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Note 2 - Cash, Cash Equivalents and Restricted Cash
12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

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)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

201

 

 

$

255

 

Restricted cash reported in Other current assets

 

 

8

 

 

 

12

 

Restricted cash

 

 

92

 

 

 

110

 

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

 

$

301

 

 

$

377

 

 

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represented amounts that support hedging activities. In addition, restricted cash reported in Other current assets as of December 31, 2023 included 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 escrow agreement under the supply agreement expired in the third quarter of 2024.

Restricted cash included $29 million and $32 million as of December 31, 2024 and 2023, 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, 2024 and 2023 included $55 million and $63 million, respectively, 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, 2024 and 2023 included $6 million and $8 million, respectively, of security posted related to Brazilian legal contingencies. In addition, restricted cash as of December 31, 2023 included $5 million of cash collateral posted in the United Kingdom for a letter of credit for aluminum purchases.