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Note 2 - Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 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 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)

 

2023

  

2022

 

Cash and cash equivalents

 $255  $217 

Restricted cash reported in Other current assets

  12   7 

Restricted cash

  110   62 

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

 $377  $286 

 

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represented amounts that support hedging activities and an escrow of $3 million in China to secure ongoing obligations under a supply agreement associated with the strategic relationship with Lucky HuaGuang Graphics Co. Ltd. ("HuaGuang").  The agreement with HuaGuang expires in the third quarter of 2024.

 

Restricted cash included $32 million and $44 million as of December 31, 2023 and 2022, 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 8, “Debt and Credit Facilities” for information on the Restricted cash supporting the L/C Cash Collateral).  In addition, restricted cash as of December 31, 2023 included $63 million representing cash collateral supporting the Company’s undiscounted actuarial workers’ compensation obligations with the New York State Workers’ Compensation Board ("NYS WCB"). Restricted cash as of December 31, 2023 and 2022 included $8 million and $6 million, respectively, of security posted related to Brazilian legal contingencies and, for both periods, $5 million of cash collateral posted for a letter of credit for aluminum purchases in the United Kingdom. As of December 31, 2022 restricted cash also included an escrow of $5 million under the supply agreement with HuaGuang.