Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May. 31, 2015

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2015
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	2,383	$	487	$	971	$	(78)	$	3,763
	Receivables, less allowances				3		4,383		1,385		(52)		5,719
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			41		689		123		-		853
	Deferred income taxes				-		571		35		-		606
			Total current assets		2,427		6,130		2,514		(130)		10,941
PROPERTY AND EQUIPMENT, AT COST					29		40,364		2,471		-		42,864
	Less accumulated depreciation and amortization				23		20,685		1,281		-		21,989
			Net property and equipment		6		19,679		1,190		-		20,875
INTERCOMPANY RECEIVABLE					-		686		1,563		(2,249)		-
GOODWILL					-		1,552		2,258		-		3,810
INVESTMENT IN SUBSIDIARIES					23,173		3,800		-		(26,973)		-
OTHER ASSETS					2,752		898		477		(2,684)		1,443
				$	28,358	$	32,745	$	8,002	$	(32,036)	$	37,069
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	7	$	12	$	-	$	19
	Accrued salaries and employee benefits				34		1,208		194		-		1,436
	Accounts payable				5		1,433		758		(130)		2,066
	Accrued expenses				604		1,557		275		-		2,436
		Total current liabilities			643		4,205		1,239		(130)		5,957
LONG-TERM DEBT, LESS CURRENT PORTION					6,978		248		23		-		7,249
INTERCOMPANY PAYABLE					2,249		-		-		(2,249)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,206		225		(2,684)		1,747
	Other liabilities				3,495		3,367		261		-		7,123
		Total other long-term liabilities			3,495		7,573		486		(2,684)		8,870
STOCKHOLDERS' INVESTMENT					14,993		20,719		6,254		(26,973)		14,993
				$	28,358	$	32,745	$	8,002	$	(32,036)	$	37,069

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2014
(As Adjusted)
						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					-		2,366		1,320		(3,686)		-
GOODWILL					-		1,552		1,238		-		2,790
INVESTMENT IN SUBSIDIARIES					22,148		3,745		-		(25,893)		-
OTHER ASSETS					2,088		747		250		(2,038)		1,047
				$	26,059	$	32,768	$	6,041	$	(31,798)	$	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					3,686		-		-		(3,686)		-
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		21,213		4,680		(25,893)		15,277
				$	26,059	$	32,768	$	6,041	$	(31,798)	$	33,070

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		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 COMPREHENSIVE INCOME
Year Ended May 31, 2014
(As Adjusted)
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	38,088	$	7,820	$	(341)	$	45,567
OPERATING EXPENSES:
	Salaries and employee benefits		99		13,936		2,136		-		16,171
	Purchased transportation		-		5,374		2,796		(159)		8,011
	Rentals and landing fees		5		2,282		340		(5)		2,622
	Depreciation and amortization		1		2,379		207		-		2,587
	Fuel		-		4,460		97		-		4,557
	Maintenance and repairs		1		1,734		127		-		1,862
	Retirement plans mark-to-market adjustment		-		13		2		-		15
	Intercompany charges, net		(209)		(125)		334		-		-
	Other		103		4,823		1,178		(177)		5,927
			-		34,876		7,217		(341)		41,752
OPERATING INCOME			-		3,212		603		-		3,815
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		2,324		412		-		(2,736)		-
	Interest, net		(167)		16		9		-		(142)
	Intercompany charges, net		172		(194)		22		-		-
	Other, net		(5)		(14)		4		-		(15)
INCOME BEFORE INCOME TAXES			2,324		3,432		638		(2,736)		3,658
	Provision for income taxes		-		1,141		193		-		1,334
NET INCOME		$	2,324	$	2,291	$	445	$	(2,736)	$	2,324
COMPREHENSIVE INCOME		$	2,248	$	2,294	$	417	$	(2,736)	$	2,223

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2013
(As Adjusted)
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	37,073	$	7,543	$	(329)	$	44,287
OPERATING EXPENSES:
	Salaries and employee benefits		103		13,877		2,075		-		16,055
	Purchased transportation		-		4,839		2,574		(141)		7,272
	Rentals and landing fees		5		2,198		324		(6)		2,521
	Depreciation and amortization		1		2,200		185		-		2,386
	Fuel		-		4,650		96		-		4,746
	Maintenance and repairs		1		1,791		117		-		1,909
	Business realignment, impairment and other charges		21		639		-		-		660
	Retirement plans mark-to-market adjustment		-		(1,335)		(33)		-		(1,368)
	Intercompany charges, net		(227)		(329)		556		-		-
	Other		96		4,565		1,193		(182)		5,672
			-		33,095		7,087		(329)		39,853
OPERATING INCOME			-		3,978		456		-		4,434
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		2,716		245		-		(2,961)		-
	Interest, net		(108)		42		5		-		(61)
	Intercompany charges, net		113		(131)		18		-		-
	Other, net		(5)		(20)		(10)		-		(35)
INCOME BEFORE INCOME TAXES			2,716		4,114		469		(2,961)		4,338
	Provision for income taxes		-		1,416		206		-		1,622
NET INCOME		$	2,716	$	2,698	$	263	$	(2,961)	$	2,716
COMPREHENSIVE INCOME		$	2,644	$	2,697	$	314	$	(2,961)	$	2,694

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		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
	Excess tax benefit on the exercise of stock options		51		-		-		-		51
	Dividends paid		(227)		-		-		-		(227)
	Purchase of treasury stock		(1,254)		-		-		-		(1,254)
	Other, net		(27)		(105)		105		-		(27)
CASH PROVIDED BY (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
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2014
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(8)	$	3,790	$	535	$	(53)	$	4,264
INVESTING ACTIVITIES
	Capital expenditures		(1)		(3,230)		(302)		-		(3,533)
	Business acquisitions, net of cash acquired		-		(36)		-		-		(36)
	Proceeds from asset dispositions and other		-		37		(19)		-		18
CASH USED IN INVESTING ACTIVITIES			(1)		(3,229)		(321)		-		(3,551)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		588		(546)		(42)		-		-
	Payment on loan between subsidiaries		-		(4)		4		-		-
	Intercompany dividends		-		54		(54)		-		-
	Principal payments on debt		(250)		(4)		-		-		(254)
	Proceeds from debt issuances		1,997		-		-		-		1,997
	Proceeds from stock issuances		557		-		-		-		557
	Excess tax benefit on the exercise of stock options		44		-		-		-		44
	Dividends paid		(187)		-		-		-		(187)
	Purchase of treasury stock		(4,857)		-		-		-		(4,857)
	Other, net		(19)		(16)		16		-		(19)
CASH USED IN FINANCING ACTIVITIES			(2,127)		(516)		(76)		-		(2,719)
Effect of exchange rate changes on cash			-		(9)		6		-		(3)
Net (decrease) increase in cash and cash equivalents			(2,136)		36		144		(53)		(2,009)
Cash and cash equivalents at beginning of period			3,892		405		717		(97)		4,917
Cash and cash equivalents at end of period		$	1,756	$	441	$	861	$	(150)	$	2,908

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2013
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$	247	$	3,936	$	486	$	19	$	4,688
INVESTING ACTIVITIES
	Capital expenditures		(3)		(3,029)		(343)		-		(3,375)
	Business acquisitions, net of cash acquired		-		-		(483)		-		(483)
	Proceeds from asset dispositions and other		-		49		6		-		55
CASH USED IN INVESTING ACTIVITIES			(3)		(2,980)		(820)		-		(3,803)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		141		(58)		(83)		-		-
	Payment on loan between subsidiaries		-		(385)		385		-		-
	Intercompany dividends		-		21		(21)		-		-
	Principal payments on debt		-		(417)		-		-		(417)
	Proceeds from debt issuance		1,739		-		-		-		1,739
	Proceeds from stock issuances		280		-		-		-		280
	Excess tax benefit on the exercise of stock options		23		-		-		-		23
	Dividends paid		(177)		-		-		-		(177)
	Purchase of treasury stock		(246)		-		-		-		(246)
	Other, net		(18)		(119)		119		-		(18)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			1,742		(958)		400		-		1,184
Effect of exchange rate changes on cash			-		(10)		15		-		5
Net increase (decrease) in cash and cash equivalents			1,986		(12)		81		19		2,074
Cash and cash equivalents at beginning of period			1,906		417		636		(116)		2,843
Cash and cash equivalents at end of period		$	3,892	$	405	$	717	$	(97)	$	4,917