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Supplemental Guarantor Information (Tables)
 12 Months Ended
May 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Income Statement
Condensed Consolidating Income Statement
Year Ended May 31, 2017 (in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
Uniform rental and facility
    services
$
—

 
$
3,511,483

 
$
604,679

 
$
257,288

 
$
(170,960
)
 
$
4,202,490

Other
—

 
1,604,877

 
1,810

 
73,006

 
(558,802
)
 
1,120,891

Equity in net income of
   affiliates
457,286

 
—

 
—

 
—

 
(457,286
)
 
—

 
457,286

 
5,116,360

 
606,489

 
330,294

 
(1,187,048
)
 
5,323,381

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

 
2,021,365

 
378,404

 
164,969

 
(256,964
)
 
2,307,774

Cost of other
—

 
1,070,780

 
(41,509
)
 
56,210

 
(450,169
)
 
635,312

Selling and administrative expenses
—

 
1,686,209

 
(220,887
)
 
87,672

 
(25,614
)
 
1,527,380

     G&K Services, Inc.
        transaction and integration
        expenses
—

 
51,868

 
19,060

 
8,296

 
—

 
79,224

Operating income
457,286

 
286,138

 
471,421

 
13,147

 
(454,301
)
 
773,691

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(26
)
 
(191
)
 
(22
)
 
2

 
(237
)
Interest expense (income)
—

 
89,706

 
(2,978
)
 
(204
)
 
—

 
86,524

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
457,286

 
196,458

 
474,590

 
13,373

 
(454,303
)
 
687,404

Income taxes
—

 
65,829

 
159,025

 
5,365

 
(101
)
 
230,118

Income from continuing
       operations
457,286

 
130,629

 
315,565

 
8,008

 
(454,202
)
 
457,286

Income from discontinued
       operations, net of tax
23,422

 
22,287

 
—

 
1,135

 
(23,422
)
 
23,422

Net income
$
480,708

 
$
152,916

 
$
315,565

 
$
9,143

 
$
(477,624
)
 
$
480,708


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
$
—

 
$
3,147,844

 
$
553,414

 
$
213,526

 
$
(155,260
)
 
$
3,759,524

Other
—

 
1,484,556

 
8,540

 
66,270

 
(523,118
)
 
1,036,248

Equity in net income of
affiliates
448,605

 
—

 
—

 
—

 
(448,605
)
 
—

 
448,605

 
4,632,400

 
561,954

 
279,796

 
(1,126,983
)
 
4,795,772

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

 
1,835,835

 
350,500

 
142,601

 
(236,103
)
 
2,092,833

Cost of other
—

 
1,001,576

 
(40,741
)
 
48,539

 
(407,775
)
 
601,599

Selling and administrative expenses
—

 
1,497,106

 
(206,889
)
 
69,257

 
(27,075
)
 
1,332,399

Operating income
448,605

 
297,883

 
459,084

 
19,399

 
(456,030
)
 
768,941

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
(666
)
 
(232
)
 
2

 
(896
)
Interest expense (income)
—

 
65,534

 
(1,027
)
 
15

 
—

 
64,522

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
448,605

 
232,349

 
460,777

 
19,616

 
(456,032
)
 
705,315

Income taxes
—

 
82,783

 
164,169

 
9,874

 
(116
)
 
256,710

Income from continuing
    operations
448,605

 
149,566

 
296,608

 
9,742

 
(455,916
)
 
448,605

Income (loss) from discontinued
    operations, net of tax
244,915

 
250,625

 
—

 
(5,837
)
 
(244,788
)
 
244,915

Net income
$
693,520

 
$
400,191

 
$
296,608

 
$
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
$
—

 
$
2,919,526

 
$
507,481

 
$
229,391

 
$
(137,199
)
 
$
3,519,199

Other
—

 
1,303,204

 
(8,173
)
 
57,349

 
(501,902
)
 
850,478

Equity in net income of
affiliates
402,553

 
—

 
—

 
—

 
(402,553
)
 
—

 
402,553

 
4,222,730

 
499,308

 
286,740

 
(1,041,654
)
 
4,369,677

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

 
1,781,651

 
271,512

 
154,601

 
(215,099
)
 
1,992,665

Cost of other
—

 
830,459

 
11,028

 
37,628

 
(395,026
)
 
484,089

Selling and administrative expenses
—

 
1,343,361

 
(182,290
)
 
74,523

 
(26,310
)
 
1,209,284

Operating income
402,553

 
267,259

 
399,058

 
19,988

 
(405,219
)
 
683,639

 
 
 
 
 
 
 
 
 
 
 
 
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
402,553

 
200,973

 
422,181

 
20,070

 
(405,221
)
 
640,556

Income taxes


 
74,307

 
156,097

 
7,665

 
(66
)
 
238,003

Income from continuing
    operations
402,553

 
126,666

 
266,084

 
12,405

 
(405,155
)
 
402,553

Income from discontinued
    operations, net of tax
28,065

 
23,271

 
—

 
4,596

 
(27,867
)
 
28,065

Net income
$
430,618

 
$
149,937

 
$
266,084

 
$
17,001

 
$
(433,022
)
 
$
430,618
Condensed Consolidating Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income

Year Ended May 31, 2017
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
480,708

 
$
152,916

 
$
315,565

 
$
9,143

 
$
(477,624
)
 
$
480,708

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
 

    Foreign currency translation
        adjustments
(10,252
)
 
—

 
—

 
(10,252
)
 
10,252

 
(10,252
)
     Change in fair value of cash
         flow hedges
31,136

 
31,136

 
—

 
—

 
(31,136
)
 
31,136

     Amortization of interest rate
         lock agreements
1,076

 
1,076

 
—

 
—

 
(1,076
)
 
1,076

Other
(115
)
 
—

 
(115
)
 
—

 
115

 
(115
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
21,845

 
32,212

 
(115
)
 
(10,252
)
 
(21,845
)
 
21,845

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
502,553

 
$
185,128

 
$
315,450

 
$
(1,109
)
 
$
(499,469
)
 
$
502,553

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

 
$
400,191

 
$
296,608

 
$
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 cash
         flow hedges
—

 
(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

 
$
395,862

 
$
295,878

 
$
(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

 
$
149,937

 
$
266,084

 
$
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 cash
         flow hedges
—

 
—

 
—

 
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

 
$
151,889

 
$
265,723

 
$
(21,489
)
 
$
(433,022
)
 
$
393,719
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet

As of May 31, 2017
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
48,658

 
$
17,302

 
$
103,306

 
$
—

 
$
169,266

Marketable securities
—

 
—

 
—

 
22,219

 
—

 
22,219

Accounts receivable, net
—

 
543,769

 
137,881

 
54,358

 
—

 
736,008

Inventories, net
—

 
243,677

 
21,466

 
14,461

 
(1,386
)
 
278,218

Uniforms and other rental items in service
—

 
531,295

 
78,012

 
45,388

 
(18,993
)
 
635,702

Income taxes, current
—

 
16,173

 
25,138

 
3,009

 
—

 
44,320

Prepaid expenses and other
     current assets
—

 
13,234

 
16,188

 
710

 
—

 
30,132

Assets held for sale
—

 
23,095

 
15,518

 
—

 
—

 
38,613

Total current assets
—

 
1,419,901

 
311,505

 
243,451

 
(20,379
)
 
1,954,478

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
851,018

 
364,724

 
107,759

 
—

 
1,323,501

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,605,457

 
929,657

 
1,711,070

 
(6,402,479
)
 
164,788

Goodwill
—

 
—

 
2,742,898

 
39,549

 
(112
)
 
2,782,335

Service contracts, net
—

 
505,698

 
—

 
81,290

 
—

 
586,988

Other assets, net
1,516,463

 
14,705

 
3,489,653

 
11,983

 
(5,000,837
)
 
31,967

 
$
1,837,546

 
$
6,396,779

 
$
7,838,437

 
$
2,195,102

 
$
(11,423,807
)
 
$
6,844,057

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
(465,247
)
 
$
(1,596,731
)
 
$
2,292,388

 
$
(91,467
)
 
$
38,108

 
$
177,051

Accrued compensation and related liabilities
—

 
94,505

 
42,866

 
12,264

 
—

 
149,635

Accrued liabilities
—

 
191,819

 
219,303

 
18,687

 
—

 
429,809

Liabilities held for sale
—

 
11,457

 
—

 
—

 
—

 
11,457

Debt due within one year
—

 
362,900

 
—

 
—

 
—

 
362,900

Total current liabilities
(465,247
)
 
(936,050
)
 
2,554,557

 
(60,516
)
 
38,108

 
1,130,852

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,770,234

 
—

 
390

 
—

 
2,770,624

Deferred income taxes
—

 
—

 
436,613

 
32,715

 
—

 
469,328

Accrued liabilities
—

 
28,384

 
140,923

 
1,153

 
—

 
170,460

Total long-term liabilities
—

 
2,798,618

 
577,536

 
34,258

 
—

 
3,410,412

Total shareholders' equity
2,302,793

 
4,534,211

 
4,706,344

 
2,221,360

 
(11,461,915
)
 
2,302,793

 
$
1,837,546

 
$
6,396,779

 
$
7,838,437

 
$
2,195,102

 
$
(11,423,807
)
 
$
6,844,057

(1) Investments include inter company investment activity. Corp 2 and Subsidiary Guarantors hold $29.0 million and $135.8 million, respectively, of the $164.8 million consolidated net investments.
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
$
—

 
$
57,894

 
$
55,391

 
$
26,072

 
$
—

 
$
139,357

Marketable securities
—

 
—

 
—

 
70,405

 
—

 
70,405

Accounts receivable, net
—

 
413,645

 
97,516

 
35,327

 
—

 
546,488

Inventories, net
—

 
222,822

 
19,150

 
11,235

 
(3,845
)
 
249,362

Uniforms and other rental items in service
—

 
448,395

 
73,001

 
36,612

 
(19,722
)
 
538,286

Income taxes, current
—

 
(151
)
 
1,215

 
648

 
—

 
1,712

Prepaid expenses and other
     current assets
—

 
6,708

 
18,278

 
962

 
—

 
25,948

Assets held for sale
—

 
19,021

 
—

 
—

 
—

 
19,021

Total current assets
—

 
1,168,334

 
264,551

 
181,261

 
(23,567
)
 
1,590,579

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, at cost, net
—

 
614,111

 
305,636

 
73,945

 
—

 
993,692

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
1,770,303

 
901,772

 
941,396

 
(3,809,602
)
 
124,952

Goodwill
—

 
—

 
1,241,145

 
35,043

 
(112
)
 
1,276,076

Service contracts, net
—

 
75,941

 
13

 
2,240

 
—

 
78,194

Other assets, net
1,081,203

 
—

 
3,338,742

 
9,110

 
(4,414,772
)
 
14,283

Long-term assets held for sale
—

 
5,521

 
15,518

 
—

 
—

 
21,039

 
$
1,402,286

 
$
3,634,210

 
$
6,067,377

 
$
1,242,995

 
$
(8,248,053
)
 
$
4,098,815

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
(465,247
)
 
$
(1,775,092
)
 
$
2,296,493

 
$
16,781

 
$
38,005

 
$
110,940

Accrued compensation and  related liabilities
—

 
72,959

 
23,052

 
5,380

 
—

 
101,391

Accrued liabilities
—

 
78,471

 
251,217

 
13,578

 
—

 
343,266

Liabilities held for sale
—

 
9,958

 
—

 
—

 
—

 
9,958

Debt due within one year
—

 
250,000

 
—

 
—

 
—

 
250,000

Total current liabilities
(465,247
)
 
(1,363,704
)
 
2,570,762

 
35,739

 
38,005

 
815,555

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
1,044,032

 
—

 
390

 
—

 
1,044,422

Deferred income taxes
—

 
(427
)
 
252,149

 
7,753

 
—

 
259,475

Accrued liabilities
—

 
19,628

 
116,091

 
985

 
—

 
136,704

Total long-term liabilities
—

 
1,063,233

 
368,240

 
9,128

 
—

 
1,440,601

Total shareholders' equity
1,867,533

 
3,934,681

 
3,128,375

 
1,198,128

 
(8,286,058
)
 
1,842,659

 
$
1,402,286

 
$
3,634,210

 
$
6,067,377

 
$
1,242,995

 
$
(8,248,053
)
 
$
4,098,815


(1) Investments include inter company investment activity. Corp 2 and Subsidiary Guarantors hold $15.5 million and $109.5 million, respectively, of the $125.0 million consolidated net investments.

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Year Ended May 31, 2017
(in thousands)
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income
$
480,708

 
$
152,916

 
$
315,565

 
$
9,143

 
$
(477,624
)
 
$
480,708

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

 
117,578

 
43,660

 
10,327

 
—

 
171,565

Amortization of intangible assets
—

 
21,496

 
1,178

 
2,356

 
—

 
25,030

Stock-based compensation
88,868

 
—

 
—

 
—

 
—

 
88,868

Gain on Storage
—

 
(1,460
)
 
—

 
—

 
—

 
(1,460
)
Gain on Shred-it
—

 
(23,516
)
 
—

 
(1,941
)
 
—

 
(25,457
)
Asset impairment charge
—

 
20,966

 
—

 
2,365

 
—

 
23,331

G&K Services, Inc. transaction and integration costs
—

 
26,453

 
—

 
4,992

 
—

 
31,445

Short-term debt financing fees included in net
   income
—

 
17,062

 
—

 
—

 
—

 
17,062

Settlement of cash flow hedges
—

 
30,194

 
—

 
—

 
—

 
30,194

Deferred income taxes
—

 
(26,289
)
 
26,058

 
4,133

 
—

 
3,902

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

 
(50,012
)
 
(40,380
)
 
(3,165
)
 
—

 
(93,557
)
Inventories, net
—

 
7,787

 
(2,317
)
 
(3,679
)
 
(2,459
)
 
(668
)
Uniforms and other rental items in service
—

 
(4,951
)
 
(5,011
)
 
1,959

 
(729
)
 
(8,732
)
Prepaid expenses and other current assets
—

 
21,119

 
2,775

 
307

 
—

 
24,201

Accounts payable
—

 
1,765,713

 
(1,509,215
)
 
(242,875
)
 
103

 
13,726

Accrued compensation and related liabilities
—

 
(7,498
)
 
19,815

 
1,337

 
—

 
13,654

Accrued liabilities and other
—

 
2,813

 
(5,675
)
 
2,361

 
—

 
(501
)
Income taxes, current
—

 
(5,205
)
 
(22,445
)
 
(1,774
)
 
—

 
(29,424
)
Net cash provided by (used in) operating activities
569,576

 
2,065,166

 
(1,175,992
)
 
(214,154
)
 
(480,709
)
 
763,887

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(153,963
)
 
(102,682
)
 
(16,672
)
 
—

 
(273,317
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
218,324

 
—

 
218,324

Purchase of marketable securities and investments
—

 
18,150

 
(797,559
)
 
598,344

 
—

 
(181,065
)
Proceeds from sale of Storage
—

 
2,400

 
—

 
—

 
—

 
2,400

Proceeds from sale of Shred-it
—

 
23,935

 
—

 
1,941

 
—

 
25,876

Acquisitions of businesses, net of cash acquired
—

 
(2,112,015
)
 
—

 
9,644

 
—

 
(2,102,371
)
Other, net
(438,344
)
 
(1,562,294
)
 
2,039,740

 
(520,007
)
 
480,709

 
(196
)
Net cash (used in) provided by investing activities
(438,344
)
 
(3,783,787
)
 
1,139,499

 
291,574

 
480,709

 
(2,310,349
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from issuance of commercial paper, net
—

 
50,500

 
—

 
—

 
—

 
50,500

Proceeds from issuance of debt, net
—

 
1,932,229

 
(2,000
)
 
2,000

 
—

 
1,932,229

Repayment of debt
—

 
(250,000
)
 
—

 
—

 
—

 
(250,000
)
Payment of short-term debt financing fees
—

 
(17,062
)
 
—

 
—

 
—

 
(17,062
)
Proceeds from exercise of stock-based
   compensation awards
31,870

 
—

 
—

 
—

 
—

 
31,870

Dividends paid
(142,378
)
 
—

 
—

 
(55
)
 
—

 
(142,433
)
Repurchase of common stock
(20,724
)
 
—

 
—

 
—

 
—

 
(20,724
)
Other, net
—

 
(6,282
)
 
404

 
—

 
—

 
(5,878
)
Net cash (used in) provided by financing activities
(131,232
)
 
1,709,385

 
(1,596
)
 
1,945

 
—

 
1,578,502

 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(2,131
)
 
—

 
(2,131
)
Net (decrease) increase in cash and cash equivalents
—

 
(9,236
)
 
(38,089
)
 
77,234

 
—

 
29,909

Cash and cash equivalents at beginning of year
—

 
57,894

 
55,391

 
26,072

 
—

 
139,357

Cash and cash equivalents at end of year
$
—

 
$
48,658

 
$
17,302

 
$
103,306

 
$
—

 
$
169,266

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

 
$
400,191

 
$
296,608

 
$
3,905

 
$
(700,704
)
 
$
693,520

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

 
102,443

 
37,883

 
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
)
Gain (loss) on Shred-it
—

 
(366,460
)
 
—

 
12,389

 
—

 
(354,071
)
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
—

 
(30,381
)
 
(20,196
)
 
(2,185
)
 
—

 
(52,762
)
Inventories, net
—

 
(23,917
)
 
2,011

 
(2,454
)
 
6,443

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

 
(3,193
)
 
(2,032
)
 
(1,840
)
 
759

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

 
(167
)
 
(914
)
 
116

 
—

 
(965
)
Accounts payable
—

 
(487,582
)
 
491,918

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

 
9,838

 
3,103

 
571

 
—

 
13,512

Accrued liabilities and other
—

 
(3,790
)
 
25,625

 
155

 
724

 
22,714

Income taxes, current
—

 
895

 
(1,118
)
 
(577
)
 
—

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

 
(483,488
)
 
855,217

 
14,097

 
(692,794
)
 
465,845

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(162,075
)
 
(100,380
)
 
(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
—

 
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, net
94,344

 
169,821

 
(945,406
)
 
1,897

 
683,481

 
4,137

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

 
473,949

 
(1,057,871
)
 
(75,559
)
 
693,518

 
128,381

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from the issuance 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, net
—

 
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
—

 
(16,738
)
 
(193,325
)
 
(67,653
)
 
—

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

 
74,632

 
248,716

 
93,725

 
—

 
417,073

Cash and cash equivalents at end of year
$
—

 
$
57,894

 
$
55,391

 
$
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

 
$
149,937

 
$
266,084

 
$
17,001

 
$
(433,022
)
 
$
430,618

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

 
92,133

 
38,066

 
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 in 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
—

 
2,416

 
(5,141
)
 
1,282

 
—

 
(1,443
)
Inventories, net
—

 
22,405

 
(405
)
 
(487
)
 
2,272

 
23,785

Uniforms and other rental items in service
—

 
(24,203
)
 
(5,154
)
 
(2,764
)
 
127

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

 
(317
)
 
(2,768
)
 
(117
)
 
—

 
(3,202
)
Accounts payable
—

 
(343,401
)
 
310,050

 
(98
)
 
4

 
(33,445
)
Accrued compensation and related liabilities
—

 
3,345

 
1,226

 
(1,337
)
 
—

 
3,234

Accrued liabilities and other
—

 
(15,160
)
 
41,882

 
6,322

 
22

 
33,066

Income taxes, current
—

 
142

 
(5,939
)
 
(1,035
)
 
—

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

 
(126,587
)
 
634,787

 
25,053

 
(430,597
)
 
580,276

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(117,545
)
 
(85,713
)
 
(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, net
235,951

 
51,438

 
(773,575
)
 
3,705

 
483,864

 
1,383

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

 
126,702

 
(785,377
)
 
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, net
—

 
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
—

 
889

 
(150,606
)
 
53,502

 
—

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

 
73,743

 
399,322

 
40,223

 
—

 
513,288

Cash and cash equivalents at end of year
$
—

 
$
74,632

 
$
248,716

 
$
93,725

 
$
—

 
$
417,073