Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Feb. 29, 2016

Condensed Consolidating Financial Statements (Tables) [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
February 29, 2016

						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries			Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,498	$	331	$	1,044	$		(32)	$	2,841
	Receivables, less allowances				20		4,415		1,246			(47)		5,634
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			298		730		126			-		1,154
	Deferred income taxes				-		571		37			-		608
			Total current assets		1,816		6,047		2,453			(79)		10,237

PROPERTY AND EQUIPMENT, AT COST					29		43,938		2,065			-		46,032
	Less accumulated depreciation and amortization				24		22,334		1,122			-		23,480
			Net property and equipment		5		21,604		943			-		22,552

INTERCOMPANY RECEIVABLE					-		1,646		1,130			(2,776)		-
GOODWILL					-		1,571		2,193			-		3,764
INVESTMENT IN SUBSIDIARIES					24,828		3,052		-			(27,880)		-
OTHER ASSETS					2,797		802		384			(2,717)		1,266

				$	29,446	$	34,722	$	7,103		$	(33,452)	$	37,819

LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	4	$	7		$	-	$	11
	Accrued salaries and employee benefits				58		1,201		192			-		1,451
	Accounts payable				70		1,369		664			(79)		2,024
	Accrued expenses				805		1,378		270			-		2,453
		Total current liabilities			933		3,952		1,133			(79)		5,939

LONG-TERM DEBT, LESS CURRENT PORTION					8,217		248		12			-		8,477
INTERCOMPANY PAYABLE					2,776		-		-			(2,776)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,583		180			(2,717)		2,046
	Other liabilities				3,193		3,577		260			-		7,030
		Total other long-term liabilities			3,193		8,160		440			(2,717)		9,076

STOCKHOLDERS' INVESTMENT					14,327		22,362		5,518			(27,880)		14,327

				$	29,446	$	34,722	$	7,103		$	(33,452)	$	37,819

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 February 29, 2016

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

REVENUES		$	-	$	10,838	$	1,892	$	(76)	$	12,654

OPERATING EXPENSES:
	Salaries and employee benefits		32		4,072		608		-		4,712
	Purchased transportation		-		2,106		545		(28)		2,623
	Rentals and landing fees		1		660		84		(1)		744
	Depreciation and amortization		-		608		55		-		663
	Fuel		-		520		17		-		537
	Maintenance and repairs		-		471		33		-		504
	Intercompany charges, net		(344)		294		50		-		-
	Other		311		1,344		399		(47)		2,007
			-		10,075		1,791		(76)		11,790

OPERATING INCOME			-		763		101		-		864

OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		507		86		-		(593)		-
	Interest, net		(90)		6		3		-		(81)
	Intercompany charges, net		95		(105)		10		-		-
	Other, net		(5)		(1)		5		-		(1)

INCOME BEFORE INCOME TAXES			507		749		119		(593)		782

	Provision for income taxes		-		249		26		-		275

NET INCOME		$	507	$	500	$	93	$	(593)	$	507

COMPREHENSIVE INCOME		$	488	$	487	$	7	$	(593)	$	389

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended February 28, 2015
(As Adjusted)

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

REVENUES		$	-	$	9,793	$	2,024	$	(101)	$	11,716

OPERATING EXPENSES:
	Salaries and employee benefits		25		3,712		598		-		4,335
	Purchased transportation		-		1,527		695		(57)		2,165
	Rentals and landing fees		1		597		89		(1)		686
	Depreciation and amortization		-		593		59		-		652
	Fuel		-		790		20		-		810
	Maintenance and repairs		-		468		37		-		505
	Intercompany charges, net		(48)		(34)		82		-		-
	Other		22		1,231		315		(43)		1,525
			-		8,884		1,895		(101)		10,678

OPERATING INCOME			-		909		129		-		1,038

OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		628		91		-		(719)		-
	Interest, net		(66)		6		2		-		(58)
	Intercompany charges, net		68		(74)		6		-		-
	Other, net		(2)		(4)		11		-		5

INCOME BEFORE INCOME TAXES			628		928		148		(719)		985

	Provision for income taxes		-		274		83		-		357

NET INCOME		$	628	$	654	$	65	$	(719)	$	628

COMPREHENSIVE INCOME		$	611	$	640	$	(74)	$	(719)	$	458

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 29, 2016

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

REVENUES		$	-	$	31,190	$	6,449	$	(253)	$	37,386

OPERATING EXPENSES:
	Salaries and employee benefits		92		11,811		1,904		-		13,807
	Purchased transportation		-		5,481		2,132		(108)		7,505
	Rentals and landing fees		4		1,843		278		(4)		2,121
	Depreciation and amortization		1		1,792		171		-		1,964
	Fuel		-		1,808		56		-		1,864
	Maintenance and repairs		-		1,476		105		-		1,581
	Intercompany charges, net		(525)		338		187		-		-
	Other		428		3,901		1,211		(141)		5,399
			-		28,450		6,044		(253)		34,241

OPERATING INCOME			-		2,740		405		-		3,145

OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,890		220		-		(2,110)		-
	Interest, net		(246)		20		8		-		(218)
	Intercompany charges, net		257		(264)		7		-		-
	Other, net		(11)		(10)		15		-		(6)

INCOME BEFORE INCOME TAXES			1,890		2,706		435		(2,110)		2,921

	Provision for income taxes		-		915		116		-		1,031

NET INCOME		$	1,890	$	1,791	$	319	$	(2,110)	$	1,890

COMPREHENSIVE INCOME		$	1,834	$	1,758	$	77	$	(2,110)	$	1,559


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2015
(As Adjusted)

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

REVENUES		$	-	$	29,488	$	6,136	$	(285)	$	35,339

OPERATING EXPENSES:
	Salaries and employee benefits		78		10,902		1,698		-		12,678
	Purchased transportation		-		4,381		2,170		(147)		6,404
	Rentals and landing fees		4		1,746		263		(4)		2,009
	Depreciation and amortization		1		1,783		170		-		1,954
	Fuel		-		2,913		69		-		2,982
	Maintenance and repairs		-		1,497		107		-		1,604
	Intercompany charges, net		(191)		(82)		273		-		-
	Other		108		3,635		911		(134)		4,520
			-		26,775		5,661		(285)		32,151

OPERATING INCOME			-		2,713		475		-		3,188

OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		1,944		292		-		(2,236)		-
	Interest, net		(172)		15		4		-		(153)
	Intercompany charges, net		176		(192)		16		-		-
	Other, net		(4)		(5)		17		-		8

INCOME BEFORE INCOME TAXES			1,944		2,823		512		(2,236)		3,043

	Provision for income taxes		-		916		183		-		1,099

NET INCOME		$	1,944	$	1,907	$	329	$	(2,236)	$	1,944

COMPREHENSIVE INCOME		$	1,891	$	1,864	$	68	$	(2,236)	$	1,587

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 29, 2016

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(833)	$	4,213	$	370	$	46	$	3,796

INVESTING ACTIVITIES
	Capital expenditures		-		(3,434)		(128)		-		(3,562)
	Asset dispositions and other		(55)		26		12		-		(17)

CASH USED IN INVESTING ACTIVITIES			(55)		(3,408)		(116)		-		(3,579)

FINANCING ACTIVITIES
	Net transfers from (to) Parent		1,036		(1,039)		3		-		-
	Payment on loan between subsidiaries		-		109		(109)		-		-
	Intercompany dividends		-		20		(20)		-		-
	Principal payments on debt		-		(7)		(21)		-		(28)
	Proceeds from debt issuance		1,238		-		-		-		1,238
	Proceeds from stock issuances		79		-		-		-		79
	Excess tax benefit on the exercise of stock options		9		-		-		-		9
	Dividends paid		(210)		-		-		-		(210)
	Purchase of treasury stock		(2,133)		-		-		-		(2,133)
	Other, net		(16)		(27)		27		-		(16)

CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			3		(944)		(120)		-		(1,061)

Effect of exchange rate changes on cash			-		(17)		(61)		-		(78)
Net (decrease) increase in cash and cash equivalents			(885)		(156)		73		46		(922)
Cash and cash equivalents at beginning of period			2,383		487		971		(78)		3,763

Cash and cash equivalents at end of period		$	1,498	$	331	$	1,044	$	(32)	$	2,841


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 28, 2015

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(460)	$	3,443	$	382	$	108	$	3,473

INVESTING ACTIVITIES
	Capital expenditures		(1)		(2,849)		(119)		-		(2,969)
	Business acquisitions, net of cash acquired		(1,429)		-		-		-		(1,429)
	Asset dispositions and other		-		35		(19)		-		16

CASH USED IN INVESTING ACTIVITIES			(1,430)		(2,814)		(138)		-		(4,382)

FINANCING ACTIVITIES
	Net transfers from (to) Parent		692		(681)		(11)		-		-
	Payment on loan between subsidiaries		-		202		(202)		-		-
	Intercompany dividends		-		38		(38)		-		-
	Principal payments on debt		-		(1)		-		-		(1)
	Proceeds from debt issuance		2,491		-		-		-		2,491
	Proceeds from stock issuances		272		-		-		-		272
	Excess tax benefit on the exercise of stock options		31		-		-		-		31
	Dividends paid		(171)		-		-		-		(171)
	Purchase of treasury stock		(1,016)		-		-		-		(1,016)
	Other, net		(23)		(105)		105				(23)

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			2,276		(547)		(146)		-		1,583

Effect of exchange rate changes on cash			-		(31)		(73)		-		(104)
Net increase in cash and cash equivalents			386		51		25		108		570
Cash and cash equivalents at beginning of period			1,756		441		861		(150)		2,908

Cash and cash equivalents at end of period		$	2,142	$	492	$	886	$	(42)	$	3,478