Statements of Net Assets 
(Balance Sheet) 
Audit Committee Meeting 
August 7, 2012 

Presented by 
Lisa Lam, Senior Manager, Financial Reporting & Controls 
Accounting & Financial Reporting (AFR)

ASSETS - TERMINOLOGY 
Cash equivalents 
Investments maturing within 3 months from
purchase date (mostly repurchase agreements) 
Short-term investments 
Investments maturing within 1 year (of balance
sheet date, not purchase date) 
Long-term investments 
Investments maturing longer than 1 year (of balance
sheet date, not purchase date) 
Restricted vs. Unrestricted 
Cannot be used for current operations (such as
bond funds for capital construction)
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ASSETS
(in thousands) 
% Change      2011        2010 
CURRENT ASSETS: 
Cash and cash equivalents                     $ 161,732  $ 100,538
Restricted cash and cash equivalents:     34% 
Bond funds and other                         77,678       78,080
Fuel hydrant assets held in trust                      6,441         6,488
Short-term investments                           69,091       64,215
Restricted short-term investments: 
Bond funds and other                         38,244       49,249
15% 
NONCURRENT ASSETS: 
Long-term investments                          359,046      374,958
Restricted long-term investments: 
Bond funds and other                        204,686      298,536
Fuel hydrant assets held in trust                      4,254         4,059


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ASSETS - TERMINOLOGY 
Receivable 
Accounts receivable 
Invoices/billings issued to customers for services provided 
Allowance for doubtful accounts, > 90 days past due or
other specific circumstances 
Grant-in-aid receivable 
Federal/ State grants, met reimbursement eligibility
requirements 
Taxes receivable 
Ad valorem tax levy assessed at beginning of the year 
Materials and supplies 
held for use (operations/maintenance or capital) 
reported at cost 
4

ASSETS - TERMINOLOGY 
Assets held for sale 
Eastside rail corridor, not for operational use 
Prepayments and other assets 
Insurance (OCIP/surety), contract receivables, refunds,
prepaid air space rental, leasing brokerage fee, software
maintenance costs 
Warehousemen's pension asset  long-term only 
Deferred finance costs 
Debt issuance costs, e.g. bond insurance costs, rating
agency fees, printing, legal, administrative expenses 
Capital assets 
For operational use, met capitalization threshold (3 years
life and $20k, or greater, and ready for use) 
Construction work in progress 
Capital projects, before completion/in service 
5

ASSETS
(in thousands) 
% Change       2011         2010 
CURRENT ASSETS: 
Accounts receivablenet               13%        $ 35,843   $ 31,860
Grants-in-aid receivable                  40%             2,650        4,419
Taxes receivable                        7%             1,922        2,056
Materials and supplies                    9%             6,564        6,041
Assets held for sale                      20%            40,380        50,380
Prepayments and other current assets        71%            6,621        3,878
NONCURRENT ASSETS: 
Other long-term assets                  29%            5,094        7,183
Deferred finance costsnet              7%           31,109       33,548
Capital assets after depreciation              1%          5,159,663      5,124,288
Construction work in progress (CWIP)       32%          449,401      339,413

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LIABILITIES - TERMINOLOGY 
Accounts payable 
Received goods/services and other obligations, unpaid 
Payroll and taxes payable 
Salary and benefits payable at year end, paid the first
payroll of new year 
Bond interest payable 
Interest expense, normally paid semi-annually 
Lease securities and customer advances 
Signatory airline lease and operating agreement 
Terminal 18 
Debt 
Current  principal payment due within 1 year 
Long-term  principal payment due longer than 1 year 
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LIABILITIES - TERMINOLOGY 
Other postemployment benefits obligation 
LEOFF 1 + Portwide life insurance 
Net present value of future OPEB benefits,
amortized by average service periods less funded
amount 
Environmental remediation liability 
Obligating events criteria per accounting standards
are met 
Reasonably estimated (probability) at current value 
Deferred revenue 
Amount of revenue collected, but not earned yet
(billings in advance) 
8

LIABILITIES
(in thousands) 
% Change      2011       2010 
CURRENT LIABILITIES: 
Accounts payable and accrued expenses       29%     $ 35,545   $ 49,905
Payroll and taxes payable                  8%         35,872       33,228
Bond interest payable                    3%         39,868      41,301
Lease securities and customer advances       89%        41,129      21,736
Current maturities of long-term debt         19%       161,940     200,750
LONG-TERM LIABILITIES: 
Other postemployment benefits obligation      9%         9,106      8,359
LONG-TERM DEBT               0%     3,348,654   3,341,559
CURRENT + LONG-TERM LIABILITIES: 
Environmental remediation liability            6%         53,359      56,724
Deferred revenue, election expense, &         7%        22,822       21,253 
others 

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NET ASSETS - TERMINOLOGY 
Starting 2012, new term, "Net Position" 
Invested in capital assets  net of related debt 
(Net investment in capital assets) 
Capital assets, net of accumulated depreciation,
outstanding balance of debt attributed to the acquisition,
construction, or improvement of those assets 
Restricted 
Subject to externally imposed stipulations on their use,
but restrictions should not be too broad 
Unrestricted 
All others not fitting the 2 categories above 
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NET ASSETS
(in thousands) 
% Change     2011        2010 
Invested in capital assetsnet of related debt     3%        $ 2,306,698  $2,248,793
Restricted for: 
Debt service reserves                   4%          110,513    105,913
Passenger facility charges                  17%           24,272     20,725
Grants and other                     31%            879      670
Unrestricted                          10%         469,762    428,273





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Thank you! 


Questions? 

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