Financial Statement Highlights

The Balance Sheet

Total net assets of $2.4 billion increased from the prior year by approximately $217.7 million or 9.9%.
Investments increased to approximately $1.6 billion reflecting: a total return on the endowment of 14.0%, additions to endowment, and use of endowment resources to support operations.
Property, Plant and Equipment increased $94.6 million to $1.1 billion.
The value of unrestricted net assets increased by approximately $218.8 million.
Long-term debt increased from $535.4 million to $541.3 million.

($ in thousands)	2006	2005

Assets

Cash and cash equivalents	$199,805	$175,019
Operating investments, at market	147,793	147,086
Accounts receivable, net	231,258	222,778
Inventories, prepaid expenses, and deferred charges	49,143	48,411
Contributions receivable, net	29,044	35,074
Notes receivable, net	18,583	20,066
Other assets	4,710	2,019
Investments held for long-term purposes	1,633,507	1,514,604
Property, plant, and equipment, net	1,103,891	1,009,331
Interest in net assets of foundation	16,920	16,382
Investments in perpetual trusts held by others	54,533	52,451

Total Assets	$3,489,187	$3,243,221

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$205,734	$203,550
Advanced receipt of sponsored research revenues	31,132	34,644
Deferred revenue	48,700	45,897
Third-party settlements payable, net	75,860	76,730
Accrued pension, post-retirement, post-employment obligations	140,356	135,423
Long-term debt	541,305	535,430
Asset retirement obligation	16,763	—
Refundable U.S. Government grants for student loans	15,719	15,660

Total Liabilities	1,075,569	1,047,334

Net assets:
Unrestricted	1,944,990	1,726,153
Temporarily restricted	211,969	220,361
Permanently restricted	256,659	249,373

Total Net Assets	2,413,618	2,195,887

Total Liabilities and Net Assets	$3,489,187	$3,243,221