Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Feb. 28, 2015

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
February 28, 2015
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries			Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	2,142	$	492	$	886	$		(42)	$	3,478
	Receivables, less allowances				1		4,355		1,277			(49)		5,584
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			100		687		123			-		910
	Deferred income taxes				-		476		34			-		510
			Total current assets		2,243		6,010		2,320			(91)		10,482
PROPERTY AND EQUIPMENT, AT COST					28		40,264		2,360			-		42,652
	Less accumulated depreciation and amortization				23		20,973		1,231			-		22,227
			Net property and equipment		5		19,291		1,129			-		20,425
INTERCOMPANY RECEIVABLE					-		1,406		1,578			(2,984)		-
GOODWILL					-		1,552		2,253			-		3,805
INVESTMENT IN SUBSIDIARIES					23,736		3,753		-			(27,489)		-
OTHER ASSETS					2,055		856		473			(1,988)		1,396
				$	28,039	$	32,868	$	7,753		$	(32,552)	$	36,108
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Accrued salaries and employee benefits			$	35	$	1,053	$	143		$	-	$	1,231
	Accounts payable				60		1,327		754			(91)		2,050
	Accrued expenses				314		1,410		238			-		1,962
		Total current liabilities			409		3,790		1,135			(91)		5,243
LONG-TERM DEBT, LESS CURRENT PORTION					6,978		248		2			-		7,228
INTERCOMPANY PAYABLE					2,984		-		-			(2,984)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,294		191			(1,988)		2,497
	Other liabilities				1,656		3,229		243			-		5,128
		Total other long-term liabilities			1,656		7,523		434			(1,988)		7,625
STOCKHOLDERS' INVESTMENT					16,012		21,307		6,182			(27,489)		16,012
				$	28,039	$	32,868	$	7,753		$	(32,552)	$	36,108

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 February 28, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,793	$	2,024	$	(101)	$	11,716
OPERATING EXPENSES:
	Salaries and employee benefits		25		3,784		602		-		4,411
	Purchased transportation		-		1,527		695		(57)		2,165
	Rentals and landing fees		1		597		89		(1)		686
	Depreciation and amortization		-		593		59		-		652
	Fuel		-		790		20		-		810
	Maintenance and repairs		-		468		37		-		505
	Intercompany charges, net		(48)		(34)		82		-		-
	Other		22		1,231		315		(43)		1,525
			-		8,956		1,899		(101)		10,754
OPERATING INCOME			-		837		125		-		962
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		580		90		-		(670)		-
	Interest, net		(66)		6		2		-		(58)
	Intercompany charges, net		68		(74)		6		-		-
	Other, net		(2)		(4)		11		-		5
INCOME BEFORE INCOME TAXES			580		855		144		(670)		909
	Provision for income taxes		-		248		81		-		329
NET INCOME		$	580	$	607	$	63	$	(670)	$	580
COMPREHENSIVE INCOME		$	607	$	596	$	(75)	$	(670)	$	458
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended February 28, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,509	$	1,876	$	(84)	$	11,301
OPERATING EXPENSES:
	Salaries and employee benefits		24		3,615		528		-		4,167
	Purchased transportation		-		1,426		680		(43)		2,063
	Rentals and landing fees		1		576		86		(1)		662
	Depreciation and amortization		-		601		51		-		652
	Fuel		-		1,138		25		-		1,163
	Maintenance and repairs		1		406		31		-		438
	Intercompany charges, net		(52)		(17)		69		-		-
	Other		26		1,234		295		(40)		1,515
			-		8,979		1,765		(84)		10,660
OPERATING INCOME			-		530		111		-		641
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		378		80		-		(458)		-
	Interest, net		(45)		4		3		-		(38)
	Intercompany charges, net		46		(52)		6		-		-
	Other, net		(1)		(9)		1		-		(9)
INCOME BEFORE INCOME TAXES			378		553		121		(458)		594
	Provision for income taxes		-		165		51		-		216
NET INCOME		$	378	$	388	$	70	$	(458)	$	378
COMPREHENSIVE INCOME		$	419	$	388	$	44	$	(458)	$	393

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	29,488	$	6,136	$	(285)	$	35,339
OPERATING EXPENSES:
	Salaries and employee benefits		78		11,119		1,707		-		12,904
	Purchased transportation		-		4,381		2,170		(147)		6,404
	Rentals and landing fees		4		1,746		263		(4)		2,009
	Depreciation and amortization		1		1,783		170		-		1,954
	Fuel		-		2,913		69		-		2,982
	Maintenance and repairs		-		1,497		107		-		1,604
	Intercompany charges, net		(191)		(82)		273		-		-
	Other		108		3,635		911		(134)		4,520
			-		26,992		5,670		(285)		32,377
OPERATING INCOME			-		2,496		466		-		2,962
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,802		291		-		(2,093)		-
	Interest, net		(172)		15		4		-		(153)
	Intercompany charges, net		176		(192)		16		-		-
	Other, net		(4)		(5)		17		-		8
INCOME BEFORE INCOME TAXES			1,802		2,605		503		(2,093)		2,817
	Provision for income taxes		-		836		179		-		1,015
NET INCOME		$	1,802	$	1,769	$	324	$	(2,093)	$	1,802
COMPREHENSIVE INCOME		$	1,883	$	1,733	$	64	$	(2,093)	$	1,587
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	28,184	$	5,796	$	(252)	$	33,728
OPERATING EXPENSES:
	Salaries and employee benefits		79		10,697		1,616		-		12,392
	Purchased transportation		-		4,008		2,092		(118)		5,982
	Rentals and landing fees		4		1,697		253		(4)		1,950
	Depreciation and amortization		1		1,785		152		-		1,938
	Fuel		-		3,330		73		-		3,403
	Maintenance and repairs		1		1,302		94		-		1,397
	Intercompany charges, net		(163)		(47)		210		-		-
	Other		78		3,559		896		(130)		4,403
			-		26,331		5,386		(252)		31,465
OPERATING INCOME			-		1,853		410		-		2,263
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,367		323		-		(1,690)		-
	Interest, net		(114)		14		5		-		(95)
	Intercompany charges, net		117		(134)		17		-		-
	Other, net		(3)		(14)		1		-		(16)
INCOME BEFORE INCOME TAXES			1,367		2,042		433		(1,690)		2,152
	Provision for income taxes		-		648		137		-		785
NET INCOME		$	1,367	$	1,394	$	296	$	(1,690)	$	1,367
COMPREHENSIVE INCOME		$	1,487	$	1,401	$	235	$	(1,690)	$	1,433

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 28, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(460)	$	3,443	$	382	$	108	$	3,473
INVESTING ACTIVITIES
	Capital expenditures		(1)		(2,849)		(119)		-		(2,969)
	Business acquisitions, net of cash acquired		(1,429)		-		-		-		(1,429)
	Proceeds from asset dispositions and other		-		35		(19)		-		16
CASH USED IN INVESTING ACTIVITIES			(1,430)		(2,814)		(138)		-		(4,382)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		692		(681)		(11)		-		-
	Payment on loan between subsidiaries		-		202		(202)		-		-
	Intercompany dividends		-		38		(38)		-		-
	Principal payments on debt		-		(1)		-		-		(1)
	Proceeds from debt issuance		2,491		-		-		-		2,491
	Proceeds from stock issuances		272		-		-		-		272
	Excess tax benefit on the exercise of stock options		31		-		-		-		31
	Dividends paid		(171)		-		-		-		(171)
	Purchase of treasury stock		(1,016)		-		-		-		(1,016)
	Other, net		(23)		(105)		105		-		(23)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			2,276		(547)		(146)		-		1,583
Effect of exchange rate changes on cash			-		(31)		(73)		-		(104)
Net increase in cash and cash equivalents			386		51		25		108		570
Cash and cash equivalents at beginning of period			1,756		441		861		(150)		2,908
Cash and cash equivalents at end of period		$	2,142	$	492	$	886	$	(42)	$	3,478
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 28, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(104)	$	2,386	$	341	$	(45)	$	2,578
INVESTING ACTIVITIES
	Capital expenditures		-		(2,342)		(212)		-		(2,554)
	Proceeds from asset dispositions and other		-		26		(3)		-		23
CASH USED IN INVESTING ACTIVITIES			-		(2,316)		(215)		-		(2,531)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		136		(123)		(13)		-		-
	Payment on loan between subsidiaries		-		5		(5)		-		-
	Intercompany dividends		-		36		(36)		-		-
	Principal payments on debt		(250)		(4)		-		-		(254)
	Proceeds from debt issuance		1,997		-		-		-		1,997
	Proceeds from stock issuances		462		-		-		-		462
	Excess tax benefit on the exercise of stock options		27		-		-		-		27
	Dividends paid		(142)		-		-		-		(142)
	Purchase of treasury stock		(3,984)		-		-		-		(3,984)
	Other, net		(18)		-		-		-		(18)
CASH USED IN FINANCING ACTIVITIES			(1,772)		(86)		(54)		-		(1,912)
Effect of exchange rate changes on cash			-		(9)		(1)		-		(10)
Net (decrease) increase in cash and cash equivalents			(1,876)		(25)		71		(45)		(1,875)
Cash and cash equivalents at beginning of period			3,892		405		717		(97)		4,917
Cash and cash equivalents at end of period		$	2,016	$	380	$	788	$	(142)	$	3,042