CONSOLIDATED BALANCE SHEETS
(dollars in millions)
ASSETS
| June
30 1997 (unaudited) |
December
31 1996 |
June
30 1996 (unaudited) |
||
| Current Assets: | ||||
 Cash and cash equivalents |
$ 187.6 | $ 136.6 | $ 155.6 | |
| Receivables, less allowances |
322.6 | 311.6 | 338.3 | |
| Inventories: |
||||
| Raw materials |
307.8 | 332.0 | 298.1 | |
| Finished and semifinished |
597.3 | 667.0 | 610.5 | |
| Contract work-in-progress, lessbillings |
15.5 | 18.3 | 21.6 | |
| 920.6 | 1,017.3 | 930.2 | ||
| Other current assets |
10.0 | 22.9 | 8.9 | |
| Total Current Assets | 1,440.8 | 1,488.4 | 1,433.0 | |
| Investments and Miscellaneous Assets | 108.0 | 106.7 | 113.4 | |
| Property,
Plant and Equipment, less accumulated depreciation of $4,018.5, $3,924.2, and $4,456.5 |
2,400.3 | 2,419.8 | 2,687.2 | |
| Deferred Income Tax Asset - net | 897.2 | 935.0 | 877.2 | |
| Intangible Asset - Pensions | 160.0 | 160.0 | 463.0 | |
| Total Assets | $ 5,006.3 | $ 5,109.9 | $ 5,573.8 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current Liabilities: | ||||
| Accounts payable |
$ 380.0 | $ 410.4 | $ 392.1 | |
| Accrued employment costs |
304.1 | 313.3 | 308.2 | |
| Accrued taxes |
53.1 | 67.9 | 65.1 | |
| Debt and capital lease obligations |
47.1 | 49.3 | 71.9 | |
| Other current liabilities |
114.2 | 116.5 | 110.8 | |
| Total Current Liabilities | 898.5 | 957.4 | 948.1 | |
| Pension Liability | 685.0 | 870.0 | 1,115.0 | |
| Postretirement Benefits Other Than Pensions | 1,443.2 | 1,445.0 | 1,423.4 | |
| Long-term Debt and Capital Lease Obligations | 473.0 | 497.4 | 520.4 | |
| Other Long-term Liabilities | 357.9 | 374.1 | 316.6 | |
| Stockholders' Equity: | ||||
| Preferred Stock |
11.6 | 11.6 | 11.6 | |
| Preference Stock |
2.5 | 2.5 | 2.7 | |
| Common Stock |
114.5 | 113.9 | 113.3 | |
| Common Stock held in treasury at cost |
(59.9) | (59.7) | (59.4) | |
| Additional paid-in capital |
1,870.2 | 1,886.3 | 1,835.2 | |
| Accumulated deficit |
(790.2) | (988.6) | (653.1) | |
| Total Stockholders' Equity | 1,148.7 | 966.0 | 1,250.3 | |
| Total Liabilities and Stockholders' Equity | $ 5,006.3 | $ 5,109.9 | $ 5,573.8 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
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