|
Cleveland-Cliffs Inc and Consolidated
Subsidiaries
| |
(In
Millions, brackets
indicate cash decrease) |
| |
Year
Ended December 31
|
| |
2000 |
1999 |
1998 |
|
|
|
|
| OPERATING ACTIVITIES |
|
|
|
| Net
income |
$18.1 |
$4.8 |
$57.4 |
| Adjustments
to reconcile net income to net cash from operations: |
|
|
|
| Depreciation
and amortization: |
|
|
|
| Consolidated |
12.9 |
10.5 |
7.8 |
| Share
of associated companies |
12.7 |
12.0 |
12.5 |
| Pre-operating
loss of Cliffs and Associates Limited |
13.3 |
8.8 |
2.3 |
| Deferred
income taxes |
9.6 |
(.2) |
3.1 |
| Tax
credit |
(5.2) |
|
(3.5) |
| Write-down
of common stock investment |
10.9 |
|
|
| Other |
4.6 |
(.3) |
(4.5) |
|
|
|
|
| Total
before changes in operating assets and liabilities |
76.9 |
35.6 |
75.1 |
| Changes
in operating assets and liabilities: |
|
|
|
| Inventories
and prepaid expenses |
(60.3) |
6.4 |
2.3 |
| Receivables |
18.8 |
(23.5) |
13.1 |
| Payables
and accrued expenses |
(7.4) |
(14.5) |
1.6 |
|
|
|
|
| Total
changes in operating assets and liabilities |
(48.9) |
(31.6) |
17.0 |
|
|
|
|
| Net
cash from operating activities |
28.0 |
4.0 |
92.1 |
|
|
|
|
| INVESTING ACTIVITIES |
|
|
|
| Purchase
of property, plant and equipment: |
|
|
|
| Consolidated |
(17.8) |
(15.4) |
(24.5) |
| Share
of associated companies |
(5.6) |
(5.4) |
(7.2) |
| Investment
and advances in Cliffs and Associates Limited |
(13.8) |
(12.5) |
(19.7) |
| Purchase
of additional interest in Cliffs and Associates
Limited |
(1.7) |
|
|
| Other |
.3 |
.5 |
1.5 |
|
|
|
|
| Net
cash used by investing activities |
(38.6) |
(32.8) |
(49.9) |
|
|
|
|
| FINANCING ACTIVITIES |
|
|
|
| Dividends |
(15.7) |
(16.7) |
(16.3) |
| Repurchases
of Common Shares |
(15.6) |
(17.2) |
(11.5) |
| Contributions
to Cliffs and Associates Limited of minority
shareholder |
4.2 |
|
|
|
|
|
|
| Net
cash used by financing activities |
(27.1) |
(33.9) |
(27.8) |
|
|
|
|
| INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS |
(37.7) |
(62.7) |
14.4 |
|
|
|
|
| CASH AND CASH
EQUIVALENTS AT BEGINNING OF YEAR |
67.6 |
130.3 |
115.9 |
|
|
|
|
| CASH AND CASH
EQUIVALENTS AT END OF YEAR |
$29.9 |
$67.6 |
$130.3 |
|
|
|
|
| Taxes paid on
income |
$1.0 |
$6.9 |
$12.5 |
| Interest paid
on debt obligations |
$4.9 |
$4.9 |
$4.9 |
*See notes
to consolidated financial statements.
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