Debt, Derivatives and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2019

Cintas' outstanding debt is summarized as follows:



(In thousands)	Interest Rate			Fiscal Year Issued	Fiscal Year Maturity	August 31, 2019			May 31, 2019

Debt due within one year
Commercial paper	2.36	%	⁽¹⁾	2020	2020	$	139,000		$	112,500
Term loan	2.88	%	⁽¹⁾	2019	2020	200,000			200,000
Debt issuance costs						(224		)	(236		)
Total debt due within one year						$	338,776		$	312,264

Debt due after one year
Senior notes	4.30	%		2012	2022	$	250,000		$	250,000
Senior notes	2.90	%		2017	2022	650,000			650,000
Senior notes	3.25	%		2013	2023	300,000			300,000
Senior notes ⁽²⁾	2.78	%		2013	2023	51,576			51,684
Senior notes ⁽³⁾	3.11	%		2015	2025	51,889			51,973
Senior notes	3.70	%		2017	2027	1,000,000			1,000,000
Senior notes	6.15	%		2007	2037	250,000			250,000
Debt issuance costs						(15,408		)	(16,150		)
Total debt due after one year						$	2,538,057		$	2,537,507


⁽¹⁾	Variable rate debt instrument. The rate presented is the variable borrowing rate at August 31, 2019.


⁽²⁾	Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (G&K) in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.73%.

⁽³⁾

Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.88%.