Balance Sheet

Total net assets of $2.7 billion increased from the prior year by approximately $320.3 million or 13.3%.
Investments increased to approximately $2.0 billion reflecting: a total return on the endowment of 19.4%, additions to endowment, and proceeds from Series 2007 bonds issued.
Property, Plant and Equipment increased $99.3 million to $1.2 billion.
Unrestricted net assets increased by approximately $264.7 million.
Long-term debt increased from $541.3 million to $708.5 million.

($ in thousands)	2007	2006

Assets

Cash and cash equivalents	$200,690	$199,805
Operating investments, at market	217,077	147,793
Accounts receivable, net	251,784	231,258
Inventories, prepaid expenses and deferred charges	56,429	49,143
Contributions receivable, net	33,645	29,044
Notes receivable, net	18,556	18,583
Other assets	9,227	6,034
Investments held for long-term purposes	1,970,610	1,632,183
Market value of securities pledged	19,265	—
Property, plant and equipment, net	1,203,203	1,103,891
Interest in net assets of foundation	18,553	16,920
Investments in perpetual trusts held by others	57,823	54,533

Total Assets	$4,056,862	$3,489,187

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$233,122	$205,734
Advance receipt of sponsored research revenues	29,636	31,132
Deferred revenue	50,757	48,700
Third-party settlements payable, net	68,459	75,860
Securities lending liabilities	19,863	—
Accrued pension, postretirement, postemployment obligations	179,427	140,356
Long-term debt	708,542	541,305
Asset retirement obligation	17,349	16,763
Refundable U.S. Government grants for student loans	15,818	15,719

Total Liabilities	1,322,973	1,075,569

Net assets:
Unrestricted	2,209,715	1,944,990
Temporarily restricted	247,420	211,969
Permanently restricted	276,754	256,659

Total Net Assets	2,733,889	2,413,618
Total Liabilities and Net Assets	$4,056,862	$3,489,187