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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Aug. 31, 2015
Condensed Consolidating Financial Statements (Tables) [Abstract] |
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
August 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 2,224 |  | $ | 446 |  | $ | 917 |  | $ | (44) |  | $ | 3,543
| Receivables, less allowances |  | 1 |  |  | 4,308 |  |  | 1,349 |  |  | (41) |  |  | 5,617
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 25 |  |  | 777 |  |  | 135 |  |  | - |  |  | 937
| Deferred income taxes |  | - |  |  | 572 |  |  | 34 |  |  | - |  |  | 606
|  |  | Total current assets |  | 2,250 |  |  | 6,103 |  |  | 2,435 |  |  | (85) |  |  | 10,703
PROPERTY AND EQUIPMENT, AT COST |  | 29 |  |  | 41,521 |  |  | 2,439 |  |  | - |  |  | 43,989
| Less accumulated depreciation and amortization |  | 23 |  |  | 21,202 |  |  | 1,281 |  |  | - |  |  | 22,506
|  |  | Net property and equipment |  | 6 |  |  | 20,319 |  |  | 1,158 |  |  | - |  |  | 21,483
INTERCOMPANY RECEIVABLE |  | - |  |  | 533 |  |  | 1,695 |  |  | (2,228) |  |  | -
GOODWILL |  | - |  |  | 1,551 |  |  | 2,241 |  |  | - |  |  | 3,792
INVESTMENT IN SUBSIDIARIES |  | 23,722 |  |  | 3,817 |  |  | - |  |  | (27,539) |  |  | -
OTHER ASSETS |  | 2,761 |  |  | 781 |  |  | 416 |  |  | (2,691) |  |  | 1,267
|  |  |  |  | $ | 28,739 |  | $ | 33,104 |  | $ | 7,945 |  | $ | (32,543) |  | $ | 37,245
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 6 |  | $ | 8 |  | $ | - |  | $ | 14
| Accrued salaries and employee benefits |  | 44 |  |  | 1,133 |  |  | 178 |  |  | - |  |  | 1,355
| Accounts payable |  | 77 |  |  | 1,326 |  |  | 731 |  |  | (85) |  |  | 2,049
| Accrued expenses |  | 745 |  |  | 1,400 |  |  | 281 |  |  | - |  |  | 2,426
|  | Total current liabilities |  | 866 |  |  | 3,865 |  |  | 1,198 |  |  | (85) |  |  | 5,844
LONG-TERM DEBT, LESS CURRENT PORTION |  | 6,978 |  |  | 248 |  |  | 18 |  |  | - |  |  | 7,244
INTERCOMPANY PAYABLE |  | 2,228 |  |  | - |  |  | - |  |  | (2,228) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,237 |  |  | 235 |  |  | (2,691) |  |  | 1,781
| Other liabilities |  | 3,384 |  |  | 3,446 |  |  | 263 |  |  | - |  |  | 7,093
|  | Total other long-term liabilities |  | 3,384 |  |  | 7,683 |  |  | 498 |  |  | (2,691) |  |  | 8,874
STOCKHOLDERS' INVESTMENT |  | 15,283 |  |  | 21,308 |  |  | 6,231 |  |  | (27,539) |  |  | 15,283
|  |  |  |  | $ | 28,739 |  | $ | 33,104 |  | $ | 7,945 |  | $ | (32,543) |  | $ | 37,245
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
| Deferred income taxes |  | - |  |  | 571 |  |  | 35 |  |  | - |  |  | 606
|  |  | Total current assets |  | 2,427 |  |  | 6,130 |  |  | 2,514 |  |  | (130) |  |  | 10,941
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 |  | - |  |  | 686 |  |  | 1,563 |  |  | (2,249) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 2,258 |  |  | - |  |  | 3,810
INVESTMENT IN SUBSIDIARIES |  | 23,173 |  |  | 3,800 |  |  | - |  |  | (26,973) |  |  | -
OTHER ASSETS |  | 2,752 |  |  | 898 |  |  | 477 |  |  | (2,684) |  |  | 1,443
|  |  |  |  | $ | 28,358 |  | $ | 32,745 |  | $ | 8,002 |  | $ | (32,036) |  | $ | 37,069
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 |  |  | 275 |  |  | - |  |  | 2,436
|  | Total current liabilities |  | 643 |  |  | 4,205 |  |  | 1,239 |  |  | (130) |  |  | 5,957
LONG-TERM DEBT, LESS CURRENT PORTION |  | 6,978 |  |  | 248 |  |  | 23 |  |  | - |  |  | 7,249
INTERCOMPANY PAYABLE |  | 2,249 |  |  | - |  |  | - |  |  | (2,249) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,206 |  |  | 225 |  |  | (2,684) |  |  | 1,747
| Other liabilities |  | 3,495 |  |  | 3,367 |  |  | 261 |  |  | - |  |  | 7,123
|  | Total other long-term liabilities |  | 3,495 |  |  | 7,573 |  |  | 486 |  |  | (2,684) |  |  | 8,870
STOCKHOLDERS' INVESTMENT |  | 14,993 |  |  | 20,719 |  |  | 6,254 |  |  | (26,973) |  |  | 14,993
|  |  |  |  | $ | 28,358 |  | $ | 32,745 |  | $ | 8,002 |  | $ | (32,036) |  | $ | 37,069
Condensed Consolidating Statements of Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,873 |  | $ | 2,509 |  | $ | (103) |  | $ | 12,279
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 34 |  |  | 3,813 |  |  | 678 |  |  | - |  |  | 4,525
| Purchased transportation |  | - |  |  | 1,434 |  |  | 965 |  |  | (55) |  |  | 2,344
| Rentals and landing fees |  | 1 |  |  | 587 |  |  | 108 |  |  | (1) |  |  | 695
| Depreciation and amortization |  | - |  |  | 583 |  |  | 65 |  |  | - |  |  | 648
| Fuel |  | - |  |  | 691 |  |  | 21 |  |  | - |  |  | 712
| Maintenance and repairs |  | - |  |  | 508 |  |  | 40 |  |  | - |  |  | 548
| Intercompany charges, net |  | (69) |  |  | (40) |  |  | 109 |  |  | - |  |  | -
| Other |  | 34 |  |  | 1,264 |  |  | 412 |  |  | (47) |  |  | 1,663
|  |  |  |  | - |  |  | 8,840 |  |  | 2,398 |  |  | (103) |  |  | 11,135
OPERATING INCOME |  | - |  |  | 1,033 |  |  | 111 |  |  | - |  |  | 1,144
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 692 |  |  | 61 |  |  | - |  |  | (753) |  |  | -
| Interest, net |  | (75) |  |  | 8 |  |  | 4 |  |  | - |  |  | (63)
| Intercompany charges, net |  | 78 |  |  | (76) |  |  | (2) |  |  | - |  |  | -
| Other, net |  | (3) |  |  | (3) |  |  | 9 |  |  | - |  |  | 3
INCOME BEFORE INCOME TAXES |  | 692 |  |  | 1,023 |  |  | 122 |  |  | (753) |  |  | 1,084
| Provision for income taxes |  | - |  |  | 357 |  |  | 35 |  |  | - |  |  | 392
NET INCOME | $ | 692 |  | $ | 666 |  | $ | 87 |  | $ | (753) |  | $ | 692
COMPREHENSIVE INCOME | $ | 674 |  | $ | 651 |  | $ | (42) |  | $ | (753) |  | $ | 530
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2014
(As Adjusted)
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,769 |  | $ | 2,004 |  | $ | (89) |  | $ | 11,684
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 30 |  |  | 3,534 |  |  | 550 |  |  | - |  |  | 4,114
| Purchased transportation |  | - |  |  | 1,386 |  |  | 711 |  |  | (43) |  |  | 2,054
| Rentals and landing fees |  | 1 |  |  | 572 |  |  | 88 |  |  | (1) |  |  | 660
| Depreciation and amortization |  | - |  |  | 595 |  |  | 56 |  |  | - |  |  | 651
| Fuel |  | - |  |  | 1,095 |  |  | 25 |  |  | - |  |  | 1,120
| Maintenance and repairs |  | - |  |  | 522 |  |  | 34 |  |  | - |  |  | 556
| Intercompany charges, net |  | (95) |  |  | 2 |  |  | 93 |  |  | - |  |  | -
| Other |  | 64 |  |  | 1,165 |  |  | 283 |  |  | (45) |  |  | 1,467
|  |  |  |  | - |  |  | 8,871 |  |  | 1,840 |  |  | (89) |  |  | 10,622
OPERATING INCOME |  | - |  |  | 898 |  |  | 164 |  |  | - |  |  | 1,062
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 653 |  |  | 98 |  |  | - |  |  | (751) |  |  | -
| Interest, net |  | (53) |  |  | 4 |  |  | 1 |  |  | - |  |  | (48)
| Intercompany charges, net |  | 54 |  |  | (59) |  |  | 5 |  |  | - |  |  | -
| Other, net |  | (1) |  |  | (3) |  |  | 2 |  |  | - |  |  | (2)
INCOME BEFORE INCOME TAXES |  | 653 |  |  | 938 |  |  | 172 |  |  | (751) |  |  | 1,012
| Provision for income taxes |  | - |  |  | 296 |  |  | 63 |  |  | - |  |  | 359
NET INCOME | $ | 653 |  | $ | 642 |  | $ | 109 |  | $ | (751) |  | $ | 653
COMPREHENSIVE INCOME | $ | 636 |  | $ | 638 |  | $ | 83 |  | $ | (751) |  | $ | 606
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (397) |  | $ | 1,533 |  | $ | 71 |  | $ | 34 |  | $ | 1,241
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (1,170) |  |  | (39) |  |  | - |  |  | (1,209)
| Proceeds from asset dispositions and other |  | (5) |  |  | 15 |  |  | - |  |  | - |  |  | 10
CASH USED IN INVESTING ACTIVITIES |  | (5) |  |  | (1,155) |  |  | (39) |  |  | - |  |  | (1,199)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 452 |  |  | (479) |  |  | 27 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 98 |  |  | (98) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 4 |  |  | (4) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (2) |  |  | (13) |  |  | - |  |  | (15)
| Proceeds from stock issuances |  | 46 |  |  | - |  |  | - |  |  | - |  |  | 46
| Excess tax benefit on the exercise of stock options |  | 6 |  |  | - |  |  | - |  |  | - |  |  | 6
| Dividends paid |  | (71) |  |  | - |  |  | - |  |  | - |  |  | (71)
| Purchase of treasury stock |  | (190) |  |  | - |  |  | - |  |  | - |  |  | (190)
| Other, net |  | - |  |  | (25) |  |  | 25 |  |  | - |  |  | -
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | 243 |  |  | (404) |  |  | (63) |  |  | - |  |  | (224)
Effect of exchange rate changes on cash |  | - |  |  | (15) |  |  | (23) |  |  | - |  |  | (38)
Net (decrease) increase in cash and cash equivalents |  | (159) |  |  | (41) |  |  | (54) |  |  | 34 |  |  | (220)
Cash and cash equivalents at beginning of period |  | 2,383 |  |  | 487 |  |  | 971 |  |  | (78) |  |  | 3,763
Cash and cash equivalents at end of period | $ | 2,224 |  | $ | 446 |  | $ | 917 |  | $ | (44) |  | $ | 3,543
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (67) |  | $ | 934 |  | $ | 105 |  | $ | 10 |  | $ | 982
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (1) |  |  | (688) |  |  | (31) |  |  | - |  |  | (720)
| Proceeds from asset dispositions and other |  | - |  |  | 7 |  |  | (3) |  |  | - |  |  | 4
CASH USED IN INVESTING ACTIVITIES |  | (1) |  |  | (681) |  |  | (34) |  |  | - |  |  | (716)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 358 |  |  | (366) |  |  | 8 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 103 |  |  | (103) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 2 |  |  | (2) |  |  | - |  |  | -
| Proceeds from stock issuances |  | 97 |  |  | - |  |  | - |  |  | - |  |  | 97
| Excess tax benefit on the exercise of stock options |  | 10 |  |  | - |  |  | - |  |  | - |  |  | 10
| Dividends paid |  | (57) |  |  | - |  |  | - |  |  | - |  |  | (57)
| Purchase of treasury stock |  | (791) |  |  | - |  |  | - |  |  | - |  |  | (791)
| Other, net |  | - |  |  | (1) |  |  | 1 |  |  | - |  |  | -
CASH USED IN FINANCING ACTIVITIES |  | (383) |  |  | (262) |  |  | (96) |  |  | - |  |  | (741)
Effect of exchange rate changes on cash |  | - |  |  | (2) |  |  | (15) |  |  | - |  |  | (17)
Net (decrease) increase in cash and cash equivalents |  | (451) |  |  | (11) |  |  | (40) |  |  | 10 |  |  | (492)
Cash and cash equivalents at beginning of period |  | 1,756 |  |  | 441 |  |  | 861 |  |  | (150) |  |  | 2,908
Cash and cash equivalents at end of period | $ | 1,305 |  | $ | 430 |  | $ | 821 |  | $ | (140) |  | $ | 2,416

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