Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Aug. 31, 2016

Condensed Consolidating Financial Statements (Tables) [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
August 31, 2016

						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,308	$	327	$	1,391	$	(37)	$	2,989
	Receivables, less allowances				1		4,517		2,760		(45)		7,233
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			74		839		266		-		1,179
			Total current assets		1,383		5,683		4,417		(82)		11,401

PROPERTY AND EQUIPMENT, AT COST					22		44,777		3,322		-		48,121
	Less accumulated depreciation and amortization				17		22,061		1,239		-		23,317
			Net property and equipment		5		22,716		2,083		-		24,804

INTERCOMPANY RECEIVABLE					2,747		1,177		-		(3,924)		-
GOODWILL					-		1,571		5,212		-		6,783
INVESTMENT IN SUBSIDIARIES					25,493		3,758		-		(29,251)		-
OTHER ASSETS					3,398		858		1,580		(3,249)		2,587

				$	33,026	$	35,763	$	13,292	$	(36,506)	$	45,575

LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	29	$	18	$	-	$	47
	Accrued salaries and employee benefits				38		1,115		450		-		1,603
	Accounts payable				111		1,334		1,488		(82)		2,851
	Accrued expenses				877		1,368		728		-		2,973
		Total current liabilities			1,026		3,846		2,684		(82)		7,474

LONG-TERM DEBT, LESS CURRENT PORTION					13,458		245		32		-		13,735
INTERCOMPANY PAYABLE					-		-		3,924		(3,924)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,645		366		(3,249)		1,762
	Other liabilities				4,400		3,420		642		-		8,462
		Total other long-term liabilities			4,400		8,065		1,008		(3,249)		10,224

STOCKHOLDERS' INVESTMENT					14,142		23,607		5,644		(29,251)		14,142

				$	33,026	$	35,763	$	13,292	$	(36,506)	$	45,575

CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2016

						Guarantor		Non-guarantor
				Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	1,974	$	326	$	1,277	$	(43)	$	3,534
	Receivables, less allowances				1		4,461		2,831		(41)		7,252
	Spare parts, supplies, fuel, prepaid expenses
		and other, less allowances			233		724		246		-		1,203
			Total current assets		2,208		5,511		4,354		(84)		11,989

PROPERTY AND EQUIPMENT, AT COST					22		43,760		3,236		-		47,018
	Less accumulated depreciation and amortization				17		21,566		1,151		-		22,734
			Net property and equipment		5		22,194		2,085		-		24,284

INTERCOMPANY RECEIVABLE					2,437		1,284		-		(3,721)		-
GOODWILL					-		1,571		5,176		-		6,747
INVESTMENT IN SUBSIDIARIES					24,766		3,697		-		(28,463)		-
OTHER ASSETS					3,359		967		1,851		(3,238)		2,939

				$	32,775	$	35,224	$	13,466	$	(35,506)	$	45,959

LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Current portion of long-term debt			$	-	$	13	$	16	$	-	$	29
	Accrued salaries and employee benefits				54		1,377		541		-		1,972
	Accounts payable				8		1,501		1,519		(84)		2,944
	Accrued expenses				883		1,411		769		-		3,063
		Total current liabilities			945		4,302		2,845		(84)		8,008

LONG-TERM DEBT, LESS CURRENT PORTION					13,451		245		37		-		13,733
INTERCOMPANY PAYABLE					-		-		3,721		(3,721)		-
OTHER LONG-TERM LIABILITIES
	Deferred income taxes				-		4,436		369		(3,238)		1,567
	Other liabilities				4,595		3,375		897		-		8,867
		Total other long-term liabilities			4,595		7,811		1,266		(3,238)		10,434

STOCKHOLDERS' INVESTMENT					13,784		22,866		5,597		(28,463)		13,784

				$	32,775	$	35,224	$	13,466	$	(35,506)	$	45,959

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2016

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

REVENUES		$	-	$	10,903	$	3,830	$	(70)	$	14,663

OPERATING EXPENSES:
	Salaries and employee benefits		36		4,106		1,169		-		5,311
	Purchased transportation		-		1,917		1,351		(28)		3,240
	Rentals and landing fees		1		620		170		(1)		790
	Depreciation and amortization		-		611		128		-		739
	Fuel		-		578		72		-		650
	Maintenance and repairs		-		526		72		-		598
	Intercompany charges, net		(90)		62		28		-		-
	Other		53		1,373		686		(41)		2,071
			-		9,793		3,676		(70)		13,399

OPERATING INCOME			-		1,110		154		-		1,264

OTHER INCOME (EXPENSE):
	Equity in earnings of subsidiaries		715		56		-		(771)		-
	Interest, net		(122)		9		-		-		(113)
	Intercompany charges, net		122		(81)		(41)		-		-
	Other, net		-		(5)		(4)		-		(9)

INCOME BEFORE INCOME TAXES			715		1,089		109		(771)		1,142

	Provision for income taxes		-		380		47		-		427

NET INCOME		$	715	$	709	$	62	$	(771)	$	715

COMPREHENSIVE INCOME		$	696	$	702	$	81	$	(771)	$	708

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 Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2016

				Guarantor		Non-guarantor
		Parent		Subsidiaries		Subsidiaries		Eliminations		Consolidated

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(342)	$	1,119	$	188	$	6	$	971

INVESTING ACTIVITIES
	Capital expenditures		-		(1,111)		(104)		-		(1,215)
	Proceeds from asset dispositions and other		-		9		-		-		9

CASH USED IN INVESTING ACTIVITIES			-		(1,102)		(104)		-		(1,206)

FINANCING ACTIVITIES
	Net transfers from (to) Parent		(35)		(2)		37		-		-
	Payment on loan between subsidiaries		(2)		(14)		16		-		-
	Principal payments on debt		-		(7)		(5)		-		(12)
	Proceeds from stock issuances		40		-		-		-		40
	Excess tax benefit on the exercise of stock options		2		-		-		-		2
	Dividends paid		(106)		-		-		-		(106)
	Purchase of treasury stock		(222)		-		-		-		(222)
	Other, net		(1)		(1)		(13)		-		(15)

CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(324)		(24)		35		-		(313)

Effect of exchange rate changes on cash			-		8		(5)		-		3
Net (decrease) increase in cash and cash equivalents			(666)		1		114		6		(545)
Cash and cash equivalents at beginning of period			1,974		326		1,277		(43)		3,534

Cash and cash equivalents at end of period		$	1,308	$	327	$	1,391	$	(37)	$	2,989


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