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Note 2 - Cash, Cash Equivalents and Restricted Cash
 6 Months Ended
Jun. 30, 2023
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 Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Consolidated Statement of Cash Flows:

 

  

June 30,

  

December 31,

 

(in millions)

 

2023

  

2022

 

Cash and cash equivalents

 $223  $217 

Restricted cash reported in Other current assets

  7   7 

Restricted cash

  62   62 

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

 $292  $286 

 

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

 

Restricted cash included $43 million and $44 million as of June 30, 2023 and December 31, 2022, respectively, representing the cash collateral required to be posted by the Company under the Letter of Credit Facility (“L/C Cash Collateral”). In addition, Restricted cash as of both  June 30, 2023 and December 31, 2022 included an escrow of $5 million in China to secure various ongoing obligations under the agreements for a strategic relationship with Lucky HuaGuang Graphics Co. Ltd. Restricted cash also included $6 million of security posted related to Brazilian legal contingencies as of both  June 30, 2023 and December 31, 2022, respectively, and $5 million of cash collateral posted in the United Kingdom for a letter of credit for aluminum purchases as of both  June 30, 2023 and  December 31, 2022, respectively.