STATEMENT OF CONSOLIDATED CASH FLOWS Exhibit 13(e)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions,
Brackets Indicate Cash Decrease)
Year Ended December 31
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1995 1994 1993
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OPERATING ACTIVITIES
Net income $ 57.8 $ 42.8 $ 54.6
Adjustments to reconcile net income
to net cash from operations:
Depreciation and amortization:
Consolidated 6.1 3.7 2.6
Share of associated companies 10.7 10.7 10.9
Provision for deferred income taxes 5.5 (1.8) 2.2
Recovery on bankruptcy claims -- -- (31.6)
Increases to capacity rationalization reserve .5 3.8 2.5
Tax credit (12.2) -- --
Increases to environmental reserve 13.2 2.2 .9
Extraordinary loss on debt extinguishment 4.8 -- --
Other (1.7) (6.9) (7.3)
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Total before changes in operating assets and liabilities 84.7 54.5 34.8
Changes in operating assets and liabilities:
Marketable securities (8.1) 92.3 (93.1)
Inventories and prepaid expenses (15.7) 13.6 22.3
Receivables 3.9 (11.6) 2.7
Payables and accrued expenses (6.8) 19.1 10.5
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Total changes in operating assets and liabilities (26.7) 113.4 (57.6)
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Net cash from (used by) operating activities 58.0 167.9 (22.8)
INVESTING ACTIVITIES
Acquisition of Northshore Mining -- (97.3) --
Weirton Preferred Stock redemption -- 25.0 --
Purchase of property, plant and equipment:
Consolidated (16.6) (6.9) (2.8)
Share of associated companies (5.9) (4.0) (2.2)
Sale (purchase) of long-term investments 8.8 5.3 (3.6)
Other (4.4) -- .3
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Net cash (used by) investing activities (18.1) (77.9) (8.3)
FINANCING ACTIVITIES
Principal payments on long-term debt:
Consolidated (75.0) -- (.1)
Share of associated companies (4.3) (4.3) (4.3)
Debt prepayment fees (4.8) -- --
Proceeds from long-term debt 70.0 -- --
Repurchases of Common Shares (10.7) -- --
Dividends * (15.5) (14.8) (26.4)
Other .3 .6 1.2
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Net cash (used by) financing activities (40.0) (18.5) (29.6)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (.6) 1.2 --
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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (.7) 72.7 (60.7)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 140.6 67.9 128.6
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CASH AND CASH EQUIVALENTS AT END OF YEAR $ 139.9 $140.6 $ 67.9
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Taxes paid on income $ 29.0 $ 17.6 $ 16.6
Interest paid on debt obligations $ 7.2 $ 6.5 $ 6.5
*The 1993 dividends exclude the non-cash distribution of 1.5 million shares ($20.4 million) of the
2.3 million shares of LTV Corporation common stock received in the 1993 bankruptcy settlement.
See notes to consolidated financial statements.
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