Note 2 - Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 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:

	September 30,		December 31,
(in millions)	2023		2022
Cash and cash equivalents	$	246	$	217
Restricted cash reported in Other current assets		9		7
Restricted cash		119		62
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	374	$	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 $32 million and $44 million as of September 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 September 30, 2023 included $68 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 both  September 30, 2023 and December 31, 2022 also 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., $6 million of security posted related to Brazilian legal contingencies and $5 million of cash collateral posted in the United Kingdom for a letter of credit for aluminum purchases.