Consolidated Statements of Cash Flows
(in thousands)
| YEARS ENDED JUNE 30 | ||
|---|---|---|
| 2012 | 2011 | |
| Cash Flows from Operating Activities | ||
| Increase/(decrease) in net assets | $(51,482) | $1,264,633 |
| Adjustments to reconcile change in net assets to net cash used by operating activities: | ||
| Net gain on investments | (127,699) | (1,177,402) |
| Investment income restricted for reinvestment | (1,670) | (2,045) |
| Contributions for investments and physical facilities | (69,702) | (82,644) |
| Contributed securities | (39,676) | (40,904) |
| Depreciation | 52,706 | 49,934 |
| Loss on disposal of land, buildings and equipment | 5,150 | 1,080 |
| Change in obligations under split-interest agreements | 4,954 | 13,750 |
| Change in conditional asset retirement obligations | 363 | (125) |
| Change in pension and other postretirement benefit obligations | 41,244 | (67,153) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, deferred charges and other assets | 19,515 | (11,141) |
| Contributions receivable | 23,035 | (33,155) |
| Accounts payable, deferred revenue and refundable advances, and deposits and other liabilities | 8,649 | (877) |
| Other, net | (2,461) | (12,578) |
| Net cash used by operating activities | (137,074) | (98,627) |
| Cash Flows from Investing Activities | ||
| Proceeds from sales and maturities of investments | 1,762,970 | 1,805,582 |
| Purchases of investments | (1,750,479) | (1,785,328) |
| Purchases of land, buildings and equipment | (140,847) | (102,715) |
| Student and other loans granted | (18,235) | (44,958) |
| Student and other loans repaid | 43,975 | 3,662 |
| Net cash used by investing activities | (102,616) | (123,757) |
| Cash Flows from Financing Activities | ||
| Investment income restricted for reinvestment | 1,670 | 2,045 |
| Contributions for investments and physical facilities | 69,702 | 82,644 |
| Proceeds from short-term borrowing | 714,490 | 818,634 |
| Repayment of short-term borrowing | (699,499) | (858,668) |
| Proceeds from bonds and notes issued | 100,000 | 159,772 |
| Repayment of bonds and notes | (3,135) | (3,787) |
| Government advances for student loans | 44 | 465 |
| Net cash accepted for investment on behalf of religious affiliates | 54,969 | 3,922 |
| Net cash provided by financing activities | 238,241 | 205,027 |
| Net change in cash and cash equivalents | (1,449) | (17,357) |
| Cash and cash equivalents at beginning of year | 90,006 | 107,363 |
| Cash and cash equivalents at end of year | $88,557 | $90,006 |
| Supplemental Data | ||
| Interest paid | $27,470 | $22,761 |
See accompanying notes to consolidated financial statements.