Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May 31, 2017

Condensed Consolidating Financial Statements Tables [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2017

	Parent		Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,884	$	325	$	1,807	$	(47	)	$	3,969
Receivables, less allowances		3		4,729		2,928		(61	)		7,599
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		25		787		248		—			1,060
Total current assets		1,912		5,841		4,983		(108	)		12,628
PROPERTY AND EQUIPMENT, AT COST		22		47,201		3,403		—			50,626
Less accumulated depreciation and amortization		18		23,211		1,416		—			24,645
Net property and equipment		4		23,990		1,987		—			25,981
INTERCOMPANY RECEIVABLE		1,521		2,607		—		(4,128	)		—
GOODWILL		—		1,571		5,583		—			7,154
INVESTMENT IN SUBSIDIARIES		27,712		2,636		—		(30,348	)		—
OTHER ASSETS		3,494		1,271		1,249		(3,225	)		2,789
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	9	$	13	$	—		$	22
Accrued salaries and employee benefits		72		1,335		507		—			1,914
Accounts payable		10		1,411		1,439		(108	)		2,752
Accrued expenses		991		1,522		717		—			3,230
Total current liabilities		1,073		4,277		2,676		(108	)		7,918
LONG-TERM DEBT, LESS CURRENT PORTION		14,641		244		24		—			14,909
INTERCOMPANY PAYABLE		—		—		4,128		(4,128	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		5,472		238		(3,225	)		2,485
Other liabilities		2,856		3,448		863		—			7,167
Total other long-term liabilities		2,856		8,920		1,101		(3,225	)		9,652
STOCKHOLDERS’ INVESTMENT		16,073		24,475		5,873		(30,348	)		16,073
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2016

	Parent		Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,974	$	326	$	1,277	$	(43	)	$	3,534
Receivables, less allowances		1		4,461		2,831		(41	)		7,252
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		233		724		246		—			1,203
Total current assets		2,208		5,511		4,354		(84	)		11,989
PROPERTY AND EQUIPMENT, AT COST		22		43,760		3,236		—			47,018
Less accumulated depreciation and amortization		17		21,566		1,151		—			22,734
Net property and equipment		5		22,194		2,085		—			24,284
INTERCOMPANY RECEIVABLE		2,437		1,284		—		(3,721	)		—
GOODWILL		—		1,571		5,176		—			6,747
INVESTMENT IN SUBSIDIARIES		24,766		3,697		—		(28,463	)		—
OTHER ASSETS		3,359		967		1,851		(3,238	)		2,939
	$	32,775	$	35,224	$	13,466	$	(35,506	)	$	45,959
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	13	$	16	$	—		$	29
Accrued salaries and employee benefits		54		1,377		541		—			1,972
Accounts payable		8		1,501		1,519		(84	)		2,944
Accrued expenses		883		1,411		769		—			3,063
Total current liabilities		945		4,302		2,845		(84	)		8,008
LONG-TERM DEBT, LESS CURRENT PORTION		13,451		245		37		—			13,733
INTERCOMPANY PAYABLE		—		—		3,721		(3,721	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		4,436		369		(3,238	)		1,567
Other liabilities		4,595		3,375		897		—			8,867
Total other long-term liabilities		4,595		7,811		1,266		(3,238	)		10,434
STOCKHOLDERS’ INVESTMENT		13,784		22,866		5,597		(28,463	)		13,784
	$	32,775	$	35,224	$	13,466	$	(35,506	)	$	45,959

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2017

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	44,823		$	15,798		$	(302	)	$	60,319
OPERATING EXPENSES:
Salaries and employee benefits		123			16,696			4,723			—			21,542
Purchased transportation		—			8,260			5,495			(125	)		13,630
Rentals and landing fees		5			2,517			724			(6	)		3,240
Depreciation and amortization		1			2,538			456			—			2,995
Fuel		—			2,476			297			—			2,773
Maintenance and repairs		1			2,086			287			—			2,374
Retirement plans mark-to-market adjustment		—			(75	)		51			—			(24	)
Intercompany charges, net		(434	)		182			252			—			—
Other		304			5,734			2,885			(171	)		8,752
		—			40,414			15,170			(302	)		55,282
OPERATING INCOME		—			4,409			628			—			5,037
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		2,997			68			—			(3,065	)		—
Interest, net		(507	)		27			1			—			(479	)
Intercompany charges, net		508			(296	)		(212	)		—			—
Other, net		(1	)		(134	)		156			—			21
INCOME BEFORE INCOME TAXES		2,997			4,074			573			(3,065	)		4,579
Provision for income taxes		—			1,439			143			—			1,582
NET INCOME	$	2,997		$	2,635		$	430		$	(3,065	)	$	2,997
COMPREHENSIVE INCOME	$	2,922		$	2,580		$	314		$	(3,065	)	$	2,751

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2016

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	42,143		$	8,547		$	(325	)	$	50,365
OPERATING EXPENSES:
Salaries and employee benefits		119			15,880			2,582			—			18,581
Purchased transportation		—			7,380			2,720			(134	)		9,966
Rentals and landing fees		5			2,484			371			(6	)		2,854
Depreciation and amortization		1			2,399			231			—			2,631
Fuel		—			2,324			75			—			2,399
Maintenance and repairs		1			1,954			153			—			2,108
Retirement plans mark-to-market adjustment		—			1,414			84			—			1,498
Intercompany charges, net		(645	)		425			220			—			—
Other		519			5,274			1,643			(185	)		7,251
		—			39,534			8,079			(325	)		47,288
OPERATING INCOME		—			2,609			468			—			3,077
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,820			279			—			(2,099	)		—
Interest, net		(355	)		27			13			—			(315	)
Intercompany charges, net		369			(354	)		(15	)		—			—
Other, net		(14	)		(14	)		6			—			(22	)
INCOME BEFORE INCOME TAXES		1,820			2,547			472			(2,099	)		2,740
Provision for income taxes		—			818			102			—			920
NET INCOME	$	1,820		$	1,729		$	370		$	(2,099	)	$	1,820
COMPREHENSIVE INCOME	$	1,746		$	1,704		$	128		$	(2,099	)	$	1,479

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2015

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated
REVENUES	$	—		$	39,420		$	8,414	$	(381	)	$	47,453
OPERATING EXPENSES:
Salaries and employee benefits		106			14,626			2,378		—			17,110
Purchased transportation		—			5,802			2,878		(197	)		8,483
Rentals and landing fees		5			2,322			360		(5	)		2,682
Depreciation and amortization		1			2,370			240		—			2,611
Fuel		—			3,632			88		—			3,720
Maintenance and repairs		1			1,949			149		—			2,099
Impairment and other charges		—			276			—		—			276
Retirement plans mark-to-market adjustment		—			2,075			115		—			2,190
Intercompany charges, net		(450	)		117			333		—			—
Other		337			4,946			1,311		(179	)		6,415
		—			38,115			7,852		(381	)		45,586
OPERATING INCOME		—			1,305			562		—			1,867
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,050			337			—		(1,387	)		—
Interest, net		(247	)		23			3		—			(221	)
Intercompany charges, net		253			(265	)		12		—			—
Other, net		(6	)		(32	)		19		—			(19	)
INCOME BEFORE INCOME TAXES		1,050			1,368			596		(1,387	)		1,627
Provision for income taxes		—			390			187		—			577
NET INCOME	$	1,050		$	978		$	409	$	(1,387	)	$	1,050
COMPREHENSIVE INCOME	$	1,053		$	929		$	121	$	(1,387	)	$	716

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2017

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(1,155	)	$	5,254		$	835		$	(4	)	$	4,930
INVESTING ACTIVITIES
Capital expenditures		—			(4,694	)		(422	)		—			(5,116	)
Proceeds from asset dispositions and other		34			25			76			—			135
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES		34			(4,669	)		(346	)		—			(4,981	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		421			(518	)		97			—			—
Payment on loan between subsidiaries		41			(15	)		(26	)		—			—
Intercompany dividends		—			1			(1	)		—			—
Principal payments on debt		—			(55	)		(27	)		—			(82	)
Proceeds from debt issuance		1,190			—			—			—			1,190
Proceeds from stock issuances		337			—			—			—			337
Dividends paid		(426	)		—			—			—			(426	)
Purchase of treasury stock		(509	)		—			—			—			(509	)
Other, net		(12	)		(13	)		43			—			18
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,042			(600	)		86			—			528
Effect of exchange rate changes on cash		(11	)		14			(45	)		—			(42	)
Net increase (decrease) in cash and cash equivalents		(90	)		(1	)		530			(4	)		435
Cash and cash equivalents at beginning of period		1,974			326			1,277			(43	)		3,534
Cash and cash equivalents at end of period	$	1,884		$	325		$	1,807		$	(47	)	$	3,969

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2016

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(831	)	$	5,932		$	572		$	35		$	5,708
INVESTING ACTIVITIES
Capital expenditures		—			(4,617	)		(201	)		—			(4,818	)
Business acquisitions, net of cash acquired		—			—			(4,618	)		—			(4,618	)
Proceeds from asset dispositions and other		(55	)		33			12			—			(10	)
CASH USED IN INVESTING ACTIVITIES		(55	)		(4,584	)		(4,807	)		—			(9,446	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		1,629			(1,549	)		(80	)		—			—
Payment on loan between subsidiaries		(4,805	)		109			4,696			—			—
Intercompany dividends		—			20			(20	)		—			—
Principal payments on debt		—			(19	)		(22	)		—			(41	)
Proceeds from debt issuances		6,519			—			—			—			6,519
Proceeds from stock issuances		183			—			—			—			183
Dividends paid		(277	)		—			—			—			(277	)
Purchase of treasury stock		(2,722	)		—			—			—			(2,722	)
Other, net		(51	)		(48	)		48			—			(51	)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		476			(1,487	)		4,622			—			3,611
Effect of exchange rate changes on cash		1			(22	)		(81	)		—			(102	)
Net (decrease) increase in cash and cash equivalents		(409	)		(161	)		306			35			(229	)
Cash and cash equivalents at beginning of period		2,383			487			971			(78	)		3,763
Cash and cash equivalents at end of period	$	1,974		$	326		$	1,277		$	(43	)	$	3,534

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2015

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(727	)	$	5,446		$	575		$	72		$	5,366
INVESTING ACTIVITIES
Capital expenditures		(1	)		(4,139	)		(207	)		—			(4,347	)
Business acquisitions, net of cash acquired		(1,429	)		—			—			—			(1,429	)
Proceeds from asset dispositions and other		—			42			(18	)		—			24
CASH USED IN INVESTING ACTIVITIES		(1,430	)		(4,097	)		(225	)		—			(5,752	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		1,431			(1,502	)		71			—			—
Payment on loan between subsidiaries		—			267			(267	)		—			—
Intercompany dividends		—			68			(68	)		—			—
Principal payments on debt		—			(1	)		(4	)		—			(5	)
Proceeds from debt issuance		2,491			—			—			—			2,491
Proceeds from stock issuances		320			—			—			—			320
Dividends paid		(227	)		—			—			—			(227	)
Purchase of treasury stock		(1,254	)		—			—			—			(1,254	)
Other, net		24			(105	)		105			—			24
CASH PROVIDED (USED IN) FINANCING ACTIVITIES		2,785			(1,273	)		(163	)		—			1,349
Effect of exchange rate changes on cash		(1	)		(30	)		(77	)		—			(108	)
Net increase in cash and cash equivalents		627			46			110			72			855
Cash and cash equivalents at beginning of period		1,756			441			861			(150	)		2,908
Cash and cash equivalents at end of period	$	2,383		$	487		$	971		$	(78	)	$	3,763