Financials
Below is financial information derived from the audited consolidated financial statements. Complete consolidated financial statements and footnotes can be found here.
Consolidated Balance Sheets
May 31, 2018 and 2017
(Amounts in thousands)
Assets
Current Assets
2018
2017
Cash and cash equivalents
10,350
10,443
Investments
302,696
305,063
Trade receivables, net
6,894
6,125
Inventories
1,678
1,458
Auto test inventory
1,924
2,010
Grants and other receivables
480
2,896
Deferred promotion cost
0
15,580
Prepaid expenses and other current assets
9,812
7,474
Receivable from insurance recovery
16,375
0
Total current assets
350,209
351,049
Property and equipment, net
64,340
61,487
Deferred promotion cost – long term
0
1,808
Other assets
2,686
2,753
Grants receivable – long term
150
300
Total assets
417,385
417,397
Liabilities and Net Assets
Current liabilities
2018
2017
Accounts payable and accrued liabilities
17,158
14,558
Accrued compensation
9,383
10,220
Deferred revenue
100,675
99,315
Current portion of long-term debt
1,450
1,400
Claim settlement liability
16,375
0
Total current liabilities
145,041
125,493
Deferred revenue – long term
23,334
30,068
Liability under derivative instrument
4,116
5,823
Long-term debt
37,050
38,500
Pension obligation
24,927
28,950
Other liabilities
14,468
14,120
Total liabilities
248,936
242,954
Net assets: Unrestricted
164,854
167,062
Net assets: Temporarily restricted
3,595
7,381
Total net assets
168,449
174,443
Total liabilities and net assets
417,385
417,397
Consolidated Statements of Activities
Years ended May 31, 2018 and 2017
(Amounts in thousands)
(Amounts in thousands)
Change in unrestricted net assets
Operating
2018
2017
Revenue and support:
Subscriptions, newsstand, and other sales
206,553
205,992
Contributions
28,038
31,841
Net assets released from restrictions
4,377
3,911
Total revenue and support
238,968
241,744
Publication, promotion, and marketing expenses
Content development
87,229
83,138
Production and distribution
43,730
46,036
Promotion and marketing
68,378
68,047
Total Publishing Promotion and Marketing
199,337
197,221
Consumer advocacy and education
16,187
14,796
General and administrative
25,624
25,235
Fundraising
11,625
9,917
Total operating and other expenses
252,773
247,169
Total operating loss
$(13,805)
$(5,425)
NonOperating
2018
2017
Investment return, net
23,371
29,212
Unrealized gain on interest rate swap
1,707
1,558
Change in value of split-interest agreements
(410)
713
Pension-related changes other than net periodic pension cost
4,317
5,677
Total nonoperating gain
28,985
37,160
Increase in unrestricted net assets
15,180
31,735
Change in temporarily restricted net assets
2018
2017
Grants received
511
3,475
Net assets released from restrictions
$(4,377)
$(3,911)
Contribution revenue – other
100
100
Change in value of split-interest agreements
(20)
60
Decrease in temporarily restricted net assets
$(3,786)
$(276)
Increase in net assets
11,394
31,459
Net assets at beginning of year, as reported
174,443
142,984
Impact of change in accounting policies
(17,388)
0
Balance as of beginning of year
157,055
142,984
Net assets at end of year
168,449
174,443
