Cleveland Clinic Health System Obligated Group - FMSbonds.com
Cleveland Clinic Health System Obligated Group - FMSbonds.com Cleveland Clinic Health System Obligated Group - FMSbonds.com
Cleveland Clinic Health SystemConsolidating Statements of Operations andChanges in Net Assets (continued)(In Thousands)Changes in Net AssetsConsolidatingObligated Non-Obligated Adjustments &Group Group Eliminations ConsolidatedBalances at January 1, 2006 $ 2,060,222 $ 199,757 $ (12,120) $ 2,247,859Excess of revenues over expenses 389,035 130,411 – 519,446Discontinued operations 28,479 – – 28,479Donated capital and assets released fromrestrictions for capital purposes 477 – – 477Gifts and bequests 87,038 3,125 – 90,163Net investment income 19,993 1,017 – 21,010Net assets released from restrictions used foroperations included in other unrestricted revenues (49,174) (846) – (50,020)Minimum pension liability adjustment 37,628 – – 37,628Change in value of derivatives 7,720 – – 7,720Contributions from (to) affiliates 35,210 (35,210) – –Change in value of perpetual trusts (762) (236) – (998)Foreign currency translation adjustment (232) – – (232)Increase in net assets 555,412 98,261 – 653,673Balances at December 31, 2006 2,615,634 298,018 (12,120) 2,901,532Excess of revenues over expenses 379,966 106,474 – 486,440Donated capital and assets released fromrestrictions for capital purposes 404 – – 404Gifts and bequests 103,822 1,430 – 105,252Net investment income 21,156 1,054 – 22,210Net assets released from restrictions used foroperations included in other unrestricted revenues (48,256) (664) – (48,920)Minimum pension liability adjustment 94,725 – – 94,725Adjustment to adopt FASB Statement No. 158 (141,771) – – (141,771)Change in value of derivatives 1,693 – – 1,693Contributions from (to) affiliates (106,950) 96,950 10,000 –Change in beneficial interest in foundations 682 6,098 – 6,780Change in value of perpetual trusts 1,061 618 – 1,679Foreign currency translation adjustment 36 – – 36Change in unrealized investment net gainson nontrading investments 8,261 – – 8,261Increase in net assets before cumulativeeffect of accounting change 314,829 211,960 10,000 536,789Cumulative effect of change in accountingfor income taxes (8,282) – – (8,282)Increase in net assets 306,547 211,960 10,000 528,507Balances at December 31, 2007 $ 2,922,181 $ 509,978 $ (2,120) $ 3,430,039See notes to consolidating financial statements.44 .
Cleveland Clinic Health SystemConsolidating Statements of Cash FlowsYear Ended December 31, 2007(In Thousands)ConsolidatingObligated Non-Obligated Adjustments &Group Group Eliminations ConsolidatedOperating activities and net nonoperating gains and lossesIncrease in net assets $ 306,547 $ 211,960 $ 10,000 $ 528,507Adjustments to reconcile increase in net assets to net cashprovided by (used in) operating activities and netnonoperating gains and losses:Cumulative effect of change in accounting for income taxes 8,282 – – 8,282Minimum pension liability adjustment (94,725) – – (94,725)Adjustment to adopt FASB Statement No. 158 141,771 – – 141,771Net increase in investments classified as trading (413,845) 49,150 – (364,695)Change in unrealized investment net gains for nontrading securities (8,261) – – (8,261)Impairment of investments carried at cost 578 – – 578Depreciation and amortization 188,133 23,174 – 211,307Provision for uncollectible accounts 124,114 23,047 – 147,161Donated capital (404) – – (404)Restricted gifts, bequests, investment income, and other (126,721) (9,200) – (135,921)Contributions to (from) affiliates 106,950 (96,950) (10,000) –Accreted interest and amortization of bond premiums (483) (168) – (651)Change in value of derivatives 18,185 – – 18,185Changes in operating assets and liabilities: – – – –Patient receivables (190,403) (20,955) – (211,358)Other current assets 60,057 44,290 (267,805) (163,458)Other noncurrent assets 72,932 498 41,149 114,579Accounts payable and other current liabilities 165,503 (263,914) 266,799 168,388Other liabilities (43,644) (67,997) 1,006 (110,635)Net cash provided by (used in) operating activities and netnonoperating gains and losses 314,566 (107,065) 41,149 248,650Financing activitiesProceeds from long-term borrowings 1,272 51,149 (51,149) 1,272Principal payments on long-term debt (7,486) (2,281) – (9,767)Change in pledge receivables, trusts and interests in foundations (17,236) (6,384) – (23,620)Restricted gifts, bequests, investment income, and other 126,721 9,200 – 135,921Net cash provided by (used in) financing activities 103,271 51,684 (51,149) 103,806Investing activitiesExpenditures for property and equipment, net (487,144) (19,565) – (506,709)Contribution (to) from affiliates (106,950) 96,950 10,000 –(Increase) decrease in nontrading investments, net (38,512) 214 – (38,298)Net cash (used in) provided by investing activities (632,606) 77,599 10,000 (545,007)(Decrease) increase in cash and cash equivalents (214,769) 22,218 – (192,551)Cash and cash equivalents at beginning of year 341,610 119,022 – 460,632Cash and cash equivalents at end of period $ 126,841 $ 141,240 $ – $ 268,081See notes to consolidating financial statements.45
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- Page 177 and 178: “Bond Indenture” means the Bond
- Page 179 and 180: period of three months from the com
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- Page 183 and 184: direct, express or charitable trust
- Page 185 and 186: Rate Hedge” for purposes of this
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- Page 191 and 192: provided, however, that Series 2008
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<strong>Cleveland</strong> <strong>Clinic</strong> <strong>Health</strong> <strong>System</strong>Consolidating Statements of Cash FlowsYear Ended December 31, 2007(In Thousands)Consolidating<strong>Obligated</strong> Non-<strong>Obligated</strong> Adjustments &<strong>Group</strong> <strong>Group</strong> Eliminations ConsolidatedOperating activities and net nonoperating gains and lossesIncrease in net assets $ 306,547 $ 211,960 $ 10,000 $ 528,507Adjustments to reconcile increase in net assets to net cashprovided by (used in) operating activities and netnonoperating gains and losses:Cumulative effect of change in accounting for in<strong>com</strong>e taxes 8,282 – – 8,282Minimum pension liability adjustment (94,725) – – (94,725)Adjustment to adopt FASB Statement No. 158 141,771 – – 141,771Net increase in investments classified as trading (413,845) 49,150 – (364,695)Change in unrealized investment net gains for nontrading securities (8,261) – – (8,261)Impairment of investments carried at cost 578 – – 578Depreciation and amortization 188,133 23,174 – 211,307Provision for uncollectible accounts 124,114 23,047 – 147,161Donated capital (404) – – (404)Restricted gifts, bequests, investment in<strong>com</strong>e, and other (126,721) (9,200) – (135,921)Contributions to (from) affiliates 106,950 (96,950) (10,000) –Accreted interest and amortization of bond premiums (483) (168) – (651)Change in value of derivatives 18,185 – – 18,185Changes in operating assets and liabilities: – – – –Patient receivables (190,403) (20,955) – (211,358)Other current assets 60,057 44,290 (267,805) (163,458)Other noncurrent assets 72,932 498 41,149 114,579Accounts payable and other current liabilities 165,503 (263,914) 266,799 168,388Other liabilities (43,644) (67,997) 1,006 (110,635)Net cash provided by (used in) operating activities and netnonoperating gains and losses 314,566 (107,065) 41,149 248,650Financing activitiesProceeds from long-term borrowings 1,272 51,149 (51,149) 1,272Principal payments on long-term debt (7,486) (2,281) – (9,767)Change in pledge receivables, trusts and interests in foundations (17,236) (6,384) – (23,620)Restricted gifts, bequests, investment in<strong>com</strong>e, and other 126,721 9,200 – 135,921Net cash provided by (used in) financing activities 103,271 51,684 (51,149) 103,806Investing activitiesExpenditures for property and equipment, net (487,144) (19,565) – (506,709)Contribution (to) from affiliates (106,950) 96,950 10,000 –(Increase) decrease in nontrading investments, net (38,512) 214 – (38,298)Net cash (used in) provided by investing activities (632,606) 77,599 10,000 (545,007)(Decrease) increase in cash and cash equivalents (214,769) 22,218 – (192,551)Cash and cash equivalents at beginning of year 341,610 119,022 – 460,632Cash and cash equivalents at end of period $ 126,841 $ 141,240 $ – $ 268,081See notes to consolidating financial statements.45