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Debt, Derivatives and Hedging Activities
 12 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Debt, Derivatives and Hedging Activities Debt, Derivatives and Hedging Activities
Cintas' outstanding debt is summarized as follows at May 31:
(In thousands)Interest
 Rate		Fiscal Year
Issued		Fiscal Year
Maturity		20242023
Debt due within one year
Senior notes (1)
3.11 %20152025$50,294 $— 
Senior notes3.45 %20222025400,000 — 
Debt issuance costs(699)— 
Total debt due within one year$449,595 $— 
Debt due after one year
Senior notes (1)
3.11 %20152025$— $50,630 
Senior notes3.45 %20222025— 400,000 
Senior notes3.70 %201720271,000,000 1,000,000 
Senior notes4.00 %20222032800,000 800,000 
Senior notes6.15 %20072037236,550 250,000 
Debt issuance costs(10,616)(14,225)
   Total debt due after one year$2,025,934 $2,486,405 
(1)    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 2025.
The average interest rate for all Cintas debt at May 31, 2024 was 4.0%, with maturity dates through fiscal year 2037. Cintas' senior notes, excluding G&K senior notes assumed with the acquisition of G&K in fiscal 2017, are recorded at cost, net of debt issuance costs. The fair value of the long-term debt is estimated using Level 2 inputs based on general market prices. The carrying value and fair value of Cintas' debt as of May 31, 2024 were $2,486.6 million and $2,392.8 million, respectively, and as of May 31, 2023 were $2,500.0 million and $2,443.8 million, respectively.

During the fiscal year ended May 31, 2024, Cintas repurchased and subsequently retired, $13.5 million of its 6.15%, 30-year senior notes. In conjunction with these transactions Cintas recognized a loss of $0.9 million, which is recorded in interest expense on the consolidated statement of income for the fiscal year ended May 31, 2024. During the fiscal year ended May 31, 2023, Cintas paid $261.2 million, net of commercial paper. On April 17, 2023, in accordance with the terms of the notes, Cintas paid the $50.0 million aggregate principal amount outstanding of its 3.73%, private placement, 10-year senior notes that matured on that date with proceeds from short-term commercial paper issuance.
Letters of credit outstanding were $118.0 million and $99.6 million at May 31, 2024 and 2023, respectively. Maturities of debt during each of the next five fiscal years are $450.0 million, $0.0 million, $1,000.0 million, $0.0 million and $0.0 million, respectively.

Interest paid was $100.8 million, $111.5 million and $97.8 million for the fiscal years ended May 31, 2024, 2023 and 2022, respectively.

The credit agreement that supports our commercial paper program has capacity under the revolving credit facility of $2.0 billion. The credit agreement has an accordion feature that provides Cintas the ability to request increases to the borrowing commitments under the revolving credit facility of up to $500.0 million in the aggregate, subject to customary conditions. The maturity date of the revolving credit facility is March 23, 2027. As of both May 31, 2024 and 2023, there was no commercial paper outstanding and no borrowings on our revolving credit facility. The fair value of the commercial paper, if any, which approximates carrying value, is estimated using level 2 inputs based on general market prices and interest rates.

Cintas uses interest rate locks to manage its overall interest expense as interest rate locks effectively change the interest rate of specific debt issuances. The interest rate locks are entered into to protect against unfavorable movements in the benchmark treasury rate related to forecasted debt issuances. Cintas used interest rate locks, which represent cash flow hedges, to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2017 and fiscal 2022. The amortization of the interest rate locks resulted in a decrease to other comprehensive income of $6.0 million, $6.1 million and $2.1 million for the fiscal years ended May 31, 2024, 2023 and 2022, respectively.

During fiscal 2022 and fiscal 2020, Cintas entered into interest rate lock agreements for forecasted debt issuances. The aggregate notional value of outstanding cash flow hedges was $500.0 million at both May 31, 2024 and 2023. The fair values of the outstanding interest rate locks, for forecasted debt issuances, which are included in other assets, net, are summarized as follows at May 31:
Fiscal Year of Issuance
(in thousands)
20242023
2022$56,717 $44,803 
2020$38,112 $25,646 
The interest rate locks are also recorded in other comprehensive income (loss), net of tax. The interest rate locks had no impact on net income or cash flows for the fiscal years ended May 31, 2024 or 2023.
Cintas' debt agreements contain certain covenants. These covenants limit Cintas' ability to incur certain liens and priority debt, to engage in sale-leaseback transactions and to merge, consolidate or sell all or substantially all of Cintas' assets. These covenants also require Cintas to maintain certain debt to consolidated EBITDA and interest coverage ratios. Cross-default provisions exist between certain debt instruments. If a default of a significant covenant were to occur, the default could result in an acceleration of the maturity of the indebtedness, impair liquidity and limit the ability to raise future capital. Cintas was in compliance with all of the debt covenants for all periods presented.