Condensed Consolidating Financial Statements (Tables)

12 Months Ended

May 31, 2018

Condensed Consolidating Financial Statements Tables [Abstract]

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 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
STOCKHOLDERS’ INVESTMENT		19,415		29,832		7,621		(37,452	)		19,416
	$	36,849	$	40,795	$	14,538	$	(39,852	)	$	52,330

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2017

	Parent		Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,884	$	325	$	1,807	$	(47	)	$	3,969
Receivables, less allowances		3		4,729		2,928		(61	)		7,599
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		25		787		248		—			1,060
Total current assets		1,912		5,841		4,983		(108	)		12,628
PROPERTY AND EQUIPMENT, AT COST		22		47,201		3,403		—			50,626
Less accumulated depreciation and amortization		18		23,211		1,416		—			24,645
Net property and equipment		4		23,990		1,987		—			25,981
INTERCOMPANY RECEIVABLE		1,521		2,607		—		(4,128	)		—
GOODWILL		—		1,571		5,583		—			7,154
INVESTMENT IN SUBSIDIARIES		27,712		2,636		—		(30,348	)		—
OTHER ASSETS		3,494		1,271		1,249		(3,225	)		2,789
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	9	$	13	$	—		$	22
Accrued salaries and employee benefits		72		1,335		507		—			1,914
Accounts payable		10		1,411		1,439		(108	)		2,752
Accrued expenses		991		1,522		717		—			3,230
Total current liabilities		1,073		4,277		2,676		(108	)		7,918
LONG-TERM DEBT, LESS CURRENT PORTION		14,641		244		24		—			14,909
INTERCOMPANY PAYABLE		—		—		4,128		(4,128	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		5,472		238		(3,225	)		2,485
Other liabilities		2,856		3,448		863		—			7,167
Total other long-term liabilities		2,856		8,920		1,101		(3,225	)		9,652
STOCKHOLDERS’ INVESTMENT		16,073		24,475		5,873		(30,348	)		16,073
	$	34,643	$	37,916	$	13,802	$	(37,809	)	$	48,552

Condensed Consolidating Statements of Comprehensive Income

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			17,814			5,244			—			23,207
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
Retirement plans mark-to-market adjustment		—			19			(29	)		—			(10	)
Intercompany charges, net		(437	)		(120	)		557			—			—
Other		281			6,227			3,118			(176	)		9,450
		—			43,676			17,311			(407	)		60,580
OPERATING INCOME		—			4,925			(55	)		—			4,870
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		4,572			62			—			(4,634	)		—
Interest, net		(541	)		46			(15	)		—			(510	)
Intercompany charges, net		544			(291	)		(253	)		—			—
Other, net		(3	)		(120	)		116			—			(7	)
INCOME BEFORE INCOME TAXES		4,572			4,622			(207	)		(4,634	)		4,353
Provision for income taxes (benefit)		—			309			(528	)		—			(219	)
NET INCOME	$	4,572		$	4,313		$	321		$	(4,634	)	$	4,572
COMPREHENSIVE INCOME	$	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			16,696			4,723			—			21,542
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
Retirement plans mark-to-market adjustment		—			(75	)		51			—			(24	)
Intercompany charges, net		(434	)		182			252			—			—
Other		304			5,734			2,885			(171	)		8,752
		—			40,414			15,170			(302	)		55,282
OPERATING INCOME		—			4,409			628			—			5,037
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		2,997			68			—			(3,065	)		—
Interest, net		(507	)		27			1			—			(479	)
Intercompany charges, net		508			(296	)		(212	)		—			—
Other, net		(1	)		(134	)		156			—			21
INCOME BEFORE INCOME TAXES		2,997			4,074			573			(3,065	)		4,579
Provision for income taxes		—			1,439			143			—			1,582
NET INCOME	$	2,997		$	2,635		$	430		$	(3,065	)	$	2,997
COMPREHENSIVE INCOME	$	2,922		$	2,580		$	314		$	(3,065	)	$	2,751

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended May 31, 2016

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	42,143		$	8,547		$	(325	)	$	50,365
OPERATING EXPENSES:
Salaries and employee benefits		119			15,880			2,582			—			18,581
Purchased transportation		—			7,380			2,720			(134	)		9,966
Rentals and landing fees		5			2,484			371			(6	)		2,854
Depreciation and amortization		1			2,399			231			—			2,631
Fuel		—			2,324			75			—			2,399
Maintenance and repairs		1			1,954			153			—			2,108
Retirement plans mark-to-market adjustment		—			1,414			84			—			1,498
Intercompany charges, net		(645	)		425			220			—			—
Other		519			5,274			1,643			(185	)		7,251
		—			39,534			8,079			(325	)		47,288
OPERATING INCOME		—			2,609			468			—			3,077
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries		1,820			279			—			(2,099	)		—
Interest, net		(355	)		27			13			—			(315	)
Intercompany charges, net		369			(354	)		(15	)		—			—
Other, net		(14	)		(14	)		6			—			(22	)
INCOME BEFORE INCOME TAXES		1,820			2,547			472			(2,099	)		2,740
Provision for income taxes		—			818			102			—			920
NET INCOME	$	1,820		$	1,729		$	370		$	(2,099	)	$	1,820
COMPREHENSIVE INCOME	$	1,746		$	1,704		$	128		$	(2,099	)	$	1,479

Condensed Consolidating Statements of Cash Flows

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) PROVIDED BY 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 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 (decrease) increase 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

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended May 31, 2016

	Parent			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(831	)	$	5,932		$	572		$	35		$	5,708
INVESTING ACTIVITIES
Capital expenditures		—			(4,617	)		(201	)		—			(4,818	)
Business acquisitions, net of cash acquired		—			—			(4,618	)		—			(4,618	)
Proceeds from asset dispositions and other		(55	)		33			12			—			(10	)
CASH USED IN INVESTING ACTIVITIES		(55	)		(4,584	)		(4,807	)		—			(9,446	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		1,629			(1,549	)		(80	)		—			—
Payment on loan between subsidiaries		(4,805	)		109			4,696			—			—
Intercompany dividends		—			20			(20	)		—			—
Principal payments on debt		—			(19	)		(22	)		—			(41	)
Proceeds from debt issuance		6,519			—			—			—			6,519
Proceeds from stock issuances		183			—			—			—			183
Dividends paid		(277	)		—			—			—			(277	)
Purchase of treasury stock		(2,722	)		—			—			—			(2,722	)
Other, net		(51	)		(48	)		48			—			(51	)
CASH PROVIDED (USED IN) FINANCING ACTIVITIES		476			(1,487	)		4,622			—			3,611
Effect of exchange rate changes on cash		1			(22	)		(81	)		—			(102	)
Net increase in cash and cash equivalents		(409	)		(161	)		306			35			(229	)
Cash and cash equivalents at beginning of period		2,383			487			971			(78	)		3,763
Cash and cash equivalents at end of period	$	1,974		$	326		$	1,277		$	(43	)	$	3,534