CONSOLIDATED BALANCE SHEETS
(dollars in millions)
ASSETS
| December 31 1997 (unaudited) |
December 31 1996 |
||
| Current Assets: | |||
 Cash and cash equivalents |
$ 252.4 | $ 136.6 | |
| Receivables, less allowances |
306.0 | 311.6 | |
| Inventories: |
|||
| Raw materials |
324.5 | 332.0 | |
| Finished and semifinished |
569.3 | 685.3 | |
| 893.8 | 1,017.3 | ||
| Other current assets |
11.8 | 22.9 | |
| Total Current Assets | 1,464.0 | 1,488.4 | |
| Investments and Miscellaneous Assets | 100.9 | 106.7 | |
| Property, Plant and Equipment, less accumulated depreciation of $4,095.5 and $3924.3 |
2,357.7 | 2,419.8 | |
| Deferred Income Tax Asset - net | 880.0 | 935.0 | |
| Intangible Asset - Pensions | - | 160.0 | |
| Total Assets | $ 4,802.6 | $ 5,109.9 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current Liabilities: | |||
| Accounts payable |
$ 371.2 | $ 410.4 | |
| Accrued employment costs |
323.9 | 313.3 | |
| Accrued taxes |
60.0 | 67.9 | |
| Debt and capital lease obligations |
41.8 | 49.3 | |
| Other current liabilities |
113.9 | 116.5 | |
| Total Current Liabilities | 910.8 | 957.4 | |
| Pension Liability | 440.0 | 870.0 | |
| Postretirement Benefits Other Than Pensions | 1,445.0 | 1,445.0 | |
| Long-term Debt and Capital Lease Obligations | 451.6 | 497.4 | |
| Other Long-term Liabilities | 340.2 | 374.1 | |
| Stockholders' Equity: | |||
| Preferred Stock |
11.6 | 11.6 | |
| Preference Stock |
2.3 | 2.5 | |
| Common Stock |
115.0 | 113.9 | |
| Common Stock held in treasury at cost |
(60.0) | (59.7) | |
| Additional paid-in capital |
1,854.0 | 1,886.3 | |
| Accumulated deficit |
(707.9) | (988.6) | |
| Total Stockholders' Equity | 1,215.0 | 966.0 | |
| Total Liabilities and Stockholders' Equity | $ 4,802.6 | $ 5,109.9 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
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