STATEMENT OF CONSOLIDATED FINANCIAL POSITION Exhibit 13(c)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
-----------------------
1997 1996
- ------------------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $115.9 $165.4
Marketable securities -- 4.0
------ ------
115.9 169.4
Trade accounts receivable
(net of allowance, $1.0 in 1997 and $1.1 in 1996) 55.5 53.6
Receivables from associated companies 17.9 16.6
Inventories
Finished products 45.7 28.7
Work in process .6 .9
Supplies 15.1 15.4
------ ------
61.4 45.0
Deferred income taxes 7.5 4.4
Other 7.6 11.8
------ ------
TOTAL CURRENT ASSETS 265.8 300.8
PROPERTIES
Plant and equipment 253.1 249.7
Minerals 19.2 19.6
------ ------
272.3 269.3
Allowances for depreciation and depletion (138.3) (141.6)
------ ------
TOTAL PROPERTIES 134.0 127.7
INVESTMENTS IN ASSOCIATED COMPANIES 218.3 161.9
OTHER ASSETS
Prepaid pensions 40.4 34.8
Long-term investments 8.3 10.8
Deferred charges 9.1 9.3
Deferred income taxes 3.2 11.9
Miscellaneous 15.2 16.5
------ ------
TOTAL OTHER ASSETS 76.2 83.3
------ ------
TOTAL ASSETS $694.3 $673.7
====== ======
40
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
--------------------
1997 1996
- -------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 13.4 $ 11.9
Payables to associated companies 22.6 19.6
Accrued employment costs 21.9 26.5
Accrued expenses 15.7 19.2
State and local taxes payable 10.2 10.4
Income taxes payable .3 5.3
Reserve for capacity rationalization 4.6 11.1
Other 3.1 1.5
------ ------
TOTAL CURRENT LIABILITIES 91.8 105.5
LONG-TERM OBLIGATIONS 70.0 70.0
POSTEMPLOYMENT BENEFIT LIABILITIES 70.1 67.5
RESERVE FOR CAPACITY RATIONALIZATION 8.2 15.5
OTHER LIABILITIES 46.8 44.6
SHAREHOLDERS' EQUITY
Preferred Stock
Class A - no par value
Authorized - 500,000 shares;
Issued-none -- --
Class B - no par value
Authorized - 4,000,000 shares;
Issued-none -- --
Common Shares-par value $1 a share
Authorized - 28,000,000 shares;
Issued - 16,827,941 shares 16.8 16.8
Capital in excess of par value of shares 69.8 68.8
Retained income 472.1 432.0
Foreign currency translation adjustments -- .1
Unrealized loss on available for sale securities,
net of tax (2.0) (1.0)
Cost of 5,519,027 Common Shares in
treasury (1996 - 5,458,224 shares) (146.2) (142.5)
Unearned compensation (3.1) (3.6)
------ ------
TOTAL SHAREHOLDERS' EQUITY 407.4 370.6
------ ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $694.3 $673.7
====== ======
See notes to consolidated financial statements.
41