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FY18 Q4 Quarterly Financial Statements

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FY18 Q4 Quarterly Financial Statements NORTHWESTERN MEMORIAL HEALTHCARE AND SUBSIDIARIES Unaudited Condensed Consolidated Financial Statements As of and for the Fourth Quarter Ended August 31, 2018 CONTENTS Financial Statements: Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Changes in Net Assets 3 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7 Forward-Looking Information: Certain statements included or incorporated by reference in this report constitute "forward-looking statements.” Such statements are generally identifiable by the terminology used such as "plan," "expect," "estimate," "budget" or similar words. The achievement of certain results or other expectations contained in such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Northwestern Memorial HealthCare and Subsidiaries do not plan to issue any updates or revisions to those forward-looking statements if or when changes to its expectations, or events, conditions or circumstances on which such statements are based, occur. Northwestern Memorial HealthCare and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in thousands) August 31, August 31, 2018 2017 (Unaudited) Note A Assets Current Assets: Cash and cash equivalents $ 407,249 $ 258,463 Short-term investments 51,998 30,685 Current portion of investments, including assets limited as to use 148,848 136,352 Patient accounts receivable, net of estimated allowances for uncollectible accounts of $252,353 at August 31, 2018 and $223,411 at August 31, 2017 769,567 716,277 Current portion of pledges and grants receivable, net 16,107 24,561 Current portion of insurance recoverable 12,642 14,186 Inventories 71,565 64,443 Other current assets 131,284 154,752 Total current assets 1,609,260 1,399,719 Investments, including assets limited as to use, less current portion 5,980,955 5,490,526 Property and equipment, at cost: Land 353,975 347,036 Buildings 3,970,145 3,465,273 Equipment and furniture 1,353,766 1,166,884 Construction in progress 126,535 539,340 5,804,421 5,518,533 Less accumulated depreciation 2,221,667 2,059,946 3,582,754 3,458,587 Prepaid pension cost 180,063 118,562 Pledges and grants receivable, less current portion 44,856 35,770 Insurance recoverable, less current portion 89,224 69,706 Other assets, net 175,739 153,452 Total assets $ 11,662,851 $ 10,726,322 Continued on next page. - 1 - Northwestern Memorial HealthCare and Subsidiaries Condensed Consolidated Balance Sheets (continued) (Dollars in thousands) August 31, August 31, 2018 2017 (Unaudited) Note A Liabilities and net assets: Current Liabilities Accounts payable $ 239,682 $ 230,588 Accrued salaries and benefits 285,043 314,163 Grants and academic support payable, current portion 33,932 38,753 Accrued expenses and other current liabilities 130,799 115,254 Due to third-party payors 545,759 434,965 Current accrued liabilities under self-insurance programs 105,659 94,256 Current maturities of long-term debt 24,571 30,239 Short-term debt 27,466 87,299 Total current liabilities 1,392,911 1,345,517 Long-term debt, less current maturities 1,394,396 1,324,776 Accrued liabilities under self-insurance programs, less current portion 541,589 495,709 Grants and academic support payable, less current portion 76,954 79,469 Interest rate swaps 73,350 112,586 Other liabilities 150,502 143,428 Total liabilities 3,629,702 3,501,485 Net assets: Unrestricted: Undesignated 7,364,425 6,602,984 Board-designated 242,870 229,455 Non-controlling interest in consolidated venture 626 (3,599) Total unrestricted 7,607,921 6,828,840 Temporarily restricted 242,596 220,917 Permanently restricted 182,632 175,080 Total net assets 8,033,149 7,224,837 Total liabilities and net assets $ 11,662,851 $ 10,726,322 Note A: The August 31, 2017 financial statement information was derived from and should be read in conjunction with the Northwestern Memorial HealthCare and Subsidiaries 2017 audited consolidated financial statements. See accompanying notes to the interim condensed consolidated financial statements. - 2 - Northwestern Memorial HealthCare and Subsidiaries Condensed Consolidated Statements of Operations and Changes in Net Assets (Unaudited) (Dollars in thousands) Three Months Ended TwelVe Months Ended August 31, August 31, 2018 2017 2018 2017 ReVenue Net patient service revenue $ 1,295,215 $ 1,205,693 $ 5,053,132 $ 4,749,433 Provision for uncollectible accounts 29,827 78,099 175,516 202,047 Net patient service revenue after provision for uncollectible accounts 1,265,388 1,127,594 4,877,616 4,547,386 Rental and other revenue 77,066 66,589 313,757 256,362 Net assets released from donor restrictions and federal and state grants 19,842 9,087 35,290 27,248 Total revenue 1,362,296 1,203,270 5,226,663 4,830,996 Expenses Salaries 537,329 506,664 2,126,172 1,969,531 Employee benefits 83,544 70,100 317,874 297,842 Supplies 269,569 237,812 1,000,194 877,030 Purchased services 166,624 172,241 552,525 538,642 Depreciation and amortization 91,709 79,767 310,948 287,149 Insurance 28,169 24,925 112,834 104,578 Rent and utilities 30,481 24,774 100,814 91,307 Repairs and maintenance 42,557 35,565 101,960 88,331 Interest 11,697 9,666 41,027 44,106 Illinois Hospital Assessment 32,527 25,671 110,339 103,362 Other 31,616 28,131 180,926 127,949 Total expenses 1,325,822 1,215,316 4,955,613 4,529,827 Operating income (loss) 36,474 (12,046) 271,050 301,169 Nonoperating gains (losses) Investment return 135,055 126,590 490,971 655,269 Change in fair value of interest rate swaps 2,471 (2,508) 31,353 37,521 Loss on extinguishment of long term debt — (134) (23,990) (216) Grants and academic support provided (25,869) (8,149) (34,307) (20,172) Other 9,887 4,180 9,846 9,291 Total nonoperating gains, net 121,544 119,979 473,873 681,693 Excess of reVenue oVer expenses 158,018 107,933 744,923 982,862 Net gain (loss) attributable to non- controlling interest in subsidiaries 345 (123) 775 (703) Excess of reVenue oVer expenses attributable to NMHC and Subsidiaries $ 157,673 $ 108,056 $ 744,148 $ 983,565 Continued on next page. - 3 - Northwestern Memorial HealthCare and Subsidiaries Condensed Consolidated Statements of Operations and Changes in Net Assets (continued) (Unaudited) (Dollars in thousands) Three Months Ended August 31, 2018 2017 Non- Non- Total Controlling controlling Total Controlling controlling Unrestricted net assets Excess (deficiency) of revenue over expenses $ 158,018 $ 157,673 $ 345 $ 107,933 $ 108,056 $ (123) Net assets released from restrictions used for property and equipment additions 1,940 1,940 — 1,675 1,675 — Postretirement-benefit-related changes other than net periodic pension cost 32,182 32,182 — 60,830 60,830 — Distribution to non-controlling interest (204) — (204) — — — Other 50 50 — (234) 151 (385) Increase (decrease) in unrestricted net assets 191,986 191,845 141 170,204 170,712 (508) Temporarily restricted net assets Contributions 13,230 13,230 — 12,358 12,358 — Investment return 4,413 4,413 — 3,707 3,707 — Net assets released from restrictions used for: Operating expenses, charity care, research and education (13,911) (13,911) — (13,217) (13,217) — Property and equipment additions (1,940) (1,940) — (1,675) (1,675) — Change in fair value of split-interest agreements 13 13 — (195) (195) — Other (329) (329) — (3,787) (3,787) — Increase (decrease) in temporarily restricted net assets 1,476 1,476 — (2,809) (2,809) — Permanently restricted net assets Contributions (375) (375) — 2,257 2,257 — Change in fair value of split-interest agreements 271 271 — 548 548 — Other 19 19 — 3,897 3,897 — (Decrease) increase in permanently restricted net assets (85) (85) — 6,702 6,702 — Change in net assets 193,377 193,236 141 174,097 174,605 (508) Net assets, beginning of period 7,753,653 7,839,287 485 7,050,740 7,053,831 (3,091) Net assets, end of period $ 8,033,149 $ 8,032,523 $ 626 $ 7,224,837 $ 7,228,436 $ (3,599) See accompanying notes to the interim condensed consolidated financial statements. - 4 - Northwestern Memorial HealthCare and Subsidiaries Condensed Consolidated Statements of Operations and Changes in Net Assets (continued) (Unaudited) (Dollars in thousands) TwelVe Months Ended August 31, 2018 2017 Non- Non- Total Controlling controlling Total Controlling controlling Unrestricted net assets Excess (deficiency) of revenue over expenses $ 744,923 744,148 $ 775 $ 982,862 $ 983,565 $ (703) Net assets released from restrictions used for property and equipment additions 7,672 7,672 — 6,279 6,279 — Postretirement-benefit-related changes other than net periodic pension cost 33,863 33,863 — 64,884 64,884 — Distribution to non-controlling interest (1,243) — (1,243) (785) — (785) Other (6,134) (10,827) 4,693 (313) (446) 133 Increase (decrease) in unrestricted net assets 779,081 774,856 4,225 1,052,927 1,054,282 (1,355) Temporarily restricted net assets Contributions 49,373 49,373 — 44,892 44,892 — Investment return 15,389 15,389 — 14,051 14,051 — Net assets released from restrictions used for: Operating expenses, charity care, research and education (32,208) (32,208) — (34,859) (34,859) — Property and equipment additions (7,672) (7,672) — (6,279) (6,279) — Change in fair value of split-interest agreements 411 411 — 147 147 — Other (3,614) (3,614) — (8,804) (8,804) — Increase in temporarily restricted net assets 21,679 21,679 — 9,148 9,148 — Permanently restricted net assets Contributions 6,403 6,403 — 5,609 5,609 — Change in fair value of split-interest agreements 525 525 — 775 775 — Other 624 624 — 6,785 6,785 — Increase in permanently restricted net assets 7,552 7,552 — 13,169 13,169 — Change in net assets 808,312 804,087 4,225 1,075,244 1,076,599 (1,355) Net assets, beginning of period 7,224,837 7,228,436 (3,599) 6,149,593 6,151,837 (2,244) Net assets, end of period $ 8,033,149 $ 8,032,523 $ 626 $ 7,224,837 $ 7,228,436 $ (3,599) See accompanying notes to the interim condensed consolidated financial statements.
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