Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Nov. 30, 2018

Condensed Consolidating Financial Statements Tables [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

November 30, 2018

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	688	$	187	$	1,310	$	(62	)	$	2,123
Receivables, less allowances		40		5,848		3,868		(183	)		9,573
Spare parts, supplies, fuel, prepaid expenses and other,    less allowances		491		956		295		—			1,742
Total current assets		1,219		6,991		5,473		(245	)		13,438
PROPERTY AND EQUIPMENT, AT COST		23		53,441		4,037		—			57,501
Less accumulated depreciation and amortization		17		26,166		1,931		—			28,114
Net property and equipment		6		27,275		2,106		—			29,387
INTERCOMPANY RECEIVABLE		845		1,628		—		(2,473	)		—
GOODWILL		—		1,598		5,310		—			6,908
INVESTMENT IN SUBSIDIARIES		34,957		4,891		—		(39,848	)		—
OTHER ASSETS		270		1,569		1,717		—			3,556
	$	37,297	$	43,952	$	14,606	$	(42,566	)	$	53,289
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Short-term borrowings	$	250	$	—	$	—	$	—		$	250
Current portion of long-term debt		567		69		6		—			642
Accrued salaries and employee benefits		49		1,192		609		—			1,850
Accounts payable		197		1,576		1,831		(204	)		3,400
Accrued expenses		544		1,843		1,007		(40	)		3,354
Total current liabilities		1,607		4,680		3,453		(244	)		9,496
LONG-TERM DEBT, LESS CURRENT PORTION		16,101		287		11		—			16,399
INTERCOMPANY PAYABLE		—		—		2,473		(2,473	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		92		3,055		106		—			3,253
Other liabilities		203		3,643		1,002		(1	)		4,847
Total other long-term liabilities		295		6,698		1,108		(1	)		8,100
STOCKHOLDERS’ INVESTMENT		19,294		32,287		7,561		(39,848	)		19,294
	$	37,297	$	43,952	$	14,606	$	(42,566	)	$	53,289

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2018

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,485	$	257	$	1,538	$	(15	)	$	3,265
Receivables, less allowances		3		4,970		3,586		(78	)		8,481
Spare parts, supplies, fuel, prepaid expenses and other,    less allowances		425		878		292		—			1,595
Total current assets		1,913		6,105		5,416		(93	)		13,341
PROPERTY AND EQUIPMENT, AT COST		21		51,232		3,868		—			55,121
Less accumulated depreciation and amortization		17		25,111		1,839		—			26,967
Net property and equipment		4		26,121		2,029		—			28,154
INTERCOMPANY RECEIVABLE		1,487		924		—		(2,411	)		—
GOODWILL		—		1,709		5,264		—			6,973
INVESTMENT IN SUBSIDIARIES		33,370		4,082		—		(37,452	)		—
OTHER ASSETS		75		1,854		1,829		104			3,862
	$	36,849	$	40,795	$	14,538	$	(39,852	)	$	52,330
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	1,332	$	1	$	9	$	—		$	1,342
Accrued salaries and employee benefits		65		1,506		606		—			2,177
Accounts payable		16		1,332		1,719		(90	)		2,977
Accrued expenses		460		1,778		896		(3	)		3,131
Total current liabilities		1,873		4,617		3,230		(93	)		9,627
LONG-TERM DEBT, LESS CURRENT PORTION		14,942		288		13		—			15,243
INTERCOMPANY PAYABLE		—		—		2,411		(2,411	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		2,626		137		104			2,867
Other liabilities		619		3,432		1,126		—			5,177
Total other long-term liabilities		619		6,058		1,263		104			8,044
STOCKHOLDERS’ INVESTMENT		19,415		29,832		7,621		(37,452	)		19,416
	$	36,849	$	40,795	$	14,538	$	(39,852	)	$	52,330

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended November 30, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,874		$	5,050		$	(100	)	$	17,824
OPERATING EXPENSES:
Salaries and employee benefits		34			4,797			1,429			—			6,260
Purchased transportation		—			2,650			1,731			(35	)		4,346
Rentals and landing fees		1			640			196			(1	)		836
Depreciation and amortization		—			709			119			—			828
Fuel		—			968			84			—			1,052
Maintenance and repairs		—			655			96			—			751
Intercompany charges, net		(152	)		(149	)		301			—			—
Other		117			1,675			863			(72	)		2,583
		—			11,945			4,819			(108	)		16,656
OPERATING INCOME		—			929			231			8			1,168
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		935			48			—			(983	)		—
Interest, net		(180	)		63			(12	)		—			(129	)
Other retirement plans income		—			155			3			—			158
Intercompany charges, net		162			(124	)		(38	)		—			—
Other, net		18			(22	)		(7	)		(9	)		(20	)
INCOME BEFORE INCOME TAXES		935			1,049			177			(984	)		1,177
Provision for income taxes		—			217			25			—			242
NET INCOME	$	935		$	832		$	152		$	(984	)	$	935
COMPREHENSIVE INCOME	$	912		$	819		$	133		$	(983	)	$	881

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			4,580			1,274			—			5,889
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	)		1			94			—			—
Other		59			1,592			784			(40	)		2,395
		—			11,106			4,185			(93	)		15,198
OPERATING INCOME		—			938			177			—			1,115
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		775			40			—			(815	)		—
Interest, net		(130	)		11			(5	)		—			(124	)
Other retirement plans income		—			141			6			—			147
Intercompany charges, net		132			(70	)		(62	)		—			—
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)

Six Months Ended November 30, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	25,241		$	9,837		$	(202	)	$	34,876
OPERATING EXPENSES:
Salaries and employee benefits		82			9,580			2,858			—			12,520
Purchased transportation		—			5,032			3,364			(83	)		8,313
Rentals and landing fees		3			1,271			388			(3	)		1,659
Depreciation and amortization		—			1,402			234			—			1,636
Fuel		—			1,871			167			—			2,038
Maintenance and repairs		1			1,301			184			—			1,486
Intercompany charges, net		(264	)		(375	)		639			—			—
Other		178			3,221			1,711			(125	)		4,985
		—			23,303			9,545			(211	)		32,637
OPERATING INCOME		—			1,938			292			9			2,239
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,770			128			—			(1,898	)		—
Interest, net		(338	)		122			(25	)		—			(241	)
Other retirement plans income		—			311			5			—			316
Intercompany charges, net		304			(246	)		(58	)		—			—
Other, net		34			(76	)		16			(10	)		(36	)
INCOME BEFORE INCOME TAXES		1,770			2,177			230			(1,899	)		2,278
Provision for income taxes		—			432			76			—			508
NET INCOME	$	1,770		$	1,745		$	154		$	(1,899	)	$	1,770
COMPREHENSIVE INCOME	$	1,730		$	1,833		$	(133	)	$	(1,899	)	$	1,531

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			8,949			2,531			—			11,553
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	)		115			96			—			—
Other		136			3,068			1,542			(81	)		4,665
		—			21,633			8,108			(217	)		29,524
OPERATING INCOME		—			1,978			108			—			2,086
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,371			37			—			(1,408	)		—
Interest, net		(259	)		24			(3	)		—			(238	)
Other retirement plans income		—			283			10			—			293
Intercompany charges, net		263			(140	)		(123	)		—			—
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 Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended November 30, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	262		$	1,631		$	333		$	(47	)	$	2,179
INVESTING ACTIVITIES
Capital expenditures		(2	)		(2,337	)		(295	)		—			(2,634	)
Proceeds from asset dispositions and other		(45	)		83			15						53
CASH USED IN INVESTING    ACTIVITIES		(47	)		(2,254	)		(280	)		—			(2,581	)
FINANCING ACTIVITIES
Proceeds from short-term borrowings		248			—			—			—			248
Net transfers from (to) Parent		(344	)		350			(6	)		—			—
Intercompany dividends		—			113			(113	)		—			—
Proceeds from debt issuances		1,233			—			—			—			1,233
Principal payments on debt		(750	)		(29	)		(6	)		—			(785	)
Proceeds from stock issuances		45			—			—			—			45
Dividends paid		(173	)		—			—			—			(173	)
Purchase of treasury stock		(1,271	)		—			—			—			(1,271	)
Other, net		—			128			(127	)		—			1
CASH (USED IN) PROVIDED BY FINANCING    ACTIVITIES		(1,012	)		562			(252	)		—			(702	)
Effect of exchange rate changes on cash		—			(9	)		(29	)		—			(38	)
Net (decrease) increase in cash and cash equivalents		(797	)		(70	)		(228	)		(47	)		(1,142	)
Cash and cash equivalents at beginning of period		1,485			257			1,538			(15	)		3,265
Cash and cash equivalents at end of period	$	688		$	187		$	1,310		$	(62	)	$	2,123

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) PROVIDED BY 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