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Note 2 - Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]

NOTE 2: CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statement of Financial Position that sums to the total of such amounts shown in the Statement of Cash Flows:

 

  

As of December 31,

 

(in millions)

 

2022

  

2021

 

Cash and cash equivalents

 $217  $362 

Restricted cash reported in Other current assets

  7   7 

Restricted cash

  62   54 

Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows

 $286  $423 

 

 

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represents amounts that support hedging activities.

 

Restricted cash includes $44 million and $45 million as of December 31, 2022 and 2021, respectively, representing the cash collateral required to be posted by the Company under the Letter of Credit Facility (“L/C Cash Collateral”) (Refer to Note 9, “Debt and Finance Leases” for information on the Restricted cash supporting the L/C Cash Collateral). In addition, Restricted cash as of December 31, 2022 and 2021 includes an escrow of $5 million and $4 million, respectively, in China to secure various ongoing obligations under the agreements for the strategic relationship with Lucky HuaGuang Graphics Co. Ltd. Long-term restricted cash also includes $6 million and $3 million of security posted related to Brazilian legal contingencies as of December 31, 2022 and 2021, respectively and $5 million of cash collateral posted for a letter of credit for aluminum purchases as of December 31, 2022 in the United Kingdom.