Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May 31, 2019

Condensed Consolidating Financial Statements Tables [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2019

	Parent		Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	826	$	158		$	1,381	$	(46	)	$	2,319
Receivables, less allowances		56		5,603			3,684		(227	)		9,116
Spare parts, supplies, fuel, prepaid expenses and other,    less allowances		366		953			332		—			1,651
Total current assets		1,248		6,714			5,397		(273	)		13,086
PROPERTY AND EQUIPMENT, AT COST		25		55,341			4,145		—			59,511
Less accumulated depreciation and amortization		17		27,066			1,999		—			29,082
Net property and equipment		8		28,275			2,146		—			30,429
INTERCOMPANY RECEIVABLE		2,877		(405	)		—		(2,472	)		—
GOODWILL		—		1,589			5,295		—			6,884
INVESTMENT IN SUBSIDIARIES		33,725		5,449			—		(39,174	)		—
OTHER ASSETS		995		1,811			1,789		(591	)		4,004
	$	38,853	$	43,433		$	14,627	$	(42,510	)	$	54,403
LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	959	$	2		$	3	$	—		$	964
Accrued salaries and employee benefits		143		1,100			498		—			1,741
Accounts payable		16		1,469			1,808		(263	)		3,030
Accrued expenses		521		1,853			914		(10	)		3,278
Total current liabilities		1,639		4,424			3,223		(273	)		9,013
LONG-TERM DEBT, LESS CURRENT PORTION		16,322		287			8		—			16,617
INTERCOMPANY PAYABLE		—		—			2,472		(2,472	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		2,832			580		(591	)		2,821
Other liabilities		3,135		3,965			1,095		—			8,195
Total other long-term liabilities		3,135		6,797			1,675		(591	)		11,016
COMMON STOCKHOLDERS’ INVESTMENT		17,757		31,925			7,249		(39,174	)		17,757
	$	38,853	$	43,433		$	14,627	$	(42,510	)	$	54,403

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2018

	Parent		Guarantor Subsidiaries		Non- guarantor 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

Year Ended May 31, 2019

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	50,431		$	19,643		$	(381	)	$	69,693
OPERATING EXPENSES:
Salaries and employee benefits		138			19,055			5,583			—			24,776
Purchased transportation		—			10,344			6,494			(184	)		16,654
Rentals and landing fees		6			2,582			779			(7	)		3,360
Depreciation and amortization		1			2,877			475			—			3,353
Fuel		—			3,587			302			—			3,889
Maintenance and repairs		1			2,475			360			(2	)		2,834
Business realignment costs		320			—			—			—			320
Intercompany charges, net		(765	)		(861	)		1,626			—			—
Other		299			6,674			3,256			(188	)		10,041
		—			46,733			18,875			(381	)		65,227
OPERATING INCOME		—			3,698			768			—			4,466
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries		540			174			—			(714	)		—
Interest, net		(586	)		54			3			—			(529	)
Other retirement plans expense		—			(2,675	)		(576	)		—			(3,251	)
Intercompany charges, net		606			(442	)		(164	)		—			—
Other, net		(20	)		53			(64	)		—			(31	)
INCOME (LOSS) BEFORE INCOME TAXES		540			862			(33	)		(714	)		655
Provision for income taxes		—			77			38			—			115
NET INCOME (LOSS)	$	540		$	785		$	(71	)	$	(714	)	$	540
COMPREHENSIVE INCOME (LOSS)	$	453		$	838		$	(324	)	$	(714	)	$	253

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2018

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	48,601		$	17,256		$	(407	)	$	65,450
OPERATING EXPENSES:
Salaries and employee benefits		149			18,380			5,266			—			23,795
Purchased transportation		—			9,134			6,191			(224	)		15,101
Rentals and landing fees		5			2,587			776			(7	)		3,361
Depreciation and amortization		1			2,644			450			—			3,095
Fuel		—			3,077			297			—			3,374
Maintenance and repairs		1			2,294			327			—			2,622
Goodwill and other asset impairment charges		—			—			380			—			380
Intercompany charges, net		(437	)		(125	)		562			—			—
Other		281			6,227			3,118			(176	)		9,450
		—			44,218			17,367			(407	)		61,178
OPERATING INCOME (LOSS)		—			4,383			(111	)		—			4,272
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries		4,572			62			—			(4,634	)		—
Interest, net		(541	)		46			(15	)		—			(510	)
Other retirements plans income		—			547			51			—			598
Intercompany charges, net		544			(296	)		(248	)		—			—
Other, net		(3	)		(120	)		116			—			(7	)
INCOME (LOSS) BEFORE INCOME TAXES		4,572			4,622			(207	)		(4,634	)		4,353
Provision for income taxes (benefit)		—			309			(528	)		—			(219	)
NET INCOME (LOSS)	$	4,572		$	4,313		$	321		$	(4,634	)	$	4,572
COMPREHENSIVE INCOME (LOSS)	$	4,489		$	4,263		$	291		$	(4,634	)	$	4,409

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2017

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	44,823		$	15,798		$	(302	)	$	60,319
OPERATING EXPENSES:
Salaries and employee benefits		123			17,137			4,729			—			21,989
Purchased transportation		—			8,260			5,495			(125	)		13,630
Rentals and landing fees		5			2,517			724			(6	)		3,240
Depreciation and amortization		1			2,538			456			—			2,995
Fuel		—			2,476			297			—			2,773
Maintenance and repairs		1			2,086			287			—			2,374
Intercompany charges, net		(434	)		179			255			—			—
Other		304			5,734			2,885			(171	)		8,752
		—			40,927			15,128			(302	)		55,753
OPERATING INCOME		—			3,896			670			—			4,566
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries		2,997			68			—			(3,065	)		—
Interest, net		(507	)		27			1			—			(479	)
Other retirements plans (expense) income		—			516			(45	)		—			471
Intercompany charges, net		508			(299	)		(209	)		—			—
Other, net		(1	)		(134	)		156			—			21
INCOME (LOSS) BEFORE INCOME TAXES		2,997			4,074			573			(3,065	)		4,579
Provision for income taxes		—			1,439			143			—			1,582
NET INCOME (LOSS)	$	2,997		$	2,635		$	430		$	(3,065	)	$	2,997
COMPREHENSIVE INCOME (LOSS)	$	2,922		$	2,580		$	314		$	(3,065	)	$	2,751

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2019

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	66		$	4,885		$	693		$	(31	)	$	5,613
INVESTING ACTIVITIES
Capital expenditures		(6	)		(4,920	)		(564	)		—			(5,490	)
Business acquisitions, net of cash acquired		—			(9	)		(57	)		—			(66	)
Proceeds from asset dispositions and other		(45	)		101			27			—			83
CASH USED IN INVESTING ACTIVITIES		(51	)		(4,828	)		(594	)		—			(5,473	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		193			(259	)		66			—			—
Payment on loan between subsidiaries		51			—			(51	)		—			—
Intercompany dividends		—			106			(106	)		—			—
Principal payments on debt		(1,310	)		(117	)		(9	)		—			(1,436	)
Proceeds from debt issuances		2,463			—			—			—			2,463
Proceeds from stock issuances		101			—			—			—			101
Dividends paid		(683	)		—			—			—			(683	)
Purchase of treasury stock		(1,480	)		—			—			—			(1,480	)
Other, net		(9	)		127			(122	)		—			(4	)
CASH USED IN FINANCING    ACTIVITIES		(674	)		(143	)		(222	)		—			(1,039	)
Effect of exchange rate changes on cash		—			(13	)		(34	)		—			(47	)
Net decrease in cash and cash equivalents		(659	)		(99	)		(157	)		(31	)		(946	)
Cash and cash equivalents at beginning of period		1,485			257			1,538			(15	)		3,265
Cash and cash equivalents at end of period	$	826		$	158		$	1,381		$	(46	)	$	2,319

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2018

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	(2,837	)	$	6,767		$	712		$	32		$	4,674
INVESTING ACTIVITIES
Capital expenditures		(1	)		(5,299	)		(363	)		—			(5,663	)
Business acquisitions, net of cash acquired		—			(44	)		(135	)		—			(179	)
Proceeds from sale of business		—			—			123			—			123
Proceeds from asset dispositions and other		(6	)		33			15			—			42
CASH USED IN INVESTING ACTIVITIES		(7	)		(5,310	)		(360	)		—			(5,677	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		1,529			(1,612	)	83				—			—
Payment on loan between subsidiaries		663			—			(663	)		—			—
Intercompany dividends		—			98			(98	)		—			—
Principal payments on debt		—			(22	)		(16	)		—			(38	)
Proceeds from debt issuance		1,480			—			—			—			1,480
Proceeds from stock issuances		327			—			—			—			327
Dividends paid		(535	)		—			—			—			(535	)
Purchase of treasury stock		(1,017	)		—			—			—			(1,017	)
Other, net		3			7			—			—			10
CASH PROVIDED BY (USED IN) FINANCING    ACTIVITIES		2,450			(1,529	)		(694	)		—			227
Effect of exchange rate changes on cash		(5	)		4			73			—			72
Net increase (decrease) in cash and cash equivalents		(399	)		(68	)		(269	)		32			(704	)
Cash and cash equivalents at beginning of period		1,884			325			1,807			(47	)		3,969
Cash and cash equivalents at end of period	$	1,485		$	257		$	1,538		$	(15	)	$	3,265

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2017

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES	$	(1,155	)	$	5,254		$	835		$	(4	)	$	4,930
INVESTING ACTIVITIES
Capital expenditures		—			(4,694	)		(422	)		—			(5,116	)
Proceeds from asset dispositions and other		34			25			76			—			135
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		34			(4,669	)		(346	)		—			(4,981	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		421			(518	)		97			—			—
Payment on loan between subsidiaries		41			(15	)		(26	)		—			—
Intercompany dividends		—			1			(1	)		—			—
Principal payments on debt		—			(55	)		(27	)		—			(82	)
Proceeds from debt issuances		1,190			—			—			—			1,190
Proceeds from stock issuances		337			—			—			—			337
Dividends paid		(426	)		—			—			—			(426	)
Purchase of treasury stock		(509	)		—			—			—			(509	)
Other, net		(12	)		(13	)		43			—			18
CASH PROVIDED BY (USED IN) FINANCING    ACTIVITIES		1,042			(600	)		86			—			528
Effect of exchange rate changes on cash		(11	)		14			(45	)		—			(42	)
Net increase (decrease) in cash and cash equivalents		(90	)		(1	)		530			(4	)		435
Cash and cash equivalents at beginning of period		1,974			326			1,277			(43	)		3,534
Cash and cash equivalents at end of period	$	1,884		$	325		$	1,807		$	(47	)	$	3,969