Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Feb. 28, 2019

Condensed Consolidating Financial Statements Tables [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

February 28, 2019

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,413	$	204	$	1,296	$	(41	)	$	2,872
Receivables, less allowances		45		5,474		3,600		(82	)		9,037
Spare parts, supplies, fuel, prepaid expenses and other,    less allowances		313		979		299		—			1,591
Total current assets		1,771		6,657		5,195		(123	)		13,500
PROPERTY AND EQUIPMENT, AT COST		23		53,997		4,144		—			58,164
Less accumulated depreciation and amortization		17		26,384		1,995		—			28,396
Net property and equipment		6		27,613		2,149		—			29,768
INTERCOMPANY RECEIVABLE		661		2,157		—		(2,818	)		—
GOODWILL		—		1,598		5,318		—			6,916
INVESTMENT IN SUBSIDIARIES		35,803		4,904		—		(40,707	)		—
OTHER ASSETS		891		1,670		1,857		(138	)		4,280
	$	39,132	$	44,599	$	14,519	$	(43,786	)	$	54,464
LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Short-term borrowings	$	225	$	—	$	—	$	—		$	225
Current portion of long-term debt		966		2		5		—			973
Accrued salaries and employee benefits		52		1,149		458		—			1,659
Accounts payable		188		1,430		1,656		(118	)		3,156
Accrued expenses		510		1,848		890		(5	)		3,243
Total current liabilities		1,941		4,429		3,009		(123	)		9,256
LONG-TERM DEBT, LESS CURRENT PORTION		16,921		287		10		—			17,218
INTERCOMPANY PAYABLE		—		—		2,818		(2,818	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		3,252		97		(138	)		3,211
Other liabilities		376		3,502		1,007		—			4,885
Total other long-term liabilities		376		6,754		1,104		(138	)		8,096
COMMON STOCKHOLDERS’ INVESTMENT		19,894		33,129		7,578		(40,707	)		19,894
	$	39,132	$	44,599	$	14,519	$	(43,786	)	$	54,464

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 COMMON 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
COMMON 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 February 28, 2019

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,443		$	4,667		$	(100	)	$	17,010
OPERATING EXPENSES:
Salaries and employee benefits		28			4,720			1,321			—			6,069
Purchased transportation		—			2,749			1,547			(43	)		4,253
Rentals and landing fees		1			677			197			(1	)		874
Depreciation and amortization		—			731			120			—			851
Fuel		—			838			69			—			907
Maintenance and repairs		—			573			87			(2	)		658
Business realignment costs		4			—			—			—			4
Intercompany charges, net		(93	)		(397	)		490			—			—
Other		60			1,771			698			(46	)		2,483
		—			11,662			4,529			(92	)		16,099
OPERATING INCOME		—			781			138			(8	)		911
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		739			16			—			(755	)		—
Interest, net		(109	)		(54	)		28			—			(135	)
Other retirement plans income		—			155			3			—			158
Intercompany charges, net		149			(89	)		(60	)		—			—
Other, net		(40	)		71			(42	)		8			(3	)
INCOME BEFORE INCOME TAXES		739			880			67			(755	)		931
Provision for income taxes		—			147			45			—			192
NET INCOME	$	739		$	733		$	22		$	(755	)	$	739
COMPREHENSIVE INCOME	$	713		$	732		$	129		$	(755	)	$	819

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended February 28, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,433		$	4,229		$	(136	)	$	16,526
OPERATING EXPENSES:
Salaries and employee benefits		39			4,764			1,321			—			6,124
Purchased transportation		—			2,459			1,560			(84	)		3,935
Rentals and landing fees		2			684			189			(2	)		873
Depreciation and amortization		1			670			115			—			786
Fuel		—			837			77			—			914
Maintenance and repairs		1			543			84			—			628
Intercompany charges, net		(114	)		185			(71	)		—			—
Other		71			1,596			791			(50	)		2,408
		—			11,738			4,066			(136	)		15,668
OPERATING INCOME		—			695			163			—			858
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		2,074			2			—			(2,076	)		—
Interest, net		(137	)		11			1			—			(125	)
Other retirement plans income		—			141			2			—			143
Intercompany charges, net		140			(78	)		(62	)		—			—
Other, net		(3	)		104			(103	)		—			(2	)
INCOME BEFORE INCOME TAXES		2,074			875			1			(2,076	)		874
Provision for income taxes		—			(1,197	)		(3	)		—			(1,200	)
NET INCOME	$	2,074		$	2,072		$	4		$	(2,076	)	$	2,074
COMPREHENSIVE INCOME	$	2,051		$	2,069		$	107		$	(2,076	)	$	2,151

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Nine Months Ended February 28, 2019

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	37,685		$	14,503		$	(302	)	$	51,886
OPERATING EXPENSES:
Salaries and employee benefits		110			14,300			4,179			—			18,589
Purchased transportation		—			7,780			4,912			(126	)		12,566
Rentals and landing fees		4			1,948			585			(4	)		2,533
Depreciation and amortization		1			2,133			353			—			2,487
Fuel		—			2,708			237			—			2,945
Maintenance and repairs		1			1,874			271			(2	)		2,144
Business realignment costs		4			—			—			—			4
Intercompany charges, net		(357	)		(772	)		1,129			—			—
Other		238			4,991			2,410			(171	)		7,468
		1			34,962			14,076			(303	)		48,736
OPERATING INCOME		(1	)		2,723			427			1			3,150
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		2,509			145			—			(2,654	)		—
Interest, net		(439	)		44			2			—			(393	)
Other retirement plans income		—			466			8			—			474
Intercompany charges, net		454			(335	)		(119	)		—			—
Other, net		(14	)		18			(26	)		—			(22	)
INCOME BEFORE INCOME TAXES		2,509			3,061			292			(2,653	)		3,209
Provision for income taxes		—			579			121			—			700
NET INCOME	$	2,509		$	2,482		$	171		$	(2,653	)	$	2,509
COMPREHENSIVE INCOME	$	2,443		$	2,514		$	46		$	(2,653	)	$	2,350

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Nine Months Ended February 28, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	36,044		$	12,445		$	(353	)	$	48,136
OPERATING EXPENSES:
Salaries and employee benefits		112			13,713			3,852			—			17,677
Purchased transportation		—			6,836			4,600			(216	)		11,220
Rentals and landing fees		4			1,951			577			(6	)		2,526
Depreciation and amortization		1			1,958			334			—			2,293
Fuel		—			2,220			215			—			2,435
Maintenance and repairs		1			1,729			238			—			1,968
Intercompany charges, net		(325	)		298			27			—			—
Other		207			4,664			2,333			(131	)		7,073
		—			33,369			12,176			(353	)		45,192
OPERATING INCOME		—			2,675			269			—			2,944
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		3,445			39			—			(3,484	)		—
Interest, net		(396	)		35			(2	)		—			(363	)
Other retirement plans income		—			424			12			—			436
Intercompany charges, net		403			(220	)		(183	)		—			—
Other, net		(7	)		88			(103	)		—			(22	)
INCOME BEFORE INCOME TAXES		3,445			3,041			(7	)		(3,484	)		2,995
Provision for income taxes		—			(573	)		123			—			(450	)
NET INCOME	$	3,445		$	3,614		$	(130	)	$	(3,484	)	$	3,445
COMPREHENSIVE INCOME	$	3,385		$	3,605		$	(3	)	$	(3,484	)	$	3,503

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended February 28, 2019

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	(109	)	$	3,136		$	322		$	(26	)	$	3,323
INVESTING ACTIVITIES
Capital expenditures		(3	)		(3,359	)		(395	)		—			(3,757	)
Proceeds from asset dispositions and other		(45	)		86			21			—			62
CASH USED IN INVESTING    ACTIVITIES		(48	)		(3,273	)		(374	)		—			(3,695	)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net		220			—			—			—			220
Net transfers from (to) Parent		2			(31	)		29			—			—
Payment on loan between subsidiaries		(29	)		—			29			—			—
Intercompany dividends		—			114			(114	)		—			—
Proceeds from debt issuances		2,463			—			—			—			2,463
Principal payments on debt		(750	)		(117	)		(7	)		—			(874	)
Proceeds from stock issuances		58			—			—			—			58
Dividends paid		(514	)		—			—			—			(514	)
Purchase of treasury stock		(1,365	)		—			—			—			(1,365	)
Other, net		—			127			(122	)		—			5
CASH (USED IN) PROVIDED BY FINANCING    ACTIVITIES		85			93			(185	)		—			(7	)
Effect of exchange rate changes on cash		—			(9	)		(5	)		—			(14	)
Net (decrease) increase in cash and cash equivalents		(72	)		(53	)		(242	)		(26	)		(393	)
Cash and cash equivalents at beginning of period		1,485			257			1,538			(15	)		3,265
Cash and cash equivalents at end of period	$	1,413		$	204		$	1,296		$	(41	)	$	2,872

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended February 28, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	(3,537	)	$	4,664		$	25		$	10		$	1,162
INVESTING ACTIVITIES
Capital expenditures		—			(3,746	)		(248	)		—			(3,994	)
Business acquisitions, net of cash acquired		—			(44	)		—			—			(44	)
Proceeds from asset dispositions and other		(5	)		23			3			—			21
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES		(5	)		(3,767	)		(245	)		—			(4,017	)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net		797			—			—			—			797
Net transfers from (to) Parent		807			(895	)		88			—			—
Payment on loan between subsidiaries		210			—			(210	)		—			—
Proceeds from debt issuances		1,481			—			—			—			1,481
Principal payments on debt		—			(17	)		(14	)		—			(31	)
Proceeds from stock issuances		284			—			—			—			284
Dividends paid		(402	)		—			—			—			(402	)
Purchase of treasury stock		(558	)		—			—			—			(558	)
Other, net		2			4			—			—			6
CASH (USED IN) PROVIDED BY FINANCING    ACTIVITIES		2,621			(908	)		(136	)		—			1,577
Effect of exchange rate changes on cash		(6	)		61			43			—			98
Net (decrease) increase in cash and cash equivalents		(927	)		50			(313	)		10			(1,180	)
Cash and cash equivalents at beginning of period		1,884			325			1,807			(47	)		3,969
Cash and cash equivalents at end of period	$	957		$	375		$	1,494		$	(37	)	$	2,789