Supplemental Guarantor Information (Tables)

3 Months Ended

Aug. 31, 2011

Supplemental Guarantor Information

Condensed Consolidating Income Statement

CONDENSED CONSOLIDATING INCOME STATEMENT

THREE MONTHS ENDED AUGUST 31, 2011

(In thousands)

												Cintas
		Cintas				Subsidiary		Non-				Corporation
		Corporation		Corp. 2		Guarantors		Guarantors		Eliminations		Consolidated
Revenue:
Rental uniforms and ancillary products	$	—	$	553,748	$	141,915	$	52,583	$	(28,823)	$	719,423
Other services		—		357,732		17,161		29,802		(106,938)		297,757
Equity in net income of affiliates		68,638		—		—		—		(68,638)		—
		68,638		911,480		159,076		82,385		(204,399)		1,017,180
Costs and expenses (income):
Cost of rental uniforms and ancillary products		—		346,775		84,352		35,909		(63,630)		403,406
Cost of other services		—		220,833		(2,060)		17,825		(61,864)		174,734
Selling and administrative expenses		—		275,617		15,995		22,284		(3,430)		310,466
Operating income		68,638		68,255		60,789		6,367		(75,475)		128,574
Interest income		—		(80)		(127)		(158)		—		(365)
Interest expense (income)		—		17,776		(448)		6		—		17,334
Income before income taxes		68,638		50,559		61,364		6,519		(75,475)		111,605
Income taxes		—		18,666		22,656		1,647		(2)		42,967
Net income	$	68,638	$	31,893	$	38,708	$	4,872	$	(75,473)	$	68,638

CONDENSED CONSOLIDATING INCOME STATEMENT

THREE MONTHS ENDED AUGUST 31, 2010

(In thousands)

												Cintas
		Cintas				Subsidiary		Non-				Corporation
		Corporation		Corp. 2		Guarantors		Guarantors		Eliminations		Consolidated
Revenue:
Rental uniforms and ancillary products	$	—	$	507,351	$	132,234	$	46,380	$	(28,401)	$	657,564
Other services		—		330,945		121,910		22,780		(209,295)		266,340
Equity in net income of affiliates		61,277		—		—		—		(61,277)		—
		61,277		838,296		254,144		69,160		(298,973)		923,904
Costs and expenses (income):
Cost of rental uniforms and ancillary products		—		323,132		79,581		29,820		(61,018)		371,515
Cost of other services		—		213,714		102,792		14,200		(171,988)		158,718
Selling and administrative expenses		—		274,209		378		19,987		(1,149)		293,425
Operating income		61,277		27,241		71,393		5,153		(64,818)		100,246
Interest income		—		(195)		(281)		(100,133)		100,031		(578)
Interest expense (income)		—		12,598		(322)		(2)		—		12,274
Income before income taxes		61,277		14,838		71,996		105,288		(164,849)		88,550
Income taxes		—		3,509		17,027		6,732		5		27,273
Net income	$	61,277	$	11,329	$	54,969	$	98,556	$	(164,854)	$	61,277

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF AUGUST 31, 2011

(In thousands)

												Cintas
		Cintas				Subsidiary		Non-				Corporation
		Corporation		Corp. 2		Guarantors		Guarantors		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	53,466	$	60,008	$	36,838	$	—	$	150,312
Marketable securities		—		—		—		126,728		—		126,728
Accounts receivable, net		—		317,851		79,040		42,199		—		439,090
Inventories, net		—		233,867		29,743		13,216		3,388		280,214
Uniforms and other rental items in service		—		313,313		86,022		35,117		(29,423)		405,029
Deferred income tax asset (liability)		—		565		53,973		(2,715)		—		51,823
Prepaid expenses and other		—		5,474		20,049		3,896		—		29,419
Total current assets		—		924,536		328,835		255,279		(26,035)		1,482,615
Property and equipment, at cost, net		—		580,939		280,576		84,951		—		946,466
Goodwill		—		—		1,417,108		71,044		—		1,488,152
Service contracts, net		—		87,227		576		6,628		—		94,431
Other assets, net		1,589,665		1,629,054		2,336,484		373,330		(5,812,305)		116,228
	$	1,589,665	$	3,221,756	$	4,363,579	$	791,232	$	(5,838,340)	$	4,127,892
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts (receivable) payable	$	(465,247)	$	(354,956)	$	867,512	$	15,417	$	38,019	$	100,745
Accrued compensation and related liabilities		—		36,940		11,982		3,308		—		52,230
Accrued liabilities		—		49,628		151,529		24,220		—		225,377
Income taxes, current (receivable)		—		4,451		32,097		(22,287)		—		14,261
Long-term debt due within one year		—		225,868		165		—		—		226,033
Total current liabilities		(465,247)		(38,069)		1,063,285		20,658		38,019		618,646
Long-term liabilities:
Long-term debt due after one year		—		1,069,302		(11,399)		1,745		—		1,059,648
Deferred (credit) income taxes		—		(7)		188,917		5,700		—		194,610
Accrued liabilities		—		—		139,893		610		—		140,503
Total long-term liabilities		—		1,069,295		317,411		8,055		—		1,394,761
Total shareholders’ equity		2,054,912		2,190,530		2,982,883		762,519		(5,876,359)		2,114,485
	$	1,589,665	$	3,221,756	$	4,363,579	$	791,232	$	(5,838,340)	$	4,127,892

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MAY 31, 2011

(In thousands)

												Cintas
		Cintas				Subsidiary						Corporation
		Corporation		Corp. 2		Guarantors		Non-Guarantors		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	54,957	$	313,283	$	69,866	$	—	$	438,106
Marketable securities		—		—		—		87,220		—		87,220
Accounts receivable, net		—		312,033		76,484		40,614		—		429,131
Inventories, net		—		204,536		24,943		13,266		6,913		249,658
Uniforms and other rental items in service		—		302,897		82,148		34,895		(26,114)		393,826
Income taxes, current		—		949		8,355		24,238		—		33,542
Deferred tax asset (liability)		—		566		47,905		(2,658)		—		45,813
Prepaid expenses and other		—		5,738		13,732		4,011		—		23,481
Total current assets		—		881,676		566,850		271,452		(19,201)		1,700,777
Property and equipment, at cost, net		—		587,701		274,086		84,431		—		946,218
Goodwill		—		—		1,416,926		70,956		—		1,487,882
Service contracts, net		—		94,379		663		7,270		—		102,312
Other assets, net		1,778,595		1,629,598		2,070,017		369,527		(5,732,986)		114,751
	$	1,778,595	$	3,193,354	$	4,328,542	$	803,636	$	(5,752,187)	$	4,351,940
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts (receivable) payable	$	(465,247)	$	(329,430)	$	855,739	$	11,198	$	38,019	$	110,279
Accrued compensation and related liabilities		—		55,138		20,153		4,543		—		79,834
Accrued liabilities		—		61,399		154,861		27,235		(804)		242,691
Long-term debt due within one year		—		855		480		—		—		1,335
Total current liabilities		(465,247)		(212,038)		1,031,233		42,976		37,215		434,139
Long-term liabilities:
Long-term debt due after one year		—		1,294,674		(12,433)		1,745		804		1,284,790
Deferred (credit) income taxes		—		(7)		190,701		5,627		—		196,321
Accrued liabilities		—		—		133,427		614		—		134,041
Total long-term liabilities		—		1,294,667		311,695		7,986		804		1,615,152
Total shareholders’ equity		2,243,842		2,110,725		2,985,614		752,674		(5,790,206)		2,302,649
	$	1,778,595	$	3,193,354	$	4,328,542	$	803,636	$	(5,752,187)	$	4,351,940

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED AUGUST 31, 2011

(In thousands)

											Cintas
	Cintas				Subsidiary		Non-				Corporation
	Corporation		Corp. 2		Guarantors		Guarantors		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	68,638	$	31,893	$	38,708	$	4,872	$	(75,473)	$	68,638
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—		23,365		11,711		3,201		—		38,277
Amortization of deferred charges	—		8,789		103		1,341		—		10,233
Stock-based compensation	4,522		—		—		—		—		4,522
Deferred income taxes	—		(2)		(7,901)		95		—		(7,808)
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—		(5,811)		(2,555)		(1,776)		—		(10,142)
Inventories, net	—		(29,331)		(4,800)		(164)		3,525		(30,770)
Uniforms and other rental items in service	—		(10,416)		(3,874)		(143)		3,309		(11,124)
Prepaid expenses and other	—		264		(6,316)		69		—		(5,983)
Accounts payable	—		(25,392)		11,474		4,589		—		(9,329)
Accrued compensation and related liabilities	—		(18,198)		(8,170)		(1,243)		—		(27,611)
Accrued liabilities and other	—		(11,479)		3,132		(2,658)		804		(10,201)
Income taxes payable	—		5,400		40,452		2,008		—		47,860
Net cash provided by (used in) operating activities	73,160		(30,918)		71,964		10,191		(67,835)		56,562
Cash flows from investing activities:
Capital expenditures	—		(22,735)		(18,184)		(3,502)		—		(44,421)
Proceeds from redemption of marketable securities	—		—		—		63,561		—		63,561
Purchase of marketable securities and investments	—		(649)		(7,743)		(103,418)		4,665		(107,145)
Acquisitions of businesses, net of cash acquired	—		(870)		—		—		—		(870)
Other, net	188,930		53,667		(300,031)		(1)		63,974		6,539
Net cash provided by (used in) investing activities	188,930		29,413		(325,958)		(43,360)		68,639		(82,336)
Cash flows from financing activities:
Repayment of debt	—		(359)		719		—		(804)		(444)
Repurchase of common stock	(262,639)		—		—		—		—		(262,639)
Other, net	549		377		—		—		—		926
Net cash (used in) provided by financing activities	(262,090)		18		719		—		(804)		(262,157)
Effect of exchange rate changes on cash and cash equivalents	—		(4)		—		141		—		137
Net decrease in cash and cash equivalents	—		(1,491)		(253,275)		(33,028)		—		(287,794)
Cash and cash equivalents at beginning of period	—		54,957		313,283		69,866		—		438,106
Cash and cash equivalents at end of period	$	—	$	53,466	$	60,008	$	36,838	$	—	$	150,312

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED AUGUST 31, 2010

(In thousands)

											Cintas
	Cintas				Subsidiary		Non-				Corporation
	Corporation		Corp. 2		Guarantors		Guarantors		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	61,277	$	11,329	$	54,969	$	98,556	$	(164,854)	$	61,277
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—		23,432		11,409		2,521		—		37,362
Amortization of deferred charges	—		9,465		193		771		—		10,429
Stock-based compensation	3,046		—		—		—		—		3,046
Deferred income taxes	—		—		(2,837)		299		—		(2,538)
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—		88,575		(98,205)		(4,117)		—		(13,747)
Inventories, net	—		(13,520)		(2,253)		(498)		1,472		(14,799)
Uniforms and other rental items in service	—		(13,382)		(3,051)		(1,125)		2,075		(15,483)
Prepaid expenses and other	—		(341)		(9,383)		(1,197)		—		(10,921)
Accounts payable	—		(38,094)		33,613		12,901		—		8,420
Accrued compensation and related liabilities	—		(9,510)		(11,214)		(626)		—		(21,350)
Accrued liabilities and other	—		(14,735)		(26,025)		7,014		820		(32,926)
Income taxes payable	—		5,118		24,206		(2,796)		—		26,528
Net cash provided by (used in) operating activities	64,323		48,337		(28,578)		111,703		(160,487)		35,298
Cash flows from investing activities:
Capital expenditures	—		(20,548)		(26,305)		(1,347)		—		(48,200)
Proceeds from redemption of marketable securities	—		—		362		77,291		—		77,653
Purchase of marketable securities and investments	—		(13,064)		(13,729)		—		20,377		(6,416)
Acquisitions of businesses, net of cash acquired	—		(27,009)		—		(20,815)		—		(47,824)
Other	67,013		23,014		(133,890)		(99,829)		140,930		(2,762)
Net cash provided by (used in) investing activities	67,013		(37,607)		(173,562)		(44,700)		161,307		(27,549)
Cash flows from financing activities:
Proceeds from issuance of debt	—		—		1,542		—		—		1,542
Repayment of debt	—		(345)		1,017		—		(820)		(148)
Repurchase of common stock	(131,336)		—		—		—		—		(131,336)
Other	—		192		—		1,989		—		2,181
Net cash (used in) provided by financing activities	(131,336)		(153)		2,559		1,989		(820)		(127,761)
Effect of exchange rate changes on cash and cash equivalents	—		11		193		(827)		—		(623)
Net increase (decrease) in cash and cash equivalents	—		10,588		(199,388)		68,165		—		(120,635)
Cash and cash equivalents at beginning of period	—		34,905		339,702		36,674		—		411,281
Cash and cash equivalents at end of period	$	—	$	45,493	$	140,314	$	104,839	$	—	$	290,646