Moving on to the company’s full year cash performance, presented on Slide 10. The company ended 2023, with $255 million in cash and cash equivalents, an increase of $38 million from December 31, 2022. During 2023, cash provided by operating activities, was $38 million. Current year cash provided, by operating activities was driven, by cash flow from balance sheet changes of $38 million, including a decrease in working capital of $11 million, and an increase in other liabilities of $21 million. Within working capital, accounts payable decreased by $14 million, inventory decreased by $19 million and accounts receivable, increased by $16 million. Cash flow from net earnings, was breakeven for 2023. Cash provided by operating activities, improved by $154 million from the prior year, driven by $120 million improvement in balance sheet changes, including an improvement in working capital cash flows, $44 million and an increase in cash flows from liabilities, excluding borrowings and trade payables of $57 million.
We are very comfortable, with our levels of working capital and have maintained our focus on serving our customers, throughout this difficult economic period. Cash used in investing activities with $32 million in the current year, a decrease of $24 million, when compared to the prior year. The prior year includes a $25 million equity interest investment in Wildcat Discovery Technologies. Cash provided by financing activities with $85 million in the current year, compared to $43 million in the prior year. This improvement in cash from financing activities is driven by the impacts, of the refinancing transaction, which occurs in the third quarter of 2023. Cash provided by financing activities in the prior year, includes $49 million of incremental cash after fees and expenses, driven by proceeds received from the delayed draw term loan exercise in the second quarter of 2022.
Restricted cash at the end of the year of 2023, was $122 million, an increase of $53 million from December 31, 2022. Restricted cash primarily represents cash collateral required to support workers’ compensation liabilities, cash collateral supporting a letter of credit facility, and certain aluminum supply contracts. In addition, escrows to secure various ongoing obligations. As previously reported, the company deposited $68 million during the third quarter of 2023, primarily from refinancing proceeds, to support the security deposit required for the New York State Workers’ Compensation Board. The current balance of $63 million as of December 31, 2023, is reported as restricted cash on our statement of financial position. We will continue to focus on alternatives, to reduce restrictions on cash.
As presented on the bottom portion of the slide, excluding the changes in restricted cash for each period, the impact of net proceeds from the refinancing transaction in the current year, and the delayed draw term loan financing in the prior year, the current year receipt of a refund from a non-US governmental authority, and the prior year effective exchange rates on cash, the year-over-year increase in cash and cash equivalents was $184 million. This is primarily the result of the year-over-year improvement in cash flow from operations of $154 million. We are pleased with the company’s cash flow performance and the health of our balance sheet. We will continue to focus on the execution of our long-term strategy. Finally, as disclosed in our Form 10-K, we remain in compliance with applicable financial covenants.
I will now turn the discussion back to Jim.
James Continenza: Thank you, Dave. In summary, Kodak continued to deliver strong performance, for the fourth quarter and year despite still challenging business environment globally, increasing gross profit through efficiency and innovation, and lowering our cost of sale to make sure we stay competitive so our customers can stay competitive. We have built a strong foundation and continue to gain momentum. Thanks to the efforts of our employees and the loyalty of our customers, we will continue to invest in the business as a whole, which includes print and AMC. With a solid foundation, we are looking ahead to develop the next generation of business that, will create our future. We at Kodak, we are committed to investing in infrastructure, improving our processes, continue to reduce our cost of sale and increase our efficiencies.
We have made a major efficiency improvement, but there’s still opportunity for gains. We will continue, to put our customers first, offering them a complete range of solutions, a reliable supply that they can count on, and continue to innovate, which will keep them at the leading edge of technology. I am extremely proud of the progress we have made, especially the change in our culture, and the winning attitude that our employees now bring to our customers and to our shareholders. I want to thank our customers for their loyalty, and their support, during these last five challenging years, and staying with Kodak long-term. And hopefully, they’ll be reaping the benefits of our investments and our innovations, to help grow their share of the market.
We win when they win. I want to thank you all for attending the call and your continued interest in Eastman Kodak.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference. Thank you all for participating. You may now disconnect. Have a great day.
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