Reynolds Consumer Products Inc.
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
REYN$24.11-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001628280-25-020839
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001628280-25-036571
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 134 current paragraphs.
70 unchanged; 28 reworded; 23 added; 8 removed; 0 previous and 13 current paragraphs rearranged.
Tables are not compared: 10 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Total net revenues were relatively flat in the six months ended June 30, 2025 compared to the same period in 2024 as higher pricing offset lower volume.
Current report
During the three months ended June 30, 2025, our net income decreased by 25% compared to the same period in 2024, primarily driven by the timing of pricing actions relative to input cost increases, costs to execute strategic initiatives, CEO transition costs and the lapping of an $10 million one-time tax benefit in the three months ended June 30, 2024. These factors were partially offset by lower selling, general and administrative expenses.
Current report
Total Net Revenues. Total net revenues increased by $8 million, or 1%, to $938 million. The increase was primarily drivenby higher pricing related to both the pass through of higher commodity costs and the timing of promotional activities.
Current report
Income Tax Expense. Our effective tax rate increased by 7.7%, from 16.0% for the three months ended June 30, 2024 to 23.7% for the three months ended June 30, 2025. The increase was primarily due to the recognition of a discrete tax benefit for the remeasurement of deferred tax liabilities in the second quarter of 2024.
Current report
Adjusted EBITDA. Adjusted EBITDA decreased by $9 million, or 5%, to $163 million. The decrease in Adjusted EBITDA was driven by lower retail volume and the timing of pricing actions relative to input cost increases, which were partially offset by lower selling, general and administrative expenses.
Current report
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $4 million, or 1%, to $295 million. The increase in net revenues was primarily due to higher pricing due to the pass through of higher commodity costs, as well as higher non-retail volume, partially offset by lower retail volume.
Current report
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA decreased by $5 million, or 9%, to $49 million. The decrease was driven by lower retail volumes and the timing of pricing actions relative to input cost increases.
Current report
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA was $71 million in both periods. The benefit of higher volume as well as lower selling, general and administrative expenses were fully offset by higher material, manufacturing and logistics costs.
Current report
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $4 million, or 10%, to $35 million. The decrease in Adjusted EBITDA was due to lower foam volume and related costs.
Current report
Total Segment Net Revenues. Presto Products total segment net revenues increased by $2 million, or 1%, to $153 million. The increase in net revenues was primarily due to increased volume.
Current report
Results of Operations – Six Months Ended June 30, 2025
Current report
Six Months Ended June 30, 2025 Compared with the Six Months Ended June 30, 2024
Current report
Total Reynolds Consumer Products
Current report
Cost of Sales. Cost of sales increased by $35 million, or 3%, to $1,341 million. The increase was primarily driven by higher material, manufacturing and logistics costs.
Current report
Income Tax Expense. Our effective tax rate increased by 4.7%, from 19.2% for the six months ended June 30, 2024 to 23.9% for the six months ended June 30, 2025. The increase was primarily due to the recognition of a discrete tax benefit for the remeasurement of deferred tax liabilities in the second quarter of 2024.
Current report
Adjusted EBITDA. Adjusted EBITDA decreased by $15 million, or 5%, to $279 million. The decrease in Adjusted EBITDA was primarily attributable tothe timing of pricing actions relative to input cost increases and lower retail volume, partially offset by lower selling, general and administrative expenses.
Current report
Segment Information
Current report
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $17 million, or 4%, to $496 million. The increase in net revenues was primarily driven by increased volume, partially offset by lower pricing driven by the timing of promotional activities.
Current report
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $38 million, or 8%, to $421 million. The decrease in net revenues was due to foam declines.
Current report
Total Segment Net Revenues. Presto Products total segment net revenues increased by $2 million, to $296 million. The increase in net revenues was primarily driven by higher pricing largely as a result of the pass through of higher commodity costs.
Current report
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $7 million, or 11%, to $59 million. The decrease in Adjusted EBITDA was primarily driven by higher operational costs associated with scaling new distribution.
Current report
Net cash used in financing activities decreased by $1 million to $148 million.
Current report
Additionally, during the three months ended June 30, 2025, we entered into additional interest rate swaps with forward start dates beginning in February 2026, that had an aggregate notional value of $900 million, which fixes the SOFR to an annual rate of 3.33% to 3.41% (for an annual effective interest rate of 5.08% to 5.16%, including margin). These interest rate swaps with forward start dates have maturity dates between March 2028 and March 2031.
Removed paragraphs (8)
Previous report
Income Tax Expense. We recognized income tax expense of $11 million on income before income taxes of $42 million (an effective tax rate of 24.5%) for the three months ended March 31, 2025 compared to income tax expense of $16 million on income before income taxes of $65 million (an effective tax rate of 24.9%) for the three months ended March 31, 2024.
Previous report
Adjusted EBITDA. Adjusted EBITDA decreased by $5 million, or 4%, to $117 million. The decrease in Adjusted EBITDA was primarily due to the impact of lower revenue and higher material, manufacturing and logistics costs, partially offset by lower selling, general and administrative expenses.
Previous report
Reynolds Cooking & Baking
Previous report
Hefty Waste & Storage
Previous report
Hefty Tableware
Previous report
Presto Products
Previous report
Total Segment Net Revenues. Presto Products total segment net revenues were $143 million in each period. Volume and pricing remained consistent between periods.
Previous report
Net cash used in financing activities increased by $46 million to $96 million. The increase was primarily attributable to $50 million of voluntary principal payments made on our Term Loan Facility during the three months ended March 31, 2025.
Reworded paragraphs (28)
Previous wording
•Hefty Waste & Storage: Through our Hefty Waste & Storage segment, we produce both branded and store brand trash and food storage bags. Hefty is a well-recognized leader in the trash bag and food storage bag categories and our private label products offer value to our retail partners. Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags in the U.S. and selected international markets, and as the Hefty and Baggies brands for our food storage bags in the U.S. Our food storage bags internationally are sold as Reynolds, Diamond, or Hefty Basics brands based on region. We have the #1 branded market share in the U.S. large black trash bag segment, and the #2 branded market share in the slider bag and tall kitchen trash bag segments. 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 orange bags through the Hefty ReNew™ Program.
Current wording
•Hefty Waste & Storage: Through our Hefty Waste & Storage segment, we produce both branded and store brand trash and food storage bags. Hefty is a well-recognized leader in the trash bag and food storage bag categories and our private label products offer value to our retail partners. Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags in the U.S. and selected international markets, and as the Hefty and Baggies brands for our food storage bags in the U.S. Our food storage bags are sold internationally as Reynolds, Diamond, or Hefty Basics brands based on the region. We have the #1 branded market share in the U.S. large black trash bag segment, and the #2 branded market share in the slider bag and tall kitchen trash bag segments. 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 orange bags through the Hefty ReNew™ Program.
Previous wording
Total net revenues decreased 2% in thethree months ended March 31, 2025 compared to the same period in 2024. The revenue decrease was primarily due to lower volume, partially offset by higher pricing.
Current wording
Total net revenues increased 1% in thethree months ended June 30, 2025 compared to the same period in 2024. The revenue increase was due to higher pricing primarily as a result of pass through of higher commodity costs.
Previous wording
During the three months ended March 31, 2025, our net income decreased by 37% compared to the same period in 2024, primarily driven by lower volume, debt refinancing expense, higher material, manufacturing and logistics costs, costs to execute strategic initiatives and CEO transition costs. These factors were partially offset by higher pricing, lower selling, general and administrative expenses and lower interest expense.
Current wording
During thesix months ended June 30, 2025, our net income decreased by 28% compared to the same period in 2024, driven by lower retail volume, the timing of pricing actions relative to input cost increases, costs to execute strategic initiatives, CEO transition costs, debt refinancing expense and the lapping of an $10 million one-time tax benefit in the six months ended June 30, 2024. These factors were partially offset by lower selling, general and administrative expenses and lower interest expense.
Previous wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.9% for deductible items and 0% for non-deductible items.
Current wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
Previous wording
Cost of Sales. Cost of sales decreased by $3 million to $629 million. The decrease was primarily driven by lower volume, partially offset by higher material, manufacturing and logistics costs.
Current wording
Cost of Sales. Cost of sales increased by $38 million to $712 million. The increase was primarily driven by higher material, manufacturing and logistics costs.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $7 million, or 6%, to $104 million, primarily due to lower personnel and advertising costs.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $20 million, or 17%, to $96 million, primarily due to lower personnel and advertising costs.
Previous wording
Other Expense, Net. Other expense, net was $9 million, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Current wording
Other Expense, Net. Other expense, net was $12 million, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Previous wording
Interest Expense, Net. Interest expense, net decreased by $4 million, or 16%, to $21 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Current wording
Interest Expense, Net. Interest expense, net decreased by $3 million, or 12%, to $22 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Previous wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased $6 million, or 3%, to $240 million. The increase in net revenues was primarily due to higher volume.
Current wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $11 million, or 5%, to $255 million. The increase in net revenues was primarily due to increased volume.
Previous wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $29 million, or 14%, to $179 million. The decrease in net revenues was primarily due to lower foam product volume, partially offset by higher pricing due to the timing of promotional activities.
Current wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $9 million, or 4%, to $242 million. The decrease in net revenues was due to foam declines.
Previous wording
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $3 million, or 10%, to $26 million. The decrease in Adjusted EBITDA was primarily driven by higher material, manufacturing and logistics costs.
Current wording
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $4 million, or 11%, to $33 million. The decrease in Adjusted EBITDA was primarily driven by higher operational costs associated with scaling new distribution.
Previous wording
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers, which are classified as related party revenues, and industrial customers.
Current wording
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers, which were classified as related party revenues through March 31, 2025, and industrial customers.
Previous wording
Total Net Revenues. Total net revenues decreased by $15 million, or 2%, to $818 million. The decrease was primarily drivenby lower volume, partially offset by higher pricing.
Current wording
Total Net Revenues. Total net revenues decreased by $8 million to $1,756 million. The decrease was primarily driven by lower volume, mostly offset by higher pricing primarily related to the pass through of higher commodity costs and the timing of promotional activities.
Previous wording
Debt Refinancing Expense. In connection with the refinancing of our senior secured term loan facility in March 2025, we recorded debt refinancing expense of $13 million in the three months ended March 31, 2025.
Current wording
Debt Refinancing Expense. In connection with the refinancing of our senior secured term loan facility in March 2025, we recorded debt refinancing expense of $13 million in the six months ended June 30, 2025.
Previous wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $3 million, or 1%, to $259 million. The increase in net revenues was primarily due to higher non-retail volume and higher pricing, partially offset by lower retail volume.
Current wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $7 million, or 1%, to $554 million. The increase in net revenues was primarily due to higher pricing driven by the pass through of higher commodity costs and higher non-retail volume, partially offset by lower retail volume.
Previous wording
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA increased $6 million, or 19%, to $38 million. The increase was driven by the impact of higher revenue and the lapping of higher material, manufacturing and logistics costs.
Current wording
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA increased by $1 million, or 1%, to $87 million. The increase in Adjusted EBITDA was primarily driven by the benefit of higher revenue partially offset by higher material, manufacturing and logistics costs.
Previous wording
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA decreased by $8 million, or 12%, to $59 million. The decrease was driven by higher material, manufacturing and logistics costs, partially offset by the impact of higher revenue.
Current wording
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA decreased by $9 million, or 7%, to $129 million. The decrease in Adjusted EBITDA was primarily driven by higher material, manufacturing and logistics costs, partially offset by higher volume as well as lower selling, general and administrative expenses.
Previous wording
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $13 million, or 43%, to $17 million. The decrease in Adjusted EBITDA was primarily due to lower foam product volume and higher material, manufacturing and logistics costs, partially offset by higher pricing due to the timing of promotional activities.
Current wording
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $17 million, or 25%, to $52 million. The decrease in Adjusted EBITDA was due to lower foam volume and related costs.
Previous wording
Net cash from operating activities decreased by $43 million to $56 million in the three months ended March 31, 2025. The decrease was primarily driven by a reduced benefit in working capital and lower net income.
Current wording
Net cash from operating activities decreased by $36 million to $147 million in the six months ended June 30, 2025. The decrease was primarily driven by lower net income.
Previous wording
Net cash used in investing activities increased by $10 million to $39 million. The increase was driven by an increase in cash outlays for capital expenditures.
Current wording
Net cash used in investing activities increased by $31 million to $79 million. The increase was driven by an increase in cash outlays for capital expenditures.
Previous wording
Our External Debt Facilities consist of a senior secured term loan facility (“Term Loan Facility”) and a $700 million senior secured revolving credit facility (“Revolving Facility”) in a syndicated loan arrangement. During March 2025, we amended the Term Loan Facility, replacing the then-existing facility, which was originally set to mature in February 2027, with a new $1,645 million facility maturing in March 2032 (“Amendment No. 4”). Other than the new maturity date and the recommencement of quarterly amortization payments, the material terms of our External Debt Facilities as a result of Amendment No. 4 remain unchanged.
Current wording
Our External Debt Facilities consist of a senior secured term loan facility (“Term Loan Facility”) and a $700 million senior secured revolving credit facility (“Revolving Facility”) in a syndicated loan arrangement. During March 2025, we amended the Term Loan Facility, replacing the then-existing facility, which was originally set to mature in February 2027, with a new $1,645 million facility maturing in March 2032 (“Amendment No. 4”). Other than the new maturity date and the recommencement of quarterly amortization payments, the material terms of our External Debt Facilities remain unchanged as a result of Amendment No. 4.
Previous wording
As of March 31, 2025, the outstanding balance under the Term Loan Facility was $1,645 million. As of March 31, 2025, we had no outstanding borrowings under the Revolving Facility, and we had $6 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.
Current wording
As of June 30, 2025, the outstanding balance under the Term Loan Facility was $1,640 million. As of June 30, 2025, 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.
Previous wording
We have entered into a series of interest rate swaps to fix the SOFR of our External Debt Facilities. The aggregate notional amount of interest rate swaps in effect as of March 31, 2025 was $1,150 million, and the SOFR is fixed at an annual rate of 0.40% to 3.40% (for an annual effective interest rate of 2.15% to 5.15%, including margin). These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility for less than one year.
Current wording
The aggregate notional amount of interest rate swaps in effect as of June 30, 2025 was $1,150 million, and the SOFR is fixed at an annual rate of 0.40% to 3.40% (for an annual effective interest rate of 2.15% to 5.15%, including margin). These interest rate swaps hedge a portion of the interest rate exposure resulting from borrowings under our Term Loan Facility for less than one year.
Previous wording
During the three months ended March 31, 2025, prior to Amendment No. 4, we made voluntary principal payments of $50 million related to our Term Loan Facility, which was applied to the outstanding principal balance due at maturity.
Current wording
During the six months ended June 30, 2025, prior to Amendment No. 4, we made voluntary principal payments of $50 million related to our Term Loan Facility, which were applied to the outstanding principal balance due at maturity.
Previous wording
The Term Loan Facility matures in March 2032. The Term Loan Facility amortizes in equal quarterly installments of $4 million, which commences in June 2025, with the balance payable on maturity.
Current wording
The Term Loan Facility matures in March 2032. The Term Loan Facility amortizes in equal quarterly installments of $4 million, which commenced in June 2025, with the balance payable on maturity.
Previous wording
We are party to a factoring agreement with JP Morgan Chase Bank, N.A. to sell certain accounts receivable up to $95 million. Factored receivables as of March 31, 2025 were $15 million. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the condensed consolidated balance sheet at the time of the sales transaction. We classify proceeds received from sales of accounts receivable as an operating cash flow in the condensed consolidated statement of cash flows. We record the discount as other expense, net in the condensed consolidated statement of income.
Current wording
We are party to a factoring agreement with JP Morgan Chase Bank, N.A. to sell certain accounts receivable up to $95 million. Factored receivables as of June 30, 2025 were $50 million. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the condensed consolidated balance sheet at the time of the sales transaction. We classify proceeds received from sales of accounts receivable as an operating cash flow in the condensed consolidated statement of cash flows. We record the discount as other expense, net in the condensed consolidated statement of income.
Previous wording
We have a voluntary Supply Chain Finance program (the “SCF”) with a global financial institution. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in our condensed consolidated balance sheet and associated payments are included as an operating cash flow in the condensed consolidated statement of cash flows. As of March 31, 2025 and December 31, 2024, the amount of obligations outstanding that we have confirmed as valid under the SCF was $10 million and $12 million, respectively.
Current wording
We have a voluntary Supply Chain Finance program (the “SCF”) with a global financial institution. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in our condensed consolidated balance sheet and associated payments are included as an operating cash flow in the condensed consolidated statement of cash flows. As of June 30, 2025 and December 31, 2024, the amount of obligations outstanding that we have confirmed as valid under the SCF was $9 million and $12 million, respectively.
Previous wording
During the three months ended March 31, 2025, cash dividends of $0.23 per share were declared and paid. On April 24, 2025, a quarterly cash dividend of $0.23 per share was declared and is to be paid on May 30, 2025. We expect to continue paying cash dividends on a quarterly basis; however, future dividends are at the discretion of our Board of Directors and will depend upon our earnings, capital requirements, financial condition, contractual limitations (including under the External Debt Facilities) and other factors.
Current wording
During the three and six months ended June 30, 2025, cash dividends of $0.23 and $0.46 per share, respectively, were declared and paid. On July 24, 2025, a quarterly cash dividend of $0.23 per share was declared and is to be paid on August 29, 2025. We expect to continue paying cash dividends on a quarterly basis; however, future dividends are at the discretion of our Board of Directors and will depend upon our earnings, capital requirements, financial condition, contractual limitations (including under the External Debt Facilities) and other factors.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
Current report — wording carried from elsewhere
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers and industrial customers.
Current report — wording carried from elsewhere
The following discussion should be read in conjunction with our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Detailed comparisons of revenue and results are presented in the discussions of the operating segments, which follow our consolidated results discussion.
Current report — wording carried from elsewhere
Aggregation of Segment Revenue and Adjusted EBITDA
Current report — wording carried from elsewhere
(1)The unallocated net revenues include elimination of intersegment revenues and other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments.
Current report — wording carried from elsewhere
(2)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” for details, including a reconciliation between net income and Adjusted EBITDA.
Current report — wording carried from elsewhere
NM - Percentage change is not meaningful.
Current report — wording carried from elsewhere
(1)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” for details, including a reconciliation between net income and Adjusted EBITDA.
Current report — wording carried from elsewhere
Components of Change in Net Revenues for the Six Months Ended June 30, 2025 vs. the Six Months Ended June 30, 2024
Current report — wording carried from elsewhere
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $26 million, or 11%, to $201 million primarily due to lower personnel and advertising costs.
Current report — wording carried from elsewhere
Other Expense, Net. Other expense, net was $21 million in the six months ended June 30, 2025, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Current report — wording carried from elsewhere
Interest Expense, Net. Interest expense, net decreased by $9 million, or 18%, to $42 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Current report — wording carried from elsewhere
We have entered into a series of interest rate swaps to fix the SOFR of our External Debt Facilities.