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Debt, Derivatives and Hedging Activities (Tables)
6 Months Ended
Nov. 30, 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
November 30,
2022
May 31,
2022
Debt due within one year
Commercial paper4.30 %
(1)
20232023$385,246 $261,200 
Senior notes (2)
2.78 %2013202350,163 50,380 
Debt issuance costs(3)(6)
Total debt due within one year$435,406 $311,574 
Debt due after one year
Senior notes (3)
3.11 %20152025$50,798 $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(15,521)(17,033)
Total debt due after one year$2,485,277 $2,483,932 
(1)    Variable rate debt instrument. The rate presented is the variable borrowing rate at November 30, 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:
November 30, 2022May 31, 2022
Fiscal Year of Issuance
(in thousands)
Other
assets, net
Other
assets, net
2022$24,297 $18,331 
2020$43,760 $38,546