−Removed: In this Annual Report on Form 10-K, “Reynolds Consumer Products,” “RCP,” the “Company,” “we,” “us” and “our” refer to (i) prior to the Corporate Reorganization on February 4, 2020, as defined in our Registration Statement on Form S-1 (File No.
−Removed: 333-234731), as amended and as filed with the U.S.
−Removed: Securities and Exchange Commission (the “SEC”), the Reynolds Consumer Group business consisting of the combination of Reynolds Consumer Products Inc.
−Removed: and the operations, assets and liabilities comprising Reynolds Group Holdings Limited’s Reynolds Consumer Products segment;
−Removed: and (ii) after the Corporate Reorganization, Reynolds Consumer Products Inc.
+Added: In this Annual Report on Form 10-K, “Reynolds Consumer Products,” “RCP,” the “Company,” “we,” “us” and “our” refer to Reynolds Consumer Products Inc.
and its consolidated subsidiaries.
Reynolds Consumer Products Inc., formerly known as RenPac Holdings Inc., was incorporated in the state of Delaware on September 26, 2011.
−Removed: We filed a Registration Statement on Form S-1, as amended, with the SEC which was declared effective on January 30, 2020.
−Removed: On January 31, 2020, our common stock began “regular-way” trading on The Nasdaq Stock Market LLC under the “REYN” symbol.
−Removed: On February 4, 2020, we completed our Corporate Reorganization and initial public offering (“IPO”).
We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business.
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cooking products, waste and storage products and tableware.
−Removed: We sell our products under iconic brands such as Reynolds and Hefty, and also under store brands that are strategically important to our customers.
+Added: We sell our products under iconic brands such as Reynolds and Hefty, and also under store brands that are strategically important to our retail partners.
Overall, across both our branded and store brand offerings, we hold the #1 or #2 U.S.
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Over 65% of our revenue comes from products that are #1 in their respective categories.
−Removed: We have developed our market-leading position by investing in our product categories and consistently developing innovative products to meet the evolving needs and preferences of the modern consumer.
−Removed: Our mix of branded and store brand products is a key competitive advantage that aligns our goal of growing the overall product categories with our customers’ goals and positions us as a trusted strategic partner to our retailers.
−Removed: Our Reynolds and Hefty brands have preeminent positions in their categories and carry strong brand recognition in household aisles.
−Removed: Our products are typically used in the homes of consumers of all demographics on a daily basis and meet the convenience-oriented preferences of today’s consumer across a broad range of household activities.
−Removed: We help make daily life easier by assisting with preparation, cooking, mealtime and clean-up and by providing convenient storage and indoor/outdoor disposal solutions.
−Removed: Our diverse product portfolio includes aluminum foil, wraps, disposable bakeware, trash bags, food storage bags and disposable tableware.
+Added: We have developed our market-leading position by investing in our product categories, championing the categories in partnership with our retail partners and consistently developing innovative products to meet the evolving needs and preferences of the modern consumer.
+Added: Our mix of branded and store brand products is a key competitive advantage that aligns our goal of growing the overall product categories where we have offerings.
+Added: Our retail partners also measure their success in category growth, which positions us as a trusted strategic partner.
+Added: Our products are typically used in the homes of consumers of all demographics on a frequent basis and meet the convenience-oriented preferences of consumers across a broad range of household activities.
+Added: Our products help simplify daily life by assisting with cooking, serving, clean-up and storage through a range of product offerings.
+Added: Our diverse portfolio includes a wide range of products, including aluminum foil, parchment paper, disposable bakeware, trash bags, food storage bags and disposable tableware.
Our products are known for their quality, which is recognized by our consumers and retail partners alike.
−Removed: Our consumers know they can rely on our trusted brands.
−Removed: These factors generate loyalty which empowers us to develop and launch new products that expand usage occasions and transition our portfolio into adjacent categories.
−Removed: We have strong relationships with a diverse set of customers including leading grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers.
−Removed: Our customer relationships have been built on a long history of trust.
+Added: Our Reynolds and Hefty brands have preeminent positions in their categories and carry strong brand recognition in household aisles.
+Added: These factors generate consumer loyalty, which affords us the opportunity to develop and launch new products that expand usage occasions and transition our portfolio into adjacent categories.
+Added: We have strong relationships with a diverse set of retail partners including leading grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers.
+Added: Our relationships with our retail partners have been built on a long history of trust.
Our portfolio of branded and store brand products allows our retail partners to manage multiple household aisles with a single vendor.
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_____________________________________
−Removed: IRI MULO latest 52 weeks ended January 1, 2023 and Nielsen MarketTrack latest 52 weeks ended December 31, 2022.
+Added: Circana Dollar Sales MULO latest 52 weeks ended December 31, 2023 and Nielsen MarketTrack latest 52 weeks ended December 30, 2023.
We manage our operations in four reportable segments:
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• Reynolds Cooking & Baking :
−Removed: Through our Reynolds Cooking & Baking segment, we produce branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners.
+Added: Through our Reynolds Cooking & Baking segment, we sell both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners.
Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and EZ Foil brands in the United States and selected international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America.
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consumer foil market measured by retail sales and volume.
+Added: We also hold the #1 market position in the Canadian branded foil market under the ALCAN brand.
We have no significant branded competitor in this market.
−Removed: Reynolds is one of the most recognized household brands in the United States and has been the top trusted brand in the consumer foil market for 75 years, with greater than 50% market share in most of its categories.
+Added: Reynolds is one of the most recognized household brands in the United States and has been the top trusted brand in the consumer foil market for over 75 years, with greater than 50% market share in most of its categories.
• Hefty Waste & Storage :
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Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags, and as the Hefty and Baggies brands for our food storage bags.
+Added: Hefty has 99% brand awareness and is most commonly identified with the Brand's famous “Hefty!
+Added: Hefty!” slogan.
We have the #1 branded market share in the U.S.
large black trash bag and slider bag segments, and the #2 branded market share in the tall kitchen trash bag segment.
−Removed: Our robust product portfolio in this segment includes a full suite of products, including sustainable solutions such as blue and clear recycling bags, compostable bags, bags made from recycled materials and the Hefty EnergyBag Program.
+Added: Our robust product portfolio in this segment includes a full suite of products, including sustainable solutions such as compostable bags, bags made from recycled materials and orange bags through the Hefty ReNew Program.
• Hefty Tableware :
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Hefty branded party cups are the #1 party cup in America measured by market share.
−Removed: Our branded products use our Hefty brand to represent both quality and great price, and we bring this same quality and value promise to all of our store brands as well.
+Added: Our branded products use our Hefty brand to represent both quality and great value, and we bring this same quality and value promise to all of our store brands as well.
We sell across a broad range of materials and price points in all retail channels, allowing our consumers to select the product that best suits their price, function and aesthetic needs.
These materials include sustainable solutions, such as Hefty ECOSAVE and Hefty Compostable Printed Paper Plates.
+Added: In 2023, we also tapped into the nostalgia trend and brought back Zoo Pals plates, garnering 3.7 billion media impressions.
• Presto Products :
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Presto Products is a market leader in food storage bags and differentiates itself by providing access to category management, consumer insights, marketing, merchandising and research and development (“R&D”) resources.
+Added: Presto Products was the first in the U.S.
+Added: market to offer a store branded sandwich bag made with an approximately 20% proprietary blend of plant and ocean, renewable materials.
Our Presto Products segment also includes our specialty business, which serves other consumer products companies by providing Fresh-Lock and Slide-Rite resealable closure systems.
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Waste and storage (1)
+Added: $ 1,535 $ 1,550 $ 1,448
Cooking products 1,273 1,287 1,314
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We complement our internal sales platform by selectively utilizing third-party brokers for certain products and customers.
−Removed: In addition to sales professionals, each of our top 20 customers has a dedicated customer support team, including customer service representatives, category management teams and a logistics and transportation team.
+Added: In addition to sales professionals, each of our top 20 customers has a dedicated customer support team, including category management, production planning and transportation teams, as well as customer service representatives.
We utilize two routes of distribution to deliver our products to our customers.
−Removed: In many cases, we ship directly from our warehouses to the customer distribution center.
+Added: In many cases, we ship directly from our warehouses to the customer's distribution center.
Given the breadth of our product offerings, we are also able to optimize truckloads and reduce inventory for our retail partners by shipping trucks from mixing centers filled with SKUs across all of our product categories.
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Within each product category, most of our products compete with other widely advertised brands and store brand products.
−Removed: Competition in our categories is based on a number of factors including price, quality and brand recognition.
+Added: Competition in our categories is based on a number of factors including brand recognition, price and quality.
We benefit from the strength of our brands, a differentiated portfolio of quality branded and store brand products, as well as significant capital investment in our manufacturing facilities.
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In certain instances, we purchase selected finished goods from third-party suppliers to supplement capacity and source specialty items.
−Removed: While we have not historically experienced significant interruptions from third party suppliers, we have seen increased delays in 2021 and 2022 as a result of labor shortages and the timing of imports from third party suppliers.
Intellectual Property
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Employees and Human Capital
−Removed: To help build an engaged team, our objectives include successfully identifying, recruiting, onboarding, retaining and incentivizing our existing and new employees.
−Removed: Our talent management and succession plan process includes the identification of primary succession roles based on current and future business strategies, the identification of potential successors, a list of action items and a plan for talent development.
+Added: Our objectives related to an engaged team include successfully identifying, recruiting, onboarding, retaining and incentivizing both new and existing employees.
+Added: Our talent management and succession planning process includes the identification of primary succession roles based on current and future business strategies, the identification of potential successors, a list of action items and a plan for talent development.
As of December 31, 2023, we employed approximately 6,000 people, most of whom are located in our U.S.
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Our cross-functional leaders and team members work collaboratively to identify risks and to develop and implement control measures leveraging engineering solutions and new technology for mitigation.
−Removed: Our safety performance continues to exceed the industry's average safety performance by a significant margin, and we continue to progress toward our goal of zero incidents through increasing awareness of opportunities for improvement and implementing effective solutions to reduce risks associated with slips, trips, and falls, as well as ergonomic hazards.
+Added: Our safety performance continues to outperform the industry’s average safety performance by a significant margin, and we continue to progress toward our goal of zero incidents through increasing awareness of opportunities for improvement and implementing effective solutions to reduce risks associated with contact with equipment, slips, trips, and falls, as well as ergonomic hazards.
Diversity, Equity & Inclusion:
−Removed: We believe that a diverse, equitable and inclusive organization will enhance the sense of belonging for our colleagues, customers, consumers, shareholders and communities.
+Added: We believe that a diverse, equitable and inclusive organization will enhance the sense of belonging for our colleagues, retail partners, consumers, shareholders and communities.
We are committed to building a respectful workplace, educating our colleagues and integrating DE&I within our overall business strategy.
−Removed: Both 2022 and 2021 were significant years in our DE&I journey.
Treating others with dignity, empathy and respect are the foundation of our DE&I journey, and we will continue to implement best practices, educate our colleagues on the importance of implementing DE&I strategies, promote a culture where all feel they belong and implement specific solutions to build and retain a more diverse and inclusive experience based upon equity.
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We have made investments in our Talent Acquisition team to better enable us to source and recruit talent in today’s challenging labor market, assist in a great candidate experience and provide a welcoming new hire onboarding.
−Removed: To support our plants, we have also created a comprehensive hourly recruiting strategy and social media plan.
+Added: To support our plants, we have also created a comprehensive hourly employee recruiting strategy and social media plan.
In addition, we have invested in tools and resources for a consistent and efficient approach to identifying diverse talent.
As many of our products are used in food packaging, our business is subject to regulations governing products that may contact food in all the countries in which we have operations.
+Added: Our business is also subject to regulations governing advertising claims related to our products and practices, including regulations concerning representations that products are environmentally-friendly, have less of an environmental impact, or are sustainable.
Future regulatory and legislative change can affect the economics of our business activities, lead to changes in operating practices, affect our customers and influence the demand for and the cost of providing products and services to our customers.
−Removed: We have implemented compliance programs and procedures designed to achieve compliance with applicable laws and regulations, and believe these programs and procedures are generally effective.
−Removed: However, because of the complexity of these laws and regulations and the multinational scope of our business, compliance cannot be guaranteed.
+Added: We have implemented compliance programs and procedures designed to achieve compliance with applicable laws and regulations.
We are subject to various national, state, local, foreign and international environmental, health and safety laws, regulations and permits.
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Many of our manufacturing facilities require environmental permits, such as those limiting air emissions.
−Removed: Compliance with these permits can require capital investment and, in some cases, could limit production.
−Removed: In addition, a number of governmental authorities, both in the United States and abroad, have implemented, considered, or are expected to consider, legislation aimed at reducing the amount of plastic waste.
−Removed: Programs have included banning certain types of materials and products, mandating certain rates of recycling and/or the use of recycled materials, imposing deposits or taxes on plastic bags and packaging material and requiring retailers or manufacturers to take back packaging used for their products.
+Added: In addition, a number of governmental authorities, at the federal, state and local level in the United States and abroad, have implemented, considered, or are expected to consider, legislation aimed at reducing the amount of plastic waste, regulating product content and regulating environmental claims.
+Added: Our business is subject to regulations that govern matters such as post-consumer recycled content, extended producer responsibility, compostability and recyclability claims, and use of Per- and Polyfluorinated Substances (“PFAS”).
+Added: We have implemented compliance programs and procedures designed to achieve compliance with applicable laws and regulations.
Moreover, as environmental issues, such as climate change, have become more prevalent, governments have responded, and are expected to continue to respond, with increased legislation and regulation, which could negatively affect us.
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A number of states and local governments in the United States have also implemented or announced their intentions to implement their own programs to reduce greenhouses gases.
−Removed: These initiatives may cause us to incur additional direct costs in complying with any new environmental legislation or regulations, such as costs to upgrade or replace equipment, as well as increased indirect costs that could get passed through to us resulting from our suppliers and customers also incurring additional compliance costs.
+Added: We are also subject to various laws and regulations related to data privacy and protection, including the California Privacy Act of 2018 (“CCPA”) and the European Union’s General Data Protection Regulation (“GDPR”).
+Added: We have internal programs in place to manage and monitor global compliance with these various requirements.
Available Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.