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Note 2 - Cash, Cash Equivalents and Restricted Cash
9 Months Ended
Sep. 30, 2020
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 Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Statement of Cash Flows:

 

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2020

 

 

2019

 

Cash and cash equivalents

 

$

193

 

 

$

233

 

Restricted cash - current portion

 

 

7

 

 

 

12

 

Restricted cash

 

 

41

 

 

 

45

 

Total cash, cash equivalents and restricted cash shown in

   the Statement of Cash Flows

 

$

241

 

 

$

290

 

 

Restricted cash - current portion on the Consolidated Statement of Financial Position primarily represents amounts that support hedging activities. In addition, as of December 31, 2019, it also contained collateral for a guaranty provided to MIR Bidco, SA (the “Purchaser”) who purchased Kodak’s Flexographic Packaging business (“FPD”).  As of September 30, 2020 and December 31, 2019, the cash collateral supporting Kodak’s guaranty was $0 million and $4 million, respectively.  

 

Restricted cash includes $21 million and $22 million as of September 30, 2020 and December 31, 2019, respectively, supporting compliance with the Excess Availability threshold under the ABL Credit Agreement, as defined therein (Refer to Note 8, “Debt and Finance Leases” for information on the Restricted cash supporting the Excess Availability threshold).  In addition, Restricted cash as of both September 30, 2020 and December 31, 2019 includes an escrow of $14 million in China to secure various ongoing obligations under the agreements for the strategic relationship with Lucky HuaGuang Graphics Co. Ltd.  Restricted cash also included $3 million and $5 million of security posted related to Brazilian legal contingencies as of September 30, 2020 and December 31, 2019, respectively.