Balance Sheet

Total net assets of $2.0 billion increased from the prior year by approximately $141.9 million or 7.5%.
Investments increased to approximately $1.4 billion reflecting: a total return on the endowment of 17.4%, additions to endowment, and use of endowment resources to support operations.
Property, Plant and Equipment increased from approximately $896.2 million to $934.4 million.
The value of unrestricted net assets increased by approximately $101.9 million.
Long-term debt increased from approximately $444.1 million to $504.2 million.

($ in thousands)	2004	2003

Assets

Cash and cash equivalents	$124,086	$93,267
Operating investments, at market	88,746	61,120
Accounts receivable, net	224,489	206,869
Inventories, prepaid expenses, and deferred charges	39,296	60,218
Contributions receivable, net	40,922	37,610
Notes receivable, net of allowances of $1,040 in 2003 and 2003	21,297	21,034
Other assets	2,637	2,814
Investments held for longterm purposes	1,429,040	1,2749575
Property, plant, and equipment, net	934,421	896,154
Interest in net assets of foundation	16,920	15,572
Investments in perpetual trusts held by others	50,622	43,158

Total Assets	$2,972,476	$2,712,773

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$176,748	$149,584
Advanced receipt of sponsored research revenues	31,141	26,835
Deferred revenue	40,520	38,205
Third-party settlements payable, net	59,360	49,374
Accrued pension, postretirement, postemployment obligations	113,602	98,786
Longterm debt	504,240	444,097
Refundable U.S. grants for student loans	15,848	16,776

Total Liabilities	941,459	823,657

Net assets:
Unrestricted	1,587,176	1,485,275
Temporarily restricted	207,447	185,099
Permanently restricted	236,394	218,742

Total Net Assets	2,031,017	1,889,116

Total Liabilities and Net Assets	$2,972,476	$2,712,773