XML 25 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Cash flows from operating activities:      
Net income $ 1,110,968 $ 876,037 $ 884,981
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 243,836 235,905 223,631
Amortization of intangible assets and capitalized contract costs 144,115 143,148 136,462
Stock-based compensation 112,035 115,435 139,210
Net gain on sale of operating assets (22,030) 0 (3,200)
Long-lived asset impairment 5,114 9,220 0
Gain on sale of a cost method investment 0 0 (69,373)
Deferred income taxes (42,242) (16,252) 31,708
Change in current assets and liabilities, net of acquisitions of businesses:      
Accounts receivable, net (32,576) 39,681 (94,918)
Inventories, net (75,501) (74,773) (60,039)
Uniforms and other rental items in service (35,659) 12,773 (90,228)
Prepaid expenses and other current assets and capitalized contract costs (102,600) (110,248) (100,765)
Accounts payable (2,604) 2,629 12,276
Accrued compensation and related liabilities 113,769 (26,476) 15,321
Accrued liabilities and other (6,735) 49,906 30,910
Income taxes, current (49,150) 34,498 11,886
Net cash provided by operating activities 1,360,740 1,291,483 1,067,862
Cash flows from investing activities:      
Capital expenditures (143,470) (230,289) (276,719)
Purchase of marketable securities and investments (4,299) (10,031) (17,841)
Proceeds from sale of operating assets, net of cash disposed 31,705 13,300 3,200
Proceeds from sale of a cost method investment 0 0 73,342
Acquisitions of businesses, net of cash acquired (10,038) (53,720) (9,813)
Other, net (11,113) (4,658) (7,807)
Net cash used in investing activities (137,215) (285,398) (235,638)
Cash flows from financing activities:      
(Payments) issuance of commercial paper, net 0 (112,500) 112,500
Proceeds from issuance of debt 0 0 200,000
Repayment of debt 0 (200,000) 0
Proceeds from exercise of stock-based compensation awards 129,957 90,519 65,371
Dividends paid (451,327) (267,956) (220,764)
Repurchase of common stock (554,121) (464,518) (1,016,300)
Other, net (4,377) (752) (14,112)
Net cash used in financing activities (879,868) (955,207) (873,305)
Effect of exchange rate changes on cash and cash equivalents 4,581 (2,121) (998)
Net increase (decrease) in cash and cash equivalents 348,238 48,757 (42,079)
Cash and cash equivalents at beginning of year 145,402 96,645 138,724
Cash and cash equivalents at end of year $ 493,640 $ 145,402 $ 96,645