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, 2020 and 2019
(Amounts in thousands)
Assets
Current Assets
2020
2019
Cash and cash equivalents
25,521
16,173
Investments
290,108
288,167
Trade receivables, net
9,229
6,665
Inventories
1,241
1,890
Auto test inventory
2,219
2,001
Grants and other receivables
1,551
460
Prepaid expenses and other current assets
7,181
7,762
Total current assets
337,050
323,118
Property, equipment and software, net
59,867
62,458
Other assets
2,387
2,154
Grants receivable – long term
0
50
Total assets
399,304
387,780
Liabilities and Net Assets
Current liabilities
2020
2019
Accounts payable and accrued liabilities
13,194
15,144
Accrued compensation
6,950
8,177
Deferred revenue
100,358
98,177
Current portion of long-term debt
1,550
1,500
Total current liabilities
122,052
122,998
Deferred revenue – long term
14,724
17,943
Liability under derivative instrument
7,073
5,029
Long-term debt
33,841
35,374
Pension obligations
30,738
24,886
Other liabilities
13,565
13,601
Total liabilities
221,993
219,831
Net assets
Without donor restrictions
169,806
159,797
With donor restrictions
7,505
8,152
Total net assets
177,311
167,949
Total liabilities and net assets
399,304
387,780
Consolidated Statements of Activities
Years ended May 31, 2020 and 2019
(Amounts in thousands)
Change in net assets without donor restrictions
Operating
2020
2019
Revenue and support:
Subscriptions, newsstand, and other sales
212,804
211,302
Contributions
28,745
27,244
Net assets released from restrictions
3,825
3,183
Total revenue and support
245,374
241,729
OPERATING EXPENSES:
Publication, promotion, and marketing expenses
Content development
86,849
85,198
Production and distribution
46,915
46,121
Promotion and marketing
52,561
62,883
Total Publishing Promotion and Marketing
186,325
194,202
Consumer advocacy and education
15,245
15,339
General and administrative
21,624
22,882
Fundraising
11,615
11,696
Total operating and other expenses
234,809
244,119
Total operating gain (loss)
$10,565
$(2,390)
NonOperating
2020
2019
Investment return, net
12,791
1,554
Unrealized loss on interest rate swap
(2,044)
(913)
Change in value of split-interest agreements
(141)
77
Pension settlement costs
(10,722)
0
Pension-related changes other than net periodic pension cost
(440)
(3,385)
Total nonoperating loss
(556)
(2,667)
Increase (decrease) in net assets without donor restrictions
10,009
(5,057)
Change in net assets with donor restrictions
2020
2019
Grants received
3,022
7,582
Net assets released from restrictions
(3,825)
(3,183)
Contribution revenue – other
199
102
Change in value of split-interest agreements
(43)
56
(Decrease) increase in net assets with donor restrictions
(647)
4,557
(Decrease) increase in net assets
9,362
(500)
Net assets at beginning of year
167,949
168,449
Net assets at end of year
177,311
167,949