Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May 31, 2016

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2016
						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,974	$	326	$	1,277	$	(43)	$	3,534
	Receivables, less allowances				1		4,461		2,831		(41)		7,252
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			233		724		246		-		1,203
			Total current assets		2,208		5,511		4,354		(84)		11,989
PROPERTY AND EQUIPMENT, AT COST					22		43,760		3,236		-		47,018
	Less accumulated depreciation and amortization				17		21,566		1,151		-		22,734
			Net property and equipment		5		22,194		2,085		-		24,284
INTERCOMPANY RECEIVABLE					2,437		1,284		-		(3,721)		-
GOODWILL					-		1,571		5,176		-		6,747
INVESTMENT IN SUBSIDIARIES					24,766		3,697		-		(28,463)		-
OTHER ASSETS					3,461		970		1,851		(3,238)		3,044
				$	32,877	$	35,227	$	13,466	$	(35,506)	$	46,064
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	13	$	16	$	-	$	29
	Accrued salaries and employee benefits				54		1,377		541		-		1,972
	Accounts payable				8		1,501		1,519		(84)		2,944
	Accrued expenses				883		1,411		769		-		3,063
		Total current liabilities			945		4,302		2,845		(84)		8,008
LONG-TERM DEBT, LESS CURRENT PORTION					13,553		248		37		-		13,838
INTERCOMPANY PAYABLE					-		-		3,721		(3,721)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,436		369		(3,238)		1,567
	Other liabilities				4,595		3,375		897		-		8,867
		Total other long-term liabilities			4,595		7,811		1,266		(3,238)		10,434
STOCKHOLDERS' INVESTMENT					13,784		22,866		5,597		(28,463)		13,784
				$	32,877	$	35,227	$	13,466	$	(35,506)	$	46,064

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
			Total current assets		2,427		5,559		2,479		(130)		10,335
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					-		713		1,554		(2,267)		-
GOODWILL					-		1,552		2,258		-		3,810
INVESTMENT IN SUBSIDIARIES					23,173		3,800		-		(26,973)		-
OTHER ASSETS					2,770		898		480		(2,637)		1,511
				$	28,376	$	32,201	$	7,961	$	(32,007)	$	36,531
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		274		-		2,435
		Total current liabilities			643		4,205		1,238		(130)		5,956
LONG-TERM DEBT, LESS CURRENT PORTION					6,978		248		23		-		7,249
INTERCOMPANY PAYABLE					2,267		-		-		(2,267)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		3,662		185		(2,637)		1,210
	Other liabilities				3,495		3,367		261		-		7,123
		Total other long-term liabilities			3,495		7,029		446		(2,637)		8,333
STOCKHOLDERS' INVESTMENT					14,993		20,719		6,254		(26,973)		14,993
				$	28,376	$	32,201	$	7,961	$	(32,007)	$	36,531

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2016
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
REVENUES		$	-	$	42,143	$	8,547	$	(325)	$	50,365
OPERATING EXPENSES:
	Salaries and employee benefits		119		15,880		2,582		-		18,581
	Purchased transportation		-		7,380		2,720		(134)		9,966
	Rentals and landing fees		5		2,484		371		(6)		2,854
	Depreciation and amortization		1		2,399		231		-		2,631
	Fuel		-		2,324		75		-		2,399
	Maintenance and repairs		1		1,954		153		-		2,108
	Retirement plans mark-to-market adjustment		-		1,414		84		-		1,498
	Intercompany charges, net		(645)		425		220		-		-
	Other		519		5,274		1,643		(185)		7,251
			-		39,534		8,079		(325)		47,288
OPERATING INCOME			-		2,609		468		-		3,077
OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,820		279		-		(2,099)		-
	Interest, net		(355)		27		13		-		(315)
	Intercompany charges, net		369		(354)		(15)		-		-
	Other, net		(14)		(14)		6		-		(22)
INCOME BEFORE INCOME TAXES			1,820		2,547		472		(2,099)		2,740
	Provision for income taxes		-		818		102		-		920
NET INCOME		$	1,820	$	1,729	$	370	$	(2,099)	$	1,820
COMPREHENSIVE INCOME		$	1,746	$	1,704	$	128	$	(2,099)	$	1,479
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
				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 Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2016
				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(831)	$	5,932	$	572	$	35	$	5,708
INVESTING ACTIVITIES
	Capital expenditures		-		(4,617)		(201)		-		(4,818)
	Business acquisitions, net of cash acquired		-		-		(4,618)		-		(4,618)
	Proceeds from asset dispositions and other		(55)		33		12		-		(10)
CASH USED IN INVESTING ACTIVITIES			(55)		(4,584)		(4,807)		-		(9,446)
FINANCING ACTIVITIES
	Net transfers from (to) Parent		1,629		(1,549)		(80)		-		-
	Payment on loan between subsidiaries		(4,805)		109		4,696		-		-
	Intercompany dividends		-		20		(20)		-		-
	Principal payments on debt		-		(19)		(22)		-		(41)
	Proceeds from debt issuance		6,519		-		-		-		6,519
	Proceeds from stock issuances		183		-		-		-		183
	Excess tax benefit on the exercise of stock options		3		-		-		-		3
	Dividends paid		(277)		-		-		-		(277)
	Purchase of treasury stock		(2,722)		-		-		-		(2,722)
	Other, net		(54)		(48)		48		-		(54)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			476		(1,487)		4,622		-		3,611
Effect of exchange rate changes on cash			1		(22)		(81)		-		(102)
Net (decrease) increase in cash and cash equivalents			(409)		(161)		306		35		(229)
Cash and cash equivalents at beginning of period			2,383		487		971		(78)		3,763
Cash and cash equivalents at end of period		$	1,974	$	326	$	1,277	$	(43)	$	3,534
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 issuances		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 issuance		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