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Supplemental Guarantor Information (Tables)
 9 Months Ended
Feb. 28, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Consolidating Condensed Income Statement
Condensed Income Statement
Three Months Ended February 28, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
826,606

 
$
147,293

 
$
57,082

 
$
(37,583
)
 
$
993,398

Other
—

 
403,650

 
297

 
16,672

 
(132,882
)
 
287,737

Equity in net income of affiliates
118,005

 
—

 
—

 
—

 
(118,005
)
 
—

 
118,005

 
1,230,256

 
147,590

 
73,754

 
(288,470
)
 
1,281,135

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
476,004

 
92,273

 
36,877

 
(58,616
)
 
546,538

Cost of other
—

 
280,600

 
(19,449
)
 
12,462

 
(105,440
)
 
168,173

Selling and administrative expenses
—

 
399,769

 
(51,465
)
 
20,883

 
(6,802
)
 
362,385

G&K Services, Inc. transaction expenses
—

 
—

 
9,344

 
—

 
—

 
9,344

Operating income
118,005

 
73,883

 
116,887

 
3,532

 
(117,612
)
 
194,695

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(2
)
 
(6
)
 
(4
)
 
1

 
(11
)
Interest expense (income)
—

 
14,981

 
(1,193
)
 
(92
)
 
—

 
13,696

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
118,005


58,904


118,086


3,628


(117,613
)

181,010

Income taxes
—

 
20,197

 
40,474

 
1,712

 
(20
)
 
62,363

Income from continuing operations
118,005


38,707


77,612


1,916


(117,593
)
 
118,647

 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from discontinued operations, net of tax
—

 
(1,098
)
 
447

 
9

 
—

 
(642
)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
118,005

 
$
37,609

 
$
78,059

 
$
1,925

 
$
(117,593
)
 
$
118,005


Consolidating Condensed Income Statement
Three Months Ended February 29, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
784,876

 
$
137,347

 
$
50,763

 
$
(36,421
)
 
$
936,565

Other
—

 
390,207

 
951

 
14,952

 
(126,592
)
 
279,518

Equity in net income of affiliates
117,279

 
—

 
—

 
—

 
(117,279
)
 
—

 
117,279

 
1,175,083

 
138,298

 
65,715

 
(280,292
)
 
1,216,083

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
460,124

 
87,735

 
34,056

 
(57,259
)
 
524,656

Cost of other
—

 
270,627

 
(18,056
)
 
11,399

 
(97,151
)
 
166,819

Selling and administrative expenses
—

 
364,555

 
(43,503
)
 
17,459

 
(6,855
)
 
331,656

Operating income
117,279

 
79,777

 
112,122

 
2,801

 
(119,027
)
 
192,952

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(7
)
 
(262
)
 
(68
)
 
2

 
(335
)
Interest expense (income)
—

 
16,350

 
(207
)
 
20

 
—

 
16,163

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
117,279

 
63,434

 
112,591

 
2,849

 
(119,029
)
 
177,124

Income taxes
—

 
21,223

 
37,533

 
1,118

 
(29
)
 
59,845

Income from continuing operations
117,279


42,211


75,058


1,731


(119,000
)

117,279

 
 
 
 
 
 
 
 
 
 
 


Income (loss) from discontinued operations,
   net of tax
62

 
74

 
—

 
(12
)
 
(62
)
 
62

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
117,341


$
42,285


$
75,058


$
1,719


$
(119,062
)

$
117,341












Consolidating Condensed Income Statement
Nine Months Ended February 28, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
2,505,322

 
$
446,327

 
$
172,355

 
$
(125,445
)
 
$
2,998,559

Other
—

 
1,225,276

 
1,898

 
53,709

 
(407,254
)
 
873,629

Equity in net income of affiliates
396,473

 
—

 
—

 
—

 
(396,473
)
 
—

 
396,473

 
3,730,598

 
448,225

 
226,064

 
(929,172
)
 
3,872,188

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,442,713

 
277,268

 
111,594

 
(188,353
)
 
1,643,222

Cost of other
—

 
847,992

 
(53,929
)
 
39,926

 
(326,648
)
 
507,341

Selling and administrative expenses
—

 
1,213,418

 
(150,455
)
 
59,851

 
(21,181
)
 
1,101,633

G&K Services, Inc. transaction expenses
—

 
—

 
15,478

 
—

 
—

 
15,478

Operating income
396,473

 
226,475

 
359,863

 
14,693

 
(392,990
)
 
604,514

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(2
)
 
(30
)
 
(77
)
 
2

 
(107
)
Interest expense (income)
—

 
44,336

 
(3,071
)
 
(130
)
 
—

 
41,135

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
396,473

 
182,141

 
362,964

 
14,900

 
(392,992
)
 
563,486

Income taxes
—

 
59,541

 
118,652

 
5,176

 
(75
)
 
183,294

Income from continuing operations
396,473

 
122,600

 
244,312

 
9,724

 
(392,917
)
 
380,192

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations, net of tax
—

 
13,884

 
447

 
1,950

 
—

 
16,281

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
396,473

 
$
136,484

 
$
244,759

 
$
11,674

 
$
(392,917
)
 
$
396,473


Consolidating Condensed Income Statement
Nine Months Ended February 29, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
2,358,431

 
$
410,479

 
$
158,449

 
$
(114,682
)
 
$
2,812,677

Other
—

 
1,157,078

 
2,981

 
47,279

 
(385,962
)
 
821,376

Equity in net income of affiliates
338,930

 
—

 
—

 
—

 
(338,930
)
 
—

 
338,930

 
3,515,509

 
413,460

 
205,728

 
(839,574
)
 
3,634,053

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,377,174

 
260,635

 
105,811

 
(174,370
)
 
1,569,250

Cost of other
—

 
807,458

 
(50,603
)
 
34,822

 
(303,026
)
 
488,651

Selling and administrative expenses
—

 
1,099,373

 
(134,457
)
 
51,479

 
(19,051
)
 
997,344

Operating income
338,930

 
231,504

 
337,885

 
13,616

 
(343,127
)
 
578,808

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(19
)
 
(378
)
 
(170
)
 
2

 
(565
)
Interest expense (income)
—

 
49,152

 
(425
)
 
19

 
—

 
48,746

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
338,930

 
182,371

 
338,688

 
13,767

 
(343,129
)
 
530,627

Income taxes
—

 
64,101

 
119,044

 
8,634

 
(82
)
 
191,697

Income from continuing operations
338,930

 
118,270

 
219,644

 
5,133

 
(343,047
)
 
338,930

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations,
   net of tax
223,692

 
229,355

 
—

 
(5,663
)
 
(223,692
)
 
223,692

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
562,622

 
$
347,625

 
$
219,644

 
$
(530
)
 
$
(566,739
)
 
$
562,622
Consolidating Condensed Statement of Comprehensive Income
Condensed Statement of Comprehensive Income
Three Months Ended February 28, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
118,005

 
$
37,609

 
$
78,059

 
$
1,925

 
$
(117,593
)
 
$
118,005

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
2,400

 
—

 
—

 
2,400

 
(2,400
)
 
2,400

Change in fair value of derivatives
2,560

 
2,560

 
—

 
—

 
(2,560
)
 
2,560

Amortization of interest rate lock agreements
385

 
385

 
—

 
—

 
(385
)
 
385

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
5,345

 
2,945

 
—

 
2,400

 
(5,345
)
 
5,345

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
123,350

 
$
40,554

 
$
78,059

 
$
4,325

 
$
(122,938
)
 
$
123,350


Consolidating Condensed Statement of Comprehensive Income
Three Months Ended February 29, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
117,341

 
$
42,285

 
$
75,058

 
$
1,719

 
$
(119,062
)
 
$
117,341

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(2,405
)
 
—

 
(2,405
)
Change in fair value of derivatives
—

 
(14,070
)
 
—

 
—

 
—

 
(14,070
)
Amortization of interest rate lock agreements
—

 
488

 
—

 
—

 
—

 
488

Change in fair value of available-for-sale securities
—

 
—

 
—

 
(7
)
 
—

 
(7
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
—

 
(13,582
)
 
—

 
(2,412
)
 
—

 
(15,994
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
117,341

 
$
28,703

 
$
75,058

 
$
(693
)
 
$
(119,062
)
 
$
101,347

Consolidating Condensed Statement of Comprehensive Income
Nine Months Ended February 28, 2017
(In thousands)
 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
396,473

 
$
136,484

 
$
244,759

 
$
11,674

 
$
(392,917
)
 
$
396,473

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(5,135
)
 
—

 
—

 
(5,135
)
 
5,135

 
(5,135
)
Change in fair value of derivatives
16,913

 
16,913

 
—

 
—

 
(16,913
)
 
16,913

Amortization of interest rate lock agreements
1,155

 
1,155

 
—

 
—

 
(1,155
)
 
1,155

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
12,933

 
18,068

 
—

 
(5,135
)
 
(12,933
)
 
12,933

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
409,406

 
$
154,552

 
$
244,759

 
$
6,539

 
$
(405,850
)
 
$
409,406


Consolidating Condensed Statement of Comprehensive Income
Nine Months Ended February 29, 2016
(In thousands)
 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
562,622

 
$
347,625

 
$
219,644

 
$
(530
)
 
$
(566,739
)
 
$
562,622

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(19,044
)
 
—

 
(19,044
)
Cumulative translation adjustment
   on Shred-it
—

 
5,875

 
—

 
597

 
—

 
6,472

Change in fair value of derivatives
—

 
(14,070
)
 
—

 
—

 
—

 
(14,070
)
Amortization of interest rate lock agreements
—

 
1,464

 
—

 
—

 
—

 
1,464

Change in fair value of available-for-sale securities
—

 
—

 
—

 
(25
)
 
—

 
(25
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
—

 
(6,731
)
 
—

 
(18,472
)
 
—

 
(25,203
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
562,622

 
$
340,894

 
$
219,644

 
$
(19,002
)
 
$
(566,739
)
 
$
537,419
Consolidating Condensed Balance Sheet
Condensed Balance Sheet
As of February 28, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
42,774

 
$
9,223

 
$
95,247

 
$
—

 
$
147,244

Accounts receivable, net
—

 
459,768

 
103,475

 
35,620

 
—

 
598,863

Inventories, net
—

 
244,455

 
17,071

 
12,822

 
(2,167
)
 
272,181

Uniforms and other rental items in service
—

 
446,403

 
75,754

 
35,302

 
(17,729
)
 
539,730

Income taxes, current
—

 
(12,520
)
 
32,327

 
753

 
—

 
20,560

Prepaid expenses and other current assets
—

 
27,233

 
23,317

 
813

 
—

 
51,363

Total current assets
—

 
1,208,113

 
261,167

 
180,557

 
(19,896
)
 
1,629,941

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
660,977

 
348,996

 
80,236

 
—

 
1,090,209

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
1,775,947

 
923,278

 
961,070

 
(3,833,210
)
 
148,168

Goodwill
—

 
—

 
1,262,996

 
40,154

 
(112
)
 
1,303,038

Service contracts, net
—

 
77,877

 
—

 
5,843

 
—

 
83,720

Other assets, net
1,391,929

 
937

 
3,546,292

 
8,877

 
(4,931,947
)
 
16,088

 
$
1,713,012

 
$
3,723,851

 
$
6,342,729

 
$
1,276,737

 
$
(8,785,165
)
 
$
4,271,164

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,246
)
 
$
(1,810,057
)
 
$
2,344,761

 
$
20,363

 
$
38,119

 
$
127,940

Accrued compensation and related liabilities
—

 
70,302

 
19,953

 
5,098

 
—

 
95,353

Accrued liabilities
—

 
65,543

 
242,206

 
13,575

 
—

 
321,324

Debt due within one year
—

 
399,351

 
—

 
—

 
—

 
399,351

Total current liabilities
(465,246
)
 
(1,274,861
)
 
2,606,920

 
39,036

 
38,119

 
943,968

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
744,799

 
—

 
390

 
—

 
745,189

Deferred income taxes
—

 
(420
)
 
259,562

 
7,923

 
—

 
267,065

Accrued liabilities
—

 
—

 
135,522

 
1,162

 
—

 
136,684

Total long-term liabilities
—

 
744,379

 
395,084

 
9,475

 
—

 
1,148,938

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
2,178,258

 
4,254,333

 
3,340,725

 
1,228,226

 
(8,823,284
)
 
2,178,258

 
$
1,713,012

 
$
3,723,851

 
$
6,342,729

 
$
1,276,737

 
$
(8,785,165
)
 
$
4,271,164


Consolidating Condensed Balance Sheet
As of May 31, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
57,893

 
$
55,392

 
$
26,072

 
$
—

 
$
139,357

Marketable securities
—

 
—

 
—

 
70,405

 
—

 
70,405

Accounts receivable, net
—

 
430,335

 
97,516

 
35,327

 
—

 
563,178

Inventories, net
—

 
222,823

 
19,149

 
11,235

 
(3,845
)
 
249,362

Uniforms and other rental items in service
—

 
450,065

 
73,001

 
36,612

 
(19,722
)
 
539,956

Income taxes, current
—

 
(1,634
)
 
2,698

 
648

 
—

 
1,712

Prepaid expenses and other current assets
—

 
6,824

 
18,279

 
962

 
—

 
26,065

Total current assets
—

 
1,166,306

 
266,035

 
181,261

 
(23,567
)
 
1,590,035

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
614,656

 
305,636

 
73,945

 
—

 
994,237

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
1,770,303

 
901,772

 
941,396

 
(3,809,602
)
 
124,952

Goodwill
—

 
—

 
1,256,662

 
35,043

 
(112
)
 
1,291,593

Service contracts, net
—

 
81,462

 
13

 
2,240

 
—

 
83,715

Other assets, net
1,081,203

 
(913
)
 
3,526,051

 
9,110

 
(4,601,168
)
 
14,283

 
$
1,402,286

 
$
3,631,814

 
$
6,256,169

 
$
1,242,995

 
$
(8,434,449
)
 
$
4,098,815

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,773,815
)
 
$
2,298,790

 
$
16,781

 
$
38,005

 
$
114,514

Accrued compensation and related liabilities
—

 
73,545

 
23,051

 
5,380

 
—

 
101,976

Accrued liabilities
—

 
84,270

 
251,217

 
13,578

 
—

 
349,065

Debt due within one year
—

 
250,000

 
—

 
—

 
—

 
250,000

Total current liabilities
(465,247
)
 
(1,366,000
)
 
2,573,058

 
35,739

 
38,005

 
815,555

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
1,044,032

 
—

 
390

 
—

 
1,044,422

Deferred income taxes
—

 
(427
)
 
252,149

 
7,753

 
—

 
259,475

Accrued liabilities
—

 
19,628

 
116,091

 
985

 
—

 
136,704

Total long-term liabilities
—

 
1,063,233

 
368,240

 
9,128

 
—

 
1,440,601

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
1,867,533

 
3,934,581

 
3,314,871

 
1,198,128

 
(8,472,454
)
 
1,842,659

 
$
1,402,286

 
$
3,631,814

 
$
6,256,169

 
$
1,242,995

 
$
(8,434,449
)
 
$
4,098,815
Consolidating Condensed Statement of Cash Flows
Condensed Statement of Cash Flows
Nine Months Ended February 28, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 

 
 

 
 

 
 

 
 

 
 

Net income
$
396,473

 
$
136,484

 
$
244,759

 
$
11,674

 
$
(392,917
)
 
$
396,473

Adjustments to reconcile net income to net
   cash provided by operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
79,459

 
33,697

 
7,337

 
—

 
120,493

Amortization of intangible assets
—

 
10,288

 
262

 
671

 
—

 
11,221

Stock-based compensation
63,578

 
—

 
—

 
—

 
—

 
63,578

Gain on Shred-it
—

 
(23,935
)
 
—

 
(1,941
)
 
—

 
(25,876
)
Deferred income taxes
—

 
(11,104
)
 
7,406

 
226

 
—

 
(3,472
)
Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(21,965
)
 
(5,959
)
 
(722
)
 
—

 
(28,646
)
Inventories, net
—

 
(21,588
)
 
2,079

 
(2,177
)
 
(1,678
)
 
(23,364
)
Uniforms and other rental items in service
—

 
3,662

 
(2,753
)
 
1,031

 
(1,993
)
 
(53
)
Prepaid expenses and other current
   assets
—

 
(6,460
)
 
(5,037
)
 
110

 
—

 
(11,387
)
Accounts payable
—

 
(36,312
)
 
45,593

 
6,143

 
114

 
15,538

Accrued compensation and related liabilities
—

 
(3,243
)
 
(3,099
)
 
530

 
—

 
(5,812
)
Accrued liabilities and other
—

 
(10,958
)
 
5,110

 
(231
)
 
—

 
(6,079
)
Income taxes, current
—

 
10,886

 
(29,632
)
 
(110
)
 
—

 
(18,856
)
Net cash provided by operating activities
460,051

 
105,214

 
292,426

 
22,541

 
(396,474
)
 
483,758

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(125,995
)
 
(77,025
)
 
(15,601
)
 
—

 
(218,621
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
172,506

 
—

 
172,506

Purchase of marketable securities and investments
—

 
(5,644
)
 
(41,180
)
 
(102,418
)
 
23,608

 
(125,634
)
Proceeds from sale of investment in Shred-it
—

 
23,935

 
—

 
1,941

 
—

 
25,876

Acquisitions of businesses, net of cash acquired
—

 
(9,097
)
 
—

 
(10,533
)
 
—

 
(19,630
)
Other, net
(322,723
)
 
166,718

 
(218,390
)
 
1,557

 
372,866

 
28

Net cash (used in) provided by investing activities
(322,723
)
 
49,917

 
(336,595
)
 
47,452

 
396,474

 
(165,475
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from issuance of commercial paper, net
—

 
99,500

 
—

 
—

 
—

 
99,500

Proceeds from issuance of debt
—

 
—

 
(2,000
)
 
2,000

 
—

 
—

Repayment of debt
—

 
(250,000
)
 
—

 
—

 
—

 
(250,000
)
Prepaid short-term debt financing fees
—

 
(13,949
)
 
—

 
—

 
—

 
(13,949
)
Proceeds from exercise of stock-based compensation awards
25,114

 
—

 
—

 
—

 
—

 
25,114

Dividends paid
(142,388
)
 
—

 
—

 
(56
)
 
—

 
(142,444
)
Repurchase of common stock
(20,054
)
 
—

 
—

 
—

 
—

 
(20,054
)
Other, net
—

 
(5,801
)
 
—

 
—

 
—

 
(5,801
)
Net cash (used in) provided by financing activities
(137,328
)
 
(170,250
)
 
(2,000
)
 
1,944

 
—

 
(307,634
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(2,762
)
 
—

 
(2,762
)
 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash
    equivalents
—

 
(15,119
)
 
(46,169
)
 
69,175

 
—

 
7,887

Cash and cash equivalents at beginning of period
—

 
57,893

 
55,392

 
26,072

 
—

 
139,357

Cash and cash equivalents at end of period
$
—

 
$
42,774

 
$
9,223

 
$
95,247

 
$
—

 
$
147,244

Consolidating Condensed Statement of Cash Flows
Nine Months Ended February 29, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 

 
 

 
 

 
 

 
 

 
 

Net income (loss)
$
562,622

 
$
347,625

 
$
219,644

 
$
(530
)
 
$
(566,739
)
 
$
562,622

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
70,441

 
33,208

 
6,886

 
—

 
110,535

Amortization of intangible assets
—

 
11,612

 
218

 
306

 
—

 
12,136

Stock-based compensation
57,169

 
—

 
—

 
—

 
—

 
57,169

Gain on Storage transactions
—

 
(12,547
)
 
—

 
(3,239
)
 
—

 
(15,786
)
(Gain) loss on Shred-it
—

 
(362,237
)
 
—

 
12,499

 
—

 
(349,738
)
Deferred income taxes
—

 
(82,115
)
 
5,895

 
1,680

 
—

 
(74,540
)
Changes in current assets and liabilities,
    net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(29,955
)
 
(11,251
)
 
(317
)
 
—

 
(41,523
)
Inventories, net
—

 
(25,169
)
 
(1,584
)
 
(1,946
)
 
4,690

 
(24,009
)
Uniforms and other rental items in service
—

 
(2,339
)
 
(1,876
)
 
(2,118
)
 
(572
)
 
(6,905
)
Prepaid expenses and other current
   assets
—

 
55

 
(1,730
)
 
95

 
—

 
(1,580
)
Accounts payable
—

 
(358,602
)
 
385,841

 
10,132

 
(1
)
 
37,370

Accrued compensation and related liabilities
—

 
(2,373
)
 
(1,118
)
 
(240
)
 
—

 
(3,731
)
Accrued liabilities and other
—

 
(21,747
)
 
4,233

 
(1,511
)
 
724

 
(18,301
)
Income taxes, current
—

 
55,609

 
(2,042
)
 
(132
)
 
—

 
53,435

Net cash provided by (used in) operating activities
619,791

 
(411,742
)
 
629,438

 
21,565

 
(561,898
)
 
297,154

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(120,943
)
 
(76,161
)
 
(10,398
)
 
—

 
(207,502
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
327,779

 
—

 
327,779

Purchase of marketable securities and investments
—

 
(3,838
)
 
(2,235
)
 
(385,760
)
 
7,037

 
(384,796
)
Proceeds from Storage transactions, net of cash acquired
—

 
32,099

 
—

 
3,239

 
—

 
35,338

Proceeds from sale of Shred-it
—

 
565,643

 
—

 
12,614

 
—

 
578,257

Acquisitions of businesses, net of cash acquired
—

 
(127,524
)
 
—

 
(24,207
)
 
—

 
(151,731
)
Other, net
(24,380
)
 
121,547

 
(649,264
)
 
945

 
555,585

 
4,433

Net cash (used in) provided by investing activities
(24,380
)
 
466,984

 
(727,660
)
 
(75,788
)
 
562,622

 
201,778

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from issuance of debt
—

 
—

 
(55
)
 
55

 
—

 
—

Repayment of debt
—

 
(309
)
 
1,053

 
(36
)
 
(724
)
 
(16
)
Exercise of stock-based compensation awards
22,260

 
—

 
—

 
—

 
—

 
22,260

Dividends paid
(115,232
)
 
—

 
—

 
(41
)
 
—

 
(115,273
)
Repurchase of common stock
(502,439
)
 
—

 
—

 
—

 
—

 
(502,439
)
Other, net
—

 
1,464

 
—

 
(311
)
 
—

 
1,153

Net cash (used in) provided by financing activities
(595,411
)
 
1,155

 
998

 
(333
)
 
(724
)
 
(594,315
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(6,574
)
 
—

 
(6,574
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
—

 
56,397

 
(97,224
)
 
(61,130
)
 
—

 
(101,957
)
Cash and cash equivalents at beginning of period
—

 
74,632

 
248,716

 
93,725

 
—

 
417,073

Cash and cash equivalents at end of period
$
—

 
$
131,029

 
$
151,492

 
$
32,595

 
$
—

 
$
315,116