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 $69 million and $109 million at March 31, 2024 and December 31, 2023, respectively.

Restricted cash of $60 million as of March 31, 2024 and December 31, 2023 represents funds held in escrow related to the Brazil Tax Dispute. See Note 1 3 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	March 31, 2024		December 31, 2023
Cash and temporary investments	$	149	$	220
Restricted cash	60		60
Total cash, temporary investments and restricted cash in the statements of cash flows	$	209	$	280


In millions	March 31, 2024		December 31, 2023
Accounts and notes receivable:
Trade	$	393	$	404
Notes and other	20		24
Total	$	413	$	428

The allowance for expected credit losses was $25 million and $25 million at March 31, 2024 and December 31, 2023, 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.


In millions	March 31, 2024		December 31, 2023
Raw materials	$	56	$	60
Finished paper and pulp products	223		213
Operating supplies	107		109
Other	21		22
Total	$	407	$	404

Accumulated depreciation was $3.7 billion and $3.8 billion at March 31, 2024 and December 31, 2023, respectively. Depreciation expense was $33 million and $30 million for the three months ended March 31, 2024 and 2023, respectively.

Non-cash additions to plants, property and equipment included within accounts payable were $17 million and $17 million each at March 31, 2024 and December 31, 2023.

Non-cash additions to Forestlands included within accounts payable were $10 million at March 31, 2024. There were no non-cash additions to Forestlands included within accounts payable as of December 31, 2023.

During the three 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. These severance amounts are reflected in Other current liabilities in our condensed consolidated balance sheet. As of March 31, 2024, the reserve totaled approximately $8 million which will be paid in cash over the remainder of 2024.

Interest payments of $17 million and $24 million were made during the three months ended March 31, 2024 and March 31, 2023, respectively.


	Three Months Ended March 31,
In millions	2024		2023
Interest expense (a)	$	14	$	19
Interest income (b)	(4)		(11)
Capitalized interest cost	(1)		(1)
Total	$	9	$	7

(a) Interest expense for the three months ended March 31, 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 three months ended March 31, 2023 includes $9 million of interest income related to tax settlements.

As of March 31, 2024 and December 31, 2023, we have recorded liabilities of $28 million and $27 million related to asset retirement obligations. These amounts are included in “Other liabilities.”