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Supplemental Guarantor Information (Tables)
 3 Months Ended
Aug. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Consolidating Condensed Income Statement
Consolidating Condensed Income Statement
Three Months Ended August 31, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,158,891

 
$
190,735

 
$
105,394

 
$
(493
)
 
$
1,454,527

Other
—

 
582,976

 
97

 
23,246

 
(249,707
)
 
356,612

Equity in net income of affiliates
250,812

 
—

 
—

 
—

 
(250,812
)
 
—

Total revenue
250,812

 
1,741,867

 
190,832

 
128,640

 
(501,012
)
 
1,811,139

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility services
—

 
621,881

 
111,734

 
65,595

 
(30,534
)
 
768,676

Cost of other
—

 
403,484

 
(22,677
)
 
17,699

 
(205,185
)
 
193,321

Selling and administrative expenses
—

 
599,403

 
(84,257
)
 
34,454

 
(6,604
)
 
542,996

Operating income
250,812

 
117,099

 
186,032

 
10,892

 
(258,689
)
 
306,146

 
 
 
 
 
 
 
 
 
 
 
 
Interest (income) expense
—

 
(150
)
 
1

 
(14
)
 
1

 
(162
)
Interest expense (income)
—

 
27,360

 
(53
)
 
14

 
—

 
27,321

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
250,812

 
89,889

 
186,084

 
10,892

 
(258,690
)
 
278,987

Income taxes
—

 
8,201

 
16,978

 
3,021

 
(25
)
 
28,175

Net income
$
250,812

 
$
81,688

 
$
169,106

 
$
7,871

 
$
(258,665
)
 
$
250,812



















Consolidating Condensed Income Statement
Three Months Ended August 31, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Uniform rental and facility services
$
—

 
$
1,139,129

 
$
183,163

 
$
99,683

 
$
(47,037
)
 
$
1,374,938

Other
—

 
491,290

 
43

 
24,332

 
(192,628
)
 
323,037

Equity in net income of affiliates
212,547

 
—

 
—

 
—

 
(212,547
)
 
—

Total revenue
212,547

 
1,630,419

 
183,206

 
124,015

 
(452,212
)
 
1,697,975

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses (income):
 

 
 

 
 

 
 

 
 

 
 

Cost of uniform rental and facility
   services
—

 
643,741

 
109,550

 
64,013

 
(70,851
)
 
746,453

Cost of other
—

 
341,333

 
(22,029
)
 
18,142

 
(160,636
)
 
176,810

Selling and administrative expenses
—

 
544,910

 
(64,621
)
 
34,363

 
(10,018
)
 
504,634

G&K Services, Inc. integration
   expenses
—

 
2,676

 
1,863

 
311

 
—

 
4,850

Operating income
212,547

 
97,759

 
158,443

 
7,186

 
(210,707
)
 
265,228

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
(209
)
 
(272
)
 
(16
)
 
1

 
(496
)
Interest expense (income)
—

 
24,661

 
(362
)
 
5

 
—

 
24,304

 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
212,547

 
73,307

 
159,077

 
7,197

 
(210,708
)
 
241,420

Income taxes
—

 
10,663

 
16,044

 
2,187

 
(21
)
 
28,873

Income from continuing operations
212,547


62,644


143,033


5,010


(210,687
)

212,547

 
 
 
 
 
 
 
 
 
 
 


Loss from discontinued operations,
   net of tax
(32
)
 
(32
)
 
—

 
—

 
32

 
(32
)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
212,515


$
62,612


$
143,033


$
5,010


$
(210,655
)

$
212,515
Consolidating Condensed Statement of Comprehensive Income
Consolidating Condensed Statement of Comprehensive Income
Three Months Ended August 31, 2019
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
250,812

 
$
81,688

 
$
169,106

 
$
7,871

 
$
(258,665
)
 
$
250,812

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income
   (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
6,724

 
—

 
—

 
6,724

 
(6,724
)
 
6,724

Change in fair value of interest rate lock agreements
(29,903
)
 
(29,903
)
 
—

 
—

 
29,903

 
(29,903
)
Amortization of interest rate
   lock agreements
(295
)
 
(295
)
 
—

 
—

 
295

 
(295
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
     income
(23,474
)
 
(30,198
)
 
—

 
6,724

 
23,474

 
(23,474
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
227,338

 
$
51,490

 
$
169,106

 
$
14,595

 
$
(235,191
)
 
$
227,338


Consolidating Condensed Statement of Comprehensive Income
Three Months Ended August 31, 2018
(In thousands)

 
Cintas
Corporation
 
Corp. 2
 
Subsidiary
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Cintas
Corporation
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
212,515

 
$
62,612

 
$
143,033

 
$
5,010

 
$
(210,655
)
 
$
212,515

 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)
   income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(3,019
)
 
—

 
—

 
(3,019
)
 
3,019

 
(3,019
)
Change in fair value of interest
   rate lock agreements
(3,168
)
 
(3,168
)
 
—

 
—

 
3,168

 
(3,168
)
Amortization of interest rate lock agreements
(295
)
 
(295
)
 
—

 
—

 
295

 
(295
)
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss
(6,482
)
 
(3,463
)
 
—

 
(3,019
)
 
6,482

 
(6,482
)
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
206,033

 
$
59,149

 
$
143,033

 
$
1,991

 
$
(204,173
)
 
$
206,033
Consolidating Condensed Balance Sheet
Consolidating Condensed Balance Sheet
As of August 31, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
61,965

 
$
14,788

 
$
25,378

 
$
—

 
$
102,131

Accounts receivable, net
—

 
734,268

 
113,838

 
69,429

 
—

 
917,535

Inventories, net
—

 
287,373

 
28,178

 
20,739

 
—

 
336,290

Uniforms and other rental
    items in service
—

 
657,277

 
91,592

 
61,534

 
(14,216
)
 
796,187

Prepaid expenses and
   other current assets
—

 
82,635

 
35,907

 
19,133

 
—

 
137,675

Total current assets
—

 
1,823,518

 
284,303

 
196,213

 
(14,216
)
 
2,289,818

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
958,285

 
367,853

 
96,213

 
—

 
1,422,351

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,588,963

 
981,713

 
1,718,870

 
(6,401,642
)
 
208,987

Goodwill
—

 
—

 
2,589,592

 
260,133

 
(112
)
 
2,849,613

Service contracts, net
—

 
416,583

 
—

 
66,394

 
—

 
482,977

Operating lease right-of-use
   assets, net
—

 
133,401

 
13,904

 
15,784

 
—

 
163,089

Other assets, net
2,264,376

 
216,985

 
5,606,035

 
1,507

 
(7,843,838
)
 
245,065

 
$
2,585,459

 
$
7,137,735

 
$
9,843,400

 
$
2,355,114

 
$
(14,259,808
)
 
$
7,661,900

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(2,099,057
)
 
$
2,818,307

 
$
(54,052
)
 
$
37,291

 
$
237,242

Accrued compensation
  and related liabilities
—

 
59,152

 
31,311

 
8,737

 
—

 
99,200

Accrued liabilities
—

 
86,128

 
290,891

 
18,397

 
—

 
395,416

Income taxes, current
—

 
235

 
14,236

 
(5,233
)
 
—

 
9,238

Operating lease liabilities,
   current
—

 
34,255

 
4,320

 
4,435

 
—

 
43,010

Debt due within one year
—

 
338,776

 
—

 
—

 
—

 
338,776

Total current liabilities
(465,247
)
 
(1,580,511
)
 
3,159,065

 
(27,716
)
 
37,291

 
1,122,882

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,538,057

 
—

 
—

 
—

 
2,538,057

Deferred income taxes
—

 
306,142

 
99,774

 
30,839

 
—

 
436,755

Operating lease liabilities
—

 
103,847

 
10,093

 
11,744

 
—

 
125,684

Accrued liabilities
—

 
156,466

 
214,977

 
16,373

 
—

 
387,816

Total long-term liabilities
—

 
3,104,512

 
324,844

 
58,956

 
—

 
3,488,312

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,050,706

 
5,613,734

 
6,359,491

 
2,323,874

 
(14,297,099
)
 
3,050,706

 
$
2,585,459

 
$
7,137,735

 
$
9,843,400

 
$
2,355,114

 
$
(14,259,808
)
 
$
7,661,900


(1)  
Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $19.6 million and $189.4 million, respectively, of the $209.0 million consolidated net investments.
Consolidating Condensed Balance Sheet
As of May 31, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
—

 
$
54,963

 
$
13,151

 
$
28,531

 
$
—

 
$
96,645

Accounts receivable, net
—

 
719,914

 
121,803

 
68,403

 
—

 
910,120

Inventories, net
—

 
278,666

 
35,081

 
20,842

 
—

 
334,589

Uniforms and other rental
   items in service
—

 
645,862

 
90,458

 
60,061

 
(12,248
)
 
784,133

Income taxes, current
—

 
(9,728
)
 
11,722

 
5,481

 
—

 
7,475

Prepaid expenses and
  other current assets
—

 
81,117

 
20,334

 
1,867

 
—

 
103,318

Total current assets
—

 
1,770,794

 
292,549

 
185,185

 
(12,248
)
 
2,236,280

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
948,830

 
369,006

 
112,849

 
—

 
1,430,685

 
 
 
 
 
 
 
 
 
 
 
 
Investments (1)
321,083

 
3,589,234

 
964,802

 
1,716,870

 
(6,399,643
)
 
192,346

Goodwill
—

 
—

 
2,586,406

 
256,147

 
(112
)
 
2,842,441

Service contracts, net
—

 
427,437

 
—

 
67,158

 
—

 
494,595

Other assets, net
2,216,391

 
211,102

 
5,424,413

 
1,716

 
(7,613,307
)
 
240,315

 
$
2,537,474

 
$
6,947,397

 
$
9,637,176

 
$
2,339,925

 
$
(14,025,310
)
 
$
7,436,662

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
$
(465,247
)
 
$
(2,090,954
)
 
$
2,793,558

 
$
(48,769
)
 
$
37,432

 
$
226,020

Accrued compensation
  and related liabilities
—

 
117,404

 
26,870

 
11,235

 
—

 
155,509

Accrued liabilities
—

 
84,296

 
328,267

 
21,377

 
—

 
433,940

Debt due within one year
—

 
312,264

 
—

 
—

 
—

 
312,264

Total current liabilities
(465,247
)
 
(1,576,990
)
 
3,148,695

 
(16,157
)
 
37,432

 
1,127,733

 
 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities:
 

 
 

 
 

 
 

 
 

 
 

Debt due after one year
—

 
2,537,507

 
—

 
—

 
—

 
2,537,507

Deferred income taxes
—

 
307,334

 
100,162

 
30,683

 
—

 
438,179

Accrued liabilities
—

 
116,469

 
197,934

 
16,119

 
—

 
330,522

Total long-term liabilities
—

 
2,961,310

 
298,096

 
46,802

 
—

 
3,306,208

 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity
3,002,721

 
5,563,077

 
6,190,385

 
2,309,280

 
(14,062,742
)
 
3,002,721

 
$
2,537,474

 
$
6,947,397

 
$
9,637,176

 
$
2,339,925

 
$
(14,025,310
)
 
$
7,436,662



(1)  
Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $19.8 million and $172.5 million, respectively, of the $192.3 million consolidated net investments.
Consolidating Condensed Statement of Cash Flows
Consolidating Condensed Statement of Cash Flows
Three Months Ended August 31, 2019
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
250,812

 
$
81,688

 
$
169,106

 
$
7,871

 
$
(258,665
)
 
$
250,812

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

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
37,056

 
16,032

 
3,638

 
—

 
56,726

Amortization of intangible assets and
    capitalized contract costs
—

 
31,949

 
1,279

 
2,040

 
—

 
35,268

Stock-based compensation
40,395

 
—

 
—

 
—

 
—

 
40,395

Deferred income taxes
—

 
8,652

 
(382
)
 
(360
)
 
—

 
7,910

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

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(14,317
)
 
7,965

 
(284
)
 
—

 
(6,636
)
Inventories, net
—

 
(8,686
)
 
7,359

 
(399
)
 
—

 
(1,726
)
Uniforms and other rental items
   in service
—

 
(11,416
)
 
(1,135
)
 
(722
)
 
1,968

 
(11,305
)
Prepaid expenses and other current
   assets and capitalized contract costs
—

 
(26,355
)
 
(15,462
)
 
(111
)
 
—

 
(41,928
)
Accounts payable
—

 
(8,103
)
 
28,923

 
(7,322
)
 
(141
)
 
13,357

Accrued compensation and related liabilities
—

 
(58,252
)
 
2,120

 
(2,586
)
 
—

 
(58,718
)
Accrued liabilities and other
—

 
5,833

 
(27,074
)
 
(2,841
)
 
—

 
(24,082
)
Income taxes, current
—

 
(9,493
)
 
25,974

 
347

 
—

 
16,828

Net cash provided by (used in) operating activities
291,207

 
28,556

 
214,705

 
(729
)
 
(256,838
)
 
276,901

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(46,605
)
 
(14,916
)
 
(3,222
)
 
—

 
(64,743
)
Redemptions (purchases) of investments
—

 
271

 
(9,662
)
 
—

 
—

 
(9,391
)
Acquisitions of businesses, net of cash acquired
—

 
(3,896
)
 
—

 
—

 
—

 
(3,896
)
Other, net
(72,292
)
 
3,368

 
(188,490
)
 
467

 
256,838

 
(109
)
Net cash used in investing activities
(72,292
)
 
(46,862
)
 
(213,068
)
 
(2,755
)
 
256,838

 
(78,139
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Issuance of commercial paper, net
—

 
26,500

 
—

 
—

 
—

 
26,500

Proceeds from exercise of stock-based compensation awards
37,915

 
—

 
—

 
—

 
—

 
37,915

Repurchase of common stock
(256,830
)
 
—

 
—

 
—

 
—

 
(256,830
)
Other, net
—

 
(1,192
)
 
—

 
—

 
—

 
(1,192
)
Net cash (used in) provided by financing activities
(218,915
)
 
25,308

 
—

 
—

 
—

 
(193,607
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
    and cash equivalents
—

 
—

 
—

 
331

 
—

 
331

 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash
   equivalents
—

 
7,002

 
1,637

 
(3,153
)
 
—

 
5,486

Cash and cash equivalents at beginning of period
—

 
54,963

 
13,151

 
28,531

 
—

 
96,645

Cash and cash equivalents at end of period
$
—

 
$
61,965

 
$
14,788

 
$
25,378

 
$
—

 
$
102,131

Consolidating Condensed Statement of Cash Flows
Three Months Ended August 31, 2018
(In thousands)

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

 
 

 
 

 
 

 
 

 
 

Net income
$
212,515

 
$
62,612

 
$
143,033

 
$
5,010

 
$
(210,655
)
 
$
212,515

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

 
 

 
 

 
 

 
 

 
 

Depreciation
—

 
33,866

 
15,427

 
3,452

 
—

 
52,745

Amortization of intangible assets and
   capitalized contract costs
—

 
30,156

 
1,278

 
2,116

 
—

 
33,550

Stock-based compensation
46,172

 
—

 
—

 
—

 
—

 
46,172

Deferred income taxes
—

 
5,388

 
2,122

 
1,512

 
—

 
9,022

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

 
 

 
 

 
 

 
 

 
 

Accounts receivable, net
—

 
(12,891
)
 
3,381

 
(5,541
)
 
—

 
(15,051
)
Inventories, net
—

 
(37,207
)
 
2,700

 
660

 
(782
)
 
(34,629
)
Uniforms and other rental items in service
—

 
(10,800
)
 
(7,904
)
 
(2,936
)
 
(1,379
)
 
(23,019
)
Prepaid expenses and other current
   assets and capitalized contract costs
—

 
(25,060
)
 
(21,838
)
 
(32
)
 
—

 
(46,930
)
Accounts payable
—

 
41,784

 
(37,657
)
 
(4,758
)
 
302

 
(329
)
Accrued compensation and related
   liabilities
—

 
(41,910
)
 
(10,982
)
 
(3,294
)
 
—

 
(56,186
)
Accrued liabilities and other
—

 
2,305

 
(26,295
)
 
(3,566
)
 
—

 
(27,556
)
Income taxes, current
—

 
5,022

 
8,474

 
(815
)
 
—

 
12,681

Net cash provided by (used in) operating
   activities
258,687

 
53,265

 
71,739

 
(8,192
)
 
(212,514
)
 
162,985

 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(43,966
)
 
(17,979
)
 
(2,583
)
 
—

 
(64,528
)
Proceeds from redemption of marketable securities
—

 
1,554

 
4

 
—

 
—

 
1,558

Acquisitions of businesses, net of cash acquired
—

 
(7,613
)
 
—

 
—

 
—

 
(7,613
)
Other, net
(146,731
)
 
(4,048
)
 
(65,509
)
 
2,582

 
213,504

 
(202
)
Net cash used in investing activities
(146,731
)
 
(54,073
)
 
(83,484
)
 
(1
)
 
213,504

 
(70,785
)
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from exercise of stock-based compensation awards
27,512

 
—

 
—

 
—

 
—

 
27,512

Repurchase of common stock
(139,468
)
 
—

 
—

 
—

 
—

 
(139,468
)
Other, net
—

 
2,909

 
—

 
(2,471
)
 
(990
)
 
(552
)
Net cash (used in) provided by financing activities
(111,956
)
 
2,909

 
—

 
(2,471
)
 
(990
)
 
(112,508
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and
   cash equivalents
—

 
—

 
—

 
(60
)
 
—

 
(60
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash
   equivalents
—

 
2,101

 
(11,745
)
 
(10,724
)
 
—

 
(20,368
)
Cash and cash equivalents at beginning of period
—

 
44,499

 
60,310

 
33,915

 
—

 
138,724

Cash and cash equivalents at end of period
$
—

 
$
46,600

 
$
48,565

 
$
23,191

 
$
—

 
$
118,356