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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
Temporary Investments
Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $92 million and $80 million at September 30, 2023 and December 31, 2022, respectively.
Restricted Cash
Restricted cash of $60 million as of September 30, 2023 represents funds held in escrow related to the Brazil Tax Dispute. See Note 14 Long-Term Debt for further details.
The following table provides a reconciliation of cash, temporary investments and restricted cash in the condensed consolidated balance sheets to total cash, temporary investments and restricted cash in the condensed consolidated statements of cash flows:
In millions
September 30, 2023December 31, 2022
Cash and temporary investments
$194 $360 
Restricted cash
60 — 
Total cash, temporary investments and restricted cash in the statements of cash flows
$254 $360 
Accounts and Notes Receivable
Accounts and notes receivable, net, by classification were:
In millions
September 30, 2023December 31, 2022
Accounts and notes receivable:
Trade
$403 $430 
Notes and other
20 20 
Total
$423 $450 
The allowance for expected credit losses was $23 million and $20 million at September 30, 2023 and December 31, 2022, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

Inventories
In millions
September 30, 2023December 31, 2022
Raw materials
$61 $40 
Finished paper and pulp products
269 226 
Operating supplies
110 78 
Other
16 20 
Total$456 $364 
Plants, Properties and Equipment, Net
Accumulated depreciation was $3.7 billion and $3.6 billion at September 30, 2023 and December 31, 2022, respectively. Depreciation expense was $30 million and $25 million for the three months and $88 million and $77 million for the nine months ended September 30, 2023 and 2022, respectively.

Non-cash additions to plants, property and equipment included within accounts payable were $9 million and $36 million each at September 30, 2023 and December 31, 2022.

Other Liabilities and Costs

During the three and nine months ended September 30, 2023, the Company recorded approximately $13 million before taxes ($10 million after taxes) of severance costs related to a planned reduction in our salaried workforce, of which $3 million is included within Cost of products sold and $10 million is included within Selling and administrative expenses in our condensed consolidated statements of operations. Of these total costs, $2 million, $3 million and $8 million are related to our Europe, Latin America and North America business segments, respectively. These severance amounts are reflected in Other current liabilities in our condensed consolidated balance sheet and we expect substantially all of the severance-related liabilities to be paid in cash during 2024.

Interest

Interest payments of $54 million and $55 million were made during the nine months ended September 30, 2023 and 2022, respectively.
Amounts related to interest were as follows:

Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions
2023202220232022
Interest expense (a)
$15 $21 $49 $59 
Interest income (b)
(5)(2)(18)(5)
Capitalized interest cost(1)(1)(3)(2)
Total$9 $18 $28 $52 
(a)    Interest expense for the nine months ended September 30, 2023 includes $5 million of debt extinguishment cost related to the tender offer for our 7.00% 2029 Senior Notes.
(b) Interest income for the nine months ended September 30, 2023 includes $9 million of interest income related to tax settlements.

ASSET RETIREMENT OBLIGATIONS

At both September 30, 2023 and December 31, 2022, we had recorded liabilities of $26 million related to asset retirement obligations. These amounts are included in “Other liabilities.”