Bethlehem Steel Corporation-Third Quarter 1998
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
ASSETS
|
September 30
1998
(unaudited) |
|
December 31
1997 |
|
September
30
1997
(unaudited) |
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|
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|
|
|
Current
Assets: |
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|
|
|
|
|
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|
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|
Cash and cash equivalents |
$96.2 |
|
|
|
$252.4 |
|
|
|
$164.8 |
|
|
Receivables, less allowances |
253.2 |
|
|
|
306.0 |
|
|
|
307.8 |
|
|
Inventories: |
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|
|
|
|
|
|
|
|
|
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Raw materials |
334.4 |
|
|
|
324.5 |
|
|
|
325.8 |
|
|
Finished and
semifinished |
736.8 |
|
|
|
569.3 |
|
|
|
568.6 |
|
|
|
|
|
|
|
|
|
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|
1,071.2 |
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|
|
893.8 |
|
|
|
894.4 |
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|
Other
current assets |
|
9.9 |
|
|
|
11.8 |
|
|
|
10.4 |
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|
|
|
|
|
|
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|
Total Current Assets |
1,430.5 |
|
|
|
1,464.0 |
|
|
|
1,377.4 |
|
|
Investments and Miscellaneous Assets |
103.3 |
|
|
|
100.9 |
|
|
|
103.2 |
|
|
Property, Plant and Equipment, |
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|
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|
|
|
|
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|
less accumulated depreciation of $4,057.6, $4095.5, and $4,067.5 |
2,602.6 |
|
|
|
2,357.7 |
|
|
|
2,404.7 |
|
|
Deferred Income Tax Asset - net |
913.6 |
|
|
|
880.0 |
|
|
|
888.7 |
|
|
Net Assets of Discontinued Stainless Operations (Note 3) |
290.0 |
|
|
|
- |
|
|
|
- |
|
|
Goodwill (Note 3) |
356.0 |
|
|
|
- |
|
|
|
- |
|
|
Intangible Asset - Pensions |
- |
|
|
|
- |
|
|
|
160.0 |
|
|
|
|
|
|
|
|
|
Total Assets |
$5,696.0 |
|
|
|
$4,802.6 |
|
|
|
$4,934.0 |
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|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
Current Liabilities: |
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|
|
|
|
|
|
|
|
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|
Accounts payable |
$439.8 |
|
|
|
$371.2 |
|
|
|
$400.9 |
|
|
Accrued employment costs |
311.1 |
|
|
|
323.9 |
|
|
|
314.0 |
|
|
Accrued taxes |
57.2 |
|
|
|
60.0 |
|
|
|
57.3 |
|
|
Debt and capital lease obligations |
44.4 |
|
|
|
41.8 |
|
|
|
41.8 |
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|
Other current liabilities |
174.9 |
|
|
|
113.9 |
|
|
|
106.1 |
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
1,027.4 |
|
|
|
910.8 |
|
|
|
920.1 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Pension Liability |
415.0 |
|
|
|
440.0 |
|
|
|
598.0 |
|
|
Postretirement Benefits Other Than Pensions |
1,641.3 |
|
|
|
1,445.0 |
|
|
|
1,442.4 |
|
|
Long-term Debt and Capital Lease Obligations |
627.6 |
|
|
|
451.6 |
|
|
|
451.7 |
|
|
Deferred Gain on Sale/Leaseback (Note 4) |
140.6 |
|
|
|
- |
|
|
|
- |
|
|
Other Long-term Liabilities |
324.8 |
|
|
|
340.2 |
|
|
|
340.5 |
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Stockholders' Equity: |
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|
|
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Preferred Stock |
11.6 |
|
|
|
11.6 |
|
|
|
11.6 |
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|
Preference Stock |
2.3 |
|
|
|
2.3 |
|
|
|
2.5 |
|
|
Common Stock |
131.9 |
|
|
|
115.0 |
|
|
|
114.8 |
|
|
Common Stock held in treasury at cost |
(60.3) |
|
|
|
(60.0) |
|
|
|
(60.0) |
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|
Additional paid-in capital |
1,998.4 |
|
|
|
1,854.0 |
|
|
|
1,862.0 |
|
|
Accumulated deficit |
(564.6) |
|
|
|
(707.9) |
|
|
|
(749.6) |
|
|
|
|
|
|
|
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Total Stockholders' Equity |
1,519.3 |
|
|
|
1,215.0 |
|
|
|
1,181.3 |
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|
|
|
|
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Total Liabilities and Stockholders' Equity |
$5,696.0 |
|
|
|
$4,802.6 |
|
|
|
$4,934.0 |
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The accompanying Notes are an integral part of the Consolidated Financial Statements.
Third Quarter, 1998 Report
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Quarterly Financial Statements
|
