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Debt and Derivatives (Tables)

12 Months Ended

May 31, 2019

Debt Disclosure [Abstract]

Summary of Outstanding Debt

Cintas' debt is summarized as follows at May 31:



(In thousands)	Interest Rate			Fiscal Year Issued		Fiscal Year Maturity		2019				2018

Debt due within one year
Commercial paper	2.68	%	⁽¹⁾	2019		2020		$	112,500			$	—
Term loan	3.06	%	⁽¹⁾	2019		2020		200,000				—
Debt issuance costs								(236		)		—
Total debt due within one year								$	312,264			$	—

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 ⁽²⁾	2.78	%		2013		2023		51,684				52,119
Senior notes ⁽³⁾	3.11	%		2015		2025		51,973				52,309
Senior notes	3.70	%		2017		2027		1,000,000				1,000,000
Senior notes	6.15	%		2007		2037		250,000				250,000
Debt issuance costs								(16,150		)		(19,119		)
Total debt due after one year								$	2,537,507			$	2,535,309


⁽¹⁾	Variable rate debt instrument. The rate presented is the variable borrowing rate at May 31, 2019.


⁽²⁾	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%.


⁽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 3.88%.