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Debt, Derivatives and Hedging Activities (Tables)
3 Months Ended
Aug. 31, 2017
Debt Disclosure [Abstract]  
Summary of Debt Outstanding
Cintas' debt is summarized as follows:
(In thousands)
Interest
 Rate
 
Fiscal Year Issued
 
Fiscal Year Maturity
 
August 31, 2017
 
May 31,
2017
 
 
 
 
 
 
 
 
 
 
Debt due within one year
 
 
 
 
 
 
 
 
 
Senior notes
6.13
%
 
2008
 
2018
 
$
300,000

 
$
300,000

Commercial paper
1.40
%
(1) 
Various
 
Various
 
7,500

 
50,500

Current portion of term loan
2.00
%
(2) 
2017
 
2018
 

 
12,500

Debt issuance costs
 
 
 
 
 
 
(50
)
 
(100
)
Total debt due within one year
 
 
 
 
 
 
$
307,450

 
$
362,900

 
 
 
 
 
 
 
 
 
 
Debt due after one year
 
 
 
 
 
 
 
 
 
Senior notes
4.30
%
 
2012
 
2022
 
250,000

 
250,000

Senior notes
2.90
%
 
2017
 
2022
 
650,000

 
650,000

Senior notes
3.25
%
 
2013
 
2023
 
300,000

 
300,000

Senior notes (3)
2.78
%
 
2013
 
2023
 
52,446

 
52,554

Senior notes (4)
3.11
%
 
2015
 
2025
 
52,560

 
52,645

Senior notes
3.70
%
 
2017
 
2027
 
1,000,000

 
1,000,000

Senior notes
6.15
%
 
2007
 
2037
 
250,000

 
250,000

Long-term portion of term loan
2.00
%
(2) 
2017
 
2022
 

 
237,500

Debt issuance costs
 
 
 
 
 
 
(21,334
)
 
(22,075
)
   Total debt due after one year
 
 
 
 
 
 
$
2,533,672

 
$
2,770,624


(1) Variable rate debt instrument. The rate presented is the variable borrowing rate at August 31, 2017.
(2) Variable rate debt instrument. The rate presented is the variable borrowing rate at May 31, 2017.
(3) Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.73%.
(4) Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.88%.