XML 42 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt, Derivatives and Hedging Activities (Tables)
3 Months Ended
Aug. 31, 2022
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Cintas' outstanding debt is summarized as follows:
(In thousands)Interest
 Rate
Fiscal Year
Issued
Fiscal Year
Maturity
August 31,
2022
May 31,
2022
Debt due within one year
Commercial paper2.69 %
(1)
20232023$457,200 $261,200 
Senior notes (2)
2.78 %2013202350,272 50,380 
Debt issuance costs(5)(6)
Total debt due within one year$507,467 $311,574 
Debt due after one year
Senior notes (3)
3.11 %20152025$50,881 $50,965 
Senior notes3.45 %20222025400,000 400,000 
Senior notes3.70 %201720271,000,000 1,000,000 
Senior notes4.00 %20222032800,000 800,000 
Senior notes6.15 %20072037250,000 250,000 
Debt issuance costs(16,279)(17,033)
Total debt due after one year$2,484,602 $2,483,932 
(1)    Variable rate debt instrument. The rate presented is the variable borrowing rate at August 31, 2022.
(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 notional and fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:
August 31, 2022May 31, 2022
Fiscal Year of Issuance
(in thousands)
Other
assets, net
Other
assets, net
2022$19,168 $18,331 
2020$38,963 $38,546