Financial Statement Highlights

The Balance Sheet

Total net assets of $2.2 billion increased from the prior year by approximately $164.9 million or 8.4%.
Investments increased to approximately $1.5 billion reflecting: a total return on the endowment of 12.7%, additions to endowment, and use of endowment resources to support operations.
Property, Plant and Equipment increased $74.9 million to $1.0 billion.
The value of unrestricted net assets increased by approximately $145.0 million.
Long-term debt increased from $504.2 million to $535.4 million.

($ in thousands)	2005	2004

Assets

Cash and cash equivalents	$175,019	$124,086
Operating investments, at market	110,468	88,746
Accounts receivable, net	222,778	229,561
Inventories, prepaid expenses, and deferred charges	48,411	39,296
Contributions receivable, net	35,074	40,922
Notes receivable, net	20,066	21,297
Other assets	12,855	17,917
Investments held for long-term purposes	1,540,386	1,408,688
Property, plant, and equipment, net	1,009,331	934,421
Interest in net assets of foundation	16,382	16,920
Investments in perpetual trusts held by others	52,451	50,622

Total Assets	$3,243,221	$2,972,476

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$203,550	$173,534
Advanced receipt of sponsored research revenues	34,644	31,141
Deferred revenue	45,897	40,520
Third-party settlements payable, net	76,730	59,360
Accrued pension, post-retirement, post-employment obligations	135,423	116,816
Long-term debt	535,430	504,240
Refundable U.S. grants for student loans	15,660	15,848

Total Liabilities	1,047,334	941,459

Net assets:
Unrestricted	1,726,153	1,587,176
Temporarily restricted	220,361	207,447
Permanently restricted	249,373	236,394

Total Net Assets	2,195,887	2,031,017

Total Liabilities and Net Assets	$3,243,221	$2,972,476