XML 25 R10.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Cash flows from operating activities:      
Net income $ 1,235,757 $ 1,110,968 $ 876,037
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 249,376 243,836 235,905
Amortization of intangible assets and capitalized contract costs 150,325 144,115 143,148
Stock-based compensation 109,308 112,035 115,435
Gain on equity method investment transaction (30,151) 0 0
Net gain on sale of operating assets (12,129) (22,030) 0
Long-lived asset impairment 0 5,114 9,220
Deferred income taxes 52,110 (42,242) (16,252)
Change in current assets and liabilities, net of acquisitions of businesses:      
Accounts receivable, net (100,392) (32,576) 39,681
Inventories, net 16,194 (75,501) (74,773)
Uniforms and other rental items in service (111,332) (35,659) 12,773
Prepaid expenses and other current assets and capitalized contract costs (28,581) (102,600) (110,248)
Accounts payable 22,697 (2,604) 2,629
Accrued compensation and related liabilities (3,625) 113,769 (26,476)
Accrued liabilities and other (9,241) (6,735) 49,906
Income taxes, current (2,691) (49,150) 34,498
Net cash provided by operating activities 1,537,625 1,360,740 1,291,483
Cash flows from investing activities:      
Capital expenditures (240,672) (143,470) (230,289)
Purchase of investments (6,076) (4,299) (10,031)
Proceeds from sale of operating assets, net of cash disposed 15,347 31,705 13,300
Acquisitions of businesses, net of cash acquired (164,228) (10,038) (53,720)
Other, net (7,006) (11,113) (4,658)
Net cash used in investing activities (402,635) (137,215) (285,398)
Cash flows from financing activities:      
Issuance (payments) of commercial paper, net 261,200 0 (112,500)
Proceeds from issuance of debt 1,190,506 0 0
Repayment of debt (1,200,000) 0 (200,000)
Proceeds from exercise of stock-based compensation awards 117,737 129,957 90,519
Dividends paid (375,119) (451,327) (267,956)
Repurchase of common stock (1,525,873) (554,121) (464,518)
Other, net (6,394) (4,377) (752)
Net cash used in financing activities (1,537,943) (879,868) (955,207)
Effect of exchange rate changes on cash and cash equivalents (216) 4,581 (2,121)
Net (decrease) increase in cash and cash equivalents (403,169) 348,238 48,757
Cash and cash equivalents at beginning of year 493,640 145,402 96,645
Cash and cash equivalents at end of year $ 90,471 $ 493,640 $ 145,402