Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Nov. 30, 2015

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
November 30, 2015
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries			Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	2,229	$	474	$	988	$		(44)	$	3,647
	Receivables, less allowances				10		4,503		1,405			(53)		5,865
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			85		739		129			-		953
	Deferred income taxes				-		651		36			-		687
			Total current assets		2,324		6,367		2,558			(97)		11,152
PROPERTY AND EQUIPMENT, AT COST					29		43,125		2,088			-		45,242
	Less accumulated depreciation and amortization				23		21,832		1,109			-		22,964
			Net property and equipment		6		21,293		979			-		22,278
INTERCOMPANY RECEIVABLE					-		981		1,255			(2,236)		-
GOODWILL					-		1,571		2,235			-		3,806
INVESTMENT IN SUBSIDIARIES					24,371		3,228		-			(27,599)		-
OTHER ASSETS					2,785		708		343			(2,701)		1,135
				$	29,486	$	34,148	$	7,370		$	(32,633)	$	38,371
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	6	$	8		$	-	$	14
	Accrued salaries and employee benefits				49		1,251		210			-		1,510
	Accounts payable				76		1,411		739			(97)		2,129
	Accrued expenses				632		1,415		251			-		2,298
		Total current liabilities			757		4,083		1,208			(97)		5,951
LONG-TERM DEBT, LESS CURRENT PORTION					8,217		248		16			-		8,481
INTERCOMPANY PAYABLE					2,236		-		-			(2,236)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,263		197			(2,701)		1,759
	Other liabilities				3,286		3,653		251			-		7,190
		Total other long-term liabilities			3,286		7,916		448			(2,701)		8,949
STOCKHOLDERS' INVESTMENT					14,990		21,901		5,698			(27,599)		14,990
				$	29,486	$	34,148	$	7,370		$	(32,633)	$	38,371

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 Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	10,479	$	2,048	$	(74)	$	12,453
OPERATING EXPENSES:
	Salaries and employee benefits		26		3,926		618		-		4,570
	Purchased transportation		-		1,941		622		(25)		2,538
	Rentals and landing fees		2		596		86		(2)		682
	Depreciation and amortization		1		601		51		-		653
	Fuel		-		597		18		-		615
	Maintenance and repairs		-		497		32		-		529
	Intercompany charges, net		(112)		84		28		-		-
	Other		83		1,293		400		(47)		1,729
			-		9,535		1,855		(74)		11,316
OPERATING INCOME			-		944		193		-		1,137
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		691		73		-		(764)		-
	Interest, net		(81)		6		1		-		(74)
	Intercompany charges, net		84		(83)		(1)		-		-
	Other, net		(3)		(6)		1		-		(8)
INCOME BEFORE INCOME TAXES			691		934		194		(764)		1,055
	Provision for income taxes		-		309		55		-		364
NET INCOME		$	691	$	625	$	139	$	(764)	$	691
COMPREHENSIVE INCOME		$	672	$	620	$	112	$	(764)	$	640
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2014
(As Adjusted)
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	9,926	$	2,108	$	(95)	$	11,939
OPERATING EXPENSES:
	Salaries and employee benefits		23		3,656		550		-		4,229
	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
			-		9,020		1,926		(95)		10,851
OPERATING INCOME			-		906		182		-		1,088
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		663		103		-		(766)		-
	Interest, net		(53)		5		1		-		(47)
	Intercompany charges, net		54		(59)		5		-		-
	Other, net		(1)		2		4		-		5
INCOME BEFORE INCOME TAXES			663		957		192		(766)		1,046
	Provision for income taxes		-		346		37		-		383
NET INCOME		$	663	$	611	$	155	$	(766)	$	663
COMPREHENSIVE INCOME		$	644	$	586	$	59	$	(766)	$	523

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	20,352	$	4,557	$	(177)	$	24,732
OPERATING EXPENSES:
	Salaries and employee benefits		60		7,739		1,296		-		9,095
	Purchased transportation		-		3,375		1,587		(80)		4,882
	Rentals and landing fees		3		1,183		194		(3)		1,377
	Depreciation and amortization		1		1,184		116		-		1,301
	Fuel		-		1,288		39		-		1,327
	Maintenance and repairs		-		1,005		72		-		1,077
	Intercompany charges, net		(181)		44		137		-		-
	Other		117		2,557		812		(94)		3,392
			-		18,375		4,253		(177)		22,451
OPERATING INCOME			-		1,977		304		-		2,281
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,383		134		-		(1,517)		-
	Interest, net		(156)		14		5		-		(137)
	Intercompany charges, net		162		(159)		(3)		-		-
	Other, net		(6)		(9)		10		-		(5)
INCOME BEFORE INCOME TAXES			1,383		1,957		316		(1,517)		2,139
	Provision for income taxes		-		666		90		-		756
NET INCOME		$	1,383	$	1,291	$	226	$	(1,517)	$	1,383
COMPREHENSIVE INCOME		$	1,346	$	1,271	$	70	$	(1,517)	$	1,170
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2014
(As Adjusted)
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	19,695	$	4,112	$	(184)	$	23,623
OPERATING EXPENSES:
	Salaries and employee benefits		53		7,190		1,100		-		8,343
	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
			-		17,891		3,766		(184)		21,473
OPERATING INCOME			-		1,804		346		-		2,150
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,316		201		-		(1,517)		-
	Interest, net		(106)		9		2		-		(95)
	Intercompany charges, net		108		(118)		10		-		-
	Other, net		(2)		(1)		6		-		3
INCOME BEFORE INCOME TAXES			1,316		1,895		364		(1,517)		2,058
	Provision for income taxes		-		642		100		-		742
NET INCOME		$	1,316	$	1,253	$	264	$	(1,517)	$	1,316
COMPREHENSIVE INCOME		$	1,280	$	1,224	$	142	$	(1,517)	$	1,129

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2015
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(847)	$	3,054	$	213	$	34	$	2,454
INVESTING ACTIVITIES
	Capital expenditures		-		(2,482)		(80)		-		(2,562)
	Proceeds from asset dispositions and other		(5)		21		(4)		-		12
CASH USED IN INVESTING ACTIVITIES			(5)		(2,461)		(84)		-		(2,550)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		648		(691)		43		-		-
	Payment on loan between subsidiaries		-		106		(106)		-		-
	Intercompany dividends		-		20		(20)		-		-
	Principal payments on debt		-		(2)		(15)		-		(17)
	Proceeds from debt issuance		1,238		-		-		-		1,238
	Proceeds from stock issuances		62		-		-		-		62
	Excess tax benefit on the exercise of stock options		8		-		-		-		8
	Dividends paid		(141)		-		-		-		(141)
	Purchase of treasury stock		(1,101)		-		-		-		(1,101)
	Other, net		(16)		(27)		27		-		(16)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			698		(594)		(71)		-		33
Effect of exchange rate changes on cash			-		(12)		(41)		-		(53)
Net (decrease) increase in cash and cash equivalents			(154)		(13)		17		34		(116)
Cash and cash equivalents at beginning of period			2,383		487		971		(78)		3,763
Cash and cash equivalents at end of period		$	2,229	$	474	$	988	$	(44)	$	3,647
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