XML 40 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Debt, Derivatives and Hedging Activities (Tables)
3 Months Ended
Aug. 31, 2023
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Cintas' outstanding debt is summarized as follows:
(In thousands)Interest
 Rate
Fiscal Year
Issued
Fiscal Year
Maturity
August 31,
2023
May 31,
2023
Debt due after one year
Senior notes (1)
3.11 %20152025$50,546 $50,630 
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 %20072037240,000 250,000 
Debt issuance costs(13,453)(14,225)
Total debt due after one year$2,477,093 $2,486,405 
(1)  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 3.88%.
Schedule of Interest Rate Lock Agreements The fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:
August 31, 2023May 31, 2023
Fiscal Year of Issuance
(In thousands)
Other
assets, net
Other
assets, net
2022$50,009 $44,803 
2020$31,446 $25,646