Note 2 - Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2024

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:

	March 31,		December 31,
(in millions)	2024		2023
Cash and cash equivalents	$	262	$	255
Restricted cash reported in Other current assets		12		12
Restricted cash		106		110
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	380	$	377

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 $2 million and $3 million as of March 31, 2024 and December 31, 2023, respectively, 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 $29 million and $32 million as of March 31, 2024 and December 31, 2023, respectively, representing the cash collateral required to be posted by the Company under the Letter of Credit Facility. In addition, restricted cash as of both  March 31, 2024 and 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  March 31, 2024 and December 31, 2023 also included $7 million and $8 million, respectively, 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.