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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Cash flows from operating activities:      
Net income $ 1,348,010 $ 1,235,757 $ 1,110,968
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 257,041 249,376 243,836
Amortization of intangible assets and capitalized contract costs 152,121 150,325 144,115
Stock-based compensation 103,621 109,308 112,035
Gain on equity method investment transaction 0 (30,151) 0
Net gain on sale of operating assets 0 (12,129) (22,030)
Long-lived asset impairment 0 0 5,114
Deferred income taxes 23,233 52,110 (42,242)
Change in current assets and liabilities, net of acquisitions of businesses:      
Accounts receivable, net (151,771) (100,392) (32,576)
Inventories, net (35,658) 16,194 (75,501)
Uniforms and other rental items in service (98,252) (111,332) (35,659)
Prepaid expenses and other current assets and capitalized contract costs (132,173) (28,581) (102,600)
Accounts payable 53,369 22,697 (2,604)
Accrued compensation and related liabilities 2,711 (3,625) 113,769
Accrued liabilities and other 41,314 (9,241) (6,735)
Income taxes, current 34,248 (2,691) (49,150)
Net cash provided by operating activities 1,597,814 1,537,625 1,360,740
Cash flows from investing activities:      
Capital expenditures (331,109) (240,672) (143,470)
Purchases of investments (4,566) (6,076) (4,299)
Proceeds from sale of operating assets, net of cash disposed 0 15,347 31,705
Acquisitions of businesses, net of cash acquired (46,357) (164,228) (10,038)
Other, net (6,640) (7,006) (11,113)
Net cash used in investing activities (388,672) (402,635) (137,215)
Cash flows from financing activities:      
(Payments) issuance of commercial paper, net (261,200) 261,200 0
Proceeds from issuance of debt 0 1,190,506 0
Repayment of debt (50,000) (1,200,000) 0
Proceeds from exercise of stock-based compensation awards 3,021 117,737 129,957
Dividends paid (449,917) (375,119) (451,327)
Repurchase of common stock (398,865) (1,525,873) (554,121)
Other, net (15,875) (6,394) (4,377)
Net cash used in financing activities (1,172,836) (1,537,943) (879,868)
Effect of exchange rate changes on cash and cash equivalents (2,628) (216) 4,581
Net increase (decrease) in cash and cash equivalents 33,678 (403,169) 348,238
Cash and cash equivalents at beginning of year 90,471 493,640 145,402
Cash and cash equivalents at end of year $ 124,149 $ 90,471 $ 493,640