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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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1993 1992 1991
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OPERATING ACTIVITIES
Net income (loss) $ 54.6 $ (7.9) $ 53.8
Adjustments to reconcile net income (loss)
to net cash from operations:
Depreciation and amortization:
Consolidated 2.6 2.8 2.8
Share of associated companies 10.9 11.3 13.2
Cumulative effect of change in accounting
principle-other post-retirement benefits -0- 64.3 -0-
Provision for deferred income taxes 2.2 (27.4) (21.5)
Gains on sales of assets ( .2) ( .8) (21.5)
Recovery on bankruptcy claims ( 31.6) -0- 71.3
Provision for doubtful accounts -0- 17.5 -0-
Increases (charges) to capacity rationalization reserve 2.5 .5 ( 1.5)
Other ( 7.2) (10.6) 9.4
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Total before changes in operating assets and liabilities 33.8 49.7 106.0
Changes in operating assets and liabilities:
Marketable securities (increase) decrease ( 93.1) -0- -0-
Inventories and prepaid expenses (increase) decrease 22.3 (13.9) .3
Receivables (increase) decrease 6.7 ( 7.0) ( 3.0)
Payables and accrued expenses increase (decrease) 7.5 ( 2.5) (11.2)
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Total changes in operating assets and liabilities ( 56.6) (23.4) (13.9)
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Net cash from (used by) operating activities ( 22.8) 26.3 92.1
INVESTING ACTIVITIES
Purchase of plant, property and equipment:
Consolidated ( 2.8) ( 2.9) ( 2.9)
Share of associated companies ( 2.2) ( 2.3) ( 4.4)
Proceeds from sales of assets .3 1.0 23.0
Purchase of long-term investments ( 3.6) ( 5.5) (33.1)
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Net cash (used by) investing activities ( 8.3) ( 9.7) (17.4)
FINANCING ACTIVITIES
Proceeds from long-term debt -0- 75.0 -0-
Principal payments on long-term debt:
Consolidated ( .1) (41.1) (11.8)
Share of associated companies ( 4.3) ( 4.4) ( 5.6)
Dividends * ( 26.4) (14.1) (59.1)
Other 1.2 1.2 1.7
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Net cash from (used by) financing activities ( 29.6) 16.6 (74.8)
EFFECT OF EXCHANGE RATE CHANGES ON CASH -0- ( .5) -0-
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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ( 60.7) 32.7 ( .1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 128.6 95.9 96.0
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CASH AND CASH EQUIVALENTS AT END OF YEAR $ 67.9 $128.6 $ 95.9
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Taxes paid on income $ 16.6 $ 18.6 $ 32.4
Interest paid on debt obligations $ 6.5 $ 4.0 $ 3.9
<FN>
*Excludes 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 bankruptcy settlement.
See notes to consolidated financial statements.
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