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Debt and Derivatives (Tables)
12 Months Ended
May 31, 2022
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Cintas' outstanding debt is summarized as follows at May 31:
(In thousands)Interest
 Rate
Fiscal Year
Issued
Fiscal Year
Maturity
20222021
Debt due within one year
Commercial paper1.20 %
(1)
20222023$261,200 $— 
Senior notes (2)
2.78 %2013202350,380 — 
Senior notes4.30 %20122022— 250,000 
Senior notes2.90 %20172022— 650,000 
Debt issuance costs(6)(930)
Total debt due within one year$311,574 $899,070 
Debt due after one year
Senior notes3.25 %20132023$— $300,000 
Senior notes (2)
2.78 %20132023— 50,815 
Senior notes (3)
3.11 %2015202550,965 51,301 
Senior notes3.45 %20222025400,000 — 
Senior notes3.70 %201720271,000,000 1,000,000 
Senior notes4.00 %20222032800,000 — 
Senior notes6.15 %20072037250,000 250,000 
Debt issuance costs(17,033)(9,283)
   Total debt due after one year$2,483,932 $1,642,833 
(1)    Variable rate debt instrument. The rate presented is the variable rate at May 31, 2022.
(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%.
Schedule of Interest Rate Lock Agreements The fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows at May 31:
20222021
Fiscal Year of Issuance
(in thousands)
Other
assets, net
Other
assets, net
Long-term
accrued liabilities
2022$18,331 $— $— 
2020$38,546 $40,400 $— 
2019$— $— $61,657