STATEMENT OF CONSOLIDATED FINANCIAL POSITION Exhibit 13(c)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
<TABLE>
<CAPTION>
(In Millions)
December 31
-------------------------
1994 1993
------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $140.6 $ 67.9
Marketable securities .8 93.1
------ ------
141.4 161.0
Trade accounts receivable
(net of allowance, $19.5 in 1994 and 1993) 50.3 27.6
Receivables from associated companies 15.6 13.3
Inventories
Finished products 24.5 27.5
Work in process .6
Supplies 14.6 4.2
------ ------
39.7 31.7
Deferred income taxes 14.7 14.1
Other 7.4 6.3
------ ------
TOTAL CURRENT ASSETS 269.1 254.0
PROPERTIES
Plant and equipment 228.5 157.6
Minerals 20.2 15.0
------ ------
248.7 172.6
Allowances for depreciation and depletion (138.3) (137.3)
------ ------
TOTAL PROPERTIES 110.4 35.3
INVESTMENTS IN ASSOCIATED COMPANIES 151.7 152.3
OTHER ASSETS
Long-term investments 27.1 57.4
Deferred charges 7.2 9.2
Deferred income taxes 8.7 6.5
Miscellaneous 42.3 34.4
------ ------
TOTAL OTHER ASSETS 85.3 107.5
------ ------
TOTAL ASSETS $616.5 $549.1
====== ======
</TABLE>
43
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
<TABLE>
<CAPTION>
(In Millions)
December 31
-------------------------
1994 1993
------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 15.1 $ 11.5
Payables to associated companies 15.6 8.9
Accrued employment costs 21.2 17.7
Accrued expenses 16.3 10.0
Income taxes payable 14.3 14.6
Current portion of long-term obligations 5.0 --
Reserve for capacity rationalization 1.5 1.7
Other 10.6 3.6
------ ------
TOTAL CURRENT LIABILITIES 99.6 68.0
LONG-TERM OBLIGATIONS 70.0 75.0
POST-EMPLOYMENT BENEFIT LIABILITIES 74.4 71.2
RESERVE FOR CAPACITY RATIONALIZATION 25.7 21.7
OTHER LIABILITIES 35.4 32.8
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 63.1 61.4
Retained income 343.8 315.8
Foreign currency translation adjustments .9 (.3)
Unrealized gain on available for sale securities,
net of tax 1.5 1.3
Cost of 4,728,081 Common Shares in
treasury (1993 - 4,763,824 shares) (113.4) (114.3)
Unearned compensation (1.3) (.3)
------ ------
TOTAL SHAREHOLDERS' EQUITY 311.4 280.4
------ ------
COMMITMENTS - Note C
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $616.5 $549.1
====== ======
</TABLE>
See notes to consolidated financial statements.
44