Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May 31, 2011

Condensed Consolidating Financial Statements (Tables) Abstract

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2011
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,589	$	279	$	546	$	(86)	$	2,328
	Receivables, less allowances				-		3,696		912		(27)		4,581
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			77		645		44		-		766
	Deferred income taxes				-		598		12		-		610
			Total current assets		1,666		5,218		1,514		(113)		8,285
PROPERTY AND EQUIPMENT, AT COST					24		31,916		1,746		-		33,686
	Less accumulated depreciation and amortization				18		17,071		1,054		-		18,143
			Net property and equipment		6		14,845		692		-		15,543
INTERCOMPANY RECEIVABLE					-		-		1,317		(1,317)		-
GOODWILL					-		1,564		762		-		2,326
INVESTMENT IN SUBSIDIARIES					15,404		2,705		-		(18,109)		-
OTHER ASSETS					1,652		1,039		63		(1,523)		1,231
				$	18,728	$	25,371	$	4,348	$	(21,062)	$	27,385
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	18	$	-	$	-	$	18
	Accrued salaries and employee benefits				50		1,071		147		-		1,268
	Accounts payable				-		1,385		430		(113)		1,702
	Accrued expenses				198		1,563		133		-		1,894
		Total current liabilities			248		4,037		710		(113)		4,882
LONG-TERM DEBT, LESS CURRENT PORTION					1,000		667		-		-		1,667
INTERCOMPANY PAYABLE					1,095		222		-		(1,317)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		2,842		17		(1,523)		1,336
	Other liabilities				1,165		3,001		114		-		4,280
		Total other long-term liabilities			1,165		5,843		131		(1,523)		5,616
STOCKHOLDERS' INVESTMENT					15,220		14,602		3,507		(18,109)		15,220
				$	18,728	$	25,371	$	4,348	$	(21,062)	$	27,385

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2010
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,310	$	258	$	443	$	(59)	$	1,952
	Receivables, less allowances				1		3,425		782		(45)		4,163
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			5		581		54		-		640
	Deferred income taxes				-		492		37		-		529
			Total current assets		1,316		4,756		1,316		(104)		7,284
PROPERTY AND EQUIPMENT, AT COST					23		29,193		2,086		-		31,302
	Less accumulated depreciation and amortization				18		15,801		1,098		-		16,917
			Net property and equipment		5		13,392		988		-		14,385
INTERCOMPANY RECEIVABLE					-		-		1,132		(1,132)		-
GOODWILL					-		1,551		649		-		2,200
INVESTMENT IN SUBSIDIARIES					13,850		2,619		-		(16,469)		-
OTHER ASSETS					1,527		801		99		(1,394)		1,033
				$	16,698	$	23,119	$	4,184	$	(19,099)	$	24,902
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	250	$	12	$	-	$	-	$	262
	Accrued salaries and employee benefits				36		955		155		-		1,146
	Accounts payable				8		1,196		422		(104)		1,522
	Accrued expenses				47		1,488		180		-		1,715
		Total current liabilities			341		3,651		757		(104)		4,645
LONG-TERM DEBT, LESS CURRENT PORTION					1,000		668		-		-		1,668
INTERCOMPANY PAYABLE					702		430		-		(1,132)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		2,253		32		(1,394)		891
	Other liabilities				844		2,921		122		-		3,887
		Total other long-term liabilities			844		5,174		154		(1,394)		4,778
STOCKHOLDERS' INVESTMENT					13,811		13,196		3,273		(16,469)		13,811
				$	16,698	$	23,119	$	4,184	$	(19,099)	$	24,902

Condensed Consolidating Statements of Income

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended May 31, 2011
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	33,124	$	6,498	$	(318)	$	39,304
OPERATING EXPENSES:
	Salaries and employee benefits		109		13,206		1,961		-		15,276
	Purchased transportation		-		4,034		1,745		(105)		5,674
	Rentals and landing fees		4		2,209		253		(4)		2,462
	Depreciation and amortization		1		1,784		188		-		1,973
	Fuel		-		4,003		148		-		4,151
	Maintenance and repairs		1		1,862		116		-		1,979
	Impairment and other charges		-		28		61		-		89
	Intercompany charges, net		(222)		(317)		539		-		-
	Other		107		4,392		1,032		(209)		5,322
			-		31,201		6,043		(318)		36,926
OPERATING INCOME			-		1,923		455		-		2,378
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,452		200		-		(1,652)		-
	Interest, net		(88)		13		(2)		-		(77)
	Intercompany charges, net		104		(135)		31		-		-
	Other, net		(16)		(14)		(6)		-		(36)
INCOME BEFORE INCOME TAXES			1,452		1,987		478		(1,652)		2,265
	Provision for income taxes		-		677		136		-		813
NET INCOME		$	1,452	$	1,310	$	342	$	(1,652)	$	1,452
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended May 31, 2010
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	29,360	$	5,700	$	(326)	$	34,734
OPERATING EXPENSES:
	Salaries and employee benefits		91		12,026		1,910		-		14,027
	Purchased transportation		-		3,424		1,392		(88)		4,728
	Rentals and landing fees		4		2,118		240		(3)		2,359
	Depreciation and amortization		1		1,751		206		-		1,958
	Fuel		-		2,946		160		-		3,106
	Maintenance and repairs		1		1,589		125		-		1,715
	Impairment and other charges		-		-		18		-		18
	Intercompany charges, net		(202)		(109)		311		-		-
	Other		105		3,950		1,005		(235)		4,825
			-		27,695		5,367		(326)		32,736
OPERATING INCOME			-		1,665		333		-		1,998
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,184		161		-		(1,345)		-
	Interest, net		(100)		41		(12)		-		(71)
	Intercompany charges, net		114		(147)		33		-		-
	Other, net		(14)		(18)		(1)		-		(33)
INCOME BEFORE INCOME TAXES			1,184		1,702		353		(1,345)		1,894
	Provision for income taxes		-		625		85		-		710
NET INCOME		$	1,184	$	1,077	$	268	$	(1,345)	$	1,184

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended May 31, 2009
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	29,923	$	5,851	$	(277)	$	35,497
OPERATING EXPENSES:
	Salaries and employee benefits		82		11,483		2,202		-		13,767
	Purchased transportation		-		3,362		1,211		(39)		4,534
	Rentals and landing fees		4		2,134		296		(5)		2,429
	Depreciation and amortization		2		1,706		267		-		1,975
	Fuel		-		3,554		257		-		3,811
	Maintenance and repairs		1		1,755		142		-		1,898
	Impairment and other charges		-		1,098		106		-		1,204
	Intercompany charges, net		(193)		81		112		-		-
	Other		104		4,198		1,063		(233)		5,132
			-		29,371		5,656		(277)		34,750
OPERATING INCOME			-		552		195		-		747
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		98		103		-		(201)		-
	Interest, net		(73)		28		(14)		-		(59)
	Intercompany charges, net		90		(118)		28		-		-
	Other, net		(17)		(3)		9		-		(11)
INCOME BEFORE INCOME TAXES			98		562		218		(201)		677
	Provision for income taxes		-		514		65		-		579
NET INCOME		$	98	$	48	$	153	$	(201)	$	98

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2011
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	25	$	3,978	$	65	$	(27)	$	4,041
INVESTING ACTIVITIES
	Capital expenditures		(1)		(3,263)		(170)		-		(3,434)
	Business acquisition, net of cash acquired		-		(96)		-		-		(96)
	Proceeds from asset dispositions and other		-		110		1		-		111
CASH USED IN INVESTING ACTIVITIES			(1)		(3,249)		(169)		-		(3,419)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		530		(994)		464		-		-
	Payment on loan between subsidiaries		-		235		(235)		-		-
	Intercompany dividends		-		61		(61)		-		-
	Principal payments on debt		(250)		(12)		-		-		(262)
	Proceeds from stock issuances		108		-		-		-		108
	Excess tax benefit on the exercise of stock options		23		-		-		-		23
	Dividends paid		(151)		-		-		-		(151)
	Other, net		(5)		(9)		9		-		(5)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			255		(719)		177		-		(287)
Effect of exchange rate changes on cash			-		11		30		-		41
Net increase (decrease) in cash and cash equivalents			279		21		103		(27)		376
Cash and cash equivalents at beginning of period			1,310		258		443		(59)		1,952
Cash and cash equivalents at end of period		$	1,589	$	279	$	546	$	(86)	$	2,328
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2010
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(450)	$	2,942	$	653	$	(7)	$	3,138
INVESTING ACTIVITIES
	Capital expenditures		-		(2,661)		(155)		-		(2,816)
	Proceeds from asset dispositions and other		-		38		(3)		-		35
CASH USED IN INVESTING ACTIVITIES			-		(2,623)		(158)		-		(2,781)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		531		(397)		(134)		-		-
	Payment on loan between subsidiaries		-		72		(72)		-		-
	Intercompany dividends		-		158		(158)		-		-
	Principal payments on debt		(500)		(153)		-		-		(653)
	Proceeds from stock issuances		94		-		-		-		94
	Excess tax benefit on the exercise of stock options		25		-		-		-		25
	Dividends paid		(138)		-		-		-		(138)
	Other, net		(20)		(5)		5		-		(20)
CASH USED IN FINANCING ACTIVITIES			(8)		(325)		(359)		-		(692)
Effect of exchange rate changes on cash			-		(8)		3		-		(5)
Net (decrease) increase in cash and cash equivalents			(458)		(14)		139		(7)		(340)
Cash and cash equivalents at beginning of period			1,768		272		304		(52)		2,292
Cash and cash equivalents at end of period		$	1,310	$	258	$	443	$	(59)	$	1,952

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2009
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(924)	$	3,156	$	573	$	(52)	$	2,753
INVESTING ACTIVITIES
	Capital expenditures		-		(2,248)		(211)		-		(2,459)
	Proceeds from asset dispositions and other		-		69		7		-		76
CASH USED IN INVESTING ACTIVITIES			-		(2,179)		(204)		-		(2,383)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		1,173		(1,066)		(107)		-		-
	Payment on loan from Parent		17		-		(17)		-		-
	Payment on loan between subsidiaries		-		36		(36)		-		-
	Intercompany dividends		-		165		(165)		-		-
	Principal payments on debt		(500)		-		(1)		-		(501)
	Proceeds from debt issuance		1,000		-		-		-		1,000
	Proceeds from stock issuances		41		-		-		-		41
	Excess tax benefit on the exercise of stock options		4		-		-		-		4
	Dividends paid		(137)		-		-		-		(137)
	Other, net		(7)		-		-		-		(7)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			1,591		(865)		(326)		-		400
Effect of exchange rate changes on cash			-		(6)		(11)		-		(17)
Net increase (decrease) in cash and cash equivalents			667		106		32		(52)		753
Cash and cash equivalents at beginning of period			1,101		166		272		-		1,539
Cash and cash equivalents at end of period		$	1,768	$	272	$	304	$	(52)	$	2,292