related party net revenues	24	38	63	78
Total net revenues	822	791	1,552	1,456
Cost of sales	(570)	(564)	(1,111)	(1,056)
Gross profit	252	227	441	400
Selling, general and administrative expenses	(81)	(77)	(163)	(155)
Other expense, net	(6)	(9)	(21)	(14)
Income from operations	165	141	257	231
Interest expense, net	(17)	(67)	(44)	(135)
Income before income taxes	148	74	213	96
Income tax expense	(36)	(19)	(75)	(24)
Net income	$ 112	$ 55	$ 138	$ 72
Earnings per share:
Basic	$ 0.53	$ 0.35	$ 0.69	$ 0.46
Diluted	$ 0.53	$ 0.35	$ 0.69	$ 0.46
Weighted average shares outstanding:
Basic	209.7	155.5	199.2	155.5
Effect of dilutive securities	0.1
Diluted	209.8	155.5	199.2	155.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 112	$ 55	$ 138	$ 72
Other comprehensive income (loss), net of income taxes:
Currency translation adjustment	1		(1)
Employee benefit plans				(1)
Other comprehensive income (loss), net of income taxes	1		(1)	(1)
Comprehensive income	$ 113	$ 55	$ 137	$ 71

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 392	$ 102
Accounts receivable (net of allowance for doubtful accounts of $1 and $0)	281	13
Other receivables	10	7
Related party receivables	9	14
Inventories	385	418
Other current assets	17	16
Total current assets	1,094	570
Property, plant and equipment (net of accumulated depreciation of $672 and $642)	558	537
Operating lease right-of-use assets, net	61	42
Goodwill	1,879	1,879
Intangible assets, net	1,107	1,123
Other assets	17	9
Total assets	4,716	4,160
Liabilities
Accounts payable	144	135
Related party payables	49	72
Related party accrued interest payable		18
Current portion of long-term debt	25	21
Income taxes payable	28
Accrued and other current liabilities	143	132
Total current liabilities	389	378
Long-term debt	2,418	1,990
Long-term related party borrowings		2,214
Long-term operating lease liabilities	52	35
Deferred income taxes	300	294
Long-term postretirement benefit obligation	48	48
Other liabilities	25	19
Total liabilities	3,232	4,978
Commitments and contingencies (Note 8)
Stockholders’ equity
Additional paid-in capital	1,379
Net parent deficit		(823)
Accumulated other comprehensive income	4	5
Retained earnings	101
Total stockholders' equity	1,484	(818)
Total liabilities and stockholders' equity	$ 4,716	$ 4,160

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 0
Property, plant and equipment, accumulated depreciation	$ 672	$ 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 income (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, 2018	(1,027)			(1,034)	7
Adoption of new accounting principle					3
Net income	72
Other comprehensive income (loss), net of income taxes					(1)
Ending balance at Jun. 30, 2019	(910)			(919)	9
Beginning balance at Mar. 31, 2019	(999)			(1,008)	9
Net income	55			55
Net transfers (to) from Parent	34			34
Ending balance at Jun. 30, 2019	(910)			(919)	9
Beginning balance at Dec. 31, 2019	(818)			(823)	5
Net income	26		$ 20	6
Other comprehensive income (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 ($0.15 per share declared)	(31)		(31)
Other	1	1
Ending balance at Mar. 31, 2020	1,370	1,378	(11)		3
Beginning balance at Dec. 31, 2019	(818)			$ (823)	5
Net income	138
Other comprehensive income (loss), net of income taxes					(1)
Ending balance at Jun. 30, 2020	1,484	1,379	101		4
Beginning balance at Mar. 31, 2020	1,370	1,378	(11)		3
Net income	112		112
Other comprehensive income (loss), net of income taxes	1				1
Other	1	1
Ending balance at Jun. 30, 2020	$ 1,484	$ 1,379	$ 101		$ 4

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends, per share, declared	$ 0.15

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash provided by (used in) operating activities
Net income	$ 138	$ 72
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	48	42
Deferred income taxes	41	(2)
Unrealized losses (gains) on derivatives	1	(8)
Stock compensation expense	3
Change in assets and liabilities:
Accounts receivable, net	(268)	2
Other receivables	(3)	11
Related party receivables	4	(50)
Inventories	33	(52)
Accounts payable	8	1
Related party payables	(20)	(63)
Related party accrued interest payable	(18)	109
Income taxes payable	31	24
Accrued and other current liabilities	10	(6)
Other assets and liabilities	(5)	(2)
Net cash provided by operating activities	3	78
Cash provided by (used in) investing activities
Acquisition of property, plant and equipment	(52)	(41)
Advances to related parties		(170)
Repayments from related parties		151
Net cash used in investing activities	(52)	(60)
Cash provided by (used in) financing activities
Proceeds from long-term debt, net of discounts	2,472
Repayment of long-term debt	(6)
Repayments of RGHL Group Credit Agreement	(8)	(10)
Advances from related parties	240	17
Repayments to related parties	(3,627)	(46)
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)
Dividends paid	(31)
Net transfers (to) from Parent	(14)	12
Net cash provided by (used in) financing activities	339	(27)
Net increase (decrease) in cash and cash equivalents	290	(9)
Cash and cash equivalents at beginning of period	102	23
Cash and cash equivalents at end of period	$ 392	$ 14

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement Of Cash Flows [Abstract]
Recognition of right-of-use assets	$ 24	$ 4
Recognition of lease liabilities	$ 24	$ 4

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 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, 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. For the three and six months ended June 30, 2020, total costs allocated to us for these functions were zero zero zero 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 owed to RGHL Group were contributed as additional paid-in capital without the issuance of any additional shares.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Note 3 – Inventories Inventories consisted of the following: June 30, 2020 December 31, 2019 (in millions) Raw materials $ 126 $ 125 Work in progress 48 47 Finished goods 181 217 Spare parts 30 29 Inventories $ 385 $ 418

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Instruments [Abstract]
Debt	Note 4 – Debt Long-term debt consisted of the following: June 30, 2020 December 31, 2019 (in millions) Term loan facility $ 2,469 $ — RGHL Group U.S. Term Loan — 2,017 Deferred financing transaction costs (23 ) (4 ) Original issue discounts (3 ) (2 ) 2,443 2,011 Less: current portion (25 ) (21 ) Long-term debt $ 2,418 $ 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, which commenced 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 June 30, 2020, we had no outstanding borrowings under the Revolving Facility, and 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 June 30, 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 5 – 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. Upon 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 and six months ended June 30, 2020 incorporates an expected annualized effective tax rate of approximately 24% excluding the impact of discrete items, compared to 26% and 25% in the comparable prior year periods. Our income tax expense for the six months ended June 30, 2020 includes an incremental discrete expense of $23 million due to the remeasurement of our deferred tax asset associated with the 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	6 Months Ended
	Jun. 30, 2020
Financial Instruments Disclosure [Abstract]
Financial Instruments	Note 6 – 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 $1 million, recorded in accrued and other current 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. For the three and six months ended June 30, 2020, we recognized an unrealized gain $3 million and loss of $1 million The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2020: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Benzene swaps U.S. liquid gallon 924,809 $1.09-$2.50 Aug 2020 - Nov 2020 Diesel swaps U.S. liquid gallon 3,035,859 $2.30-$3.16 Jul 2020 - Jun 2021

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	Note 7 – 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. A maximum of 10.5 . In the three and six months ended June 30, 2020, 0.1 million and 0.3 million At June 30, 2020, there were approximately 0.5

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – 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 June 30, 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	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Note 9 – 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 and separation-related costs. Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended June 30, 2020 (in millions) Net revenues $ 295 $ 201 $ 186 $ 137 $ 819 $ 3 $ 822 Intersegment revenues — 2 — 1 3 (3 ) — Total segment net revenues 295 203 186 138 822 — 822 Adjusted EBITDA 66 63 43 28 200 Depreciation and amortization 4 3 4 5 16 8 24 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended June 30, 2019 (in millions) Net revenues $ 275 $ 178 $ 207 $ 131 $ 791 — $ 791 Intersegment revenues — 5 — — 5 (5 ) — Total segment net revenues 275 183 207 131 796 (5 ) 791 Adjusted EBITDA 49 52 51 24 176 Depreciation and amortization 4 3 1 4 12 9 21 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Six Months Ended June 30, 2020 (in millions) Net revenues $ 538 $ 390 $ 364 $ 264 $ 1,556 (4 ) $ 1,552 Intersegment revenues — 5 — 1 6 (6 ) — Total segment net revenues 538 395 364 265 1,562 (10 ) 1,552 Adjusted EBITDA 106 118 78 51 353 Depreciation and amortization 10 7 7 9 33 15 48 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Six Months Ended June 30, 2019 (in millions) Net revenues $ 488 $ 339 $ 371 $ 258 $ 1,456 — $ 1,456 Intersegment revenues — 9 — — 9 (9 ) — Total segment net revenues 488 348 371 258 1,465 (9 ) 1,456 Adjusted EBITDA 67 91 86 44 288 Depreciation and amortization 8 6 4 10 28 14 42 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, 2020 $ 397 $ 227 $ 146 $ 187 $ 957 $ 3,759 $ 4,716 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) (in millions) Segment Adjusted EBITDA $ 200 $ 176 $ 353 $ 288 Corporate / unallocated expenses (7 ) (7 ) (25 ) (9 ) 193 169 328 279 Adjustments to reconcile to GAAP income before income taxes Depreciation and amortization (24 ) (21 ) (48 ) (42 ) Interest expense, net (17 ) (67 ) (44 ) (135 ) Factoring discount — (5 ) — (10 ) Allocated related party management fee — (2 ) — (4 ) IPO and separation-related costs (7 ) (1 ) (21 ) (1 ) Unrealized gains (losses) on derivatives 3 1 (1 ) 8 Other — — (1 ) 1 Consolidated GAAP income before income taxes $ 148 $ 74 $ 213 $ 96 Information in Relation to Products Net revenues by product line are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) (in millions) Waste and storage products (1) $ 338 $ 309 $ 654 $ 597 Cooking products 295 275 538 488 Tableware 186 207 364 371 Unallocated 3 — (4 ) — Net revenues $ 822 $ 791 $ 1,552 $ 1,456 (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	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income	Note 10 – Accumulated Other Comprehensive Income The following table summarizes the changes in our balances of each component of accumulated other comprehensive income. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) (in millions) Currency translation adjustments: Balance as of beginning of period $ (8 ) $ (7 ) $ (6 ) $ (7 ) Currency translation adjustments 1 — (1 ) — Other comprehensive income (loss) 1 — (1 ) — Balance as of end of period $ (7 ) $ (7 ) $ (7 ) $ (7 ) Employee benefit plans: Balance as of beginning of period $ 11 $ 16 $ 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 $ 11 $ 16 Accumulated other comprehensive income Balance as of beginning of period $ 3 $ 9 $ 5 $ 7 Adoption of new accounting principle — — — 3 Other comprehensive income (loss) 1 — (1 ) (1 ) Balance as of end of period $ 4 $ 9 $ 4 $ 9

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – 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 – Summary of Significant Accounting Policies, 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 owed 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 owed 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 and six months ended June 30, 2020, we incurred $2 million and $5 million, respectively, related to transition services which were included in selling, general and administrative expenses in our condensed consolidated statements of income. On-going Related Party Transactions For the three and six months ended June 30, 2020, revenues from product sold to RGHL Group were $24 million and $63 million, respectively, compared to $38 million and $78 million in the comparable prior year periods. For the three and six months ended June 30, 2020, products purchased from RGHL Group were $78 million and $161 million, respectively, compared to $110 million and $234 million in the comparable prior year periods. For the three and six months ended June 30, 2020, RGHL Group charged us $20 million and $46 million, respectively, compared to $37 million and $71 million in the comparable prior year periods, of their freight and warehousing costs, which were included in cost of sales. The resulting related party receivables and payables are settled regularly with RGHL Group in the normal course of business. Furthermore, $23 million of the dividends paid during the three months ended June 30, 2020 was paid to PFL.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 12 - Subsequent Events Quarterly cash dividend On July 30, 2020, our Board of Directors approved a cash dividend of $0.22 per common share to be paid on August 31, 2020 to shareholders of record on August 16, 2020. Term Loan Facility Subsequent to June 30, 2020 , we made a voluntary principal payment of $100 million related to our Term Loan Facility. Except as described above, there have been no events subsequent to June 30, 2020 which would require accrual or disclosure in these condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 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, 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. For the three and six months ended June 30, 2020, total costs allocated to us for these functions were zero zero zero
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 owed 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)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: June 30, 2020 December 31, 2019 (in millions) Raw materials $ 126 $ 125 Work in progress 48 47 Finished goods 181 217 Spare parts 30 29 Inventories $ 385 $ 418

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Instruments [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: June 30, 2020 December 31, 2019 (in millions) Term loan facility $ 2,469 $ — RGHL Group U.S. Term Loan — 2,017 Deferred financing transaction costs (23 ) (4 ) Original issue discounts (3 ) (2 ) 2,443 2,011 Less: current portion (25 ) (21 ) Long-term debt $ 2,418 $ 1,990

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Financial Instruments Disclosure [Abstract]
Summary of Outstanding Commodity Derivative Contracts	The following table provides the detail of outstanding commodity derivative contracts as of June 30, 2020: Type Unit of measure Contracted volume Contracted price range Contracted date of maturity Benzene swaps U.S. liquid gallon 924,809 $1.09-$2.50 Aug 2020 - Nov 2020 Diesel swaps U.S. liquid gallon 3,035,859 $2.30-$3.16 Jul 2020 - Jun 2021

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 (in millions) Net revenues $ 295 $ 201 $ 186 $ 137 $ 819 $ 3 $ 822 Intersegment revenues — 2 — 1 3 (3 ) — Total segment net revenues 295 203 186 138 822 — 822 Adjusted EBITDA 66 63 43 28 200 Depreciation and amortization 4 3 4 5 16 8 24 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Three Months Ended June 30, 2019 (in millions) Net revenues $ 275 $ 178 $ 207 $ 131 $ 791 — $ 791 Intersegment revenues — 5 — — 5 (5 ) — Total segment net revenues 275 183 207 131 796 (5 ) 791 Adjusted EBITDA 49 52 51 24 176 Depreciation and amortization 4 3 1 4 12 9 21 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Six Months Ended June 30, 2020 (in millions) Net revenues $ 538 $ 390 $ 364 $ 264 $ 1,556 (4 ) $ 1,552 Intersegment revenues — 5 — 1 6 (6 ) — Total segment net revenues 538 395 364 265 1,562 (10 ) 1,552 Adjusted EBITDA 106 118 78 51 353 Depreciation and amortization 10 7 7 9 33 15 48 Reynolds Cooking & Baking Hefty Waste & Storage Hefty Tableware Presto Products Segment Total Unallocated (1) Total Six Months Ended June 30, 2019 (in millions) Net revenues $ 488 $ 339 $ 371 $ 258 $ 1,456 — $ 1,456 Intersegment revenues — 9 — — 9 (9 ) — Total segment net revenues 488 348 371 258 1,465 (9 ) 1,456 Adjusted EBITDA 67 91 86 44 288 Depreciation and amortization 8 6 4 10 28 14 42
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, 2020 $ 397 $ 227 $ 146 $ 187 $ 957 $ 3,759 $ 4,716 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) (in millions) Segment Adjusted EBITDA $ 200 $ 176 $ 353 $ 288 Corporate / unallocated expenses (7 ) (7 ) (25 ) (9 ) 193 169 328 279 Adjustments to reconcile to GAAP income before income taxes Depreciation and amortization (24 ) (21 ) (48 ) (42 ) Interest expense, net (17 ) (67 ) (44 ) (135 ) Factoring discount — (5 ) — (10 ) Allocated related party management fee — (2 ) — (4 ) IPO and separation-related costs (7 ) (1 ) (21 ) (1 ) Unrealized gains (losses) on derivatives 3 1 (1 ) 8 Other — — (1 ) 1 Consolidated GAAP income before income taxes $ 148 $ 74 $ 213 $ 96
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, 2020 2019 2020 2019 (in millions) (in millions) Waste and storage products (1) $ 338 $ 309 $ 654 $ 597 Cooking products 295 275 538 488 Tableware 186 207 364 371 Unallocated 3 — (4 ) — Net revenues $ 822 $ 791 $ 1,552 $ 1,456 (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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) (in millions) Currency translation adjustments: Balance as of beginning of period $ (8 ) $ (7 ) $ (6 ) $ (7 ) Currency translation adjustments 1 — (1 ) — Other comprehensive income (loss) 1 — (1 ) — Balance as of end of period $ (7 ) $ (7 ) $ (7 ) $ (7 ) Employee benefit plans: Balance as of beginning of period $ 11 $ 16 $ 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 $ 11 $ 16 Accumulated other comprehensive income Balance as of beginning of period $ 3 $ 9 $ 5 $ 7 Adoption of new accounting principle — — — 3 Other comprehensive income (loss) 1 — (1 ) (1 ) Balance as of end of period $ 4 $ 9 $ 4 $ 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	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Segment	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Number of reportable segments | Segment					4
RGHL Group
Related Party Transaction [Line Items]
Cost allocated to related party service provided | $			$ 0	$ 11	$ 2	$ 20
Related party transaction historical expenses not allocated | $			0	6	1	10
Outstanding common stock shares exchanged immediately prior to IPO | shares		155,455
RGHL Group | Underwriters
Related Party Transaction [Line Items]
Number of common stock shares sold | shares	7,075,500
IPO | RGHL Group
Related Party Transaction [Line Items]
Issuance costs | $			$ 0	$ 1	$ 2	$ 1
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	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 126	$ 125
Work in progress	48	47
Finished goods	181	217
Spare parts	30	29
Inventories	$ 385	$ 418

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financing transaction costs	$ (23)	$ (4)
Original issue discounts	(3)	(2)
Total debt	2,443	2,011
Less: current portion	(25)	(21)
Long-term debt	2,418	1,990
Term Loan Facility
Debt Instrument [Line Items]
Debt	$ 2,469
RGHL Group U.S. Term Loan
Debt Instrument [Line Items]
Debt		$ 2,017

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 29, 2020	Jun. 30, 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 only if the aggregate principal amount of borrowings under the Revolving Facility and drawn but unreimbursed letters of credit exceed 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
Outstanding borrowings 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

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax [Line Items]
Expected annualized effective tax rate	24.00%	26.00%	24.00%	25.00%
Income tax expense	$ 36	$ 19	$ 75	$ 24
RGHL Group
Income Tax [Line Items]
Income tax expense			$ 23

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cost of Sales
Derivative Instruments Gain Loss [Line Items]
Unrealized gain (loss) on securities	$ 3	$ 1	$ (1)	$ 8
Accrued and Other Current Liabilities
Derivative Instruments Gain Loss [Line Items]
Commodity contract liability	1		1		$ 1
Other Current Assets
Derivative Instruments Gain Loss [Line Items]
Commodity contract asset	$ 1		$ 1		$ 1

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2020$ / galgal
Benzene Swaps
Derivative [Line Items]
Type	Benzene swaps
Unit of measure	U.S. liquid gallon
Contracted volume | gal	924,809
Contracted date of maturity, start	2020-08
Contracted date of maturity, end	2020-11
Benzene Swaps | Minimum
Derivative [Line Items]
Contracted price range	1.09
Benzene Swaps | Maximum
Derivative [Line Items]
Contracted price range	2.50
Diesel Swaps
Derivative [Line Items]
Type	Diesel swaps
Unit of measure	U.S. liquid gallon
Contracted volume | gal	3,035,859
Contracted date of maturity, start	2020-07
Contracted date of maturity, end	2021-06
Diesel Swaps | Minimum
Derivative [Line Items]
Contracted price range	2.30
Diesel Swaps | Maximum
Derivative [Line Items]
Contracted price range	3.16

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
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		10.5
Shares issued	0.5		0.5
Shares granted	0.1		0.3
Stock-based compensation expense	$ 2,000,000	$ 0	$ 3,000,000	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 822	$ 791	$ 1,552	$ 1,456
Adjusted EBITDA	193	169	328	279
Depreciation and amortization	24	21	48	42
Net Revenues
Segment Reporting Information [Line Items]
Net revenues	822	791	1,552	1,456
Operating Segment
Segment Reporting Information [Line Items]
Net revenues	822	796	1,562	1,465
Adjusted EBITDA	200	176	353	288
Depreciation and amortization	16	12	33	28
Operating Segment | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	819	791	1,556	1,456
Operating Segment | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	3	5	6	9
Operating Segment | Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Net revenues	295	275	538	488
Adjusted EBITDA	66	49	106	67
Depreciation and amortization	4	4	10	8
Operating Segment | Reynolds Cooking & Baking | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	295	275	538	488
Operating Segment | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Net revenues	203	183	395	348
Adjusted EBITDA	63	52	118	91
Depreciation and amortization	3	3	7	6
Operating Segment | Hefty Waste & Storage | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	201	178	390	339
Operating Segment | Hefty Waste & Storage | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	2	5	5	9
Operating Segment | Hefty Tableware
Segment Reporting Information [Line Items]
Net revenues	186	207	364	371
Adjusted EBITDA	43	51	78	86
Depreciation and amortization	4	1	7	4
Operating Segment | Hefty Tableware | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	186	207	364	371
Operating Segment | Presto Products
Segment Reporting Information [Line Items]
Net revenues	138	131	265	258
Adjusted EBITDA	28	24	51	44
Depreciation and amortization	5	4	9	10
Operating Segment | Presto Products | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	137	131	264	258
Operating Segment | Presto Products | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	1		1
Unallocated
Segment Reporting Information [Line Items]
Net revenues		(5)	(10)	(9)
Adjusted EBITDA	(7)	(7)	(25)	(9)
Depreciation and amortization	8	9	15	14
Unallocated | Net Revenues
Segment Reporting Information [Line Items]
Net revenues	3		(4)
Unallocated | Intersegment Revenues
Segment Reporting Information [Line Items]
Net revenues	$ (3)	$ (5)	$ (6)	$ (9)

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 4,716	$ 4,160
Operating Segment
Segment Reporting Information [Line Items]
Assets	957	965
Operating Segment | Reynolds Cooking & Baking
Segment Reporting Information [Line Items]
Assets	397	395
Operating Segment | Hefty Waste & Storage
Segment Reporting Information [Line Items]
Assets	227	251
Operating Segment | Hefty Tableware
Segment Reporting Information [Line Items]
Assets	146	137
Operating Segment | Presto Products
Segment Reporting Information [Line Items]
Assets	187	182
Unallocated
Segment Reporting Information [Line Items]
Assets	$ 3,759	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 193	$ 169	$ 328	$ 279
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(24)	(21)	(48)	(42)
Interest expense, net	(17)	(67)	(44)	(135)
Factoring discount		(5)		(10)
Allocated related party management fee		(2)		(4)
IPO and separation-related costs	(7)	(1)	(21)	(1)
Unrealized gains (losses) on derivatives	3	1	(1)	8
Other			(1)	1
Income before income taxes	148	74	213	96
Segment Adjusted EBITDA
Segment Reporting Information [Line Items]
Adjusted EBITDA	200	176	353	288
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(16)	(12)	(33)	(28)
Corporate / Unallocated Expenses
Segment Reporting Information [Line Items]
Adjusted EBITDA	(7)	(7)	(25)	(9)
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	$ (8)	$ (9)	$ (15)	$ (14)

Segment Reporting - Summary o_3

Segment Reporting - Summary of Net Revenues by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 822	$ 791	$ 1,552	$ 1,456
Waste and Storage Products
Segment Reporting Information [Line Items]
Net revenues	338	309	654	597
Cooking Products
Segment Reporting Information [Line Items]
Net revenues	295	275	538	488
Tableware
Segment Reporting Information [Line Items]
Net revenues	186	$ 207	364	$ 371
Unallocated
Segment Reporting Information [Line Items]
Net revenues	$ 3		$ (4)

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			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 1,370	$ (818)	$ (1,027)	$ (818)	$ (1,027)
Other comprehensive income (loss)	1	(2)	(1)
Ending balance	1,484	1,370	(999)	1,484	(910)
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	(8)	(6)	(7)	(6)	(7)
Currency translation adjustments	1			(1)
Other comprehensive income (loss)	1			(1)
Balance as of end of period	(7)	(8)	(7)	(7)	(7)
Employee Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of beginning of period	11	11	14	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	11	16	11	16
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	3	5	7	5	7
Adoption of new accounting principle			3		3
Other comprehensive income (loss)	1	(2)	(1)	(1)	(1)
Ending balance	$ 4	$ 3	$ 9	$ 4	$ 9

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Feb. 04, 2020	Jan. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party borrowings			$ 49		$ 49		$ 72
Revenues			822	$ 791	1,552	$ 1,456
Costs of sales			570	564	1,111	1,056
RGHL 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			24	38	63	78
Products purchased			78	110	161	234
RGHL Group | Freight and Warehousing Costs
Related Party Transaction [Line Items]
Costs of sales			20	$ 37	46	$ 71
RGHL Group | Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Transition services			2		$ 5
PFL
Related Party Transaction [Line Items]
Dividend paid			$ 23

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 30, 2020	Jul. 01, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividend per common share			$ 0.15
Subsequent Events
Subsequent Event [Line Items]
Cash dividend per common share	$ 0.22
Cash dividend per common share, date to be paid	Aug. 31, 2020
Cash dividend per common share, date of record	Aug. 16, 2020
Subsequent Events | Term Loan Facility
Subsequent Event [Line Items]
Debt instrument, voluntary principal payment		$ 100