XML 23 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727
Investments (Tables)
12 Months Ended
May. 31, 2015
Investments [Abstract]  
Summary of Quantitative Information about Significant Unobservable Inputs
The following table details quantitative information about significant unobservable inputs used in the initial valuation of Cintas' investment in the Shred-it Partnership:
 
 
 
 
 
 
 
 
Range
(Dollars in millions)
 
Fair Value at April 30, 2014
 
Valuation Technique
 
Input
 
Low
 
High
Equity method investment - Shred-it Partnership
 
$
339.4

 
Discounted Cash Flow
 
EBITDA margin
 
20.0
%
 
22.0
%
 
 
 
 
 
 
Ratio of capital expenditures
  to revenues
 
4.5
%
 
5.5
%
 
 
 
 
 
 
Long-term revenue growth
 
1.5
%
 
2.0
%
 
 
 
 
 
 
WACC rate
 
9.0
%
 
9.0
%
Selective Unaudited Financial Information for Equity Method Investment
Cintas provides the following unaudited summary information regarding the Shred-it Partnership's financial position and results of operations as of and for the twelve months ended April 30, 2015:
Summary Balance Sheet Information
As of
As of
(in thousands)
April 30, 2015
April 30, 2014
 
 
 
Assets
 
 
Current assets
$
150,792

$
108,377

Non-current assets
$
968,956

$
924,196

 
 
 
Liabilities
 
 
Current liabilities
$
73,971

$
57,241

Non-current liabilities
$
532,673

$
427,569

Summary Income Statement Information
For the 12 Months Ended
(in thousands)
April 30, 2015
 
 
Net sales
$
695,628

Gross profit
$
432,532

Net income
$
10,385