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Supplemental Guarantor Information (Tables)
 9 Months Ended
Feb. 28, 2019
Condensed Financial Information Disclosure [Abstract]  
Consolidating Condensed Income Statement
Consolidating Condensed Income Statement
Three Months Ended February 28, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,092,594

 
$
176,787

 
$
99,866

 
$
(10,925
)
 
$
1,358,322

Other
—

 
519,294

 
44

 
21,982

 
(217,312
)
 
324,008

Equity in net income of affiliates
200,923

 
—

 
—

 
—

 
(200,923
)
 
—

Total revenue
200,923

 
1,611,888

 
176,831

 
121,848

 
(429,160
)
 
1,682,330

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
612,167

 
111,103

 
64,976

 
(39,275
)
 
748,971

Cost of other
—

 
373,168

 
(25,811
)
 
15,649

 
(184,800
)
 
178,206

Selling and administrative expenses
—

 
527,720

 
(74,507
)
 
31,042

 
(8,156
)
 
476,099

G&K Services, Inc. integration
   expenses
—

 
(141
)
 
(379
)
 
1,319

 
—

 
799

Operating income
200,923

 
98,974

 
166,425

 
8,862

 
(196,929
)
 
278,255

 
 
 
 
 
 
 
 
 
 
 
 
Interest (income) expense
—

 
(56
)
 
1

 
(18
)
 
3

 
(70
)
Interest expense (income)
—

 
26,872

 
(104
)
 
2

 
—

 
26,770

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
200,923

 
72,158

 
166,528

 
8,878

 
(196,932
)
 
251,555

Income taxes
—

 
12,330

 
35,665

 
2,656

 
(19
)
 
50,632

Income from continuing operations
200,923

 
59,828

 
130,863

 
6,222

 
(196,913
)
 
200,923

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations,
   net of tax
2,411

 
2,411

 
—

 
—

 
(2,411
)
 
2,411

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
203,334

 
$
62,239

 
$
130,863

 
$
6,222

 
$
(199,324
)
 
$
203,334



















Consolidating Condensed Income Statement
Three Months Ended February 28, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,059,184

 
$
169,308

 
$
100,941

 
$
(44,917
)
 
$
1,284,516

Other
—

 
437,042

 
56

 
21,396

 
(153,872
)
 
304,622

Equity in net income of affiliates
295,789

 
—

 
—

 
—

 
(295,789
)
 
—

Total revenue
295,789

 
1,496,226

 
169,364

 
122,337

 
(494,578
)
 
1,589,138

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility
   services
—

 
617,276

 
106,066

 
64,952

 
(70,156
)
 
718,138

Cost of other
—

 
301,217

 
(24,654
)
 
14,888

 
(120,914
)
 
170,537

Selling and administrative expenses
—

 
491,924

 
(28,110
)
 
33,959

 
(7,155
)
 
490,618

G&K Services, Inc. integration
   expenses
—

 
5,101

 
3,968

 
752

 
—

 
9,821

Operating income
295,789

 
80,708

 
112,094

 
7,786

 
(296,353
)
 
200,024

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(103
)
 
(24
)
 
(259
)
 
2

 
(384
)
Interest expense (income)
—

 
26,105

 
(207
)
 
3

 
—

 
25,901

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
295,789

 
54,706

 
112,325

 
8,042

 
(296,355
)
 
174,507

Income tax (benefit) expense
—

 
(88,275
)
 
(38,777
)
 
5,820

 
(50
)
 
(121,282
)
Income from continuing operations
295,789


142,981


151,102


2,222


(296,305
)

295,789

 
 
 
 
 
 
 
 
 
 
 


Income (loss) from discontinued
   operations, net of tax
6,306

 
7,269

 
(1,012
)
 
—

 
(6,257
)
 
6,306

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
302,095


$
150,250


$
150,090


$
2,222


$
(302,562
)

$
302,095























Consolidating Condensed Income Statement
Nine Months Ended February 28, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
3,365,841

 
$
542,826

 
$
301,379

 
$
(86,008
)
 
$
4,124,038

Other
—

 
1,532,665

 
137

 
72,232

 
(630,499
)
 
974,535

Equity in net income of affiliates
656,464

 
—

 
—

 
—

 
(656,464
)
 
—

Total revenue
656,464

 
4,898,506

 
542,963

 
373,611

 
(1,372,971
)
 
5,098,573

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,896,767

 
332,208

 
194,305

 
(166,737
)
 
2,256,543

Cost of other
—

 
1,090,265

 
(74,973
)
 
53,110

 
(531,395
)
 
537,007

Selling and administrative expenses
—

 
1,608,906

 
(207,745
)
 
97,964

 
(26,721
)
 
1,472,404

G&K Services, Inc. integration
   expenses
—

 
8,508

 
2,754

 
2,234

 
—

 
13,496

Operating income
656,464

 
294,060

 
490,719

 
25,998

 
(648,118
)
 
819,123

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of a cost method
   investment
—

 
—

 
69,373

 
—

 
—

 
69,373

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(559
)
 
(364
)
 
(39
)
 
5

 
(957
)
Interest expense (income)
—

 
76,579

 
(639
)
 
14

 
—

 
75,954

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
656,464

 
218,040

 
561,095

 
26,023

 
(648,123
)
 
813,499

Income taxes
—

 
42,159

 
107,497

 
7,456

 
(77
)
 
157,035

Income from continuing operations
656,464

 
175,881

 
453,598

 
18,567

 
(648,046
)
 
656,464

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations,
   net of tax
2,398

 
2,398

 
—

 
—

 
(2,398
)
 
2,398

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
658,862

 
$
178,279

 
$
453,598

 
$
18,567

 
$
(650,444
)
 
$
658,862


Consolidating Condensed Income Statement
Nine Months Ended February 28, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
3,245,720

 
$
504,523

 
$
298,469

 
$
(144,374
)
 
$
3,904,338

Other
—

 
1,299,883

 
50

 
63,686

 
(460,875
)
 
902,744

Equity in net income of affiliates
594,634

 
—

 
—

 
—

 
(594,634
)
 
—

Total revenue
594,634

 
4,545,603

 
504,573

 
362,155

 
(1,199,883
)
 
4,807,082

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,867,547

 
311,039

 
190,689

 
(220,314
)
 
2,148,961

Cost of other
—

 
892,201

 
(69,369
)
 
45,061

 
(365,957
)
 
501,936

Selling and administrative expenses
—

 
1,531,248

 
(161,065
)
 
95,076

 
(20,274
)
 
1,444,985

G&K Services, Inc. integration
   expenses
—

 
10,814

 
14,722

 
1,330

 
—

 
26,866

Operating income
594,634

 
243,793

 
409,246

 
29,999

 
(593,338
)
 
684,334

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(179
)
 
(182
)
 
(613
)
 
2

 
(972
)
Interest expense (income)
—

 
86,110

 
(659
)
 
(104
)
 
—

 
85,347

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
594,634

 
157,862

 
410,087

 
30,716

 
(593,340
)
 
599,959

Income tax (benefit) expense
—

 
(57,256
)
 
50,760

 
11,915

 
(94
)
 
5,325

Income from continuing operations
594,634

 
215,118

 
359,327

 
18,801

 
(593,246
)
 
594,634

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued
   operations, net of tax
61,781

 
71,643

 
(9,911
)
 
—

 
(61,732
)
 
61,781

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
656,415

 
$
286,761

 
$
349,416

 
$
18,801

 
$
(654,978
)
 
$
656,415
Consolidating Condensed Statement of Comprehensive Income
Consolidating Condensed Statement of Comprehensive Income
Three Months Ended February 28, 2019
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
203,334

 
$
62,239

 
$
130,863

 
$
6,222

 
$
(199,324
)
 
$
203,334

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
   (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
5,025

 
—

 
—

 
5,025

 
(5,025
)
 
5,025

Change in fair value of interest rate lock agreements
(8,183
)
 
(8,183
)
 
—

 
—

 
8,183

 
(8,183
)
Amortization of interest rate
   lock agreements
(295
)
 
(295
)
 
—

 
—

 
295

 
(295
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
     income
(3,453
)
 
(8,478
)
 
—

 
5,025

 
3,453

 
(3,453
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
199,881

 
$
53,761

 
$
130,863

 
$
11,247

 
$
(195,871
)
 
$
199,881


Consolidating Condensed Statement of Comprehensive Income
Three Months Ended February 28, 2018
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
302,095

 
$
150,250

 
$
150,090

 
$
2,222

 
$
(302,562
)
 
$
302,095

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
  (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
2,374

 
—

 
—

 
2,374

 
(2,374
)
 
2,374

Amortization of interest rate lock agreements
(294
)
 
(294
)
 
—

 
—

 
294

 
(294
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
   (loss)
2,080

 
(294
)
 
—

 
2,374

 
(2,080
)
 
2,080

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
304,175

 
$
149,956

 
$
150,090

 
$
4,596

 
$
(304,642
)
 
$
304,175


































Consolidating Condensed Statement of Comprehensive Income
Nine Months Ended February 28, 2019
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
658,862

 
$
178,279

 
$
453,598

 
$
18,567

 
$
(650,444
)
 
$
658,862

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss,
  net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(8,617
)
 
—

 
—

 
(8,617
)
 
8,617

 
(8,617
)
Change in fair value of interest rate lock agreements
(6,430
)
 
(6,430
)
 
—

 
—

 
6,430

 
(6,430
)
Amortization of interest rate
   lock agreements
(884
)
 
(884
)
 
—

 
—

 
884

 
(884
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
(15,931
)
 
(7,314
)
 
—

 
(8,617
)
 
15,931

 
(15,931
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
642,931

 
$
170,965

 
$
453,598

 
$
9,950

 
$
(634,513
)
 
$
642,931


Consolidating Condensed Statement of Comprehensive Income
Nine Months Ended February 28, 2018
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
656,415

 
$
286,761

 
$
349,416

 
$
18,801

 
$
(654,978
)
 
$
656,415

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
   (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
26,184

 
—

 
—

 
26,184

 
(26,184
)
 
26,184

Amortization of interest rate
   lock agreements
(638
)
 
(638
)
 
—

 
—

 
638

 
(638
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
   (loss)
25,546

 
(638
)
 
—

 
26,184

 
(25,546
)
 
25,546

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
681,961

 
$
286,123

 
$
349,416

 
$
44,985

 
$
(680,524
)
 
$
681,961
Consolidating Condensed Balance Sheet
Consolidating Condensed Balance Sheet
As of February 28, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
46,674

 
$
11,474

 
$
22,711

 
$
—

 
$
80,859

Accounts receivable, net
—

 
685,663

 
122,524

 
69,850

 
—

 
878,037

Inventories, net
—

 
278,360

 
36,950

 
20,215

 
4,280

 
339,805

Uniforms and other rental
    items in service
—

 
636,813

 
90,042

 
61,488

 
(14,809
)
 
773,534

Income taxes, current
—

 
(1,513
)
 
33,432

 
10,633

 
—

 
42,552

Prepaid expenses and
   other current assets
—

 
78,213

 
29,094

 
1,662

 
—

 
108,969

Total current assets
—

 
1,724,210

 
323,516

 
186,559

 
(10,529
)
 
2,223,756

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
941,551

 
366,901

 
115,611

 
—

 
1,424,063

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,597,606

 
964,538

 
1,718,820

 
(6,410,229
)
 
191,818

Goodwill
—

 
—

 
2,585,134

 
262,761

 
(112
)
 
2,847,783

Service contracts, net
—

 
437,683

 
—

 
70,719

 
—

 
508,402

Other assets, net
2,393,162

 
207,340

 
4,835,593

 
1,978

 
(7,200,222
)
 
237,851

 
$
2,714,245

 
$
6,908,390

 
$
9,075,682

 
$
2,356,448

 
$
(13,621,092
)
 
$
7,433,673

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,935,479
)
 
$
2,614,162

 
$
(36,455
)
 
$
37,586

 
$
214,567

Accrued compensation
  and related liabilities
—

 
106,392

 
20,735

 
9,687

 
—

 
136,814

Accrued liabilities
—

 
95,156

 
309,033

 
21,281

 
—

 
425,470

Debt due within one year
—

 
217,500

 
—

 
—

 
—

 
217,500

Total current liabilities
(465,247
)
 
(1,516,431
)
 
2,943,930

 
(5,487
)
 
37,586

 
994,351

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,536,568

 
—

 
390

 
—

 
2,536,958

Deferred income taxes
—

 
293,843

 
110,221

 
34,947

 
—

 
439,011

Accrued liabilities
—

 
61,126

 
206,198

 
16,537

 
—

 
283,861

Total long-term liabilities
—

 
2,891,537

 
316,419

 
51,874

 
—

 
3,259,830

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,179,492

 
5,533,284

 
5,815,333

 
2,310,061

 
(13,658,678
)
 
3,179,492

 
$
2,714,245

 
$
6,908,390

 
$
9,075,682

 
$
2,356,448

 
$
(13,621,092
)
 
$
7,433,673


(1) Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $19.6 million and $172.2 million, respectively, of the $191.8 million consolidated net investments.

Consolidating Condensed Balance Sheet
As of May 31, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
44,499

 
$
60,310

 
$
33,915

 
$
—

 
$
138,724

Accounts receivable, net
—

 
620,920

 
120,767

 
62,896

 
—

 
804,583

Inventories, net
—

 
225,581

 
38,844

 
15,922

 
—

 
280,347

Uniforms and other rental
   items in service
—

 
585,108

 
81,494

 
54,248

 
(18,589
)
 
702,261

Income taxes, current
—

 
5,546

 
9,258

 
4,830

 
—

 
19,634

Prepaid expenses and
  other current assets
—

 
9,453

 
21,688

 
1,242

 
—

 
32,383

Total current assets
—

 
1,491,107

 
332,361

 
173,053

 
(18,589
)
 
1,977,932

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
900,014

 
370,186

 
112,530

 
—

 
1,382,730

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,595,668

 
950,239

 
1,716,070

 
(6,407,479
)
 
175,581

Goodwill
—

 
—

 
2,579,769

 
267,231

 
(112
)
 
2,846,888

Service contracts, net
—

 
468,283

 
—

 
77,485

 
—

 
545,768

Other assets, net
2,230,196

 
593

 
4,381,476

 
8,656

 
(6,591,606
)
 
29,315

 
$
2,551,279

 
$
6,455,665

 
$
8,614,031

 
$
2,355,025

 
$
(13,017,786
)
 
$
6,958,214

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,724,844
)
 
$
2,395,434

 
$
(28,216
)
 
$
37,947

 
$
215,074

Accrued compensation
  and related liabilities
—

 
104,560

 
24,878

 
11,216

 
—

 
140,654

Accrued liabilities
—

 
88,949

 
308,485

 
22,695

 
—

 
420,129

Total current liabilities
(465,247
)
 
(1,531,335
)
 
2,728,797

 
5,695

 
37,947

 
775,857

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,534,919

 
—

 
390

 
—

 
2,535,309

Deferred income taxes
—

 
215,881

 
104,559

 
32,141

 
—

 
352,581

Accrued liabilities
—

 
63,073

 
198,181

 
16,687

 
—

 
277,941

Total long-term liabilities
—

 
2,813,873

 
302,740

 
49,218

 
—

 
3,165,831

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,016,526

 
5,173,127

 
5,582,494

 
2,300,112

 
(13,055,733
)
 
3,016,526

 
$
2,551,279

 
$
6,455,665

 
$
8,614,031

 
$
2,355,025

 
$
(13,017,786
)
 
$
6,958,214



(1) Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $17.6 million and $158.0 million, respectively, of the $175.6 million consolidated net investments.
Consolidating Condensed Statement of Cash Flows
Consolidating Condensed Statement of Cash Flows
Nine Months Ended February 28, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
658,862

 
$
178,279

 
$
453,598

 
$
18,567

 
$
(650,444
)
 
$
658,862

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

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
106,577

 
47,116

 
10,687

 
—

 
164,380

Amortization of intangible assets and
    capitalized contract costs
—

 
91,912

 
3,801

 
6,236

 
—

 
101,949

Stock-based compensation
105,553

 
—

 
—

 
—

 
—

 
105,553

Gain on sale of a cost method investment
—

 
—

 
(69,373
)
 
—

 
—

 
(69,373
)
Gain on sale of business
—

 
(2,419
)
 
—

 
—

 
—

 
(2,419
)
Deferred income taxes
—

 
16,059

 
5,654

 
3,366

 
—

 
25,079

Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(51,317
)
 
2,522

 
(8,027
)
 
(4,280
)
 
(61,102
)
Inventories, net
—

 
(64,014
)
 
1,395

 
(4,317
)
 
(3,780
)
 
(70,716
)
Uniforms and other rental items
   in service
—

 
(51,696
)
 
(12,329
)
 
(8,311
)
 
—

 
(72,336
)
Prepaid expenses and other current
   assets and capitalized contract costs
—

 
(74,606
)
 
(10,067
)
 
(450
)
 
—

 
(85,123
)
Accounts payable
—

 
(205,528
)
 
204,336

 
1,632

 
(361
)
 
79

Accrued compensation and related liabilities
—

 
1,832

 
(4,143
)
 
(1,555
)
 
—

 
(3,866
)
Accrued liabilities and other
—

 
(274
)
 
4,567

 
(679
)
 
—

 
3,614

Income taxes, current
—

 
7,059

 
(24,957
)
 
(5,966
)
 
—

 
(23,864
)
Net cash provided by (used in) operating activities
764,415

 
(48,136
)
 
602,120

 
11,183

 
(658,865
)
 
670,717

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(147,744
)
 
(44,151
)
 
(15,910
)
 
—

 
(207,805
)
Purchase of marketable securities and investments
—

 
(1,938
)
 
(16,356
)
 
—

 
750

 
(17,544
)
Proceeds from sale of a cost method
   investment
—

 
—

 
73,342

 
—

 
—

 
73,342

Proceeds from sale of business
—

 
3,200

 
—

 
—

 
—

 
3,200

Acquisitions of businesses
—

 
(7,403
)
 
—

 
—

 
—

 
(7,403
)
Other, net
10,201

 
(5,216
)
 
(663,791
)
 
(6,113
)
 
658,115

 
(6,804
)
Net cash provided by (used in) investing activities
10,201

 
(159,101
)
 
(650,956
)
 
(22,023
)
 
658,865

 
(163,014
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Issuance of commercial paper, net
—

 
217,500

 
—

 
—

 
—

 
217,500

Proceeds from exercise of stock-based compensation awards
54,274

 
—

 
—

 
—

 
—

 
54,274

Dividends paid
(220,666
)
 
—

 
—

 
(94
)
 
—

 
(220,760
)
Repurchase of common stock
(608,224
)
 
—

 
—

 
—

 
—

 
(608,224
)
Other, net
—

 
(8,088
)
 
—

 
—

 
—

 
(8,088
)
Net cash (used in) provided by financing activities
(774,616
)
 
209,412

 
—

 
(94
)
 
—

 
(565,298
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
    and cash equivalents
—

 
—

 
—

 
(270
)
 
—

 
(270
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
—

 
2,175

 
(48,836
)
 
(11,204
)
 
—

 
(57,865
)
Cash and cash equivalents at beginning of period
—

 
44,499

 
60,310

 
33,915

 
—

 
138,724

Cash and cash equivalents at end of period
$
—

 
$
46,674

 
$
11,474

 
$
22,711

 
$
—

 
$
80,859

Consolidating Condensed Statement of Cash Flows
Nine Months Ended February 28, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
656,415

 
$
286,761

 
$
349,416

 
$
18,801

 
$
(654,978
)
 
$
656,415

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

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
94,846

 
52,162

 
10,311

 
—

 
157,319

Amortization of intangible assets
—

 
37,338

 
3,824

 
6,421

 
—

 
47,583

Stock-based compensation
86,044

 
—

 
—

 
—

 
—

 
86,044

(Gain) loss on sale of business
—

 
(114,581
)
 
15,521

 
—

 
—

 
(99,060
)
Deferred income taxes
—

 
(82,475
)
 
(39,692
)
 
1,739

 
—

 
(120,428
)
Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(57,631
)
 
20,615

 
(3,030
)
 
—

 
(40,046
)
Inventories, net
—

 
17,558

 
(15,487
)
 
3,326

 
(1,386
)
 
4,011

Uniforms and other rental items in service
—

 
(33,728
)
 
(2,748
)
 
(7,683
)
 
109

 
(44,050
)
Prepaid expenses and other current
    assets
—

 
1,252

 
(19,495
)
 
318

 
—

 
(17,925
)
Accounts payable
—

 
3,657

 
23,201

 
(27,279
)
 
(159
)
 
(580
)
Accrued compensation and related liabilities
—

 
(12,519
)
 
13,106

 
(2,796
)
 
—

 
(2,209
)
Accrued liabilities and other
—

 
(85,980
)
 
91,624

 
5,353

 
—

 
10,997

Income taxes, current
—

 
25,777

 
(930
)
 
(2,054
)
 
—

 
22,793

Net cash provided by operating activities
742,459

 
80,275

 
491,117

 
3,427

 
(656,414
)
 
660,864

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(127,736
)
 
(59,018
)
 
(9,286
)
 
—

 
(196,040
)
Proceeds from redemption of marketable securities
—

 
13,589

 
(1,189
)
 
133,902

 
—

 
146,302

Purchase of marketable securities and investments
—

 
6,343

 
(22,521
)
 
(144,350
)
 
3,000

 
(157,528
)
Proceeds from sale of business
—

 
127,835

 
—

 
—

 
—

 
127,835

Acquisitions of businesses, net of cash acquired
—

 
(12,298
)
 
—

 
—

 
—

 
(12,298
)
Other, net
(565,726
)
 
323,643

 
(413,382
)
 
3,797

 
653,414

 
1,746

Net cash (used in) provided by investing activities
(565,726
)
 
331,376

 
(496,110
)
 
(15,937
)
 
656,414

 
(89,983
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Issuance of commercial paper, net
—

 
137,000

 
—

 
—

 
—

 
137,000

Proceeds from issuance of debt
—

 
—

 
2,810

 
(2,810
)
 
—

 
—

Repayment of debt
—

 
(550,000
)
 
—

 
—

 
—

 
(550,000
)
Proceeds from exercise of stock-based compensation awards
35,838

 
—

 
—

 
—

 
—

 
35,838

Dividends paid
(175,521
)
 
—

 
—

 
(68
)
 
—

 
(175,589
)
Repurchase of common stock
(37,050
)
 
—

 
—

 
—

 
—

 
(37,050
)
Other, net
—

 
(2,204
)
 
(10
)
 
(275
)
 
—

 
(2,489
)
Net cash (used in) provided by financing activities
(176,733
)
 
(415,204
)
 
2,800

 
(3,153
)
 
—

 
(592,290
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and
   cash equivalents
—

 
—

 
—

 
4,706

 
—

 
4,706

 
 
 
 
 
 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
—

 
(3,553
)
 
(2,193
)
 
(10,957
)
 
—

 
(16,703
)
Cash and cash equivalents at beginning of period
—

 
48,658

 
17,302

 
103,306

 
—

 
169,266

Cash and cash equivalents at end of period
$
—

 
$
45,105

 
$
15,109

 
$
92,349

 
$
—

 
$
152,563