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Supplemental Guarantor Information (Tables)
12 Months Ended
May 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Income Statement
Condensed Consolidating Income Statement
Year Ended May 31, 2016 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
Uniform rental and facility
    services
$
—

 
$
2,913,812

 
$
805,722

 
$
213,526

 
$
(155,259
)
 
$
3,777,801

Other
—

 
1,576,078

 
8,542

 
66,270

 
(523,233
)
 
1,127,657

Equity in net income of
affiliates
456,941

 
—

 
—

 
—

 
(456,941
)
 
—

 
456,941

 
4,489,890

 
814,264

 
279,796

 
(1,135,433
)
 
4,905,458

Costs and expenses (income):
 
 
 
 
 
 
 
 
 
 
 
Cost of uniform rental and facility services
—

 
1,709,912

 
490,383

 
142,601

 
(236,103
)
 
2,106,793

Cost of other
—

 
1,070,064

 
(41,762
)
 
48,539

 
(408,046
)
 
668,795

Selling and administrative expenses
—

 
1,427,424

 
(121,514
)
 
69,257

 
(27,045
)
 
1,348,122

Operating income
456,941

 
282,490

 
487,157

 
19,399

 
(464,239
)
 
781,748

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
(666
)
 
(232
)
 
2

 
(896
)
Interest expense (income)
—

 
65,534

 
(1,027
)
 
15

 
—

 
64,522

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
456,941

 
216,956

 
488,850

 
19,616

 
(464,241
)
 
718,122

Income taxes
—

 
71,323

 
180,100

 
9,874

 
(116
)
 
261,181

Income from continuing
       operations
456,941

 
145,633

 
308,750

 
9,742

 
(464,125
)
 
456,941

Income (loss) from discontinued
       operations, net of tax
236,579

 
242,416

 
—

 
(5,837
)
 
(236,579
)
 
236,579

Net income
$
693,520

 
$
388,049

 
$
308,750

 
$
3,905

 
$
(700,704
)
 
$
693,520


Condensed Consolidating Income Statement

Year Ended May 31, 2015 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
Uniform rental and facility
    services
$
—

 
$
2,699,466

 
$
748,185

 
$
229,391

 
$
(137,199
)
 
$
3,539,843

Other
—

 
1,379,572

 
2,159

 
57,349

 
(502,037
)
 
937,043

Equity in net income of
affiliates
410,521

 
—

 
—

 
—

 
(410,521
)
 
—

 
410,521

 
4,079,038

 
750,344

 
286,740

 
(1,049,757
)
 
4,476,886

Costs and expenses (income):
 
 
 
 
 
 
 
 
 
 
 
Cost of uniform rental and facility services
—

 
1,660,625

 
407,505

 
154,601

 
(215,099
)
 
2,007,632

Cost of other
—

 
889,524

 
16,120

 
37,628

 
(395,355
)
 
547,917

Selling and administrative expenses
—

 
1,276,745

 
(100,024
)
 
74,523

 
(26,314
)
 
1,224,930

Operating income
410,521

 
252,144

 
426,743

 
19,988

 
(412,989
)
 
696,407

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of stock of an
    equity method investment
—

 
—

 
21,739

 
—

 
—

 
21,739

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(12
)
 
(250
)
 
(79
)
 
2

 
(339
)
Interest expense (income)
—

 
66,298

 
(1,134
)
 
(3
)
 
—

 
65,161

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
410,521

 
185,858

 
449,866

 
20,070

 
(412,991
)
 
653,324

Income taxes
—

 
66,498

 
168,706

 
7,665

 
(66
)
 
242,803

Income from continuing
    operations
410,521

 
119,360

 
281,160

 
12,405

 
(412,925
)
 
410,521

Income from discontinued
    operations, net of tax
20,097

 
15,501

 
—

 
4,596

 
(20,097
)
 
20,097

Net income
$
430,618

 
$
134,861

 
$
281,160

 
$
17,001

 
$
(433,022
)
 
$
430,618

Condensed Consolidating Income Statement

Year Ended May 31, 2014 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
Uniform rental and facility
    services
$
—

 
$
2,500,618

 
$
690,831

 
$
235,118

 
$
(121,932
)
 
$
3,304,635

Other
—

 
1,302,715

 
4,192

 
53,990

 
(471,688
)
 
889,209

Equity in net income of
affiliates
337,772

 
—

 
—

 
—

 
(337,772
)
 
—

 
337,772

 
3,803,333

 
695,023

 
289,108

 
(931,392
)
 
4,193,844

Costs and expenses (income):
 
 
 
 
 
 
 
 
 
 
 
Cost of uniform rental and facility services
—

 
1,576,226

 
386,556

 
160,795

 
(201,100
)
 
1,922,477

Cost of other
—

 
843,675

 
16,570

 
37,334

 
(375,971
)
 
521,608

Selling and administrative expenses
—

 
1,172,858

 
(83,765
)
 
76,049

 
(18,103
)
 
1,147,039

Operating income
337,772

 
210,574

 
375,662

 
14,930

 
(336,218
)
 
602,720

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(43
)
 
(178
)
 
(15,279
)
 
15,271

 
(229
)
Interest expense (income)
—

 
66,461

 
(635
)
 
(4
)
 
—

 
65,822

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
337,772

 
144,156

 
376,475

 
30,213

 
(351,489
)
 
537,127

Income taxes
—

 
43,327

 
148,332

 
7,774

 
(78
)
 
199,355

Income from continuing
    operations
337,772

 
100,829

 
228,143

 
22,439

 
(351,411
)
 
337,772

Income (loss) from discontinued
    operations, net of tax
36,670

 
61,434

 
(23,134
)
 
(1,630
)
 
(36,670
)
 
36,670

Net income
$
374,442

 
$
162,263

 
$
205,009

 
$
20,809

 
$
(388,081
)
 
$
374,442

Condensed Consolidating Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income

Year Ended May 31, 2016
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
693,520

 
$
388,049

 
$
308,750

 
$
3,905

 
$
(700,704
)
 
$
693,520

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
 

    Foreign currency translation
        adjustments
—

 
—

 
—

 
(11,933
)
 
—

 
(11,933
)
Cumulative translation
    adjustment on Shred-it
—

 
5,875

 
—

 
597

 
—

 
6,472

     Change in fair value of
         derivatives
—

 
(12,156
)
 
—

 
—

 
—

 
(12,156
)
     Amortization of interest rate
         lock agreements
—

 
1,952

 
—

 
—

 
—

 
1,952

Other
—

 
—

 
(730
)
 
(8
)
 
—

 
(738
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
—

 
(4,329
)
 
(730
)
 
(11,344
)
 
—

 
(16,403
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
693,520

 
$
383,720

 
$
308,020

 
$
(7,439
)
 
$
(700,704
)
 
$
677,117

Condensed Consolidating Statement of Comprehensive Income

Year Ended May 31, 2015
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
430,618

 
$
134,861

 
$
281,160

 
$
17,001

 
$
(433,022
)
 
$
430,618

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

 
—

 
—

 
(38,538
)
 
—

 
(38,538
)
     Change in fair value of
         derivatives
—

 
—

 
—

 
37

 
—

 
37

     Amortization of interest rate
         lock agreements
—

 
1,952

 
—

 
—

 
—

 
1,952

Other
—

 
—

 
(361
)
 
11

 
—

 
(350
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
1,952

 
(361
)
 
(38,490
)
 
—

 
(36,899
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
430,618

 
$
136,813

 
$
280,799

 
$
(21,489
)
 
$
(433,022
)
 
$
393,719

Condensed Consolidating Statement of Comprehensive Income

Year Ended May 31, 2014
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
374,442

 
$
162,263

 
$
205,009

 
$
20,809

 
$
(388,081
)
 
$
374,442

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

 
—

 
—

 
(9,787
)
 
—

 
(9,787
)
     Change in fair value of
        derivatives
—

 
—

 
—

 
(228
)
 
—

 
(228
)
     Amortization of interest rate
         lock agreements
—

 
1,952

 
—

 
—

 
—

 
1,952

 Other
—

 
—

 
(1,629
)
 
(3
)
 
—

 
(1,632
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
1,952

 
(1,629
)
 
(10,018
)
 
—

 
(9,695
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
374,442

 
$
164,215

 
$
203,380

 
$
10,791

 
$
(388,081
)
 
$
364,747

Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet

As of May 31, 2016 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
55,821

 
$
57,464

 
$
26,072

 
$
—

 
$
139,357

Marketable securities
—

 
—

 
—

 
70,405

 
—

 
70,405

Accounts receivable, net
—

 
402,846

 
125,005

 
35,327

 
—

 
563,178

Inventories, net
—

 
222,822

 
19,150

 
11,235

 
(3,845
)
 
249,362

Uniforms and other rental items in service
—

 
410,696

 
112,370

 
36,612

 
(19,722
)
 
539,956

Income taxes, current
—

 
(151
)
 
1,215

 
648

 
—

 
1,712

Prepaid expenses and other
     current assets
—

 
6,668

 
18,435

 
962

 
—

 
26,065

Total current assets
—

 
1,098,702

 
333,639

 
181,261

 
(23,567
)
 
1,590,035

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
577,936

 
342,356

 
73,945

 
—

 
994,237

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
1,770,303

 
901,772

 
941,396

 
(3,809,602
)
 
124,952

Goodwill
—

 
—

 
1,256,662

 
35,043

 
(112
)
 
1,291,593

Service contracts, net
—

 
81,462

 
13

 
2,240

 
—

 
83,715

Other assets, net
1,081,203

 
4,665

 
3,526,051

 
9,110

 
(4,601,168
)
 
19,861

 
$
1,402,286

 
$
3,533,068

 
$
6,360,493

 
$
1,242,995

 
$
(8,434,449
)
 
$
4,104,393

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
(465,247
)
 
$
(1,408,002
)
 
$
1,932,977

 
$
16,781

 
$
38,005

 
$
114,514

Accrued compensation and related liabilities
—

 
70,045

 
26,551

 
5,380

 
—

 
101,976

Accrued liabilities
—

 
82,770

 
252,717

 
13,578

 
—

 
349,065

Long-term debt due within one year
—

 
250,000

 
—

 
—

 
—

 
250,000

Total current liabilities
(465,247
)
 
(1,005,187
)
 
2,212,245

 
35,739

 
38,005

 
815,555

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Long-term debt due after one year
—

 
1,049,610

 
—

 
390

 
—

 
1,050,000

Deferred income taxes
—

 
(427
)
 
252,149

 
7,753

 
—

 
259,475

Accrued liabilities
—

 
19,628

 
116,091

 
985

 
—

 
136,704

Total long-term liabilities
—

 
1,068,811

 
368,240

 
9,128

 
—

 
1,446,179

Total shareholders' equity
1,867,533

 
3,469,444

 
3,780,008

 
1,198,128

 
(8,472,454
)
 
1,842,659

 
$
1,402,286

 
$
3,533,068

 
$
6,360,493

 
$
1,242,995

 
$
(8,434,449
)
 
$
4,104,393

Condensed Consolidating Balance Sheet

As of May 31, 2015 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
74,145

 
$
249,203

 
$
93,725

 
$
—

 
$
417,073

Marketable securities
—

 
—

 
—

 
16,081

 
—

 
16,081

Accounts receivable, net
—

 
358,560

 
104,964

 
32,606

 
—

 
496,130

Inventories, net
—

 
193,594

 
21,149

 
8,870

 
2,598

 
226,211

Uniforms and other rental items in service
—

 
399,017

 
117,473

 
36,478

 
(18,963
)
 
534,005

Income taxes, current
—

 
1,191

 
(339
)
 
84

 
—

 
936

Assets held for sale
—

 
21,341

 
—

 
—

 
—

 
21,341

Prepaid expenses and other
     current assets
—

 
5,514

 
17,492

 
1,024

 
—

 
24,030

Total current assets
—

 
1,053,362

 
509,942

 
188,868

 
(16,365
)
 
1,735,807

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
523,690

 
275,072

 
72,659

 
—

 
871,421

 
 
 
 
 
 
 
 
 
 
 
 
Investments
321,083

 
1,956,320

 
895,393

 
956,461

 
(3,799,565
)
 
329,692

Goodwill
—

 
—

 
1,180,527

 
15,197

 
(112
)
 
1,195,612

Service contracts, net
—

 
42,400

 
34

 
—

 
—

 
42,434

Other assets, net
1,154,596

 
12,373

 
2,741,950

 
3,572

 
(3,894,997
)
 
17,494

 
$
1,475,679

 
$
3,588,145

 
$
5,602,918

 
$
1,236,757

 
$
(7,711,039
)
 
$
4,192,460

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
(465,247
)
 
$
(877,042
)
 
$
1,391,999

 
$
21,876

 
$
38,021

 
$
109,607

Accrued compensation and  related liabilities
—

 
59,752

 
23,989

 
4,682

 
—

 
88,423

Accrued liabilities
—

 
65,022

 
232,500

 
13,137

 
(724
)
 
309,935

Liabilities held for sale
—

 
704

 
—

 
—

 
—

 
704

Long-term debt due within one year
—

 
293

 
(293
)
 
—

 
—

 
—

Total current liabilities
(465,247
)
 
(751,271
)
 
1,648,195

 
39,695

 
37,297

 
508,669

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Long-term debt due after one year
—

 
1,308,452

 
(9,766
)
 
590

 
724

 
1,300,000

Deferred income taxes
—

 
(304
)
 
333,929

 
5,702

 
—

 
339,327

Accrued liabilities
—

 
—

 
111,105

 
904

 
—

 
112,009

Total long-term liabilities
—

 
1,308,148

 
435,268

 
7,196

 
724

 
1,751,336

Total shareholders' equity
1,940,926

 
3,031,268

 
3,519,455

 
1,189,866

 
(7,749,060
)
 
1,932,455

 
$
1,475,679

 
$
3,588,145

 
$
5,602,918

 
$
1,236,757

 
$
(7,711,039
)
 
$
4,192,460

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Year Ended May 31, 2016
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income
$
693,520

 
$
388,049

 
$
308,750

 
$
3,905

 
$
(700,704
)
 
$
693,520

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

 
96,885

 
43,441

 
9,365

 
—

 
149,691

Amortization of intangible assets
—

 
14,830

 
304

 
454

 
—

 
15,588

Stock-based compensation
79,293

 
—

 
—

 
—

 
—

 
79,293

Gain on Storage transactions
—

 
(12,547
)
 
—

 
(3,239
)
 
—

 
(15,786
)
Loss on Shred-it
—

 
22,470

 
—

 
1,818

 
—

 
24,288

(Gain) loss on sale of Shred-it
—

 
(388,930
)
 
—

 
10,571

 
—

 
(378,359
)
Deferred income taxes
—

 
(83,648
)
 
22,025

 
2,321

 
—

 
(59,302
)
Changes in current assets and liabilities, net of acquisitions of businesses:
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
—

 
(30,570
)
 
(20,007
)
 
(2,185
)
 
—

 
(52,762
)
Inventories, net
—

 
(23,917
)
 
2,011

 
(2,454
)
 
6,443

 
(17,917
)
Uniforms and other rental items in service
—

 
(10,329
)
 
5,104

 
(1,840
)
 
759

 
(6,306
)
Prepaid expenses and other current assets
—

 
(142
)
 
(939
)
 
116

 
—

 
(965
)
Accounts payable
—

 
(461,203
)
 
465,539

 
(4,884
)
 
(16
)
 
(564
)
Accrued compensation and related liabilities
—

 
9,959

 
2,982

 
571

 
—

 
13,512

Accrued liabilities and other
—

 
(2,926
)
 
24,761

 
155

 
724

 
22,714

Income taxes, current
—

 
1,342

 
(1,565
)
 
(577
)
 
—

 
(800
)
Net cash provided by (used in) operating activities
772,813

 
(480,677
)
 
852,406

 
14,097

 
(692,794
)
 
465,845

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(151,063
)
 
(111,392
)
 
(12,930
)
 
—

 
(275,385
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
434,179

 
—

 
434,179

Purchase of marketable securities and investments
—

 
(3,333
)
 
(12,085
)
 
(488,765
)
 
10,037

 
(494,146
)
Proceeds from Storage transactions, net of cash contributed
—

 
32,099

 
—

 
3,239

 
—

 
35,338

Proceeds from sale of Shred-it
—

 
568,223

 
—

 
12,614

 
—

 
580,837

Acquisitions of businesses, net of cash acquired
—

 
(130,786
)
 
—

 
(25,793
)
 
—

 
(156,579
)
Other
94,344

 
154,412

 
(929,997
)
 
1,897

 
683,481

 
4,137

Net cash provided by (used in) investing activities
94,344

 
469,552

 
(1,053,474
)
 
(75,559
)
 
693,518

 
128,381

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from the issuances of debt
—

 
—

 
(165
)
 
165

 
—

 
—

Repayment of debt
—

 
(9,151
)
 
10,224

 
(365
)
 
(724
)
 
(16
)
Proceeds from exercise of stock-based compensation awards
28,226

 
—

 
—

 
—

 
—

 
28,226

Dividends paid
(115,232
)
 
—

 
—

 
(41
)
 
—

 
(115,273
)
Repurchase of common stock
(780,151
)
 
—

 
—

 
—

 
—

 
(780,151
)
Other
—

 
1,952

 
(730
)
 
(732
)
 
—

 
490

Net cash (used in) provided by financing activities
(867,157
)
 
(7,199
)
 
9,329

 
(973
)
 
(724
)
 
(866,724
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(5,218
)
 
—

 
(5,218
)
Net decrease in cash and cash equivalents
—

 
(18,324
)
 
(191,739
)
 
(67,653
)
 
—

 
(277,716
)
Cash and cash equivalents at beginning of year
—

 
74,145

 
249,203

 
93,725

 
—

 
417,073

Cash and cash equivalents at end of year
$
—

 
$
55,821

 
$
57,464

 
$
26,072

 
$
—

 
$
139,357

Condensed Consolidating Statement of Cash Flows
Year Ended May 31, 2015
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income
$
430,618

 
$
134,861

 
$
281,160

 
$
17,001

 
$
(433,022
)
 
$
430,618

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

 
87,186

 
43,013

 
10,425

 
—

 
140,624

Amortization of intangible assets
—

 
13,972

 
60

 
426

 
—

 
14,458

Stock-based compensation
47,002

 
—

 
—

 
—

 
—

 
47,002

Gain on Storage transactions
—

 
(31,113
)
 
—

 
(7,460
)
 
—

 
(38,573
)
Loss on Shred-it
—

 
3,190

 
—

 
661

 
—

 
3,851

Gain on sale of stock of an equity method
   investment
—

 
—

 
(21,739
)
 
—

 
—

 
(21,739
)
Deferred income taxes
—

 
67

 
18,565

 
2,234

 
—

 
20,866

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

 
4,370

 
(7,095
)
 
1,282

 
—

 
(1,443
)
Inventories, net
—

 
22,405

 
(405
)
 
(487
)
 
2,272

 
23,785

Uniforms and other rental items in service
—

 
(24,351
)
 
(5,006
)
 
(2,764
)
 
127

 
(31,994
)
Prepaid expenses and other current assets
—

 
(345
)
 
(2,740
)
 
(117
)
 
—

 
(3,202
)
Accounts payable
—

 
(322,461
)
 
289,110

 
(98
)
 
4

 
(33,445
)
Accrued compensation and related liabilities
—

 
3,171

 
1,400

 
(1,337
)
 
—

 
3,234

Accrued liabilities and other
—

 
(15,829
)
 
42,551

 
6,322

 
22

 
33,066

Income taxes, current
—

 
358

 
(6,155
)
 
(1,035
)
 
—

 
(6,832
)
Net cash provided by (used in) operating activities
477,620

 
(124,519
)
 
632,719

 
25,053

 
(430,597
)
 
580,276

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(110,658
)
 
(92,600
)
 
(14,462
)
 
—

 
(217,720
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
161,938

 
—

 
161,938

Purchase of marketable securities and investments
—

 
(1,827
)
 
38,731

 
(179,130
)
 
(53,245
)
 
(195,471
)
Proceeds from Storage transactions, net of cash contributed
—

 
93,387

 
—

 
65,041

 
—

 
158,428

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

Dividends received on Shred-it
—

 
113,400

 
—

 
—

 
—

 
113,400

Acquisitions of businesses, net of cash acquired
—

 
(15,495
)
 
—

 
—

 
—

 
(15,495
)
Other
235,951

 
42,199

 
(764,336
)
 
3,705

 
483,864

 
1,383

Net cash provided by (used in) investing activities
235,951

 
124,350

 
(783,025
)
 
37,092

 
430,619

 
44,987

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from the issuance of debt
—

 
—

 
(2,615
)
 
2,615

 
—

 
—

Repayment of debt
—

 
(1,178
)
 
2,962

 
(2,280
)
 
(22
)
 
(518
)
Proceeds from exercise of stock-based compensation awards
40,230

 
—

 
—

 
—

 
—

 
40,230

Dividends paid
(201,831
)
 
—

 
—

 
(60
)
 
—

 
(201,891
)
Repurchase of common stock
(551,970
)
 
—

 
—

 
—

 
—

 
(551,970
)
Other
—

 
1,952

 
(363
)
 
—

 
—

 
1,589

Net cash (used in) provided by financing activities
(713,571
)
 
774

 
(16
)
 
275

 
(22
)
 
(712,560
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(8,918
)
 
—

 
(8,918
)
Net increase (decrease) in cash and cash equivalents
—

 
605

 
(150,322
)
 
53,502

 
—

 
(96,215
)
Cash and cash equivalents at beginning of year
—

 
73,540

 
399,525

 
40,223

 
—

 
513,288

Cash and cash equivalents at end of year
$
—

 
$
74,145

 
$
249,203

 
$
93,725

 
$
—

 
$
417,073


Condensed Consolidating Statement of Cash Flows
Year Ended May 31, 2014
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income
$
374,442

 
$
162,263

 
$
205,009

 
$
20,809

 
$
(388,081
)
 
$
374,442

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
 
Depreciation
—

 
110,100

 
44,856

 
13,264

 
—

 
168,220

Amortization of intangible assets
—

 
20,547

 
153

 
1,942

 
—

 
22,642

Stock-based compensation
29,875

 
—

 
—

 
—

 
—

 
29,875

(Gain) loss on Shred-it
—

 
(113,511
)
 
—

 
5,070

 
—

 
(108,441
)
Shredding Transaction asset impairment charge
—

 
—

 
16,143

 
—

 
—

 
16,143

Shredding Transaction costs
—

 
—

 
26,057

 
—

 
—

 
26,057

Deferred income taxes
—

 
(2
)
 
47,373

 
(262
)
 
—

 
47,109

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

 
(53,053
)
 
(1,300
)
 
(1,878
)
 
—

 
(56,231
)
Inventories, net
—

 
(14,735
)
 
4,839

 
450

 
(1,616
)
 
(11,062
)
Uniforms and other rental items in service
—

 
(11,004
)
 
557

 
(973
)
 
(15
)
 
(11,435
)
Prepaid expenses and other current assets
—

 
(386
)
 
(1,844
)
 
53

 
—

 
(2,177
)
Accounts payable
—

 
25,573

 
23,246

 
(18,374
)
 
1

 
30,446

Accrued compensation and related liabilities
—

 
5,778

 
4,947

 
206

 
—

 
10,931

Accrued liabilities and other
—

 
50,008

 
4,897

 
(689
)
 
21

 
54,237

Income taxes, current
—

 
2,621

 
9,902

 
2,690

 
—

 
15,213

Net cash provided by operating activities
404,317

 
184,199

 
384,835

 
22,308

 
(389,690
)
 
605,969

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(123,978
)
 
(9,591
)
 
(12,011
)
 
—

 
(145,580
)
Proceeds from redemption of marketable securities
—

 
—

 
5,659

 
48,537

 
—

 
54,196

Purchase of marketable securities and investments
—

 
(151,063
)
 
(242,956
)
 
(48,387
)
 
378,548

 
(63,858
)
Proceeds from Shredding Transaction, net of cash contributed
—

 
180,000

 
—

 
(641
)
 
—

 
179,359

Acquisitions of businesses, net of cash acquired
—

 
(13,199
)
 
—

 
(20,242
)
 
—

 
(33,441
)
Other
13,783

 
(50,446
)
 
8,108

 
12,173

 
11,163

 
(5,219
)
Net cash provided by (used in) investing activities
13,783

 
(158,686
)
 
(238,780
)
 
(20,571
)
 
389,711

 
(14,543
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from the issuance of debt
—

 
—

 
(2,445
)
 
2,445

 
—

 
—

Repayment of debt
—

 
(8,436
)
 
(106
)
 
376

 
(21
)
 
(8,187
)
Proceeds from exercise of stock-based compensation awards
41,902

 
—

 
—

 
—

 
—

 
41,902

Dividends paid
(93,293
)
 
—

 
—

 
(27
)
 
—

 
(93,320
)
Repurchase of common stock
(370,599
)
 
—

 
—

 
—

 
—

 
(370,599
)
Other
3,890

 
1,952

 
8,951

 
(14,324
)
 
—

 
469

Net cash (used in) provided by financing activities
(418,100
)
 
(6,484
)
 
6,400

 
(11,530
)
 
(21
)
 
(429,735
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(676
)
 
—

 
(676
)
Net increase (decrease) in cash and cash equivalents
—

 
19,029

 
152,455

 
(10,469
)
 
—

 
161,015

Cash and cash equivalents at beginning of year
—

 
54,511

 
247,070

 
50,692

 
—

 
352,273

Cash and cash equivalents at end of year
$
—

 
$
73,540

 
$
399,525

 
$
40,223

 
$
—

 
$
513,288