Debt, Derivatives and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Summary of Outstanding Debt

Cintas' outstanding debt is summarized as follows:

(In thousands)	Interest  Rate			Fiscal Year Issued	Fiscal Year Maturity	February 28, 2022		May 31, 2021
Debt due within one year
Senior notes	4.30	%		2012	2022	$	—	$	250,000
Senior notes	2.90	%		2017	2022	650,000		650,000
Senior notes	3.25	%		2013	2023	300,000		—
Commercial paper	0.43	%	(1)	2022	2022	559,210		—
Debt issuance costs						(154)		(930)
Total debt due within one year						$	1,509,056	$	899,070
Debt due after one year
Senior notes	3.25	%		2013	2023	$	—	$	300,000
Senior notes (2)	2.78	%		2013	2023	50,489		50,815
Senior notes (3)	3.11	%		2015	2025	51,049		51,301
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						(8,025)		(9,283)
Total debt due after one year						$	1,343,513	$	1,642,833

(1)    Variable rate debt instrument. The rate presented is the variable borrowing rate at February 28, 2022.

(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%.

Schedule of Interest Rate Lock Agreements

The notional and fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:

			February 28, 2022								May 31, 2021
Fiscal Year of Issuance (in thousands)	Notional  Value		Prepaid expenses and other current assets		Other assets, net		Current accrued liabilities		Long-term accrued liabilities		Other assets, net		Long-term accrued liabilities
2022	$	250,000	$	—	$	—	$	—	$	793	$	—	$	—
2020	$	950,000	$	22,645	$	21,370	$	—	$	—	$	40,400	$	—
2019	$	500,000	$	—	$	—	$	52,540	$	—	$	—	$	61,657