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Supplemental Guarantor Information (Tables)
 6 Months Ended
Nov. 30, 2018
Condensed Financial Information Disclosure [Abstract]  
Consolidating Condensed Income Statement
Consolidating Condensed Income Statement
Three Months Ended November 30, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,134,118

 
$
182,876

 
$
101,830

 
$
(28,046
)
 
$
1,390,778

Other
—

 
522,081

 
50

 
25,918

 
(220,559
)
 
327,490

Equity in net income of affiliates
242,994

 
—

 
—

 
—

 
(242,994
)
 
—

Total revenue
242,994

 
1,656,199

 
182,926

 
127,748

 
(491,599
)
 
1,718,268

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
640,859

 
111,555

 
65,316

 
(56,611
)
 
761,119

Cost of other
—

 
375,764

 
(27,133
)
 
19,319

 
(185,959
)
 
181,991

Selling and administrative expenses
—

 
536,276

 
(68,617
)
 
32,559

 
(8,547
)
 
491,671

G&K Services, Inc. integration
   expenses
—

 
5,973

 
1,270

 
604

 
—

 
7,847

Operating income
242,994

 
97,327

 
165,851

 
9,950

 
(240,482
)
 
275,640

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of a cost method
   investment
—

 
—

 
69,373

 
—

 
—

 
69,373

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(294
)
 
(93
)
 
(5
)
 
1

 
(391
)
Interest expense (income)
—

 
25,046

 
(173
)
 
7

 
—

 
24,880

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
242,994

 
72,575

 
235,490

 
9,948

 
(240,483
)
 
320,524

Income taxes
—

 
19,166

 
55,788

 
2,613

 
(37
)
 
77,530

Income from continuing operations
242,994

 
53,409

 
179,702

 
7,335

 
(240,446
)
 
242,994

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations,
   net of tax
19

 
19

 
—

 
—

 
(19
)
 
19

 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
243,013

 
$
53,428

 
$
179,702

 
$
7,335

 
$
(240,465
)
 
$
243,013



















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
)
 
—

Total revenue
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. 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
Six Months Ended November 30, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
2,273,247

 
$
366,039

 
$
201,513

 
$
(75,083
)
 
$
2,765,716

Other
—

 
1,013,371

 
93

 
50,250

 
(413,187
)
 
650,527

Equity in net income of affiliates
455,541

 
—

 
—

 
—

 
(455,541
)
 
—

Total revenue
455,541

 
3,286,618

 
366,132

 
251,763

 
(943,811
)
 
3,416,243

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
1,284,600

 
221,105

 
129,329

 
(127,462
)
 
1,507,572

Cost of other
—

 
717,097

 
(49,162
)
 
37,461

 
(346,595
)
 
358,801

Selling and administrative expenses
—

 
1,081,186

 
(133,238
)
 
66,922

 
(18,565
)
 
996,305

G&K Services, Inc. integration
   expenses
—

 
8,649

 
3,133

 
915

 
—

 
12,697

Operating income
455,541

 
195,086

 
324,294

 
17,136

 
(451,189
)
 
540,868

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of a cost method
   investment
—

 
—

 
69,373

 
—

 
—

 
69,373

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(503
)
 
(365
)
 
(21
)
 
2

 
(887
)
Interest expense (income)
—

 
49,707

 
(535
)
 
12

 
—

 
49,184

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
455,541

 
145,882

 
394,567

 
17,145

 
(451,191
)
 
561,944

Income taxes
—

 
29,829

 
71,832

 
4,800

 
(58
)
 
106,403

Income from continuing operations
455,541

 
116,053

 
322,735

 
12,345

 
(451,133
)
 
455,541

 
 
 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations,
   net of tax
(13
)
 
(13
)
 
—

 
—

 
13

 
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
455,528

 
$
116,040

 
$
322,735

 
$
12,345

 
$
(451,120
)
 
$
455,528


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
)
 
—

Total revenue
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. 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 Statement of Comprehensive Income
Consolidating Condensed Statement of Comprehensive Income
Three Months Ended November 30, 2018
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
243,013

 
$
53,428

 
$
179,702

 
$
7,335

 
$
(240,465
)
 
$
243,013

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
    income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(10,623
)
 
—

 
—

 
(10,623
)
 
10,623

 
(10,623
)
Change in fair value of interest rate lock agreements
4,921

 
4,921

 
—

 


 
(4,921
)
 
4,921

Amortization of interest rate
   lock agreements
(294
)
 
(294
)
 
—

 
—

 
294

 
(294
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
     income
(5,996
)
 
4,627

 
—

 
(10,623
)
 
5,996

 
(5,996
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
237,017

 
$
58,055

 
$
179,702

 
$
(3,288
)
 
$
(234,469
)
 
$
237,017


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
Six Months Ended November 30, 2018
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
455,528

 
$
116,040

 
$
322,735

 
$
12,345

 
$
(451,120
)
 
$
455,528

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
    income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(13,642
)
 
—

 
—

 
(13,642
)
 
13,642

 
(13,642
)
Change in fair value of interest rate lock agreements
1,753

 
1,753

 
—

 
—

 
(1,753
)
 
1,753

Amortization of interest rate
   lock agreements
(589
)
 
(589
)
 
—

 
—

 
589

 
(589
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
   income
(12,478
)
 
1,164

 
—

 
(13,642
)
 
12,478

 
(12,478
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
443,050

 
$
117,204

 
$
322,735

 
$
(1,297
)
 
$
(438,642
)
 
$
443,050


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 Balance Sheet
Consolidating Condensed Balance Sheet
As of November 30, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
47,771

 
$
9,759

 
$
30,949

 
$
—

 
$
88,479

Accounts receivable, net
—

 
689,606

 
143,378

 
71,078

 
—

 
904,062

Inventories, net
—

 
267,335

 
34,467

 
17,611

 
2,461

 
321,874

Uniforms and other rental
    items in service
—

 
624,589

 
90,914

 
59,701

 
(16,958
)
 
758,246

Income taxes, current
—

 
10,875

 
16,362

 
9,358

 
—

 
36,595

Prepaid expenses and
   other current assets
—

 
75,840

 
29,394

 
1,380

 
—

 
106,614

Total current assets
—

 
1,716,016

 
324,274

 
190,077

 
(14,497
)
 
2,215,870

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
923,931

 
376,274

 
110,325

 
—

 
1,410,530

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,596,134

 
957,740

 
1,718,070

 
(6,409,479
)
 
183,548

Goodwill
—

 
—

 
2,584,875

 
260,481

 
(112
)
 
2,845,244

Service contracts, net
—

 
449,590

 
—

 
71,915

 
—

 
521,505

Other assets, net
2,240,914

 
203,378

 
4,783,008

 
2,143

 
(7,001,057
)
 
228,386

 
$
2,561,997

 
$
6,889,049

 
$
9,026,171

 
$
2,353,011

 
$
(13,425,145
)
 
$
7,405,083

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,828,417
)
 
$
2,495,759

 
$
(27,826
)
 
$
37,631

 
$
211,900

Accrued compensation
  and related liabilities
—

 
88,374

 
18,410

 
10,861

 
—

 
117,645

Accrued liabilities
—

 
87,221

 
504,186

 
20,234

 
—

 
611,641

Debt due within one year
—

 
173,500

 
—

 
—

 
—

 
173,500

Total current liabilities
(465,247
)
 
(1,479,322
)
 
3,018,355

 
3,269

 
37,631

 
1,114,686

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,536,018

 
—

 
390

 
—

 
2,536,408

Deferred income taxes
—

 
291,233

 
110,089

 
34,139

 
—

 
435,461

Accrued liabilities
—

 
61,597

 
213,289

 
16,398

 
—

 
291,284

Total long-term liabilities
—

 
2,888,848

 
323,378

 
50,927

 
—

 
3,263,153

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,027,244

 
5,479,523

 
5,684,438

 
2,298,815

 
(13,462,776
)
 
3,027,244

 
$
2,561,997

 
$
6,889,049

 
$
9,026,171

 
$
2,353,011

 
$
(13,425,145
)
 
$
7,405,083


(1) Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $18.1 million and $165.4 million, respectively, of the $183.5 million consolidated net investments.

Consolidating Condensed Balance Sheet
As of May 31, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
44,499

 
$
60,310

 
$
33,915

 
$
—

 
$
138,724

Accounts receivable, net
—

 
620,920

 
120,767

 
62,896

 
—

 
804,583

Inventories, net
—

 
225,581

 
38,844

 
15,922

 
—

 
280,347

Uniforms and other rental
   items in service
—

 
585,108

 
81,494

 
54,248

 
(18,589
)
 
702,261

Income taxes, current
—

 
5,546

 
9,258

 
4,830

 
—

 
19,634

Prepaid expenses and
  other current assets
—

 
9,453

 
21,688

 
1,242

 
—

 
32,383

Total current assets
—

 
1,491,107

 
332,361

 
173,053

 
(18,589
)
 
1,977,932

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
900,014

 
370,186

 
112,530

 
—

 
1,382,730

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,595,668

 
950,239

 
1,716,070

 
(6,407,479
)
 
175,581

Goodwill
—

 
—

 
2,579,769

 
267,231

 
(112
)
 
2,846,888

Service contracts, net
—

 
468,283

 
—

 
77,485

 
—

 
545,768

Other assets, net
2,230,196

 
593

 
4,381,476

 
8,656

 
(6,591,606
)
 
29,315

 
$
2,551,279

 
$
6,455,665

 
$
8,614,031

 
$
2,355,025

 
$
(13,017,786
)
 
$
6,958,214

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(1,724,844
)
 
$
2,395,434

 
$
(28,216
)
 
$
37,947

 
$
215,074

Accrued compensation
  and related liabilities
—

 
104,560

 
24,878

 
11,216

 
—

 
140,654

Accrued liabilities
—

 
88,949

 
308,485

 
22,695

 
—

 
420,129

Total current liabilities
(465,247
)
 
(1,531,335
)
 
2,728,797

 
5,695

 
37,947

 
775,857

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,534,919

 
—

 
390

 
—

 
2,535,309

Deferred income taxes
—

 
215,881

 
104,559

 
32,141

 
—

 
352,581

Accrued liabilities
—

 
63,073

 
198,181

 
16,687

 
—

 
277,941

Total long-term liabilities
—

 
2,813,873

 
302,740

 
49,218

 
—

 
3,165,831

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,016,526

 
5,173,127

 
5,582,494

 
2,300,112

 
(13,055,733
)
 
3,016,526

 
$
2,551,279

 
$
6,455,665

 
$
8,614,031

 
$
2,355,025

 
$
(13,017,786
)
 
$
6,958,214



(1) Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $17.6 million and $158.0 million, respectively, of the $175.6 million consolidated net investments.
Consolidating Condensed Statement of Cash Flows
Consolidating Condensed Statement of Cash Flows
Six Months Ended November 30, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
455,528

 
$
116,040

 
$
322,735

 
$
12,345

 
$
(451,120
)
 
$
455,528

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

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
68,929

 
31,274

 
6,909

 
—

 
107,112

Amortization of intangible assets and
    capitalized contract costs
—

 
61,044

 
2,339

 
4,176

 
—

 
67,559

Stock-based compensation
74,784

 
—

 
—

 
—

 
—

 
74,784

Gain on sale of a cost method investment
—

 
—

 
(69,373
)
 
—

 
—

 
(69,373
)
Deferred income taxes
—

 
10,865

 
5,519

 
2,843

 
—

 
19,227

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

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(52,953
)
 
(20,151
)
 
(10,183
)
 
(2,461
)
 
(85,748
)
Inventories, net
—

 
(52,989
)
 
3,546

 
(2,153
)
 
(1,631
)
 
(53,227
)
Uniforms and other rental items
   in service
—

 
(39,481
)
 
(11,051
)
 
(7,152
)
 
—

 
(57,684
)
Prepaid expenses and other current
   assets and capitalized contract costs
—

 
(52,392
)
 
(5,570
)
 
(199
)
 
—

 
(58,161
)
Accounts payable
—

 
(98,465
)
 
90,324

 
6,502

 
(316
)
 
(1,955
)
Accrued compensation and related liabilities
—

 
(16,186
)
 
(6,468
)
 
1,685

 
—

 
(20,969
)
Accrued liabilities and other
—

 
(1,908
)
 
(9,983
)
 
(3,431
)
 
—

 
(15,322
)
Income taxes, current
—

 
(5,329
)
 
(7,109
)
 
(4,766
)
 
—

 
(17,204
)
Net cash provided by (used in) operating activities
530,312

 
(62,825
)
 
326,032

 
6,576

 
(455,528
)
 
344,567

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(92,461
)
 
(37,357
)
 
(7,796
)
 
—

 
(137,614
)
Purchase of marketable securities and investments
—

 
(466
)
 
(13,605
)
 
—

 
—

 
(14,071
)
Proceeds from sale of a cost method
   investment
—

 
—

 
73,342

 
—

 
—

 
73,342

Acquisitions of businesses
—

 
(6,580
)
 
—

 
—

 
—

 
(6,580
)
Other, net
(54,795
)
 
(2,534
)
 
(398,963
)
 
(953
)
 
455,528

 
(1,717
)
Net cash used in investing activities
(54,795
)
 
(102,041
)
 
(376,583
)
 
(8,749
)
 
455,528

 
(86,640
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Issuance of commercial paper, net
—

 
173,500

 
—

 
—

 
—

 
173,500

Proceeds from exercise of stock-based compensation awards
32,612

 
—

 
—

 
—

 
—

 
32,612

Repurchase of common stock
(508,129
)
 
—

 
—

 
—

 
—

 
(508,129
)
Other, net
—

 
(5,362
)
 
—

 
—

 
—

 
(5,362
)
Net cash (used in) provided by financing activities
(475,517
)
 
168,138

 
—

 
—

 
—

 
(307,379
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
    and cash equivalents
—

 
—

 
—

 
(793
)
 
—

 
(793
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash
    equivalents
—

 
3,272

 
(50,551
)
 
(2,966
)
 
—

 
(50,245
)
Cash and cash equivalents at beginning of period
—

 
44,499

 
60,310

 
33,915

 
—

 
138,724

Cash and cash equivalents at end of period
$
—

 
$
47,771

 
$
9,759

 
$
30,949

 
$
—

 
$
88,479

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) loss 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
—

 
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, net of cash acquired
—

 
(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