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Debt, Derivatives and Hedging Activities (Tables)
12 Months Ended
May 31, 2023
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Cintas' outstanding debt is summarized as follows at May 31:
(In thousands)Interest
 Rate
Fiscal Year
Issued
Fiscal Year
Maturity
20232022
Debt due within one year
Commercial paper1.20 %
(1)
20222023$— $261,200 
Senior notes (2)
2.78 %20132023— 50,380 
Debt issuance costs— (6)
Total debt due within one year$— $311,574 
Debt due after one year
Senior notes (3)
3.11 %20152025$50,630 $50,965 
Senior notes3.45 %20222025400,000 400,000 
Senior notes3.70 %201720271,000,000 1,000,000 
Senior notes4.00 %20222032800,000 800,000 
Senior notes6.15 %20072037250,000 250,000 
Debt issuance costs(14,225)(17,033)
   Total debt due after one year$2,486,405 $2,483,932 
(1)    Variable rate debt instrument. The rate presented is the variable rate at May 31, 2022.
(2)    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 until repayment in fiscal 2023.
(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 fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows at May 31:
20232022
Fiscal Year of Issuance
(in thousands)
Other
assets, net
Other
assets, net
2022$44,803 $18,331 
2020$25,646 $38,546