Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Nov. 30, 2014

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
November 30, 2014
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries			Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,048	$	482	$	869	$		(133)	$	2,266
	Receivables, less allowances				1		4,453		1,189			(51)		5,592
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			76		719		62			-		857
	Deferred income taxes				-		474		23			-		497
			Total current assets		1,125		6,128		2,143			(184)		9,212
PROPERTY AND EQUIPMENT, AT COST					28		39,258		2,330			-		41,616
	Less accumulated depreciation and amortization				22		20,458		1,243			-		21,723
			Net property and equipment		6		18,800		1,087			-		19,893
INTERCOMPANY RECEIVABLE					-		1,172		1,526			(2,698)		-
GOODWILL					-		1,552		1,182			-		2,734
INVESTMENT IN SUBSIDIARIES					21,850		3,747		-			(25,597)		-
OTHER ASSETS					2,051		862		237			(2,005)		1,145
				$	25,032	$	32,261	$	6,175		$	(30,484)	$	32,984
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Accrued salaries and employee benefits			$	33	$	1,011	$	175		$	-	$	1,219
	Accounts payable				60		1,403		689			(184)		1,968
	Accrued expenses				374		1,404		208			-		1,986
		Total current liabilities			467		3,818		1,072			(184)		5,173
LONG-TERM DEBT, LESS CURRENT PORTION					4,487		248		-			-		4,735
INTERCOMPANY PAYABLE					2,698		-		-			(2,698)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,021		88			(2,005)		2,104
	Other liabilities				1,817		3,344		248			-		5,409
		Total other long-term liabilities			1,817		7,365		336			(2,005)		7,513
STOCKHOLDERS' INVESTMENT					15,563		20,830		4,767			(25,597)		15,563
				$	25,032	$	32,261	$	6,175		$	(30,484)	$	32,984

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2014
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,756	$	441	$	861	$	(150)	$	2,908
	Receivables, less allowances				2		4,338		1,151		(31)		5,460
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			59		674		60		-		793
	Deferred income taxes				-		501		21		-		522
			Total current assets		1,817		5,954		2,093		(181)		9,683
PROPERTY AND EQUIPMENT, AT COST					28		38,303		2,360		-		40,691
	Less accumulated depreciation and amortization				22		19,899		1,220		-		21,141
			Net property and equipment		6		18,404		1,140		-		19,550
INTERCOMPANY RECEIVABLE					-		1,058		1,265		(2,323)		-
GOODWILL					-		1,552		1,238		-		2,790
INVESTMENT IN SUBSIDIARIES					20,785		3,754		-		(24,539)		-
OTHER ASSETS					2,088		747		250		(2,038)		1,047
				$	24,696	$	31,469	$	5,986	$	(29,081)	$	33,070
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	1	$	-	$	-	$	1
	Accrued salaries and employee benefits				55		1,042		180		-		1,277
	Accounts payable				2		1,530		620		(181)		1,971
	Accrued expenses				405		1,444		214		-		2,063
		Total current liabilities			462		4,017		1,014		(181)		5,312
LONG-TERM DEBT, LESS CURRENT PORTION					4,487		249		-		-		4,736
INTERCOMPANY PAYABLE					2,323		-		-		(2,323)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,059		93		(2,038)		2,114
	Other liabilities				2,147		3,230		254		-		5,631
		Total other long-term liabilities			2,147		7,289		347		(2,038)		7,745
STOCKHOLDERS' INVESTMENT					15,277		19,914		4,625		(24,539)		15,277
				$	24,696	$	31,469	$	5,986	$	(29,081)	$	33,070

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,926	$	2,108	$	(95)	$	11,939
OPERATING EXPENSES:
	Salaries and employee benefits		23		3,729		552		-		4,304
	Purchased transportation		-		1,468		764		(47)		2,185
	Rentals and landing fees		2		577		86		(2)		663
	Depreciation and amortization		1		595		55		-		651
	Fuel		-		1,028		24		-		1,052
	Maintenance and repairs		-		507		36		-		543
	Intercompany charges, net		(48)		(50)		98		-		-
	Other		22		1,239		313		(46)		1,528
			-		9,093		1,928		(95)		10,926
OPERATING INCOME			-		833		180		-		1,013
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		616		103		-		(719)		-
	Interest, net		(53)		5		1		-		(47)
	Intercompany charges, net		54		(59)		5		-		-
	Other, net		(1)		2		4		-		5
INCOME BEFORE INCOME TAXES			616		884		190		(719)		971
	Provision for income taxes		-		319		36		-		355
NET INCOME		$	616	$	565	$	154	$	(719)	$	616
COMPREHENSIVE INCOME		$	642	$	543	$	57		(719)	$	523
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,447	$	2,042	$	(86)	$	11,403
OPERATING EXPENSES:
	Salaries and employee benefits		24		3,568		556		-		4,148
	Purchased transportation		-		1,340		739		(39)		2,040
	Rentals and landing fees		2		563		85		(2)		648
	Depreciation and amortization		1		595		51		-		647
	Fuel		-		1,111		25		-		1,136
	Maintenance and repairs		-		447		32		-		479
	Intercompany charges, net		(50)		(24)		74		-		-
	Other		23		1,192		308		(45)		1,478
			-		8,792		1,870		(86)		10,576
OPERATING INCOME			-		655		172		-		827
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		500		133		-		(633)		-
	Interest, net		(35)		5		-		-		(30)
	Intercompany charges, net		36		(41)		5		-		-
	Other, net		(1)		(3)		(1)		-		(5)
INCOME BEFORE INCOME TAXES			500		749		176		(633)		792
	Provision for income taxes		-		251		41		-		292
NET INCOME		$	500	$	498	$	135	$	(633)	$	500
COMPREHENSIVE INCOME		$	540	$	506	$	175	$	(633)	$	588

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	19,695	$	4,112	$	(184)	$	23,623
OPERATING EXPENSES:
	Salaries and employee benefits		53		7,335		1,105		-		8,493
	Purchased transportation		-		2,854		1,475		(90)		4,239
	Rentals and landing fees		3		1,149		174		(3)		1,323
	Depreciation and amortization		1		1,190		111		-		1,302
	Fuel		-		2,123		49		-		2,172
	Maintenance and repairs		-		1,029		70		-		1,099
	Intercompany charges, net		(143)		(48)		191		-		-
	Other		86		2,404		596		(91)		2,995
			-		18,036		3,771		(184)		21,623
OPERATING INCOME			-		1,659		341		-		2,000
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,222		201		-		(1,423)		-
	Interest, net		(106)		9		2		-		(95)
	Intercompany charges, net		108		(118)		10		-		-
	Other, net		(2)		(1)		6		-		3
INCOME BEFORE INCOME TAXES			1,222		1,750		359		(1,423)		1,908
	Provision for income taxes		-		588		98		-		686
NET INCOME		$	1,222	$	1,162	$	261	$	(1,423)	$	1,222
COMPREHENSIVE INCOME		$	1,276	$	1,137	$	139	$	(1,423)	$	1,129
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	18,675	$	3,920	$	(168)	$	22,427
OPERATING EXPENSES:
	Salaries and employee benefits		55		7,082		1,088		-		8,225
	Purchased transportation		-		2,582		1,412		(75)		3,919
	Rentals and landing fees		3		1,121		167		(3)		1,288
	Depreciation and amortization		1		1,184		101		-		1,286
	Fuel		-		2,192		48		-		2,240
	Maintenance and repairs		-		896		63		-		959
	Intercompany charges, net		(111)		(30)		141		-		-
	Other		52		2,325		601		(90)		2,888
			-		17,352		3,621		(168)		20,805
OPERATING INCOME			-		1,323		299		-		1,622
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		989		243		-		(1,232)		-
	Interest, net		(69)		10		2		-		(57)
	Intercompany charges, net		71		(82)		11		-		-
	Other, net		(2)		(5)		-		-		(7)
INCOME BEFORE INCOME TAXES			989		1,489		312		(1,232)		1,558
	Provision for income taxes		-		483		86		-		569
NET INCOME		$	989	$	1,006	$	226	$	(1,232)	$	989
COMPREHENSIVE INCOME		$	1,068	$	1,013	$	191	$	(1,232)	$	1,040

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(458)	$	2,335	$	257	$	17	$	2,151
INVESTING ACTIVITIES
	Capital expenditures		(1)		(1,809)		(80)		-		(1,890)
	Proceeds from asset dispositions and other		(1)		17		(9)		-		7
CASH USED IN INVESTING ACTIVITIES			(2)		(1,792)		(89)		-		(1,883)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		601		(610)		9		-		-
	Payment on loan between subsidiaries		-		143		(143)		-		-
	Intercompany dividends		-		22		(22)		-		-
	Principal payments on debt		-		(1)		-		-		(1)
	Proceeds from stock issuances		189		-		-		-		189
	Excess tax benefit on the exercise of stock options		23		-		-		-		23
	Dividends paid		(114)		-		-		-		(114)
	Purchase of treasury stock		(947)		-		-		-		(947)
	Other, net		-		(39)		39		-		-
CASH USED IN FINANCING ACTIVITIES			(248)		(485)		(117)		-		(850)
Effect of exchange rate changes on cash			-		(17)		(43)		-		(60)
Net (decrease) increase in cash and cash equivalents			(708)		41		8		17		(642)
Cash and cash equivalents at beginning of period			1,756		441		861		(150)		2,908
Cash and cash equivalents at end of period		$	1,048	$	482	$	869	$	(133)	$	2,266
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(139)	$	1,545	$	246	$	(43)	$	1,609
INVESTING ACTIVITIES
	Capital expenditures		-		(1,521)		(169)		-		(1,690)
	Proceeds from asset dispositions and other		-		19		-		-		19
CASH USED IN INVESTING ACTIVITIES			-		(1,502)		(169)		-		(1,671)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		(31)		64		(33)		-		-
	Payment on loan between subsidiaries		-		(33)		33		-		-
	Intercompany dividends		-		22		(22)		-		-
	Principal payments on debt		-		(3)		-		-		(3)
	Proceeds from stock issuances		380		-		-		-		380
	Excess tax benefit on the exercise of stock options		20		-		-		-		20
	Dividends paid		(95)		-		-		-		(95)
	Purchase of treasury stock		(1,219)		-		-		-		(1,219)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(945)		50		(22)		-		(917)
Effect of exchange rate changes on cash			-		(6)		3		-		(3)
Net (decrease) increase in cash and cash equivalents			(1,084)		87		58		(43)		(982)
Cash and cash equivalents at beginning of period			3,892		405		717		(97)		4,917
Cash and cash equivalents at end of period		$	2,808	$	492	$	775	$	(140)	$	3,935