Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Aug. 31, 2013

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
August 31, 2013
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	4,058	$	431	$	723	$	(116)	$	5,096
	Receivables, less allowances				-		3,993		1,041		(44)		4,990
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			35		714		54		-		803
	Deferred income taxes				-		589		15		-		604
			Total current assets		4,093		5,727		1,833		(160)		11,493
PROPERTY AND EQUIPMENT, AT COST					27		35,912		2,228		-		38,167
	Less accumulated depreciation and amortization				21		18,555		1,154		-		19,730
			Net property and equipment		6		17,357		1,074		-		18,437
INTERCOMPANY RECEIVABLE					-		711		1,186		(1,897)		-
GOODWILL					-		1,552		1,160		-		2,712
INVESTMENT IN SUBSIDIARIES					19,131		3,433		-		(22,564)		-
OTHER ASSETS					2,156		767		228		(2,120)		1,031
				$	25,386	$	29,547	$	5,481	$	(26,741)	$	33,673
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	250	$	4	$	-	$	-	$	254
	Accrued salaries and employee benefits				58		1,132		176		-		1,366
	Accounts payable				51		1,389		599		(160)		1,879
	Accrued expenses				457		1,387		180		-		2,024
		Total current liabilities			816		3,912		955		(160)		5,523
LONG-TERM DEBT, LESS CURRENT PORTION					2,489		250		-		-		2,739
INTERCOMPANY PAYABLE					1,897		-		-		(1,897)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		3,883		57		(2,120)		1,820
	Other liabilities				2,529		3,166		241		-		5,936
		Total other long-term liabilities			2,529		7,049		298		(2,120)		7,756
STOCKHOLDERS' INVESTMENT					17,655		18,336		4,228		(22,564)		17,655
				$	25,386	$	29,547	$	5,481	$	(26,741)	$	33,673

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2013
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	3,892	$	405	$	717	$	(97)	$	4,917
	Receivables, less allowances				-		3,989		1,084		(29)		5,044
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			45		681		54		-		780
	Deferred income taxes				-		518		15		-		533
			Total current assets		3,937		5,593		1,870		(126)		11,274
PROPERTY AND EQUIPMENT, AT COST					27		35,915		2,167		-		38,109
	Less accumulated depreciation and amortization				21		18,469		1,135		-		19,625
			Net property and equipment		6		17,446		1,032		-		18,484
INTERCOMPANY RECEIVABLE					-		439		1,203		(1,642)		-
GOODWILL					-		1,552		1,203		-		2,755
INVESTMENT IN SUBSIDIARIES					18,739		3,347		-		(22,086)		-
OTHER ASSETS					2,187		822		191		(2,146)		1,054
				$	24,869	$	29,199	$	5,499	$	(26,000)	$	33,567
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	250	$	1	$	-	$	-	$	251
	Accrued salaries and employee benefits				82		1,402		204		-		1,688
	Accounts payable				4		1,392		609		(126)		1,879
	Accrued expenses				355		1,366		211		-		1,932
		Total current liabilities			691		4,161		1,024		(126)		5,750
LONG-TERM DEBT, LESS CURRENT PORTION					2,489		250		-		-		2,739
INTERCOMPANY PAYABLE					1,642		-		-		(1,642)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		3,798		-		(2,146)		1,652
	Other liabilities				2,649		3,133		246		-		6,028
		Total other long-term liabilities			2,649		6,931		246		(2,146)		7,680
STOCKHOLDERS' INVESTMENT					17,398		17,857		4,229		(22,086)		17,398
				$	24,869	$	29,199	$	5,499	$	(26,000)	$	33,567

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,228	$	1,878	$	(82)	$	11,024
OPERATING EXPENSES:
	Salaries and employee benefits		31		3,514		532		-		4,077
	Purchased transportation		-		1,242		673		(36)		1,879
	Rentals and landing fees		1		558		82		(1)		640
	Depreciation and amortization		-		589		50		-		639
	Fuel		-		1,081		23		-		1,104
	Maintenance and repairs		-		449		31		-		480
	Intercompany charges, net		(61)		(6)		67		-		-
	Other		29		1,133		293		(45)		1,410
			-		8,560		1,751		(82)		10,229
OPERATING INCOME			-		668		127		-		795
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		489		110		-		(599)		-
	Interest, net		(34)		5		2		-		(27)
	Intercompany charges, net		35		(41)		6		-		-
	Other, net		(1)		(2)		1		-		(2)
INCOME BEFORE INCOME TAXES			489		740		136		(599)		766
	Provision for income taxes		-		232		45		-		277
NET INCOME		$	489	$	508	$	91	$	(599)	$	489
COMPREHENSIVE INCOME		$	528	$	507	$	16	$	(599)	$	452
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2012
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,094	$	1,778	$	(80)	$	10,792
OPERATING EXPENSES:
	Salaries and employee benefits		30		3,589		484		-		4,103
	Purchased transportation		-		1,130		583		(33)		1,680
	Rentals and landing fees		1		544		75		(2)		618
	Depreciation and amortization		-		530		43		-		573
	Fuel		-		1,116		22		-		1,138
	Maintenance and repairs		-		515		27		-		542
	Intercompany charges, net		(60)		(112)		172		-		-
	Other		29		1,133		279		(45)		1,396
			-		8,445		1,685		(80)		10,050
OPERATING INCOME			-		649		93		-		742
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		459		29		-		(488)		-
	Interest, net		(23)		11		2		-		(10)
	Intercompany charges, net		24		(29)		5		-		-
	Other, net		(1)		(2)		(2)		-		(5)
INCOME BEFORE INCOME TAXES			459		658		98		(488)		727
	Provision for income taxes		-		236		32		-		268
NET INCOME		$	459	$	422	$	66	$	(488)	$	459
COMPREHENSIVE INCOME		$	518	$	428	$	107	$	(488)	$	565

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	118	$	773	$	57	$	(19)	$	929
INVESTING ACTIVITIES
	Capital expenditures		-		(464)		(108)		-		(572)
	Proceeds from asset dispositions and other		-		10		-		-		10
CASH USED IN INVESTING ACTIVITIES			-		(454)		(108)		-		(562)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		229		(261)		32		-		-
	Payment on loan between subsidiaries		-		(29)		29		-		-
	Intercompany dividends		-		2		(2)		-		-
	Proceeds from stock issuances		131		-		-		-		131
	Excess tax benefit on the exercise of stock options		14		-		-		-		14
	Dividends paid		(48)		-		-		-		(48)
	Purchase of treasury stock		(278)		-		-		-		(278)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			48		(288)		59		-		(181)
Effect of exchange rate changes on cash			-		(5)		(2)		-		(7)
Net increase (decrease) in cash and cash equivalents			166		26		6		(19)		179
Cash and cash equivalents at beginning of period			3,892		405		717		(97)		4,917
Cash and cash equivalents at end of period		$	4,058	$	431	$	723	$	(116)	$	5,096
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2012
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	118	$	710	$	96	$	(21)	$	903
INVESTING ACTIVITIES
	Capital expenditures		(3)		(844)		(125)		-		(972)
	Business acquisitions, net of cash acquired		-		-		(483)		-		(483)
	Proceeds from asset dispositions and other		-		15		(3)		-		12
CASH USED IN INVESTING ACTIVITIES			(3)		(829)		(611)		-		(1,443)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		(980)		963		17		-		-
	Payment on loan between subsidiaries		-		(450)		450		-		-
	Principal payments on debt		-		(301)		-		-		(301)
	Proceeds from debt issuances		991		-		-		-		991
	Proceeds from stock issuances		30		-		-		-		30
	Excess tax benefit on the exercise of stock options		4		-		-		-		4
	Dividends paid		(44)		-		-		-		(44)
	Purchase of treasury stock		(246)		-		-		-		(246)
	Other, net		(9)		(69)		69		-		(9)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			(254)		143		536		-		425
Effect of exchange rate changes on cash			-		1		14		-		15
Net (decrease) increase in cash and cash equivalents			(139)		25		35		(21)		(100)
Cash and cash equivalents at beginning of period			1,906		417		636		(116)		2,843
Cash and cash equivalents at end of period		$	1,767	$	442	$	671	$	(137)	$	2,743