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Supplemental Guarantor Information (Tables)
 6 Months Ended
Nov. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Consolidating Condensed Income Statement
Consolidating Condensed Income Statement
Three Months Ended November 30, 2017
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,086,667

 
$
170,320

 
$
100,933

 
$
(49,882
)
 
$
1,308,038

Other
—

 
435,539

 
(313
)
 
21,982

 
(158,805
)
 
298,403

Equity in net income of affiliates
137,737

 
—

 
—

 
—

 
(137,737
)
 
—

 
137,737

 
1,522,206

 
170,007

 
122,915

 
(346,424
)
 
1,606,441

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
628,123

 
105,954

 
65,220

 
(75,337
)
 
723,960

Cost of other
—

 
302,065

 
(25,046
)
 
15,438

 
(126,345
)
 
166,112

Selling and administrative expenses
—

 
528,369

 
(85,417
)
 
31,211

 
(6,079
)
 
468,084

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

 
4,192

 
8,319

 
563

 
—

 
13,074

Operating income
137,737

 
59,457

 
166,197

 
10,483

 
(138,663
)
 
235,211

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(45
)
 
(59
)
 
(187
)
 
—

 
(291
)
Interest expense (income)
—

 
29,444

 
(313
)
 
(2
)
 
—

 
29,129

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
137,737


30,058


166,569


10,672


(138,663
)

206,373

Income taxes
—

 
11,449

 
54,414

 
2,798

 
(25
)
 
68,636

Income from continuing operations
137,737


18,609


112,155


7,874


(138,638
)
 
137,737

 
 
 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
(628
)
 
(628
)
 
—

 
—

 
628

 
(628
)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
137,109

 
$
17,981

 
$
112,155

 
$
7,874

 
$
(138,010
)
 
$
137,109


Consolidating Condensed Income Statement
Three Months Ended November 30, 2016
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
835,892

 
$
149,886

 
$
57,610

 
$
(43,373
)
 
$
1,000,015

Other
—

 
390,963

 
633

 
18,162

 
(138,696
)
 
271,062

Equity in net income of affiliates
121,950

 
—

 
—

 
—

 
(121,950
)
 
—

 
121,950

 
1,226,855

 
150,519

 
75,772

 
(304,019
)
 
1,271,077

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
483,399

 
94,323

 
37,603

 
(63,827
)
 
551,498

Cost of other
—

 
271,812

 
(19,549
)
 
13,636

 
(111,538
)
 
154,361

Selling and administrative expenses
—

 
398,592

 
(48,256
)
 
18,703

 
(7,624
)
 
361,415

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

 
—

 
3,347

 
—

 
—

 
3,347

Operating income
121,950

 
73,052

 
120,654

 
5,830

 
(121,030
)
 
200,456

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
(7
)
 
(25
)
 
1

 
(31
)
Interest expense (income)
—

 
14,528

 
(1,176
)
 
(85
)
 
—

 
13,267

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
121,950

 
58,524

 
121,837

 
5,940

 
(121,031
)
 
187,220

Income taxes
—

 
20,635

 
42,652

 
2,011

 
(28
)
 
65,270

Income from continuing operations
121,950


37,889


79,185


3,929


(121,003
)

121,950

 
 
 
 
 
 
 
 
 
 
 


Income from discontinued operations, net of tax
18,427

 
17,115

 
—

 
1,941

 
(19,056
)
 
18,427

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
140,377


$
55,004


$
79,185


$
5,870


$
(140,059
)

$
140,377


























Consolidating Condensed Income Statement
Six Months Ended November 30, 2017
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
2,186,536

 
$
335,215

 
$
197,528

 
$
(99,457
)
 
$
2,619,822

Other
—

 
862,841

 
(6
)
 
42,290

 
(307,003
)
 
598,122

Equity in net income of affiliates
298,845

 
—

 
—

 
—

 
(298,845
)
 
—

 
298,845

 
3,049,377

 
335,209

 
239,818

 
(705,305
)
 
3,217,944

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,250,271

 
204,973

 
125,737

 
(150,158
)
 
1,430,823

Cost of other
—

 
590,984

 
(44,715
)
 
30,173

 
(245,043
)
 
331,399

Selling and administrative expenses
—

 
1,039,324

 
(132,955
)
 
61,117

 
(13,119
)
 
954,367

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

 
5,713

 
10,754

 
578

 
—

 
17,045

Operating income
298,845

 
163,085

 
297,152

 
22,213

 
(296,985
)
 
484,310

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(76
)
 
(158
)
 
(354
)
 
—

 
(588
)
Interest expense (income)
—

 
60,005

 
(452
)
 
(107
)
 
—

 
59,446

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
298,845

 
103,156

 
297,762

 
22,674

 
(296,985
)
 
425,452

Income taxes
—

 
31,019

 
89,537

 
6,095

 
(44
)
 
126,607

Income from continuing operations
298,845


72,137


208,225


16,579


(296,941
)

298,845

 
 
 
 
 
 
 
 
 
 
 


Income (loss) from discontinued
    operations, net of tax
55,475

 
64,374

 
(8,899
)
 
—

 
(55,475
)
 
55,475

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
354,320


$
136,511


$
199,326


$
16,579


$
(352,416
)

$
354,320























Consolidating Condensed Income Statement
Six Months Ended November 30, 2016
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,667,852

 
$
299,034

 
$
115,273

 
$
(87,862
)
 
$
1,994,297

Other
—

 
779,045

 
1,601

 
37,037

 
(274,253
)
 
543,430

Equity in net income of affiliates
258,158

 
—

 
—

 
—

 
(258,158
)
 
—

 
258,158

 
2,446,897

 
300,635

 
152,310

 
(620,273
)
 
2,537,727

Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
958,620

 
184,995

 
74,717

 
(129,737
)
 
1,088,595

Cost of other
—

 
535,538

 
(34,480
)
 
27,464

 
(221,035
)
 
307,487

Selling and administrative expenses
—

 
806,203

 
(98,990
)
 
38,968


(15,063
)
 
731,118

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

 
—

 
6,134

 
—

 
—

 
6,134

Operating income
258,158

 
146,536

 
242,976

 
11,161

 
(254,438
)
 
404,393

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
(24
)
 
(73
)
 
1

 
(96
)
Interest expense (income)
—

 
29,355

 
(1,878
)
 
(38
)
 
—

 
27,439

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
258,158

 
117,181

 
244,878

 
11,272

 
(254,439
)
 
377,050

Income taxes
—

 
37,304

 
78,178

 
3,464

 
(54
)
 
118,892

Income from continuing operations
258,158


79,877


166,700


7,808


(254,385
)

258,158

 
 
 
 
 
 
 
 
 
 
 


Income from discontinued operations,
   net of tax
20,310

 
18,998

 
—

 
1,941

 
(20,939
)
 
20,310

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
278,468


$
98,875


$
166,700


$
9,749


$
(275,324
)

$
278,468
Consolidating Condensed Statement of Comprehensive Income
Consolidating Condensed Statement of Comprehensive Income
Three Months Ended November 30, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
137,109

 
$
17,981

 
$
112,155

 
$
7,874

 
$
(138,010
)
 
$
137,109

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss,
    net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(11,374
)
 
—

 
—

 
(11,374
)
 
11,374

 
(11,374
)
Amortization of interest rate lock agreements
(172
)
 
(172
)
 
—

 
—

 
172

 
(172
)
Change in fair value of available-for-sale securities
(20
)
 
—

 
—

 
(20
)
 
20

 
(20
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
(11,566
)
 
(172
)
 
—

 
(11,394
)
 
11,566

 
(11,566
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
125,543

 
$
17,809

 
$
112,155

 
$
(3,520
)
 
$
(126,444
)
 
$
125,543


Consolidating Condensed Statement of Comprehensive Income
Three Months Ended November 30, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
140,377

 
$
55,004

 
$
79,185

 
$
5,870

 
$
(140,059
)
 
$
140,377

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(7,650
)
 
—

 
—

 
(7,650
)
 
7,650

 
(7,650
)
Change in fair value of cash
   flow hedges
26,390

 
26,390

 
—

 
—

 
(26,390
)
 
26,390

Amortization of interest rate lock agreements
385

 
385

 
—

 
—

 
(385
)
 
385

Change in fair value of available-for-sale securities
1

 
—

 
—

 
1

 
(1
)
 
1

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
19,126

 
26,775

 
—

 
(7,649
)
 
(19,126
)
 
19,126

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
159,503

 
$
81,779

 
$
79,185

 
$
(1,779
)
 
$
(159,185
)
 
$
159,503



































Consolidating Condensed Statement of Comprehensive Income
Six Months Ended November 30, 2017
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
354,320

 
$
136,511

 
$
199,326

 
$
16,579

 
$
(352,416
)
 
$
354,320

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss),
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
23,810

 
—

 
—

 
23,810

 
(23,810
)
 
23,810

Amortization of interest rate lock agreements
(344
)
 
(344
)
 
—

 
—

 
344

 
(344
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
23,466

 
(344
)
 
—

 
23,810

 
(23,466
)
 
23,466

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
377,786

 
$
136,167

 
$
199,326

 
$
40,389

 
$
(375,882
)
 
$
377,786



































Consolidating Condensed Statement of Comprehensive Income
Six Months Ended November 30, 2016
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
278,468

 
$
98,875

 
$
166,700

 
$
9,749

 
$
(275,324
)
 
$
278,468

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income,
   net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(7,535
)
 
—

 
—

 
(7,535
)
 
7,535

 
(7,535
)
Change in fair value of cash flow
    hedges
14,353

 
14,353

 
—

 
—

 
(14,353
)
 
14,353

Amortization of interest rate lock agreements
770

 
770

 
—

 
—

 
(770
)
 
770

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
7,588

 
15,123

 
—

 
(7,535
)
 
(7,588
)
 
7,588

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
286,056

 
$
113,998

 
$
166,700

 
$
2,214

 
$
(282,912
)
 
$
286,056
Consolidating Condensed Balance Sheet
Consolidating Condensed Balance Sheet
As of November 30, 2017
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
42,126

 
$
83,515

 
$
110,361

 
$
—

 
$
236,002

Marketable securities
—

 
—

 
—

 
22,732

 
—

 
22,732

Accounts receivable, net
—

 
586,992

 
117,106

 
59,457

 
—

 
763,555

Inventories, net
—

 
224,217

 
31,994

 
16,620

 
(1
)
 
272,830

Uniforms and other rental items
    in service
—

 
562,724

 
81,459

 
49,025

 
(18,636
)
 
674,572

Income taxes, current
—

 
(16,790
)
 
47,940

 
4,550

 
—

 
35,700

Prepaid expenses and other
    current assets
—

 
7,837

 
29,222

 
999

 
—

 
38,058

Total current assets
—

 
1,407,106

 
391,236

 
263,744

 
(18,637
)
 
2,043,449

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
875,883

 
366,041

 
111,235

 
—

 
1,353,159

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,598,267

 
947,722

 
1,713,070

 
(6,404,479
)
 
175,663

Goodwill
—

 
—

 
2,770,504

 
41,403

 
(111
)
 
2,811,796

Service contracts, net
—

 
483,985

 
—

 
81,589

 
—

 
565,574

Other assets, net
1,766,703

 
557

 
3,489,627

 
13,866

 
(5,241,593
)
 
29,160

 
$
2,087,786

 
$
6,365,798

 
$
7,965,130

 
$
2,224,907

 
$
(11,664,820
)
 
$
6,978,801

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,458,658
)
 
$
2,162,751

 
$
(113,813
)
 
$
37,948

 
$
162,981

Accrued compensation and
   related liabilities
—

 
101,379

 
6,141

 
5,910

 
—

 
113,430

Accrued liabilities
—

 
187,828

 
368,784

 
21,348

 
—

 
577,960

Debt due within one year
—

 
300,000

 
—

 
—

 
—

 
300,000

Total current liabilities
(465,247
)
 
(869,451
)
 
2,537,676

 
(86,555
)
 
37,948

 
1,154,371

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,533,832

 
—

 
390

 
—

 
2,534,222

Deferred income taxes
—

 
—

 
492,999

 
46,044

 
—

 
539,043

Accrued liabilities
—

 
32,998

 
163,863

 
1,271

 
—

 
198,132

Total long-term liabilities
—

 
2,566,830

 
656,862

 
47,705

 
—

 
3,271,397

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
2,553,033

 
4,668,419

 
4,770,592

 
2,263,757

 
(11,702,768
)
 
2,553,033

 
$
2,087,786

 
$
6,365,798

 
$
7,965,130

 
$
2,224,907

 
$
(11,664,820
)
 
$
6,978,801


(1) Investments include inter company investment activity. Corp 2 and Subsidiary Guarantors hold $20.3 million and $155.4 million, respectively, of the $175.7 million consolidated net investments.

Consolidating Condensed 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, 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

Debt due within one year
—

 
362,900

 
—

 
—

 
—

 
362,900

Liabilities held for sale
—

 
11,457

 
—

 
—

 
—

 
11,457

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.
Consolidating Condensed Statement of Cash Flows
Consolidating Condensed Statement of Cash Flows
Six Months Ended November 30, 2017
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
354,320

 
$
136,511

 
$
199,326

 
$
16,579

 
$
(352,416
)
 
$
354,320

Adjustments to reconcile net income to net
   cash provided by operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
65,942

 
34,789

 
6,847

 
—

 
107,578

Amortization of intangible assets
—

 
24,522

 
2,547

 
4,192

 
—

 
31,261

Stock-based compensation
55,204

 
—

 
—

 
—

 
—

 
55,204

Gain on sale of business
—

 
(114,581
)
 
15,521

 
—

 
—

 
(99,060
)
Deferred income taxes
—

 
—

 
40,555

 
1,607

 
—

 
42,162

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

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(42,881
)
 
20,790

 
(2,709
)
 
—

 
(24,800
)
Inventories, net
—

 
17,728

 
(13,863
)
 
115

 
(1,385
)
 
2,595

Uniforms and other rental items
   in service
—

 
(29,520
)
 
(112
)
 
(3,305
)
 
(357
)
 
(33,294
)
Prepaid expenses and other
   current assets
—

 
(5,428
)
 
(13,609
)
 
464

 
—

 
(18,573
)
Accounts payable
—

 
155,461

 
(153,831
)
 
(10,176
)
 
(160
)
 
(8,706
)
Accrued compensation and related liabilities
—

 
6,341

 
(39,311
)
 
(3,510
)
 
—

 
(36,480
)
Accrued liabilities and other
—

 
(26,847
)
 
26,373

 
(1,466
)
 
—

 
(1,940
)
Income taxes, current
—

 
32,963

 
(22,794
)
 
(1,427
)
 
—

 
8,742

Net cash provided by operating activities
409,524

 
220,211

 
96,381

 
7,211

 
(354,318
)
 
379,009

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(90,497
)
 
(36,875
)
 
(5,094
)
 
—

 
(132,466
)
Proceeds from redemption of marketable securities and investments
—

 
12,400

 
—

 
87,859

 
—

 
100,259

Purchase of marketable securities and investments
—

 
5,510

 
(20,064
)
 
(87,323
)
 
2,000

 
(99,877
)
Proceeds from sale of business
—

 
127,835

 
—

 
—

 
—

 
127,835

Acquisitions of businesses
—

 
(1,099
)
 
—

 
—

 
—

 
(1,099
)
Other, net
(402,385
)
 
21,470

 
26,771

 
956

 
352,318

 
(870
)
Net cash (used in) provided by investing
    activities
(402,385
)
 
75,619

 
(30,168
)
 
(3,602
)
 
354,318

 
(6,218
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Payments of commercial paper, net
—

 
(50,500
)
 
—

 
—

 
—

 
(50,500
)
Repayment of debt
—

 
(250,000
)
 
—

 
—

 
—

 
(250,000
)
Proceeds from exercise of stock-based compensation awards
28,558

 
—

 
—

 
—

 
—

 
28,558

Repurchase of common stock
(35,697
)
 
—

 
—

 
—

 
—

 
(35,697
)
Other, net
—

 
(1,862
)
 
—

 
(20
)
 
—

 
(1,882
)
Net cash used in financing activities
(7,139
)
 
(302,362
)
 
—

 
(20
)
 
—

 
(309,521
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
    and cash equivalents
—

 
—

 
—

 
3,466

 
—

 
3,466

 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash
    equivalents
—

 
(6,532
)
 
66,213

 
7,055

 
—

 
66,736

Cash and cash equivalents at beginning of period
—

 
48,658

 
17,302

 
103,306

 
—

 
169,266

Cash and cash equivalents at end of period
$
—

 
$
42,126

 
$
83,515

 
$
110,361

 
$
—

 
$
236,002

Consolidating Condensed Statement of Cash Flows
Six Months Ended November 30, 2016
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
278,468

 
$
98,875

 
$
166,700

 
$
9,749

 
$
(275,324
)
 
$
278,468

Adjustments to reconcile net income to net
    cash provided by operating activities
 

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
52,259

 
22,412

 
4,919

 
—

 
79,590

Amortization of intangible assets
—

 
6,847

 
175

 
438

 
—

 
7,460

Stock-based compensation
39,582

 
—

 
—

 
—

 
—

 
39,582

Gain on Shred-it
—

 
(23,935
)
 
—

 
(1,941
)
 
—

 
(25,876
)
Deferred income taxes
—

 
(9,578
)
 
5,395

 
350

 
—

 
(3,833
)
Changes in current assets and liabilities, net of acquisitions of businesses:
 

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(36,939
)
 
(6,813
)
 
(1,168
)
 
—

 
(44,920
)
Inventories, net
—

 
(14,038
)
 
2,871

 
(1,593
)
 
(1,856
)
 
(14,616
)
Uniforms and other rental items in service
—

 
754

 
(4,182
)
 
511

 
(1,398
)
 
(4,315
)
Prepaid expenses and other current
    assets
—

 
412

 
(2,411
)
 
47

 
—

 
(1,952
)
Accounts payable
—

 
23,367

 
(10,857
)
 
2,831

 
110

 
15,451

Accrued compensation and related liabilities
2,819

 
(12,734
)
 
(8,935
)
 
(86
)
 
—

 
(18,936
)
Accrued liabilities and other
139,766

 
3,711

 
(148,384
)
 
41

 
—

 
(4,866
)
Income taxes, current
—

 
(1,635
)
 
1,460

 
659

 
—

 
484

Net cash provided by operating activities
460,635

 
87,366

 
17,431

 
14,757

 
(278,468
)
 
301,721

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(85,207
)
 
(60,837
)
 
(9,129
)
 
—

 
(155,173
)
Proceeds from redemption of marketable securities
—

 
—

 
—

 
172,968

 
—

 
172,968

Purchase of marketable securities and investments
—

 
(4,560
)
 
(28,751
)
 
(102,692
)
 
17,733

 
(118,270
)
Proceeds from sale of investment in Shred-it
—

 
23,935

 
—

 
1,941

 
—

 
25,876

Acquisitions of businesses, net of cash acquired
—

 
(7,245
)
 
—

 
(10,533
)
 
—

 
(17,778
)
Other, net
(460,630
)
 
177,446

 
21,190

 
1,591

 
260,735

 
332

Net cash (used in) provided by investing activities
(460,630
)
 
104,369

 
(68,398
)
 
54,146

 
278,468

 
(92,045
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Issuance of commercial paper, net
—

 
66,000

 
—

 
—

 
—

 
66,000

Proceeds from issuance of debt
—

 
—

 
(2,000
)
 
2,000

 
—

 
—

Repayment of debt
—

 
(250,000
)
 
—

 
—

 
—

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

 
(13,495
)
 
—

 
—

 
—

 
(13,495
)
Proceeds from exercise of stock-based compensation awards
19,225

 
—

 
—

 
—

 
—

 
19,225

Repurchase of common stock
(19,230
)
 
—

 
—

 
—

 
—

 
(19,230
)
Other, net
—

 
(5,572
)
 
—

 
—

 
—

 
(5,572
)
Net cash (used in) provided by financing activities
(5
)
 
(203,067
)
 
(2,000
)
 
2,000

 
—

 
(203,072
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(2,388
)
 
—

 
(2,388
)
 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash
    equivalents
—

 
(11,332
)
 
(52,967
)
 
68,515

 
—

 
4,216

Cash and cash equivalents at beginning of period
—

 
57,893

 
55,392

 
26,072

 
—

 
139,357

Cash and cash equivalents at end of period
$
—

 
$
46,561

 
$
2,425

 
$
94,587

 
$
—

 
$
143,573