XML 49 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Debt and Derivatives (Tables)
12 Months Ended
May 31, 2020
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
20202019
Debt due within one year
Commercial paper2.68 %
(1)
20192020$—  $112,500  
Term loan3.06 %
(1)
20192020—  200,000  
Debt issuance costs—  (236) 
Total debt due within one year$—  $312,264  
Debt due after one year
Senior notes4.30 %20122022$250,000  $250,000  
Senior notes2.90 %20172022650,000  650,000  
Senior notes3.25 %20132023300,000  300,000  
Senior notes (2)
2.78 %2013202351,250  51,684  
Senior notes (3)
3.11 %2015202551,637  51,973  
Senior notes3.70 %201720271,000,000  1,000,000  
Senior notes6.15 %20072037250,000  250,000  
Debt issuance costs(13,182) (16,150) 
   Total debt due after one year$2,539,705  $2,537,507  
(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%.