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Supplemental Guarantor Information (Tables)
6 Months Ended
Nov. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Income Statement
Condensed Consolidating Income Statement
Three Months Ended November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Rental uniforms and ancillary products
$
—

 
$
664,057

 
$
180,725

 
$
55,155

 
$
(34,509
)
 
$
865,428

Other services
—

 
362,596

 
8,224

 
19,488

 
(132,357
)
 
257,951

Equity in net income of affiliates
103,446

 
—

 
—

 
—

 
(103,446
)
 
—

 
103,446

 
1,026,653

 
188,949

 
74,643

 
(270,312
)
 
1,123,379

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of rental uniforms and ancillary products
—

 
405,805

 
103,225

 
37,924

 
(68,994
)
 
477,960

Cost of other services
—

 
245,641

 
(3,938
)
 
11,791

 
(89,499
)
 
163,995

Selling and administrative expenses
—

 
309,060

 
(20,210
)
 
18,450

 
(7,051
)
 
300,249

Operating income
103,446

 
66,147

 
109,872

 
6,478

 
(104,768
)
 
181,175

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(5
)
 
(15
)
 
—

 
1

 
(19
)
Interest expense
—

 
16,435

 
(497
)
 
(9
)
 
—

 
15,929

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
103,446


49,717


110,384


6,487


(104,769
)

165,265

Income taxes
—

 
18,598

 
41,639

 
1,601

 
(19
)
 
61,819

Income from continuing operations
103,446


31,119


68,745


4,886


(104,750
)
 
103,446

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations, net of tax
16,966

 
15,215

 
—

 
1,751

 
(16,966
)
 
16,966

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
120,412

 
$
46,334

 
$
68,745

 
$
6,637

 
$
(121,716
)
 
$
120,412


Condensed Consolidating Income Statement
Three Months Ended November 30, 2013
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Rental uniforms and ancillary products
$
—

 
$
614,742

 
$
164,985

 
$
56,104

 
$
(31,515
)
 
$
804,316

Other services


 
410,548

 
9,165

 
23,948

 
(124,046
)
 
319,615

Equity in net income of affiliates
84,456

 
—

 
—

 
—

 
(84,456
)
 
—

 
84,456

 
1,025,290

 
174,150

 
80,052

 
(240,017
)
 
1,123,931

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of rental uniforms and ancillary products
—

 
390,215

 
96,831

 
39,465

 
(67,399
)
 
459,112

Cost of other services
—

 
268,458

 
(3,091
)
 
15,124

 
(82,751
)
 
197,740

Selling and administrative expenses
—

 
310,278

 
(10,963
)
 
20,546

 
(4,993
)
 
314,868

Operating income
84,456

 
56,339

 
91,373

 
4,917

 
(84,874
)
 
152,211

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(11
)
 
(72
)
 
(2
)
 
1

 
(84
)
Interest expense
—

 
16,468

 
16

 
1

 
—

 
16,485

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
84,456

 
39,882

 
91,429

 
4,918

 
(84,875
)
 
135,810

Income taxes
—

 
15,147

 
34,707

 
1,514

 
(14
)
 
51,354

Income from continuing operations
84,456


24,735


56,722


3,404


(84,861
)

84,456

 
 
 
 
 
 
 
 
 
 
 


Income (loss) from discontinued operations, net of tax
406

 
537

 
—

 
(131
)
 
(406
)
 
406

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
84,862


$
25,272


$
56,722


$
3,273


$
(85,267
)

$
84,862



Condensed Consolidating Income Statement
Six Months Ended November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Rental uniforms and ancillary products
$
—

 
$
1,323,044

 
$
357,431

 
$
111,436

 
$
(69,611
)
 
$
1,722,300

Other services
—

 
705,963

 
15,180

 
36,812

 
(254,799
)
 
503,156

Equity in net income of affiliates
213,237

 
—

 
—

 
—

 
(213,237
)
 
—

 
213,237

 
2,029,007

 
372,611

 
148,248

 
(537,647
)
 
2,225,456

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of rental uniforms and ancillary products
—

 
804,077

 
207,384

 
75,900

 
(138,792
)
 
948,569

Cost of other services
—

 
473,880

 
(9,087
)
 
23,058

 
(170,334
)
 
317,517

Selling and administrative expenses
—

 
623,063

 
(33,164
)
 
37,524

 
(12,716
)
 
614,707

Operating income
213,237

 
127,987

 
207,478

 
11,766

 
(215,805
)
 
344,663

 
 
 
 
 
 
 
 
 
 
 
 
Gain on deconsolidation of Shredding
   business
—

 
6,619

 
—

 
—

 
—

 
6,619

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of stock of an equity method investment
—

 
—

 
21,739

 
—

 
—

 
21,739

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(10
)
 
(63
)
 
—

 
1

 
(72
)
Interest expense (income)
—

 
32,844

 
(327
)
 
(5
)
 
—

 
32,512

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
213,237

 
101,772

 
229,607

 
11,771

 
(215,806
)

340,581

Income taxes
—

 
37,876

 
85,846

 
3,652

 
(30
)
 
127,344

Income from continuing operations
213,237


63,896


143,761


8,119


(215,776
)

213,237

 
 
 
 
 
 
 
 
 
 
 


Income from discontinued operations, net of tax
17,283

 
15,588

 
—

 
1,695

 
(17,283
)
 
17,283

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
230,520


$
79,484


$
143,761


$
9,814


$
(233,059
)

$
230,520




Condensed Consolidating Income Statement
Six Months Ended November 30, 2013
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 

 
 

 
 

 
 

 
 

 
 

Rental uniforms and ancillary products
$
—

 
$
1,220,500

 
$
327,550

 
$
111,069

 
$
(61,937
)
 
$
1,597,182

Other services
—

 
805,741

 
17,714

 
44,617

 
(241,077
)
 
626,995

Equity in net income of affiliates
161,854

 
—

 
—

 
—

 
(161,854
)
 
—

 
161,854

 
2,026,241

 
345,264

 
155,686

 
(464,868
)
 
2,224,177

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of rental uniforms and ancillary products
—

 
773,934

 
194,998

 
78,021

 
(133,110
)
 
913,843

Cost of other services
—

 
524,697

 
(6,214
)
 
28,344

 
(159,667
)
 
387,160

Selling and administrative expenses
—

 
614,383

 
(15,822
)
 
41,988

 
(9,198
)
 
631,351

Operating income
161,854

 
113,227

 
172,302

 
7,333

 
(162,893
)
 
291,823

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(19
)
 
(125
)
 
(14,696
)
 
14,688

 
(152
)
Interest expense
—

 
32,948

 
60

 
—

 
—

 
33,008

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
161,854

 
80,298

 
172,367

 
22,029

 
(177,581
)
 
258,967

Income taxes
—

 
30,136

 
64,688

 
2,333

 
(44
)
 
97,113

Income from continuing operations
161,854


50,162


107,679


19,696


(177,537
)

161,854

 
 
 
 
 
 
 
 
 
 
 


Income (loss) from discontinued operations, net of tax
762

 
791

 
—

 
(29
)
 
(762
)
 
762

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
162,616


$
50,953


$
107,679


$
19,667


$
(178,299
)

$
162,616


Condensed Consolidating Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income
Three Months Ended November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
120,412

 
$
46,334

 
$
68,745

 
$
6,637

 
$
(121,716
)
 
$
120,412

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(9,778
)
 
—

 
(9,778
)
Change in fair value of derivatives
—

 
—

 
—

 
(21
)
 
—

 
(21
)
Amortization of interest rate lock agreements
—

 
488

 
—

 
—

 
—

 
488

Change in fair value of available-for-sale securities
—

 
—

 
—

 
3

 
—

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
488

 
—

 
(9,796
)
 
—

 
(9,308
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
120,412

 
$
46,822

 
$
68,745

 
$
(3,159
)
 
$
(121,716
)
 
$
111,104


Condensed Consolidating Statement of Comprehensive Income
Three Months Ended November 30, 2013
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
84,862

 
$
25,272

 
$
56,722

 
$
3,273

 
$
(85,267
)
 
$
84,862

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
(2
)
 
—

 
2,042

 
—

 
2,040

Change in fair value of derivatives
—

 
—

 
—

 
(189
)
 
—

 
(189
)
Amortization of interest rate lock agreements
—

 
488

 
—

 
—

 
—

 
488

Change in fair value of available-for-sale securities
—

 
—

 
—

 
(4
)
 
—

 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
—

 
486

 
—

 
1,849

 
—

 
2,335

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
84,862

 
$
25,758

 
$
56,722

 
$
5,122

 
$
(85,267
)
 
$
87,197



Condensed Consolidating Statement of Comprehensive Income
Six Months Ended November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
230,520

 
$
79,484

 
$
143,761

 
$
9,814

 
$
(233,059
)
 
$
230,520

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
—

 
—

 
(11,893
)
 
—

 
(11,893
)
Change in fair value of derivatives
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Amortization of interest rate lock agreements
—

 
976

 
—

 
—

 
—

 
976

Change in fair value of available-for-sale securities
—

 
—

 
—

 
3

 
—

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
976

 
—

 
(11,894
)
 
—

 
(10,918
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
230,520

 
$
80,460

 
$
143,761

 
$
(2,080
)
 
$
(233,059
)
 
$
219,602


Condensed Consolidating Statement of Comprehensive Income
Six Months Ended November 30, 2013
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
162,616

 
$
50,953

 
$
107,679

 
$
19,667

 
$
(178,299
)
 
$
162,616

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
5

 
—

 
1,389

 
—

 
1,394

Change in fair value of derivatives
—

 
(189
)
 
—

 
—

 
—

 
(189
)
Amortization of interest rate lock agreements
—

 
976

 
—

 
—

 
—

 
976

Change in fair value of available-for-sale securities
—

 
—

 
(13
)
 
(5
)
 
—

 
(18
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
792

 
(13
)
 
1,384

 
—

 
2,163

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
162,616

 
$
51,745

 
$
107,666

 
$
21,051

 
$
(178,299
)
 
$
164,779



Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
As of November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
78,454

 
$
640,555

 
$
107,715

 
$
—

 
$
826,724

Accounts receivable, net
—

 
369,156

 
106,807

 
34,190

 
—

 
510,153

Inventories, net
—

 
205,260

 
17,486

 
9,994

 
3,120

 
235,860

Uniforms and other rental items in service
—

 
391,666

 
117,622

 
38,663

 
(19,619
)
 
528,332

Deferred tax asset (liability)
—

 
484

 
(484
)
 
—

 
—

 
—

Assets held for sale
—

 
21,320

 
—

 
—

 
—

 
21,320

Prepaid expenses and other current assets
—

 
4,798

 
17,696

 
1,097

 
—

 
23,591

Total current assets
—

 
1,071,138

 
899,682

 
191,659

 
(16,499
)
 
2,145,980

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
511,671

 
257,085

 
76,371

 
—

 
845,127

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
2,083,114

 
891,165

 
949,301

 
(3,787,799
)
 
456,864

Goodwill
—

 
—

 
1,172,788

 
16,684

 
(112
)
 
1,189,360

Service contracts, net
—

 
41,531

 
42

 
17

 
—

 
41,590

Other assets, net
1,399,495

 
7,798

 
2,253,641

 
8,628

 
(3,650,912
)
 
18,650

 
$
1,720,578

 
$
3,715,252

 
$
5,474,403

 
$
1,242,660

 
$
(7,455,322
)
 
$
4,697,571

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,246
)
 
$
(691,066
)
 
$
1,265,849

 
$
24,070

 
$
38,022

 
$
171,629

Accrued compensation and related liabilities
—

 
39,839

 
16,441

 
4,168

 
—

 
60,448

Accrued liabilities
—

 
67,586

 
423,483

 
11,792

 
—

 
502,861

Income taxes, current
—

 
10,396

 
6,596

 
467

 
—

 
17,459

Deferred tax liability
—

 
—

 
89,787

 
8,526

 
—

 
98,313

Liabilities held for sale
—

 
1,054

 
—

 
—

 
—

 
1,054

Long-term debt due within one year
—

 
292

 
(292
)
 
—

 
—

 
—

Total current liabilities
(465,246
)
 
(571,899
)
 
1,801,864

 
49,023

 
38,022

 
851,764

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Long-term debt due after one year
—

 
1,308,842

 
(9,242
)
 
400

 
—

 
1,300,000

Deferred income taxes
—

 
(6
)
 
237,161

 
(3,558
)
 
—

 
233,597

Accrued liabilities
—

 
—

 
107,860

 
1,016

 
—

 
108,876

Total long-term liabilities
—

 
1,308,836

 
335,779

 
(2,142
)
 
—

 
1,642,473

Total shareholders’ equity
2,185,824

 
2,978,315

 
3,336,760

 
1,195,779

 
(7,493,344
)
 
2,203,334

 
$
1,720,578

 
$
3,715,252

 
$
5,474,403

 
$
1,242,660

 
$
(7,455,322
)
 
$
4,697,571


Condensed Consolidating Balance Sheet
As of May 31, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
73,540

 
$
399,525

 
$
40,223

 
$
—

 
$
513,288

Accounts receivable, net
—

 
366,629

 
97,869

 
43,929

 
—

 
508,427

Inventories, net
—

 
215,974

 
20,745

 
9,650

 
4,870

 
251,239

Uniforms and other rental items in service
—

 
374,666

 
112,467

 
38,240

 
(18,836
)
 
506,537

Income taxes, current
—

 
1,549

 
(1,549
)
 
—

 
—

 
—

Prepaid expenses and other current assets
—

 
7,058

 
14,752

 
4,380

 
—

 
26,190

Total current assets
—

 
1,039,416

 
643,809

 
136,422

 
(13,966
)
 
1,805,681

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
533,665

 
225,677

 
96,360

 
—

 
855,702

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
2,081,094

 
893,647

 
1,015,343

 
(3,852,810
)
 
458,357

Goodwill
—

 
—

 
1,211,716

 
55,807

 
(112
)
 
1,267,411

Service contracts, net
—

 
51,248

 
53

 
4,374

 
—

 
55,675

Other assets, net
1,378,100

 
8,900

 
2,189,527

 
9,044

 
(3,565,945
)
 
19,626

 
$
1,699,183

 
$
3,714,323

 
$
5,164,429

 
$
1,317,350

 
$
(7,432,833
)
 
$
4,462,452

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(545,526
)
 
$
1,092,545

 
$
30,281

 
$
38,017

 
$
150,070

Accrued compensation and related liabilities
—

 
56,581

 
22,590

 
5,855

 
—

 
85,026

Accrued liabilities
—

 
79,614

 
208,983

 
11,876

 
(746
)
 
299,727

Income taxes, current
—

 
—

 
4,915

 
1,045

 
—

 
5,960

Deferred tax liability
—

 
(510
)
 
80,575

 
8,780

 
—

 
88,845

Long-term debt due within one year
—

 
773

 
(270
)
 
—

 
—

 
503

Total current liabilities
(465,247
)
 
(409,068
)
 
1,409,338

 
57,837

 
37,271

 
630,131

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Long-term debt due after one year
—

 
1,309,611

 
(10,380
)
 
500

 
746

 
1,300,477

Deferred income taxes
—

 
(6
)
 
251,924

 
(5,874
)
 
—

 
246,044

Accrued liabilities
—

 
—

 
92,069

 
873

 
—

 
92,942

Total long-term liabilities
—

 
1,309,605

 
333,613

 
(4,501
)
 
746

 
1,639,463

Total shareholders’ equity
2,164,430

 
2,813,786

 
3,421,478

 
1,264,014

 
(7,470,850
)
 
2,192,858

 
$
1,699,183

 
$
3,714,323

 
$
5,164,429

 
$
1,317,350

 
$
(7,432,833
)
 
$
4,462,452

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Six Months Ended November 30, 2014
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 

 
 

 
 

 
 

 
 

 
 

Net income
$
230,520

 
$
79,484

 
$
143,761

 
$
9,814

 
$
(233,059
)
 
$
230,520

Adjustments to reconcile net income to net
   cash provided by (used in) operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
38,814

 
25,972

 
5,665

 
—

 
70,451

Amortization of intangible assets
—

 
7,251

 
27

 
424

 
—

 
7,702

Stock-based compensation
24,785

 
—

 
—

 
—

 
—

 
24,785

Gain on sale of Storage businesses
—

 
(31,113
)
 
—

 
(3,024
)
 
—

 
(34,137
)
Gain on deconsolidation of Shredding business
—

 
(6,619
)
 
—

 
—

 
—

 
(6,619
)
Gain on sale of stock of an equity method investment
—

 
—

 
(21,739
)
 
—

 
—

 
(21,739
)
Deferred income taxes


 
26

 
9,073

 
1,247

 
—

 
10,346

Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(6,468
)
 
(8,938
)
 
2,659

 
—

 
(12,747
)
Inventories, net
—

 
10,737

 
3,258

 
(898
)
 
1,750

 
14,847

Uniforms and other rental items in service
—

 
(17,000
)
 
(5,155
)
 
(2,101
)
 
783

 
(23,473
)
Prepaid expenses and other current assets
—

 
327

 
(2,943
)
 
(6
)
 
—

 
(2,622
)
Accounts payable
—

 
(144,224
)
 
171,596

 
605

 
5

 
27,982

Accrued compensation and related liabilities
—

 
(16,742
)
 
(6,148
)
 
(2,221
)
 
—

 
(25,111
)
Accrued liabilities
—

 
(8,174
)
 
28,401

 
3,807

 
746

 
24,780

Income taxes, current
—

 
11,945

 
(3,814
)
 
(523
)
 
—

 
7,608

Net cash provided by (used in) operating activities
255,305

 
(81,756
)
 
333,351

 
15,448

 
(229,775
)
 
292,573

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(49,870
)
 
(57,388
)
 
(5,767
)
 
—

 
(113,025
)
Purchase of marketable securities and investments
—

 
(2,020
)
 
55,053

 
—

 
(65,011
)
 
(11,978
)
Proceeds from Storage transactions, net of cash contributed
—

 
93,387

 
—

 
60,609

 
—

 
153,996

Proceeds from Shredding transaction
—

 
3,344

 
—

 
—

 
—

 
3,344

Proceeds from sale of stock of an equity method investment
—

 
—

 
29,933

 
—

 
—

 
29,933

Dividends received on equity method investment
—

 
—

 
5,247

 
—

 
—

 
5,247

Acquisitions of businesses, net of cash acquired
—

 
(3,015
)
 
—

 
—

 
—

 
(3,015
)
Other, net
(214,210
)
 
44,502

 
(126,280
)
 
2,137

 
295,532

 
1,681

Net cash (used in) provided by investing activities
(214,210
)
 
86,328

 
(93,435
)
 
56,979

 
230,521

 
66,183

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Repayment of debt
—

 
(634
)
 
1,114

 
(98
)
 
(746
)
 
(364
)
Exercise of stock-based compensation awards
22,478

 
—

 
—

 
(6
)
 
—

 
22,472

Repurchase of common stock
(63,573
)
 
—

 
—

 
—

 
—

 
(63,573
)
Other, net
—

 
976

 
—

 
782

 
—

 
1,758

Net cash provided by (used in) financing activities
(41,095
)
 
342

 
1,114

 
678

 
(746
)
 
(39,707
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(5,613
)
 
—

 
(5,613
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
—

 
4,914

 
241,030

 
67,492

 
—

 
313,436

Cash and cash equivalents at beginning of period
—

 
73,540

 
399,525

 
40,223

 
—

 
513,288

Cash and cash equivalents at end of period
$
—

 
$
78,454

 
$
640,555

 
$
107,715

 
$
—

 
$
826,724

Condensed Consolidating Statement of Cash Flows
Six Months Ended November 30, 2013
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 

 
 

 
 

 
 

 
 

 
 

Net income
$
162,616

 
$
50,953

 
$
107,679

 
$
19,667

 
$
(178,299
)
 
$
162,616

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
51,331

 
26,590

 
7,259

 
—

 
85,180

Amortization of intangible assets
—

 
10,683

 
83

 
975

 
—

 
11,741

Stock-based compensation
14,624

 
—

 
—

 
—

 
—

 
14,624

Deferred income taxes
—

 
—

 
9,553

 
(254
)
 
—

 
9,299

Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(18,508
)
 
(3,886
)
 
(1,361
)
 
—

 
(23,755
)
Inventories, net
—

 
(15,354
)
 
5,503

 
506

 
113

 
(9,232
)
Uniforms and other rental items in service
—

 
(10,679
)
 
(1,888
)
 
(1,009
)
 
882

 
(12,694
)
Prepaid expenses
—

 
484

 
(3,146
)
 
886

 
—

 
(1,776
)
Accounts payable
—

 
(27,917
)
 
7,208

 
1,494

 
—

 
(19,215
)
Accrued compensation and related liabilities
—

 
(13,303
)
 
(5,217
)
 
(861
)
 
—

 
(19,381
)
Accrued liabilities
—

 
2,366

 
10,523

 
(2,269
)
 
767

 
11,387

Income taxes, current
—

 
13,163

 
1,038

 
(715
)
 
—

 
13,486

Net cash provided by operating activities
177,240

 
43,219

 
154,040

 
24,318

 
(176,537
)
 
222,280

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(53,379
)
 
(17,113
)
 
(6,293
)
 
—

 
(76,785
)
Proceeds from redemption of marketable securities
—

 
—

 
5,659

 
39,455

 
—

 
45,114

Purchase of marketable securities and investments
—

 
(1,034
)
 
(35,506
)
 
(43,699
)
 
24,826

 
(55,413
)
Acquisitions of businesses, net of cash acquired
—

 
(12,364
)
 
(125
)
 
(20,025
)
 
—

 
(32,514
)
Other, net
(37,637
)
 
45,550

 
(146,725
)
 
(14,594
)
 
152,477

 
(929
)
Net cash used in investing activities
(37,637
)
 
(21,227
)
 
(193,810
)
 
(45,156
)
 
177,303

 
(120,527
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from issuance of debt
—

 
—

 
2,109

 
(2,109
)
 
—

 
—

Repayment of debt
—

 
(8,086
)
 
1,024

 
(8
)
 
(767
)
 
(7,837
)
Exercise of stock-based compensation awards
21,311

 
—

 
—

 
—

 
—

 
21,311

Repurchase of common stock
(164,200
)
 
—

 
—

 
—

 
—

 
(164,200
)
Other, net
3,286

 
976

 
—

 
2,061

 
—

 
6,323

Net cash (used in) provided by financing activities
(139,603
)
 
(7,110
)
 
3,133

 
(56
)
 
(767
)
 
(144,403
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(289
)
 
—

 
(289
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash
equivalents
—

 
14,882

 
(36,637
)
 
(21,183
)
 
(1
)
 
(42,939
)
Cash and cash equivalents at beginning of period
—

 
54,511

 
247,070

 
50,692

 
—

 
352,273

Cash and cash equivalents at end of period
$
—

 
$
69,393

 
$
210,433

 
$
29,509

 
$
(1
)
 
$
309,334