STATEMENT OF CONSOLIDATED FINANCIAL POSITION Exhibit 13(c)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
------------------------
1998 1997
- --------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 130.3 $ 115.9
Trade accounts receivable
(net of allowance, $2.2 in 1998 and $1.0 in 1997) 42.4 55.5
Receivables from associated companies 16.4 17.9
Inventories
Iron ore 43.4 44.6
Supplies and other 16.2 16.8
------ ------
59.6 61.4
Deferred income taxes 5.1 7.5
Other 6.1 7.6
------ ------
TOTAL CURRENT ASSETS 259.9 265.8
PROPERTIES
Plant and equipment 191.8 253.1
Minerals 19.1 19.2
------ ------
210.9 272.3
Allowances for depreciation and depletion (60.9) (138.3)
------ ------
TOTAL PROPERTIES 150.0 134.0
INVESTMENTS IN ASSOCIATED COMPANIES 235.4 218.3
OTHER ASSETS
Prepaid pensions 40.0 40.4
Miscellaneous 38.2 35.8
------ ------
TOTAL OTHER ASSETS 78.2 76.2
------ ------
TOTAL ASSETS $723.5 $694.3
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STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
--------------------------------
1998 1997
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 14.8 $ 13.4
Payables to associated companies 23.2 22.6
Accrued expenses 33.6 37.6
State and local taxes payable 10.3 10.2
Income taxes payable 2.0 .3
Other 5.3 7.7
--------- ---------
TOTAL CURRENT LIABILITIES 89.2 91.8
LONG-TERM DEBT 70.0 70.0
POSTEMPLOYMENT BENEFIT LIABILITIES 70.5 70.1
OTHER LIABILITIES 56.2 55.0
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 70.9 69.8
Retained income 513.2 472.1
Accumulated other comprehensive loss, net of tax (4.3) (2.0)
Cost of 5,677,287 Common Shares in
treasury (1997 - 5,519,027 shares) (155.9) (146.2)
Unearned compensation (3.1) (3.1)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 437.6 407.4
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $723.5 $694.3
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See notes to consolidated financial statements.
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