QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the quarterly period ended | November 30, 2019 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
31-1188630 | ||
(State or | ( |
6800 Cintas Boulevard | |||
P.O. Box 625737 | |||
Cincinnati, | Ohio | 45262-5737 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common stock, no par value | CTAS | The NASDAQ Stock Market LLC | ||
(NASDAQ Global Select Market) |
Class | Outstanding December 31, | |
Common Stock, no par value |
Page No. | ||||
Part I. | Financial Information | |||
Three and Six Months Ended November 30, | ||||
Three and Six Months Ended November | ||||
November 30, | ||||
Six Months Ended November 30, 2019 and 2018 | ||||
Part II. | Other Information | |||
Item 5. | ||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||
Uniform rental and facility services | $ | 1,390,778 | $ | 1,308,038 | $ | 2,765,716 | $ | 2,619,822 | $ | 1,469,976 | $ | 1,390,778 | $ | 2,924,503 | $ | 2,765,716 | ||||||||||||||
Other | 327,490 | 298,403 | 650,527 | 598,122 | 373,773 | 327,490 | 730,385 | 650,527 | ||||||||||||||||||||||
Total revenue | 1,718,268 | 1,606,441 | 3,416,243 | 3,217,944 | 1,843,749 | 1,718,268 | 3,654,888 | 3,416,243 | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||
Cost of uniform rental and facility services | 761,119 | 723,960 | 1,507,572 | 1,430,823 | 784,937 | 761,119 | 1,553,613 | 1,507,572 | ||||||||||||||||||||||
Cost of other | 181,991 | 166,112 | 358,801 | 331,399 | 206,421 | 181,991 | 399,742 | 358,801 | ||||||||||||||||||||||
Selling and administrative expenses | 491,671 | 468,084 | 996,305 | 954,367 | 517,927 | 491,671 | 1,060,923 | 996,305 | ||||||||||||||||||||||
G&K Services, Inc. integration expenses | 7,847 | 13,074 | 12,697 | 17,045 | — | 7,847 | — | 12,697 | ||||||||||||||||||||||
Operating income | 275,640 | 235,211 | 540,868 | 484,310 | 334,464 | 275,640 | 640,610 | 540,868 | ||||||||||||||||||||||
Gain on sale of a cost method investment | 69,373 | — | 69,373 | — | — | 69,373 | — | 69,373 | ||||||||||||||||||||||
Interest income | (391 | ) | (291 | ) | (887 | ) | (588 | ) | (283 | ) | (391 | ) | (445 | ) | (887 | ) | ||||||||||||||
Interest expense | 24,880 | 29,129 | 49,184 | 59,446 | 26,177 | 24,880 | 53,498 | 49,184 | ||||||||||||||||||||||
Income before income taxes | 320,524 | 206,373 | 561,944 | 425,452 | 308,570 | 320,524 | 587,557 | 561,944 | ||||||||||||||||||||||
Income taxes | 77,530 | 68,636 | 106,403 | 126,607 | 62,127 | 77,530 | 90,302 | 106,403 | ||||||||||||||||||||||
Income from continuing operations | 242,994 | 137,737 | 455,541 | 298,845 | 246,443 | 242,994 | 497,255 | 455,541 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax expense of $6, tax benefit of $624, tax benefit of $4 and tax expense of $41,103, respectively | 19 | (628 | ) | (13 | ) | 55,475 | ||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax benefit of $107, tax expense of $6, tax benefit of $107 and tax benefit of $4, respectively | (323 | ) | 19 | (323 | ) | (13 | ) | |||||||||||||||||||||||
Net income | $ | 243,013 | $ | 137,109 | $ | 455,528 | $ | 354,320 | $ | 246,120 | $ | 243,013 | $ | 496,932 | $ | 455,528 | ||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||
Continuing operations | $ | 2.25 | $ | 1.27 | $ | 4.21 | $ | 2.77 | $ | 2.35 | $ | 2.25 | $ | 4.75 | $ | 4.21 | ||||||||||||||
Discontinued operations | 0.00 | (0.01 | ) | 0.00 | 0.51 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
Basic earnings per share | $ | 2.25 | $ | 1.26 | $ | 4.21 | $ | 3.28 | $ | 2.35 | $ | 2.25 | $ | 4.75 | $ | 4.21 | ||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||
Continuing operations | $ | 2.18 | $ | 1.24 | $ | 4.07 | $ | 2.69 | $ | 2.27 | $ | 2.18 | $ | 4.60 | $ | 4.07 | ||||||||||||||
Discontinued operations | 0.00 | (0.01 | ) | 0.00 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
Diluted earnings per share | $ | 2.18 | $ | 1.23 | $ | 4.07 | $ | 3.19 | $ | 2.27 | $ | 2.18 | $ | 4.60 | $ | 4.07 | ||||||||||||||
Dividends declared per share | $ | 2.05 | $ | 1.62 | $ | 2.05 | $ | 1.62 | $ | 2.55 | $ | 2.05 | $ | 2.55 | $ | 2.05 |
Three Months Ended | Six Months Ended | ||||||||||||||
November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | ||||||||||||
Net income | $ | 246,120 | $ | 243,013 | $ | 496,932 | $ | 455,528 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | 1,413 | (10,623 | ) | 8,137 | (13,642 | ) | |||||||||
Change in fair value of interest rate lock agreements | 22,761 | 4,921 | (7,142 | ) | 1,753 | ||||||||||
Amortization of interest rate lock agreements | (358 | ) | (294 | ) | (653 | ) | (589 | ) | |||||||
Other comprehensive income (loss) | 23,816 | (5,996 | ) | 342 | (12,478 | ) | |||||||||
Comprehensive income | $ | 269,936 | $ | 237,017 | $ | 497,274 | $ | 443,050 |
Three Months Ended | Six Months Ended | ||||||||||||||
November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | ||||||||||||
Net income | $ | 243,013 | $ | 137,109 | $ | 455,528 | $ | 354,320 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Foreign currency translation adjustments | (10,623 | ) | (11,374 | ) | (13,642 | ) | 23,810 | ||||||||
Change in fair value of interest rate lock agreements | 4,921 | — | 1,753 | — | |||||||||||
Amortization of interest rate lock agreements | (294 | ) | (172 | ) | (589 | ) | (344 | ) | |||||||
Change in fair value of available-for-sale securities | — | (20 | ) | — | — | ||||||||||
Other comprehensive (loss) income | (5,996 | ) | (11,566 | ) | (12,478 | ) | 23,466 | ||||||||
Comprehensive income | $ | 237,017 | $ | 125,543 | $ | 443,050 | $ | 377,786 |
November 30, 2018 | May 31, 2018 | November 30, 2019 | May 31, 2019 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 88,479 | $ | 138,724 | $ | 226,535 | $ | 96,645 | ||||||
Accounts receivable, net | 904,062 | 804,583 | 949,122 | 910,120 | ||||||||||
Inventories, net | 321,874 | 280,347 | 348,304 | 334,589 | ||||||||||
Uniforms and other rental items in service | 758,246 | 702,261 | 817,859 | 784,133 | ||||||||||
Income taxes, current | 36,595 | 19,634 | 24,878 | 7,475 | ||||||||||
Prepaid expenses and other current assets | 106,614 | 32,383 | 123,589 | 103,318 | ||||||||||
Total current assets | 2,215,870 | 1,977,932 | 2,490,287 | 2,236,280 | ||||||||||
Property and equipment, net | 1,410,530 | 1,382,730 | 1,425,584 | 1,430,685 | ||||||||||
Investments | 183,548 | 175,581 | 218,873 | 192,346 | ||||||||||
Goodwill | 2,845,244 | 2,846,888 | 2,852,801 | 2,842,441 | ||||||||||
Service contracts, net | 521,505 | 545,768 | 469,933 | 494,595 | ||||||||||
Operating lease right-of-use assets, net | 169,233 | — | ||||||||||||
Other assets, net | 228,386 | 29,315 | 260,626 | 240,315 | ||||||||||
$ | 7,405,083 | $ | 6,958,214 | $ | 7,887,337 | $ | 7,436,662 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 211,900 | $ | 215,074 | $ | 254,611 | $ | 226,020 | ||||||
Accrued compensation and related liabilities | 117,645 | 140,654 | 124,349 | 155,509 | ||||||||||
Accrued liabilities | 611,641 | 420,129 | 674,240 | 433,940 | ||||||||||
Operating lease liabilities, current | 44,263 | — | ||||||||||||
Debt due within one year | 173,500 | — | 199,788 | 312,264 | ||||||||||
Total current liabilities | 1,114,686 | 775,857 | 1,297,251 | 1,127,733 | ||||||||||
Long-term liabilities: | ||||||||||||||
Debt due after one year | 2,536,408 | 2,535,309 | 2,538,606 | 2,537,507 | ||||||||||
Deferred income taxes | 435,461 | 352,581 | 443,857 | 438,179 | ||||||||||
Operating lease liabilities | 130,580 | — | ||||||||||||
Accrued liabilities | 291,284 | 277,941 | 372,073 | 330,522 | ||||||||||
Total long-term liabilities | 3,263,153 | 3,165,831 | 3,485,116 | 3,306,208 | ||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred stock, no par value: | — | — | — | — | ||||||||||
100,000 shares authorized, none outstanding | ||||||||||||||
Common stock, no par value: | 804,234 | 618,464 | 1,066,814 | 840,328 | ||||||||||
425,000,000 shares authorized | ||||||||||||||
FY 2019: 184,152,836 shares issued and 105,123,513 shares outstanding | ||||||||||||||
FY 2018: 182,723,471 shares issued and 106,326,383 shares outstanding | ||||||||||||||
FY 2020: 186,298,161 shares issued and 103,702,675 shares outstanding | ||||||||||||||
FY 2019: 184,790,626 shares issued and 103,284,401 shares outstanding | ||||||||||||||
Paid-in capital | 166,837 | 245,211 | 134,041 | 227,928 | ||||||||||
Retained earnings | 6,261,756 | 5,837,827 | 6,917,310 | 6,691,236 | ||||||||||
Treasury stock: | (4,209,448 | ) | (3,701,319 | ) | (4,976,360 | ) | (4,717,619 | ) | ||||||
FY 2019: 79,029,323 shares | ||||||||||||||
FY 2018: 76,397,088 shares | ||||||||||||||
Accumulated other comprehensive income | 3,865 | 16,343 | ||||||||||||
FY 2020: 82,595,486 shares | ||||||||||||||
FY 2019: 81,506,225 shares | ||||||||||||||
Accumulated other comprehensive loss | (36,835 | ) | (39,152 | ) | ||||||||||
Total shareholders’ equity | 3,027,244 | 3,016,526 | 3,104,970 | 3,002,721 | ||||||||||
$ | 7,405,083 | $ | 6,958,214 | $ | 7,887,337 | $ | 7,436,662 |
Common Stock | Paid-In Capital | Retained Earnings | Other Accumulated Comprehensive Loss | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Balance at June 1, 2019 | 184,791 | $ | 840,328 | $ | 227,928 | $ | 6,691,236 | $ | (39,152 | ) | (81,506 | ) | $ | (4,717,619 | ) | $ | 3,002,721 | ||||||||||||
Net income | — | — | — | 250,812 | — | — | — | 250,812 | |||||||||||||||||||||
Comprehensive loss, net of tax | — | — | — | — | (23,474 | ) | — | — | (23,474 | ) | |||||||||||||||||||
Stock-based compensation | — | — | 40,395 | — | — | — | — | 40,395 | |||||||||||||||||||||
Vesting of stock-based compensation awards | 605 | 157,882 | (157,882 | ) | — | — | — | — | — | ||||||||||||||||||||
Stock options exercised, net of shares surrendered | 557 | 37,915 | — | — | — | — | — | 37,915 | |||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (1,082 | ) | (256,830 | ) | (256,830 | ) | ||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | (2,808 | ) | 1,975 | — | — | (833 | ) | |||||||||||||||||||
Balance at August 31, 2019 | 185,953 | $ | 1,036,125 | $ | 110,441 | $ | 6,939,240 | $ | (60,651 | ) | (82,588 | ) | $ | (4,974,449 | ) | $ | 3,050,706 | ||||||||||||
Net income | — | — | — | 246,120 | — | — | — | 246,120 | |||||||||||||||||||||
Comprehensive income, net of tax | — | — | — | — | 23,816 | — | — | 23,816 | |||||||||||||||||||||
Dividends | — | — | — | (268,050 | ) | — | — | — | (268,050 | ) | |||||||||||||||||||
Stock-based compensation | — | — | 29,003 | — | — | — | — | 29,003 | |||||||||||||||||||||
Vesting of stock-based compensation awards | 21 | 5,403 | (5,403 | ) | — | — | — | — | — | ||||||||||||||||||||
Stock options exercised, net of shares surrendered | 324 | 25,286 | — | — | — | — | — | 25,286 | |||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (7 | ) | (1,911 | ) | (1,911 | ) | ||||||||||||||||||
Balance at November 30, 2019 | 186,298 | $ | 1,066,814 | $ | 134,041 | $ | 6,917,310 | $ | (36,835 | ) | (82,595 | ) | $ | (4,976,360 | ) | $ | 3,104,970 |
Common Stock | Paid-In Capital | Retained Earnings | Other Accumulated Comprehensive Income | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Balance at June 1, 2018 | 182,723 | $ | 618,464 | $ | 245,211 | $ | 5,837,827 | $ | 16,343 | (76,397 | ) | $ | (3,701,319 | ) | 3,016,526 | ||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | 189,192 | — | — | — | 189,192 | |||||||||||||||||||||
Net income | — | — | — | 212,515 | — | — | — | 212,515 | |||||||||||||||||||||
Comprehensive loss, net of tax | — | — | — | — | (6,482 | ) | — | — | (6,482 | ) | |||||||||||||||||||
Dividends | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||
Stock-based compensation | — | — | 46,172 | — | — | — | — | 46,172 | |||||||||||||||||||||
Vesting of stock-based compensation awards | 739 | 151,012 | (151,012 | ) | — | — | — | — | — | ||||||||||||||||||||
Stock options exercised, net of shares surrendered | 594 | 27,512 | — | — | — | — | — | 27,512 | |||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (689 | ) | (139,468 | ) | (139,468 | ) | ||||||||||||||||||
Balance at August 31, 2018 | 184,056 | $ | 796,988 | $ | 140,371 | $ | 6,239,535 | $ | 9,861 | (77,086 | ) | $ | (3,840,787 | ) | $ | 3,345,968 | |||||||||||||
Net income | — | — | — | 243,013 | — | — | — | 243,013 | |||||||||||||||||||||
Comprehensive loss, net of tax | — | — | — | — | (5,996 | ) | — | — | (5,996 | ) | |||||||||||||||||||
Dividends | — | — | — | (220,792 | ) | — | — | — | (220,792 | ) | |||||||||||||||||||
Stock-based compensation | — | — | 28,612 | — | — | — | — | 28,612 | |||||||||||||||||||||
Vesting of stock-based compensation awards | 11 | 2,146 | (2,146 | ) | — | — | — | — | — | ||||||||||||||||||||
Stock options exercised, net of shares surrendered | 86 | 5,100 | — | — | — | — | — | 5,100 | |||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (1,943 | ) | (368,661 | ) | (368,661 | ) | ||||||||||||||||||
Balance at November 30, 2018 | 184,153 | $ | 804,234 | $ | 166,837 | $ | 6,261,756 | $ | 3,865 | (79,029 | ) | $ | (4,209,448 | ) | $ | 3,027,244 |
Six Months Ended | Six Months Ended | |||||||||||||
November 30, 2018 | November 30, 2017 | November 30, 2019 | November 30, 2018 | |||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 455,528 | $ | 354,320 | $ | 496,932 | $ | 455,528 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 107,112 | 107,578 | 115,367 | 107,112 | ||||||||||
Amortization of intangible assets and capitalized contract costs | 67,559 | 31,261 | 70,963 | 67,559 | ||||||||||
Stock-based compensation | 74,784 | 55,204 | 69,398 | 74,784 | ||||||||||
Gain on sale of a cost method investment | (69,373 | ) | — | — | (69,373 | ) | ||||||||
Gain on sale of business | — | (99,060 | ) | |||||||||||
Deferred income taxes | 19,227 | 42,162 | 7,632 | 19,227 | ||||||||||
Change in current assets and liabilities, net of acquisitions of businesses: | ||||||||||||||
Accounts receivable, net | (85,748 | ) | (24,800 | ) | (37,940 | ) | (85,748 | ) | ||||||
Inventories, net | (53,227 | ) | 2,595 | (13,402 | ) | (53,227 | ) | |||||||
Uniforms and other rental items in service | (57,684 | ) | (33,294 | ) | (32,744 | ) | (57,684 | ) | ||||||
Prepaid expenses and other current assets and capitalized contract costs | (58,161 | ) | (18,573 | ) | (68,409 | ) | (58,161 | ) | ||||||
Accounts payable | (1,955 | ) | (8,706 | ) | 28,055 | (1,955 | ) | |||||||
Accrued compensation and related liabilities | (20,969 | ) | (36,480 | ) | (29,326 | ) | (20,969 | ) | ||||||
Accrued liabilities and other | (15,322 | ) | (1,940 | ) | (17,883 | ) | (15,322 | ) | ||||||
Income taxes, current | (17,204 | ) | 8,742 | (17,292 | ) | (17,204 | ) | |||||||
Net cash provided by operating activities | 344,567 | 379,009 | 571,351 | 344,567 | ||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (137,614 | ) | (132,466 | ) | (126,167 | ) | (137,614 | ) | ||||||
Proceeds from redemption of marketable securities | — | 100,259 | ||||||||||||
Purchase of marketable securities and investments | (14,071 | ) | (99,877 | ) | ||||||||||
Purchases of investments | (10,121 | ) | (14,071 | ) | ||||||||||
Proceeds from sale of a cost method investment | 73,342 | — | — | 73,342 | ||||||||||
Proceeds from sale of business | — | 127,835 | ||||||||||||
Proceeds from sale of assets | 13,300 | — | ||||||||||||
Acquisitions of businesses, net of cash acquired | (6,580 | ) | (1,099 | ) | (6,582 | ) | (6,580 | ) | ||||||
Other, net | (1,717 | ) | (870 | ) | (2,103 | ) | (1,717 | ) | ||||||
Net cash used in investing activities | (86,640 | ) | (6,218 | ) | (131,673 | ) | (86,640 | ) | ||||||
Cash flows from financing activities: | ||||||||||||||
Issuance (payments) of commercial paper, net | 173,500 | (50,500 | ) | |||||||||||
Repayment of debt | — | (250,000 | ) | |||||||||||
(Payments) issuance of commercial paper, net | (112,500 | ) | 173,500 | |||||||||||
Proceeds from exercise of stock-based compensation awards | 32,612 | 28,558 | 63,201 | 32,612 | ||||||||||
Repurchase of common stock | (508,129 | ) | (35,697 | ) | (258,741 | ) | (508,129 | ) | ||||||
Other, net | (5,362 | ) | (1,882 | ) | (1,952 | ) | (5,362 | ) | ||||||
Net cash used in financing activities | (307,379 | ) | (309,521 | ) | (309,992 | ) | (307,379 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (793 | ) | 3,466 | 204 | (793 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (50,245 | ) | 66,736 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 129,890 | (50,245 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 138,724 | 169,266 | 96,645 | 138,724 | ||||||||||
Cash and cash equivalents at end of period | $ | 88,479 | $ | 236,002 | $ | 226,535 | $ | 88,479 |
(In thousands) | November 30, 2019 | May 31, 2019 | |||||
Raw materials | $ | 15,550 | $ | 17,812 | |||
Work in process | 27,148 | 28,820 | |||||
Finished goods | 305,606 | 287,957 | |||||
$ | 348,304 | $ | 334,589 |
(In thousands) | November 30, 2018 | May 31, 2018 | |||||
Raw materials | $ | 14,005 | $ | 17,042 | |||
Work in process | 32,420 | 27,350 | |||||
Finished goods | 275,449 | 235,955 | |||||
$ | 321,874 | $ | 280,347 |
Impacts of Adopting ASU 2014-09 | |||||||||||||||
(In thousands) | May 31, 2018 | Capitalization of Contract Costs | Assets With No Alternative Use | June 1, 2018 | |||||||||||
ASSETS | |||||||||||||||
Accounts receivable, net | $ | 804,583 | $ | — | $ | 13,426 | $ | 818,009 | |||||||
Inventories, net | 280,347 | — | (11,265 | ) | 269,082 | ||||||||||
Prepaid expenses and other current assets | 32,383 | 63,463 | — | 95,846 | |||||||||||
Total current assets | 1,977,932 | 63,463 | 2,161 | 2,043,556 | |||||||||||
Other assets, net | 29,315 | 187,503 | — | 216,818 | |||||||||||
Total assets | $ | 6,958,214 | $ | 250,966 | $ | 2,161 | $ | 7,211,341 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Deferred income taxes | $ | 352,581 | $ | 63,389 | $ | 546 | $ | 416,516 | |||||||
Total long-term liabilities | 3,165,831 | 63,389 | 546 | 3,229,766 | |||||||||||
Retained earnings | 5,837,827 | 187,577 | 1,615 | 6,027,019 | |||||||||||
Total shareholders' equity | 3,016,526 | 187,577 | 1,615 | 3,205,718 | |||||||||||
Total liabilities and shareholders' equity | $ | 6,958,214 | $ | 250,966 | $ | 2,161 | $ | 7,211,341 |
Six Months Ended November 30, 2018 | |||||||||||
Consolidated Condensed Statement of Income (In thousands) | As Reported | Under Historical Guidance | Impact of Adopting ASU 2014-09 | ||||||||
Revenue: | |||||||||||
Uniform rental and facility services | $ | 2,765,716 | $ | 2,767,884 | $ | (2,168 | ) | ||||
Other | 650,527 | 649,802 | 725 | ||||||||
Total revenue | 3,416,243 | 3,417,686 | (1,443 | ) | |||||||
Costs and expenses: | |||||||||||
Cost of other | 358,801 | 357,902 | 899 | ||||||||
Selling and administrative expenses | 996,305 | 1,010,394 | (14,089 | ) | |||||||
Operating income | 540,868 | 529,121 | 11,747 | ||||||||
Income before income taxes | 561,944 | 550,197 | 11,747 | ||||||||
Income taxes | 106,403 | 103,537 | 2,866 | ||||||||
Income from continuing operations | 455,541 | 446,660 | 8,881 | ||||||||
Net income | $ | 455,528 | $ | 446,647 | $ | 8,881 | |||||
Diluted earnings per share | $ | 4.07 | $ | 3.99 | $ | 0.08 |
Balance at November 30, 2018 | |||||||||||
Consolidated Condensed Balance Sheet (In thousands) | As Reported | Under Historical Guidance | Impact of Adopting ASU 2014-09 | ||||||||
ASSETS | |||||||||||
Accounts receivable, net | $ | 904,062 | $ | 889,716 | $ | 14,346 | |||||
Inventories, net | 321,874 | 334,038 | (12,164 | ) | |||||||
Income taxes, current | 36,595 | 36,600 | (5 | ) | |||||||
Prepaid expenses and other current assets | 106,614 | 39,642 | 66,972 | ||||||||
Total current assets | 2,215,870 | 2,146,721 | 69,149 | ||||||||
Other assets, net | 228,386 | 32,666 | 195,720 | ||||||||
Total assets | $ | 7,405,083 | $ | 7,140,214 | $ | 264,869 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Long-term liabilities: | |||||||||||
Deferred income taxes | $ | 435,461 | $ | 368,665 | $ | 66,796 | |||||
Total long-term liabilities | 3,263,153 | 3,196,357 | 66,796 | ||||||||
Retained earnings | 6,261,756 | 6,063,683 | 198,073 | ||||||||
Total shareholders' equity | 3,027,244 | 2,829,171 | 198,073 | ||||||||
Total liabilities and shareholders' equity | $ | 7,405,083 | $ | 7,140,214 | $ | 264,869 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | ||||||||||||||||||||
(In thousands) | Revenue | % | Revenue | % | Revenue | % | Revenue | % | |||||||||||||||
Uniform Rental and Facility Services | $ | 1,469,976 | 79.7 | % | $ | 1,390,778 | 81.0 | % | $ | 2,924,503 | 80.0 | % | $ | 2,765,716 | 81.0 | % | |||||||
First Aid and Safety Services | 169,668 | 9.2 | % | 153,348 | 8.9 | % | 341,758 | 9.4 | % | 306,765 | 9.0 | % | |||||||||||
Fire Protection Services | 106,735 | 5.8 | % | 96,183 | 5.6 | % | 216,861 | 5.9 | % | 194,292 | 5.7 | % | |||||||||||
Uniform Direct Sales | 97,370 | 5.3 | % | 77,959 | 4.5 | % | 171,766 | 4.7 | % | 149,470 | 4.3 | % | |||||||||||
Total revenue | $ | 1,843,749 | 100.0 | % | $ | 1,718,268 | 100.0 | % | $ | 3,654,888 | 100.0 | % | $ | 3,416,243 | 100.0 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | ||||||||||||||||||||
(In thousands) | Revenue | % | Revenue | % | Revenue | % | Revenue | % | |||||||||||||||
Uniform Rental and Facility Services | $ | 1,390,778 | 81.0 | % | $ | 1,308,038 | 81.4 | % | $ | 2,765,716 | 81.0 | % | $ | 2,619,822 | 81.4 | % | |||||||
First Aid and Safety Services | 153,348 | 8.9 | % | 139,090 | 8.7 | % | 306,765 | 9.0 | % | 279,672 | 8.7 | % | |||||||||||
Fire Protection Services | 96,183 | 5.6 | % | 80,949 | 5.0 | % | 194,292 | 5.7 | % | 167,496 | 5.2 | % | |||||||||||
Uniform Direct Sales | 77,959 | 4.5 | % | 78,364 | 4.9 | % | 149,470 | 4.3 | % | 150,954 | 4.7 | % | |||||||||||
Total revenue | $ | 1,718,268 | 100.0 | % | $ | 1,606,441 | 100.0 | % | $ | 3,416,243 | 100.0 | % | $ | 3,217,944 | 100.0 | % |
(In thousands) | November 30, 2019 | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 24,927 | ||
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 24,770 |
November 30, 2019 | ||
Weighted-average remaining lease term - operating leases | 5.35 years | |
Weighted-average discount rate - operating leases | 2.71% |
(In thousands) | ||||
2020 (remaining six months) | $ | 24,836 | ||
2021 | 44,642 | |||
2022 | 35,528 | |||
2023 | 27,414 | |||
2024 | 18,313 | |||
Thereafter | 37,869 | |||
Total payments | 188,602 | |||
Less interest | (13,759 | ) | ||
Total present value of lease payments | $ | 174,843 |
As of November 30, 2018 | As of November 30, 2019 | |||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
Cash and cash equivalents | $ | 88,479 | $ | — | $ | — | $ | 88,479 | $ | 226,535 | $ | — | $ | — | $ | 226,535 | ||||||||||||||
Other assets, net: | ||||||||||||||||||||||||||||||
Interest rate lock agreements | — | 2,307 | — | 2,307 | — | 12,241 | — | 12,241 | ||||||||||||||||||||||
Total assets at fair value | $ | 88,479 | $ | 2,307 | $ | — | $ | 90,786 | $ | 226,535 | $ | 12,241 | $ | — | $ | 238,776 | ||||||||||||||
Long-term accrued liabilities: | ||||||||||||||||||||||||||||||
Interest rate lock agreements | $ | — | $ | 58,274 | $ | — | $ | 58,274 | ||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 58,274 | $ | — | $ | 58,274 |
As of May 31, 2019 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||
Cash and cash equivalents | $ | 96,645 | $ | — | $ | — | $ | 96,645 | |||||||
Total assets at fair value | $ | 96,645 | $ | — | $ | — | $ | 96,645 | |||||||
Long-term accrued liabilities: | |||||||||||||||
Interest rate lock agreements | $ | — | $ | 36,393 | $ | — | $ | 36,393 | |||||||
Total liabilities at fair value | $ | — | $ | 36,393 | $ | — | $ | 36,393 |
As of May 31, 2018 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||
Cash and cash equivalents | $ | 138,724 | $ | — | $ | — | $ | 138,724 | |||||||
Total assets at fair value | $ | 138,724 | $ | — | $ | — | $ | 138,724 |
Three Months Ended | Six Months Ended | ||||||||||||||
Basic Earnings per Share from Continuing Operations (in thousands except per share data) | November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | |||||||||||
Income from continuing operations | $ | 246,443 | $ | 242,994 | $ | 497,255 | $ | 455,541 | |||||||
Less: income from continuing operations allocated to participating securities | 2,425 | 3,376 | 4,904 | 6,308 | |||||||||||
Income from continuing operations available to common shareholders | $ | 244,018 | $ | 239,618 | $ | 492,351 | $ | 449,233 | |||||||
Basic weighted average common shares outstanding | 103,959 | 106,475 | 103,638 | 106,652 | |||||||||||
Basic earnings per share from continuing operations | $ | 2.35 | $ | 2.25 | $ | 4.75 | $ | 4.21 |
Three Months Ended | Six Months Ended | ||||||||||||||
Basic Earnings per Share from Continuing Operations (in thousands except per share data) | November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | |||||||||||
Income from continuing operations | $ | 242,994 | $ | 137,737 | $ | 455,541 | $ | 298,845 | |||||||
Less: income from continuing operations allocated to participating securities | 3,376 | 2,111 | 6,308 | 5,298 | |||||||||||
Income from continuing operations available to common shareholders | $ | 239,618 | $ | 135,626 | $ | 449,233 | $ | 293,547 | |||||||
Basic weighted average common shares outstanding | 106,475 | 106,340 | 106,652 | 106,039 | |||||||||||
Basic earnings per share from continuing operations | $ | 2.25 | $ | 1.27 | $ | 4.21 | $ | 2.77 |
Three Months Ended | Six Months Ended | ||||||||||||||
Diluted Earnings per Share from Continuing Operations (in thousands except per share data) | November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | |||||||||||
Income from continuing operations | $ | 246,443 | $ | 242,994 | $ | 497,255 | $ | 455,541 | |||||||
Less: income from continuing operations allocated to participating securities | 2,425 | 3,376 | 4,904 | 6,308 | |||||||||||
Income from continuing operations available to common shareholders | $ | 244,018 | $ | 239,618 | $ | 492,351 | $ | 449,233 | |||||||
Basic weighted average common shares outstanding | 103,959 | 106,475 | 103,638 | 106,652 | |||||||||||
Effect of dilutive securities – employee stock options | 3,376 | 3,399 | 3,476 | 3,605 | |||||||||||
Diluted weighted average common shares outstanding | 107,335 | 109,874 | 107,114 | 110,257 | |||||||||||
Diluted earnings per share from continuing operations | $ | 2.27 | $ | 2.18 | $ | 4.60 | $ | 4.07 |
Three Months Ended | Six Months Ended | ||||||||||||||
Diluted Earnings per Share from Continuing Operations (in thousands except per share data) | November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | |||||||||||
Income from continuing operations | $ | 242,994 | $ | 137,737 | $ | 455,541 | $ | 298,845 | |||||||
Less: income from continuing operations allocated to participating securities | 3,376 | 2,111 | 6,308 | 5,298 | |||||||||||
Income from continuing operations available to common shareholders | $ | 239,618 | $ | 135,626 | $ | 449,233 | $ | 293,547 | |||||||
Basic weighted average common shares outstanding | 106,475 | 106,340 | 106,652 | 106,039 | |||||||||||
Effect of dilutive securities – employee stock options | 3,399 | 3,478 | 3,605 | 2,899 | |||||||||||
Diluted weighted average common shares outstanding | 109,874 | 109,818 | 110,257 | 108,938 | |||||||||||
Diluted earnings per share from continuing operations | $ | 2.18 | $ | 1.24 | $ | 4.07 | $ | 2.69 |
(In thousands except per share data) | Three Months Ended November 30, 2018 | Six Months Ended November 30, 2018 | |||||||||||||||||||
Buyback Program | Shares | Avg. Price per Share | Purchase Price | Shares | Avg. Price per Share | Purchase Price | |||||||||||||||
August 2, 2016 | 1,740 | $ | 190.66 | $ | 331,547 | 2,130 | $ | 192.55 | $ | 410,003 | |||||||||||
October 30, 2018 | 201 | $ | 181.41 | $ | 36,579 | 201 | $ | 181.41 | $ | 36,579 | |||||||||||
1,941 | $ | 189.69 | $ | 368,126 | 2,331 | $ | 191.58 | $ | 446,582 |
Goodwill (in thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Total | |||||||||||
Balance as of June 1, 2019 | $ | 2,496,402 | $ | 243,459 | $ | 102,580 | $ | 2,842,441 | |||||||
Goodwill acquired | — | 164 | 5,624 | 5,788 | |||||||||||
Foreign currency translation | 4,219 | 339 | 14 | 4,572 | |||||||||||
Balance as of November 30, 2019 | $ | 2,500,621 | $ | 243,962 | $ | 108,218 | $ | 2,852,801 |
Service Contracts (in thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Total | |||||||||||
Balance as of June 1, 2019 | $ | 445,016 | $ | 23,380 | $ | 26,199 | $ | 494,595 | |||||||
Service contracts acquired | — | 325 | 2,049 | 2,374 | |||||||||||
Service contracts amortization | (23,551 | ) | (1,940 | ) | (2,759 | ) | (28,250 | ) | |||||||
Foreign currency translation | 1,185 | 29 | — | 1,214 | |||||||||||
Balance as of November 30, 2019 | $ | 422,650 | $ | 21,794 | $ | 25,489 | $ | 469,933 |
Goodwill (in thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Total | |||||||||||
Balance as of June 1, 2018 | $ | 2,505,476 | $ | 244,279 | $ | 97,133 | $ | 2,846,888 | |||||||
Goodwill acquired | 15 | — | 5,092 | 5,107 | |||||||||||
Foreign currency translation | (6,233 | ) | (499 | ) | (19 | ) | (6,751 | ) | |||||||
Balance as of November 30, 2018 | $ | 2,499,258 | $ | 243,780 | $ | 102,206 | $ | 2,845,244 |
Service Contracts (in thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Total | |||||||||||
Balance as of June 1, 2018 | $ | 492,067 | $ | 27,294 | $ | 26,407 | $ | 545,768 | |||||||
Service contracts acquired | 739 | 14 | 4,959 | 5,712 | |||||||||||
Service contracts amortization | (23,477 | ) | (1,926 | ) | (2,680 | ) | (28,083 | ) | |||||||
Foreign currency translation | (1,845 | ) | (47 | ) | — | (1,892 | ) | ||||||||
Balance as of November 30, 2018 | $ | 467,484 | $ | 25,335 | $ | 28,686 | $ | 521,505 |
As of November 30, 2018 | |||||||||||
(In thousands) | Carrying Amount | Accumulated Amortization | Net | ||||||||
Service contracts | $ | 928,010 | $ | 406,505 | $ | 521,505 | |||||
Capitalized contract costs (1) | $ | 234,446 | $ | 34,726 | $ | 199,720 | |||||
Noncompete and consulting agreements | 42,116 | 40,190 | 1,926 | ||||||||
Other | 41,282 | 14,542 | 26,740 | ||||||||
Total other assets | $ | 317,844 | $ | 89,458 | $ | 228,386 |
As of November 30, 2019 | |||||||||||
(In thousands) | Carrying Amount | Accumulated Amortization | Net | ||||||||
Service contracts | $ | 932,833 | $ | 462,900 | $ | 469,933 | |||||
Capitalized contract costs (1) | $ | 325,160 | $ | 109,055 | $ | 216,105 | |||||
Noncompete and consulting agreements | 42,687 | 40,937 | 1,750 | ||||||||
Other | 63,780 | 21,009 | 42,771 | ||||||||
Total other assets | $ | 431,627 | $ | 171,001 | $ | 260,626 |
As of May 31, 2019 | |||||||||||
(In thousands) | Carrying Amount | Accumulated Amortization | Net | ||||||||
Service contracts | $ | 928,635 | $ | 434,040 | $ | 494,595 | |||||
Capitalized contract costs (2) | $ | 277,016 | $ | 71,062 | $ | 205,954 | |||||
Noncompete and consulting agreements | 42,308 | 40,524 | 1,784 | ||||||||
Other | 50,306 | 17,729 | 32,577 | ||||||||
Total other assets | $ | 369,630 | $ | 129,315 | $ | 240,315 |
(1) | The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated condensed balance sheet as of November 30, 2019, is $74.9 million. |
(2) | The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated condensed balance sheet as of May 31, 2019, is $69.6 million. |
As of May 31, 2018 | |||||||||||
(In thousands) | Carrying Amount | Accumulated Amortization | Net | ||||||||
Service contracts | $ | 924,978 | $ | 379,210 | $ | 545,768 | |||||
Noncompete and consulting agreements | $ | 41,710 | $ | 39,877 | $ | 1,833 | |||||
Other | 38,787 | 11,305 | 27,482 | ||||||||
Total other assets | $ | 80,497 | $ | 51,182 | $ | 29,315 |
Fiscal Year (In thousands) | ||||
2020 (remaining six months) | $ | 68,366 | ||
2021 | 125,140 | |||
2022 | 113,263 | |||
2023 | 94,309 | |||
2024 | 82,990 | |||
Thereafter | 284,200 | |||
Total future amortization expense | $ | 768,268 |
(In thousands) | Interest Rate | Fiscal Year Issued | Fiscal Year Maturity | November 30, 2018 | May 31, 2018 | Interest Rate | Fiscal Year Issued | Fiscal Year Maturity | November 30, 2019 | May 31, 2019 | ||||||||||||||||||
Debt due within one year | ||||||||||||||||||||||||||||
Commercial paper | 2.60 | % | (1) | Various | Various | $ | 173,500 | $ | — | 2.68 | % | (1) | 2019 | 2020 | $ | — | $ | 112,500 | ||||||||||
Term loan | 2.44 | % | (2) | 2019 | 2020 | 200,000 | 200,000 | |||||||||||||||||||||
Debt issuance costs | (212 | ) | (236 | ) | ||||||||||||||||||||||||
Total debt due within one year | $ | 173,500 | $ | — | $ | 199,788 | $ | 312,264 | ||||||||||||||||||||
Debt due after one year | ||||||||||||||||||||||||||||
Senior notes | 4.30 | % | 2012 | 2022 | $ | 250,000 | $ | 250,000 | 4.30 | % | 2012 | 2022 | $ | 250,000 | $ | 250,000 | ||||||||||||
Senior notes | 2.90 | % | 2017 | 2022 | 650,000 | 650,000 | 2.90 | % | 2017 | 2022 | 650,000 | 650,000 | ||||||||||||||||
Senior notes | 3.25 | % | 2013 | 2023 | 300,000 | 300,000 | 3.25 | % | 2013 | 2023 | 300,000 | 300,000 | ||||||||||||||||
Senior notes (2) | 2.78 | % | 2013 | 2023 | 51,902 | 52,119 | ||||||||||||||||||||||
Senior notes (3) | 3.11 | % | 2015 | 2025 | 52,140 | 52,309 | 2.78 | % | 2013 | 2023 | 51,467 | 51,684 | ||||||||||||||||
Senior notes (4) | 3.11 | % | 2015 | 2025 | 51,805 | 51,973 | ||||||||||||||||||||||
Senior notes | 3.70 | % | 2017 | 2027 | 1,000,000 | 1,000,000 | 3.70 | % | 2017 | 2027 | 1,000,000 | 1,000,000 | ||||||||||||||||
Senior notes | 6.15 | % | 2007 | 2037 | 250,000 | 250,000 | 6.15 | % | 2007 | 2037 | 250,000 | 250,000 | ||||||||||||||||
Debt issuance costs | (17,634 | ) | (19,119 | ) | (14,666 | ) | (16,150 | ) | ||||||||||||||||||||
Total debt due after one year | $ | 2,536,408 | $ | 2,535,309 | $ | 2,538,606 | $ | 2,537,507 |
(1) | Variable rate debt instrument. The rate presented is the variable borrowing rate at May 31, 2019 |
(2) | Variable rate debt instrument. The rate presented is the variable borrowing rate at November 30, 2019. |
(3) | Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (G&K) in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.73%. |
(4) | Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.88%. |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands) | November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | |||||||||||
Interest cost | $ | 721 | $ | 781 | $ | 1,441 | $ | 1,562 | |||||||
Expected return on assets | (741 | ) | (720 | ) | (1,481 | ) | (1,441 | ) | |||||||
Net periodic benefit cost | $ | (20 | ) | $ | 61 | $ | (40 | ) | $ | 121 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands) | November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | |||||||||||
Interest cost | $ | 781 | $ | 711 | $ | 1,562 | $ | 1,421 | |||||||
Expected return on assets | (720 | ) | (716 | ) | (1,441 | ) | (1,432 | ) | |||||||
Total net periodic pension cost (benefit) | $ | 61 | $ | (5 | ) | $ | 121 | $ | (11 | ) |
(In thousands) | Foreign Currency | Unrealized Income on Interest Rate Hedges | Other | Total | |||||||||||
Balance at June 1, 2018 | $ | 6,550 | $ | 10,449 | $ | (656 | ) | $ | 16,343 | ||||||
Other comprehensive loss before reclassifications | (3,019 | ) | (3,168 | ) | — | (6,187 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (295 | ) | — | (295 | ) | |||||||||
Net current period other comprehensive loss | (3,019 | ) | (3,463 | ) | — | (6,482 | ) | ||||||||
Balance at August 31, 2018 | 3,531 | 6,986 | (656 | ) | 9,861 | ||||||||||
Other comprehensive (loss) income before reclassifications | (10,623 | ) | 4,921 | — | (5,702 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (294 | ) | — | (294 | ) | |||||||||
Net current period other comprehensive (loss) income | (10,623 | ) | 4,627 | — | (5,996 | ) | |||||||||
Balance at November 30, 2018 | $ | (7,092 | ) | $ | 11,613 | $ | (656 | ) | $ | 3,865 |
(In thousands) | Foreign Currency | Unrealized Loss on Interest Rate Hedges | Other | Total | |||||||||||
Balance at June 1, 2019 | $ | (15,022 | ) | $ | (18,389 | ) | $ | (5,741 | ) | $ | (39,152 | ) | |||
Other comprehensive income (loss) before reclassifications | 6,724 | (29,903 | ) | — | (23,179 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (295 | ) | — | (295 | ) | |||||||||
Net current period other comprehensive income (loss) | 6,724 | (30,198 | ) | — | (23,474 | ) | |||||||||
Cumulative effect of change in accounting principle (1) | — | 2,058 | (83 | ) | 1,975 | ||||||||||
Balance at August 31, 2019 | (8,298 | ) | (46,529 | ) | (5,824 | ) | (60,651 | ) | |||||||
Other comprehensive income before reclassifications | 1,413 | 22,761 | — | 24,174 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (358 | ) | — | (358 | ) | |||||||||
Net current period other comprehensive income | 1,413 | 22,403 | — | 23,816 | |||||||||||
Balance at November 30, 2019 | $ | (6,885 | ) | $ | (24,126 | ) | $ | (5,824 | ) | $ | (36,835 | ) |
(1) | See new accounting pronouncements in Note 1 entitled Basis of Presentation for more information. |
(In thousands) | Foreign Currency | Unrealized Income on Interest Rate Hedges | Other | Total | |||||||||||
Balance at June 1, 2018 | $ | 6,550 | $ | 10,449 | $ | (656 | ) | $ | 16,343 | ||||||
Other comprehensive loss before reclassifications | (3,019 | ) | (3,168 | ) | — | (6,187 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (295 | ) | — | (295 | ) | |||||||||
Net current period other comprehensive loss | (3,019 | ) | (3,463 | ) | — | (6,482 | ) | ||||||||
Balance at August 31, 2018 | 3,531 | 6,986 | (656 | ) | 9,861 | ||||||||||
Other comprehensive (loss) income before reclassifications | (10,623 | ) | 4,921 | — | (5,702 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (294 | ) | — | (294 | ) | |||||||||
Net current period other comprehensive (loss) income | (10,623 | ) | 4,627 | — | (5,996 | ) | |||||||||
Balance at November 30, 2018 | $ | (7,092 | ) | $ | 11,613 | $ | (656 | ) | $ | 3,865 |
(In thousands) | Foreign Currency | Unrealized Income on Interest Rate Hedges | Other | Total | |||||||||||
Balance at June 1, 2017 | $ | (12,726 | ) | $ | 11,382 | $ | (1,685 | ) | $ | (3,029 | ) | ||||
Other comprehensive income before reclassifications | 35,184 | — | 20 | 35,204 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (172 | ) | — | (172 | ) | |||||||||
Net current period other comprehensive income (loss) | 35,184 | (172 | ) | 20 | 35,032 | ||||||||||
Balance at August 31, 2017 | 22,458 | 11,210 | (1,665 | ) | 32,003 | ||||||||||
Other comprehensive loss before reclassifications | (11,374 | ) | — | (20 | ) | (11,394 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (172 | ) | — | (172 | ) | |||||||||
Net current period other comprehensive loss | (11,374 | ) | (172 | ) | (20 | ) | (11,566 | ) | |||||||
Balance at November 30, 2017 | $ | 11,084 | $ | 11,038 | $ | (1,685 | ) | $ | 20,437 |
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Consolidated Condensed Statements of Income | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | November 30, 2019 | November 30, 2018 | November 30, 2019 | November 30, 2018 | ||||||||||||
Amortization of interest rate locks | $ | 474 | $ | 474 | $ | 948 | $ | 948 | Interest expense | |||||||
Tax expense | (116 | ) | (180 | ) | (295 | ) | (359 | ) | Income taxes | |||||||
Amortization of interest rate locks, net of tax | $ | 358 | $ | 294 | $ | 653 | $ | 589 | Net income |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line in the Consolidated Condensed Statements of Income | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | ||||||||||||
Amortization of interest rate locks | $ | 474 | $ | 278 | $ | 948 | $ | 556 | Interest expense | |||||||
Tax expense | (180 | ) | (106 | ) | (359 | ) | (212 | ) | Income taxes | |||||||
Amortization of interest rate locks, net of tax | $ | 294 | $ | 172 | $ | 589 | $ | 344 | Net income |
(In thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Corporate (1) | Total | ||||||||||||||
For the three months ended November 30, 2019 | |||||||||||||||||||
Revenue | $ | 1,469,976 | $ | 169,668 | $ | 204,105 | $ | — | $ | 1,843,749 | |||||||||
Income (loss) before income taxes | $ | 286,360 | $ | 24,640 | $ | 23,464 | $ | (25,894 | ) | $ | 308,570 | ||||||||
For the three months ended November 30, 2018 | |||||||||||||||||||
Revenue | $ | 1,390,778 | $ | 153,348 | $ | 174,142 | $ | — | $ | 1,718,268 | |||||||||
Income before income taxes | $ | 242,891 | $ | 21,328 | $ | 11,421 | $ | 44,884 | $ | 320,524 | |||||||||
As of and for the six months ended November 30, 2019 | |||||||||||||||||||
Revenue | $ | 2,924,503 | $ | 341,758 | $ | 388,627 | $ | — | $ | 3,654,888 | |||||||||
Income (loss) before income taxes | $ | 555,371 | $ | 49,409 | $ | 35,830 | $ | (53,053 | ) | $ | 587,557 | ||||||||
Total assets | $ | 6,699,166 | $ | 537,740 | $ | 423,896 | $ | 226,535 | $ | 7,887,337 | |||||||||
As of and for the six months ended November 30, 2018 | |||||||||||||||||||
Revenue | $ | 2,765,716 | $ | 306,765 | $ | 343,762 | $ | — | $ | 3,416,243 | |||||||||
Income before income taxes | $ | 474,425 | $ | 43,311 | $ | 23,132 | $ | 21,076 | $ | 561,944 | |||||||||
Total assets | $ | 6,438,400 | $ | 495,054 | $ | 383,150 | $ | 88,479 | $ | 7,405,083 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 1,167,960 | $ | 194,468 | $ | 108,195 | $ | (647 | ) | $ | 1,469,976 | ||||||||||
Other | — | 606,540 | 171 | 24,360 | (257,298 | ) | 373,773 | ||||||||||||||||
Equity in net income of affiliates | 246,443 | — | — | — | (246,443 | ) | — | ||||||||||||||||
Total revenue | 246,443 | 1,774,500 | 194,639 | 132,555 | (504,388 | ) | 1,843,749 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 635,235 | 112,505 | 69,362 | (32,165 | ) | 784,937 | ||||||||||||||||
Cost of other | — | 427,776 | (26,862 | ) | 18,954 | (213,447 | ) | 206,421 | |||||||||||||||
Selling and administrative expenses | — | 591,422 | (99,163 | ) | 32,740 | (7,072 | ) | 517,927 | |||||||||||||||
Operating income | 246,443 | 120,067 | 208,159 | 11,499 | (251,704 | ) | 334,464 | ||||||||||||||||
Interest income | — | (157 | ) | (108 | ) | (20 | ) | 2 | (283 | ) | |||||||||||||
Interest expense (income) | — | 26,264 | (87 | ) | — | — | 26,177 | ||||||||||||||||
Income before income taxes | 246,443 | 93,960 | 208,354 | 11,519 | (251,706 | ) | 308,570 | ||||||||||||||||
Income taxes | — | 18,660 | 40,652 | 2,851 | (36 | ) | 62,127 | ||||||||||||||||
Income from continuing operations | 246,443 | 75,300 | 167,702 | 8,668 | (251,670 | ) | 246,443 | ||||||||||||||||
Loss from discontinued operations, net of tax | (323 | ) | (323 | ) | — | — | 323 | (323 | ) | ||||||||||||||
Net income | $ | 246,120 | $ | 74,977 | $ | 167,702 | $ | 8,668 | $ | (251,347 | ) | $ | 246,120 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 1,134,118 | $ | 182,876 | $ | 101,830 | $ | (28,046 | ) | $ | 1,390,778 | ||||||||||
Other | — | 522,081 | 50 | 25,918 | (220,559 | ) | 327,490 | ||||||||||||||||
Equity in net income of affiliates | 242,994 | — | — | — | (242,994 | ) | — | ||||||||||||||||
Total revenue | 242,994 | 1,656,199 | 182,926 | 127,748 | (491,599 | ) | 1,718,268 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 640,859 | 111,555 | 65,316 | (56,611 | ) | 761,119 | ||||||||||||||||
Cost of other | — | 375,764 | (27,133 | ) | 19,319 | (185,959 | ) | 181,991 | |||||||||||||||
Selling and administrative expenses | — | 536,276 | (68,617 | ) | 32,559 | (8,547 | ) | 491,671 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 5,973 | 1,270 | 604 | — | 7,847 | |||||||||||||||||
Operating income | 242,994 | 97,327 | 165,851 | 9,950 | (240,482 | ) | 275,640 | ||||||||||||||||
Gain on sale of a cost method investment | — | — | 69,373 | — | — | 69,373 | |||||||||||||||||
Interest income | — | (294 | ) | (93 | ) | (5 | ) | 1 | (391 | ) | |||||||||||||
Interest expense (income) | — | 25,046 | (173 | ) | 7 | — | 24,880 | ||||||||||||||||
Income before income taxes | 242,994 | 72,575 | 235,490 | 9,948 | (240,483 | ) | 320,524 | ||||||||||||||||
Income taxes | — | 19,166 | 55,788 | 2,613 | (37 | ) | 77,530 | ||||||||||||||||
Income from continuing operations | 242,994 | 53,409 | 179,702 | 7,335 | (240,446 | ) | 242,994 | ||||||||||||||||
Income from discontinued operations, net of tax | 19 | 19 | — | — | (19 | ) | 19 | ||||||||||||||||
Net income | $ | 243,013 | $ | 53,428 | $ | 179,702 | $ | 7,335 | $ | (240,465 | ) | $ | 243,013 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 2,326,851 | $ | 385,203 | $ | 213,589 | $ | (1,140 | ) | $ | 2,924,503 | ||||||||||
Other | — | 1,189,516 | 268 | 47,606 | (507,005 | ) | 730,385 | ||||||||||||||||
Equity in net income of affiliates | 497,255 | — | — | — | (497,255 | ) | — | ||||||||||||||||
Total revenue | 497,255 | 3,516,367 | 385,471 | 261,195 | (1,005,400 | ) | 3,654,888 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 1,257,116 | 224,239 | 134,957 | (62,699 | ) | 1,553,613 | ||||||||||||||||
Cost of other | — | 831,260 | (49,539 | ) | 36,653 | (418,632 | ) | 399,742 | |||||||||||||||
Selling and administrative expenses | — | 1,190,825 | (183,420 | ) | 67,194 | (13,676 | ) | 1,060,923 | |||||||||||||||
Operating income | 497,255 | 237,166 | 394,191 | 22,391 | (510,393 | ) | 640,610 | ||||||||||||||||
Interest income | — | (307 | ) | (107 | ) | (34 | ) | 3 | (445 | ) | |||||||||||||
Interest expense (income) | — | 53,624 | (140 | ) | 14 | — | 53,498 | ||||||||||||||||
Income before income taxes | 497,255 | 183,849 | 394,438 | 22,411 | (510,396 | ) | 587,557 | ||||||||||||||||
Income taxes | — | 26,861 | 57,630 | 5,872 | (61 | ) | 90,302 | ||||||||||||||||
Income from continuing operations | 497,255 | 156,988 | 336,808 | 16,539 | (510,335 | ) | 497,255 | ||||||||||||||||
Loss from discontinued operations, net of tax | (323 | ) | (323 | ) | — | — | 323 | (323 | ) | ||||||||||||||
Net income | $ | 496,932 | $ | 156,665 | $ | 336,808 | $ | 16,539 | $ | (510,012 | ) | $ | 496,932 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 2,273,247 | $ | 366,039 | $ | 201,513 | $ | (75,083 | ) | $ | 2,765,716 | ||||||||||
Other | — | 1,013,371 | 93 | 50,250 | (413,187 | ) | 650,527 | ||||||||||||||||
Equity in net income of affiliates | 455,541 | — | — | — | (455,541 | ) | — | ||||||||||||||||
Total revenue | 455,541 | 3,286,618 | 366,132 | 251,763 | (943,811 | ) | 3,416,243 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 1,284,600 | 221,105 | 129,329 | (127,462 | ) | 1,507,572 | ||||||||||||||||
Cost of other | — | 717,097 | (49,162 | ) | 37,461 | (346,595 | ) | 358,801 | |||||||||||||||
Selling and administrative expenses | — | 1,081,186 | (133,238 | ) | 66,922 | (18,565 | ) | 996,305 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 8,649 | 3,133 | 915 | — | 12,697 | |||||||||||||||||
Operating income | 455,541 | 195,086 | 324,294 | 17,136 | (451,189 | ) | 540,868 | ||||||||||||||||
Gain on sale of a cost method investment | — | — | 69,373 | — | — | 69,373 | |||||||||||||||||
Interest income | — | (503 | ) | (365 | ) | (21 | ) | 2 | (887 | ) | |||||||||||||
Interest expense (income) | — | 49,707 | (535 | ) | 12 | — | 49,184 | ||||||||||||||||
Income before income taxes | 455,541 | 145,882 | 394,567 | 17,145 | (451,191 | ) | 561,944 | ||||||||||||||||
Income taxes | — | 29,829 | 71,832 | 4,800 | (58 | ) | 106,403 | ||||||||||||||||
Income from continuing operations | 455,541 | 116,053 | 322,735 | 12,345 | (451,133 | ) | 455,541 | ||||||||||||||||
Loss from discontinued operations, net of tax | (13 | ) | (13 | ) | — | — | 13 | (13 | ) | ||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 246,120 | $ | 74,977 | $ | 167,702 | $ | 8,668 | $ | (251,347 | ) | $ | 246,120 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | 1,413 | — | — | 1,413 | (1,413 | ) | 1,413 | ||||||||||||||||
Change in fair value of interest rate lock agreements | 22,761 | 22,761 | — | — | (22,761 | ) | 22,761 | ||||||||||||||||
Amortization of interest rate lock agreements | (358 | ) | (358 | ) | — | — | 358 | (358 | ) | ||||||||||||||
Other comprehensive income | 23,816 | 22,403 | — | 1,413 | (23,816 | ) | 23,816 | ||||||||||||||||
Comprehensive income | $ | 269,936 | $ | 97,380 | $ | 167,702 | $ | 10,081 | $ | (275,163 | ) | $ | 269,936 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 243,013 | $ | 53,428 | $ | 179,702 | $ | 7,335 | $ | (240,465 | ) | $ | 243,013 | ||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (10,623 | ) | — | — | (10,623 | ) | 10,623 | (10,623 | ) | ||||||||||||||
Change in fair value of interest rate lock agreements | 4,921 | 4,921 | — | — | (4,921 | ) | 4,921 | ||||||||||||||||
Amortization of interest rate lock agreements | (294 | ) | (294 | ) | — | — | 294 | (294 | ) | ||||||||||||||
Other comprehensive (loss) income | (5,996 | ) | 4,627 | — | (10,623 | ) | 5,996 | (5,996 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 237,017 | $ | 58,055 | $ | 179,702 | $ | (3,288 | ) | $ | (234,469 | ) | $ | 237,017 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 496,932 | $ | 156,665 | $ | 336,808 | $ | 16,539 | $ | (510,012 | ) | $ | 496,932 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | 8,137 | — | — | 8,137 | (8,137 | ) | 8,137 | ||||||||||||||||
Change in fair value of interest rate lock agreements | (7,142 | ) | (7,142 | ) | — | — | 7,142 | (7,142 | ) | ||||||||||||||
Amortization of interest rate lock agreements | (653 | ) | (653 | ) | — | — | 653 | (653 | ) | ||||||||||||||
Other comprehensive income (loss) | 342 | (7,795 | ) | — | 8,137 | (342 | ) | 342 | |||||||||||||||
Comprehensive income | $ | 497,274 | $ | 148,870 | $ | 336,808 | $ | 24,676 | $ | (510,354 | ) | $ | 497,274 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 | ||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (13,642 | ) | — | — | (13,642 | ) | 13,642 | (13,642 | ) | ||||||||||||||
Change in fair value of interest rate lock agreements | 1,753 | 1,753 | — | — | (1,753 | ) | 1,753 | ||||||||||||||||
Amortization of interest rate lock agreements | (589 | ) | (589 | ) | — | — | 589 | (589 | ) | ||||||||||||||
Other comprehensive (loss) income | (12,478 | ) | 1,164 | — | (13,642 | ) | 12,478 | (12,478 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 443,050 | $ | 117,204 | $ | 322,735 | $ | (1,297 | ) | $ | (438,642 | ) | $ | 443,050 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 50,716 | $ | 127,948 | $ | 47,871 | $ | — | $ | 226,535 | |||||||||||
Accounts receivable, net | — | 744,116 | 133,546 | 71,460 | — | 949,122 | |||||||||||||||||
Inventories, net | — | 297,396 | 29,796 | 21,112 | — | 348,304 | |||||||||||||||||
Uniforms and other rental items in service | — | 677,309 | 92,726 | 63,349 | (15,525 | ) | 817,859 | ||||||||||||||||
Income taxes, current | — | 3,831 | 15,457 | 5,590 | — | 24,878 | |||||||||||||||||
Prepaid expenses and other current assets | — | 85,738 | 35,962 | 1,889 | — | 123,589 | |||||||||||||||||
Total current assets | — | 1,859,106 | 435,435 | 211,271 | (15,525 | ) | 2,490,287 | ||||||||||||||||
Property and equipment, net | — | 968,662 | 357,032 | 99,890 | — | 1,425,584 | |||||||||||||||||
Investments (1) | 321,083 | 3,589,691 | 990,871 | 1,697,996 | (6,380,768 | ) | 218,873 | ||||||||||||||||
Goodwill | — | — | 2,592,194 | 260,719 | (112 | ) | 2,852,801 | ||||||||||||||||
Service contracts, net | — | 405,201 | — | 64,732 | — | 469,933 | |||||||||||||||||
Operating lease right-of-use assets, net | — | 141,697 | 12,905 | 14,631 | — | 169,233 | |||||||||||||||||
Other assets, net | 2,318,640 | 233,167 | 5,847,006 | 1,298 | (8,139,485 | ) | 260,626 | ||||||||||||||||
$ | 2,639,723 | $ | 7,197,524 | $ | 10,235,443 | $ | 2,350,537 | $ | (14,535,890 | ) | $ | 7,887,337 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (1,998,351 | ) | $ | 2,753,017 | $ | (72,014 | ) | $ | 37,206 | $ | 254,611 | ||||||||
Accrued compensation and related liabilities | — | 77,493 | 36,653 | 10,203 | — | 124,349 | |||||||||||||||||
Accrued liabilities | — | 78,371 | 580,340 | 15,529 | — | 674,240 | |||||||||||||||||
Operating lease liabilities, current | — | 35,402 | 4,533 | 4,328 | — | 44,263 | |||||||||||||||||
Debt due within one year | — | 199,788 | — | — | — | 199,788 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (1,607,297 | ) | 3,374,543 | (41,954 | ) | 37,206 | 1,297,251 | ||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Debt due after one year | — | 2,538,606 | — | — | — | 2,538,606 | |||||||||||||||||
Deferred income taxes | — | 311,326 | 101,464 | 31,067 | — | 443,857 | |||||||||||||||||
Operating lease liabilities | — | 110,833 | 9,010 | 10,737 | — | 130,580 | |||||||||||||||||
Accrued liabilities | — | 132,109 | 223,232 | 16,732 | — | 372,073 | |||||||||||||||||
Total long-term liabilities | — | 3,092,874 | 333,706 | 58,536 | — | 3,485,116 | |||||||||||||||||
Total shareholders’ equity | 3,104,970 | 5,711,947 | 6,527,194 | 2,333,955 | (14,573,096 | ) | 3,104,970 | ||||||||||||||||
$ | 2,639,723 | $ | 7,197,524 | $ | 10,235,443 | $ | 2,350,537 | $ | (14,535,890 | ) | $ | 7,887,337 |
(1) | Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $20.3 million and $198.6 million, respectively, of the $218.9 millionconsolidated net investments. |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 54,963 | $ | 13,151 | $ | 28,531 | $ | — | $ | 96,645 | |||||||||||
Accounts receivable, net | — | 719,914 | 121,803 | 68,403 | — | 910,120 | |||||||||||||||||
Inventories, net | — | 278,666 | 35,081 | 20,842 | — | 334,589 | |||||||||||||||||
Uniforms and other rental items in service | — | 645,862 | 90,458 | 60,061 | (12,248 | ) | 784,133 | ||||||||||||||||
Income taxes, current | — | (9,728 | ) | 11,722 | 5,481 | — | 7,475 | ||||||||||||||||
Prepaid expenses and other current assets | — | 81,117 | 20,334 | 1,867 | — | 103,318 | |||||||||||||||||
Total current assets | — | 1,770,794 | 292,549 | 185,185 | (12,248 | ) | 2,236,280 | ||||||||||||||||
Property and equipment, net | — | 948,830 | 369,006 | 112,849 | — | 1,430,685 | |||||||||||||||||
Investments (1) | 321,083 | 3,589,234 | 964,802 | 1,716,870 | (6,399,643 | ) | 192,346 | ||||||||||||||||
Goodwill | — | — | 2,586,406 | 256,147 | (112 | ) | 2,842,441 | ||||||||||||||||
Service contracts, net | — | 427,437 | — | 67,158 | — | 494,595 | |||||||||||||||||
Other assets, net | 2,216,391 | 211,102 | 5,424,413 | 1,716 | (7,613,307 | ) | 240,315 | ||||||||||||||||
$ | 2,537,474 | $ | 6,947,397 | $ | 9,637,176 | $ | 2,339,925 | $ | (14,025,310 | ) | $ | 7,436,662 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (2,090,954 | ) | $ | 2,793,558 | $ | (48,769 | ) | $ | 37,432 | $ | 226,020 | ||||||||
Accrued compensation and related liabilities | — | 117,404 | 26,870 | 11,235 | — | 155,509 | |||||||||||||||||
Accrued liabilities | — | 84,296 | 328,267 | 21,377 | — | 433,940 | |||||||||||||||||
Debt due within one year | — | 312,264 | — | — | — | 312,264 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (1,576,990 | ) | 3,148,695 | (16,157 | ) | 37,432 | 1,127,733 | ||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Debt due after one year | — | 2,537,507 | — | — | — | 2,537,507 | |||||||||||||||||
Deferred income taxes | — | 307,334 | 100,162 | 30,683 | — | 438,179 | |||||||||||||||||
Accrued liabilities | — | 116,469 | 197,934 | 16,119 | — | 330,522 | |||||||||||||||||
Total long-term liabilities | — | 2,961,310 | 298,096 | 46,802 | — | 3,306,208 | |||||||||||||||||
Total shareholders’ equity | 3,002,721 | 5,563,077 | 6,190,385 | 2,309,280 | (14,062,742 | ) | 3,002,721 | ||||||||||||||||
$ | 2,537,474 | $ | 6,947,397 | $ | 9,637,176 | $ | 2,339,925 | $ | (14,025,310 | ) | $ | 7,436,662 |
(1) | Investments include inter-company investment activity. Corp 2 and Subsidiary Guarantors hold $19.8 million and $172.5 million, respectively, of the $192.3 million consolidated net investments. |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 496,932 | $ | 156,665 | $ | 336,808 | $ | 16,539 | $ | (510,012 | ) | $ | 496,932 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation | — | 75,691 | 32,499 | 7,177 | — | 115,367 | |||||||||||||||||
Amortization of intangible assets and capitalized contract costs | — | 64,325 | 2,559 | 4,079 | — | 70,963 | |||||||||||||||||
Stock-based compensation | 69,398 | — | — | — | — | 69,398 | |||||||||||||||||
Deferred income taxes | — | 6,490 | 1,309 | (167 | ) | — | 7,632 | ||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | |||||||||||||||||||||||
Accounts receivable, net | — | (24,190 | ) | (11,743 | ) | (2,007 | ) | — | (37,940 | ) | |||||||||||||
Inventories, net | — | (18,709 | ) | 6,042 | (735 | ) | — | (13,402 | ) | ||||||||||||||
Uniforms and other rental items in service | — | (31,448 | ) | (2,268 | ) | (2,305 | ) | 3,277 | (32,744 | ) | |||||||||||||
Prepaid expenses and other current assets and capitalized contract costs | — | (52,765 | ) | (15,629 | ) | (15 | ) | — | (68,409 | ) | |||||||||||||
Accounts payable | — | 92,602 | (65,280 | ) | 959 | (226 | ) | 28,055 | |||||||||||||||
Accrued compensation and related liabilities | — | (39,911 | ) | 9,298 | 1,287 | — | (29,326 | ) | |||||||||||||||
Accrued liabilities and other | — | 3,820 | (18,688 | ) | (3,015 | ) | — | (17,883 | ) | ||||||||||||||
Income taxes, current | — | (13,559 | ) | (3,732 | ) | (1 | ) | — | (17,292 | ) | |||||||||||||
Net cash provided by operating activities | 566,330 | 219,011 | 271,175 | 21,796 | (506,961 | ) | 571,351 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (95,361 | ) | (20,584 | ) | (10,222 | ) | — | (126,167 | ) | |||||||||||||
Purchases of investments | — | (457 | ) | (9,664 | ) | — | — | (10,121 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | — | 13,300 | — | 13,300 | |||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (6,582 | ) | — | — | — | (6,582 | ) | |||||||||||||||
Other, net | (370,790 | ) | (6,406 | ) | (126,130 | ) | (5,738 | ) | 506,961 | (2,103 | ) | ||||||||||||
Net cash used in investing activities | (370,790 | ) | (108,806 | ) | (156,378 | ) | (2,660 | ) | 506,961 | (131,673 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments of commercial paper, net | — | (112,500 | ) | — | — | — | (112,500 | ) | |||||||||||||||
Proceeds from exercise of stock-based compensation awards | 63,201 | — | — | — | — | 63,201 | |||||||||||||||||
Repurchase of common stock | (258,741 | ) | — | — | — | — | (258,741 | ) | |||||||||||||||
Other, net | — | (1,952 | ) | — | — | — | (1,952 | ) | |||||||||||||||
Net cash used in financing activities | (195,540 | ) | (114,452 | ) | — | — | — | (309,992 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 204 | — | 204 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,247 | ) | 114,797 | 19,340 | — | 129,890 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 54,963 | 13,151 | 28,531 | — | 96,645 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 50,716 | $ | 127,948 | $ | 47,871 | $ | — | $ | 226,535 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||||||||
Depreciation | — | 68,929 | 31,274 | 6,909 | — | 107,112 | |||||||||||||||||
Amortization of intangible assets and capitalized contract costs | — | 61,044 | 2,339 | 4,176 | — | 67,559 | |||||||||||||||||
Stock-based compensation | 74,784 | — | — | — | — | 74,784 | |||||||||||||||||
Gain on sale of a cost method investment | — | — | (69,373 | ) | — | — | (69,373 | ) | |||||||||||||||
Deferred income taxes | — | 10,865 | 5,519 | 2,843 | — | 19,227 | |||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | |||||||||||||||||||||||
Accounts receivable, net | — | (52,953 | ) | (20,151 | ) | (10,183 | ) | (2,461 | ) | (85,748 | ) | ||||||||||||
Inventories, net | — | (52,989 | ) | 3,546 | (2,153 | ) | (1,631 | ) | (53,227 | ) | |||||||||||||
Uniforms and other rental items in service | — | (39,481 | ) | (11,051 | ) | (7,152 | ) | — | (57,684 | ) | |||||||||||||
Prepaid expenses and other current assets and capitalized contract costs | — | (52,392 | ) | (5,570 | ) | (199 | ) | — | (58,161 | ) | |||||||||||||
Accounts payable | — | (98,465 | ) | 90,324 | 6,502 | (316 | ) | (1,955 | ) | ||||||||||||||
Accrued compensation and related liabilities | — | (16,186 | ) | (6,468 | ) | 1,685 | — | (20,969 | ) | ||||||||||||||
Accrued liabilities and other | — | (1,908 | ) | (9,983 | ) | (3,431 | ) | — | (15,322 | ) | |||||||||||||
Income taxes, current | — | (5,329 | ) | (7,109 | ) | (4,766 | ) | — | (17,204 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 530,312 | (62,825 | ) | 326,032 | 6,576 | (455,528 | ) | 344,567 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (92,461 | ) | (37,357 | ) | (7,796 | ) | — | (137,614 | ) | |||||||||||||
Purchases of investments | — | (466 | ) | (13,605 | ) | — | — | (14,071 | ) | ||||||||||||||
Proceeds from sale of a cost method investment | — | — | 73,342 | — | — | 73,342 | |||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (6,580 | ) | — | — | — | (6,580 | ) | |||||||||||||||
Other, net | (54,795 | ) | (2,534 | ) | (398,963 | ) | (953 | ) | 455,528 | (1,717 | ) | ||||||||||||
Net cash used in investing activities | (54,795 | ) | (102,041 | ) | (376,583 | ) | (8,749 | ) | 455,528 | (86,640 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Issuance of commercial paper, net | — | 173,500 | — | — | — | 173,500 | |||||||||||||||||
Proceeds from exercise of stock-based compensation awards | 32,612 | — | — | — | — | 32,612 | |||||||||||||||||
Repurchase of common stock | (508,129 | ) | — | — | — | — | (508,129 | ) | |||||||||||||||
Other, net | — | (5,362 | ) | — | — | — | (5,362 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (475,517 | ) | 168,138 | — | — | — | (307,379 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (793 | ) | — | (793 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,272 | (50,551 | ) | (2,966 | ) | — | (50,245 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 44,499 | 60,310 | 33,915 | — | 138,724 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 47,771 | $ | 9,759 | $ | 30,949 | $ | — | $ | 88,479 |
(In thousands) | Uniform Rental and Facility Services | First Aid and Safety Services | All Other | Corporate (1) | Total | ||||||||||||||
For the three months ended November 30, 2018 | |||||||||||||||||||
Revenue | $ | 1,390,778 | $ | 153,348 | $ | 174,142 | $ | — | $ | 1,718,268 | |||||||||
Income before income taxes | $ | 242,891 | $ | 21,328 | $ | 11,421 | $ | 44,884 | $ | 320,524 | |||||||||
For the three months ended November 30, 2017 | |||||||||||||||||||
Revenue | $ | 1,308,038 | $ | 139,090 | $ | 159,313 | $ | — | $ | 1,606,441 | |||||||||
Income (loss) before income taxes | $ | 203,814 | $ | 17,975 | $ | 13,422 | $ | (28,838 | ) | $ | 206,373 | ||||||||
As of and for the six months ended November 30, 2018 | |||||||||||||||||||
Revenue | $ | 2,765,716 | $ | 306,765 | $ | 343,762 | $ | — | $ | 3,416,243 | |||||||||
Income before income taxes | $ | 474,425 | $ | 43,311 | $ | 23,132 | $ | 21,076 | $ | 561,944 | |||||||||
Total assets | $ | 6,438,400 | $ | 495,054 | $ | 383,150 | $ | 88,479 | $ | 7,405,083 | |||||||||
As of and for the six months ended November 30, 2017 | |||||||||||||||||||
Revenue | $ | 2,619,822 | $ | 279,672 | $ | 318,450 | $ | — | $ | 3,217,944 | |||||||||
Income (loss) before income taxes | $ | 422,724 | $ | 37,386 | $ | 24,200 | $ | (58,858 | ) | $ | 425,452 | ||||||||
Total assets | $ | 5,899,010 | $ | 467,902 | $ | 353,155 | $ | 258,734 | $ | 6,978,801 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands) | November 30, 2018 | November 30, 2017 | November 30, 2018 | November 30, 2017 | |||||||||||
Revenue | $ | — | $ | — | $ | — | $ | 10,773 | |||||||
Income (loss) before income taxes | 25 | (43 | ) | (17 | ) | (2,482 | ) | ||||||||
Income tax (expense) benefit | (6 | ) | 18 | 4 | 920 | ||||||||||
(Loss) gain on sale of business | — | (1,209 | ) | — | 99,060 | ||||||||||
Income tax benefit (expense) on net gain | — | 606 | — | (42,023 | ) | ||||||||||
Net income (loss) from discontinued operations | $ | 19 | $ | (628 | ) | $ | (13 | ) | $ | 55,475 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 1,134,118 | $ | 182,876 | $ | 101,830 | $ | (28,046 | ) | $ | 1,390,778 | ||||||||||
Other | — | 522,081 | 50 | 25,918 | (220,559 | ) | 327,490 | ||||||||||||||||
Equity in net income of affiliates | 242,994 | — | — | — | (242,994 | ) | — | ||||||||||||||||
Total revenue | 242,994 | 1,656,199 | 182,926 | 127,748 | (491,599 | ) | 1,718,268 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 640,859 | 111,555 | 65,316 | (56,611 | ) | 761,119 | ||||||||||||||||
Cost of other | — | 375,764 | (27,133 | ) | 19,319 | (185,959 | ) | 181,991 | |||||||||||||||
Selling and administrative expenses | — | 536,276 | (68,617 | ) | 32,559 | (8,547 | ) | 491,671 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 5,973 | 1,270 | 604 | — | 7,847 | |||||||||||||||||
Operating income | 242,994 | 97,327 | 165,851 | 9,950 | (240,482 | ) | 275,640 | ||||||||||||||||
Gain on sale of a cost method investment | — | — | 69,373 | — | — | 69,373 | |||||||||||||||||
Interest income | — | (294 | ) | (93 | ) | (5 | ) | 1 | (391 | ) | |||||||||||||
Interest expense (income) | — | 25,046 | (173 | ) | 7 | — | 24,880 | ||||||||||||||||
Income before income taxes | 242,994 | 72,575 | 235,490 | 9,948 | (240,483 | ) | 320,524 | ||||||||||||||||
Income taxes | — | 19,166 | 55,788 | 2,613 | (37 | ) | 77,530 | ||||||||||||||||
Income from continuing operations | 242,994 | 53,409 | 179,702 | 7,335 | (240,446 | ) | 242,994 | ||||||||||||||||
Income from discontinued operations, net of tax | 19 | 19 | — | — | (19 | ) | 19 | ||||||||||||||||
Net income | $ | 243,013 | $ | 53,428 | $ | 179,702 | $ | 7,335 | $ | (240,465 | ) | $ | 243,013 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 1,086,667 | $ | 170,320 | $ | 100,933 | $ | (49,882 | ) | $ | 1,308,038 | ||||||||||
Other | — | 435,539 | (313 | ) | 21,982 | (158,805 | ) | 298,403 | |||||||||||||||
Equity in net income of affiliates | 137,737 | — | — | — | (137,737 | ) | — | ||||||||||||||||
Total revenue | 137,737 | 1,522,206 | 170,007 | 122,915 | (346,424 | ) | 1,606,441 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 628,123 | 105,954 | 65,220 | (75,337 | ) | 723,960 | ||||||||||||||||
Cost of other | — | 302,065 | (25,046 | ) | 15,438 | (126,345 | ) | 166,112 | |||||||||||||||
Selling and administrative expenses | — | 528,369 | (85,417 | ) | 31,211 | (6,079 | ) | 468,084 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 4,192 | 8,319 | 563 | — | 13,074 | |||||||||||||||||
Operating income | 137,737 | 59,457 | 166,197 | 10,483 | (138,663 | ) | 235,211 | ||||||||||||||||
Interest income | — | (45 | ) | (59 | ) | (187 | ) | — | (291 | ) | |||||||||||||
Interest expense (income) | — | 29,444 | (313 | ) | (2 | ) | — | 29,129 | |||||||||||||||
Income before income taxes | 137,737 | 30,058 | 166,569 | 10,672 | (138,663 | ) | 206,373 | ||||||||||||||||
Income taxes | — | 11,449 | 54,414 | 2,798 | (25 | ) | 68,636 | ||||||||||||||||
Income from continuing operations | 137,737 | 18,609 | 112,155 | 7,874 | (138,638 | ) | 137,737 | ||||||||||||||||
Loss from discontinued operations, net of tax | (628 | ) | (628 | ) | — | — | 628 | (628 | ) | ||||||||||||||
Net income | $ | 137,109 | $ | 17,981 | $ | 112,155 | $ | 7,874 | $ | (138,010 | ) | $ | 137,109 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 2,273,247 | $ | 366,039 | $ | 201,513 | $ | (75,083 | ) | $ | 2,765,716 | ||||||||||
Other | — | 1,013,371 | 93 | 50,250 | (413,187 | ) | 650,527 | ||||||||||||||||
Equity in net income of affiliates | 455,541 | — | — | — | (455,541 | ) | — | ||||||||||||||||
Total revenue | 455,541 | 3,286,618 | 366,132 | 251,763 | (943,811 | ) | 3,416,243 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 1,284,600 | 221,105 | 129,329 | (127,462 | ) | 1,507,572 | ||||||||||||||||
Cost of other | — | 717,097 | (49,162 | ) | 37,461 | (346,595 | ) | 358,801 | |||||||||||||||
Selling and administrative expenses | — | 1,081,186 | (133,238 | ) | 66,922 | (18,565 | ) | 996,305 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 8,649 | 3,133 | 915 | — | 12,697 | |||||||||||||||||
Operating income | 455,541 | 195,086 | 324,294 | 17,136 | (451,189 | ) | 540,868 | ||||||||||||||||
Gain on sale of a cost method investment | — | — | 69,373 | — | — | 69,373 | |||||||||||||||||
Interest income | — | (503 | ) | (365 | ) | (21 | ) | 2 | (887 | ) | |||||||||||||
Interest expense (income) | — | 49,707 | (535 | ) | 12 | — | 49,184 | ||||||||||||||||
Income before income taxes | 455,541 | 145,882 | 394,567 | 17,145 | (451,191 | ) | 561,944 | ||||||||||||||||
Income taxes | — | 29,829 | 71,832 | 4,800 | (58 | ) | 106,403 | ||||||||||||||||
Income from continuing operations | 455,541 | 116,053 | 322,735 | 12,345 | (451,133 | ) | 455,541 | ||||||||||||||||
Loss from discontinued operations, net of tax | (13 | ) | (13 | ) | — | — | 13 | (13 | ) | ||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Uniform rental and facility services | $ | — | $ | 2,186,536 | $ | 335,215 | $ | 197,528 | $ | (99,457 | ) | $ | 2,619,822 | ||||||||||
Other | — | 862,841 | (6 | ) | 42,290 | (307,003 | ) | 598,122 | |||||||||||||||
Equity in net income of affiliates | 298,845 | — | — | — | (298,845 | ) | — | ||||||||||||||||
Total revenue | 298,845 | 3,049,377 | 335,209 | 239,818 | (705,305 | ) | 3,217,944 | ||||||||||||||||
Costs and expenses (income): | |||||||||||||||||||||||
Cost of uniform rental and facility services | — | 1,250,271 | 204,973 | 125,737 | (150,158 | ) | 1,430,823 | ||||||||||||||||
Cost of other | — | 590,984 | (44,715 | ) | 30,173 | (245,043 | ) | 331,399 | |||||||||||||||
Selling and administrative expenses | — | 1,039,324 | (132,955 | ) | 61,117 | (13,119 | ) | 954,367 | |||||||||||||||
G&K Services, Inc. integration expenses | — | 5,713 | 10,754 | 578 | — | 17,045 | |||||||||||||||||
Operating income | 298,845 | 163,085 | 297,152 | 22,213 | (296,985 | ) | 484,310 | ||||||||||||||||
Interest income | — | (76 | ) | (158 | ) | (354 | ) | — | (588 | ) | |||||||||||||
Interest expense (income) | — | 60,005 | (452 | ) | (107 | ) | — | 59,446 | |||||||||||||||
Income before income taxes | 298,845 | 103,156 | 297,762 | 22,674 | (296,985 | ) | 425,452 | ||||||||||||||||
Income taxes | — | 31,019 | 89,537 | 6,095 | (44 | ) | 126,607 | ||||||||||||||||
Income from continuing operations | 298,845 | 72,137 | 208,225 | 16,579 | (296,941 | ) | 298,845 | ||||||||||||||||
Income (loss) from discontinued operations, net of tax | 55,475 | 64,374 | (8,899 | ) | — | (55,475 | ) | 55,475 | |||||||||||||||
Net income | $ | 354,320 | $ | 136,511 | $ | 199,326 | $ | 16,579 | $ | (352,416 | ) | $ | 354,320 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 243,013 | $ | 53,428 | $ | 179,702 | $ | 7,335 | $ | (240,465 | ) | $ | 243,013 | ||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (10,623 | ) | — | — | (10,623 | ) | 10,623 | (10,623 | ) | ||||||||||||||
Change in fair value of interest rate lock agreements | 4,921 | 4,921 | — | (4,921 | ) | 4,921 | |||||||||||||||||
Amortization of interest rate lock agreements | (294 | ) | (294 | ) | — | — | 294 | (294 | ) | ||||||||||||||
Other comprehensive (loss) income | (5,996 | ) | 4,627 | — | (10,623 | ) | 5,996 | (5,996 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 237,017 | $ | 58,055 | $ | 179,702 | $ | (3,288 | ) | $ | (234,469 | ) | $ | 237,017 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 137,109 | $ | 17,981 | $ | 112,155 | $ | 7,874 | $ | (138,010 | ) | $ | 137,109 | ||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (11,374 | ) | — | — | (11,374 | ) | 11,374 | (11,374 | ) | ||||||||||||||
Amortization of interest rate lock agreements | (172 | ) | (172 | ) | — | — | 172 | (172 | ) | ||||||||||||||
Change in fair value of available-for-sale securities | (20 | ) | — | — | (20 | ) | 20 | (20 | ) | ||||||||||||||
Other comprehensive loss | (11,566 | ) | (172 | ) | — | (11,394 | ) | 11,566 | (11,566 | ) | |||||||||||||
Comprehensive income (loss) | $ | 125,543 | $ | 17,809 | $ | 112,155 | $ | (3,520 | ) | $ | (126,444 | ) | $ | 125,543 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 | ||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (13,642 | ) | — | — | (13,642 | ) | 13,642 | (13,642 | ) | ||||||||||||||
Change in fair value of interest rate lock agreements | 1,753 | 1,753 | — | — | (1,753 | ) | 1,753 | ||||||||||||||||
Amortization of interest rate lock agreements | (589 | ) | (589 | ) | — | — | 589 | (589 | ) | ||||||||||||||
Other comprehensive (loss) income | (12,478 | ) | 1,164 | — | (13,642 | ) | 12,478 | (12,478 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 443,050 | $ | 117,204 | $ | 322,735 | $ | (1,297 | ) | $ | (438,642 | ) | $ | 443,050 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Net income | $ | 354,320 | $ | 136,511 | $ | 199,326 | $ | 16,579 | $ | (352,416 | ) | $ | 354,320 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | 23,810 | — | — | 23,810 | (23,810 | ) | 23,810 | ||||||||||||||||
Amortization of interest rate lock agreements | (344 | ) | (344 | ) | — | — | 344 | (344 | ) | ||||||||||||||
Other comprehensive income (loss) | 23,466 | (344 | ) | — | 23,810 | (23,466 | ) | 23,466 | |||||||||||||||
Comprehensive income | $ | 377,786 | $ | 136,167 | $ | 199,326 | $ | 40,389 | $ | (375,882 | ) | $ | 377,786 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 47,771 | $ | 9,759 | $ | 30,949 | $ | — | $ | 88,479 | |||||||||||
Accounts receivable, net | — | 689,606 | 143,378 | 71,078 | — | 904,062 | |||||||||||||||||
Inventories, net | — | 267,335 | 34,467 | 17,611 | 2,461 | 321,874 | |||||||||||||||||
Uniforms and other rental items in service | — | 624,589 | 90,914 | 59,701 | (16,958 | ) | 758,246 | ||||||||||||||||
Income taxes, current | — | 10,875 | 16,362 | 9,358 | — | 36,595 | |||||||||||||||||
Prepaid expenses and other current assets | — | 75,840 | 29,394 | 1,380 | — | 106,614 | |||||||||||||||||
Total current assets | — | 1,716,016 | 324,274 | 190,077 | (14,497 | ) | 2,215,870 | ||||||||||||||||
Property and equipment, net | — | 923,931 | 376,274 | 110,325 | — | 1,410,530 | |||||||||||||||||
Investments (1) | 321,083 | 3,596,134 | 957,740 | 1,718,070 | (6,409,479 | ) | 183,548 | ||||||||||||||||
Goodwill | — | — | 2,584,875 | 260,481 | (112 | ) | 2,845,244 | ||||||||||||||||
Service contracts, net | — | 449,590 | — | 71,915 | — | 521,505 | |||||||||||||||||
Other assets, net | 2,240,914 | 203,378 | 4,783,008 | 2,143 | (7,001,057 | ) | 228,386 | ||||||||||||||||
$ | 2,561,997 | $ | 6,889,049 | $ | 9,026,171 | $ | 2,353,011 | $ | (13,425,145 | ) | $ | 7,405,083 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (1,828,417 | ) | $ | 2,495,759 | $ | (27,826 | ) | $ | 37,631 | $ | 211,900 | ||||||||
Accrued compensation and related liabilities | — | 88,374 | 18,410 | 10,861 | — | 117,645 | |||||||||||||||||
Accrued liabilities | — | 87,221 | 504,186 | 20,234 | — | 611,641 | |||||||||||||||||
Debt due within one year | — | 173,500 | — | — | — | 173,500 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (1,479,322 | ) | 3,018,355 | 3,269 | 37,631 | 1,114,686 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Debt due after one year | — | 2,536,018 | — | 390 | — | 2,536,408 | |||||||||||||||||
Deferred income taxes | — | 291,233 | 110,089 | 34,139 | — | 435,461 | |||||||||||||||||
Accrued liabilities | — | 61,597 | 213,289 | 16,398 | — | 291,284 | |||||||||||||||||
Total long-term liabilities | — | 2,888,848 | 323,378 | 50,927 | — | 3,263,153 | |||||||||||||||||
Total shareholders’ equity | 3,027,244 | 5,479,523 | 5,684,438 | 2,298,815 | (13,462,776 | ) | 3,027,244 | ||||||||||||||||
$ | 2,561,997 | $ | 6,889,049 | $ | 9,026,171 | $ | 2,353,011 | $ | (13,425,145 | ) | $ | 7,405,083 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,499 | $ | 60,310 | $ | 33,915 | $ | — | $ | 138,724 | |||||||||||
Accounts receivable, net | — | 620,920 | 120,767 | 62,896 | — | 804,583 | |||||||||||||||||
Inventories, net | — | 225,581 | 38,844 | 15,922 | — | 280,347 | |||||||||||||||||
Uniforms and other rental items in service | — | 585,108 | 81,494 | 54,248 | (18,589 | ) | 702,261 | ||||||||||||||||
Income taxes, current | — | 5,546 | 9,258 | 4,830 | — | 19,634 | |||||||||||||||||
Prepaid expenses and other current assets | — | 9,453 | 21,688 | 1,242 | — | 32,383 | |||||||||||||||||
Total current assets | — | 1,491,107 | 332,361 | 173,053 | (18,589 | ) | 1,977,932 | ||||||||||||||||
Property and equipment, net | — | 900,014 | 370,186 | 112,530 | — | 1,382,730 | |||||||||||||||||
Investments (1) | 321,083 | 3,595,668 | 950,239 | 1,716,070 | (6,407,479 | ) | 175,581 | ||||||||||||||||
Goodwill | — | — | 2,579,769 | 267,231 | (112 | ) | 2,846,888 | ||||||||||||||||
Service contracts, net | — | 468,283 | — | 77,485 | — | 545,768 | |||||||||||||||||
Other assets, net | 2,230,196 | 593 | 4,381,476 | 8,656 | (6,591,606 | ) | 29,315 | ||||||||||||||||
$ | 2,551,279 | $ | 6,455,665 | $ | 8,614,031 | $ | 2,355,025 | $ | (13,017,786 | ) | $ | 6,958,214 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | (465,247 | ) | $ | (1,724,844 | ) | $ | 2,395,434 | $ | (28,216 | ) | $ | 37,947 | $ | 215,074 | ||||||||
Accrued compensation and related liabilities | — | 104,560 | 24,878 | 11,216 | — | 140,654 | |||||||||||||||||
Accrued liabilities | — | 88,949 | 308,485 | 22,695 | — | 420,129 | |||||||||||||||||
Total current liabilities | (465,247 | ) | (1,531,335 | ) | 2,728,797 | 5,695 | 37,947 | 775,857 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Debt due after one year | — | 2,534,919 | — | 390 | — | 2,535,309 | |||||||||||||||||
Deferred income taxes | — | 215,881 | 104,559 | 32,141 | — | 352,581 | |||||||||||||||||
Accrued liabilities | — | 63,073 | 198,181 | 16,687 | — | 277,941 | |||||||||||||||||
Total long-term liabilities | — | 2,813,873 | 302,740 | 49,218 | — | 3,165,831 | |||||||||||||||||
Total shareholders’ equity | 3,016,526 | 5,173,127 | 5,582,494 | 2,300,112 | (13,055,733 | ) | 3,016,526 | ||||||||||||||||
$ | 2,551,279 | $ | 6,455,665 | $ | 8,614,031 | $ | 2,355,025 | $ | (13,017,786 | ) | $ | 6,958,214 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 455,528 | $ | 116,040 | $ | 322,735 | $ | 12,345 | $ | (451,120 | ) | $ | 455,528 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation | — | 68,929 | 31,274 | 6,909 | — | 107,112 | |||||||||||||||||
Amortization of intangible assets and capitalized contract costs | — | 61,044 | 2,339 | 4,176 | — | 67,559 | |||||||||||||||||
Stock-based compensation | 74,784 | — | — | — | — | 74,784 | |||||||||||||||||
Gain on sale of a cost method investment | — | — | (69,373 | ) | — | — | (69,373 | ) | |||||||||||||||
Deferred income taxes | — | 10,865 | 5,519 | 2,843 | — | 19,227 | |||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | |||||||||||||||||||||||
Accounts receivable, net | — | (52,953 | ) | (20,151 | ) | (10,183 | ) | (2,461 | ) | (85,748 | ) | ||||||||||||
Inventories, net | — | (52,989 | ) | 3,546 | (2,153 | ) | (1,631 | ) | (53,227 | ) | |||||||||||||
Uniforms and other rental items in service | — | (39,481 | ) | (11,051 | ) | (7,152 | ) | — | (57,684 | ) | |||||||||||||
Prepaid expenses and other current assets and capitalized contract costs | — | (52,392 | ) | (5,570 | ) | (199 | ) | — | (58,161 | ) | |||||||||||||
Accounts payable | — | (98,465 | ) | 90,324 | 6,502 | (316 | ) | (1,955 | ) | ||||||||||||||
Accrued compensation and related liabilities | — | (16,186 | ) | (6,468 | ) | 1,685 | — | (20,969 | ) | ||||||||||||||
Accrued liabilities and other | — | (1,908 | ) | (9,983 | ) | (3,431 | ) | — | (15,322 | ) | |||||||||||||
Income taxes, current | — | (5,329 | ) | (7,109 | ) | (4,766 | ) | — | (17,204 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 530,312 | (62,825 | ) | 326,032 | 6,576 | (455,528 | ) | 344,567 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (92,461 | ) | (37,357 | ) | (7,796 | ) | — | (137,614 | ) | |||||||||||||
Purchase of marketable securities and investments | — | (466 | ) | (13,605 | ) | — | — | (14,071 | ) | ||||||||||||||
Proceeds from sale of a cost method investment | — | — | 73,342 | — | — | 73,342 | |||||||||||||||||
Acquisitions of businesses | — | (6,580 | ) | — | — | — | (6,580 | ) | |||||||||||||||
Other, net | (54,795 | ) | (2,534 | ) | (398,963 | ) | (953 | ) | 455,528 | (1,717 | ) | ||||||||||||
Net cash used in investing activities | (54,795 | ) | (102,041 | ) | (376,583 | ) | (8,749 | ) | 455,528 | (86,640 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Issuance of commercial paper, net | — | 173,500 | — | — | — | 173,500 | |||||||||||||||||
Proceeds from exercise of stock-based compensation awards | 32,612 | — | — | — | — | 32,612 | |||||||||||||||||
Repurchase of common stock | (508,129 | ) | — | — | — | — | (508,129 | ) | |||||||||||||||
Other, net | — | (5,362 | ) | — | — | — | (5,362 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (475,517 | ) | 168,138 | — | — | — | (307,379 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (793 | ) | — | (793 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,272 | (50,551 | ) | (2,966 | ) | — | (50,245 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 44,499 | 60,310 | 33,915 | — | 138,724 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 47,771 | $ | 9,759 | $ | 30,949 | $ | — | $ | 88,479 |
Cintas Corporation | Corp. 2 | Subsidiary Guarantors | Non- Guarantors | Eliminations | Cintas Corporation Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 354,320 | $ | 136,511 | $ | 199,326 | $ | 16,579 | $ | (352,416 | ) | $ | 354,320 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation | — | 65,942 | 34,789 | 6,847 | — | 107,578 | |||||||||||||||||
Amortization of intangible assets | — | 24,522 | 2,547 | 4,192 | — | 31,261 | |||||||||||||||||
Stock-based compensation | 55,204 | — | — | — | — | 55,204 | |||||||||||||||||
(Gain) loss on sale of business | — | (114,581 | ) | 15,521 | — | — | (99,060 | ) | |||||||||||||||
Deferred income taxes | — | — | 40,555 | 1,607 | — | 42,162 | |||||||||||||||||
Changes in current assets and liabilities, net of acquisitions of businesses: | |||||||||||||||||||||||
Accounts receivable, net | — | (42,881 | ) | 20,790 | (2,709 | ) | — | (24,800 | ) | ||||||||||||||
Inventories, net | — | 17,728 | (13,863 | ) | 115 | (1,385 | ) | 2,595 | |||||||||||||||
Uniforms and other rental items in service | — | (29,520 | ) | (112 | ) | (3,305 | ) | (357 | ) | (33,294 | ) | ||||||||||||
Prepaid expenses and other current assets | — | (5,428 | ) | (13,609 | ) | 464 | — | (18,573 | ) | ||||||||||||||
Accounts payable | — | 155,461 | (153,831 | ) | (10,176 | ) | (160 | ) | (8,706 | ) | |||||||||||||
Accrued compensation and related liabilities | — | 6,341 | (39,311 | ) | (3,510 | ) | — | (36,480 | ) | ||||||||||||||
Accrued liabilities and other | — | (26,847 | ) | 26,373 | (1,466 | ) | — | (1,940 | ) | ||||||||||||||
Income taxes, current | — | 32,963 | (22,794 | ) | (1,427 | ) | — | 8,742 | |||||||||||||||
Net cash provided by operating activities | 409,524 | 220,211 | 96,381 | 7,211 | (354,318 | ) | 379,009 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (90,497 | ) | (36,875 | ) | (5,094 | ) | — | (132,466 | ) | |||||||||||||
Proceeds from redemption of marketable securities | — | 12,400 | — | 87,859 | — | 100,259 | |||||||||||||||||
Purchase of marketable securities and investments | — | 5,510 | (20,064 | ) | (87,323 | ) | 2,000 | (99,877 | ) | ||||||||||||||
Proceeds from sale of business | — | 127,835 | — | — | — | 127,835 | |||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | (1,099 | ) | — | — | — | (1,099 | ) | |||||||||||||||
Other, net | (402,385 | ) | 21,470 | 26,771 | 956 | 352,318 | (870 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (402,385 | ) | 75,619 | (30,168 | ) | (3,602 | ) | 354,318 | (6,218 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments of commercial paper, net | — | (50,500 | ) | — | — | — | (50,500 | ) | |||||||||||||||
Repayment of debt | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||
Proceeds from exercise of stock-based compensation awards | 28,558 | — | — | — | — | 28,558 | |||||||||||||||||
Repurchase of common stock | (35,697 | ) | — | — | — | — | (35,697 | ) | |||||||||||||||
Other, net | — | (1,862 | ) | — | (20 | ) | — | (1,882 | ) | ||||||||||||||
Net cash used in financing activities | (7,139 | ) | (302,362 | ) | — | (20 | ) | — | (309,521 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 3,466 | — | 3,466 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (6,532 | ) | 66,213 | 7,055 | — | 66,736 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 48,658 | 17,302 | 103,306 | — | 169,266 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 42,126 | $ | 83,515 | $ | 110,361 | $ | — | $ | 236,002 |
(In thousands) | 2018 | 2017 | 2019 | 2018 | ||||||||||
Net cash provided by operating activities | $ | 344,567 | $ | 379,009 | $ | 571,351 | $ | 344,567 | ||||||
Net cash used in investing activities | $ | (86,640 | ) | $ | (6,218 | ) | $ | (131,673 | ) | $ | (86,640 | ) | ||
Net cash used in financing activities | $ | (307,379 | ) | $ | (309,521 | ) | $ | (309,992 | ) | $ | (307,379 | ) | ||
Cash and cash equivalents at the end of the period | $ | 88,479 | $ | 236,002 | $ | 226,535 | $ | 88,479 | ||||||
Marketable securities at the end of the period | $ | — | $ | 22,732 |
(In thousands) | Interest Rate | Fiscal Year Issued | Fiscal Year Maturity | November 30, 2018 | May 31, 2018 | Interest Rate | Fiscal Year Issued | Fiscal Year Maturity | November 30, 2019 | May 31, 2019 | ||||||||||||||||||
Debt due within one year | ||||||||||||||||||||||||||||
Commercial paper | 2.60 | % | (1) | Various | Various | $ | 173,500 | $ | — | 2.68 | % | (1) | 2019 | 2020 | $ | — | $ | 112,500 | ||||||||||
Term loan | 2.44 | % | (2) | 2019 | 2020 | 200,000 | 200,000 | |||||||||||||||||||||
Debt issuance costs | (212 | ) | (236 | ) | ||||||||||||||||||||||||
Total debt due within one year | $ | 173,500 | $ | — | $ | 199,788 | $ | 312,264 | ||||||||||||||||||||
Debt due after one year | ||||||||||||||||||||||||||||
Senior notes | 4.30 | % | 2012 | 2022 | $ | 250,000 | $ | 250,000 | 4.30 | % | 2012 | 2022 | $ | 250,000 | $ | 250,000 | ||||||||||||
Senior notes | 2.90 | % | 2017 | 2022 | 650,000 | 650,000 | 2.90 | % | 2017 | 2022 | 650,000 | 650,000 | ||||||||||||||||
Senior notes | 3.25 | % | 2013 | 2023 | 300,000 | 300,000 | 3.25 | % | 2013 | 2023 | 300,000 | 300,000 | ||||||||||||||||
Senior notes (2) | 2.78 | % | 2013 | 2023 | 51,902 | 52,119 | ||||||||||||||||||||||
Senior notes (3) | 3.11 | % | 2015 | 2025 | 52,140 | 52,309 | 2.78 | % | 2013 | 2023 | 51,467 | 51,684 | ||||||||||||||||
Senior notes (4) | 3.11 | % | 2015 | 2025 | 51,805 | 51,973 | ||||||||||||||||||||||
Senior notes | 3.70 | % | 2017 | 2027 | 1,000,000 | 1,000,000 | 3.70 | % | 2017 | 2027 | 1,000,000 | 1,000,000 | ||||||||||||||||
Senior notes | 6.15 | % | 2007 | 2037 | 250,000 | 250,000 | 6.15 | % | 2007 | 2037 | 250,000 | 250,000 | ||||||||||||||||
Debt issuance costs | (17,634 | ) | (19,119 | ) | (14,666 | ) | (16,150 | ) | ||||||||||||||||||||
Total debt due after one year | $ | 2,536,408 | $ | 2,535,309 | $ | 2,538,606 | $ | 2,537,507 |
(1) | Variable rate debt instrument. The rate presented is the variable borrowing rate at May 31, 2019. |
(2) | Variable rate debt instrument. The rate presented is the variable borrowing rate at November 30, 2019. |
Rating Agency | Outlook | Commercial Paper | Long-term Debt | |||
Standard & Poor’s | A-2 | |||||
Moody’s Investors Service | Stable | P-2 | A3 |
Period (In millions, except share and per share data) | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the publicly announced plan (1) | Maximum approximate dollar value of shares that may yet be purchased under the plan (1) | |||||||||
September 1 - 30, 2018 (2) | 111,424 | $ | 204.68 | 111,153 | $ | 308.8 | |||||||
October 1 - 31, 2018 (3) | 994,552 | $ | 196.76 | 993,400 | $ | 1,113.3 | |||||||
November 1 - 30, 2018 (4) | 836,831 | $ | 179.32 | 836,069 | $ | 963.4 | |||||||
Total | 1,942,807 | $ | 189.70 | 1,940,622 | $ | 963.4 |
Period (In millions, except share and per share data) | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the publicly announced plan (1) | Maximum approximate dollar value of shares that may yet be purchased under the plan (1) | |||||||||
September 1 - 30, 2019 (2) | 831 | $ | 255.12 | — | $ | 263.5 | |||||||
October 1 - 31, 2019 (3) | 419 | $ | 268.62 | — | $ | 1,263.5 | |||||||
November 1 - 30, 2019 (4) | 72 | $ | 250.87 | — | $ | 1,263.5 | |||||||
Total | 1,322 | $ | 259.17 | — | $ | 1,263.5 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CINTAS CORPORATION | ||||||
(Registrant) | ||||||
Date: | January | /s/ | J. Michael Hansen | |||
J. Michael Hansen | ||||||
Executive Vice President and Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |