Acquisitions

9 Months Ended

Feb. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

The purchase price paid for each acquisition has been allocated to the fair value of the assets acquired and liabilities assumed. Cintas acquired the following number of individually immaterial businesses by reportable operating segment and All Other during the nine months ended:

	February 29, 2024	February 28, 2023
Uniform Rental and Facility Services	7	3
First Aid and Safety Services	1	4
All Other	8	8

The following summarizes the aggregate purchase price and fair value allocations for all businesses acquired during the nine months ended:

(In thousands)	February 29, 2024		February 28, 2023
Fair value of tangible assets acquired	$	14,350	$	5,506
Fair value of service contracts acquired	28,860		8,448
Fair value of other intangibles acquired	5,278		1,062
Net goodwill recognized	155,653		20,793
Total fair value of assets acquired	204,141		35,809
Total fair value of liabilities assumed	(19,113)		(2,826)
Total consideration for acquisitions, net of cash acquired	$	185,028	$	32,983

Cintas is required to provide additional disclosures about fair value measurements as part of the consolidated condensed financial statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including business combinations). The working capital assets and liabilities, as well as the property and equipment acquired, were valued using Level 2 inputs which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and separately identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). The results of operations of the acquisition are included in Cintas' consolidated statements of income subsequent to the date of acquisition and are not material to the consolidated condensed financial statements.