Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Reynolds Consumer Products Inc. |
Entity Central Index Key | 0001786431 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | Year Summary Compensation Table Total for PEO Compensation Actually Paid to PEO (1)(2) ($) Average Summary Compensation Table Total for Non-PEO NEOs (3) ($) Average Compensation Actually Paid to Non-PEO NEOs (1)(2)(3) ($) Value of Initial Fixed $100 Investment Based On: Net Income Adjusted EBIT (6) ($m) Company TSR (4) ($) Peer Group TSR (4)(5) ($) 2023 8,721,018 9,414,595 2,171,986 2,291,678 105 120 298 512 2022 6,805,161 3,692,477 1,715,941 1,096,076 114 121 258 429 2021 5,940,377 3,389,548 1,480,706 1,022,817 116 131 324 492 2020 11,410,221 12,624,919 2,683,195 2,896,277 107 114 363 618 | |||
Company Selected Measure Name | Adjusted EBIT | |||
Named Executive Officers, Footnote | The non-PEO NEOs represent the following individuals for each of the years shown: • 2023: Scott Huckins, CFO, Rachel Bishop, President, Hefty Tableware, Judith Buckner, President, Reynolds Cooking & Baking, Lisa Smith, President, Hefty Waste and Storage and Michael Graham, former CFO; • 2022: Michael Graham, CFO, Rachel Bishop, President, Hefty Tableware, Judith Buckner, President, Reynolds Cooking & Baking, Lisa Smith, President, Hefty Waste and Storage and Craig Cappel, former President, Reynolds Cooking & Baking; • 2021: Michael Graham, CFO, Craig Cappel, former President, Reynolds Cooking & Baking, Stephan Pace, President, Sales and Chief Customer Officer and Steve Estes, Chief Administrative Officer; and • 2020: Michael Graham, CFO, Rachel Bishop, President, Hefty Tableware, Craig Cappel, former President, Reynolds Cooking & Baking and Stephan Pace, President, Sales and Chief Customer Officer. | |||
Peer Group Issuers, Footnote | The complete list of our peer group used for the TSR calculation is the same group of companies used by us for purposes of the performance graph in our Annual Report on Form 10-K and comprises: Church & Dwight Co., Inc., The Clorox Company, Colgate-Palmolive Company, Energizer Holdings, Inc., Kimberly-Clark Corporation, Newell Brands Inc., The Procter & Gamble Company, The Scotts Miracle-Gro Company, Spectrum Brands Holdings, Inc. and WD-40 Company. | |||
PEO Total Compensation Amount | $ 8,721,018 | $ 6,805,161 | $ 5,940,377 | $ 11,410,221 |
PEO Actually Paid Compensation Amount | $ 9,414,595 | 3,692,477 | 3,389,548 | 12,624,919 |
Adjustment To PEO Compensation, Footnote | To calculate compensation actually paid (“CAP”), the following amounts were deducted from and added to the Summary Compensation Table (“SCT”) total compensation for 2023 (the equity adjustments for 2020-2022 were set forth in the proxy statement for our 2023 annual meeting of stockholders): PEO SCT Total to CAP Reconciliation Year SCT Total Deductions from SCT Total ($) (i) Additions to SCT Total ($) (ii) CAP (i) (ii) 2023 8,721,018 (4,105,334) 4,798,911 9,414,595 Year Grant Date Fair Value of Covered Year Equity Awards Year-Over-Year Change in Fair Value of Prior Years' Awards Unvested at the End of Covered Year Change in Fair Value of Prior Years' Awards that Vested in Covered Year Fair Value at End of Prior Year of Prior Years' Awards that Failed to Meet Applicable Vesting Conditions During the Covered Year Deductions from SCT Total ($) 2023 (3,875,014) (195,274) (35,046) — (4,105,334) (ii) Represents the following: Year Fair Value of Covered Year Equity Awards at Covered Year End Additions to SCT Total ($) 2023 4,798,911 4,798,911 | |||
Non-PEO NEO Average Total Compensation Amount | $ 2,171,986 | 1,715,941 | 1,480,706 | 2,683,195 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,291,678 | 1,096,076 | 1,022,817 | 2,896,277 |
Adjustment to Non-PEO NEO Compensation Footnote | Average Non-PEO NEO SCT Total to CAP Reconciliation Year SCT Total Deductions from SCT Total ($) (iii) Additions to SCT Total ($) (iv) CAP 2023 2,171,986 (983,104) 1,102,796 2,291,678 (iii) Represents the following: Year Grant Date Fair Value of Covered Year Equity Awards Year-Over-Year Change in Fair Value of Prior Years' Awards Unvested at the End of Covered Year Change in Fair Value of Prior Years' Awards that Vested in Covered Year Fair Value at End of Prior Year of Prior Years' Awards that Failed to Meet Applicable Vesting Conditions During the Covered Year Aggregate Change in the Actuarial Present Value of the Accumulated Benefit Under all Defined Benefit and Actuarial Plans Reported in the SCT in Each Year Deductions from SCT Total ($) 2023 (944,946) (30,524) (4,716) — (2,918) (983,104) (iv) Represents the following: Year Fair Value of Covered Year Equity Awards at Covered Year End Additions to SCT Total ($) 2023 1,102,796 1,102,796 | |||
Compensation Actually Paid vs. Total Shareholder Return | Compensation Actually Paid vs. Cumulative Company TSR and Cumulative Peer Group TSR | |||
Compensation Actually Paid vs. Net Income | Compensation Actually Paid vs. Net Income | |||
Compensation Actually Paid vs. Company Selected Measure | Compensation Actually Paid vs. Adjusted EBIT | |||
Total Shareholder Return Vs Peer Group | Compensation Actually Paid vs. Cumulative Company TSR and Cumulative Peer Group TSR | |||
Tabular List, Table | Most Important Performance Measures • Adjusted EBIT • Revenue • Adjusted Earnings per Share • Adjusted EBITDA (1) • Free Cash Flow | |||
Total Shareholder Return Amount | $ 105 | 114 | 116 | 107 |
Peer Group Total Shareholder Return Amount | 120 | 121 | 131 | 114 |
Net Income (Loss) | $ 298,000,000 | $ 258,000,000 | $ 324,000,000 | $ 363,000,000 |
Company Selected Measure Amount | 512,000,000 | 429,000,000 | 492,000,000 | 618,000,000 |
PEO Name | Lance Mitchell | |||
Additional 402(v) Disclosure | We define Adjusted EBITDA as net income calculated in accordance with GAAP, plus the sum of income tax expense, net interest expense, depreciation and amortization and IPO and separation-related costs, as well as other non-recurring costs. | |||
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Non-GAAP Measure Description | Our company-selected measure, which is the measure we believe represents the most important financial performance measure not otherwise presented in the table above that we use to link Compensation Actually Paid to our NEOs for fiscal 2023 to our company’s performance is Adjusted EBIT. Adjusted EBIT is a non-GAAP financial measure. Refer to Appendix A to this Proxy Statement for a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure. | |||
Measure:: 6 | ||||
Pay vs Performance Disclosure | ||||
Non-GAAP Measure Description | Total shareholder return as calculated based on a fixed investment of $100 measured from the market close on January 31, 2020 (the first trading day of our stock) through and including the end of the fiscal year for each year reported in the table. | |||
PEO | Adjustment, Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (4,105,334) | |||
PEO | Adjustment, Additions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 4,798,911 | |||
PEO | Equity Awards Granted During the Year, Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (3,875,014) | |||
PEO | Equity Awards Granted in Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (195,274) | |||
PEO | Equity Awards Granted in Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (35,046) | |||
PEO | Equity Award Failed to Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | |||
PEO | Equity Awards in Current Year, Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 4,798,911 | |||
Non-PEO NEO | Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | • Adjusted EBIT | |||
Non-PEO NEO | Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | • Revenue | |||
Non-PEO NEO | Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | • Adjusted Earnings per Share | |||
Non-PEO NEO | Measure:: 4 | ||||
Pay vs Performance Disclosure | ||||
Name | • Adjusted EBITDA(1) | |||
Non-PEO NEO | Measure:: 5 | ||||
Pay vs Performance Disclosure | ||||
Name | • Free Cash Flow | |||
Non-PEO NEO | Adjustment, Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (983,104) | |||
Non-PEO NEO | Adjustment, Additions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,102,796 | |||
Non-PEO NEO | Equity Awards Granted During the Year, Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (944,946) | |||
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (30,524) | |||
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (4,716) | |||
Non-PEO NEO | Equity Award Failed to Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | |||
Non-PEO NEO | Equity Awards in Current Year, Fair Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,102,796 | |||
Non-PEO NEO | Aggregate Change in Present Value [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (2,918) |