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Debt, Derivatives and Hedging Activities (Tables)
6 Months Ended
Nov. 30, 2021
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Cintas' outstanding debt is summarized as follows:
(In thousands)Interest
 Rate
Fiscal Year
Issued
Fiscal Year
Maturity
November 30,
2021
May 31,
2021
Debt due within one year
Senior notes4.30 %20122022$— $250,000 
Senior notes2.90 %20172022650,000 650,000 
Senior notes3.25 %20132023300,000 — 
Commercial paper0.22 %
(1)
20222022167,000 — 
Debt issuance costs(493)(930)
Total debt due within one year$1,116,507 $899,070 
Debt due after one year
Senior notes3.25 %20132023$— $300,000 
Senior notes (2)
2.78 %2013202350,598 50,815 
Senior notes (3)
3.11 %2015202551,133 51,301 
Senior notes3.70 %201720271,000,000 1,000,000 
Senior notes6.15 %20072037250,000 250,000 
Debt issuance costs(8,364)(9,283)
Total debt due after one year$1,343,367 $1,642,833 
(1)    Variable rate debt instrument. The rate presented is the variable borrowing rate at November 30, 2021.
(2)  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%.
(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%.
Schedule of Interest Rate Lock Agreements
The fair values of the outstanding interest rate lock agreements are summarized as follows:
November 30, 2021May 31, 2021
Fiscal Year of Issuance
(in thousands)
Notional
 Value
Other
assets, net
Current
accrued liabilities
Other
assets, net
Long-term
accrued liabilities
2020$950,000 $16,202 $966 $40,400 $— 
2019$500,000 $— $70,952 $— $61,657