Debt, Derivatives and Hedging Activities (Tables)

9 Months Ended

Feb. 29, 2020

Cintas' outstanding debt is summarized as follows:


(In thousands)	Interest Rate			Fiscal Year Issued	Fiscal Year Maturity	February 29, 2020		May 31, 2019

Debt due within one year
Commercial paper	2.68	%	⁽¹⁾	2019	2020	$	—	$	112,500
Term loan	2.25	%	⁽²⁾	2019	2020	200,000		200,000
Debt issuance costs						(200)		(236)
Total debt due within one year						$	199,800	$	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 ⁽³⁾	2.78	%		2013	2023	51,359		51,684
Senior notes ⁽⁴⁾	3.11	%		2015	2025	51,721		51,973
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						(13,924)		(16,150)
Total debt due after one year						$	2,539,156	$	2,537,507

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

⁽²⁾Variable rate debt instrument. The rate presented is the variable borrowing rate at February 29, 2020.

⁽³⁾ Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (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%.