Balance Sheet

Total net assets of $1.9 billion remained at about the same level as at the end of the prior year decreasing by approximately $11.3 million, or less than 1%.
Investments remained at approximately $1.3 billion reflecting: positive investment returns during the fourth quarter of the fiscal year, additions to endowment, and use of endowment resources to support operations.
Property, Plant and Equipment decreased from approximately $929.0 million to $896.2 million.
The value of unrestricted net assets decreased by approximately $19.6 million.
Longterm debt decreased from approximately $469.0 million to $444.1 million.

($ in thousands)	2003	2002

Assets

Cash and cash equivalents	$148,637	$138,640
Operating investments, at market	17,028	—
Accounts receivable, net	206,291	197,334
Inventories, prepaid expenses, and deferred charges	58,634	50,235
Contributions receivable, net	37,610	40,329
Notes receivable, net of allowances of $1,040 in 2003 and 2003	21,034	21,280
Other assets	2,814	4,156
Investments held for longterm purposes	1,263,757	1,268,995
Property, plant, and equipment, net	896,154	928,964
Interest in net assets of foundation	15,572	18,046
Investments in perpetual trusts held by others	43,158	43,361

Total Assets	$2,710,689	$2,711,240


Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$149,584	$134,197
Advanced receipt of sponsored research revenues	26,835	27,133
Deferred revenue	36,121	33,676
Third-party settlements payable, net	49,374	55,344
Accrued pension, postretirement, postemployment obligations	98,786	74,858
Longterm debt	444,097	468,978
Refundable U.S. grants for student loans	16,776	16,593

Total Liabilities	821,573	810,779

Net assets:
Unrestricted	1,485,275	1,504,843
Temporarily restricted	185,099	183,507
Permanently restricted	218,742	212,111

Total Net Assets	1,889,116	1,900,461

Total Liabilities and Net Assets	$2,710,689	$2,711,240