Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
31-May-14 | Jun. 30, 2014 | Nov. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CINTAS CORP | ' | ' |
Entity Central Index Key | '0000723254 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-May-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--05-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $6,649,843,722 |
Entity Common Stock, Shares Outstanding | ' | 116,403,688 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Revenue: | ' | ' | ' |
Rental uniforms and ancillary products | $3,223,930 | $3,044,587 | $2,912,261 |
Other services | 1,327,882 | 1,271,884 | 1,189,739 |
Total revenue | 4,551,812 | 4,316,471 | 4,102,000 |
Costs and expenses: | ' | ' | ' |
Cost of rental uniforms and ancillary products | 1,829,427 | 1,756,297 | 1,648,551 |
Cost of other services | 807,999 | 773,107 | 714,841 |
Selling and administrative expenses | 1,302,752 | 1,221,856 | 1,198,981 |
Shredding transaction asset impairment charge | 16,143 | 0 | 0 |
Shredding transaction costs | 28,481 | 0 | 0 |
Operating income | 567,010 | 565,211 | 539,627 |
Gain on deconsolidation of Shredding | 106,441 | 0 | 0 |
Interest income | -229 | -409 | -1,942 |
Interest expense | 65,822 | 65,712 | 70,625 |
Income before income taxes | 607,858 | 499,908 | 470,944 |
Income taxes | 233,416 | 184,466 | 173,307 |
Net income | $374,442 | $315,442 | $297,637 |
Basic earnings per share (dollars per share) | $3.08 | $2.53 | $2.27 |
Diluted earnings per share (dollars per share) | $3.05 | $2.52 | $2.27 |
Dividends declared and paid per share (dollars per share) | $0.77 | $0.64 | $0.54 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $127,224 | [1] | $84,602 | $84,862 | $77,754 | $85,977 | $74,705 | $78,027 | $76,733 | $374,442 | $315,442 | $297,637 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -9,787 | -1,087 | -17,815 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -228 | -187 | -5,286 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 1,952 | 1,952 | 1,508 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,632 | 782 | -551 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -9,695 | 1,460 | -22,144 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $364,747 | $316,902 | $275,493 | |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 31-May-14 | 31-May-13 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $513,288 | $352,273 |
Marketable securities | 0 | 5,680 |
Accounts receivable, principally trade, less allowance of $14,906 and $15,855, respectively | 508,427 | 496,049 |
Inventories, net | 251,239 | 240,440 |
Uniforms and other rental items in service | 506,537 | 496,752 |
Income taxes, current | 0 | 9,102 |
Prepaid expenses and other current assets | 26,190 | 24,530 |
Total current assets | 1,805,681 | 1,624,826 |
Property and equipment, at cost, net | 855,702 | 986,703 |
Investments | 458,357 | 101,525 |
Goodwill | 1,267,411 | 1,517,560 |
Service contracts, net | 55,675 | 92,153 |
Other assets, net | 19,626 | 22,865 |
Total assets | 4,462,452 | 4,345,632 |
Current liabilities: | ' | ' |
Accounts payable | 150,070 | 121,029 |
Accrued compensation and related liabilities | 85,026 | 78,050 |
Accrued liabilities | 299,727 | 271,821 |
Income taxes, current | 5,960 | 0 |
Deferred tax liability | 88,845 | 77,169 |
Long-term debt due within one year | 503 | 8,187 |
Total current liabilities | 630,131 | 556,256 |
Long-term liabilities: | ' | ' |
Long-term debt due after one year | 1,300,477 | 1,300,979 |
Deferred income taxes | 246,044 | 210,483 |
Accrued liabilities | 92,942 | 76,422 |
Total long-term liabilities | 1,639,463 | 1,587,884 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value: 100,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par value: 425,000,000 shares authorized, 2014: 176,378,412 shares issued and 117,037,784 shares outstanding, 2013: 174,786,010 shares issued and 122,281,507 shares outstanding | 251,753 | 186,332 |
Paid-in capital | 134,939 | 109,822 |
Retained earnings | 3,998,893 | 3,717,771 |
Treasury stock: 2014: 59,340,628 shares, 2013: 52,504,503 shares | -2,221,155 | -1,850,556 |
Accumulated other comprehensive income | 28,428 | 38,123 |
Total shareholders' equity | 2,192,858 | 2,201,492 |
Total liabilities and shareholders' equity | $4,462,452 | $4,345,632 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 31-May-14 | 31-May-13 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance on accounts receivable | $14,906 | $15,855 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares outstanding ( in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 425,000,000 | 425,000,000 |
Common stock, shares issued (in shares) | 176,378,412 | 174,786,010 |
Common stock, shares outstanding (in shares) | 117,037,784 | 122,281,507 |
Treasury stock, shares (in shares) | 59,340,628 | 52,504,503 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Other Accumulated Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at May. 31, 2011 | $2,302,649 | $135,401 | $95,732 | $3,255,256 | $58,807 | ($1,242,547) |
Balance (shares) at May. 31, 2011 | ' | 173,346,000 | ' | ' | ' | ' |
Balance, Treasury Stock (shares) at May. 31, 2011 | ' | ' | ' | ' | ' | -35,762,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 297,637 | ' | ' | 297,637 | ' | ' |
Comprehensive income (loss), net of tax | -22,144 | ' | ' | ' | -22,144 | ' |
Dividends | -70,820 | ' | ' | -70,820 | ' | ' |
Stock-based compensation | 20,312 | ' | 20,312 | ' | ' | ' |
Vesting of stock-based compensation awards (shares) | ' | 297,000 | ' | ' | ' | ' |
Vesting of stock-based compensation awards | 0 | 9,513 | -9,513 | ' | ' | ' |
Stock options exercised, net of shares surrendered (shares) | ' | 103,000 | ' | ' | ' | ' |
Stock options exercised, net of shares surrendered | 3,341 | 3,341 | ' | ' | ' | ' |
Repurchase of common stock (shares) | ' | ' | ' | ' | ' | -11,464,000 |
Repurchase of common stock | -392,328 | ' | ' | ' | ' | -392,328 |
Other | 488 | ' | 488 | ' | ' | ' |
Balance at May. 31, 2012 | 2,139,135 | 148,255 | 107,019 | 3,482,073 | 36,663 | -1,634,875 |
Balance (shares) at May. 31, 2012 | ' | 173,746,000 | ' | ' | ' | ' |
Balance, Treasury Stock (shares) at May. 31, 2012 | ' | ' | ' | ' | ' | -47,226,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 315,442 | ' | ' | 315,442 | ' | ' |
Comprehensive income (loss), net of tax | 1,460 | ' | ' | ' | 1,460 | ' |
Dividends | -79,744 | ' | ' | -79,744 | ' | ' |
Stock-based compensation | 23,310 | ' | 23,310 | ' | ' | ' |
Vesting of stock-based compensation awards (shares) | ' | 610,000 | ' | ' | ' | ' |
Vesting of stock-based compensation awards | 0 | 23,270 | -23,270 | ' | ' | ' |
Stock options exercised, net of shares surrendered (shares) | ' | 430,000 | ' | ' | ' | ' |
Stock options exercised, net of shares surrendered | 14,807 | 14,807 | ' | ' | ' | ' |
Repurchase of common stock (shares) | ' | ' | ' | ' | ' | -5,279,000 |
Repurchase of common stock | -215,681 | ' | ' | ' | ' | -215,681 |
Other | 2,763 | ' | 2,763 | ' | ' | ' |
Balance at May. 31, 2013 | 2,201,492 | 186,332 | 109,822 | 3,717,771 | 38,123 | -1,850,556 |
Balance (shares) at May. 31, 2013 | ' | 174,786,000 | ' | ' | ' | ' |
Balance, Treasury Stock (shares) at May. 31, 2013 | -52,504,503 | ' | ' | ' | ' | -52,505,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 374,442 | ' | ' | 374,442 | ' | ' |
Comprehensive income (loss), net of tax | -9,695 | ' | ' | ' | -9,695 | ' |
Dividends | -93,320 | ' | ' | -93,320 | ' | ' |
Stock-based compensation | 44,746 | ' | 44,746 | ' | ' | ' |
Vesting of stock-based compensation awards (shares) | ' | 465,000 | ' | ' | ' | ' |
Vesting of stock-based compensation awards | 0 | 23,519 | -23,519 | ' | ' | ' |
Stock options exercised, net of shares surrendered (shares) | ' | 1,127,000 | ' | ' | ' | ' |
Stock options exercised, net of shares surrendered | 41,902 | 41,902 | ' | ' | ' | ' |
Repurchase of common stock (shares) | ' | ' | ' | ' | ' | -6,836,000 |
Repurchase of common stock | -370,599 | ' | ' | ' | ' | -370,599 |
Other | 3,890 | ' | 3,890 | ' | ' | ' |
Balance at May. 31, 2014 | $2,192,858 | $251,753 | $134,939 | $3,998,893 | $28,428 | ($2,221,155) |
Balance (shares) at May. 31, 2014 | ' | 176,378,000 | ' | ' | ' | ' |
Balance, Treasury Stock (shares) at May. 31, 2014 | -59,340,628 | ' | ' | ' | ' | -59,341,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $374,442 | $315,442 | $297,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 168,220 | 165,664 | 155,831 |
Amortization of intangible assets | 22,642 | 23,713 | 38,334 |
Stock-based compensation | 29,875 | 23,310 | 20,312 |
Gain on deconsolidation of Shredding | -106,441 | 0 | 0 |
Shredding transaction asset impairment charge | 16,143 | 0 | 0 |
Shredding transaction costs | 26,057 | 0 | 0 |
Deferred income taxes | 47,109 | 48,023 | 56,727 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -56,231 | -42,704 | -24,261 |
Inventories, net | -11,062 | 10,997 | -2,330 |
Uniforms and other rental items in service | -11,435 | -44,179 | -60,279 |
Prepaid expenses | -2,177 | -3,281 | -1,496 |
Accounts payable | 30,446 | 25,023 | -12,557 |
Accrued compensation and related liabilities | 10,931 | -13,161 | 11,625 |
Accrued liabilities and other | 54,237 | 31,873 | -20,371 |
Income taxes, current | 15,213 | 12,028 | 10,690 |
Net cash provided by operating activities | 607,969 | 552,748 | 469,862 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -145,580 | -196,486 | -160,802 |
Proceeds from redemption of marketable securities | 54,196 | 161,478 | 665,016 |
Purchase of marketable securities and investments | -65,858 | -178,464 | -585,655 |
Proceeds from Shredding transaction, net of cash contributed | 179,359 | 0 | 0 |
Acquisitions of businesses, net of cash acquired | -33,441 | -69,370 | -24,864 |
Other | -5,219 | -1,339 | 2,011 |
Net cash provided by (used in) investing activities | -16,543 | -284,181 | -104,294 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 250,000 | 0 |
Repayment of debt | -8,187 | -225,636 | -1,323 |
Proceeds from exercise of stock-based compensation awards | 41,902 | 14,807 | 3,341 |
Dividends paid | -93,320 | -79,744 | -70,820 |
Repurchase of common stock | -370,599 | -215,681 | -392,328 |
Other | 469 | 196 | 555 |
Net cash used in financing activities | -429,735 | -256,058 | -460,575 |
Effect of exchange rate changes on cash and cash equivalents | -676 | -61 | -3,274 |
Net increase (decrease) in cash and cash equivalents | 161,015 | 12,448 | -98,281 |
Cash and cash equivalents at beginning of year | 352,273 | 339,825 | 438,106 |
Cash and cash equivalents at end of year | $513,288 | $352,273 | $339,825 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
31-May-14 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies | ' | |||||||
Significant Accounting Policies | ||||||||
Business description. Cintas Corporation (collectively with its majority-owned subsidiaries and any entities over which it has control, "Cintas") provides highly specialized products and services to businesses of all types primarily throughout North America, as well as Latin America, Europe and Asia. Cintas is North America's leading provider of corporate identity uniforms through rental and sales programs, as well as a significant provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid, safety and fire protection products and services and document management services. Cintas' products and services are designed to enhance its customers' images and to provide additional safety and protection in the workplace. | ||||||||
Cintas classifies its businesses into four operating segments based on the types of products and services provided. The Rental Uniforms and Ancillary Products operating segment consists predominantly of revenue derived from the rental of corporate identify uniforms and other garments, including flame resistant clothing, and the rental and/or sale of mats, mops, shop towels, restroom supplies and other rental services. The Uniform Direct Sales operating segment consists of the direct sale of uniforms and related items. The First Aid, Safety and Fire Protection Services operating segment consists of first aid, safety and fire protection products and services. The Document Management Services operating segment consists of document destruction (through April 30, 2014), document imaging and document retention services. | ||||||||
On April 30, 2014, Cintas completed its partnership transaction with the shareholders of Shred-it International Inc. ("Shred-it") to combine Cintas’ document destruction ("shredding") business with Shred-it’s document destruction business (the "Shredding transaction"). Cintas' document destruction business represented approximately 76%, 80%, and 70% of Cintas' Document Management Services operating segment's assets, revenue, and income before income taxes, respectively, as of and for the most recent quarter ended February 28, 2014. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. In addition to its 42% ownership of the partnership (named and operated under "Shred-it"), Cintas received $180.0 million in cash at the closing of the transaction. The Cintas' equity interest in the partnership is accounted for under the equity method of accounting as prescribed by U.S. generally accepted accounting principles ("GAAP"). | ||||||||
Principles of consolidation. The consolidated financial statements include the accounts of Cintas controlled majority-owned subsidiaries and any entities over which Cintas has control. Intercompany balances and transactions have been eliminated as appropriate. | ||||||||
Use of estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Revenue recognition. Rental revenue, which is recorded in the Rental Uniforms and Ancillary Products operating segment, is recognized when services are performed. Other Services revenue, which is recorded in the Uniform Direct Sales, First Aid, Safety and Fire Protection Services and Document Management Services operating segments, is recognized when either services are performed or when products are shipped and the title and risks of ownership pass to the customer. | ||||||||
Cost of rental uniforms and ancillary products. Cost of rental uniforms and ancillary products consists primarily of production expenses, delivery expenses and the amortization of in service inventory, including uniforms, mats, mops, shop towels and other ancillary items. The Rental Uniforms and Ancillary Products operating segment inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs and other costs of distribution are included in the cost of rental uniforms and ancillary products. | ||||||||
Cost of other services. Cost of other services consists primarily of cost of goods sold (predominantly uniforms and first aid products), delivery expenses and distribution expenses. Cost of other services includes inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs and other costs of distribution. | ||||||||
Selling and administrative expenses. Selling and administrative expenses consist primarily of sales labor and commissions, management and administrative labor, payroll taxes, medical expense, insurance expense, legal and professional costs and amortization of finite-lived intangible assets. | ||||||||
Cash and cash equivalents. Cintas considers all highly liquid investments with a maturity of three months or less, at date of purchase, to be cash equivalents. At May 31, 2014 and 2013, cash and cash equivalents includes $33.5 million and $28.5 million, respectively, of restricted cash used as collateral associated with the general insurance program. | ||||||||
Marketable securities. Marketable securities are typically comprised of fixed income securities and are classified as available-for-sale. There were no marketable securities outstanding at May 31, 2014. | ||||||||
Accounts receivable. Accounts receivable is comprised of amounts owed through product shipments and services provided and is presented net of an allowance for doubtful accounts. The allowance is an estimate based on historical rates of collections and allowances for specific accounts identified as uncollectible. The allowance that is an estimate based on Cintas' historical rates of collections is recorded for overdue amounts, beginning with a nominal percentage and increasing substantially as the account ages. The amount provided as the account ages will differ slightly between the Rental Uniforms and Ancillary Products operating segment and the three other operating segments because of differences in customers served and the nature of each operating segment. When an account is considered uncollectible, it is written off against the allowance for doubtful accounts. | ||||||||
Inventories. Inventories are valued at the lower of cost (first-in, first-out) or market. Cintas applies a commonly accepted practice of using inventory turns to apply variances between actual and standard costs to the inventory balances. The judgments and estimates used to calculate inventory turns will have an impact on the valuation of inventories at the lower of cost or market. Inventory is comprised of the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 17,984 | $ | 19,800 | ||||
Work in process | 14,304 | 17,353 | ||||||
Finished goods | 218,951 | 203,287 | ||||||
$ | 251,239 | $ | 240,440 | |||||
Inventories are recorded net of reserves for obsolete inventory of $30.7 million and $29.5 million as of May 31, 2014 and 2013, respectively. The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on Cintas' historical rates of obsolescence. | ||||||||
Uniforms and other rental items in service. These items are valued at cost less amortization, calculated using the straight-line method. Uniforms in service (other than cleanroom and flame resistant clothing) are amortized over their useful life of 18 months. Other rental items, including shop towels, mats, mops, cleanroom garments, flame resistant clothing, linens and restroom dispensers, are amortized over their useful lives, which range from 8 to 60 months. The amortization rates used are based on industry experience, Cintas' specific experience and wear tests performed by Cintas. These factors are critical to determining the amount of in service inventory and related cost of uniforms and ancillary products that are presented in the consolidated financial statements. | ||||||||
Property and equipment. Property and equipment is stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method primarily over the following estimated useful lives of the assets based on industry and Cintas specific experience, in years: | ||||||||
Buildings | 30 to 40 | |||||||
Building improvements | 5 to 20 | |||||||
Equipment | 3 to 10 | |||||||
Leasehold improvements | 2 to 15 | |||||||
Investments. Investments consists primarily of equity method investments and cash surrender value of life insurance policies. Investments are now separately presented on the balance sheet as a result of the shredding transaction. The equity method is used to account for our investments if our investment gives us the ability to exercise significant influence over the operating and financial policies of the investee. In general, equity method investments are initially measured at cost. However, an equity method investment resulting from a transaction in which a controlled group of assets that constitutes a business is deconsolidated is initially measured at fair value. Cintas recognizes its share of the investee’s earnings or losses in income. Cintas also adjusts its share of the investee's earnings for intra-entity transactions, basis differences, investee capital transactions and other comprehensive income through income or other comprehensive income as appropriate. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. | ||||||||
Long-lived assets. When events or circumstances indicate that the carrying amount of long-lived assets may not be recoverable, the estimated undiscounted future cash flows are compared to the carrying amount of the assets. If the estimated undiscounted future cash flows are less than the carrying amount of the assets, an impairment loss is recorded based on the excess of the carrying amount of the assets over their respective fair values. Fair value is generally determined by discounted cash flows or based on prices of similar assets, as appropriate. | ||||||||
Goodwill. Goodwill, obtained through acquisitions of businesses, is valued at cost less any impairment. Cintas completes an annual impairment test which may include an assessment of qualitative factors including, but not limited to, macroeconomic conditions, industry and market conditions, and entity specific factors such as strategies and financial performance. The test may also include the determination of the estimated fair value of Cintas' reporting units via comparisons to current market values, where available, and discounted cash flow analyses. Significant assumptions may include growth rates based on historical trends and margin improvement leveraged from such growth, as well as discount rates. In addition to the annual test, Cintas was required to perform an impairment test as of April 30, 2014 on the business remaining within the Document Management Services operating segment as a result of the shredding transaction. Based on the results of this test and the annual impairment test, Cintas was not required to recognize an impairment of goodwill for the fiscal years ended May 31, 2014, 2013 or 2012. Cintas will continue to perform impairment tests as of March 1 in future years and when indicators of impairment exist. | ||||||||
Service contracts and other assets. Service contracts and other assets, which consist primarily of noncompete and consulting agreements obtained through acquisitions of businesses, are amortized by use of the straight-line method over the estimated lives of the agreements, which are generally 5 to 10 years. Certain noncompete agreements, as well as all service contracts, require that a valuation be determined using a discounted cash flow model. The assumptions and judgments used in these models involve estimates of cash flows and discount rates, among other factors. Because of the assumptions used to value these intangible assets, actual results over time could vary from original estimates. Impairment of service contracts and other assets is accomplished through specific identification. No impairment has been recognized by Cintas for the fiscal years ended May 31, 2014, 2013 or 2012. | ||||||||
Accrued liabilities. Current accrued liabilities are recorded when it is probable that a liability has occurred and the amount of the liability can be reasonably estimated. Current accrued liabilities include the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
General insurance liabilities | $ | 106,083 | $ | 96,930 | ||||
Employee benefit related liabilities | 64,445 | 59,221 | ||||||
Taxes and related liabilities | 7,531 | 7,776 | ||||||
Accrued interest | 26,726 | 26,816 | ||||||
Other | 94,942 | 81,078 | ||||||
$ | 299,727 | $ | 271,821 | |||||
General insurance liabilities represent the estimated ultimate cost of all asserted and unasserted claims incurred, primarily related to worker's compensation, auto liability and other general liability exposure through the consolidated balance sheet date. Our reserves are estimated through actuarial procedures of the insurance industry and by using industry assumptions, adjusted for specific expectations based on our claims history. Cintas records an increase or decrease in selling and administrative expenses related to development of prior claims, higher claims activity and other environmental factors in the period in which it becomes known. These changes in estimates may be material to the consolidated financial statements. | ||||||||
Long-term accrued liabilities consists primarily of reserves associated with unrecognized tax benefits, which are described in more detail in Note 8 entitled Income Taxes, and retirement obligations, which are described in more detail in Note 10 entitled Defined Contribution Plans. | ||||||||
Stock-based compensation. Compensation expense is recognized for all share-based payments to employees, including stock options and restricted stock awards, in the consolidated statements of income based on the fair value of the awards that are granted. The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model. Measured compensation cost, net of estimated forfeitures, is recognized on a straight-line basis over the vesting period of the related share-based compensation award. | ||||||||
Derivatives and hedging activities. Cintas formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivatives are recorded at fair value on the consolidated balance sheet, and gains and losses are recorded as adjustments to income or other comprehensive income, as appropriate. | ||||||||
Income taxes. Deferred tax assets and liabilities are determined by the differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities. See Note 8 entitled Income Taxes of "Notes to Consolidated Financial Statements" for the types of items that give rise to significant deferred income tax assets and liabilities. Deferred income taxes are classified as assets or liabilities based on the classification of the related asset or liability for financial reporting purposes. Deferred income taxes that are not related to an asset or liability for financial reporting are classified according to the expected reversal date. Cintas regularly reviews deferred tax assets for recoverability based upon projected future taxable income and the expected timing of the reversals of existing temporary differences. Although realization is not assured, management believes it is more likely than not that the recorded deferred tax assets, as adjusted for valuation allowances, will be realized. | ||||||||
Cintas is periodically reviewed by domestic and foreign tax authorities regarding the amount of taxes due. These reviews include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. In evaluating the exposure associated with various filing positions, Cintas records reserves as deemed appropriate. Based on Cintas' evaluation of current tax positions, Cintas believes its tax related accruals are appropriate. | ||||||||
Fair Value Measurements. FASB Accounting Standard Codification ("ASC") Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. It also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||
Level 1 — | Quoted prices in active markets for identical assets or liabilities. | |||||||
Level 2 — | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||
Level 3 — | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Cintas' assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||
In order to meet the requirements of ASC 820, Cintas utilizes two basic valuation approaches to determine the fair value of its assets and liabilities required to be recorded on a recurring basis at fair value. The first approach is the cost approach. The cost approach is generally the value a market participant would expect to replace the respective asset or liability. The second approach is the market approach. The market approach looks at what a market participant would consider valuing an exact or similar asset or liability to that of Cintas, including those traded on exchanges. | ||||||||
Cintas' non-financial assets and liabilities not permitted or required to be measured at fair value on a recurring basis primarily relate to assets and liabilities acquired in a business acquisition unless otherwise noted in Note 2 entitled Fair Value Disclosures. Cintas is required to provide additional disclosures about fair value measurements as part of the consolidated financial statements for each major category of assets and liabilities measured at fair value on a non-recurring basis (including business acquisitions). Based on the nature of Cintas' business acquisitions, which occur regularly throughout the fiscal year, the majority of the assets acquired and liabilities assumed consist of working capital, primarily valued using Level 2 inputs, property and equipment, also primarily valued using Level 2 inputs and goodwill and other identified intangible assets valued using Level 3 inputs. In general, non-recurring fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities, which generally are not applicable to non-financial assets and liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability, such as internal estimates of future cash flows and company specific discount rates. | ||||||||
New accounting pronouncements. In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-02 requires an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For reclassification items not required under GAAP to be reclassified directly to net income in their entirety in the same reporting period, an entity is required to cross-reference to other disclosures currently required under GAAP that provide additional detail about those amounts. The Company adopted ASU 2013-02 effective June 1, 2013. See Note 14 entitled Accumulated Other Comprehensive Income (Loss) for details of required disclosure. | ||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" to clarify revenue recognition principles. This guidance is intended to improve disclosure requirements and enhance the comparability of revenue recognition practices. Improved disclosures under the amended guidance relate to the nature, amount, timing and uncertainty of revenue that is recognized from contracts with customers. This guidance will be effective for reporting periods beginning after December 15, 2016 and will be required to be applied retrospectively. Cintas is currently evaluating the impact that ASU 2014-09 will have on our consolidated financial statements. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value Disclosures | ||||||||||||||||
All financial instruments that are measured at fair value on a recurring basis (at least annually) have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the consolidated balance sheet date. These financial instruments measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
As of May 31, 2014 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 513,288 | $ | — | $ | — | $ | 513,288 | ||||||||
Total assets at fair value | $ | 513,288 | $ | — | $ | — | $ | 513,288 | ||||||||
Current accrued liabilities | $ | — | $ | 286 | $ | — | $ | 286 | ||||||||
Total liabilities at fair value | $ | — | $ | 286 | $ | — | $ | 286 | ||||||||
As of May 31, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 352,273 | $ | — | $ | — | $ | 352,273 | ||||||||
Marketable securities: | ||||||||||||||||
U.S. municipal bonds | — | 5,680 | — | 5,680 | ||||||||||||
Accounts receivable, net | — | 39 | — | 39 | ||||||||||||
Total assets at fair value | $ | 352,273 | $ | 5,719 | $ | — | $ | 357,992 | ||||||||
Cintas' cash and cash equivalents and marketable securities are generally classified within Level 1 or Level 2 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets, and financial instruments classified as Level 2 are based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. The types of financial instruments Cintas classifies within Level 1 include most bank deposits and money market securities. Cintas does not adjust the quoted market price for such financial instruments. | ||||||||||||||||
The types of financial instruments Cintas classifies within Level 2 include highly rated U.S. state or municipal bonds. The valuation technique used for Cintas’ marketable securities classified within Level 2 of the fair value hierarchy is primarily the market approach. The primary inputs to value Cintas’ marketable securities is the respective instruments future cash flows based on its stated yield and the amount a market participant would pay for a similar instrument. Primarily all of Cintas’ marketable securities are actively traded and the recorded fair value reflects current market conditions. However, due to the inherent volatility in the investment market, there is at least a possibility that recorded investment values may change in the near term. | ||||||||||||||||
Interest, realized gains and losses and declines in value determined to be other than temporary on available-for-sale securities are included in interest income or expense. The cost of the securities sold is based on the specific identification method. There were no outstanding marketable securities as of May 31, 2014. The amortized cost basis of marketable securities as of May 31, 2013 was $5.7 million. Purchases of marketable securities were $48.5 million, $167.1 million and $579.7 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. All outstanding marketable securities as of May 31, 2013 had contractual maturities due within one year. | ||||||||||||||||
Foreign currency forward contracts were included in current accrued liabilities and accounts receivable, net as of May 31, 2014 and 2013, respectively. The fair value of Cintas' foreign currency forward contracts are based on similar exchange traded derivatives (market approach) and are, therefore, included within Level 2 of the fair value hierarchy. | ||||||||||||||||
The methods described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while Cintas believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the consolidated balance sheet date. | ||||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required under GAAP. As a result of the shredding transaction, Cintas recorded an asset impairment charge of $16.1 million related to the abandonment of certain information systems assets. These assets were measured at a fair value of $5.4 million as of April 30, 2014 determined as the price that a market participant would be willing to pay for the continued use of the assets over their remaining useful lives. Also as a result of the shredding transaction and GAAP requirements, Cintas' equity method investment in Shred-it was initially measured at fair value. See Note 4 entitled Investments for additional information on the measurement of the investment in Shred-it. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
31-May-14 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 116,989 | $ | 112,311 | ||||
Buildings and improvements | 521,113 | 512,717 | ||||||
Equipment | 1,427,356 | 1,631,213 | ||||||
Leasehold improvements | 35,821 | 27,543 | ||||||
Construction in progress | 42,384 | 58,463 | ||||||
2,143,663 | 2,342,247 | |||||||
Less: accumulated depreciation | 1,287,961 | 1,355,544 | ||||||
$ | 855,702 | $ | 986,703 | |||||
Interest expense is net of capitalized interest of $1.3 million for the fiscal year ended May 31, 2012. Interest was not capitalized during the fiscal years ended May 31, 2014 and 2013. | ||||||||
The decreases in property and equipment since May 31, 2013 primarily relate to the consummation of the shredding transaction. See Note 9 entitled Acquisitions and Disposals for more information. |
Investments
Investments | 12 Months Ended | ||||||||||||||
31-May-14 | |||||||||||||||
Investments [Abstract] | ' | ||||||||||||||
Investments | ' | ||||||||||||||
Investments | |||||||||||||||
Investments at May 31, 2014 of $458.4 million include the cash surrender value of insurance policies of $86.5 million, equity method investments of $371.1 million, and cost method investments of $0.8 million. Investments at May 31, 2013 of $101.5 million include the cash surrender value of insurance policies of $73.0 million, equity method investments of $27.6 million, and cost method investments of $0.9 million. During fiscal 2013, Cintas sold stock of an equity method investment for a gain of $8.5 million. | |||||||||||||||
Investments are evaluated for impairment on an annual basis or when indicators of impairment exist. For fiscal 2014, 2013, and 2012, no losses due to impairment were recorded. | |||||||||||||||
On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas. The resulting equity method investment (Level 3) in Shred-it was initially recorded at fair value at $339.4 million derived with a primary reliance upon the income approach utilizing various discounted cash flow models. Fair value was determined by an independent valuation specialist. Management ultimately oversees the independent valuation specialist to ensure that the transaction-specific assumptions are appropriate for Cintas. The following table details quantitative information about significant unobservable inputs used in the initial valuation of Cintas' investment in Shred-it: | |||||||||||||||
Range | |||||||||||||||
(Dollars in millions) | Fair Value at April 30, 2014 | Valuation Technique | Input | Low | High | ||||||||||
Equity method investment - Shred-it | $ | 339.4 | Discounted Cash Flow | EBITDA Margin | 20 | % | 22 | % | |||||||
Ratio of capital expenditures | 4.5 | % | 5.5 | % | |||||||||||
to revenues | |||||||||||||||
Long-term revenue growth | 1.5 | % | 2 | % | |||||||||||
WACC Rate | 9 | % | 9 | % |
Goodwill_Service_Contracts_and
Goodwill, Service Contracts and Other Assets | 12 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Goodwill, Service Contracts and Other Assets [Abstract] | ' | |||||||||||||||||||
Goodwill, Service Contracts and Other Assets | ' | |||||||||||||||||||
Goodwill, Service Contracts and Other Assets | ||||||||||||||||||||
Changes in the carrying amount of goodwill and service contracts for the fiscal years ended May 31, 2014 and 2013, by operating segment, are as follows: | ||||||||||||||||||||
Goodwill (in thousands) | Rental | Uniform | First Aid, | Document | Total | |||||||||||||||
Uniforms & | Direct | Safety & | Management | |||||||||||||||||
Ancillary | Sales | Fire | ||||||||||||||||||
Products | Protection | |||||||||||||||||||
Balance as of June 1, 2012 | $ | 944,449 | $ | 23,968 | $ | 192,465 | $ | 324,493 | $ | 1,485,375 | ||||||||||
Goodwill acquired | — | — | 24,524 | 7,616 | 32,140 | |||||||||||||||
Foreign currency translation | (124 | ) | (26 | ) | — | 195 | 45 | |||||||||||||
Balance as of May 31, 2013 | $ | 944,325 | $ | 23,942 | $ | 216,989 | $ | 332,304 | $ | 1,517,560 | ||||||||||
Goodwill acquired | — | — | 4,922 | 8,794 | 13,716 | |||||||||||||||
Shredding transaction | — | — | — | (265,487 | ) | (265,487 | ) | |||||||||||||
Foreign currency translation | (809 | ) | (37 | ) | — | 2,468 | 1,622 | |||||||||||||
Balance as of May 31, 2014 | $ | 943,516 | $ | 23,905 | $ | 221,911 | $ | 78,079 | $ | 1,267,411 | ||||||||||
The amount of goodwill impacted by the shredding transaction was determined based upon the relative fair value of businesses within the Document Management Services operating segment. | ||||||||||||||||||||
Service Contracts (in thousands) | Rental | Uniform | First Aid, | Document | Total | |||||||||||||||
Uniforms & | Direct | Safety & | Management | |||||||||||||||||
Ancillary | Sales | Fire | ||||||||||||||||||
Products | Protection | |||||||||||||||||||
Balance as of June 1, 2012 | $ | 29,156 | $ | — | $ | 29,334 | $ | 18,332 | $ | 76,822 | ||||||||||
Service contracts acquired | — | — | 11,413 | 24,670 | 36,083 | |||||||||||||||
Service contracts amortization | (6,002 | ) | — | (7,936 | ) | (6,766 | ) | (20,704 | ) | |||||||||||
Foreign currency translation | (19 | ) | — | — | (29 | ) | (48 | ) | ||||||||||||
Balance as of May 31, 2013 | $ | 23,135 | $ | — | $ | 32,811 | $ | 36,207 | $ | 92,153 | ||||||||||
Service contracts acquired | — | — | 3,149 | 4,589 | 7,738 | |||||||||||||||
Shredding transaction | — | — | — | (23,990 | ) | (23,990 | ) | |||||||||||||
Service contracts amortization | (5,961 | ) | — | (7,926 | ) | (6,908 | ) | (20,795 | ) | |||||||||||
Foreign currency translation | (3 | ) | — | — | 572 | 569 | ||||||||||||||
Balance as of May 31, 2014 | $ | 17,171 | $ | — | $ | 28,034 | $ | 10,470 | $ | 55,675 | ||||||||||
The amount of service contracts impacted by the shredding transaction was determined by specific identification to the historical shredding business. | ||||||||||||||||||||
Information regarding Cintas' service contracts and other assets is as follows: | ||||||||||||||||||||
As of May 31, 2014 | ||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | |||||||||||||||||
Amount | Amortization | |||||||||||||||||||
Service contracts | $ | 360,634 | $ | 304,959 | $ | 55,675 | ||||||||||||||
Noncompete and consulting agreements | $ | 49,080 | $ | 47,036 | $ | 2,044 | ||||||||||||||
Other | 23,826 | 6,244 | 17,582 | |||||||||||||||||
Total | $ | 72,906 | $ | 53,280 | $ | 19,626 | ||||||||||||||
As of May 31, 2013 | ||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | |||||||||||||||||
Amount | Amortization | |||||||||||||||||||
Service contracts | $ | 420,499 | $ | 328,346 | $ | 92,153 | ||||||||||||||
Noncompete and consulting agreements | $ | 77,863 | $ | 72,970 | $ | 4,893 | ||||||||||||||
Other | 22,711 | 4,739 | 17,972 | |||||||||||||||||
Total | $ | 100,574 | $ | 77,709 | $ | 22,865 | ||||||||||||||
Amortization expense was $22.6 million, $23.7 million and $38.3 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. Estimated amortization expense, excluding any future acquisitions, for each of the next five years is $15.7 million, $11.3 million, $6.7 million, $5.7 million and $5.4 million, respectively. | ||||||||||||||||||||
The decreases in goodwill, service contracts, noncompete and consulting agreements since May 31, 2013 primarily relate to the consummation of the shredding transaction. See Note 9 entitled Acquisitions and Deconsolidation for more information. |
LongTerm_Debt_and_Derivatives
Long-Term Debt and Derivatives | 12 Months Ended | |||||||
31-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Derivatives | ' | |||||||
Long-Term Debt and Derivatives | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Unsecured term notes due through 2036 at an average rate of 4.6% | $ | 1,300,980 | $ | 1,309,166 | ||||
Less: amounts due within one year | 503 | 8,187 | ||||||
$ | 1,300,477 | $ | 1,300,979 | |||||
Cintas' senior notes are recorded at cost. The fair value of the senior notes is estimated using level 2 inputs based on general market prices. The carrying value and fair value of Cintas' long-term debt as of May 31, 2014 were $1,301.0 million and $1,421.0 million, respectively, and as of May 31, 2013 were $1,309.2 million and $1,447.1 million, respectively. | ||||||||
Letters of credit outstanding were $85.1 million and $85.8 million at May 31, 2014 and 2013, respectively. Maturities of long-term debt during each of the next five years are $0.5 million, $0.2 million, $250.2 million, $300.1 million and zero, respectively. | ||||||||
Interest paid was $65.9 million, $68.4 million and $62.3 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | ||||||||
Cintas' commercial paper program has a capacity of $300.0 million that is fully supported by a backup revolving credit facility through a credit agreement with its banking group. This revolving credit facility has an accordion feature that allows for a maximum borrowing capacity of $450.0 million. The revolving credit facility was amended on May 29, 2014, to extend the maturity date from October 6, 2016 to May 28, 2019, and to adjust the applicable margin used to calculate the interest payable on any outstanding loans and the facility fee payable under the agreement. No commercial paper or borrowings on our revolving credit facility were outstanding at May 31, 2014 or 2013. | ||||||||
On June 1, 2012, Cintas repaid at maturity $225.0 million aggregate principal amount of its 6.00% senior notes due 2012. On June 5, 2012, Cintas issued $250.0 million aggregate principal amount of senior notes due June 1, 2022. These senior notes bear interest at a rate of 3.25% paid semi-annually beginning December 1, 2012. The net proceeds ($25.0 million) generated from the offering were used for general corporate purposes. | ||||||||
Cintas used interest rate lock agreements to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2008, fiscal 2011 and fiscal 2013. The amortization of the cash flow hedges resulted in an increase to other comprehensive income of $2.0 million, $2.0 million and $1.5 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | ||||||||
To hedge the exposure of movements in the foreign currency rates, Cintas may use foreign currency hedges. These hedges reduce the impact on cash flows from movements in the foreign currency exchange rates. Examples of foreign currency hedge instruments that Cintas may use are average rate options and forward contracts. Cintas had foreign currency forward contracts included in current accrued liabilities of $0.3 million at May 31, 2014, and in accounts receivable of less than $0.1 million at May 31, 2013. These instruments did not impact foreign currency exchange during fiscal 2014 or 2013, and increased foreign currency exchange loss by less than $0.1 million during fiscal 2012. | ||||||||
Cintas has certain covenants related to debt agreements. These covenants limit Cintas' ability to incur certain liens, 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 EBITDA and interest coverage ratios. Cross-default provisions exist between certain debt instruments. Cintas is in compliance with all of the debt covenants for all periods presented. 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. |
Leases
Leases | 12 Months Ended |
31-May-14 | |
Leases [Abstract] | ' |
Leases | ' |
Leases | |
Cintas conducts certain operations from leased facilities and leases certain equipment. Most leases contain renewal options for periods from 1 to 10 years. The lease agreements provide for increases in rent expense if the options are exercised based on increases in certain price level factors or other prearranged factors. Step rent provisions, escalation clauses, capital improvements funding and other lease concessions are taken into account in computing minimum lease payments. Minimum lease payments are recognized on a straight-line basis over the minimum lease term. Lease payments are not dependent on an existing index or rate and are not included in minimum lease payments. It is anticipated that expiring leases will be renewed or replaced. | |
The minimum rental payments under noncancelable lease arrangements for each of the next five years and thereafter are $35.3 million, $30.2 million, $24.3 million, $20.1 million, $14.3 million and $60.4 million, respectively. | |
Rent expense under operating leases during the fiscal years ended May 31, 2014, 2013 and 2012, was $55.7 million, $52.2 million and $48.7 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Income before income taxes consist of the following components: | ||||||||||||
U.S. operations | $ | 595,221 | $ | 485,046 | $ | 454,811 | ||||||
Foreign operations | 12,637 | 14,862 | 16,133 | |||||||||
$ | 607,858 | $ | 499,908 | $ | 470,944 | |||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Income tax expense consists of the following components: | ||||||||||||
Current: | ||||||||||||
Federal | $ | 163,140 | $ | 109,964 | $ | 139,251 | ||||||
State and local | 21,328 | 12,478 | 17,780 | |||||||||
184,468 | 122,442 | 157,031 | ||||||||||
Deferred | 48,948 | 62,024 | 16,276 | |||||||||
$ | 233,416 | $ | 184,466 | $ | 173,307 | |||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows: | ||||||||||||
Income taxes at the U.S. federal statutory rate | $ | 212,750 | $ | 174,968 | $ | 164,830 | ||||||
State and local income taxes, net of federal benefit | 20,279 | 12,192 | 11,876 | |||||||||
Other | 387 | (2,694 | ) | (3,399 | ) | |||||||
$ | 233,416 | $ | 184,466 | $ | 173,307 | |||||||
The components of deferred income taxes included on the consolidated balance sheets are as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for doubtful accounts | $ | 4,835 | $ | 5,322 | ||||||||
Inventory obsolescence | 11,682 | 12,220 | ||||||||||
Insurance and contingencies | 36,032 | 33,984 | ||||||||||
Stock-based compensation | 23,890 | 17,513 | ||||||||||
Foreign tax credit carry-forward | 4,266 | 5,397 | ||||||||||
Treasury locks | 6,924 | 8,020 | ||||||||||
Other | 30,526 | 20,030 | ||||||||||
118,155 | 102,486 | |||||||||||
Valuation allowance | (13,358 | ) | (12,789 | ) | ||||||||
104,797 | 89,697 | |||||||||||
Deferred tax liabilities: | ||||||||||||
In service inventory | 150,439 | 131,334 | ||||||||||
Property | 90,155 | 123,904 | ||||||||||
Intangibles | 81,215 | 99,267 | ||||||||||
Investment in partnerships | 93,227 | 4,025 | ||||||||||
State taxes and other | 24,650 | 18,819 | ||||||||||
439,686 | 377,349 | |||||||||||
Net deferred tax liability | $ | 334,889 | $ | 287,652 | ||||||||
On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas' document destruction business with Shred-it's document destruction business. Due to differences in accounting for the book and tax basis in this and other partnerships, a deferred tax liability was recorded. Additionally, Cintas re-characterized the existing deferred tax liabilities associated with the document destruction business assets contributed to the partnership from "Property" and "Intangibles" to "Investment in Partnerships." | ||||||||||||
Although realization is not assured, management believes it is more likely than not that the recorded deferred tax assets, net of valuation allowances, will be realized. | ||||||||||||
The progression of the valuation allowance is as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Balance at beginning of year | $ | (12,789 | ) | $ | (9,054 | ) | ||||||
Additions | (1,701 | ) | (7,391 | ) | ||||||||
Subtractions | 1,132 | 3,656 | ||||||||||
Balance at end of year | $ | (13,358 | ) | $ | (12,789 | ) | ||||||
Income taxes paid were $172.5 million, $122.2 million and $160.8 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | ||||||||||||
In the fourth quarter of fiscal 2012, Cintas repatriated approximately $110 million of cash from foreign subsidiaries on which no U.S. federal income taxes were previously provided, since Cintas had previously intended to permanently reinvest cumulative undistributed earnings of its foreign subsidiaries in foreign operations. Cintas recognized an income tax expense of $8.9 million, net of foreign tax credits in fiscal 2012 as a result of the repatriation described above. | ||||||||||||
Undistributed earnings of foreign subsidiaries were approximately $172.7 million, $194.0 million and $140.7 million as of May 31, 2014, 2013 and 2012, respectively, for which deferred taxes have not been provided. Such earnings are considered to be permanently reinvested in Cintas' foreign subsidiaries. If such earnings were repatriated, additional tax expense may result. The current calculation of such additional taxes is not practicable. | ||||||||||||
Accounting for uncertain tax positions requires the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Companies may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||||||||||||
As of May 31, 2014 and 2013, there was $9.7 million and $10.9 million, respectively, in total unrecognized tax benefits, which, if recognized, would favorably impact Cintas' effective tax rate. Cintas recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense in the consolidated statements of income, which is consistent with the recognition of these items in prior reporting periods. The total amount accrued for interest and penalties as of May 31, 2014 and 2013, was $0.7 million and $1.1 million, respectively. Cintas records this tax liability as current and long-term accrued liabilities on the consolidated balance sheets, as appropriate. | ||||||||||||
In the normal course of business, Cintas provides for uncertain tax positions and the related interest, and adjusts its unrecognized tax benefits and accrued interest accordingly. Unrecognized tax benefits related to continuing operations decreased by $0.2 million, $29.2 million and $55.0 million in fiscal 2014, 2013 and 2012, respectively. Accrued interest decreased by $0.4 million, $0.9 million and $7.1 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: | ||||||||||||
(In thousands) | ||||||||||||
Balance at June 1, 2011 | $ | 103,099 | ||||||||||
Additions for tax positions pf prior years | 5,660 | |||||||||||
Settlements | (5,048 | ) | ||||||||||
Change in tax regulations | (57,182 | ) | ||||||||||
Statute expirations | (1,998 | ) | ||||||||||
Balance at May 31, 2012 | $ | 44,531 | ||||||||||
Additions based on tax positions related to the current year | 1,843 | |||||||||||
Additions for tax positions of prior years | 2,960 | |||||||||||
Change in tax regulations | (33,600 | ) | ||||||||||
Statute expirations | (2,025 | ) | ||||||||||
Balance at May 31, 2013 | $ | 13,709 | ||||||||||
Additions for tax positions of prior years | 2,586 | |||||||||||
Statute expirations | (1,963 | ) | ||||||||||
Settlements | (1,270 | ) | ||||||||||
Balance at May 31, 2014 | $ | 13,062 | ||||||||||
On September 13, 2013, the U.S. Department of the Treasury and the Internal Revenue Service released final tangible property regulations under Sections 162(a) and 263(a) regarding amounts paid to improve tangible property and acquire or produce tangible property, as well as proposed regulations regarding the disposition of property. The effective date of the final regulations was extended and will be effective for Cintas' fiscal year ending May 31, 2015. Early adoption is available, and as such, Cintas elected early adoption of the regulations on specific assets (material and supplies) resulting in gross decreases in unrecognized tax benefits of $33.6 million and $57.2 million in fiscal 2013 and 2012, respectively. Cintas continues to review these regulations as they relate to other tangible property but does not believe there will be a material impact on the consolidated financial statements when they are fully adopted. | ||||||||||||
The majority of Cintas' operations are in North America. Cintas is required to file federal income tax returns, as well as state income tax returns in a majority of the domestic states and also in certain Canadian provinces. At times, Cintas is subject to audits in these jurisdictions. The audits, by nature, are sometimes complex and can require several years to resolve. The final resolution of any such tax audit could result in either a reduction in Cintas' accruals or an increase in its income tax provision, either of which could have an impact on the consolidated results of operation in any given period. | ||||||||||||
All U.S. federal income tax returns are closed to audit through fiscal 2010. Cintas is currently in advanced stages of various audits in certain foreign jurisdictions and certain domestic states. The years under foreign and domestic state audits cover fiscal years back to 2008. Based on the resolution of the various audits and other potential regulatory developments, it is reasonably possible that the balance of unrecognized tax benefits could decrease by approximately $0.7 million for the fiscal year ended May 31, 2015. |
Acquisitions_and_Deconsolidati
Acquisitions and Deconsolidation | 12 Months Ended | |||||||
31-May-14 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions and Deconsolidation | ' | |||||||
Acquisitions and Deconsolidation | ||||||||
Acquisitions | ||||||||
The purchase price paid for each acquisition has been allocated to the fair value of the assets acquired and liabilities assumed. During fiscal 2014, Cintas acquired three First Aid, Safety and Fire Protection Services operating segment businesses and three Document Management Services operating segment businesses. During fiscal 2013, Cintas acquired three First Aid, Safety and Fire Protection Services operating segment businesses and twelve Document Management Services operating segment businesses. | ||||||||
The following summarizes the aggregate purchase price for all businesses acquired: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Fair value of tangible assets acquired | $ | 11,415 | $ | 7,212 | ||||
Fair value of service contracts acquired | 6,343 | 34,858 | ||||||
Fair value of other intangibles acquired | 924 | 2,049 | ||||||
Net goodwill recognized | 13,865 | 32,133 | ||||||
Total fair value of assets acquired | 32,547 | 76,252 | ||||||
Fair value of liabilities (settled) assumed and incurred | (894 | ) | 6,882 | |||||
Total cash paid for acquisitions | $ | 33,441 | $ | 69,370 | ||||
The results of operation for the acquired businesses are included in the consolidated statements of income from the dates of acquisition. The proforma revenue, net income and earnings per share information relating to acquired businesses are not presented because they are not significant to Cintas. | ||||||||
Deconsolidation | ||||||||
On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership. The Company realized a $106.4 million gain on deconsolidation of the shredding business, which is primarily related to the remeasurement of retained interest in the shredding business as part of our investment in Shred-it. The gain was computed as follows: the fair value of consideration received of $180.0 million plus the fair value of Cintas' retained non-controlling interest in the partnership of $339.4 million less the carrying amount of the document destruction business of $413.0 million. | ||||||||
As a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million and other transaction costs of $28.5 million. The impairment charge was related to the abandonment of information systems assets that were not contributed to the partnership and cannot be used by the Company for other purposes. The other transaction costs consisted of the following: $4.7 million of professional and legal fees; $0.7 million of employee termination benefit costs; $12.4 million of stock compensation expense resulting from the immediate vesting of Cintas stock options and awards of employees contributed to the partnership; a $4.2 million charge for information systems contracts for which no future economic benefit exists; and $6.5 million of incremental profit sharing and employee compensation resulting from the gain net of the impairment charge and other transaction costs. | ||||||||
In conjunction with the partnership agreement, Cintas agreed to provide certain transition services such as information technology and accounting in support of Shred-it for a period not to exceed fifteen months from the April 30, 2014 closing date. |
Defined_Contribution_Plans
Defined Contribution Plans | 12 Months Ended |
31-May-14 | |
Defined Contribution Plans [Abstract] | ' |
Defined Contribution Plans | ' |
Defined Contribution Plans | |
Cintas' Partners' Plan ("the Plan") is a non-contributory profit sharing plan and Employee Stock Ownership Plan ("ESOP") for the benefit of substantially all U.S. Cintas employee-partners who have completed one year of service. The Plan also includes a 401(k) savings feature covering substantially all U.S. employee-partners. The amounts of contributions to the Plan and ESOP, as well as the matching contribution to the 401(k), are made at the discretion of the Board of Directors. Total contributions, including Cintas' matching contributions, which approximate cost, were $33.7 million, $28.4 million and $26.0 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | |
Cintas has a non-contributory deferred profit sharing plan ("DPSP"), which covers substantially all Canadian employee-partners. In addition, a registered retirement savings plan ("RRSP") is offered to those employees. The amounts of contributions to the DPSP, as well as the matching contribution to the RRSP, are made at the discretion of the Board of Directors. Total contributions, which approximate cost, were $1.6 million, $1.4 million and $1.3 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | |
Cintas has a supplemental executive retirement plan ("SERP") subject to Section 409A of the Internal Revenue Code for the benefit of certain highly compensated Cintas employee-partners. The SERP allows participants to defer the receipt of compensation which would otherwise become payable to them. Matching contributions are made at the discretion of the Board of Directors. Total matching contributions were $6.0 million, $4.7 million and $5.7 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings per Share | ' | |||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas' common shares: | ||||||||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | |||||||||||||||||||
Basic Earnings per Share | ||||||||||||||||||||||
Net income | $ | 374,442 | $ | 315,442 | $ | 297,637 | ||||||||||||||||
Less: net income allocated to participating securities | 3,452 | 1,896 | 1,880 | |||||||||||||||||||
Net income allocated to common shareholders | $ | 370,990 | $ | 313,546 | $ | 295,757 | ||||||||||||||||
Basic weighted average common shares outstanding | 120,377 | 123,956 | 129,891 | |||||||||||||||||||
Basic earnings per share | $ | 3.08 | $ | 2.53 | $ | 2.27 | ||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | |||||||||||||||||||
Diluted Earnings per Share | ||||||||||||||||||||||
Net income | $ | 374,442 | $ | 315,442 | $ | 297,637 | ||||||||||||||||
Less: net income allocated to participating securities | 3,452 | 1,896 | 1,880 | |||||||||||||||||||
Net income allocated to common shareholders | $ | 370,990 | $ | 313,546 | $ | 295,757 | ||||||||||||||||
Basic weighted average common shares outstanding | 120,377 | 123,956 | 129,891 | |||||||||||||||||||
Effect of dilutive securities — employee stock options | 1,263 | 575 | 142 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 121,640 | 124,531 | 130,033 | |||||||||||||||||||
Diluted earnings per share | $ | 3.05 | $ | 2.52 | $ | 2.27 | ||||||||||||||||
For the fiscal years ended May 31, 2014, 2013 and 2012, options granted to purchase 0.7 million, 0.7 million and 2.0 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. The exercise prices of these options were greater than the average market price of the common shares (anti-dilutive). | ||||||||||||||||||||||
On October 18, 2011 we announced that the Board of Directors authorized a $500 million share buyback program. This program was completed in April 2014. On July 30, 2013, Cintas announced that the Board of Directors approved an additional share buyback program of $500 million which does not have an expiration date. The following table summarizes the buyback activity by program and fiscal year: | ||||||||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | ||||||||||||||||||||
Buyback Program | Shares | Avg. Price per Share | Purchase Price | Shares | Avg. Price per Share | Purchase Price | ||||||||||||||||
18-Oct-11 | 3,324 | $ | 48.87 | $ | 162,460 | 5,075 | $ | 40.97 | $ | 207,932 | ||||||||||||
30-Jul-13 | 3,341 | $ | 59.72 | $ | 199,500 | — | $ | — | $ | — | ||||||||||||
6,665 | $ | 54.31 | $ | 361,960 | 5,075 | $ | 40.97 | $ | 207,932 | |||||||||||||
In June, 2014, we purchased 0.7 million shares under the July 30, 2013 program at an average price of $62.14 per share for a total purchase price of $45.7 million. Under the July 30, 2013 program, through July 30, 2014 Cintas has purchased a total of 4.1 million shares of Cintas common stock at an average price of $60.15 per share for a total purchase price of $245.2 million. | ||||||||||||||||||||||
In addition to the buyback program, Cintas acquired shares of Cintas common stock in trade for employee payroll taxes due on restricted stock awards that vested during the fiscal year. For the fiscal year ended May 31, 2014, Cintas acquired 0.2 million shares at an average price of $50.45 per share for a total purchase price of $8.6 million. For the fiscal year ended May 31, 2013, Cintas acquired 0.2 million shares at an average price of $38.04 per share for a total purchase price of $7.7 million. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
31-May-14 | |||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||
Stock-Based Compensation | |||||||||||||||
Under the 2005 Equity Compensation Plan adopted by Cintas in fiscal 2006, Cintas may grant officers and key employee-partners equity compensation in the form of stock options, stock appreciation rights, restricted and unrestricted stock awards, performance awards and other stock unit awards up to an aggregate of 14,000,000 shares of Cintas' common stock. At May 31, 2014, 4,683,607 shares of common stock are reserved for future issuance under the 2005 Equity Compensation Plan. As a result of the shredding transaction, we immediately vested 249,335 options and 71,882 restricted stock awards held by employees contributed to the partnership. The immediate vesting resulted in $12.4 million of additional stock compensation expense for the fiscal year ended May 31, 2014. Total compensation cost for stock-based awards was $44.7 million, $23.3 million and $20.3 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. The total income tax benefit recognized in the consolidated income statement for share-based compensation arrangements was $17.2 million, $8.6 million and $7.5 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
Stock Options | |||||||||||||||
Stock options are granted at the fair market value of the underlying common stock on the date of grant. The option terms are determined by the Compensation Committee of the Board of Directors, but no stock option may be exercised later than 10 years after the date of the grant. The option awards generally have 10-year terms with graded vesting in years 3 through 5 based on continuous service during that period. Cintas recognizes compensation expense for these options using the straight-line recognition method over the vesting period. | |||||||||||||||
Except for the options that early vested as a result of the Shredding transaction, the fair value of options was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Risk-free interest rate | 2 | % | 1.3 | % | 2.4 | % | |||||||||
Dividend yield | 1.7 | % | 1.8 | % | 1.7 | % | |||||||||
Expected volatility of Cintas' common stock | 28 | % | 28 | % | 28 | % | |||||||||
Expected life of the option in years | 7.5 | 7.5 | 7.5 | ||||||||||||
The risk-free interest rate is based on U.S. government issues with a remaining term equal to the expected life of the stock options. The determination of expected volatility is based on historical volatility of Cintas' common stock over the period commensurate with the expected term of stock options, as well as other relevant factors. The weighted average expected term was determined based on the historical employee exercise behavior of the options. The weighted-average fair value of stock options granted during fiscal 2014, 2013 and 2012 was $16.18, $9.60 and $9.48, respectively. | |||||||||||||||
The information presented in the following table relates primarily to stock options granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans: | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Exercise | |||||||||||||||
Price | |||||||||||||||
Outstanding, June 1, 2011 (1,945,207 shares exercisable) | 7,664,703 | $ | 36.12 | ||||||||||||
Granted | 1,638,907 | 36.26 | |||||||||||||
Canceled | (1,591,480 | ) | 36.9 | ||||||||||||
Exercised | (103,013 | ) | 32.66 | ||||||||||||
Outstanding, May 31, 2012 (2,105,702 shares exercisable) | 7,609,117 | 36.04 | |||||||||||||
Granted | 1,722,081 | 44.67 | |||||||||||||
Canceled | (884,384 | ) | 38.69 | ||||||||||||
Exercised | (561,176 | ) | 36.44 | ||||||||||||
Outstanding, May 31, 2013 (1,815,795 shares exercisable) | 7,885,638 | 37.6 | |||||||||||||
Granted | 2,111,649 | 61.04 | |||||||||||||
Canceled | (699,314 | ) | 42.42 | ||||||||||||
Exercised | (1,272,179 | ) | 39.03 | ||||||||||||
Outstanding, May 31, 2014 (1,583,413 shares exercisable) | 8,025,794 | $ | 43.12 | ||||||||||||
The intrinsic value of stock options exercised was $19.8 million, $3.7 million and $0.6 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. The total cash received from employees as a result of employee stock option exercises for the fiscal years ended May 31, 2014, 2013 and 2012 was $41.9 million, $14.8 million and $3.3 million, respectively. | |||||||||||||||
The fair value of stock options vested was $17.7 million, $13.2 million and $12.9 million for the fiscal years ended May 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
The following table summarizes the information related to stock options outstanding at May 31, 2014: | |||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||
Range of | Number | Average | Weighted | Number | Weighted | ||||||||||
Exercise Prices | Outstanding | Remaining | Average | Exercisable | Average | ||||||||||
Option | Exercise | Exercise | |||||||||||||
Life | Price | Price | |||||||||||||
$ 20.29 – $ 34.17 | 1,455,179 | 5.74 | $ | 27.12 | 658,257 | $ | 26.5 | ||||||||
34.18 – 37.80 | 1,256,058 | 6.51 | 34.88 | 146,089 | 35.72 | ||||||||||
37.81 – 43.00 | 1,747,491 | 6.67 | 38.57 | 359,434 | 40.45 | ||||||||||
43.01 – 62.12 | 3,567,066 | 8.64 | 55.32 | 419,633 | 44.94 | ||||||||||
$ 20.29 – $ 62.12 | 8,025,794 | 7.35 | $ | 43.12 | 1,583,413 | $ | 35.4 | ||||||||
At May 31, 2014, the aggregate intrinsic value of stock options outstanding and exercisable was $151.3 million and $42.3 million, respectively. The weighted-average remaining contractual term of stock options exercisable is 3.9 years. | |||||||||||||||
Restricted Stock Awards | |||||||||||||||
Restricted stock awards consist of Cintas' common stock that is subject to such conditions, restrictions and limitations as the Compensation Committee of the Board of Directors determines to be appropriate. The vesting period is generally three years after the grant date. The recipient of restricted stock awards will have all rights of a shareholder of Cintas, including the right to vote and the right to receive cash dividends, during the vesting period. Cintas recognizes compensation expense for these restricted stock awards using the straight-line recognition method over the vesting period. | |||||||||||||||
The information presented in the following table relates to restricted stock awards granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans: | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Grant | |||||||||||||||
Price | |||||||||||||||
Outstanding, unvested grants at June 1, 2011 | 1,917,382 | $ | 28.22 | ||||||||||||
Granted | 452,267 | 35.95 | |||||||||||||
Canceled | (188,685 | ) | 30.62 | ||||||||||||
Vested | (291,968 | ) | 27.6 | ||||||||||||
Outstanding, unvested grants at May 31, 2012 | 1,888,996 | 29.93 | |||||||||||||
Granted | 810,453 | 41.72 | |||||||||||||
Canceled | (73,856 | ) | 31.78 | ||||||||||||
Vested | (610,570 | ) | 25.4 | ||||||||||||
Outstanding, unvested grants at May 31, 2013 | 2,015,023 | 35.97 | |||||||||||||
Granted | 661,514 | 60.66 | |||||||||||||
Canceled | (52,124 | ) | 37.95 | ||||||||||||
Vested | (465,635 | ) | 28.76 | ||||||||||||
Outstanding, unvested grants at May 31, 2014 | 2,158,778 | $ | 45.04 | ||||||||||||
The remaining unrecognized compensation cost related to unvested stock options and restricted stock at May 31, 2014, was $77.6 million. The weighted-average period of time over which this cost will be recognized is 2.3 years. |
Litigation_and_Other_Contingen
Litigation and Other Contingencies | 12 Months Ended |
31-May-14 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation and Other Contingencies | ' |
Litigation and Other Contingencies | |
Cintas is subject to legal proceedings, insurance receipts, legal settlements and claims arising from the ordinary course of its business, including personal injury, customer contract, environmental and employment claims. In the opinion of management, the aggregate liability, if any, with respect to such ordinary course of business actions will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows of Cintas | |
Cintas records an accrual for legal contingencies when Cintas determines that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. During the fourth quarter of fiscal year 2014, Cintas accrued additional sums, in excess of its other legal contingency accruals, for adverse jury verdicts arising in the ordinary course of its business. The aggregate liability will not materially affect the consolidated financial position, consolidated results of operations or consolidated cash flows of Cintas. | |
Cintas is party to additional litigation not considered in the ordinary course of business, including the litigation discussed below. Cintas is a defendant in a purported class action lawsuit, Mirna E. Serrano, et al. v. Cintas Corporation (Serrano), filed on May 10, 2004, and pending in the United States District Court, Eastern District of Michigan, Southern Division. The Serrano plaintiffs alleged that Cintas discriminated against women in hiring into various service sales representative positions across all divisions of Cintas. On November 15, 2005, the Equal Employment Opportunity Commission (EEOC) intervened in the Serrano lawsuit. The Serrano plaintiffs seek injunctive relief, compensatory damages, punitive damages, attorneys' fees and other remedies. On October 27, 2008, the United States District Court in the Eastern District of Michigan granted summary judgment in favor of Cintas limiting the scope of the putative class in the Serrano lawsuit to female applicants for service sales representative positions at Cintas locations within the state of Michigan. Consequently, all claims brought by female applicants for service sales representative positions outside of the state of Michigan were dismissed. Similarly, any claims brought by the EEOC on behalf of similarly situated female applicants outside of the state of Michigan have also been dismissed from the Serrano lawsuit. In September 2010, the Court in Serrano dismissed all private individual claims and all claims of the EEOC and the 13 individuals it claimed to represent. The EEOC appealed the District Court's summary judgment decisions and various other rulings to the United States Court of Appeals for the Sixth Circuit. On November 9, 2012, the Sixth Circuit Court of Appeals reversed the District Court's opinion and remanded the claims back to the District Court. On April 16, 2013, Cintas filed with the United States Supreme Court a Petition for a Writ of Certiorari seeking to review the judgment of the United States Court of Appeals for the Sixth Circuit. On October 7, 2013, the Court denied Cintas’ Petition, thus remanding the claims back to the District Court consistent with the Sixth Circuit Court’s November 9, 2012 decision. | |
The litigation discussed above, if decided or settled adversely to Cintas, may result in liability material to Cintas' consolidated financial condition, consolidated results of operation or consolidated cash flows and could increase costs of operations on an ongoing basis. Any estimated liability relating to these proceedings is not determinable at this time. Cintas may enter into discussions regarding settlement of these and other lawsuits, and may enter into settlement agreements if it believes such settlement is in the best interest of Cintas' shareholders. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||
(In thousands) | Foreign Currency | Unrealized | Other | Total | ||||||||||||
Loss on | ||||||||||||||||
Derivatives | ||||||||||||||||
Balance at May 31, 2013 | $ | 51,312 | $ | (14,339 | ) | $ | 1,150 | $ | 38,123 | |||||||
Other comprehensive loss before reclassifications | (9,787 | ) | (228 | ) | (1,632 | ) | (11,647 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,952 | — | 1,952 | ||||||||||||
Net current period other comprehensive (loss) income | (9,787 | ) | 1,724 | (1,632 | ) | (9,695 | ) | |||||||||
Balance at May 31, 2014 | $ | 41,525 | $ | (12,615 | ) | $ | (482 | ) | $ | 28,428 | ||||||
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) during fiscal 2014: | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the | ||||||||||||||
Income (Loss) Components | Consolidated Condensed | |||||||||||||||
Statements of Income | ||||||||||||||||
(In thousands) | ||||||||||||||||
Amortization of interest rate locks | $ | (3,130 | ) | Interest expense | ||||||||||||
Tax benefit | 1,178 | Income taxes | ||||||||||||||
Amortization of interest rate locks, net of tax | $ | (1,952 | ) | Net of tax |
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Operating Segment Information | ' | |||||||||||||||||||||||
Operating Segment Information | ||||||||||||||||||||||||
Cintas classifies its businesses into four operating segments based on the types of products and services provided. The Rental Uniforms and Ancillary Products operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and carpet and tile cleaning services are also provided within this operating segment. The Uniform Direct Sales operating segment consists of the direct sale of uniforms and related items. The First Aid, Safety and Fire Protection Services operating segment consists of first aid, safety and fire protection products and services. The Document Management Services operating segment consists of document destruction, document imaging and document retention services. | ||||||||||||||||||||||||
On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Cintas' document destruction business represented approximately 76%, 80%, and 70% of Cintas' Document Management Services operating segment's assets, revenue, and income before income taxes, respectively, as of and for the quarter ended February 28, 2014. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. | ||||||||||||||||||||||||
Cintas evaluates the performance of each operating segment based on several factors of which the primary financial measures are operating segment revenue and income before income taxes. The accounting policies of the operating segments are the same as those described in Note 1 entitled Significant Accounting Policies. Information related to the operations of Cintas' operating segments is set forth below: | ||||||||||||||||||||||||
(In thousands) | Rental | Uniform | First Aid, | Document | Corporate | Total | ||||||||||||||||||
Uniforms | Direct | Safety & | Management | |||||||||||||||||||||
& Ancillary | Sales | Fire | ||||||||||||||||||||||
Products | Protection | |||||||||||||||||||||||
May 31, 2014 | ||||||||||||||||||||||||
Revenue | $ | 3,223,930 | $ | 455,485 | $ | 514,429 | $ | 357,968 | $ | — | $ | 4,551,812 | ||||||||||||
Gross margin | $ | 1,394,503 | $ | 130,018 | $ | 225,238 | $ | 164,627 | $ | — | $ | 1,914,386 | ||||||||||||
Selling and admin. expenses | 887,444 | 83,309 | 176,286 | 155,713 | — | 1,302,752 | ||||||||||||||||||
Gain on deconsolidation of Shredding, net of impairment charges and other transaction costs | — | — | — | 61,817 | — | 61,817 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 65,593 | 65,593 | ||||||||||||||||||
Income before income taxes | $ | 507,059 | $ | 46,709 | $ | 48,952 | $ | 70,731 | $ | (65,593 | ) | $ | 607,858 | |||||||||||
Depreciation and amortization | $ | 117,869 | $ | 8,307 | $ | 21,113 | $ | 43,573 | $ | — | $ | 190,862 | ||||||||||||
Capital expenditures | $ | 94,190 | $ | 2,482 | $ | 14,512 | $ | 34,396 | $ | — | $ | 145,580 | ||||||||||||
Total assets | $ | 2,875,014 | $ | 142,033 | $ | 422,015 | $ | 510,102 | $ | 513,288 | $ | 4,462,452 | ||||||||||||
May 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 3,044,587 | $ | 461,328 | $ | 460,592 | $ | 349,964 | $ | — | $ | 4,316,471 | ||||||||||||
Gross margin | $ | 1,288,290 | $ | 134,985 | $ | 199,314 | $ | 164,478 | $ | — | $ | 1,787,067 | ||||||||||||
Selling and admin. expenses | 835,249 | 81,739 | 156,232 | 148,636 | — | 1,221,856 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 65,303 | 65,303 | ||||||||||||||||||
Income before income taxes | $ | 453,041 | $ | 53,246 | $ | 43,082 | $ | 15,842 | $ | (65,303 | ) | $ | 499,908 | |||||||||||
Depreciation and amortization | $ | 116,867 | $ | 8,049 | $ | 20,832 | $ | 43,629 | $ | — | $ | 189,377 | ||||||||||||
Capital expenditures | $ | 140,327 | $ | 6,908 | $ | 11,809 | $ | 37,442 | $ | — | $ | 196,486 | ||||||||||||
Total assets | $ | 2,830,941 | $ | 152,551 | $ | 398,614 | $ | 605,573 | $ | 357,953 | $ | 4,345,632 | ||||||||||||
May 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 2,912,261 | $ | 433,994 | $ | 415,703 | $ | 340,042 | $ | — | $ | 4,102,000 | ||||||||||||
Gross margin | $ | 1,263,710 | $ | 129,614 | $ | 178,465 | $ | 166,819 | $ | — | $ | 1,738,608 | ||||||||||||
Selling and admin. expenses | 834,210 | 80,577 | 143,338 | 140,856 | — | 1,198,981 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 68,683 | 68,683 | ||||||||||||||||||
Income before income taxes | $ | 429,500 | $ | 49,037 | $ | 35,127 | $ | 25,963 | $ | (68,683 | ) | $ | 470,944 | |||||||||||
Depreciation and amortization | $ | 121,842 | $ | 7,087 | $ | 19,641 | $ | 45,595 | $ | — | $ | 194,165 | ||||||||||||
Capital expenditures | $ | 107,152 | $ | 5,161 | $ | 15,264 | $ | 33,225 | $ | — | $ | 160,802 | ||||||||||||
Total assets | $ | 2,770,491 | $ | 136,478 | $ | 362,128 | $ | 556,784 | $ | 339,825 | $ | 4,165,706 | ||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following is a summary of the results of operation for each of the quarters within the fiscal years ended May 31, 2014 and 2013: | ||||||||||||||||
May 31, 2014 (in thousands) (1) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenue | $ | 1,120,343 | $ | 1,143,753 | $ | 1,130,237 | $ | 1,157,479 | ||||||||
Gross margin | $ | 465,980 | $ | 476,919 | $ | 479,125 | $ | 492,362 | ||||||||
Net income | $ | 77,754 | $ | 84,862 | $ | 84,602 | $ | 127,224 | ||||||||
Basic earnings per share | $ | 0.63 | $ | 0.71 | $ | 0.7 | $ | 1.04 | ||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.7 | $ | 0.69 | $ | 1.03 | ||||||||
Weighted average number of shares outstanding | 122,130 | 119,907 | 119,913 | 119,541 | ||||||||||||
May 31, 2013 (in thousands) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenue | $ | 1,051,325 | $ | 1,060,386 | $ | 1,075,674 | $ | 1,129,086 | ||||||||
Gross margin | $ | 445,875 | $ | 432,036 | $ | 441,941 | $ | 467,215 | ||||||||
Net income | $ | 76,733 | $ | 78,027 | $ | 74,705 | $ | 85,977 | ||||||||
Basic earnings per share | $ | 0.61 | $ | 0.63 | $ | 0.6 | $ | 0.69 | ||||||||
Diluted earnings per share | $ | 0.6 | $ | 0.63 | $ | 0.6 | $ | 0.69 | ||||||||
Weighted average number of shares outstanding | 126,110 | 124,185 | 123,120 | 122,392 | ||||||||||||
(1) On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||||||
Cintas Corporation No. 2 ("Corp. 2") is the indirectly, wholly-owned principal operating subsidiary of Cintas. Corp. 2 is the issuer of the $1,300.0 million of long-term senior notes, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly-owned, direct and indirect domestic subsidiaries. | ||||||||||||||||||||||||
As allowed by SEC rules, the following condensed consolidating financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the following condensed consolidating financial statements has been fully consolidated in Cintas' consolidated financial statements. The following condensed consolidating financial statements should be read in conjunction with the consolidated financial statements of Cintas and notes thereto of which this note is an integral part. | ||||||||||||||||||||||||
Condensed consolidating financial statements for Cintas, Corp. 2, the subsidiary guarantors and non-guarantors are presented on the following pages: | ||||||||||||||||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,460,666 | $ | 663,512 | $ | 220,969 | $ | (121,217 | ) | $ | 3,223,930 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,637,193 | 31,512 | 131,581 | (472,404 | ) | 1,327,882 | |||||||||||||||||
Equity in net income of | 374,442 | — | — | — | (374,442 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
374,442 | 4,097,859 | 695,024 | 352,550 | (968,063 | ) | 4,551,812 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,520,893 | 417,388 | 153,726 | (262,580 | ) | 1,829,427 | |||||||||||||||||
Cost of other services | — | 1,056,366 | (14,261 | ) | 80,385 | (314,491 | ) | 807,999 | ||||||||||||||||
Selling and administrative expenses | — | 1,303,186 | (83,763 | ) | 101,432 | (18,103 | ) | 1,302,752 | ||||||||||||||||
Shredding transaction asset impairment charge | — | — | 16,143 | — | — | 16,143 | ||||||||||||||||||
Shredding transaction costs | — | — | 28,481 | — | — | 28,481 | ||||||||||||||||||
Operating income | 374,442 | 217,414 | 331,036 | 17,007 | (372,889 | ) | 567,010 | |||||||||||||||||
Gain (loss) on Shredding deconsolidation | — | 111,661 | — | (5,220 | ) | — | 106,441 | |||||||||||||||||
Interest income | — | (43 | ) | (178 | ) | (15,279 | ) | 15,271 | (229 | ) | ||||||||||||||
Interest expense (income) | — | 66,461 | (635 | ) | (4 | ) | — | 65,822 | ||||||||||||||||
Income before income taxes | 374,442 | 262,657 | 331,849 | 27,070 | (388,160 | ) | 607,858 | |||||||||||||||||
Income taxes | — | 100,394 | 126,840 | 6,261 | (79 | ) | 233,416 | |||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,314,386 | $ | 616,726 | $ | 220,946 | $ | (107,471 | ) | $ | 3,044,587 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,587,000 | 31,210 | 124,234 | (470,560 | ) | 1,271,884 | |||||||||||||||||
Equity in net income of | 315,442 | — | — | — | (315,442 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
315,442 | 3,901,386 | 647,936 | 345,180 | (893,473 | ) | 4,316,471 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,454,791 | 392,134 | 155,490 | (246,118 | ) | 1,756,297 | |||||||||||||||||
Cost of other services | — | 1,016,074 | (12,694 | ) | 77,103 | (307,376 | ) | 773,107 | ||||||||||||||||
Selling and administrative expenses | — | 1,210,755 | (66,640 | ) | 97,646 | (19,905 | ) | 1,221,856 | ||||||||||||||||
Operating income | 315,442 | 219,766 | 335,136 | 14,941 | (320,074 | ) | 565,211 | |||||||||||||||||
Interest income | — | (40 | ) | (272 | ) | (28,334 | ) | 28,237 | (409 | ) | ||||||||||||||
Interest expense (income) | — | 66,584 | (875 | ) | 3 | — | 65,712 | |||||||||||||||||
Income before income taxes | 315,442 | 153,222 | 336,283 | 43,272 | (348,311 | ) | 499,908 | |||||||||||||||||
Income taxes | — | 54,474 | 119,556 | 10,479 | (43 | ) | 184,466 | |||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,233,085 | $ | 574,950 | $ | 210,683 | $ | (106,457 | ) | $ | 2,912,261 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,488,163 | 28,660 | 117,791 | (444,875 | ) | 1,189,739 | |||||||||||||||||
Equity in net income of | 297,637 | — | — | — | (297,637 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
297,637 | 3,721,248 | 603,610 | 328,474 | (848,969 | ) | 4,102,000 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,386,320 | 362,803 | 145,293 | (245,865 | ) | 1,648,551 | |||||||||||||||||
Cost of other services | — | 955,148 | (13,649 | ) | 73,130 | (299,788 | ) | 714,841 | ||||||||||||||||
Selling and administrative expenses | — | 1,184,888 | (69,882 | ) | (145,953 | ) | 229,928 | 1,198,981 | ||||||||||||||||
Operating income | 297,637 | 194,892 | 324,338 | 256,004 | (533,244 | ) | 539,627 | |||||||||||||||||
Interest income | — | (111,631 | ) | (589 | ) | (190,345 | ) | 300,623 | (1,942 | ) | ||||||||||||||
Interest expense (income) | — | 72,212 | (1,543 | ) | (44 | ) | — | 70,625 | ||||||||||||||||
Income before income taxes | 297,637 | 234,311 | 326,470 | 446,393 | (833,867 | ) | 470,944 | |||||||||||||||||
Income taxes | — | 68,752 | 95,793 | 8,814 | (52 | ) | 173,307 | |||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | (9,787 | ) | — | (9,787 | ) | ||||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | — | — | (228 | ) | — | (228 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,952 | — | — | — | 1,952 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | (1,629 | ) | (3 | ) | — | (1,632 | ) | |||||||||||||||
Other comprehensive income (loss) | — | 1,952 | (1,629 | ) | (10,018 | ) | — | (9,695 | ) | |||||||||||||||
Comprehensive income | $ | 374,442 | $ | 164,215 | $ | 203,380 | $ | 10,791 | $ | (388,081 | ) | $ | 364,747 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | (12 | ) | — | (1,075 | ) | — | (1,087 | ) | |||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | (187 | ) | — | — | — | (187 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,952 | — | — | — | 1,952 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | 782 | — | — | 782 | ||||||||||||||||||
Other comprehensive income (loss) | — | 1,753 | 782 | (1,075 | ) | — | 1,460 | |||||||||||||||||
Comprehensive income | $ | 315,442 | $ | 100,501 | $ | 217,509 | $ | 31,718 | $ | (348,268 | ) | $ | 316,902 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | (18 | ) | — | (17,797 | ) | — | (17,815 | ) | |||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | (5,604 | ) | — | 318 | — | (5,286 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,508 | — | — | — | 1,508 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | (575 | ) | 24 | — | (551 | ) | ||||||||||||||||
Other comprehensive loss | — | (4,114 | ) | (575 | ) | (17,455 | ) | — | (22,144 | ) | ||||||||||||||
Comprehensive income | $ | 297,637 | $ | 161,445 | $ | 230,102 | $ | 420,124 | $ | (833,815 | ) | $ | 275,493 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 73,540 | $ | 399,525 | $ | 40,223 | $ | — | $ | 513,288 | ||||||||||||
Accounts receivable, net | — | 366,629 | 97,869 | 43,929 | — | 508,427 | ||||||||||||||||||
Inventories, net | — | 215,974 | 20,745 | 9,650 | 4,870 | 251,239 | ||||||||||||||||||
Uniforms and other rental items in service | — | 374,666 | 112,467 | 38,240 | (18,836 | ) | 506,537 | |||||||||||||||||
Income taxes, current | — | 1,549 | (1,549 | ) | — | — | — | |||||||||||||||||
Prepaid expenses and other | — | 7,058 | 14,752 | 4,380 | — | 26,190 | ||||||||||||||||||
current assets | ||||||||||||||||||||||||
Total current assets | — | 1,039,416 | 643,809 | 136,422 | (13,966 | ) | 1,805,681 | |||||||||||||||||
Property and equipment, at cost, net | — | 533,665 | 225,677 | 96,360 | — | 855,702 | ||||||||||||||||||
Investments | 321,083 | 2,081,094 | 893,647 | 1,015,343 | (3,852,810 | ) | 458,357 | |||||||||||||||||
Goodwill | — | — | 1,211,716 | 55,807 | (112 | ) | 1,267,411 | |||||||||||||||||
Service contracts, net | — | 51,248 | 53 | 4,374 | — | 55,675 | ||||||||||||||||||
Other assets, net | 1,378,100 | 8,900 | 2,189,527 | 9,044 | (3,565,945 | ) | 19,626 | |||||||||||||||||
$ | 1,699,183 | $ | 3,714,323 | $ | 5,164,429 | $ | 1,317,350 | $ | (7,432,833 | ) | $ | 4,462,452 | ||||||||||||
Liabilities and | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (545,526 | ) | $ | 1,092,545 | $ | 30,281 | $ | 38,017 | $ | 150,070 | ||||||||||
Accrued compensation and related liabilities | — | 56,581 | 22,590 | 5,855 | — | 85,026 | ||||||||||||||||||
Accrued liabilities | — | 79,614 | 208,983 | 11,876 | (746 | ) | 299,727 | |||||||||||||||||
Income taxes, current | — | — | 4,915 | 1,045 | — | 5,960 | ||||||||||||||||||
Deferred tax (asset) liability | — | (510 | ) | 80,575 | 8,780 | — | 88,845 | |||||||||||||||||
Long-term debt due within one year | — | 773 | (270 | ) | — | — | 503 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (409,068 | ) | 1,409,338 | 57,837 | 37,271 | 630,131 | ||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||
Long-term debt due after one year | — | 1,309,611 | (10,380 | ) | 500 | 746 | 1,300,477 | |||||||||||||||||
Deferred income taxes | — | (6 | ) | 251,924 | (5,874 | ) | — | 246,044 | ||||||||||||||||
Accrued liabilities | — | — | 92,069 | 873 | — | 92,942 | ||||||||||||||||||
Total long-term liabilities | — | 1,309,605 | 333,613 | (4,501 | ) | 746 | 1,639,463 | |||||||||||||||||
Total shareholders' equity | 2,164,430 | 2,813,786 | 3,421,478 | 1,264,014 | (7,470,850 | ) | 2,192,858 | |||||||||||||||||
$ | 1,699,183 | $ | 3,714,323 | $ | 5,164,429 | $ | 1,317,350 | $ | (7,432,833 | ) | $ | 4,462,452 | ||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 54,511 | $ | 247,070 | $ | 50,692 | $ | — | $ | 352,273 | ||||||||||||
Marketable securities | — | — | 5,680 | — | — | 5,680 | ||||||||||||||||||
Accounts receivable, net | — | 355,429 | 96,569 | 44,051 | — | 496,049 | ||||||||||||||||||
Inventories, net | — | 201,260 | 25,584 | 10,342 | 3,254 | 240,440 | ||||||||||||||||||
Uniforms and other rental items in service | — | 363,662 | 113,024 | 38,917 | (18,851 | ) | 496,752 | |||||||||||||||||
Income taxes, current | — | 4,172 | 3,437 | 1,493 | — | 9,102 | ||||||||||||||||||
Prepaid expenses and other | — | 7,450 | 12,909 | 4,171 | — | 24,530 | ||||||||||||||||||
current assets | ||||||||||||||||||||||||
Total current assets | — | 986,484 | 504,273 | 149,666 | (15,597 | ) | 1,624,826 | |||||||||||||||||
Property and equipment, at cost, net | — | 631,480 | 259,586 | 95,637 | — | 986,703 | ||||||||||||||||||
Investments | 321,083 | 1,614,354 | 879,861 | 760,489 | (3,474,262 | ) | 101,525 | |||||||||||||||||
Goodwill | — | — | 1,449,445 | 68,115 | — | 1,517,560 | ||||||||||||||||||
Service contracts, net | — | 88,157 | 166 | 3,830 | — | 92,153 | ||||||||||||||||||
Other assets, net | 1,377,039 | 13,151 | 1,818,336 | 8,414 | (3,194,075 | ) | 22,865 | |||||||||||||||||
$ | 1,698,122 | $ | 3,333,626 | $ | 4,911,667 | $ | 1,086,151 | $ | (6,683,934 | ) | $ | 4,345,632 | ||||||||||||
Liabilities and | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (561,454 | ) | $ | 1,084,986 | $ | 24,728 | $ | 38,016 | $ | 121,029 | ||||||||||
Accrued compensation and related liabilities | — | 54,591 | 17,642 | 5,817 | — | 78,050 | ||||||||||||||||||
Accrued liabilities | — | 67,490 | 193,261 | 11,837 | (767 | ) | 271,821 | |||||||||||||||||
Deferred tax (asset) liability | — | (534 | ) | 68,765 | 8,938 | — | 77,169 | |||||||||||||||||
Long-term debt due within one year | — | 8,436 | (249 | ) | — | — | 8,187 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (431,471 | ) | 1,364,405 | 51,320 | 37,249 | 556,256 | ||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||
Long-term debt due after one year | — | 1,310,384 | (11,020 | ) | 848 | 767 | 1,300,979 | |||||||||||||||||
Deferred income taxes | — | (6 | ) | 216,368 | (5,879 | ) | — | 210,483 | ||||||||||||||||
Accrued liabilities | — | — | 75,571 | 851 | — | 76,422 | ||||||||||||||||||
Total long-term liabilities | — | 1,310,378 | 280,919 | (4,180 | ) | 767 | 1,587,884 | |||||||||||||||||
Total shareholders' equity | 2,163,369 | 2,454,719 | 3,266,343 | 1,039,011 | (6,721,950 | ) | 2,201,492 | |||||||||||||||||
$ | 1,698,122 | $ | 3,333,626 | $ | 4,911,667 | $ | 1,086,151 | $ | (6,683,934 | ) | $ | 4,345,632 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2014 | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
(in thousands) | Corporation | Guarantors | Guarantors | Corporation | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | — | 110,100 | 44,856 | 13,264 | — | 168,220 | ||||||||||||||||||
Amortization of intangible assets | — | 20,547 | 153 | 1,942 | — | 22,642 | ||||||||||||||||||
Stock-based compensation | 29,875 | — | — | — | — | 29,875 | ||||||||||||||||||
Gain on deconsolidation of Shredding | — | (111,661 | ) | — | 5,220 | — | (106,441 | ) | ||||||||||||||||
Shredding transaction asset impairment charge | — | — | 16,143 | — | — | 16,143 | ||||||||||||||||||
Shredding transaction costs | — | — | 26,057 | — | — | 26,057 | ||||||||||||||||||
Deferred income taxes | — | (2 | ) | 47,373 | (262 | ) | — | 47,109 | ||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (53,053 | ) | (1,300 | ) | (1,878 | ) | — | (56,231 | ) | ||||||||||||||
Inventories, net | — | (14,735 | ) | 4,839 | 450 | (1,616 | ) | (11,062 | ) | |||||||||||||||
Uniforms and other rental items in service | — | (11,004 | ) | 557 | (973 | ) | (15 | ) | (11,435 | ) | ||||||||||||||
Prepaid expenses | — | (386 | ) | (1,844 | ) | 53 | — | (2,177 | ) | |||||||||||||||
Accounts payable | — | 25,573 | 23,246 | (18,374 | ) | 1 | 30,446 | |||||||||||||||||
Accrued compensation and related liabilities | — | 5,778 | 4,947 | 206 | — | 10,931 | ||||||||||||||||||
Accrued liabilities | — | 50,008 | 4,897 | (689 | ) | 21 | 54,237 | |||||||||||||||||
Income taxes, current | — | 2,621 | 9,902 | 2,690 | — | 15,213 | ||||||||||||||||||
Net cash provided by operating activities | 404,317 | 186,049 | 384,835 | 22,458 | (389,690 | ) | 607,969 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (123,978 | ) | (9,591 | ) | (12,011 | ) | — | (145,580 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | 5,659 | 48,537 | — | 54,196 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (152,913 | ) | (242,956 | ) | (48,537 | ) | 378,548 | (65,858 | ) | ||||||||||||||
Proceeds from Shredding transaction, net of cash contributed | — | 180,000 | — | (641 | ) | — | 179,359 | |||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (13,199 | ) | — | (20,242 | ) | — | (33,441 | ) | |||||||||||||||
Other | 13,783 | (50,446 | ) | 8,108 | 12,173 | 11,163 | (5,219 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | 13,783 | (160,536 | ) | (238,780 | ) | (20,721 | ) | 389,711 | (16,543 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuances of debt | — | — | (2,445 | ) | 2,445 | — | — | |||||||||||||||||
Repayment of debt | — | (8,436 | ) | (106 | ) | 376 | (21 | ) | (8,187 | ) | ||||||||||||||
Proceeds from exercise of stock-based compensation awards | 41,902 | — | — | — | — | 41,902 | ||||||||||||||||||
Dividends paid | (93,293 | ) | — | — | (27 | ) | — | (93,320 | ) | |||||||||||||||
Repurchase of common stock | (370,599 | ) | — | — | — | — | (370,599 | ) | ||||||||||||||||
Other | 3,890 | 1,952 | 8,951 | (14,324 | ) | — | 469 | |||||||||||||||||
Net cash (used in) provided by financing activities | (418,100 | ) | (6,484 | ) | 6,400 | (11,530 | ) | (21 | ) | (429,735 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (676 | ) | — | (676 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 19,029 | 152,455 | (10,469 | ) | — | 161,015 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 54,511 | 247,070 | 50,692 | — | 352,273 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 73,540 | $ | 399,525 | $ | 40,223 | $ | — | $ | 513,288 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2013 | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
(in thousands) | Corporation | Guarantors | Guarantors | Corporation | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | — | 16,647 | 135,345 | 13,672 | — | 165,664 | ||||||||||||||||||
Amortization of intangible assets | — | 21,077 | 200 | 2,436 | — | 23,713 | ||||||||||||||||||
Stock-based compensation | 23,310 | — | — | — | — | 23,310 | ||||||||||||||||||
Deferred income taxes | — | — | 53,916 | (5,893 | ) | — | 48,023 | |||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (25,206 | ) | (15,326 | ) | (2,172 | ) | — | (42,704 | ) | ||||||||||||||
Inventories, net | — | 9,034 | (5,292 | ) | 626 | 6,629 | 10,997 | |||||||||||||||||
Uniforms and other rental items in service | — | (26,364 | ) | (11,590 | ) | (4,077 | ) | (2,148 | ) | (44,179 | ) | |||||||||||||
Prepaid expenses | — | 507 | (3,620 | ) | (168 | ) | — | (3,281 | ) | |||||||||||||||
Accounts payable | — | (55,802 | ) | 75,034 | 5,794 | (3 | ) | 25,023 | ||||||||||||||||
Accrued compensation and related liabilities | — | (9,206 | ) | (3,977 | ) | 22 | — | (13,161 | ) | |||||||||||||||
Accrued liabilities | — | (5,416 | ) | 38,099 | (829 | ) | 19 | 31,873 | ||||||||||||||||
Income taxes, current | — | 1,110 | 206 | 10,712 | — | 12,028 | ||||||||||||||||||
Net cash provided by operating activities | 338,752 | 25,129 | 479,722 | 52,916 | (343,771 | ) | 552,748 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (39,975 | ) | (131,208 | ) | (25,303 | ) | — | (196,486 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | 13,899 | 147,579 | — | 161,478 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (683 | ) | (31,075 | ) | (158,378 | ) | 11,672 | (178,464 | ) | ||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (67,431 | ) | 112 | (2,051 | ) | — | (69,370 | ) | |||||||||||||||
Other | (60,918 | ) | 58,589 | (315,519 | ) | (15,609 | ) | 332,118 | (1,339 | ) | ||||||||||||||
Net cash used in investing activities | (60,918 | ) | (49,500 | ) | (463,791 | ) | (53,762 | ) | 343,790 | (284,181 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuance of debt | — | 250,000 | 638 | (638 | ) | — | 250,000 | |||||||||||||||||
Repayment of debt | — | (225,866 | ) | 445 | (196 | ) | (19 | ) | (225,636 | ) | ||||||||||||||
Proceeds from exercise of stock-based compensation awards | 14,807 | — | — | — | — | 14,807 | ||||||||||||||||||
Dividends paid | (79,723 | ) | — | — | (21 | ) | — | (79,744 | ) | |||||||||||||||
Repurchase of common stock | (215,681 | ) | — | — | — | — | (215,681 | ) | ||||||||||||||||
Other | 2,763 | (3,989 | ) | 769 | 653 | — | 196 | |||||||||||||||||
Net cash (used in) provided by financing activities | (277,834 | ) | 20,145 | 1,852 | (202 | ) | (19 | ) | (256,058 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (61 | ) | — | (61 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,226 | ) | 17,783 | (1,109 | ) | — | 12,448 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 58,737 | 229,287 | 51,801 | — | 339,825 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 54,511 | $ | 247,070 | $ | 50,692 | $ | — | $ | 352,273 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation | — | 102,613 | 40,613 | 12,605 | — | 155,831 | ||||||||||||||||||
Amortization of intangible assets | — | 33,114 | 393 | 4,827 | — | 38,334 | ||||||||||||||||||
Stock-based compensation | 20,312 | — | — | — | — | 20,312 | ||||||||||||||||||
Deferred income taxes | — | — | 56,411 | 316 | — | 56,727 | ||||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (15,280 | ) | (4,985 | ) | (3,996 | ) | — | (24,261 | ) | ||||||||||||||
Inventories, net | — | (5,635 | ) | 4,685 | 1,590 | (2,970 | ) | (2,330 | ) | |||||||||||||||
Uniforms and other rental items in service | — | (34,401 | ) | (19,286 | ) | (1,477 | ) | (5,115 | ) | (60,279 | ) | |||||||||||||
Prepaid expenses | — | (2,154 | ) | 950 | (292 | ) | — | (1,496 | ) | |||||||||||||||
Accounts payable | — | (143,189 | ) | 661,243 | (530,611 | ) | — | (12,557 | ) | |||||||||||||||
Accrued compensation and related liabilities | — | 8,659 | 1,466 | 1,500 | — | 11,625 | ||||||||||||||||||
Accrued liabilities | — | 16,929 | (30,586 | ) | (6,732 | ) | 18 | (20,371 | ) | |||||||||||||||
Income taxes, current | — | (4,357 | ) | 4,712 | 10,335 | — | 10,690 | |||||||||||||||||
Net cash provided by (used in) operating activities | 317,949 | 121,858 | 946,293 | (74,356 | ) | (841,882 | ) | 469,862 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (116,954 | ) | (26,270 | ) | (17,578 | ) | — | (160,802 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | — | 665,016 | — | 665,016 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (2,740 | ) | (416,100 | ) | (579,654 | ) | 412,839 | (585,655 | ) | ||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (19,323 | ) | (65 | ) | (5,476 | ) | — | (24,864 | ) | ||||||||||||||
Other | 141,350 | 20,090 | (588,518 | ) | 28 | 429,061 | 2,011 | |||||||||||||||||
Net cash provided by (used in) investing activities | 141,350 | (118,927 | ) | (1,030,953 | ) | 62,336 | 841,900 | (104,294 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuance of debt | — | — | (786 | ) | — | 786 | — | |||||||||||||||||
Repayment of debt | — | (843 | ) | 324 | — | (804 | ) | (1,323 | ) | |||||||||||||||
Proceeds from exercise of stock-based compensation awards | 3,341 | — | — | — | — | 3,341 | ||||||||||||||||||
Dividends paid | (70,800 | ) | — | — | (20 | ) | — | (70,820 | ) | |||||||||||||||
Repurchase of common stock | (392,328 | ) | — | — | — | — | (392,328 | ) | ||||||||||||||||
Other | 488 | 1,508 | (574 | ) | (867 | ) | — | 555 | ||||||||||||||||
Net cash (used in) provided by financing activities | (459,299 | ) | 665 | (1,036 | ) | (887 | ) | (18 | ) | (460,575 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 184 | 1,700 | (5,158 | ) | — | (3,274 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,780 | (83,996 | ) | (18,065 | ) | — | (98,281 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 54,957 | 313,283 | 69,866 | — | 438,106 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 58,737 | $ | 229,287 | $ | 51,801 | $ | — | $ | 339,825 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
31-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Event | |
On June 30, 2014, Cintas sold stock in an equity method investment. In conjunction with the sale, Cintas received a cash dividend. Total cash received from the transaction was $35.2 million. The Company estimates that the sale will result in the recording of a gain, net of taxes, of approximately $13.6 million. This gain will be recorded in the Company's first quarter, fiscal 2015 results. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | ' | |||||||||||||||||||
Schedule II — Valuation and Qualifying Accounts and Reserves | ||||||||||||||||||||
Additions | ||||||||||||||||||||
(In thousands) | Balance at | -1 | -2 | -3 | Balance at | |||||||||||||||
Beginning | Charged to | Charged to | Deductions | End | ||||||||||||||||
of Year | Costs and | Other | of Year | |||||||||||||||||
Expenses | Accounts | |||||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||||||
May 31, 2012 | $ | 17,057 | $ | 5,165 | $ | 194 | $ | 5,399 | $ | 17,017 | ||||||||||
May 31, 2013 | $ | 17,017 | $ | 2,804 | $ | 202 | $ | 4,168 | $ | 15,855 | ||||||||||
May 31, 2014 | $ | 15,855 | $ | 5,607 | $ | (2,965 | ) | $ | 3,591 | $ | 14,906 | |||||||||
Reserve for Obsolete Inventory | ||||||||||||||||||||
May 31, 2012 | $ | 30,717 | $ | 4,247 | $ | (1,505 | ) | $ | 4,083 | $ | 29,376 | |||||||||
May 31, 2013 | $ | 29,376 | $ | 4,041 | $ | (2,223 | ) | $ | 1,707 | $ | 29,487 | |||||||||
May 31, 2014 | $ | 29,487 | $ | 3,147 | $ | (144 | ) | $ | 1,817 | $ | 30,673 | |||||||||
-1 | Represents amounts charged to expense to increase reserve for estimated future bad debts or to increase reserve for obsolete inventory. Amounts related to inventory are computed by performing a thorough analysis of future marketability by specific inventory item. | |||||||||||||||||||
-2 | Represents a change in the appropriate balance sheet reserve due to acquisitions and deconsolidations during the respective period. | |||||||||||||||||||
-3 | Represents reductions in the balance sheet reserve due to the actual write-off of non-collectible accounts receivable or the physical disposal of obsolete inventory items. These amounts do not impact Cintas' consolidated income statement. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Principles of consolidation | ' | |||||||
Principles of consolidation. The consolidated financial statements include the accounts of Cintas controlled majority-owned subsidiaries and any entities over which Cintas has control. Intercompany balances and transactions have been eliminated as appropriate. | ||||||||
Use of estimates | ' | |||||||
Use of estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Revenue recognition | ' | |||||||
Revenue recognition. Rental revenue, which is recorded in the Rental Uniforms and Ancillary Products operating segment, is recognized when services are performed. Other Services revenue, which is recorded in the Uniform Direct Sales, First Aid, Safety and Fire Protection Services and Document Management Services operating segments, is recognized when either services are performed or when products are shipped and the title and risks of ownership pass to the customer. | ||||||||
Cost of rental uniforms and ancillary products | ' | |||||||
Cost of rental uniforms and ancillary products. Cost of rental uniforms and ancillary products consists primarily of production expenses, delivery expenses and the amortization of in service inventory, including uniforms, mats, mops, shop towels and other ancillary items. The Rental Uniforms and Ancillary Products operating segment inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs and other costs of distribution are included in the cost of rental uniforms and ancillary products. | ||||||||
Cost of other services | ' | |||||||
Cost of other services. Cost of other services consists primarily of cost of goods sold (predominantly uniforms and first aid products), delivery expenses and distribution expenses. Cost of other services includes inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs and other costs of distribution. | ||||||||
Selling and administrative expenses | ' | |||||||
Selling and administrative expenses. Selling and administrative expenses consist primarily of sales labor and commissions, management and administrative labor, payroll taxes, medical expense, insurance expense, legal and professional costs and amortization of finite-lived intangible assets. | ||||||||
Cash and cash equivalents | ' | |||||||
Cash and cash equivalents. Cintas considers all highly liquid investments with a maturity of three months or less, at date of purchase, to be cash equivalents. | ||||||||
Marketable securities | ' | |||||||
Marketable securities. Marketable securities are typically comprised of fixed income securities and are classified as available-for-sale. | ||||||||
Accounts receivable | ' | |||||||
Accounts receivable. Accounts receivable is comprised of amounts owed through product shipments and services provided and is presented net of an allowance for doubtful accounts. The allowance is an estimate based on historical rates of collections and allowances for specific accounts identified as uncollectible. The allowance that is an estimate based on Cintas' historical rates of collections is recorded for overdue amounts, beginning with a nominal percentage and increasing substantially as the account ages. The amount provided as the account ages will differ slightly between the Rental Uniforms and Ancillary Products operating segment and the three other operating segments because of differences in customers served and the nature of each operating segment. When an account is considered uncollectible, it is written off against the allowance for doubtful accounts. | ||||||||
Inventories | ' | |||||||
Inventories. Inventories are valued at the lower of cost (first-in, first-out) or market. Cintas applies a commonly accepted practice of using inventory turns to apply variances between actual and standard costs to the inventory balances. The judgments and estimates used to calculate inventory turns will have an impact on the valuation of inventories at the lower of cost or market. Inventory is comprised of the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 17,984 | $ | 19,800 | ||||
Work in process | 14,304 | 17,353 | ||||||
Finished goods | 218,951 | 203,287 | ||||||
$ | 251,239 | $ | 240,440 | |||||
Inventories are recorded net of reserves for obsolete inventory of $30.7 million and $29.5 million as of May 31, 2014 and 2013, respectively. The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on Cintas' historical rates of obsolescence. | ||||||||
Uniforms and other rental items in service | ' | |||||||
Uniforms and other rental items in service. These items are valued at cost less amortization, calculated using the straight-line method. Uniforms in service (other than cleanroom and flame resistant clothing) are amortized over their useful life of 18 months. Other rental items, including shop towels, mats, mops, cleanroom garments, flame resistant clothing, linens and restroom dispensers, are amortized over their useful lives, which range from 8 to 60 months. The amortization rates used are based on industry experience, Cintas' specific experience and wear tests performed by Cintas. These factors are critical to determining the amount of in service inventory and related cost of uniforms and ancillary products that are presented in the consolidated financial statements. | ||||||||
Property and equipment | ' | |||||||
Property and equipment. Property and equipment is stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method primarily over the following estimated useful lives of the assets based on industry and Cintas specific experience, in years: | ||||||||
Buildings | 30 to 40 | |||||||
Building improvements | 5 to 20 | |||||||
Equipment | 3 to 10 | |||||||
Leasehold improvements | 2 to 15 | |||||||
Investments | ' | |||||||
Investments. Investments consists primarily of equity method investments and cash surrender value of life insurance policies. Investments are now separately presented on the balance sheet as a result of the shredding transaction. The equity method is used to account for our investments if our investment gives us the ability to exercise significant influence over the operating and financial policies of the investee. In general, equity method investments are initially measured at cost. However, an equity method investment resulting from a transaction in which a controlled group of assets that constitutes a business is deconsolidated is initially measured at fair value. Cintas recognizes its share of the investee’s earnings or losses in income. Cintas also adjusts its share of the investee's earnings for intra-entity transactions, basis differences, investee capital transactions and other comprehensive income through income or other comprehensive income as appropriate. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. | ||||||||
Long-lived assets | ' | |||||||
Long-lived assets. When events or circumstances indicate that the carrying amount of long-lived assets may not be recoverable, the estimated undiscounted future cash flows are compared to the carrying amount of the assets. If the estimated undiscounted future cash flows are less than the carrying amount of the assets, an impairment loss is recorded based on the excess of the carrying amount of the assets over their respective fair values. Fair value is generally determined by discounted cash flows or based on prices of similar assets, as appropriate. | ||||||||
Goodwill | ' | |||||||
Goodwill. Goodwill, obtained through acquisitions of businesses, is valued at cost less any impairment. Cintas completes an annual impairment test which may include an assessment of qualitative factors including, but not limited to, macroeconomic conditions, industry and market conditions, and entity specific factors such as strategies and financial performance. The test may also include the determination of the estimated fair value of Cintas' reporting units via comparisons to current market values, where available, and discounted cash flow analyses. Significant assumptions may include growth rates based on historical trends and margin improvement leveraged from such growth, as well as discount rates. In addition to the annual test, Cintas was required to perform an impairment test as of April 30, 2014 on the business remaining within the Document Management Services operating segment as a result of the shredding transaction. Based on the results of this test and the annual impairment test, Cintas was not required to recognize an impairment of goodwill for the fiscal years ended May 31, 2014, 2013 or 2012. Cintas will continue to perform impairment tests as of March 1 in future years and when indicators of impairment exist. | ||||||||
Service contracts and other assets | ' | |||||||
Service contracts and other assets. Service contracts and other assets, which consist primarily of noncompete and consulting agreements obtained through acquisitions of businesses, are amortized by use of the straight-line method over the estimated lives of the agreements, which are generally 5 to 10 years. Certain noncompete agreements, as well as all service contracts, require that a valuation be determined using a discounted cash flow model. The assumptions and judgments used in these models involve estimates of cash flows and discount rates, among other factors. Because of the assumptions used to value these intangible assets, actual results over time could vary from original estimates. Impairment of service contracts and other assets is accomplished through specific identification. No impairment has been recognized by Cintas for the fiscal years ended May 31, 2014, 2013 or 2012. | ||||||||
Accrued liabilities | ' | |||||||
Accrued liabilities. Current accrued liabilities are recorded when it is probable that a liability has occurred and the amount of the liability can be reasonably estimated. Current accrued liabilities include the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
General insurance liabilities | $ | 106,083 | $ | 96,930 | ||||
Employee benefit related liabilities | 64,445 | 59,221 | ||||||
Taxes and related liabilities | 7,531 | 7,776 | ||||||
Accrued interest | 26,726 | 26,816 | ||||||
Other | 94,942 | 81,078 | ||||||
$ | 299,727 | $ | 271,821 | |||||
General insurance liabilities represent the estimated ultimate cost of all asserted and unasserted claims incurred, primarily related to worker's compensation, auto liability and other general liability exposure through the consolidated balance sheet date. Our reserves are estimated through actuarial procedures of the insurance industry and by using industry assumptions, adjusted for specific expectations based on our claims history. Cintas records an increase or decrease in selling and administrative expenses related to development of prior claims, higher claims activity and other environmental factors in the period in which it becomes known. These changes in estimates may be material to the consolidated financial statements. | ||||||||
Long-term accrued liabilities consists primarily of reserves associated with unrecognized tax benefits, which are described in more detail in Note 8 entitled Income Taxes, and retirement obligations, which are described in more detail in Note 10 entitled Defined Contribution Plans. | ||||||||
Stock-based compensation | ' | |||||||
Stock-based compensation. Compensation expense is recognized for all share-based payments to employees, including stock options and restricted stock awards, in the consolidated statements of income based on the fair value of the awards that are granted. The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model. Measured compensation cost, net of estimated forfeitures, is recognized on a straight-line basis over the vesting period of the related share-based compensation award. | ||||||||
Derivatives and hedging activities | ' | |||||||
Derivatives and hedging activities. Cintas formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivatives are recorded at fair value on the consolidated balance sheet, and gains and losses are recorded as adjustments to income or other comprehensive income, as appropriate. | ||||||||
Income taxes | ' | |||||||
Income taxes. Deferred tax assets and liabilities are determined by the differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities. See Note 8 entitled Income Taxes of "Notes to Consolidated Financial Statements" for the types of items that give rise to significant deferred income tax assets and liabilities. Deferred income taxes are classified as assets or liabilities based on the classification of the related asset or liability for financial reporting purposes. Deferred income taxes that are not related to an asset or liability for financial reporting are classified according to the expected reversal date. Cintas regularly reviews deferred tax assets for recoverability based upon projected future taxable income and the expected timing of the reversals of existing temporary differences. Although realization is not assured, management believes it is more likely than not that the recorded deferred tax assets, as adjusted for valuation allowances, will be realized. | ||||||||
Cintas is periodically reviewed by domestic and foreign tax authorities regarding the amount of taxes due. These reviews include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. In evaluating the exposure associated with various filing positions, Cintas records reserves as deemed appropriate. Based on Cintas' evaluation of current tax positions, Cintas believes its tax related accruals are appropriate. | ||||||||
Fair Value Measurements | ' | |||||||
Fair Value Measurements. FASB Accounting Standard Codification ("ASC") Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. It also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||
Level 1 — | Quoted prices in active markets for identical assets or liabilities. | |||||||
Level 2 — | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||
Level 3 — | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Cintas' assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||
In order to meet the requirements of ASC 820, Cintas utilizes two basic valuation approaches to determine the fair value of its assets and liabilities required to be recorded on a recurring basis at fair value. The first approach is the cost approach. The cost approach is generally the value a market participant would expect to replace the respective asset or liability. The second approach is the market approach. The market approach looks at what a market participant would consider valuing an exact or similar asset or liability to that of Cintas, including those traded on exchanges. | ||||||||
Cintas' non-financial assets and liabilities not permitted or required to be measured at fair value on a recurring basis primarily relate to assets and liabilities acquired in a business acquisition unless otherwise noted in Note 2 entitled Fair Value Disclosures. Cintas is required to provide additional disclosures about fair value measurements as part of the consolidated financial statements for each major category of assets and liabilities measured at fair value on a non-recurring basis (including business acquisitions). Based on the nature of Cintas' business acquisitions, which occur regularly throughout the fiscal year, the majority of the assets acquired and liabilities assumed consist of working capital, primarily valued using Level 2 inputs, property and equipment, also primarily valued using Level 2 inputs and goodwill and other identified intangible assets valued using Level 3 inputs. In general, non-recurring fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities, which generally are not applicable to non-financial assets and liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability, such as internal estimates of future cash flows and company specific discount rates. | ||||||||
New accounting pronouncements | ' | |||||||
New accounting pronouncements. In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-02 requires an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For reclassification items not required under GAAP to be reclassified directly to net income in their entirety in the same reporting period, an entity is required to cross-reference to other disclosures currently required under GAAP that provide additional detail about those amounts. The Company adopted ASU 2013-02 effective June 1, 2013. See Note 14 entitled Accumulated Other Comprehensive Income (Loss) for details of required disclosure. | ||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" to clarify revenue recognition principles. This guidance is intended to improve disclosure requirements and enhance the comparability of revenue recognition practices. Improved disclosures under the amended guidance relate to the nature, amount, timing and uncertainty of revenue that is recognized from contracts with customers. This guidance will be effective for reporting periods beginning after December 15, 2016 and will be required to be applied retrospectively. Cintas is currently evaluating the impact that ASU 2014-09 will have on our consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventory is comprised of the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 17,984 | $ | 19,800 | ||||
Work in process | 14,304 | 17,353 | ||||||
Finished goods | 218,951 | 203,287 | ||||||
$ | 251,239 | $ | 240,440 | |||||
Estimated useful lives | ' | |||||||
Depreciation is calculated using the straight-line method primarily over the following estimated useful lives of the assets based on industry and Cintas specific experience, in years: | ||||||||
Buildings | 30 to 40 | |||||||
Building improvements | 5 to 20 | |||||||
Equipment | 3 to 10 | |||||||
Leasehold improvements | 2 to 15 | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 116,989 | $ | 112,311 | ||||
Buildings and improvements | 521,113 | 512,717 | ||||||
Equipment | 1,427,356 | 1,631,213 | ||||||
Leasehold improvements | 35,821 | 27,543 | ||||||
Construction in progress | 42,384 | 58,463 | ||||||
2,143,663 | 2,342,247 | |||||||
Less: accumulated depreciation | 1,287,961 | 1,355,544 | ||||||
$ | 855,702 | $ | 986,703 | |||||
Current accrued liabilities | ' | |||||||
Current accrued liabilities include the following amounts: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
General insurance liabilities | $ | 106,083 | $ | 96,930 | ||||
Employee benefit related liabilities | 64,445 | 59,221 | ||||||
Taxes and related liabilities | 7,531 | 7,776 | ||||||
Accrued interest | 26,726 | 26,816 | ||||||
Other | 94,942 | 81,078 | ||||||
$ | 299,727 | $ | 271,821 | |||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of fair value of financial instruments measured on a recurring basis | ' | |||||||||||||||
These financial instruments measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
As of May 31, 2014 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 513,288 | $ | — | $ | — | $ | 513,288 | ||||||||
Total assets at fair value | $ | 513,288 | $ | — | $ | — | $ | 513,288 | ||||||||
Current accrued liabilities | $ | — | $ | 286 | $ | — | $ | 286 | ||||||||
Total liabilities at fair value | $ | — | $ | 286 | $ | — | $ | 286 | ||||||||
As of May 31, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 352,273 | $ | — | $ | — | $ | 352,273 | ||||||||
Marketable securities: | ||||||||||||||||
U.S. municipal bonds | — | 5,680 | — | 5,680 | ||||||||||||
Accounts receivable, net | — | 39 | — | 39 | ||||||||||||
Total assets at fair value | $ | 352,273 | $ | 5,719 | $ | — | $ | 357,992 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Depreciation is calculated using the straight-line method primarily over the following estimated useful lives of the assets based on industry and Cintas specific experience, in years: | ||||||||
Buildings | 30 to 40 | |||||||
Building improvements | 5 to 20 | |||||||
Equipment | 3 to 10 | |||||||
Leasehold improvements | 2 to 15 | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 116,989 | $ | 112,311 | ||||
Buildings and improvements | 521,113 | 512,717 | ||||||
Equipment | 1,427,356 | 1,631,213 | ||||||
Leasehold improvements | 35,821 | 27,543 | ||||||
Construction in progress | 42,384 | 58,463 | ||||||
2,143,663 | 2,342,247 | |||||||
Less: accumulated depreciation | 1,287,961 | 1,355,544 | ||||||
$ | 855,702 | $ | 986,703 | |||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||
31-May-14 | |||||||||||||||
Investments [Abstract] | ' | ||||||||||||||
Summary of quantitative information about significant unobservable inputs | ' | ||||||||||||||
The following table details quantitative information about significant unobservable inputs used in the initial valuation of Cintas' investment in Shred-it: | |||||||||||||||
Range | |||||||||||||||
(Dollars in millions) | Fair Value at April 30, 2014 | Valuation Technique | Input | Low | High | ||||||||||
Equity method investment - Shred-it | $ | 339.4 | Discounted Cash Flow | EBITDA Margin | 20 | % | 22 | % | |||||||
Ratio of capital expenditures | 4.5 | % | 5.5 | % | |||||||||||
to revenues | |||||||||||||||
Long-term revenue growth | 1.5 | % | 2 | % | |||||||||||
WACC Rate | 9 | % | 9 | % |
Goodwill_Service_Contracts_and1
Goodwill, Service Contracts and Other Assets (Tables) | 12 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Goodwill, Service Contracts and Other Assets [Abstract] | ' | |||||||||||||||||||
Changes in the carrying amount of goodwill by operating segment | ' | |||||||||||||||||||
Changes in the carrying amount of goodwill and service contracts for the fiscal years ended May 31, 2014 and 2013, by operating segment, are as follows: | ||||||||||||||||||||
Goodwill (in thousands) | Rental | Uniform | First Aid, | Document | Total | |||||||||||||||
Uniforms & | Direct | Safety & | Management | |||||||||||||||||
Ancillary | Sales | Fire | ||||||||||||||||||
Products | Protection | |||||||||||||||||||
Balance as of June 1, 2012 | $ | 944,449 | $ | 23,968 | $ | 192,465 | $ | 324,493 | $ | 1,485,375 | ||||||||||
Goodwill acquired | — | — | 24,524 | 7,616 | 32,140 | |||||||||||||||
Foreign currency translation | (124 | ) | (26 | ) | — | 195 | 45 | |||||||||||||
Balance as of May 31, 2013 | $ | 944,325 | $ | 23,942 | $ | 216,989 | $ | 332,304 | $ | 1,517,560 | ||||||||||
Goodwill acquired | — | — | 4,922 | 8,794 | 13,716 | |||||||||||||||
Shredding transaction | — | — | — | (265,487 | ) | (265,487 | ) | |||||||||||||
Foreign currency translation | (809 | ) | (37 | ) | — | 2,468 | 1,622 | |||||||||||||
Balance as of May 31, 2014 | $ | 943,516 | $ | 23,905 | $ | 221,911 | $ | 78,079 | $ | 1,267,411 | ||||||||||
Changes in the carrying amount of service contracts by operating segment | ' | |||||||||||||||||||
Service Contracts (in thousands) | Rental | Uniform | First Aid, | Document | Total | |||||||||||||||
Uniforms & | Direct | Safety & | Management | |||||||||||||||||
Ancillary | Sales | Fire | ||||||||||||||||||
Products | Protection | |||||||||||||||||||
Balance as of June 1, 2012 | $ | 29,156 | $ | — | $ | 29,334 | $ | 18,332 | $ | 76,822 | ||||||||||
Service contracts acquired | — | — | 11,413 | 24,670 | 36,083 | |||||||||||||||
Service contracts amortization | (6,002 | ) | — | (7,936 | ) | (6,766 | ) | (20,704 | ) | |||||||||||
Foreign currency translation | (19 | ) | — | — | (29 | ) | (48 | ) | ||||||||||||
Balance as of May 31, 2013 | $ | 23,135 | $ | — | $ | 32,811 | $ | 36,207 | $ | 92,153 | ||||||||||
Service contracts acquired | — | — | 3,149 | 4,589 | 7,738 | |||||||||||||||
Shredding transaction | — | — | — | (23,990 | ) | (23,990 | ) | |||||||||||||
Service contracts amortization | (5,961 | ) | — | (7,926 | ) | (6,908 | ) | (20,795 | ) | |||||||||||
Foreign currency translation | (3 | ) | — | — | 572 | 569 | ||||||||||||||
Balance as of May 31, 2014 | $ | 17,171 | $ | — | $ | 28,034 | $ | 10,470 | $ | 55,675 | ||||||||||
Information regarding service contracts and other assets | ' | |||||||||||||||||||
Information regarding Cintas' service contracts and other assets is as follows: | ||||||||||||||||||||
As of May 31, 2014 | ||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | |||||||||||||||||
Amount | Amortization | |||||||||||||||||||
Service contracts | $ | 360,634 | $ | 304,959 | $ | 55,675 | ||||||||||||||
Noncompete and consulting agreements | $ | 49,080 | $ | 47,036 | $ | 2,044 | ||||||||||||||
Other | 23,826 | 6,244 | 17,582 | |||||||||||||||||
Total | $ | 72,906 | $ | 53,280 | $ | 19,626 | ||||||||||||||
As of May 31, 2013 | ||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | |||||||||||||||||
Amount | Amortization | |||||||||||||||||||
Service contracts | $ | 420,499 | $ | 328,346 | $ | 92,153 | ||||||||||||||
Noncompete and consulting agreements | $ | 77,863 | $ | 72,970 | $ | 4,893 | ||||||||||||||
Other | 22,711 | 4,739 | 17,972 | |||||||||||||||||
Total | $ | 100,574 | $ | 77,709 | $ | 22,865 | ||||||||||||||
LongTerm_Debt_and_Derivatives_
Long-Term Debt and Derivatives (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
(In thousands) | 2014 | 2013 | ||||||
Unsecured term notes due through 2036 at an average rate of 4.6% | $ | 1,300,980 | $ | 1,309,166 | ||||
Less: amounts due within one year | 503 | 8,187 | ||||||
$ | 1,300,477 | $ | 1,300,979 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of income before income taxes | ' | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Income before income taxes consist of the following components: | ||||||||||||
U.S. operations | $ | 595,221 | $ | 485,046 | $ | 454,811 | ||||||
Foreign operations | 12,637 | 14,862 | 16,133 | |||||||||
$ | 607,858 | $ | 499,908 | $ | 470,944 | |||||||
Components of income taxes | ' | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Income tax expense consists of the following components: | ||||||||||||
Current: | ||||||||||||
Federal | $ | 163,140 | $ | 109,964 | $ | 139,251 | ||||||
State and local | 21,328 | 12,478 | 17,780 | |||||||||
184,468 | 122,442 | 157,031 | ||||||||||
Deferred | 48,948 | 62,024 | 16,276 | |||||||||
$ | 233,416 | $ | 184,466 | $ | 173,307 | |||||||
Reconciliation of income tax expense using the statutory rate and actual income tax expense | ' | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows: | ||||||||||||
Income taxes at the U.S. federal statutory rate | $ | 212,750 | $ | 174,968 | $ | 164,830 | ||||||
State and local income taxes, net of federal benefit | 20,279 | 12,192 | 11,876 | |||||||||
Other | 387 | (2,694 | ) | (3,399 | ) | |||||||
$ | 233,416 | $ | 184,466 | $ | 173,307 | |||||||
The components of deferred income taxes included on the consolidated balance sheets | ' | |||||||||||
The components of deferred income taxes included on the consolidated balance sheets are as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for doubtful accounts | $ | 4,835 | $ | 5,322 | ||||||||
Inventory obsolescence | 11,682 | 12,220 | ||||||||||
Insurance and contingencies | 36,032 | 33,984 | ||||||||||
Stock-based compensation | 23,890 | 17,513 | ||||||||||
Foreign tax credit carry-forward | 4,266 | 5,397 | ||||||||||
Treasury locks | 6,924 | 8,020 | ||||||||||
Other | 30,526 | 20,030 | ||||||||||
118,155 | 102,486 | |||||||||||
Valuation allowance | (13,358 | ) | (12,789 | ) | ||||||||
104,797 | 89,697 | |||||||||||
Deferred tax liabilities: | ||||||||||||
In service inventory | 150,439 | 131,334 | ||||||||||
Property | 90,155 | 123,904 | ||||||||||
Intangibles | 81,215 | 99,267 | ||||||||||
Investment in partnerships | 93,227 | 4,025 | ||||||||||
State taxes and other | 24,650 | 18,819 | ||||||||||
439,686 | 377,349 | |||||||||||
Net deferred tax liability | $ | 334,889 | $ | 287,652 | ||||||||
Summary of valuation allowance | ' | |||||||||||
The progression of the valuation allowance is as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Balance at beginning of year | $ | (12,789 | ) | $ | (9,054 | ) | ||||||
Additions | (1,701 | ) | (7,391 | ) | ||||||||
Subtractions | 1,132 | 3,656 | ||||||||||
Balance at end of year | $ | (13,358 | ) | $ | (12,789 | ) | ||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: | ||||||||||||
(In thousands) | ||||||||||||
Balance at June 1, 2011 | $ | 103,099 | ||||||||||
Additions for tax positions pf prior years | 5,660 | |||||||||||
Settlements | (5,048 | ) | ||||||||||
Change in tax regulations | (57,182 | ) | ||||||||||
Statute expirations | (1,998 | ) | ||||||||||
Balance at May 31, 2012 | $ | 44,531 | ||||||||||
Additions based on tax positions related to the current year | 1,843 | |||||||||||
Additions for tax positions of prior years | 2,960 | |||||||||||
Change in tax regulations | (33,600 | ) | ||||||||||
Statute expirations | (2,025 | ) | ||||||||||
Balance at May 31, 2013 | $ | 13,709 | ||||||||||
Additions for tax positions of prior years | 2,586 | |||||||||||
Statute expirations | (1,963 | ) | ||||||||||
Settlements | (1,270 | ) | ||||||||||
Balance at May 31, 2014 | $ | 13,062 | ||||||||||
Acquisitions_and_Deconsolidati1
Acquisitions and Deconsolidation (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Business Combinations [Abstract] | ' | |||||||
The aggregate purchase price for all businesses acquired | ' | |||||||
The following summarizes the aggregate purchase price for all businesses acquired: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Fair value of tangible assets acquired | $ | 11,415 | $ | 7,212 | ||||
Fair value of service contracts acquired | 6,343 | 34,858 | ||||||
Fair value of other intangibles acquired | 924 | 2,049 | ||||||
Net goodwill recognized | 13,865 | 32,133 | ||||||
Total fair value of assets acquired | 32,547 | 76,252 | ||||||
Fair value of liabilities (settled) assumed and incurred | (894 | ) | 6,882 | |||||
Total cash paid for acquisitions | $ | 33,441 | $ | 69,370 | ||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas' common shares: | ||||||||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | |||||||||||||||||||
Basic Earnings per Share | ||||||||||||||||||||||
Net income | $ | 374,442 | $ | 315,442 | $ | 297,637 | ||||||||||||||||
Less: net income allocated to participating securities | 3,452 | 1,896 | 1,880 | |||||||||||||||||||
Net income allocated to common shareholders | $ | 370,990 | $ | 313,546 | $ | 295,757 | ||||||||||||||||
Basic weighted average common shares outstanding | 120,377 | 123,956 | 129,891 | |||||||||||||||||||
Basic earnings per share | $ | 3.08 | $ | 2.53 | $ | 2.27 | ||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | |||||||||||||||||||
Diluted Earnings per Share | ||||||||||||||||||||||
Net income | $ | 374,442 | $ | 315,442 | $ | 297,637 | ||||||||||||||||
Less: net income allocated to participating securities | 3,452 | 1,896 | 1,880 | |||||||||||||||||||
Net income allocated to common shareholders | $ | 370,990 | $ | 313,546 | $ | 295,757 | ||||||||||||||||
Basic weighted average common shares outstanding | 120,377 | 123,956 | 129,891 | |||||||||||||||||||
Effect of dilutive securities — employee stock options | 1,263 | 575 | 142 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 121,640 | 124,531 | 130,033 | |||||||||||||||||||
Diluted earnings per share | $ | 3.05 | $ | 2.52 | $ | 2.27 | ||||||||||||||||
Summary of share buyback activity by program | ' | |||||||||||||||||||||
The following table summarizes the buyback activity by program and fiscal year: | ||||||||||||||||||||||
(In thousands except per share data) | 2014 | 2013 | ||||||||||||||||||||
Buyback Program | Shares | Avg. Price per Share | Purchase Price | Shares | Avg. Price per Share | Purchase Price | ||||||||||||||||
18-Oct-11 | 3,324 | $ | 48.87 | $ | 162,460 | 5,075 | $ | 40.97 | $ | 207,932 | ||||||||||||
30-Jul-13 | 3,341 | $ | 59.72 | $ | 199,500 | — | $ | — | $ | — | ||||||||||||
6,665 | $ | 54.31 | $ | 361,960 | 5,075 | $ | 40.97 | $ | 207,932 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
31-May-14 | |||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||
Assumptions used to determine fair value of options | ' | ||||||||||||||
he fair value of options was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Risk-free interest rate | 2 | % | 1.3 | % | 2.4 | % | |||||||||
Dividend yield | 1.7 | % | 1.8 | % | 1.7 | % | |||||||||
Expected volatility of Cintas' common stock | 28 | % | 28 | % | 28 | % | |||||||||
Expected life of the option in years | 7.5 | 7.5 | 7.5 | ||||||||||||
Stock options granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans | ' | ||||||||||||||
The information presented in the following table relates primarily to stock options granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans: | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Exercise | |||||||||||||||
Price | |||||||||||||||
Outstanding, June 1, 2011 (1,945,207 shares exercisable) | 7,664,703 | $ | 36.12 | ||||||||||||
Granted | 1,638,907 | 36.26 | |||||||||||||
Canceled | (1,591,480 | ) | 36.9 | ||||||||||||
Exercised | (103,013 | ) | 32.66 | ||||||||||||
Outstanding, May 31, 2012 (2,105,702 shares exercisable) | 7,609,117 | 36.04 | |||||||||||||
Granted | 1,722,081 | 44.67 | |||||||||||||
Canceled | (884,384 | ) | 38.69 | ||||||||||||
Exercised | (561,176 | ) | 36.44 | ||||||||||||
Outstanding, May 31, 2013 (1,815,795 shares exercisable) | 7,885,638 | 37.6 | |||||||||||||
Granted | 2,111,649 | 61.04 | |||||||||||||
Canceled | (699,314 | ) | 42.42 | ||||||||||||
Exercised | (1,272,179 | ) | 39.03 | ||||||||||||
Outstanding, May 31, 2014 (1,583,413 shares exercisable) | 8,025,794 | $ | 43.12 | ||||||||||||
Information related to stock options outstanding | ' | ||||||||||||||
The following table summarizes the information related to stock options outstanding at May 31, 2014: | |||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||
Range of | Number | Average | Weighted | Number | Weighted | ||||||||||
Exercise Prices | Outstanding | Remaining | Average | Exercisable | Average | ||||||||||
Option | Exercise | Exercise | |||||||||||||
Life | Price | Price | |||||||||||||
$ 20.29 – $ 34.17 | 1,455,179 | 5.74 | $ | 27.12 | 658,257 | $ | 26.5 | ||||||||
34.18 – 37.80 | 1,256,058 | 6.51 | 34.88 | 146,089 | 35.72 | ||||||||||
37.81 – 43.00 | 1,747,491 | 6.67 | 38.57 | 359,434 | 40.45 | ||||||||||
43.01 – 62.12 | 3,567,066 | 8.64 | 55.32 | 419,633 | 44.94 | ||||||||||
$ 20.29 – $ 62.12 | 8,025,794 | 7.35 | $ | 43.12 | 1,583,413 | $ | 35.4 | ||||||||
Restricted stock awards granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans | ' | ||||||||||||||
The information presented in the following table relates to restricted stock awards granted and outstanding under either the 2005 Equity Compensation Plan or under previously adopted plans: | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Grant | |||||||||||||||
Price | |||||||||||||||
Outstanding, unvested grants at June 1, 2011 | 1,917,382 | $ | 28.22 | ||||||||||||
Granted | 452,267 | 35.95 | |||||||||||||
Canceled | (188,685 | ) | 30.62 | ||||||||||||
Vested | (291,968 | ) | 27.6 | ||||||||||||
Outstanding, unvested grants at May 31, 2012 | 1,888,996 | 29.93 | |||||||||||||
Granted | 810,453 | 41.72 | |||||||||||||
Canceled | (73,856 | ) | 31.78 | ||||||||||||
Vested | (610,570 | ) | 25.4 | ||||||||||||
Outstanding, unvested grants at May 31, 2013 | 2,015,023 | 35.97 | |||||||||||||
Granted | 661,514 | 60.66 | |||||||||||||
Canceled | (52,124 | ) | 37.95 | ||||||||||||
Vested | (465,635 | ) | 28.76 | ||||||||||||
Outstanding, unvested grants at May 31, 2014 | 2,158,778 | $ | 45.04 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) | ' | |||||||||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||
(In thousands) | Foreign Currency | Unrealized | Other | Total | ||||||||||||
Loss on | ||||||||||||||||
Derivatives | ||||||||||||||||
Balance at May 31, 2013 | $ | 51,312 | $ | (14,339 | ) | $ | 1,150 | $ | 38,123 | |||||||
Other comprehensive loss before reclassifications | (9,787 | ) | (228 | ) | (1,632 | ) | (11,647 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,952 | — | 1,952 | ||||||||||||
Net current period other comprehensive (loss) income | (9,787 | ) | 1,724 | (1,632 | ) | (9,695 | ) | |||||||||
Balance at May 31, 2014 | $ | 41,525 | $ | (12,615 | ) | $ | (482 | ) | $ | 28,428 | ||||||
Schedule of reclassifications out of accumulated other comprehensive income (loss) | ' | |||||||||||||||
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) during fiscal 2014: | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the | ||||||||||||||
Income (Loss) Components | Consolidated Condensed | |||||||||||||||
Statements of Income | ||||||||||||||||
(In thousands) | ||||||||||||||||
Amortization of interest rate locks | $ | (3,130 | ) | Interest expense | ||||||||||||
Tax benefit | 1,178 | Income taxes | ||||||||||||||
Amortization of interest rate locks, net of tax | $ | (1,952 | ) | Net of tax |
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Information related to operating segments | ' | |||||||||||||||||||||||
Information related to the operations of Cintas' operating segments is set forth below: | ||||||||||||||||||||||||
(In thousands) | Rental | Uniform | First Aid, | Document | Corporate | Total | ||||||||||||||||||
Uniforms | Direct | Safety & | Management | |||||||||||||||||||||
& Ancillary | Sales | Fire | ||||||||||||||||||||||
Products | Protection | |||||||||||||||||||||||
May 31, 2014 | ||||||||||||||||||||||||
Revenue | $ | 3,223,930 | $ | 455,485 | $ | 514,429 | $ | 357,968 | $ | — | $ | 4,551,812 | ||||||||||||
Gross margin | $ | 1,394,503 | $ | 130,018 | $ | 225,238 | $ | 164,627 | $ | — | $ | 1,914,386 | ||||||||||||
Selling and admin. expenses | 887,444 | 83,309 | 176,286 | 155,713 | — | 1,302,752 | ||||||||||||||||||
Gain on deconsolidation of Shredding, net of impairment charges and other transaction costs | — | — | — | 61,817 | — | 61,817 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 65,593 | 65,593 | ||||||||||||||||||
Income before income taxes | $ | 507,059 | $ | 46,709 | $ | 48,952 | $ | 70,731 | $ | (65,593 | ) | $ | 607,858 | |||||||||||
Depreciation and amortization | $ | 117,869 | $ | 8,307 | $ | 21,113 | $ | 43,573 | $ | — | $ | 190,862 | ||||||||||||
Capital expenditures | $ | 94,190 | $ | 2,482 | $ | 14,512 | $ | 34,396 | $ | — | $ | 145,580 | ||||||||||||
Total assets | $ | 2,875,014 | $ | 142,033 | $ | 422,015 | $ | 510,102 | $ | 513,288 | $ | 4,462,452 | ||||||||||||
May 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 3,044,587 | $ | 461,328 | $ | 460,592 | $ | 349,964 | $ | — | $ | 4,316,471 | ||||||||||||
Gross margin | $ | 1,288,290 | $ | 134,985 | $ | 199,314 | $ | 164,478 | $ | — | $ | 1,787,067 | ||||||||||||
Selling and admin. expenses | 835,249 | 81,739 | 156,232 | 148,636 | — | 1,221,856 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 65,303 | 65,303 | ||||||||||||||||||
Income before income taxes | $ | 453,041 | $ | 53,246 | $ | 43,082 | $ | 15,842 | $ | (65,303 | ) | $ | 499,908 | |||||||||||
Depreciation and amortization | $ | 116,867 | $ | 8,049 | $ | 20,832 | $ | 43,629 | $ | — | $ | 189,377 | ||||||||||||
Capital expenditures | $ | 140,327 | $ | 6,908 | $ | 11,809 | $ | 37,442 | $ | — | $ | 196,486 | ||||||||||||
Total assets | $ | 2,830,941 | $ | 152,551 | $ | 398,614 | $ | 605,573 | $ | 357,953 | $ | 4,345,632 | ||||||||||||
May 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 2,912,261 | $ | 433,994 | $ | 415,703 | $ | 340,042 | $ | — | $ | 4,102,000 | ||||||||||||
Gross margin | $ | 1,263,710 | $ | 129,614 | $ | 178,465 | $ | 166,819 | $ | — | $ | 1,738,608 | ||||||||||||
Selling and admin. expenses | 834,210 | 80,577 | 143,338 | 140,856 | — | 1,198,981 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 68,683 | 68,683 | ||||||||||||||||||
Income before income taxes | $ | 429,500 | $ | 49,037 | $ | 35,127 | $ | 25,963 | $ | (68,683 | ) | $ | 470,944 | |||||||||||
Depreciation and amortization | $ | 121,842 | $ | 7,087 | $ | 19,641 | $ | 45,595 | $ | — | $ | 194,165 | ||||||||||||
Capital expenditures | $ | 107,152 | $ | 5,161 | $ | 15,264 | $ | 33,225 | $ | — | $ | 160,802 | ||||||||||||
Total assets | $ | 2,770,491 | $ | 136,478 | $ | 362,128 | $ | 556,784 | $ | 339,825 | $ | 4,165,706 | ||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Summary of the results of operation for each of the quarters within the fiscal year | ' | |||||||||||||||
The following is a summary of the results of operation for each of the quarters within the fiscal years ended May 31, 2014 and 2013: | ||||||||||||||||
May 31, 2014 (in thousands) (1) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenue | $ | 1,120,343 | $ | 1,143,753 | $ | 1,130,237 | $ | 1,157,479 | ||||||||
Gross margin | $ | 465,980 | $ | 476,919 | $ | 479,125 | $ | 492,362 | ||||||||
Net income | $ | 77,754 | $ | 84,862 | $ | 84,602 | $ | 127,224 | ||||||||
Basic earnings per share | $ | 0.63 | $ | 0.71 | $ | 0.7 | $ | 1.04 | ||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.7 | $ | 0.69 | $ | 1.03 | ||||||||
Weighted average number of shares outstanding | 122,130 | 119,907 | 119,913 | 119,541 | ||||||||||||
May 31, 2013 (in thousands) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenue | $ | 1,051,325 | $ | 1,060,386 | $ | 1,075,674 | $ | 1,129,086 | ||||||||
Gross margin | $ | 445,875 | $ | 432,036 | $ | 441,941 | $ | 467,215 | ||||||||
Net income | $ | 76,733 | $ | 78,027 | $ | 74,705 | $ | 85,977 | ||||||||
Basic earnings per share | $ | 0.61 | $ | 0.63 | $ | 0.6 | $ | 0.69 | ||||||||
Diluted earnings per share | $ | 0.6 | $ | 0.63 | $ | 0.6 | $ | 0.69 | ||||||||
Weighted average number of shares outstanding | 126,110 | 124,185 | 123,120 | 122,392 | ||||||||||||
(1) On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Income Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,460,666 | $ | 663,512 | $ | 220,969 | $ | (121,217 | ) | $ | 3,223,930 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,637,193 | 31,512 | 131,581 | (472,404 | ) | 1,327,882 | |||||||||||||||||
Equity in net income of | 374,442 | — | — | — | (374,442 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
374,442 | 4,097,859 | 695,024 | 352,550 | (968,063 | ) | 4,551,812 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,520,893 | 417,388 | 153,726 | (262,580 | ) | 1,829,427 | |||||||||||||||||
Cost of other services | — | 1,056,366 | (14,261 | ) | 80,385 | (314,491 | ) | 807,999 | ||||||||||||||||
Selling and administrative expenses | — | 1,303,186 | (83,763 | ) | 101,432 | (18,103 | ) | 1,302,752 | ||||||||||||||||
Shredding transaction asset impairment charge | — | — | 16,143 | — | — | 16,143 | ||||||||||||||||||
Shredding transaction costs | — | — | 28,481 | — | — | 28,481 | ||||||||||||||||||
Operating income | 374,442 | 217,414 | 331,036 | 17,007 | (372,889 | ) | 567,010 | |||||||||||||||||
Gain (loss) on Shredding deconsolidation | — | 111,661 | — | (5,220 | ) | — | 106,441 | |||||||||||||||||
Interest income | — | (43 | ) | (178 | ) | (15,279 | ) | 15,271 | (229 | ) | ||||||||||||||
Interest expense (income) | — | 66,461 | (635 | ) | (4 | ) | — | 65,822 | ||||||||||||||||
Income before income taxes | 374,442 | 262,657 | 331,849 | 27,070 | (388,160 | ) | 607,858 | |||||||||||||||||
Income taxes | — | 100,394 | 126,840 | 6,261 | (79 | ) | 233,416 | |||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,314,386 | $ | 616,726 | $ | 220,946 | $ | (107,471 | ) | $ | 3,044,587 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,587,000 | 31,210 | 124,234 | (470,560 | ) | 1,271,884 | |||||||||||||||||
Equity in net income of | 315,442 | — | — | — | (315,442 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
315,442 | 3,901,386 | 647,936 | 345,180 | (893,473 | ) | 4,316,471 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,454,791 | 392,134 | 155,490 | (246,118 | ) | 1,756,297 | |||||||||||||||||
Cost of other services | — | 1,016,074 | (12,694 | ) | 77,103 | (307,376 | ) | 773,107 | ||||||||||||||||
Selling and administrative expenses | — | 1,210,755 | (66,640 | ) | 97,646 | (19,905 | ) | 1,221,856 | ||||||||||||||||
Operating income | 315,442 | 219,766 | 335,136 | 14,941 | (320,074 | ) | 565,211 | |||||||||||||||||
Interest income | — | (40 | ) | (272 | ) | (28,334 | ) | 28,237 | (409 | ) | ||||||||||||||
Interest expense (income) | — | 66,584 | (875 | ) | 3 | — | 65,712 | |||||||||||||||||
Income before income taxes | 315,442 | 153,222 | 336,283 | 43,272 | (348,311 | ) | 499,908 | |||||||||||||||||
Income taxes | — | 54,474 | 119,556 | 10,479 | (43 | ) | 184,466 | |||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Condensed Consolidating Income Statement | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Rental uniforms and | $ | — | $ | 2,233,085 | $ | 574,950 | $ | 210,683 | $ | (106,457 | ) | $ | 2,912,261 | |||||||||||
ancillary products | ||||||||||||||||||||||||
Other services | — | 1,488,163 | 28,660 | 117,791 | (444,875 | ) | 1,189,739 | |||||||||||||||||
Equity in net income of | 297,637 | — | — | — | (297,637 | ) | — | |||||||||||||||||
affiliates | ||||||||||||||||||||||||
297,637 | 3,721,248 | 603,610 | 328,474 | (848,969 | ) | 4,102,000 | ||||||||||||||||||
Costs and expenses (income): | ||||||||||||||||||||||||
Cost of rental uniforms and ancillary products | — | 1,386,320 | 362,803 | 145,293 | (245,865 | ) | 1,648,551 | |||||||||||||||||
Cost of other services | — | 955,148 | (13,649 | ) | 73,130 | (299,788 | ) | 714,841 | ||||||||||||||||
Selling and administrative expenses | — | 1,184,888 | (69,882 | ) | (145,953 | ) | 229,928 | 1,198,981 | ||||||||||||||||
Operating income | 297,637 | 194,892 | 324,338 | 256,004 | (533,244 | ) | 539,627 | |||||||||||||||||
Interest income | — | (111,631 | ) | (589 | ) | (190,345 | ) | 300,623 | (1,942 | ) | ||||||||||||||
Interest expense (income) | — | 72,212 | (1,543 | ) | (44 | ) | — | 70,625 | ||||||||||||||||
Income before income taxes | 297,637 | 234,311 | 326,470 | 446,393 | (833,867 | ) | 470,944 | |||||||||||||||||
Income taxes | — | 68,752 | 95,793 | 8,814 | (52 | ) | 173,307 | |||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | (9,787 | ) | — | (9,787 | ) | ||||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | — | — | (228 | ) | — | (228 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,952 | — | — | — | 1,952 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | (1,629 | ) | (3 | ) | — | (1,632 | ) | |||||||||||||||
Other comprehensive income (loss) | — | 1,952 | (1,629 | ) | (10,018 | ) | — | (9,695 | ) | |||||||||||||||
Comprehensive income | $ | 374,442 | $ | 164,215 | $ | 203,380 | $ | 10,791 | $ | (388,081 | ) | $ | 364,747 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | (12 | ) | — | (1,075 | ) | — | (1,087 | ) | |||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | (187 | ) | — | — | — | (187 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,952 | — | — | — | 1,952 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | 782 | — | — | 782 | ||||||||||||||||||
Other comprehensive income (loss) | — | 1,753 | 782 | (1,075 | ) | — | 1,460 | |||||||||||||||||
Comprehensive income | $ | 315,442 | $ | 100,501 | $ | 217,509 | $ | 31,718 | $ | (348,268 | ) | $ | 316,902 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary Guarantors | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Corporation | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Foreign currency translation | — | (18 | ) | — | (17,797 | ) | — | (17,815 | ) | |||||||||||||||
adjustments | ||||||||||||||||||||||||
Change in fair value of | — | (5,604 | ) | — | 318 | — | (5,286 | ) | ||||||||||||||||
derivatives | ||||||||||||||||||||||||
Amortization of interest rate lock | — | 1,508 | — | — | — | 1,508 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
Other | — | — | (575 | ) | 24 | — | (551 | ) | ||||||||||||||||
Other comprehensive loss | — | (4,114 | ) | (575 | ) | (17,455 | ) | — | (22,144 | ) | ||||||||||||||
Comprehensive income | $ | 297,637 | $ | 161,445 | $ | 230,102 | $ | 420,124 | $ | (833,815 | ) | $ | 275,493 | |||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of May 31, 2014 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 73,540 | $ | 399,525 | $ | 40,223 | $ | — | $ | 513,288 | ||||||||||||
Accounts receivable, net | — | 366,629 | 97,869 | 43,929 | — | 508,427 | ||||||||||||||||||
Inventories, net | — | 215,974 | 20,745 | 9,650 | 4,870 | 251,239 | ||||||||||||||||||
Uniforms and other rental items in service | — | 374,666 | 112,467 | 38,240 | (18,836 | ) | 506,537 | |||||||||||||||||
Income taxes, current | — | 1,549 | (1,549 | ) | — | — | — | |||||||||||||||||
Prepaid expenses and other | — | 7,058 | 14,752 | 4,380 | — | 26,190 | ||||||||||||||||||
current assets | ||||||||||||||||||||||||
Total current assets | — | 1,039,416 | 643,809 | 136,422 | (13,966 | ) | 1,805,681 | |||||||||||||||||
Property and equipment, at cost, net | — | 533,665 | 225,677 | 96,360 | — | 855,702 | ||||||||||||||||||
Investments | 321,083 | 2,081,094 | 893,647 | 1,015,343 | (3,852,810 | ) | 458,357 | |||||||||||||||||
Goodwill | — | — | 1,211,716 | 55,807 | (112 | ) | 1,267,411 | |||||||||||||||||
Service contracts, net | — | 51,248 | 53 | 4,374 | — | 55,675 | ||||||||||||||||||
Other assets, net | 1,378,100 | 8,900 | 2,189,527 | 9,044 | (3,565,945 | ) | 19,626 | |||||||||||||||||
$ | 1,699,183 | $ | 3,714,323 | $ | 5,164,429 | $ | 1,317,350 | $ | (7,432,833 | ) | $ | 4,462,452 | ||||||||||||
Liabilities and | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (545,526 | ) | $ | 1,092,545 | $ | 30,281 | $ | 38,017 | $ | 150,070 | ||||||||||
Accrued compensation and related liabilities | — | 56,581 | 22,590 | 5,855 | — | 85,026 | ||||||||||||||||||
Accrued liabilities | — | 79,614 | 208,983 | 11,876 | (746 | ) | 299,727 | |||||||||||||||||
Income taxes, current | — | — | 4,915 | 1,045 | — | 5,960 | ||||||||||||||||||
Deferred tax (asset) liability | — | (510 | ) | 80,575 | 8,780 | — | 88,845 | |||||||||||||||||
Long-term debt due within one year | — | 773 | (270 | ) | — | — | 503 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (409,068 | ) | 1,409,338 | 57,837 | 37,271 | 630,131 | ||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||
Long-term debt due after one year | — | 1,309,611 | (10,380 | ) | 500 | 746 | 1,300,477 | |||||||||||||||||
Deferred income taxes | — | (6 | ) | 251,924 | (5,874 | ) | — | 246,044 | ||||||||||||||||
Accrued liabilities | — | — | 92,069 | 873 | — | 92,942 | ||||||||||||||||||
Total long-term liabilities | — | 1,309,605 | 333,613 | (4,501 | ) | 746 | 1,639,463 | |||||||||||||||||
Total shareholders' equity | 2,164,430 | 2,813,786 | 3,421,478 | 1,264,014 | (7,470,850 | ) | 2,192,858 | |||||||||||||||||
$ | 1,699,183 | $ | 3,714,323 | $ | 5,164,429 | $ | 1,317,350 | $ | (7,432,833 | ) | $ | 4,462,452 | ||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of May 31, 2013 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 54,511 | $ | 247,070 | $ | 50,692 | $ | — | $ | 352,273 | ||||||||||||
Marketable securities | — | — | 5,680 | — | — | 5,680 | ||||||||||||||||||
Accounts receivable, net | — | 355,429 | 96,569 | 44,051 | — | 496,049 | ||||||||||||||||||
Inventories, net | — | 201,260 | 25,584 | 10,342 | 3,254 | 240,440 | ||||||||||||||||||
Uniforms and other rental items in service | — | 363,662 | 113,024 | 38,917 | (18,851 | ) | 496,752 | |||||||||||||||||
Income taxes, current | — | 4,172 | 3,437 | 1,493 | — | 9,102 | ||||||||||||||||||
Prepaid expenses and other | — | 7,450 | 12,909 | 4,171 | — | 24,530 | ||||||||||||||||||
current assets | ||||||||||||||||||||||||
Total current assets | — | 986,484 | 504,273 | 149,666 | (15,597 | ) | 1,624,826 | |||||||||||||||||
Property and equipment, at cost, net | — | 631,480 | 259,586 | 95,637 | — | 986,703 | ||||||||||||||||||
Investments | 321,083 | 1,614,354 | 879,861 | 760,489 | (3,474,262 | ) | 101,525 | |||||||||||||||||
Goodwill | — | — | 1,449,445 | 68,115 | — | 1,517,560 | ||||||||||||||||||
Service contracts, net | — | 88,157 | 166 | 3,830 | — | 92,153 | ||||||||||||||||||
Other assets, net | 1,377,039 | 13,151 | 1,818,336 | 8,414 | (3,194,075 | ) | 22,865 | |||||||||||||||||
$ | 1,698,122 | $ | 3,333,626 | $ | 4,911,667 | $ | 1,086,151 | $ | (6,683,934 | ) | $ | 4,345,632 | ||||||||||||
Liabilities and | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (561,454 | ) | $ | 1,084,986 | $ | 24,728 | $ | 38,016 | $ | 121,029 | ||||||||||
Accrued compensation and related liabilities | — | 54,591 | 17,642 | 5,817 | — | 78,050 | ||||||||||||||||||
Accrued liabilities | — | 67,490 | 193,261 | 11,837 | (767 | ) | 271,821 | |||||||||||||||||
Deferred tax (asset) liability | — | (534 | ) | 68,765 | 8,938 | — | 77,169 | |||||||||||||||||
Long-term debt due within one year | — | 8,436 | (249 | ) | — | — | 8,187 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (431,471 | ) | 1,364,405 | 51,320 | 37,249 | 556,256 | ||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||
Long-term debt due after one year | — | 1,310,384 | (11,020 | ) | 848 | 767 | 1,300,979 | |||||||||||||||||
Deferred income taxes | — | (6 | ) | 216,368 | (5,879 | ) | — | 210,483 | ||||||||||||||||
Accrued liabilities | — | — | 75,571 | 851 | — | 76,422 | ||||||||||||||||||
Total long-term liabilities | — | 1,310,378 | 280,919 | (4,180 | ) | 767 | 1,587,884 | |||||||||||||||||
Total shareholders' equity | 2,163,369 | 2,454,719 | 3,266,343 | 1,039,011 | (6,721,950 | ) | 2,201,492 | |||||||||||||||||
$ | 1,698,122 | $ | 3,333,626 | $ | 4,911,667 | $ | 1,086,151 | $ | (6,683,934 | ) | $ | 4,345,632 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2014 | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
(in thousands) | Corporation | Guarantors | Guarantors | Corporation | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 374,442 | $ | 162,263 | $ | 205,009 | $ | 20,809 | $ | (388,081 | ) | $ | 374,442 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | — | 110,100 | 44,856 | 13,264 | — | 168,220 | ||||||||||||||||||
Amortization of intangible assets | — | 20,547 | 153 | 1,942 | — | 22,642 | ||||||||||||||||||
Stock-based compensation | 29,875 | — | — | — | — | 29,875 | ||||||||||||||||||
Gain on deconsolidation of Shredding | — | (111,661 | ) | — | 5,220 | — | (106,441 | ) | ||||||||||||||||
Shredding transaction asset impairment charge | — | — | 16,143 | — | — | 16,143 | ||||||||||||||||||
Shredding transaction costs | — | — | 26,057 | — | — | 26,057 | ||||||||||||||||||
Deferred income taxes | — | (2 | ) | 47,373 | (262 | ) | — | 47,109 | ||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (53,053 | ) | (1,300 | ) | (1,878 | ) | — | (56,231 | ) | ||||||||||||||
Inventories, net | — | (14,735 | ) | 4,839 | 450 | (1,616 | ) | (11,062 | ) | |||||||||||||||
Uniforms and other rental items in service | — | (11,004 | ) | 557 | (973 | ) | (15 | ) | (11,435 | ) | ||||||||||||||
Prepaid expenses | — | (386 | ) | (1,844 | ) | 53 | — | (2,177 | ) | |||||||||||||||
Accounts payable | — | 25,573 | 23,246 | (18,374 | ) | 1 | 30,446 | |||||||||||||||||
Accrued compensation and related liabilities | — | 5,778 | 4,947 | 206 | — | 10,931 | ||||||||||||||||||
Accrued liabilities | — | 50,008 | 4,897 | (689 | ) | 21 | 54,237 | |||||||||||||||||
Income taxes, current | — | 2,621 | 9,902 | 2,690 | — | 15,213 | ||||||||||||||||||
Net cash provided by operating activities | 404,317 | 186,049 | 384,835 | 22,458 | (389,690 | ) | 607,969 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (123,978 | ) | (9,591 | ) | (12,011 | ) | — | (145,580 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | 5,659 | 48,537 | — | 54,196 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (152,913 | ) | (242,956 | ) | (48,537 | ) | 378,548 | (65,858 | ) | ||||||||||||||
Proceeds from Shredding transaction, net of cash contributed | — | 180,000 | — | (641 | ) | — | 179,359 | |||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (13,199 | ) | — | (20,242 | ) | — | (33,441 | ) | |||||||||||||||
Other | 13,783 | (50,446 | ) | 8,108 | 12,173 | 11,163 | (5,219 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | 13,783 | (160,536 | ) | (238,780 | ) | (20,721 | ) | 389,711 | (16,543 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuances of debt | — | — | (2,445 | ) | 2,445 | — | — | |||||||||||||||||
Repayment of debt | — | (8,436 | ) | (106 | ) | 376 | (21 | ) | (8,187 | ) | ||||||||||||||
Proceeds from exercise of stock-based compensation awards | 41,902 | — | — | — | — | 41,902 | ||||||||||||||||||
Dividends paid | (93,293 | ) | — | — | (27 | ) | — | (93,320 | ) | |||||||||||||||
Repurchase of common stock | (370,599 | ) | — | — | — | — | (370,599 | ) | ||||||||||||||||
Other | 3,890 | 1,952 | 8,951 | (14,324 | ) | — | 469 | |||||||||||||||||
Net cash (used in) provided by financing activities | (418,100 | ) | (6,484 | ) | 6,400 | (11,530 | ) | (21 | ) | (429,735 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (676 | ) | — | (676 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 19,029 | 152,455 | (10,469 | ) | — | 161,015 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 54,511 | 247,070 | 50,692 | — | 352,273 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 73,540 | $ | 399,525 | $ | 40,223 | $ | — | $ | 513,288 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2013 | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
(in thousands) | Corporation | Guarantors | Guarantors | Corporation | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 315,442 | $ | 98,748 | $ | 216,727 | $ | 32,793 | $ | (348,268 | ) | $ | 315,442 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | — | 16,647 | 135,345 | 13,672 | — | 165,664 | ||||||||||||||||||
Amortization of intangible assets | — | 21,077 | 200 | 2,436 | — | 23,713 | ||||||||||||||||||
Stock-based compensation | 23,310 | — | — | — | — | 23,310 | ||||||||||||||||||
Deferred income taxes | — | — | 53,916 | (5,893 | ) | — | 48,023 | |||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (25,206 | ) | (15,326 | ) | (2,172 | ) | — | (42,704 | ) | ||||||||||||||
Inventories, net | — | 9,034 | (5,292 | ) | 626 | 6,629 | 10,997 | |||||||||||||||||
Uniforms and other rental items in service | — | (26,364 | ) | (11,590 | ) | (4,077 | ) | (2,148 | ) | (44,179 | ) | |||||||||||||
Prepaid expenses | — | 507 | (3,620 | ) | (168 | ) | — | (3,281 | ) | |||||||||||||||
Accounts payable | — | (55,802 | ) | 75,034 | 5,794 | (3 | ) | 25,023 | ||||||||||||||||
Accrued compensation and related liabilities | — | (9,206 | ) | (3,977 | ) | 22 | — | (13,161 | ) | |||||||||||||||
Accrued liabilities | — | (5,416 | ) | 38,099 | (829 | ) | 19 | 31,873 | ||||||||||||||||
Income taxes, current | — | 1,110 | 206 | 10,712 | — | 12,028 | ||||||||||||||||||
Net cash provided by operating activities | 338,752 | 25,129 | 479,722 | 52,916 | (343,771 | ) | 552,748 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (39,975 | ) | (131,208 | ) | (25,303 | ) | — | (196,486 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | 13,899 | 147,579 | — | 161,478 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (683 | ) | (31,075 | ) | (158,378 | ) | 11,672 | (178,464 | ) | ||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (67,431 | ) | 112 | (2,051 | ) | — | (69,370 | ) | |||||||||||||||
Other | (60,918 | ) | 58,589 | (315,519 | ) | (15,609 | ) | 332,118 | (1,339 | ) | ||||||||||||||
Net cash used in investing activities | (60,918 | ) | (49,500 | ) | (463,791 | ) | (53,762 | ) | 343,790 | (284,181 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuance of debt | — | 250,000 | 638 | (638 | ) | — | 250,000 | |||||||||||||||||
Repayment of debt | — | (225,866 | ) | 445 | (196 | ) | (19 | ) | (225,636 | ) | ||||||||||||||
Proceeds from exercise of stock-based compensation awards | 14,807 | — | — | — | — | 14,807 | ||||||||||||||||||
Dividends paid | (79,723 | ) | — | — | (21 | ) | — | (79,744 | ) | |||||||||||||||
Repurchase of common stock | (215,681 | ) | — | — | — | — | (215,681 | ) | ||||||||||||||||
Other | 2,763 | (3,989 | ) | 769 | 653 | — | 196 | |||||||||||||||||
Net cash (used in) provided by financing activities | (277,834 | ) | 20,145 | 1,852 | (202 | ) | (19 | ) | (256,058 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (61 | ) | — | (61 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,226 | ) | 17,783 | (1,109 | ) | — | 12,448 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 58,737 | 229,287 | 51,801 | — | 339,825 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 54,511 | $ | 247,070 | $ | 50,692 | $ | — | $ | 352,273 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended May 31, 2012 (in thousands) | Cintas | Corp. 2 | Subsidiary | Non- | Eliminations | Cintas | ||||||||||||||||||
Corporation | Guarantors | Guarantors | Corporation | |||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 297,637 | $ | 165,559 | $ | 230,677 | $ | 437,579 | $ | (833,815 | ) | $ | 297,637 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation | — | 102,613 | 40,613 | 12,605 | — | 155,831 | ||||||||||||||||||
Amortization of intangible assets | — | 33,114 | 393 | 4,827 | — | 38,334 | ||||||||||||||||||
Stock-based compensation | 20,312 | — | — | — | — | 20,312 | ||||||||||||||||||
Deferred income taxes | — | — | 56,411 | 316 | — | 56,727 | ||||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||||||||||||
Accounts receivable, net | — | (15,280 | ) | (4,985 | ) | (3,996 | ) | — | (24,261 | ) | ||||||||||||||
Inventories, net | — | (5,635 | ) | 4,685 | 1,590 | (2,970 | ) | (2,330 | ) | |||||||||||||||
Uniforms and other rental items in service | — | (34,401 | ) | (19,286 | ) | (1,477 | ) | (5,115 | ) | (60,279 | ) | |||||||||||||
Prepaid expenses | — | (2,154 | ) | 950 | (292 | ) | — | (1,496 | ) | |||||||||||||||
Accounts payable | — | (143,189 | ) | 661,243 | (530,611 | ) | — | (12,557 | ) | |||||||||||||||
Accrued compensation and related liabilities | — | 8,659 | 1,466 | 1,500 | — | 11,625 | ||||||||||||||||||
Accrued liabilities | — | 16,929 | (30,586 | ) | (6,732 | ) | 18 | (20,371 | ) | |||||||||||||||
Income taxes, current | — | (4,357 | ) | 4,712 | 10,335 | — | 10,690 | |||||||||||||||||
Net cash provided by (used in) operating activities | 317,949 | 121,858 | 946,293 | (74,356 | ) | (841,882 | ) | 469,862 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (116,954 | ) | (26,270 | ) | (17,578 | ) | — | (160,802 | ) | ||||||||||||||
Proceeds from redemption of marketable securities | — | — | — | 665,016 | — | 665,016 | ||||||||||||||||||
Purchase of marketable securities and investments | — | (2,740 | ) | (416,100 | ) | (579,654 | ) | 412,839 | (585,655 | ) | ||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (19,323 | ) | (65 | ) | (5,476 | ) | — | (24,864 | ) | ||||||||||||||
Other | 141,350 | 20,090 | (588,518 | ) | 28 | 429,061 | 2,011 | |||||||||||||||||
Net cash provided by (used in) investing activities | 141,350 | (118,927 | ) | (1,030,953 | ) | 62,336 | 841,900 | (104,294 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from the issuance of debt | — | — | (786 | ) | — | 786 | — | |||||||||||||||||
Repayment of debt | — | (843 | ) | 324 | — | (804 | ) | (1,323 | ) | |||||||||||||||
Proceeds from exercise of stock-based compensation awards | 3,341 | — | — | — | — | 3,341 | ||||||||||||||||||
Dividends paid | (70,800 | ) | — | — | (20 | ) | — | (70,820 | ) | |||||||||||||||
Repurchase of common stock | (392,328 | ) | — | — | — | — | (392,328 | ) | ||||||||||||||||
Other | 488 | 1,508 | (574 | ) | (867 | ) | — | 555 | ||||||||||||||||
Net cash (used in) provided by financing activities | (459,299 | ) | 665 | (1,036 | ) | (887 | ) | (18 | ) | (460,575 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 184 | 1,700 | (5,158 | ) | — | (3,274 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,780 | (83,996 | ) | (18,065 | ) | — | (98,281 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 54,957 | 313,283 | 69,866 | — | 438,106 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 58,737 | $ | 229,287 | $ | 51,801 | $ | — | $ | 339,825 | ||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
segment | Uniforms in service [Member] | Other rental items [Member] | Minimum [Member] | Maximum [Member] | Product Concentration Risk [Member] | Product Concentration Risk [Member] | Product Concentration Risk [Member] | Shred-it Partnership [Member] | Shred-it Partnership [Member] | Shred-it [Member] | ||
Service contacts and other assets [Member] | Service contacts and other assets [Member] | Cintas Document Shredding [Member] | Cintas Document Shredding [Member] | Cintas Document Shredding [Member] | Shred-it Partnership [Member] | |||||||
Assets, Segment [Member] | Sales Revenue, Segment [Member] | Income Before Income Taxes, Segment [Member] | ||||||||||
Cintas Document Management Services [Member] | Cintas Document Management Services [Member] | Cintas Document Management Services [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments (segment) | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | $33.50 | $28.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories useful life, minimum (months) | ' | ' | ' | '8 months | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories useful life, maximum (months) | ' | ' | '18 months | '60 months | ' | ' | ' | ' | ' | ' | ' | ' |
Service contracts and other assets useful lives (years) | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | 76.00% | 80.00% | 70.00% | ' | ' | ' |
Percentage of newly formed partnership owned by Cintas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.00% | ' |
Partnership, ownership percentage by third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% |
Contribution to partnership, consideration expected to be received, cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | $180 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Inventories) (Details) (USD $) | 31-May-14 | 31-May-13 |
Accounting Policies [Abstract] | ' | ' |
Raw materials | $17,984,000 | $19,800,000 |
Work in process | 14,304,000 | 17,353,000 |
Finished goods | 218,951,000 | 203,287,000 |
Inventories, net | 251,239,000 | 240,440,000 |
Inventory valuation reserves | $30,700,000 | $29,500,000 |
Significant_Accounting_Policie5
Significant Accounting Policies (Estimated Useful Lives) (Details) | 12 Months Ended |
31-May-14 | |
Minimum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '30 years |
Minimum [Member] | Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '5 years |
Minimum [Member] | Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '3 years |
Minimum [Member] | Leasehold improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '2 years |
Maximum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '40 years |
Maximum [Member] | Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '20 years |
Maximum [Member] | Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '10 years |
Maximum [Member] | Leasehold improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful lives (years) | '15 years |
Significant_Accounting_Policie6
Significant Accounting Policies (Accrued Liabilities) (Details) (USD $) | 31-May-14 | 31-May-13 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
General insurance liabilities | $106,083 | $96,930 |
Employee benefit related liabilities | 64,445 | 59,221 |
Taxes and related liabilities | 7,531 | 7,776 |
Accrued interest | 26,726 | 26,816 |
Other | 94,942 | 81,078 |
Accrued liabilities | $299,727 | $271,821 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 12 Months Ended | |||
31-May-14 | 31-May-13 | 31-May-12 | Apr. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Amortized cost basis, marketable securities | ' | $5,700,000 | ' | ' |
Marketable securities purchased | 48,500,000 | 167,100,000 | 579,700,000 | ' |
Shredding transaction asset impairment charge | 16,143,000 | 0 | 0 | ' |
Information systems assets, fair value | ' | ' | ' | $5,400,000 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures (Financial Instruments on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 31-May-14 | 31-May-13 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Cash and cash equivalents | $513,288 | $352,273 |
Accounts Receivable, Fair Value Disclosure | ' | 0 |
Total assets at fair value | 513,288 | 352,273 |
Current accrued liabilities | 0 | ' |
Total liabilities at fair value | 0 | ' |
Level 2 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Cash and cash equivalents | 0 | 0 |
Accounts Receivable, Fair Value Disclosure | ' | 39 |
Total assets at fair value | 0 | 5,719 |
Current accrued liabilities | 286 | ' |
Total liabilities at fair value | 286 | ' |
Level 3 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Cash and cash equivalents | 0 | 0 |
Accounts Receivable, Fair Value Disclosure | ' | 0 |
Total assets at fair value | 0 | 0 |
Current accrued liabilities | 0 | ' |
Total liabilities at fair value | 0 | ' |
Fair Value [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Cash and cash equivalents | 513,288 | 352,273 |
Accounts Receivable, Fair Value Disclosure | ' | 39 |
Total assets at fair value | 513,288 | 357,992 |
Current accrued liabilities | 286 | ' |
Total liabilities at fair value | 286 | ' |
U.S. municipal bonds [Member] | Level 1 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Available-for-sale Securities | ' | 0 |
U.S. municipal bonds [Member] | Level 2 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Available-for-sale Securities | ' | 5,680 |
U.S. municipal bonds [Member] | Level 3 [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Available-for-sale Securities | ' | 0 |
U.S. municipal bonds [Member] | Fair Value [Member] | ' | ' |
Fair value on a recurring basis | ' | ' |
Available-for-sale Securities | ' | $5,680 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-12 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $2,143,663,000 | $2,342,247,000 | ' |
Less: accumulated depreciation | 1,287,961,000 | 1,355,544,000 | ' |
Property, plant and equipment, net | 855,702,000 | 986,703,000 | ' |
Interest expense, net of capitalized interest | 0 | 0 | 1,300,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 116,989,000 | 112,311,000 | ' |
Buildings and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 521,113,000 | 512,717,000 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 1,427,356,000 | 1,631,213,000 | ' |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 35,821,000 | 27,543,000 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $42,384,000 | $58,463,000 | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | |||
31-May-14 | 31-May-13 | 31-May-12 | Apr. 30, 2014 | |
Shred-it Partnership [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investments | $458,357,000 | $101,525,000 | ' | ' |
Cash surrender value of life insurance policies | 86,500,000 | 73,000,000 | ' | ' |
Equity method investments | 371,100,000 | 27,600,000 | ' | ' |
Cost method investments | 800,000 | 900,000 | ' | ' |
Gain on sale of equity method investments | ' | 8,500,000 | ' | ' |
Cost-method investments, losses due to impairment | 0 | 0 | 0 | ' |
Percentage of newly formed partnership owned by Cintas | ' | ' | ' | 42.00% |
Equity method investment, recorded at fair value | ' | ' | ' | $339,400,000 |
Investments_Significant_Unobse
Investments (Significant Unobservable Inputs) (Details) (USD $) | Apr. 30, 2014 | 31-May-14 | 31-May-14 |
In Millions, unless otherwise specified | Shred-it Partnership [Member] | Minimum [Member] | Maximum [Member] |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Equity method investment, recorded at fair value | $339.40 | ' | ' |
EBITDA Margin | ' | 20.00% | 22.00% |
Ratio of capital expenditures to revenues | ' | 4.50% | 5.50% |
Long-term revenue growth rate | ' | 1.50% | 2.00% |
WACC Rate | ' | 9.00% | 9.00% |
Goodwill_Service_Contracts_and2
Goodwill, Service Contracts and Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-12 | |
Goodwill, Service Contracts and Other Assets [Abstract] | ' | ' | ' |
Amortization of intangible assets | $22,642,000 | $23,713,000 | $38,334,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Estimated amortization expense, year one | 15,700,000 | ' | ' |
Estimated amortization expense, year two | 11,300,000 | ' | ' |
Estimated amortization expense, year three | 6,700,000 | ' | ' |
Estimated amortization expense, year four | 5,700,000 | ' | ' |
Estimated amortization expense, year five | $5,400,000 | ' | ' |
Goodwill_Service_Contracts_and3
Goodwill, Service Contracts and Other Assets (Changes in Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Goodwill [Roll Forward] | ' | ' |
Balance at the beginning of the period | $1,517,560 | $1,485,375 |
Goodwill acquired | 13,716 | 32,140 |
Shredding transaction | -265,487 | ' |
Foreign currency translation | 1,622 | 45 |
Balance at the end of the period | 1,267,411 | 1,517,560 |
Rental Uniforms and Ancillary Products [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at the beginning of the period | 944,325 | 944,449 |
Goodwill acquired | 0 | 0 |
Shredding transaction | 0 | ' |
Foreign currency translation | -809 | -124 |
Balance at the end of the period | 943,516 | 944,325 |
Uniform Direct Sales [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at the beginning of the period | 23,942 | 23,968 |
Goodwill acquired | 0 | 0 |
Shredding transaction | 0 | ' |
Foreign currency translation | -37 | -26 |
Balance at the end of the period | 23,905 | 23,942 |
First Aid, Safety and Fire Protection [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at the beginning of the period | 216,989 | 192,465 |
Goodwill acquired | 4,922 | 24,524 |
Shredding transaction | 0 | ' |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | 221,911 | 216,989 |
Document Management [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at the beginning of the period | 332,304 | 324,493 |
Goodwill acquired | 8,794 | 7,616 |
Shredding transaction | -265,487 | ' |
Foreign currency translation | 2,468 | 195 |
Balance at the end of the period | $78,079 | $332,304 |
Goodwill_Service_Contracts_and4
Goodwill, Service Contracts and Other Assets (Changes in Carrying Amount of Service Contracts) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Service contracts [Roll Forward] | ' | ' |
Balance at the beginning of the period | $92,153 | $76,822 |
Service contracts acquired | 7,738 | 36,083 |
Shredding transaction | -23,990 | ' |
Service contracts amortization | -20,795 | -20,704 |
Foreign currency translation | 569 | -48 |
Balance at the end of the period | 55,675 | 92,153 |
Rental Uniforms and Ancillary Products [Member] | ' | ' |
Service contracts [Roll Forward] | ' | ' |
Balance at the beginning of the period | 23,135 | 29,156 |
Service contracts acquired | 0 | 0 |
Shredding transaction | 0 | ' |
Service contracts amortization | -5,961 | -6,002 |
Foreign currency translation | -3 | -19 |
Balance at the end of the period | 17,171 | 23,135 |
Uniform Direct Sales [Member] | ' | ' |
Service contracts [Roll Forward] | ' | ' |
Balance at the beginning of the period | 0 | 0 |
Service contracts acquired | 0 | 0 |
Shredding transaction | 0 | ' |
Service contracts amortization | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | 0 | 0 |
First Aid, Safety and Fire Protection [Member] | ' | ' |
Service contracts [Roll Forward] | ' | ' |
Balance at the beginning of the period | 32,811 | 29,334 |
Service contracts acquired | 3,149 | 11,413 |
Shredding transaction | 0 | ' |
Service contracts amortization | -7,926 | -7,936 |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | 28,034 | 32,811 |
Document Management [Member] | ' | ' |
Service contracts [Roll Forward] | ' | ' |
Balance at the beginning of the period | 36,207 | 18,332 |
Service contracts acquired | 4,589 | 24,670 |
Shredding transaction | -23,990 | ' |
Service contracts amortization | -6,908 | -6,766 |
Foreign currency translation | 572 | -29 |
Balance at the end of the period | $10,470 | $36,207 |
Goodwill_Service_Contracts_and5
Goodwill, Service Contracts and Other Assets (Information Regarding Service Contracts and Other Assets) (Details) (USD $) | 31-May-14 | 31-May-13 | 31-May-12 |
In Thousands, unless otherwise specified | |||
Information regarding service contracts and other assets | ' | ' | ' |
Service contracts, Net | $55,675 | $92,153 | $76,822 |
Other assets, Carrying Amount | 72,906 | 100,574 | ' |
Other assets, Accumulated Amortization | 53,280 | 77,709 | ' |
Other assets, Net | 19,626 | 22,865 | ' |
Noncompete and consulting agreements [Member] | ' | ' | ' |
Information regarding service contracts and other assets | ' | ' | ' |
Other assets, Carrying Amount | 49,080 | 77,863 | ' |
Other assets, Accumulated Amortization | 47,036 | 72,970 | ' |
Other assets, Net | 2,044 | 4,893 | ' |
Other [Member] | ' | ' | ' |
Information regarding service contracts and other assets | ' | ' | ' |
Other assets, Carrying Amount | 23,826 | 22,711 | ' |
Other assets, Accumulated Amortization | 6,244 | 4,739 | ' |
Other assets, Net | 17,582 | 17,972 | ' |
Service contracts [Member] | ' | ' | ' |
Information regarding service contracts and other assets | ' | ' | ' |
Service contracts, Carrying Amount | 360,634 | 420,499 | ' |
Service contracts, Accumulated Amortization | 304,959 | 328,346 | ' |
Service contracts, Net | $55,675 | $92,153 | ' |
LongTerm_Debt_and_Derivatives_1
Long-Term Debt and Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||
31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | Jun. 02, 2012 | Jun. 05, 2012 | 31-May-14 | 31-May-13 | |
Other comprehensive Income [Member] | Other comprehensive Income [Member] | Other comprehensive Income [Member] | Notes Due Through 2036 [Member] | Notes Due Through 2036 [Member] | Notes Due 2012 [Member] | Notes Due 2022 [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||||
Unsecured Debt [Member] | Unsecured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying amount | ' | ' | ' | ' | ' | ' | $1,300,980,000 | $1,309,166,000 | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | ' | ' | 1,421,000,000 | 1,447,100,000 | ' | ' | ' | ' |
Letters of credit outstanding, amount | 85,100,000 | 85,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | 65,900,000 | 68,400,000 | 62,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper program availability | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity with accordion feature | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on long term debt | 8,187,000 | 225,636,000 | 1,323,000 | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' |
Stated interest rate percentage on long term debt (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 3.25% | ' | ' |
Net proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Proceeds from issuance of debt | 0 | 250,000,000 | 0 | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Amortization of interest rate lock agreements | ' | ' | ' | 2,000,000 | 2,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' |
Interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -300,000 | 100,000 |
Loss on foreign currency exchange hedges (less than $0.1 million in 2012) | 0 | 0 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt, next twelve months | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt, year two | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt, year three | 250,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt, year four | 300,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt, year five | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Derivatives_2
Long-Term Debt and Derivatives (Schedule of Debt) (Details) (USD $) | 31-May-14 | 31-May-13 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Less: amounts due within one year | $503 | $8,187 |
Long-term debt due after one year | 1,300,477 | 1,300,979 |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, weighted average interest rate (percent) | 4.60% | ' |
Notes Due Through 2036 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured term notes due through 2036 at an average rate of 4.6% | 1,300,980 | 1,309,166 |
Less: amounts due within one year | 503 | 8,187 |
Long-term debt due after one year | $1,300,477 | $1,300,979 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease rent expense | $55.70 | $52.20 | $48.70 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating leases minimum payments due, next 12 months | 35.3 | ' | ' |
Operating leases minimum payments due, due in two years | 30.2 | ' | ' |
Operating leases minimum payments due, due in three years | 24.3 | ' | ' |
Operating leases minimum payments due, due in four years | 20.1 | ' | ' |
Operating leases minimum payments due, due in five years | 14.3 | ' | ' |
Operating leases minimum payments due, due thereafter | $60.40 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases renewal option period (years) | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases renewal option period (years) | '10 years | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income taxes paid | ' | $172.50 | $122.20 | $160.80 |
Cash repatriated from foreign subsidiaries | 110 | ' | ' | ' |
Cash repatriated from foreign subsidiaries, income tax expense | ' | ' | 8.9 | ' |
Undistributed earnings of foreign subsidiaries | 140.7 | 172.7 | 194 | 140.7 |
Unrecognized tax benefits that would impact effective tax rates if recognized | ' | 9.7 | 10.9 | ' |
Unrecognized tax benefits, interest and penalties accrual | ' | 0.7 | 1.1 | ' |
Unrecognized tax benefits period increase (decrease) | ' | -0.2 | -29.2 | -55 |
Unrecognized tax benefits, decrease in accrued interest | ' | 0.4 | 0.9 | 7.1 |
Potential increase (decrease) in the balance of unrecognized tax benefits | ' | ($0.70) | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Income before income taxes consist of the following components: | ' | ' | ' |
U.S. operations | $595,221 | $485,046 | $454,811 |
Foreign operations | 12,637 | 14,862 | 16,133 |
Income before income taxes | $607,858 | $499,908 | $470,944 |
Income_Taxes_Components_of_Inc1
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Current: | ' | ' | ' |
Federal | $163,140 | $109,964 | $139,251 |
State and local | 21,328 | 12,478 | 17,780 |
Current income tax expense | 184,468 | 122,442 | 157,031 |
Deferred | 48,948 | 62,024 | 16,276 |
Income taxes | $233,416 | $184,466 | $173,307 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Tax Expense Using the Statutory Rate and Actual Income Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows: | ' | ' | ' |
Income taxes at the U.S. federal statutory rate | $212,750 | $174,968 | $164,830 |
State and local income taxes, net of federal benefit | 20,279 | 12,192 | 11,876 |
Other | 387 | -2,694 | -3,399 |
Income taxes | $233,416 | $184,466 | $173,307 |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Income Taxes) (Details) (USD $) | 31-May-14 | 31-May-13 | 31-May-12 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Allowance for doubtful accounts | $4,835 | $5,322 | ' |
Inventory obsolescence | 11,682 | 12,220 | ' |
Insurance and contingencies | 36,032 | 33,984 | ' |
Stock-based compensation | 23,890 | 17,513 | ' |
Foreign tax credit carry-forward | 4,266 | 5,397 | ' |
Treasury locks | 6,924 | 8,020 | ' |
Other | 30,526 | 20,030 | ' |
Deferred tax assets, gross | 118,155 | 102,486 | ' |
Valuation allowance | -13,358 | -12,789 | -9,054 |
Deferred tax assets, net | 104,797 | 89,697 | ' |
Deferred tax liabilities: | ' | ' | ' |
In service inventory | 150,439 | 131,334 | ' |
Property | 90,155 | 123,904 | ' |
Intangibles | 81,215 | 99,267 | ' |
Investment in partnerships | 93,227 | 4,025 | ' |
State taxes and other | 24,650 | 18,819 | ' |
Deferred tax liabilities | 439,686 | 377,349 | ' |
Net deferred tax liability | $334,889 | $287,652 | ' |
Income_Taxes_Summary_of_Valuat
Income Taxes (Summary of Valuation Allowance) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Movement in Valuation Allowance [Roll Forward] | ' | ' |
Balance at beginning of period | ($12,789) | ($9,054) |
Additions | -1,701 | -7,391 |
Subtractions | 1,132 | 3,656 |
Balance at end of period | ($13,358) | ($12,789) |
Income_Taxes_Reconciliation_Un
Income Taxes (Reconciliation Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $13,709 | $44,531 | $103,099 |
Additions for tax positions of prior years | 2,586 | 2,960 | 5,660 |
Additions based on tax positions related to the current year | ' | 1,843 | ' |
Settlements | -1,270 | ' | -5,048 |
Change in tax regulations | ' | -33,600 | -57,182 |
Statute expirations | -1,963 | -2,025 | -1,998 |
Balance at end of period | $13,062 | $13,709 | $44,531 |
Acquisitions_and_Deconsolidati2
Acquisitions and Deconsolidation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
31-May-14 | Feb. 28, 2014 | 31-May-14 | 31-May-13 | 31-May-12 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | |
Cintas Document Shredding [Member] | Shred-it Partnership [Member] | Shred-it Partnership [Member] | Series of business acquisitions | Series of business acquisitions | Series of business acquisitions | Series of business acquisitions | ||||||
First Aid, Safety and Fire Protection [Member] | First Aid, Safety and Fire Protection [Member] | Document Management [Member] | Document Management [Member] | |||||||||
segment_business | segment_business | segment_business | segment_business | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 3 | 12 |
Gain (loss) on Shredding deconsolidation | ' | ' | $106,441,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Contribution to partnership, consideration expected to be received, cash | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | ' | ' |
Equity method investment, recorded at fair value | ' | ' | ' | ' | ' | ' | ' | 339,400,000 | ' | ' | ' | ' |
Carrying amount of business segment | ' | ' | ' | ' | ' | 413,000,000 | ' | ' | ' | ' | ' | ' |
Shredding transaction asset impairment charge | ' | ' | 16,143,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Shredding transaction costs | 26,300,000 | 2,200,000 | 28,481,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Professional and legal fees | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee termination benefit costs | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation related to shares vested as a result of Shredding transaction | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge for information systems contracts | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental profit sharing and employee compensation | ' | ' | $6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Deconsolidati3
Acquisitions and Deconsolidation (Aggregate Purchase Price for Businesses Acquired) (Details) (USD $) | 31-May-14 | 31-May-13 | 31-May-12 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Net goodwill recognized | $1,267,411 | $1,517,560 | $1,485,375 |
Series of business acquisitions | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Fair value of tangible assets acquired | 11,415 | 7,212 | ' |
Fair value of service contracts acquired | 6,343 | 34,858 | ' |
Fair value of other intangibles acquired | 924 | 2,049 | ' |
Net goodwill recognized | 13,865 | 32,133 | ' |
Total fair value of assets acquired | 32,547 | 76,252 | ' |
Fair value of liabilities (settled) assumed and incurred | -894 | 6,882 | ' |
Total cash paid for acquisitions | $33,441 | $69,370 | ' |
Defined_Contribution_Plans_Nar
Defined Contribution Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
401(k) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Required years of service for plan eligibility (years) | '1 year | ' | ' |
Total contributions to defined benefit plans | $33.70 | $28.40 | $26 |
Deferred Profit Sharing Plan (DPSP) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total contributions to defined benefit plans | 1.6 | 1.4 | 1.3 |
Supplemental Executive Retirement Plan (SERP) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total contributions to defined benefit plans | $6 | $4.70 | $5.70 |
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Oct. 11, 2011 | 31-May-14 | 31-May-13 | Jul. 30, 2013 | 31-May-14 | 31-May-13 | Jun. 30, 2014 | Jul. 30, 2014 | |
Employee payroll taxes due on restricted stock [Member] | Employee payroll taxes due on restricted stock [Member] | Common Stock [Member] | Common Stock [Member] | October 18, 2011 [Member] | October 18, 2011 [Member] | October 18, 2011 [Member] | July 30, 2013 [Member] | July 30, 2013 [Member] | July 30, 2013 [Member] | July 30, 2013 [Member] | July 30, 2013 [Member] | ||||
Employee payroll taxes due on restricted stock [Member] | Employee payroll taxes due on restricted stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
Common Stock [Member] | Common Stock [Member] | ||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted excluded from the computation of diluted earnings per share (shares) | 700,000 | 700,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount authorized under share buyback program | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | $500,000,000 | ' | ' | ' | ' |
Common stock purchased under a share buyback program (shares) | 6,665,000 | 5,075,000 | ' | 200,000 | 200,000 | ' | ' | ' | 3,324,000 | 5,075,000 | ' | 3,341,000 | 0 | 700,000 | 4,100,000 |
Average price of common stock purchased under a share buyback program (dollars per share) | $54.31 | $40.97 | ' | ' | ' | $50.45 | $38.04 | ' | $48.87 | $40.97 | ' | $59.72 | $0 | $62.14 | $60.15 |
Aggregate purchase price of common stock under a share buyback program | $361,960,000 | $207,932,000 | ' | $8,600,000 | $7,700,000 | ' | ' | ' | $162,460,000 | $207,932,000 | ' | $199,500,000 | $0 | $45,700,000 | $245,200,000 |
Earnings_per_Share_Computation
Earnings per Share (Computation of Basic Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | |
Basic Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $127,224 | [1] | $84,602 | $84,862 | $77,754 | $85,977 | $74,705 | $78,027 | $76,733 | $374,442 | $315,442 | $297,637 |
Less: net income allocated to participating unvested securities | ' | ' | ' | ' | ' | ' | ' | ' | 3,452 | 1,896 | 1,880 | |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $370,990 | $313,546 | $295,757 | |
Basic weighted average common shares outstanding (shares) | 119,541 | [1] | 119,913 | 119,907 | 122,130 | 122,392 | 123,120 | 124,185 | 126,110 | 120,377 | 123,956 | 129,891 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic earnings per share (dollars per share) | $1.04 | [1] | $0.70 | $0.71 | $0.63 | $0.69 | $0.60 | $0.63 | $0.61 | $3.08 | $2.53 | $2.27 |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Earnings_per_Share_Computation1
Earnings per Share (Computation of Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | |
Diluted Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $127,224 | [1] | $84,602 | $84,862 | $77,754 | $85,977 | $74,705 | $78,027 | $76,733 | $374,442 | $315,442 | $297,637 |
Less: net income allocated to participating unvested securities | ' | ' | ' | ' | ' | ' | ' | ' | 3,452 | 1,896 | 1,880 | |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $370,990 | $313,546 | $295,757 | |
Basic weighted average common shares outstanding (shares) | 119,541 | [1] | 119,913 | 119,907 | 122,130 | 122,392 | 123,120 | 124,185 | 126,110 | 120,377 | 123,956 | 129,891 |
Effect of dilutive securities - employee stock options (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,263 | 575 | 142 | |
Diluted weighted average common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 121,640 | 124,531 | 130,033 | |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Diluted earnings per share (dollars per share) | $1.03 | [1] | $0.69 | $0.70 | $0.63 | $0.69 | $0.60 | $0.63 | $0.60 | $3.05 | $2.52 | $2.27 |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Earnings_per_Share_Summary_of_
Earnings per Share (Summary of Share Buyback Program) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock purchased under a share buyback program (shares) | 6,665 | 5,075 |
Average price of common stock purchased under a share buyback program (dollars per share) | $54.31 | $40.97 |
Aggregate purchase price of common stock under a share buyback program | $361,960 | $207,932 |
October 18, 2011 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock purchased under a share buyback program (shares) | 3,324 | 5,075 |
Average price of common stock purchased under a share buyback program (dollars per share) | $48.87 | $40.97 |
Aggregate purchase price of common stock under a share buyback program | 162,460 | 207,932 |
July 30, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock purchased under a share buyback program (shares) | 3,341 | 0 |
Average price of common stock purchased under a share buyback program (dollars per share) | $59.72 | $0 |
Aggregate purchase price of common stock under a share buyback program | $199,500 | $0 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 31-May-14 | 31-May-14 | 31-May-13 | 31-May-12 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation related to shares vested as a result of Shredding transaction | ' | $12.40 | ' | ' |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized under plan (shares) | 14,000,000 | 14,000,000 | ' | ' |
Shares reserved for future issuance (shares) | 4,683,607 | 4,683,607 | ' | ' |
Stock-based compensation | ' | 44.7 | 23.3 | 20.3 |
The total income tax benefit recognized in the consolidated income statement for share-based compensation arrangements | ' | 17.2 | 8.6 | 7.5 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options vested as result of Shredding transaction | 249,335 | ' | ' | ' |
Maximum term after grant options may be exercised (years) | ' | '10 years | ' | ' |
Options vesting period (years) | ' | '10 years | ' | ' |
Weighted-average fair value of stock options granted (dollars per share) | ' | $16.18 | $9.60 | $9.48 |
Intrinsic value of options exercised during the period | ' | 19.8 | 3.7 | 0.6 |
Proceeds from stock options exercised | ' | 41.9 | 14.8 | 3.3 |
Fair value of vested stock options | ' | 17.7 | 13.2 | 12.9 |
Aggregate intrinsic value of outstanding options | 151.3 | 151.3 | ' | ' |
Aggregate intrinsic value of exercisable options | 42.3 | 42.3 | ' | ' |
The weighted-average remaining contractual term of stock options exercisable (years) | ' | '3 years 10 months 24 days | ' | ' |
Stock Options [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options vesting period (years) | ' | '3 years | ' | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options vesting period (years) | ' | '5 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options vested as result of Shredding transaction | 71,882 | ' | ' | ' |
Vesting period of awards (years) | ' | '3 years | ' | ' |
Unrecognized compensation cost related to unvested stock options and restricted stock | $77.60 | $77.60 | ' | ' |
Weighted average over which stock options and restricted stock costs will be recognized (years) | ' | '2 years 3 months 18 days | ' | ' |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Used to Determine Fair Value of Options) (Details) | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-12 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Risk-free interest rate | 2.00% | 1.30% | 2.40% |
Dividend yield | 1.70% | 1.80% | 1.70% |
Expected volatility of Cintas' common stock | 28.00% | 28.00% | 28.00% |
Expected life of the option in years (years) | '7 years 6 months | '7 years 6 months | '7 years 6 months |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Options Granted and Outstanding) (Details) (USD $) | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-11 | 31-May-14 | 31-May-13 | 31-May-12 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (shares) | ' | ' | ' | ' | 7,885,638 | 7,609,117 | 7,664,703 |
Granted (shares) | ' | ' | ' | ' | 2,111,649 | 1,722,081 | 1,638,907 |
Canceled (shares) | ' | ' | ' | ' | -699,314 | -884,384 | -1,591,480 |
Exercised (shares) | ' | ' | ' | ' | -1,272,179 | -561,176 | -103,013 |
Outstanding, end of period (shares) | ' | ' | ' | ' | 8,025,794 | 7,885,638 | 7,609,117 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, begining of period, Weighted Average Exercise Price (dollars per share) | ' | ' | ' | ' | $37.60 | $36.04 | $36.12 |
Granted, Weighted Average Exercise Price (dollars per share) | ' | ' | ' | ' | $61.04 | $44.67 | $36.26 |
Canceled, Weighted Average Exercise Price (dollars per share) | ' | ' | ' | ' | $42.42 | $38.69 | $36.90 |
Exercised, Weighted Average Exercise Price (dollars per share) | ' | ' | ' | ' | $39.03 | $36.44 | $32.66 |
Outstanding, end of period, Weighted Average Exercise Price (dollars per share) | ' | ' | ' | ' | $43.12 | $37.60 | $36.04 |
Number of exercisable options (shares) | 1,583,413 | 1,815,795 | 2,105,702 | 1,945,207 | ' | ' | ' |
StockBased_Compensation_Range_
Stock-Based Compensation (Range of Exercise Prices) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
$ 20.29 b $ 34.17 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding (shares) | 1,455,179 |
Outstanding Options, Average Remaining Option Life (years) | '5 years 8 months 27 days |
Outstanding Options, Weighted Average Exercise Price (dollars per share) | $27.12 |
Exercisable Options, Number Exercisable (shares) | 658,257 |
Exercisable Options, Weighted Average Exercise Price (dollars per share) | $26.50 |
Exercise price range, lower limit (dollars per share) | $20.29 |
Exercise price range, upper limit (dollars per share) | $34.17 |
$ 34.18 b $ 37.80 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding (shares) | 1,256,058 |
Outstanding Options, Average Remaining Option Life (years) | '6 years 6 months 4 days |
Outstanding Options, Weighted Average Exercise Price (dollars per share) | $34.88 |
Exercisable Options, Number Exercisable (shares) | 146,089 |
Exercisable Options, Weighted Average Exercise Price (dollars per share) | $35.72 |
Exercise price range, lower limit (dollars per share) | $34.18 |
Exercise price range, upper limit (dollars per share) | $37.80 |
$ 37.81 b $ 43.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding (shares) | 1,747,491 |
Outstanding Options, Average Remaining Option Life (years) | '6 years 8 months 1 day |
Outstanding Options, Weighted Average Exercise Price (dollars per share) | $38.57 |
Exercisable Options, Number Exercisable (shares) | 359,434 |
Exercisable Options, Weighted Average Exercise Price (dollars per share) | $40.45 |
Exercise price range, lower limit (dollars per share) | $37.81 |
Exercise price range, upper limit (dollars per share) | $43 |
$ 43.01 b $ 62.12 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding (shares) | 3,567,066 |
Outstanding Options, Average Remaining Option Life (years) | '8 years 7 months 21 days |
Outstanding Options, Weighted Average Exercise Price (dollars per share) | $55.32 |
Exercisable Options, Number Exercisable (shares) | 419,633 |
Exercisable Options, Weighted Average Exercise Price (dollars per share) | $44.94 |
Exercise price range, lower limit (dollars per share) | $43.01 |
Exercise price range, upper limit (dollars per share) | $62.12 |
$ 20.29 b $ 62.12 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding (shares) | 8,025,794 |
Outstanding Options, Average Remaining Option Life (years) | '7 years 4 months 6 days |
Outstanding Options, Weighted Average Exercise Price (dollars per share) | $43.12 |
Exercisable Options, Number Exercisable (shares) | 1,583,413 |
Exercisable Options, Weighted Average Exercise Price (dollars per share) | $35.40 |
Exercise price range, lower limit (dollars per share) | $20.29 |
Exercise price range, upper limit (dollars per share) | $62.12 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Options Granted and Outstanding) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-12 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Outstanding, begining of period (shares) | 2,015,023 | 1,888,996 | 1,917,382 |
Granted (shares) | 661,514 | 810,453 | 452,267 |
Canceled (shares) | -52,124 | -73,856 | -188,685 |
Vested (shares) | -465,635 | -610,570 | -291,968 |
Outstanding, end of period (shares) | 2,158,778 | 2,015,023 | 1,888,996 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding, Weighted Average Grant Price, begining of period (dollars per share) | $35.97 | $29.93 | $28.22 |
Granted, Weighted Average Grant Price (dollars per share) | $60.66 | $41.72 | $35.95 |
Canceled, Weighted Average Grant Price (dollars per share) | $37.95 | $31.78 | $30.62 |
Vested, Weighted Average Grant Price (dollars per share) | $28.76 | $25.40 | $27.60 |
Outstanding, Weighted Average Grant Price, end of period (dollars per share) | $45.04 | $35.97 | $29.93 |
Litigation_and_Other_Contingen1
Litigation and Other Contingencies Narrative) (Details) (Serrano lawsuit [Member]) | 1 Months Ended |
Sep. 30, 2010 | |
Individual | |
Serrano lawsuit [Member] | ' |
Litigation and Other Contingencies | ' |
Number of plaintiffs | 13 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | $38,123 | ' | ' |
Other comprehensive loss before reclassifications | -11,647 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,952 | ' | ' |
Net current period other comprehensive (loss) income | -9,695 | 1,460 | -22,144 |
Ending Balance | 28,428 | 38,123 | ' |
Foreign Currency [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 51,312 | ' | ' |
Other comprehensive loss before reclassifications | -9,787 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Net current period other comprehensive (loss) income | -9,787 | ' | ' |
Ending Balance | 41,525 | ' | ' |
Unrealized Loss on Derivatives [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -14,339 | ' | ' |
Other comprehensive loss before reclassifications | -228 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,952 | ' | ' |
Net current period other comprehensive (loss) income | 1,724 | ' | ' |
Ending Balance | -12,615 | ' | ' |
Other [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 1,150 | ' | ' |
Other comprehensive loss before reclassifications | -1,632 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Net current period other comprehensive (loss) income | -1,632 | ' | ' |
Ending Balance | ($482) | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Equity [Abstract] | ' |
Amortization of interest rate locks | ($3,130) |
Tax benefit | 1,178 |
Amortization of interest rate locks, net of tax | ($1,952) |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-14 | 31-May-13 | 31-May-12 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
segment | Rental Uniforms and Ancillary Products [Member] | Rental Uniforms and Ancillary Products [Member] | Rental Uniforms and Ancillary Products [Member] | Uniform Direct Sales [Member] | Uniform Direct Sales [Member] | Uniform Direct Sales [Member] | First Aid, Safety and Fire Protection [Member] | First Aid, Safety and Fire Protection [Member] | First Aid, Safety and Fire Protection [Member] | Document Management [Member] | Document Management [Member] | Document Management [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Cintas Document Shredding [Member] | Cintas Document Shredding [Member] | Cintas Document Shredding [Member] | ||||||||||||
Product Concentration Risk [Member] | Product Concentration Risk [Member] | Product Concentration Risk [Member] | ||||||||||||||||||||||||||||
Assets, Segment [Member] | Sales Revenue, Segment [Member] | Income Before Income Taxes, Segment [Member] | ||||||||||||||||||||||||||||
Cintas Document Management Services [Member] | Cintas Document Management Services [Member] | Cintas Document Management Services [Member] | ||||||||||||||||||||||||||||
Disclosures related to operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of operating segments (segment) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% | 80.00% | 70.00% | |
Revenue | $1,157,479 | [1] | $1,130,237 | $1,143,753 | $1,120,343 | $1,129,086 | $1,075,674 | $1,060,386 | $1,051,325 | $4,551,812 | $4,316,471 | $4,102,000 | $3,223,930 | $3,044,587 | $2,912,261 | $455,485 | $461,328 | $433,994 | $514,429 | $460,592 | $415,703 | $357,968 | $349,964 | $340,042 | $0 | $0 | $0 | ' | ' | ' |
Gross margin | 492,362 | [1] | 479,125 | 476,919 | 465,980 | 467,215 | 441,941 | 432,036 | 445,875 | 1,914,386 | 1,787,067 | 1,738,608 | 1,394,503 | 1,288,290 | 1,263,710 | 130,018 | 134,985 | 129,614 | 225,238 | 199,314 | 178,465 | 164,627 | 164,478 | 166,819 | 0 | 0 | 0 | ' | ' | ' |
Selling and admin. expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,752 | 1,221,856 | 1,198,981 | 887,444 | 835,249 | 834,210 | 83,309 | 81,739 | 80,577 | 176,286 | 156,232 | 143,338 | 155,713 | 148,636 | 140,856 | 0 | 0 | 0 | ' | ' | ' | |
Gain on deconsolidation of Shredding, net of impairment charges and other transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 61,817 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 61,817 | ' | ' | 0 | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 65,593 | 65,303 | 68,683 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65,593 | 65,303 | 68,683 | ' | ' | ' | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 607,858 | 499,908 | 470,944 | 507,059 | 453,041 | 429,500 | 46,709 | 53,246 | 49,037 | 48,952 | 43,082 | 35,127 | 70,731 | 15,842 | 25,963 | -65,593 | -65,303 | -68,683 | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 190,862 | 189,377 | 194,165 | 117,869 | 116,867 | 121,842 | 8,307 | 8,049 | 7,087 | 21,113 | 20,832 | 19,641 | 43,573 | 43,629 | 45,595 | 0 | 0 | 0 | ' | ' | ' | |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 145,580 | 196,486 | 160,802 | 94,190 | 140,327 | 107,152 | 2,482 | 6,908 | 5,161 | 14,512 | 11,809 | 15,264 | 34,396 | 37,442 | 33,225 | 0 | 0 | 0 | ' | ' | ' | |
Total assets | $4,462,452 | ' | ' | ' | $4,345,632 | ' | ' | ' | $4,462,452 | $4,345,632 | $4,165,706 | $2,875,014 | $2,830,941 | $2,770,491 | $142,033 | $152,551 | $136,478 | $422,015 | $398,614 | $362,128 | $510,102 | $605,573 | $556,784 | $513,288 | $357,953 | $339,825 | ' | ' | ' | |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | Apr. 30, 2014 | Apr. 30, 2014 | |
Shred-it Partnership [Member] | Shred-it [Member] | |||||||||||||
Shred-it Partnership [Member] | ||||||||||||||
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue | $1,157,479 | [1] | $1,130,237 | $1,143,753 | $1,120,343 | $1,129,086 | $1,075,674 | $1,060,386 | $1,051,325 | $4,551,812 | $4,316,471 | $4,102,000 | ' | ' |
Gross margin | 492,362 | [1] | 479,125 | 476,919 | 465,980 | 467,215 | 441,941 | 432,036 | 445,875 | 1,914,386 | 1,787,067 | 1,738,608 | ' | ' |
Net income | 127,224 | [1] | 84,602 | 84,862 | 77,754 | 85,977 | 74,705 | 78,027 | 76,733 | 374,442 | 315,442 | 297,637 | ' | ' |
Basic earnings per share (dollars per share) | $1.04 | [1] | $0.70 | $0.71 | $0.63 | $0.69 | $0.60 | $0.63 | $0.61 | $3.08 | $2.53 | $2.27 | ' | ' |
Diluted earnings per share (dollars per share) | $1.03 | [1] | $0.69 | $0.70 | $0.63 | $0.69 | $0.60 | $0.63 | $0.60 | $3.05 | $2.52 | $2.27 | ' | ' |
Weighted average number of shares outstanding (shares) | 119,541 | [1] | 119,913 | 119,907 | 122,130 | 122,392 | 123,120 | 124,185 | 126,110 | 120,377 | 123,956 | 129,891 | ' | ' |
Percentage of newly formed partnership owned by Cintas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.00% | ' | |
Partnership, ownership percentage by third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | |
Gain on deconsolidation of Shredding | ' | ' | ' | ' | ' | ' | ' | ' | 106,441 | 0 | 0 | ' | ' | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 16,143 | 0 | 0 | ' | ' | |
Shredding transaction costs | $26,300 | $2,200 | ' | ' | ' | ' | ' | ' | $28,481 | $0 | $0 | ' | ' | |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Narrative) (Details) (USD $) | 31-May-14 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Long-term notes | $1,300,000,000 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Condensed Consolidating Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | $3,223,930 | $3,044,587 | $2,912,261 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | 1,327,882 | 1,271,884 | 1,189,739 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total revenue | 1,157,479 | [1] | 1,130,237 | 1,143,753 | 1,120,343 | 1,129,086 | 1,075,674 | 1,060,386 | 1,051,325 | 4,551,812 | 4,316,471 | 4,102,000 |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 1,829,427 | 1,756,297 | 1,648,551 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | 807,999 | 773,107 | 714,841 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,752 | 1,221,856 | 1,198,981 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 16,143 | 0 | 0 | |
Shredding transaction costs | 26,300 | 2,200 | ' | ' | ' | ' | ' | ' | 28,481 | 0 | 0 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 567,010 | 565,211 | 539,627 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | 106,441 | 0 | 0 | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -409 | -1,942 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 65,822 | 65,712 | 70,625 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 607,858 | 499,908 | 470,944 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 233,416 | 184,466 | 173,307 | |
Net income | 127,224 | [1] | 84,602 | 84,862 | 77,754 | 85,977 | 74,705 | 78,027 | 76,733 | 374,442 | 315,442 | 297,637 |
Cintas Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Shredding transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Corp. 2 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 2,460,666 | 2,314,386 | 2,233,085 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | 1,637,193 | 1,587,000 | 1,488,163 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,097,859 | 3,901,386 | 3,721,248 | |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 1,520,893 | 1,454,791 | 1,386,320 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | 1,056,366 | 1,016,074 | 955,148 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,303,186 | 1,210,755 | 1,184,888 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Shredding transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 217,414 | 219,766 | 194,892 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | 111,661 | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -43 | -40 | -111,631 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 66,461 | 66,584 | 72,212 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 262,657 | 153,222 | 234,311 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 100,394 | 54,474 | 68,752 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 162,263 | 98,748 | 165,559 | |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 663,512 | 616,726 | 574,950 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | 31,512 | 31,210 | 28,660 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 695,024 | 647,936 | 603,610 | |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 417,388 | 392,134 | 362,803 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | -14,261 | -12,694 | -13,649 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -83,763 | -66,640 | -69,882 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 16,143 | ' | ' | |
Shredding transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 28,481 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 331,036 | 335,136 | 324,338 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -178 | -272 | -589 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -635 | -875 | -1,543 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 331,849 | 336,283 | 326,470 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 126,840 | 119,556 | 95,793 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 205,009 | 216,727 | 230,677 | |
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 220,969 | 220,946 | 210,683 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | 131,581 | 124,234 | 117,791 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 352,550 | 345,180 | 328,474 | |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | 153,726 | 155,490 | 145,293 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | 80,385 | 77,103 | 73,130 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 101,432 | 97,646 | -145,953 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Shredding transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 17,007 | 14,941 | 256,004 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | -5,220 | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -15,279 | -28,334 | -190,345 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 3 | -44 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 27,070 | 43,272 | 446,393 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,261 | 10,479 | 8,814 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 20,809 | 32,793 | 437,579 | |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | -121,217 | -107,471 | -106,457 | |
Other services | ' | ' | ' | ' | ' | ' | ' | ' | -472,404 | -470,560 | -444,875 | |
Equity in net income of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -374,442 | -315,442 | -297,637 | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | -968,063 | -893,473 | -848,969 | |
Costs and expenses (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of rental uniforms and ancillary products | ' | ' | ' | ' | ' | ' | ' | ' | -262,580 | -246,118 | -245,865 | |
Cost of other services | ' | ' | ' | ' | ' | ' | ' | ' | -314,491 | -307,376 | -299,788 | |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -18,103 | -19,905 | 229,928 | |
Shredding transaction asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Shredding transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -372,889 | -320,074 | -533,244 | |
Gain (loss) on Shredding deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15,271 | 28,237 | 300,623 | |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -388,160 | -348,311 | -833,867 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -79 | -43 | -52 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($388,081) | ($348,268) | ($833,815) | |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Condensed Consolidated Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-12 | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $127,224 | [1] | $84,602 | $84,862 | $77,754 | $85,977 | $74,705 | $78,027 | $76,733 | $374,442 | $315,442 | $297,637 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -9,787 | -1,087 | -17,815 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -228 | -187 | -5,286 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 1,952 | 1,952 | 1,508 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,632 | 782 | -551 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -9,695 | 1,460 | -22,144 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 364,747 | 316,902 | 275,493 | |
Cintas Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 374,442 | 315,442 | 297,637 | |
Corp. 2 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 162,263 | 98,748 | 165,559 | |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -12 | -18 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -187 | -5,604 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 1,952 | 1,952 | 1,508 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 1,952 | 1,753 | -4,114 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 164,215 | 100,501 | 161,445 | |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 205,009 | 216,727 | 230,677 | |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,629 | 782 | -575 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -1,629 | 782 | -575 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 203,380 | 217,509 | 230,102 | |
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 20,809 | 32,793 | 437,579 | |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -9,787 | -1,075 | -17,797 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -228 | 0 | 318 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 0 | 24 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -10,018 | -1,075 | -17,455 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 10,791 | 31,718 | 420,124 | |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Consolidating Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -388,081 | -348,268 | -833,815 | |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Amortization of interest rate lock agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($388,081) | ($348,268) | ($833,815) | |
[1] | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintasb document destruction business with Shred-itbs document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction. |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | 31-May-14 | 31-May-13 | 31-May-12 | 31-May-11 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $513,288 | $352,273 | $339,825 | $438,106 |
Marketable securities | 0 | 5,680 | ' | ' |
Accounts receivable, net | 508,427 | 496,049 | ' | ' |
Inventories, net | 251,239 | 240,440 | ' | ' |
Uniforms and other rental items in service | 506,537 | 496,752 | ' | ' |
Income taxes, current | 0 | 9,102 | ' | ' |
Prepaid expenses | 26,190 | 24,530 | ' | ' |
Total current assets | 1,805,681 | 1,624,826 | ' | ' |
Property and equipment, at cost, net | 855,702 | 986,703 | ' | ' |
Investments | 458,357 | 101,525 | ' | ' |
Goodwill | 1,267,411 | 1,517,560 | 1,485,375 | ' |
Service contracts, net | 55,675 | 92,153 | ' | ' |
Other assets, net | 19,626 | 22,865 | ' | ' |
Total assets | 4,462,452 | 4,345,632 | 4,165,706 | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 150,070 | 121,029 | ' | ' |
Accrued compensation and related liabilities | 85,026 | 78,050 | ' | ' |
Accrued liabilities | 299,727 | 271,821 | ' | ' |
Income taxes, current | 5,960 | 0 | ' | ' |
Deferred tax (asset) liability | 88,845 | 77,169 | ' | ' |
Long-term debt due within one year | 503 | 8,187 | ' | ' |
Total current liabilities | 630,131 | 556,256 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | 1,300,477 | 1,300,979 | ' | ' |
Deferred income taxes | 246,044 | 210,483 | ' | ' |
Accrued liabilities | 92,942 | 76,422 | ' | ' |
Total long-term liabilities | 1,639,463 | 1,587,884 | ' | ' |
Total shareholders' equity | 2,192,858 | 2,201,492 | ' | ' |
Total liabilities and shareholders' equity | 4,462,452 | 4,345,632 | ' | ' |
Cintas Corporation [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Uniforms and other rental items in service | 0 | 0 | ' | ' |
Income taxes, current | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, at cost, net | 0 | 0 | ' | ' |
Investments | 321,083 | 321,083 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Service contracts, net | 0 | 0 | ' | ' |
Other assets, net | 1,378,100 | 1,377,039 | ' | ' |
Total assets | 1,699,183 | 1,698,122 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -465,247 | -465,247 | ' | ' |
Accrued compensation and related liabilities | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Income taxes, current | 0 | ' | ' | ' |
Deferred tax (asset) liability | 0 | 0 | ' | ' |
Long-term debt due within one year | 0 | 0 | ' | ' |
Total current liabilities | -465,247 | -465,247 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Total long-term liabilities | 0 | 0 | ' | ' |
Total shareholders' equity | 2,164,430 | 2,163,369 | ' | ' |
Total liabilities and shareholders' equity | 1,699,183 | 1,698,122 | ' | ' |
Corp. 2 [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 73,540 | 54,511 | 58,737 | 54,957 |
Marketable securities | ' | 0 | ' | ' |
Accounts receivable, net | 366,629 | 355,429 | ' | ' |
Inventories, net | 215,974 | 201,260 | ' | ' |
Uniforms and other rental items in service | 374,666 | 363,662 | ' | ' |
Income taxes, current | 1,549 | 4,172 | ' | ' |
Prepaid expenses | 7,058 | 7,450 | ' | ' |
Total current assets | 1,039,416 | 986,484 | ' | ' |
Property and equipment, at cost, net | 533,665 | 631,480 | ' | ' |
Investments | 2,081,094 | 1,614,354 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Service contracts, net | 51,248 | 88,157 | ' | ' |
Other assets, net | 8,900 | 13,151 | ' | ' |
Total assets | 3,714,323 | 3,333,626 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -545,526 | -561,454 | ' | ' |
Accrued compensation and related liabilities | 56,581 | 54,591 | ' | ' |
Accrued liabilities | 79,614 | 67,490 | ' | ' |
Income taxes, current | 0 | ' | ' | ' |
Deferred tax (asset) liability | -510 | -534 | ' | ' |
Long-term debt due within one year | 773 | 8,436 | ' | ' |
Total current liabilities | -409,068 | -431,471 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | 1,309,611 | 1,310,384 | ' | ' |
Deferred income taxes | -6 | -6 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Total long-term liabilities | 1,309,605 | 1,310,378 | ' | ' |
Total shareholders' equity | 2,813,786 | 2,454,719 | ' | ' |
Total liabilities and shareholders' equity | 3,714,323 | 3,333,626 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 399,525 | 247,070 | 229,287 | 313,283 |
Marketable securities | ' | 5,680 | ' | ' |
Accounts receivable, net | 97,869 | 96,569 | ' | ' |
Inventories, net | 20,745 | 25,584 | ' | ' |
Uniforms and other rental items in service | 112,467 | 113,024 | ' | ' |
Income taxes, current | -1,549 | 3,437 | ' | ' |
Prepaid expenses | 14,752 | 12,909 | ' | ' |
Total current assets | 643,809 | 504,273 | ' | ' |
Property and equipment, at cost, net | 225,677 | 259,586 | ' | ' |
Investments | 893,647 | 879,861 | ' | ' |
Goodwill | 1,211,716 | 1,449,445 | ' | ' |
Service contracts, net | 53 | 166 | ' | ' |
Other assets, net | 2,189,527 | 1,818,336 | ' | ' |
Total assets | 5,164,429 | 4,911,667 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 1,092,545 | 1,084,986 | ' | ' |
Accrued compensation and related liabilities | 22,590 | 17,642 | ' | ' |
Accrued liabilities | 208,983 | 193,261 | ' | ' |
Income taxes, current | 4,915 | ' | ' | ' |
Deferred tax (asset) liability | 80,575 | 68,765 | ' | ' |
Long-term debt due within one year | -270 | -249 | ' | ' |
Total current liabilities | 1,409,338 | 1,364,405 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | -10,380 | -11,020 | ' | ' |
Deferred income taxes | 251,924 | 216,368 | ' | ' |
Accrued liabilities | 92,069 | 75,571 | ' | ' |
Total long-term liabilities | 333,613 | 280,919 | ' | ' |
Total shareholders' equity | 3,421,478 | 3,266,343 | ' | ' |
Total liabilities and shareholders' equity | 5,164,429 | 4,911,667 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 40,223 | 50,692 | 51,801 | 69,866 |
Marketable securities | ' | 0 | ' | ' |
Accounts receivable, net | 43,929 | 44,051 | ' | ' |
Inventories, net | 9,650 | 10,342 | ' | ' |
Uniforms and other rental items in service | 38,240 | 38,917 | ' | ' |
Income taxes, current | 0 | 1,493 | ' | ' |
Prepaid expenses | 4,380 | 4,171 | ' | ' |
Total current assets | 136,422 | 149,666 | ' | ' |
Property and equipment, at cost, net | 96,360 | 95,637 | ' | ' |
Investments | 1,015,343 | 760,489 | ' | ' |
Goodwill | 55,807 | 68,115 | ' | ' |
Service contracts, net | 4,374 | 3,830 | ' | ' |
Other assets, net | 9,044 | 8,414 | ' | ' |
Total assets | 1,317,350 | 1,086,151 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 30,281 | 24,728 | ' | ' |
Accrued compensation and related liabilities | 5,855 | 5,817 | ' | ' |
Accrued liabilities | 11,876 | 11,837 | ' | ' |
Income taxes, current | 1,045 | ' | ' | ' |
Deferred tax (asset) liability | 8,780 | 8,938 | ' | ' |
Long-term debt due within one year | 0 | 0 | ' | ' |
Total current liabilities | 57,837 | 51,320 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | 500 | 848 | ' | ' |
Deferred income taxes | -5,874 | -5,879 | ' | ' |
Accrued liabilities | 873 | 851 | ' | ' |
Total long-term liabilities | -4,501 | -4,180 | ' | ' |
Total shareholders' equity | 1,264,014 | 1,039,011 | ' | ' |
Total liabilities and shareholders' equity | 1,317,350 | 1,086,151 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories, net | 4,870 | 3,254 | ' | ' |
Uniforms and other rental items in service | -18,836 | -18,851 | ' | ' |
Income taxes, current | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Total current assets | -13,966 | -15,597 | ' | ' |
Property and equipment, at cost, net | 0 | 0 | ' | ' |
Investments | -3,852,810 | -3,474,262 | ' | ' |
Goodwill | -112 | 0 | ' | ' |
Service contracts, net | 0 | 0 | ' | ' |
Other assets, net | -3,565,945 | -3,194,075 | ' | ' |
Total assets | -7,432,833 | -6,683,934 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 38,017 | 38,016 | ' | ' |
Accrued compensation and related liabilities | 0 | 0 | ' | ' |
Accrued liabilities | -746 | -767 | ' | ' |
Income taxes, current | 0 | ' | ' | ' |
Deferred tax (asset) liability | 0 | 0 | ' | ' |
Long-term debt due within one year | 0 | 0 | ' | ' |
Total current liabilities | 37,271 | 37,249 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt due after one year | 746 | 767 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Total long-term liabilities | 746 | 767 | ' | ' |
Total shareholders' equity | -7,470,850 | -6,721,950 | ' | ' |
Total liabilities and shareholders' equity | ($7,432,833) | ($6,683,934) | ' | ' |
Supplemental_Guarantor_Informa6
Supplemental Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-12 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $374,442,000 | $315,442,000 | $297,637,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 168,220,000 | 165,664,000 | 155,831,000 |
Amortization of intangible assets | 22,642,000 | 23,713,000 | 38,334,000 |
Stock-based compensation | 29,875,000 | 23,310,000 | 20,312,000 |
Gain on deconsolidation of Shredding | -106,441,000 | 0 | 0 |
Shredding transaction asset impairment charge | 16,143,000 | 0 | 0 |
Shredding transaction costs | 26,057,000 | 0 | 0 |
Deferred income taxes | 47,109,000 | 48,023,000 | 56,727,000 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -56,231,000 | -42,704,000 | -24,261,000 |
Inventories, net | -11,062,000 | 10,997,000 | -2,330,000 |
Uniforms and other rental items in service | -11,435,000 | -44,179,000 | -60,279,000 |
Prepaid expenses | -2,177,000 | -3,281,000 | -1,496,000 |
Accounts payable | 30,446,000 | 25,023,000 | -12,557,000 |
Accrued compensation and related liabilities | 10,931,000 | -13,161,000 | 11,625,000 |
Accrued liabilities | 54,237,000 | 31,873,000 | -20,371,000 |
Income taxes, current | 15,213,000 | 12,028,000 | 10,690,000 |
Net cash provided by operating activities | 607,969,000 | 552,748,000 | 469,862,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -145,580,000 | -196,486,000 | -160,802,000 |
Proceeds from redemption of marketable securities | 54,196,000 | 161,478,000 | 665,016,000 |
Purchase of marketable securities and investments | -65,858,000 | -178,464,000 | -585,655,000 |
Proceeds from Shredding transaction, net of cash contributed | 179,359,000 | 0 | 0 |
Acquisitions of businesses, net of cash acquired | -33,441,000 | -69,370,000 | -24,864,000 |
Other | -5,219,000 | -1,339,000 | 2,011,000 |
Net cash provided by (used in) investing activities | -16,543,000 | -284,181,000 | -104,294,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 250,000,000 | 0 |
Repayment of debt | -8,187,000 | -225,636,000 | -1,323,000 |
Proceeds from exercise of stock-based compensation awards | 41,902,000 | 14,807,000 | 3,341,000 |
Dividends paid | -93,320,000 | -79,744,000 | -70,820,000 |
Repurchase of common stock | -370,599,000 | -215,681,000 | -392,328,000 |
Other | 469,000 | 196,000 | 555,000 |
Net cash used in financing activities | -429,735,000 | -256,058,000 | -460,575,000 |
Effect of exchange rate changes on cash and cash equivalents | -676,000 | -61,000 | -3,274,000 |
Net increase (decrease) in cash and cash equivalents | 161,015,000 | 12,448,000 | -98,281,000 |
Cash and cash equivalents at beginning of year | 352,273,000 | 339,825,000 | 438,106,000 |
Cash and cash equivalents at end of year | 513,288,000 | 352,273,000 | 339,825,000 |
Cintas Corporation [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 374,442,000 | 315,442,000 | 297,637,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Stock-based compensation | 29,875,000 | 23,310,000 | 20,312,000 |
Gain on deconsolidation of Shredding | 0 | ' | ' |
Shredding transaction asset impairment charge | 0 | ' | ' |
Shredding transaction costs | 0 | ' | ' |
Deferred income taxes | 0 | 0 | 0 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | 0 | 0 | 0 |
Inventories, net | 0 | 0 | 0 |
Uniforms and other rental items in service | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Accounts payable | 0 | 0 | 0 |
Accrued compensation and related liabilities | 0 | 0 | 0 |
Accrued liabilities | 0 | 0 | 0 |
Income taxes, current | 0 | 0 | 0 |
Net cash provided by operating activities | 404,317,000 | 338,752,000 | 317,949,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from redemption of marketable securities | 0 | 0 | 0 |
Purchase of marketable securities and investments | 0 | 0 | 0 |
Proceeds from Shredding transaction, net of cash contributed | 0 | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | 0 | 0 |
Other | 13,783,000 | -60,918,000 | 141,350,000 |
Net cash provided by (used in) investing activities | 13,783,000 | -60,918,000 | 141,350,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Proceeds from exercise of stock-based compensation awards | 41,902,000 | 14,807,000 | 3,341,000 |
Dividends paid | -93,293,000 | -79,723,000 | -70,800,000 |
Repurchase of common stock | -370,599,000 | -215,681,000 | -392,328,000 |
Other | 3,890,000 | 2,763,000 | 488,000 |
Net cash used in financing activities | -418,100,000 | -277,834,000 | -459,299,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Corp. 2 [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 162,263,000 | 98,748,000 | 165,559,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 110,100,000 | 16,647,000 | 102,613,000 |
Amortization of intangible assets | 20,547,000 | 21,077,000 | 33,114,000 |
Stock-based compensation | 0 | 0 | 0 |
Gain on deconsolidation of Shredding | -111,661,000 | ' | ' |
Shredding transaction asset impairment charge | 0 | ' | ' |
Shredding transaction costs | 0 | ' | ' |
Deferred income taxes | -2,000 | 0 | 0 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -53,053,000 | -25,206,000 | -15,280,000 |
Inventories, net | -14,735,000 | 9,034,000 | -5,635,000 |
Uniforms and other rental items in service | -11,004,000 | -26,364,000 | -34,401,000 |
Prepaid expenses | -386,000 | 507,000 | -2,154,000 |
Accounts payable | 25,573,000 | -55,802,000 | -143,189,000 |
Accrued compensation and related liabilities | 5,778,000 | -9,206,000 | 8,659,000 |
Accrued liabilities | 50,008,000 | -5,416,000 | 16,929,000 |
Income taxes, current | 2,621,000 | 1,110,000 | -4,357,000 |
Net cash provided by operating activities | 186,049,000 | 25,129,000 | 121,858,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -123,978,000 | -39,975,000 | -116,954,000 |
Proceeds from redemption of marketable securities | 0 | 0 | 0 |
Purchase of marketable securities and investments | -152,913,000 | -683,000 | -2,740,000 |
Proceeds from Shredding transaction, net of cash contributed | 180,000,000 | ' | ' |
Acquisitions of businesses, net of cash acquired | -13,199,000 | -67,431,000 | -19,323,000 |
Other | -50,446,000 | 58,589,000 | 20,090,000 |
Net cash provided by (used in) investing activities | -160,536,000 | -49,500,000 | -118,927,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 250,000,000 | 0 |
Repayment of debt | -8,436,000 | -225,866,000 | -843,000 |
Proceeds from exercise of stock-based compensation awards | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other | 1,952,000 | -3,989,000 | 1,508,000 |
Net cash used in financing activities | -6,484,000 | 20,145,000 | 665,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 184,000 |
Net increase (decrease) in cash and cash equivalents | 19,029,000 | -4,226,000 | 3,780,000 |
Cash and cash equivalents at beginning of year | 54,511,000 | 58,737,000 | 54,957,000 |
Cash and cash equivalents at end of year | 73,540,000 | 54,511,000 | 58,737,000 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 205,009,000 | 216,727,000 | 230,677,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 44,856,000 | 135,345,000 | 40,613,000 |
Amortization of intangible assets | 153,000 | 200,000 | 393,000 |
Stock-based compensation | 0 | 0 | 0 |
Gain on deconsolidation of Shredding | 0 | ' | ' |
Shredding transaction asset impairment charge | 16,143,000 | ' | ' |
Shredding transaction costs | 26,057,000 | ' | ' |
Deferred income taxes | 47,373,000 | 53,916,000 | 56,411,000 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -1,300,000 | -15,326,000 | -4,985,000 |
Inventories, net | 4,839,000 | -5,292,000 | 4,685,000 |
Uniforms and other rental items in service | 557,000 | -11,590,000 | -19,286,000 |
Prepaid expenses | -1,844,000 | -3,620,000 | 950,000 |
Accounts payable | 23,246,000 | 75,034,000 | 661,243,000 |
Accrued compensation and related liabilities | 4,947,000 | -3,977,000 | 1,466,000 |
Accrued liabilities | 4,897,000 | 38,099,000 | -30,586,000 |
Income taxes, current | 9,902,000 | 206,000 | 4,712,000 |
Net cash provided by operating activities | 384,835,000 | 479,722,000 | 946,293,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -9,591,000 | -131,208,000 | -26,270,000 |
Proceeds from redemption of marketable securities | 5,659,000 | 13,899,000 | 0 |
Purchase of marketable securities and investments | -242,956,000 | -31,075,000 | -416,100,000 |
Proceeds from Shredding transaction, net of cash contributed | 0 | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | 112,000 | -65,000 |
Other | 8,108,000 | -315,519,000 | -588,518,000 |
Net cash provided by (used in) investing activities | -238,780,000 | -463,791,000 | -1,030,953,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | -2,445,000 | 638,000 | -786,000 |
Repayment of debt | -106,000 | 445,000 | 324,000 |
Proceeds from exercise of stock-based compensation awards | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other | 8,951,000 | 769,000 | -574,000 |
Net cash used in financing activities | 6,400,000 | 1,852,000 | -1,036,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 1,700,000 |
Net increase (decrease) in cash and cash equivalents | 152,455,000 | 17,783,000 | -83,996,000 |
Cash and cash equivalents at beginning of year | 247,070,000 | 229,287,000 | 313,283,000 |
Cash and cash equivalents at end of year | 399,525,000 | 247,070,000 | 229,287,000 |
Non-Guarantors [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 20,809,000 | 32,793,000 | 437,579,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 13,264,000 | 13,672,000 | 12,605,000 |
Amortization of intangible assets | 1,942,000 | 2,436,000 | 4,827,000 |
Stock-based compensation | 0 | 0 | 0 |
Gain on deconsolidation of Shredding | 5,220,000 | ' | ' |
Shredding transaction asset impairment charge | 0 | ' | ' |
Shredding transaction costs | 0 | ' | ' |
Deferred income taxes | -262,000 | -5,893,000 | 316,000 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -1,878,000 | -2,172,000 | -3,996,000 |
Inventories, net | 450,000 | 626,000 | 1,590,000 |
Uniforms and other rental items in service | -973,000 | -4,077,000 | -1,477,000 |
Prepaid expenses | 53,000 | -168,000 | -292,000 |
Accounts payable | -18,374,000 | 5,794,000 | -530,611,000 |
Accrued compensation and related liabilities | 206,000 | 22,000 | 1,500,000 |
Accrued liabilities | -689,000 | -829,000 | -6,732,000 |
Income taxes, current | 2,690,000 | 10,712,000 | 10,335,000 |
Net cash provided by operating activities | 22,458,000 | 52,916,000 | -74,356,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -12,011,000 | -25,303,000 | -17,578,000 |
Proceeds from redemption of marketable securities | 48,537,000 | 147,579,000 | 665,016,000 |
Purchase of marketable securities and investments | -48,537,000 | -158,378,000 | -579,654,000 |
Proceeds from Shredding transaction, net of cash contributed | -641,000 | ' | ' |
Acquisitions of businesses, net of cash acquired | -20,242,000 | -2,051,000 | -5,476,000 |
Other | 12,173,000 | -15,609,000 | 28,000 |
Net cash provided by (used in) investing activities | -20,721,000 | -53,762,000 | 62,336,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 2,445,000 | -638,000 | 0 |
Repayment of debt | 376,000 | -196,000 | 0 |
Proceeds from exercise of stock-based compensation awards | 0 | 0 | 0 |
Dividends paid | -27,000 | -21,000 | -20,000 |
Repurchase of common stock | 0 | 0 | 0 |
Other | -14,324,000 | 653,000 | -867,000 |
Net cash used in financing activities | -11,530,000 | -202,000 | -887,000 |
Effect of exchange rate changes on cash and cash equivalents | -676,000 | -61,000 | -5,158,000 |
Net increase (decrease) in cash and cash equivalents | -10,469,000 | -1,109,000 | -18,065,000 |
Cash and cash equivalents at beginning of year | 50,692,000 | 51,801,000 | 69,866,000 |
Cash and cash equivalents at end of year | 40,223,000 | 50,692,000 | 51,801,000 |
Eliminations [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | -388,081,000 | -348,268,000 | -833,815,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Gain on deconsolidation of Shredding | 0 | ' | ' |
Shredding transaction asset impairment charge | 0 | ' | ' |
Shredding transaction costs | 0 | ' | ' |
Deferred income taxes | 0 | 0 | 0 |
Change in current assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | 0 | 0 | 0 |
Inventories, net | -1,616,000 | 6,629,000 | -2,970,000 |
Uniforms and other rental items in service | -15,000 | -2,148,000 | -5,115,000 |
Prepaid expenses | 0 | 0 | 0 |
Accounts payable | 1,000 | -3,000 | 0 |
Accrued compensation and related liabilities | 0 | 0 | 0 |
Accrued liabilities | 21,000 | 19,000 | 18,000 |
Income taxes, current | 0 | 0 | 0 |
Net cash provided by operating activities | -389,690,000 | -343,771,000 | -841,882,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from redemption of marketable securities | 0 | 0 | 0 |
Purchase of marketable securities and investments | 378,548,000 | 11,672,000 | 412,839,000 |
Proceeds from Shredding transaction, net of cash contributed | 0 | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | 0 | 0 |
Other | 11,163,000 | 332,118,000 | 429,061,000 |
Net cash provided by (used in) investing activities | 389,711,000 | 343,790,000 | 841,900,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 0 | 786,000 |
Repayment of debt | -21,000 | -19,000 | -804,000 |
Proceeds from exercise of stock-based compensation awards | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash used in financing activities | -21,000 | -19,000 | -18,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $0 | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash received from sale of equity method investment | $35.20 |
Gain on sale of equity method investment | $13.60 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-12 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $15,855 | $17,017 | $17,057 | |||
Charged to Costs and Expense | 5,607 | [1] | 2,804 | [1] | 5,165 | [1] |
Charged to Other Accounts | -2,965 | [2] | 202 | [2] | 194 | [2] |
Deductions | 3,591 | [3] | 4,168 | [3] | 5,399 | [3] |
Balance at End of Year | 14,906 | 15,855 | 17,017 | |||
Reserve for Obsolete Inventory [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 29,487 | 29,376 | 30,717 | |||
Charged to Costs and Expense | 3,147 | [1] | 4,041 | [1] | 4,247 | [1] |
Charged to Other Accounts | -144 | [2] | -2,223 | [2] | -1,505 | [2] |
Deductions | 1,817 | [3] | 1,707 | [3] | 4,083 | [3] |
Balance at End of Year | $30,673 | $29,487 | $29,376 | |||
[1] | Represents amounts charged to expense to increase reserve for estimated future bad debts or to increase reserve for obsolete inventory. Amounts related to inventory are computed by performing a thorough analysis of future marketability by specific inventory item. | |||||
[2] | Represents a change in the appropriate balance sheet reserve due to acquisitions and deconsolidations during the respective period. | |||||
[3] | Represents reductions in the balance sheet reserve due to the actual write-off of non-collectible accounts receivable or the physical disposal of obsolete inventory items. These amounts do not impact Cintas' consolidated income statement. |