Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Feb. 28, 2017

Condensed Consolidating Financial Statements Tables [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

February 28, 2017

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,475	$	301	$	1,442	$	(45	)	$	3,173
Receivables, less allowances		1		4,636		2,824		(43	)		7,418
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		292		819		236		—			1,347
Total current assets		1,768		5,756		4,502		(88	)		11,938
PROPERTY AND EQUIPMENT, AT COST		22		46,448		3,282		—			49,752
Less accumulated depreciation and amortization		18		22,810		1,311		—			24,139
Net property and equipment		4		23,638		1,971		—			25,613
INTERCOMPANY RECEIVABLE		2,216		1,442		—		(3,658	)		—
GOODWILL		—		1,571		5,429		—			7,000
INVESTMENT IN SUBSIDIARIES		26,637		2,744		—		(29,381	)		—
OTHER ASSETS		3,043		1,031		1,052		(2,896	)		2,230
	$	33,668	$	36,182	$	12,954	$	(36,023	)	$	46,781
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	31	$	14	$	—		$	45
Accrued salaries and employee benefits		52		1,184		454		—			1,690
Accounts payable		124		1,354		1,317		(88	)		2,707
Accrued expenses		811		1,419		778		—			3,008
Total current liabilities		987		3,988		2,563		(88	)		7,450
LONG-TERM DEBT, LESS CURRENT PORTION		14,443		244		26		—			14,713
INTERCOMPANY PAYABLE		—		—		3,658		(3,658	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		4,978		217		(2,896	)		2,299
Other liabilities		3,054		3,345		736		—			7,135
Total other long-term liabilities		3,054		8,323		953		(2,896	)		9,434
STOCKHOLDERS’ INVESTMENT		15,184		23,627		5,754		(29,381	)		15,184
	$	33,668	$	36,182	$	12,954	$	(36,023	)	$	46,781

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 February 28, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	11,275		$	3,794		$	(72	)	$	14,997
OPERATING EXPENSES:
Salaries and employee benefits		29			4,210			1,156			—			5,395
Purchased transportation		—			2,219			1,306			(27	)		3,498
Rentals and landing fees		1			657			177			(1	)		834
Depreciation and amortization		1			649			112			—			762
Fuel		—			657			78			—			735
Maintenance and repairs		1			514			73			—			588
Intercompany charges, net		(87	)		(33	)		120			—			—
Other		55			1,428			721			(44	)		2,160
		—			10,301			3,743			(72	)		13,972
OPERATING INCOME		—			974			51			—			1,025
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		562			(41	)		—			(521	)		—
Interest, net		(129	)		6			1			—			(122	)
Intercompany charges, net		130			(79	)		(51	)		—			—
Other, net		(1	)		(118	)		115			—			(4	)
INCOME BEFORE INCOME TAXES		562			742			116			(521	)		899
Provision for income taxes		—			280			57			—			337
NET INCOME	$	562		$	462		$	59		$	(521	)	$	562
COMPREHENSIVE INCOME	$	543		$	444		$	187		$	(521	)	$	653

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended February 29, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor 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)

Nine Months Ended February 28, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	33,175		$	11,628		$	(212	)	$	44,591
OPERATING EXPENSES:
Salaries and employee benefits		94			12,477			3,488			—			16,059
Purchased transportation		—			6,210			4,040			(81	)		10,169
Rentals and landing fees		4			1,902			524			(4	)		2,426
Depreciation and amortization		1			1,894			346			—			2,241
Fuel		—			1,819			224			—			2,043
Maintenance and repairs		1			1,544			220			—			1,765
Intercompany charges, net		(266	)		67			199			—			—
Other		166			4,230			2,163			(127	)		6,432
		—			30,143			11,204			(212	)		41,135
OPERATING INCOME		—			3,032			424			—			3,456
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,977			69			—			(2,046	)		—
Interest, net		(374	)		19			1			—			(354	)
Intercompany charges, net		376			(224	)		(152	)		—			—
Other, net		(2	)		(128	)		147			—			17
INCOME BEFORE INCOME TAXES		1,977			2,768			420			(2,046	)		3,119
Provision for income taxes		—			951			191			—			1,142
NET INCOME	$	1,977		$	1,817		$	229		$	(2,046	)	$	1,977
COMPREHENSIVE INCOME	$	1,921		$	1,781		$	156		$	(2,046	)	$	1,812

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Nine Months Ended February 29, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor 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 Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended February 28, 2017

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(1,497	)	$	3,615		$	529		$	(2	)	$	2,645
INVESTING ACTIVITIES
Capital expenditures		—			(3,456	)		(334	)		—			(3,790	)
Proceeds from asset dispositions and other		85			16			22			—			123
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES		85			(3,440	)		(312	)		—			(3,667	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		117			(148	)		31			—			—
Payment on loan between subsidiaries		36			(15	)		(21	)		—			—
Intercompany dividends		—			1			(1	)		—			—
Principal payments on debt		—			(33	)		(16	)		—			(49	)
Proceeds from debt issuance		1,190			—			—			—			1,190
Proceeds from stock issuances		265			—			—			—			265
Dividends paid		(319	)		—			—			—			(319	)
Purchase of treasury stock		(358	)		—			—			—			(358	)
Other, net		(8	)		(12	)		22			—			2
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		923			(207	)		15			—			731
Effect of exchange rate changes on cash		(10	)		7			(67	)		—			(70	)
Net (decrease) increase in cash and cash equivalents		(499	)		(25	)		165			(2	)		(361	)
Cash and cash equivalents at beginning of period		1,974			326			1,277			(43	)		3,534
Cash and cash equivalents at end of period	$	1,475		$	301		$	1,442		$	(45	)	$	3,173

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended February 29, 2016

	Parent			Guarantor Subsidiaries			Non-guarantor 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	)
Proceeds from 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
Dividends paid		(210	)		—			—			—			(210	)
Purchase of treasury stock		(2,133	)		—			—			—			(2,133	)
Other, net		(7	)		(27	)		27			—			(7	)
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