|
Year Ended
December 31 |
|
|
|
|
|
|
1998
(unaudited) |
|
|
1997 |
|
|
|
|
|
| Operating Activities: |
|
|
|
|
|
| Net income |
|
$ |
120.1 |
|
$ |
280.7 |
|
|
|
|
|
|
|
Adjustments for items not affecting cash from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
246.5 |
|
|
231.0 |
| Estimated (gain) loss on
exiting businesses |
|
|
35.0 |
|
|
(135.0) |
| Deferred income taxes |
|
|
18.0 |
|
|
53.0 |
| Other - net |
|
|
16.1 |
|
|
28.2 |
|
|
|
|
|
|
|
| Working capital (excluding financing and investing
activities): |
|
|
|
|
|
|
| Receivables - operating |
|
|
99.4 |
|
|
11.6 |
| Receivables - sold |
|
|
64.0 |
|
|
(6.0) |
| Inventories |
|
|
(59.0) |
|
|
115.6 |
| Accounts payable |
|
|
(13.1) |
|
|
(24.5) |
| Employment costs and other |
|
|
(40.5) |
|
|
(3.7) |
|
|
|
|
|
| Cash Provided from Operations Before
Pension Activities |
|
|
486.5 |
|
|
550.9 |
| Pension Activities: |
|
|
|
|
|
|
| Pension expense |
|
|
85.0 |
|
|
155.0 |
| Pension funding |
|
|
(150.0) |
|
|
(425.0) |
|
|
|
|
|
Cash Provided
from Continuing Operating Activities |
|
421.5 |
|
280.9 |
|
|
|
|
|
| Cash Provided from Operating Activities of
Discontinued Stainless Operations (Note 3) |
|
|
22.2 |
|
|
- |
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
|
| Capital expenditures |
|
|
(328.0) |
|
|
(228.2) |
| Purchase of Lukens (Note
3) |
|
|
|
|
|
|
|
Paid to Lukens stockholders, net of cash acquired |
|
|
(327.8) |
|
|
- |
|
Transactions and other related payments |
|
|
(41.4) |
|
|
- |
| Cash proceeds from asset
sales and other |
|
|
308.8 |
|
|
191.8 |
|
|
|
|
|
| Cash Used for Investing Activities |
|
|
(388.4) |
|
|
(36.4) |
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
|
| Borrowings (Note 4) |
|
|
201.6 |
|
|
1.9 |
| Debt and capital lease
payments |
|
|
(290.4) |
|
|
(53.4) |
| Cash dividends paid |
|
|
(40.4) |
|
|
(40.4) |
| Other payments |
|
|
(40.7) |
|
|
(36.8) |
|
|
|
|
|
| Cash Used for Financing Activities |
|
|
(169.9) |
|
|
(128.7) |
|
|
|
|
|
| Net Increase (Decrease) in Cash and Cash
Equivalents |
|
|
(114.6) |
|
|
115.8 |
| Cash and Cash Equivalents |
- Beginning of Period |
|
|
252.4 |
|
|
136.6 |
|
|
|
|
|
|
- End of Period |
|
$ |
137.8 |
|
$ |
252.4 |
|
|
|
|
|
| Supplemental Cash Payment Information: |
|
|
|
|
|
|
| Interest, net of amount
capitalized |
|
$ |
50.2 |
|
$ |
52.6 |
| Income taxes paid
(recieved) |
|
$ |
(14.2) |
|
$ |
7.6 |
