Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Aug. 31, 2019

Condensed Consolidating Financial Statements Tables [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

August 31, 2019

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	684	$	176	$	1,598	$	(69	)	$	2,389
Receivables, less allowances		335		5,575		3,541		(139	)		9,312
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		40		949		327		—			1,316
Total current assets		1,059		6,700		5,466		(208	)		13,017
PROPERTY AND EQUIPMENT, AT COST		26		57,131		4,279		—			61,436
Less accumulated depreciation and amortization		17		27,715		2,094		—			29,826
Net property and equipment		9		29,416		2,185		—			31,610
INTERCOMPANY RECEIVABLE		3,003		72		—		(3,075	)		—
OPERATING LEASE RIGHT-OF-USE ASSETS		32		11,538		2,249		—			13,819
GOODWILL		—		1,582		5,239		—			6,821
INVESTMENT IN SUBSIDIARIES		34,439		4,970		—		(39,409	)		—
OTHER ASSETS		984		1,019		1,734		(552	)		3,185
	$	39,526	$	55,297	$	16,873	$	(43,244	)	$	68,452
LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	—	$	26	$	9	$	—		$	35
Accrued salaries and employee benefits		91		985		446		—			1,522
Accounts payable		191		1,444		1,747		(203	)		3,179
Operating lease liabilities		4		1,445		447		—			1,896
Accrued expenses		512		1,895		902		(6	)		3,303
Total current liabilities		798		5,795		3,551		(209	)		9,935
LONG-TERM DEBT, LESS CURRENT PORTION		18,395		286		45		—			18,726
INTERCOMPANY PAYABLE		—		—		3,074		(3,074	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		2,929		576		(552	)		2,953
Operating lease liabilities		30		10,257		1,850		—			12,137
Other liabilities		2,137		3,390		1,008		—			6,535
Total other long-term liabilities		2,167		16,576		3,434		(552	)		21,625
COMMON STOCKHOLDERS’ INVESTMENT		18,166		32,640		6,769		(39,409	)		18,166
	$	39,526	$	55,297	$	16,873	$	(43,244	)	$	68,452

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2019

			Guarantor			Non-guarantor
	Parent		Subsidiaries			Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	826	$	158		$	1,381	$	(46	)	$	2,319
Receivables, less allowances		56		5,603			3,684		(227	)		9,116
Spare parts, supplies, fuel, prepaid expenses and other, less allowances		366		953			332		—			1,651
Total current assets		1,248		6,714			5,397		(273	)		13,086
PROPERTY AND EQUIPMENT, AT COST		25		55,341			4,145		—			59,511
Less accumulated depreciation and amortization		17		27,066			1,999		—			29,082
Net property and equipment		8		28,275			2,146		—			30,429
INTERCOMPANY RECEIVABLE		2,877		(405	)		—		(2,472	)		—
GOODWILL		—		1,589			5,295		—			6,884
INVESTMENT IN SUBSIDIARIES		33,725		5,449			—		(39,174	)		—
OTHER ASSETS		995		1,811			1,789		(591	)		4,004
	$	38,853	$	43,433		$	14,627	$	(42,510	)	$	54,403
LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Current portion of long-term debt	$	959	$	2		$	3	$	—		$	964
Accrued salaries and employee benefits		143		1,100			498		—			1,741
Accounts payable		16		1,469			1,808		(263	)		3,030
Accrued expenses		521		1,853			914		(10	)		3,278
Total current liabilities		1,639		4,424			3,223		(273	)		9,013
LONG-TERM DEBT, LESS CURRENT PORTION		16,322		287			8		—			16,617
INTERCOMPANY PAYABLE		—		—			2,472		(2,472	)		—
OTHER LONG-TERM LIABILITIES
Deferred income taxes		—		2,832			580		(591	)		2,821
Other liabilities		3,135		3,965			1,095		—			8,195
Total other long-term liabilities		3,135		6,797			1,675		(591	)		11,016
COMMON STOCKHOLDERS’ INVESTMENT		17,757		31,925			7,249		(39,174	)		17,757
	$	38,853	$	43,433		$	14,627	$	(42,510	)	$	54,403

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended August 31, 2019

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,241		$	4,893		$	(86	)	$	17,048
OPERATING EXPENSES:
Salaries and employee benefits		20			4,685			1,382			—			6,087
Purchased transportation		—			2,543			1,519			(34	)		4,028
Rentals and landing fees		2			712			208			(2	)		920
Depreciation and amortization		—			761			118			—			879
Fuel		—			812			58			—			870
Maintenance and repairs		—			684			84			—			768
Intercompany charges, net		(78	)		(481	)		559			—			—
Other		56			1,668			845			(50	)		2,519
		—			11,384			4,773			(86	)		16,071
OPERATING INCOME		—			857			120			—			977
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries		745			18			—			(763	)		—
Interest, net		(151	)		12			2			—			(137	)
Other retirement plans income		—			163			5			—			168
Intercompany charges, net		164			(120	)		(44	)		—			—
Other, net		(13	)		16			(15	)		—			(12	)
INCOME BEFORE INCOME TAXES		745			946			68			(763	)		996
Provision for income taxes		—			225			26			—			251
NET INCOME (LOSS)	$	745		$	721		$	42		$	(763	)	$	745
COMPREHENSIVE INCOME (LOSS)	$	731		$	705		$	(32	)	$	(763	)	$	641

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended August 31, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	—		$	12,367		$	4,787		$	(102	)	$	17,052
OPERATING EXPENSES:
Salaries and employee benefits		48			4,783			1,429			—			6,260
Purchased transportation		—			2,380			1,634			(47	)		3,967
Rentals and landing fees		1			631			192			(1	)		823
Depreciation and amortization		—			693			115			—			808
Fuel		—			902			84			—			986
Maintenance and repairs		—			646			89			—			735
Intercompany charges, net		(111	)		(226	)		337			—			—
Other		62			1,546			848			(54	)		2,402
		—			11,355			4,728			(102	)		15,981
OPERATING INCOME		—			1,012			59			—			1,071
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries		835			81			—			(916	)		—
Interest, net		(143	)		15			1			—			(127	)
Other retirement plans (expense) income		—			155			3			—			158
Intercompany charges, net		143			(122	)		(21	)		—			—
Other, net		—			(10	)		9			—			(1	)
INCOME (LOSS) BEFORE INCOME TAXES		835			1,131			51			(916	)		1,101
Provision for income taxes		—			215			51			—			266
NET INCOME (LOSS)	$	835		$	916		$	—		$	(916	)	$	835
COMPREHENSIVE INCOME (LOSS)	$	817		$	1,014		$	(265	)	$	(916	)	$	650

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended August 31, 2019

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(1,671	)	$	2,111		$	148		$	(23	)	$	565
INVESTING ACTIVITIES
Capital expenditures		(2	)		(1,317	)		(99	)		—			(1,418	)
Proceeds from asset dispositions and other		(10	)		5			4			—			(1	)
CASH USED IN INVESTING ACTIVITIES		(12	)		(1,312	)		(95	)		—			(1,419	)
FINANCING ACTIVITIES
Net transfers from (to) Parent		1,002			(1,059	)		57			—			—
Payment on loan between subsidiaries		(434	)		—			434			—			—
Intercompany dividends		—			304			(304	)		—			—
Proceeds from debt issuances		2,093			—			—			—			2,093
Principal payments on debt		(956	)		(27	)		(2	)		—			(985	)
Proceeds from stock issuances		12			—			—			—			12
Dividends paid		(170	)		—			—			—			(170	)
Purchase of treasury stock		(3	)		—			—			—			(3	)
Other, net		(3	)		—			(2	)		—			(5	)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		1,541			(782	)		183			—			942
Effect of exchange rate changes on cash		—			1			(19	)		—			(18	)
Net (decrease) increase in cash and cash equivalents		(142	)		18			217			(23	)		70
Cash and cash equivalents at beginning of period		826			158			1,381			(46	)		2,319
Cash and cash equivalents at end of period	$	684		$	176		$	1,598		$	(69	)	$	2,389

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended August 31, 2018

	Parent			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	785		$	(159	)	$	102		$	(27	)	$	701
INVESTING ACTIVITIES
Capital expenditures		—			(983	)		(196	)		—			(1,179	)
Proceeds from asset dispositions and other		(5	)		78			5			—			78
CASH USED IN INVESTING ACTIVITIES		(5	)		(905	)		(191	)		—			(1,101	)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net		299			—			—			—			299
Net transfers from (to) Parent		(853	)		763			90			—			—
Intercompany dividends		—			81			(81	)		—			—
Principal payments on debt		—			—			(2	)		—			(2	)
Proceeds from stock issuances		25			—			—			—			25
Dividends paid		(173	)		—			—			—			(173	)
Purchase of treasury stock		(625	)		—			—			—			(625	)
Other, net		—			148			(144	)		—			4
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(1,327	)		992			(137	)		—			(472	)
Effect of exchange rate changes on cash		—			(5	)		(19	)		—			(24	)
Net decrease in cash and cash equivalents		(547	)		(77	)		(245	)		(27	)		(896	)
Cash and cash equivalents at beginning of period		1,485			257			1,538			(15	)		3,265
Cash and cash equivalents at end of period	$	938		$	180		$	1,293		$	(42	)	$	2,369