STATEMENT OF CONSOLIDATED FINANCIAL POSITION Exhibit 13(c)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
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1995 1994
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ASSETS
CURRENT ASSETS
Cash and cash equivalents $139.9 $140.6
Marketable securities 8.9 .8
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148.8 141.4
Trade accounts receivable
(net of allowance, $7.7 in 1995 and $19.5 in 1994) 45.2 50.3
Receivables from associated companies 16.6 15.6
Inventories
Finished products 38.0 24.5
Work in process .7 .6
Supplies 17.0 14.6
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55.7 39.7
Deferred income taxes 14.1 14.7
Other 12.3 7.4
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TOTAL CURRENT ASSETS 292.7 269.1
PROPERTIES
Plant and equipment 240.3 228.5
Minerals 19.7 20.2
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260.0 248.7
Allowances for depreciation and depletion (140.0) (138.3)
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TOTAL PROPERTIES 120.0 110.4
INVESTMENTS IN ASSOCIATED COMPANIES 152.0 151.7
OTHER ASSETS
Long-term investments 16.3 27.1
Deferred charges 8.3 7.2
Deferred income taxes 11.2 8.7
Miscellaneous 44.1 34.4
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TOTAL OTHER ASSETS 79.9 77.4
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TOTAL ASSETS $644.6 $608.6
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STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
----------------------
1995 1994
- -----------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 16.0 $ 15.1
Payables to associated companies 17.3 15.6
Accrued employment costs 27.2 21.2
Accrued expenses 17.5 16.3
Income taxes payable .3 14.3
Current portion of long-term obligations -- 5.0
Reserve for capacity rationalization 10.5 1.5
Other 14.7 10.6
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TOTAL CURRENT LIABILITIES 103.5 99.6
LONG-TERM OBLIGATIONS 70.0 70.0
POSTEMPLOYMENT BENEFIT LIABILITIES 67.3 66.5
RESERVE FOR CAPACITY RATIONALIZATION 17.2 25.7
OTHER LIABILITIES 44.0 35.4
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 65.2 63.1
Retained income 386.1 343.8
Foreign currency translation adjustments .3 .9
Unrealized gain on available for sale securities,
net of tax .1 1.5
Cost of 4,998,674 Common Shares in
treasury (1994 - 4,728,081 shares) (123.8) (113.4)
Unearned compensation (2.1) (1.3)
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TOTAL SHAREHOLDERS' EQUITY 342.6 311.4
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $644.6 $608.6
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See notes to consolidated financial statements.
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