Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Aug. 31, 2011

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
August 31, 2011
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,314	$	261	$	553	$	(169)	$	1,959
	Receivables, less allowances				-		3,662		985		(23)		4,624
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			38		684		48		-		770
	Deferred income taxes				-		591		19		-		610
			Total current assets		1,352		5,198		1,605		(192)		7,963
PROPERTY AND EQUIPMENT, AT COST					25		32,422		1,777		-		34,224
	Less accumulated depreciation and amortization				19		17,293		1,092		-		18,404
			Net property and equipment		6		15,129		685		-		15,820
INTERCOMPANY RECEIVABLE					-		-		1,260		(1,260)		-
GOODWILL					-		1,565		870		-		2,435
INVESTMENT IN SUBSIDIARIES					15,878		2,784		-		(18,662)		-
OTHER ASSETS					1,638		1,381		106		(1,505)		1,620
				$	18,874	$	26,057	$	4,526	$	(21,619)	$	27,838
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	301	$	-	$	-	$	301
	Accrued salaries and employee benefits				54		1,046		145		-		1,245
	Accounts payable				42		1,285		428		(192)		1,563
	Accrued expenses				246		1,480		146		-		1,872
		Total current liabilities			342		4,112		719		(192)		4,981
LONG-TERM DEBT, LESS CURRENT PORTION					1,000		367		-		-		1,367
INTERCOMPANY PAYABLE					682		578		-		(1,260)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		2,938		8		(1,505)		1,441
	Other liabilities				1,136		3,042		157		-		4,335
		Total other long-term liabilities			1,136		5,980		165		(1,505)		5,776
STOCKHOLDERS' INVESTMENT					15,714		15,020		3,642		(18,662)		15,714
				$	18,874	$	26,057	$	4,526	$	(21,619)	$	27,838

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)		-
	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 Statements of Income

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended August 31, 2011
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,007	$	1,584	$	(70)	$	10,521
OPERATING EXPENSES:
	Salaries and employee benefits		33		3,531		440		-		4,004
	Purchased transportation		-		1,080		464		(26)		1,518
	Rentals and landing fees		1		555		65		(1)		620
	Depreciation and amortization		-		471		38		-		509
	Fuel		-		1,224		20		-		1,244
	Maintenance and repairs		-		528		23		-		551
	Intercompany charges, net		(58)		(90)		148		-		-
	Other		24		1,125		232		(43)		1,338
			-		8,424		1,430		(70)		9,784
OPERATING INCOME			-		583		154		-		737
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		464		71		-		(535)		-
	Interest, net		(20)		8		1		-		(11)
	Intercompany charges, net		21		(28)		7		-		-
	Other, net		(1)		(2)		1		-		(2)
INCOME BEFORE INCOME TAXES			464		632		163		(535)		724
	Provision for income taxes		-		215		45		-		260
NET INCOME		$	464	$	417	$	118	$	(535)	$	464
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended August 31, 2010
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	7,893	$	1,646	$	(82)	$	9,457
OPERATING EXPENSES:
	Salaries and employee benefits		38		3,249		516		-		3,803
	Purchased transportation		-		920		432		(25)		1,327
	Rentals and landing fees		1		537		64		(1)		601
	Depreciation and amortization		-		432		47		-		479
	Fuel		-		841		46		-		887
	Maintenance and repairs		-		483		34		-		517
	Intercompany charges, net		(71)		(92)		163		-		-
	Other		32		986		253		(56)		1,215
			-		7,356		1,555		(82)		8,829
OPERATING INCOME			-		537		91		-		628
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		380		26		-		(406)		-
	Interest, net		(24)		8		(2)		-		(18)
	Intercompany charges, net		27		(35)		8		-		-
	Other, net		(3)		(4)		-		-		(7)
INCOME BEFORE INCOME TAXES			380		532		97		(406)		603
	Provision for income taxes		-		196		27		-		223
NET INCOME		$	380	$	336	$	70	$	(406)	$	380

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2011
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	70	$	758	$	115	$	(83)	$	860
INVESTING ACTIVITIES
	Capital expenditures		(1)		(1,095)		(14)		-		(1,110)
	Business acquisition, net of cash acquired		-		-		(111)		-		(111)
	Proceeds from asset dispositions and other		-		5		-		-		5
CASH USED IN INVESTING ACTIVITIES			(1)		(1,090)		(125)		-		(1,216)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		(335)		356		(21)		-		-
	Payment on loan between subsidiaries		-		(15)		15		-		-
	Principal payments on debt		-		(17)		-		-		(17)
	Proceeds from stock issuances		28		-		-		-		28
	Excess tax benefit on the exercise of stock options		4		-		-		-		4
	Dividends paid		(41)		-		-		-		(41)
	Other, net		-		(15)		15		-		-
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(344)		309		9		-		(26)
Effect of exchange rate changes on cash			-		5		8		-		13
Net (decrease) increase in cash and cash equivalents			(275)		(18)		7		(83)		(369)
Cash and cash equivalents at beginning of period			1,589		279		546		(86)		2,328
Cash and cash equivalents at end of period		$	1,314	$	261	$	553	$	(169)	$	1,959
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2010
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	19	$	701	$	78	$	(2)	$	796
INVESTING ACTIVITIES
	Capital expenditures		-		(978)		(34)		-		(1,012)
	Proceeds from asset dispositions and other		-		2		1		-		3
CASH USED IN INVESTING ACTIVITIES			-		(976)		(33)		-		(1,009)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		(193)		211		(18)		-		-
	Payment on loan between subsidiaries		-		40		(40)		-		-
	Intercompany dividends		-		4		(4)		-		-
	Principal payments on debt		-		(12)		-		-		(12)
	Proceeds from stock issuances		8		-		-		-		8
	Excess tax benefit on the exercise of stock options		1		-		-		-		1
	Dividends paid		(38)		-		-		-		(38)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(222)		243		(62)		-		(41)
Effect of exchange rate changes on cash			-		8		3		-		11
Net decrease in cash and cash equivalents			(203)		(24)		(14)		(2)		(243)
Cash and cash equivalents at beginning of period			1,310		258		443		(59)		1,952
Cash and cash equivalents at end of period		$	1,107	$	234	$	429	$	(61)	$	1,709