Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Nov. 30, 2017

Condensed Consolidating Financial Statements Tables [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

November 30, 2017

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	959	$	342	$	1,495	$	(28	)	$	2,768
Receivables, less allowances		2		5,340		3,441		(128	)		8,655
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		286		931		241		—			1,458
Total current assets		1,247		6,613		5,177		(156	)		12,881
PROPERTY AND EQUIPMENT, AT COST		22		49,585		3,633		—			53,240
Less accumulated depreciation and amortization		18		24,349		1,583		—			25,950
Net property and equipment		4		25,236		2,050		—			27,290
INTERCOMPANY RECEIVABLE		1,175		3,184		—		(4,359	)		—
GOODWILL		—		1,571		5,754		—			7,325
INVESTMENT IN SUBSIDIARIES		29,116		2,903		—		(32,019	)		—
OTHER ASSETS		3,501		1,197		1,297		(3,210	)		2,785
	$	35,043	$	40,704	$	14,278	$	(39,744	)	$	50,281
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Short-term borrowings	$	250	$	—	$	—	$	—		$	250
Current portion of long-term debt		—		1		10		—			11
Accrued salaries and employee benefits		59		1,325		528		—			1,912
Accounts payable		153		1,636		1,514		(156	)		3,147
Accrued expenses		451		1,621		835		—			2,907
Total current liabilities		913		4,583		2,887		(156	)		8,227
LONG-TERM DEBT, LESS CURRENT PORTION		14,872		289		19		—			15,180
INTERCOMPANY PAYABLE		—		—		4,359		(4,359	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		6,102		196		(3,210	)		3,088
Other liabilities		2,203		3,642		886		—			6,731
Total other long-term liabilities		2,203		9,744		1,082		(3,210	)		9,819
STOCKHOLDERS’ INVESTMENT		17,055		26,088		5,931		(32,019	)		17,055
	$	35,043	$	40,704	$	14,278	$	(39,744	)	$	50,281

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2017

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,884	$	325	$	1,807	$	(47	)	$	3,969
Receivables, less allowances		3		4,729		2,928		(61	)		7,599
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		25		787		248		—			1,060
Total current assets		1,912		5,841		4,983		(108	)		12,628
PROPERTY AND EQUIPMENT, AT COST		22		47,201		3,403		—			50,626
Less accumulated depreciation and amortization		18		23,211		1,416		—			24,645
Net property and equipment		4		23,990		1,987		—			25,981
INTERCOMPANY RECEIVABLE		1,521		2,607		—		(4,128	)		—
GOODWILL		—		1,571		5,583		—			7,154
INVESTMENT IN SUBSIDIARIES		27,712		2,636		—		(30,348	)		—
OTHER ASSETS		3,494		1,271		1,249		(3,225	)		2,789
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	9	$	13	$	—		$	22
Accrued salaries and employee benefits		72		1,335		507		—			1,914
Accounts payable		10		1,411		1,439		(108	)		2,752
Accrued expenses		991		1,522		717		—			3,230
Total current liabilities		1,073		4,277		2,676		(108	)		7,918
LONG-TERM DEBT, LESS CURRENT PORTION		14,641		244		24		—			14,909
INTERCOMPANY PAYABLE		—		—		4,128		(4,128	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		5,472		238		(3,225	)		2,485
Other liabilities		2,856		3,448		863		—			7,167
Total other long-term liabilities		2,856		8,920		1,101		(3,225	)		9,652
STOCKHOLDERS’ INVESTMENT		16,073		24,475		5,873		(30,348	)		16,073
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended November 30, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,044		$	4,362		$	(93	)	$	16,313
OPERATING EXPENSES:
Salaries and employee benefits		35			4,439			1,268			—			5,742
Purchased transportation		—			2,314			1,576			(50	)		3,840
Rentals and landing fees		1			640			197			(3	)		835
Depreciation and amortization		—			649			107			—			756
Fuel		—			746			72			—			818
Maintenance and repairs		—			584			81			—			665
Intercompany charges, net		(95	)		—			95			—			—
Other		59			1,592			784			(40	)		2,395
		—			10,964			4,180			(93	)		15,051
OPERATING INCOME		—			1,080			182			—			1,262
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		775			40			—			(815	)		—
Interest, net		(130	)		11			(5	)		—			(124	)
Intercompany charges, net		132			(71	)		(61	)		—			—
Other, net		(2	)		(8	)		11			—			1
INCOME BEFORE INCOME TAXES		775			1,052			127			(815	)		1,139
Provision for income taxes		—			225			139			—			364
NET INCOME	$	775		$	827		$	(12	)	$	(815	)	$	775
COMPREHENSIVE INCOME	$	756		$	817		$	(92	)	$	(815	)	$	666

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended November 30, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	10,997		$	4,004		$	(70	)	$	14,931
OPERATING EXPENSES:
Salaries and employee benefits		29			4,161			1,163			—			5,353
Purchased transportation		—			2,074			1,383			(26	)		3,431
Rentals and landing fees		2			625			177			(2	)		802
Depreciation and amortization		—			634			106			—			740
Fuel		—			584			74			—			658
Maintenance and repairs		—			504			75			—			579
Intercompany charges, net		(89	)		38			51			—			—
Other		58			1,429			756			(42	)		2,201
		—			10,049			3,785			(70	)		13,764
OPERATING INCOME		—			948			219			—			1,167
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		700			54			—			(754	)		—
Interest, net		(123	)		4			—			—			(119	)
Intercompany charges, net		124			(64	)		(60	)		—			—
Other, net		(1	)		(5	)		36			—			30
INCOME BEFORE INCOME TAXES		700			937			195			(754	)		1,078
Provision for income taxes		—			291			87			—			378
NET INCOME	$	700		$	646		$	108		$	(754	)	$	700
COMPREHENSIVE INCOME	$	682		$	635		$	(112	)	$	(754	)	$	451

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Six Months Ended November 30, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	23,611		$	8,216		$	(217	)	$	31,610
OPERATING EXPENSES:
Salaries and employee benefits		73			8,666			2,521			—			11,260
Purchased transportation		—			4,377			3,040			(132	)		7,285
Rentals and landing fees		2			1,267			388			(4	)		1,653
Depreciation and amortization		—			1,288			219			—			1,507
Fuel		—			1,383			138			—			1,521
Maintenance and repairs		—			1,186			154			—			1,340
Intercompany charges, net		(211	)		113			98			—			—
Other		136			3,068			1,542			(81	)		4,665
		—			21,348			8,100			(217	)		29,231
OPERATING INCOME		—			2,263			116			—			2,379
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,371			37			—			(1,408	)		—
Interest, net		(259	)		24			(3	)		—			(238	)
Intercompany charges, net		263			(142	)		(121	)		—			—
Other, net		(4	)		(16	)		—			—			(20	)
INCOME BEFORE INCOME TAXES		1,371			2,166			(8	)		(1,408	)		2,121
Provision for income taxes		—			624			126			—			750
NET INCOME	$	1,371		$	1,542		$	(134	)	$	(1,408	)	$	1,371
COMPREHENSIVE INCOME	$	1,334		$	1,536		$	(110	)	$	(1,408	)	$	1,352

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Six Months Ended November 30, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	21,900		$	7,834		$	(140	)	$	29,594
OPERATING EXPENSES:
Salaries and employee benefits		65			8,267			2,332			—			10,664
Purchased transportation		—			3,991			2,734			(54	)		6,671
Rentals and landing fees		3			1,245			347			(3	)		1,592
Depreciation and amortization		—			1,245			234			—			1,479
Fuel		—			1,162			146			—			1,308
Maintenance and repairs		—			1,030			147			—			1,177
Intercompany charges, net		(179	)		100			79			—			—
Other		111			2,802			1,442			(83	)		4,272
		—			19,842			7,461			(140	)		27,163
OPERATING INCOME		—			2,058			373			—			2,431
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,415			110			—			(1,525	)		—
Interest, net		(245	)		13			—			—			(232	)
Intercompany charges, net		246			(145	)		(101	)		—			—
Other, net		(1	)		(10	)		32			—			21
INCOME BEFORE INCOME TAXES		1,415			2,026			304			(1,525	)		2,220
Provision for income taxes		—			671			134			—			805
NET INCOME	$	1,415		$	1,355		$	170		$	(1,525	)	$	1,415
COMPREHENSIVE INCOME	$	1,378		$	1,337		$	(31	)	$	(1,525	)	$	1,159

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended November 30, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(1,959	)	$	3,504		$	(66	)	$	19		$	1,498
INVESTING ACTIVITIES
Capital expenditures		—			(2,474	)		(147	)		—			(2,621	)
Business acquisitions, net of cash acquired		—			(44	)		—			—			(44	)
Proceeds from asset dispositions and other		—			12			—			—			12
CASH USED IN INVESTING ACTIVITIES		—			(2,506	)		(147	)		—			(2,653	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		947			(1,019	)		72			—			—
Payment on loan between subsidiaries		167			—			(167	)		—			—
Proceeds from short-term borrowings		250			—			—			—			250
Principal payments on debt		—			(18	)		(10	)		—			(28	)
Proceeds from stock issuances		205			—			—			—			205
Dividends paid		(268	)		—			—			—			(268	)
Purchase of treasury stock		(270	)		—			—			—			(270	)
Other, net		3			—			—			—			3
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		1,034			(1,037	)		(105	)		—			(108	)
Effect of exchange rate changes on cash		—			56			6			—			62
Net (decrease) increase in cash and cash equivalents		(925	)		17			(312	)		19			(1,201	)
Cash and cash equivalents at beginning of period		1,884			325			1,807			(47	)		3,969
Cash and cash equivalents at end of period	$	959		$	342		$	1,495		$	(28	)	$	2,768

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended November 30, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(376	)	$	2,550		$	473		$	(12	)	$	2,635
INVESTING ACTIVITIES
Capital expenditures		—			(2,455	)		(226	)		—			(2,681	)
Proceeds from asset dispositions and other		84			13			3			—			100
CASH USED IN INVESTING ACTIVITIES		84			(2,442	)		(223	)		—			(2,581	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		24			(94	)		70			—			—
Payment on loan between subsidiaries		8			(15	)		7			—			—
Intercompany dividends		—			1			(1	)		—			—
Principal payments on debt		—			(31	)		(12	)		—			(43	)
Proceeds from stock issuances		164			—			—			—			164
Dividends paid		(213	)		—			—			—			(213	)
Purchase of treasury stock		(334	)		—			—			—			(334	)
Other, net		4			(2	)		(7	)		—			(5	)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(347	)		(141	)		57			—			(431	)
Effect of exchange rate changes on cash		(5	)		1			(94	)		—			(98	)
Net (decrease) increase in cash and cash equivalents		(644	)		(32	)		213			(12	)		(475	)
Cash and cash equivalents at beginning of period		1,974			326			1,277			(43	)		3,534
Cash and cash equivalents at end of period	$	1,330		$	294		$	1,490		$	(55	)	$	3,059