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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cintas Corporation | NASDAQ:CTAS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.05 | -0.15% | 691.7268 | 688.92 | 691.77 | 694.405 | 688.9046 | 693.10 | 299,154 | 00:17:17 |
( X )
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
( )
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
WASHINGTON
|
|
31-1188630
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
Class
|
|
Outstanding December 31, 2016
|
Common Stock, no par value
|
|
105,039,128
|
Part I.
|
Financial Information
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Page No.
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Three and Six Months Ended November 30, 2016 and 2015
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Three and Six Months Ended November 30, 2016 and 2015
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November 30, 2016 and May 31, 2016
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Six Months Ended November 30, 2016 and 2015
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Item 5.
|
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Other Information.
|
|
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|
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|
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|||
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|||
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Exhibits
|
|
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|
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|
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|
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Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
November 30,
2016 |
|
November 30,
2015 |
|
November 30,
2016 |
|
November 30,
2015 |
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
1,005,565
|
|
|
$
|
937,704
|
|
|
$
|
2,005,161
|
|
|
$
|
1,876,112
|
|
Other
|
291,358
|
|
|
281,376
|
|
|
585,892
|
|
|
541,858
|
|
||||
|
1,296,923
|
|
|
1,219,080
|
|
|
2,591,053
|
|
|
2,417,970
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
555,752
|
|
|
526,091
|
|
|
1,096,684
|
|
|
1,044,594
|
|
||||
Cost of other
|
169,744
|
|
|
165,589
|
|
|
339,168
|
|
|
321,832
|
|
||||
Selling and administrative expenses
|
365,222
|
|
|
327,051
|
|
|
739,248
|
|
|
665,688
|
|
||||
G&K Services, Inc. transaction expenses
|
3,347
|
|
|
—
|
|
|
6,134
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
202,858
|
|
|
200,349
|
|
|
409,819
|
|
|
385,856
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest income
|
(31
|
)
|
|
(111
|
)
|
|
(96
|
)
|
|
(230
|
)
|
||||
Interest expense
|
13,267
|
|
|
16,171
|
|
|
27,439
|
|
|
32,583
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
189,622
|
|
|
184,289
|
|
|
382,476
|
|
|
353,503
|
|
||||
Income taxes
|
66,168
|
|
|
68,836
|
|
|
120,931
|
|
|
131,852
|
|
||||
Income from continuing operations
|
123,454
|
|
|
115,453
|
|
|
261,545
|
|
|
221,651
|
|
||||
Income from discontinued operations, net of
tax expense of $8,953, $146,395, $8,953
and $142,976, respectively
|
16,923
|
|
|
229,647
|
|
|
16,923
|
|
|
223,630
|
|
||||
Net income
|
$
|
140,377
|
|
|
$
|
345,100
|
|
|
$
|
278,468
|
|
|
$
|
445,281
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.16
|
|
|
$
|
1.05
|
|
|
$
|
2.45
|
|
|
$
|
1.99
|
|
Discontinued operations
|
0.16
|
|
|
2.06
|
|
|
0.16
|
|
|
2.01
|
|
||||
Basic earnings per share
|
$
|
1.32
|
|
|
$
|
3.11
|
|
|
$
|
2.61
|
|
|
$
|
4.00
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.13
|
|
|
$
|
1.03
|
|
|
$
|
2.39
|
|
|
$
|
1.96
|
|
Discontinued operations
|
0.16
|
|
|
2.03
|
|
|
0.16
|
|
|
1.98
|
|
||||
Diluted earnings per share
|
$
|
1.29
|
|
|
$
|
3.06
|
|
|
$
|
2.55
|
|
|
$
|
3.94
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
1.33
|
|
|
$
|
1.05
|
|
|
$
|
1.33
|
|
|
$
|
1.05
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
November 30, 2016
|
|
November 30, 2015
|
|
November 30, 2016
|
|
November 30, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
140,377
|
|
|
$
|
345,100
|
|
|
$
|
278,468
|
|
|
$
|
445,281
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(7,650
|
)
|
|
(4,626
|
)
|
|
(7,535
|
)
|
|
(16,639
|
)
|
||||
Cumulative translation adjustment on investment in Shred-it
|
—
|
|
|
6,472
|
|
|
—
|
|
|
6,472
|
|
||||
Change in fair value of derivatives
|
26,390
|
|
|
—
|
|
|
14,353
|
|
|
—
|
|
||||
Amortization of interest rate lock agreements
|
385
|
|
|
488
|
|
|
770
|
|
|
976
|
|
||||
Change in fair value of available-for-sale securities
|
1
|
|
|
(10
|
)
|
|
—
|
|
|
(18
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
19,126
|
|
|
2,324
|
|
|
7,588
|
|
|
(9,209
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
159,503
|
|
|
$
|
347,424
|
|
|
$
|
286,056
|
|
|
$
|
436,072
|
|
|
November 30,
2016 |
|
May 31,
2016 |
||||
|
(Unaudited)
|
|
|
|
|||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
143,573
|
|
|
$
|
139,357
|
|
Marketable securities
|
—
|
|
|
70,405
|
|
||
Accounts receivable, net
|
607,452
|
|
|
563,178
|
|
||
Inventories, net
|
263,301
|
|
|
249,362
|
|
||
Uniforms and other rental items in service
|
543,644
|
|
|
539,956
|
|
||
Income taxes, current
|
1,228
|
|
|
1,712
|
|
||
Prepaid expenses and other current assets
|
41,464
|
|
|
26,065
|
|
||
Total current assets
|
1,600,662
|
|
|
1,590,035
|
|
||
|
|
|
|
||||
Property and equipment, at cost, net
|
1,067,214
|
|
|
994,237
|
|
||
|
|
|
|
||||
Investments
|
140,530
|
|
|
124,952
|
|
||
Goodwill
|
1,301,391
|
|
|
1,291,593
|
|
||
Service contracts, net
|
85,517
|
|
|
83,715
|
|
||
Other assets, net
|
19,265
|
|
|
14,283
|
|
||
|
$
|
4,214,579
|
|
|
$
|
4,098,815
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
127,815
|
|
|
$
|
114,514
|
|
Accrued compensation and related liabilities
|
85,857
|
|
|
101,976
|
|
||
Accrued liabilities
|
469,085
|
|
|
349,065
|
|
||
Debt due within one year
|
66,000
|
|
|
250,000
|
|
||
Total current liabilities
|
748,757
|
|
|
815,555
|
|
||
|
|
|
|
||||
Long-term liabilities:
|
|
|
|
|
|
||
Debt due after one year
|
1,044,834
|
|
|
1,044,422
|
|
||
Deferred income taxes
|
265,091
|
|
|
259,475
|
|
||
Accrued liabilities
|
130,192
|
|
|
136,704
|
|
||
Total long-term liabilities
|
1,440,117
|
|
|
1,440,601
|
|
||
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
|
||
Preferred stock, no par value:
|
—
|
|
|
—
|
|
||
100,000 shares authorized, none outstanding
|
|
|
|
|
|
||
Common stock, no par value:
|
468,392
|
|
|
409,682
|
|
||
425,000,000 shares authorized
|
|
|
|
|
|
||
FY 2017: 180,589,260 issued and 105,009,742 outstanding
|
|
|
|
|
|
||
FY 2016: 179,598,516 issued and 104,213,479 outstanding
|
|
|
|
||||
Paid-in capital
|
178,668
|
|
|
205,260
|
|
||
Retained earnings
|
4,968,437
|
|
|
4,805,867
|
|
||
Treasury stock:
|
(3,572,506
|
)
|
|
(3,553,276
|
)
|
||
FY 2017: 75,579,518 shares
|
|
|
|
|
|
||
FY 2016: 75,385,037 shares
|
|
|
|
||||
Accumulated other comprehensive loss
|
(17,286
|
)
|
|
(24,874
|
)
|
||
Total shareholders’ equity
|
2,025,705
|
|
|
1,842,659
|
|
||
|
$
|
4,214,579
|
|
|
$
|
4,098,815
|
|
|
Six Months Ended
|
||||||
|
November 30,
2016 |
|
November 30,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
278,468
|
|
|
$
|
445,281
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation
|
79,590
|
|
|
73,130
|
|
||
Amortization of intangible assets
|
7,460
|
|
|
7,764
|
|
||
Stock-based compensation
|
39,582
|
|
|
40,241
|
|
||
Gain on Storage transactions
|
—
|
|
|
(15,786
|
)
|
||
Gain on Shred-it
|
(25,876
|
)
|
|
(349,738
|
)
|
||
Deferred income taxes
|
(3,833
|
)
|
|
(98,423
|
)
|
||
Change in current assets and liabilities, net of acquisitions of businesses:
|
|
|
|
|
|
||
Accounts receivable, net
|
(44,920
|
)
|
|
(39,418
|
)
|
||
Inventories, net
|
(14,616
|
)
|
|
(19,841
|
)
|
||
Uniforms and other rental items in service
|
(4,315
|
)
|
|
(10,893
|
)
|
||
Prepaid expenses and other current assets
|
(1,952
|
)
|
|
(2,369
|
)
|
||
Accounts payable
|
15,451
|
|
|
19,368
|
|
||
Accrued compensation and related liabilities
|
(18,936
|
)
|
|
(22,771
|
)
|
||
Accrued liabilities and other
|
(4,866
|
)
|
|
1,041
|
|
||
Income taxes, current
|
484
|
|
|
237,451
|
|
||
Net cash provided by operating activities
|
301,721
|
|
|
265,037
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(155,173
|
)
|
|
(121,817
|
)
|
||
Proceeds from redemption of marketable securities
|
172,968
|
|
|
212,081
|
|
||
Purchase of marketable securities and investments
|
(118,270
|
)
|
|
(271,341
|
)
|
||
Proceeds from Storage transactions
|
—
|
|
|
35,338
|
|
||
Proceeds from sale of investment in Shred-it
|
25,876
|
|
|
578,257
|
|
||
Acquisitions of businesses, net of cash acquired
|
(17,778
|
)
|
|
(121,237
|
)
|
||
Other, net
|
332
|
|
|
1,987
|
|
||
Net cash (used in) provided by investing activities
|
(92,045
|
)
|
|
313,268
|
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of commercial paper, net
|
66,000
|
|
|
—
|
|
||
Repayment of debt
|
(250,000
|
)
|
|
(16
|
)
|
||
Prepaid short-term debt financing fees
|
(13,495
|
)
|
|
—
|
|
||
Proceeds from exercise of stock-based compensation awards
|
19,225
|
|
|
17,444
|
|
||
Repurchase of common stock
|
(19,230
|
)
|
|
(402,293
|
)
|
||
Other, net
|
(5,572
|
)
|
|
646
|
|
||
Net cash used in financing activities
|
(203,072
|
)
|
|
(384,219
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(2,388
|
)
|
|
(4,374
|
)
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
4,216
|
|
|
189,712
|
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
139,357
|
|
|
417,073
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
143,573
|
|
|
$
|
606,785
|
|
(In thousands)
|
November 30,
2016 |
|
May 31,
2016 |
||||
|
|
|
|
||||
Raw materials
|
$
|
11,303
|
|
|
$
|
17,794
|
|
Work in process
|
16,772
|
|
|
14,731
|
|
||
Finished goods
|
235,226
|
|
|
216,837
|
|
||
|
$
|
263,301
|
|
|
$
|
249,362
|
|
|
As of November 30, 2016
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
143,573
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
143,573
|
|
Other assets, net:
|
|
|
|
|
|
|
|
||||||||
Interest rate lock agreements
|
—
|
|
|
3,264
|
|
|
—
|
|
|
3,264
|
|
||||
Total assets at fair value
|
$
|
143,573
|
|
|
$
|
3,264
|
|
|
$
|
—
|
|
|
$
|
146,837
|
|
|
As of May 31, 2016
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
139,357
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139,357
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Canadian treasury securities
|
—
|
|
|
70,405
|
|
|
—
|
|
|
70,405
|
|
||||
Total assets at fair value
|
$
|
139,357
|
|
|
$
|
70,405
|
|
|
$
|
—
|
|
|
$
|
209,762
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term accrued liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate lock agreements
|
$
|
—
|
|
|
$
|
19,628
|
|
|
$
|
—
|
|
|
$
|
19,628
|
|
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
19,628
|
|
|
$
|
—
|
|
|
$
|
19,628
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands except per share data)
|
November 30,
2016 |
|
November 30,
2015 |
|
November 30,
2016 |
|
November 30,
2015 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Basic Earnings per Share from Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
123,454
|
|
|
$
|
115,453
|
|
|
$
|
261,545
|
|
|
$
|
221,651
|
|
Less: income from continuing operations allocated to participating securities
|
2,228
|
|
|
1,887
|
|
|
4,955
|
|
|
3,629
|
|
||||
Income from continuing operations available to common shareholders
|
$
|
121,226
|
|
|
$
|
113,566
|
|
|
$
|
256,590
|
|
|
$
|
218,022
|
|
Basic weighted average common shares outstanding
|
104,957
|
|
|
108,301
|
|
|
104,719
|
|
|
109,455
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share from continuing operations
|
$
|
1.16
|
|
|
$
|
1.05
|
|
|
$
|
2.45
|
|
|
$
|
1.99
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands except per share data)
|
November 30,
2016 |
|
November 30,
2015 |
|
November 30,
2016 |
|
November 30,
2015 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings per Share from Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
123,454
|
|
|
$
|
115,453
|
|
|
$
|
261,545
|
|
|
$
|
221,651
|
|
Less: income from continuing operations allocated to participating securities
|
2,228
|
|
|
1,887
|
|
|
4,955
|
|
|
3,629
|
|
||||
Income from continuing operations available to common shareholders
|
$
|
121,226
|
|
|
$
|
113,566
|
|
|
$
|
256,590
|
|
|
$
|
218,022
|
|
Basic weighted average common shares outstanding
|
104,957
|
|
|
108,301
|
|
|
104,719
|
|
|
109,455
|
|
||||
Effect of dilutive securities – employee stock options
|
2,690
|
|
|
1,812
|
|
|
2,559
|
|
|
1,685
|
|
||||
Diluted weighted average common shares outstanding
|
107,647
|
|
|
110,113
|
|
|
107,278
|
|
|
111,140
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations
|
$
|
1.13
|
|
|
$
|
1.03
|
|
|
$
|
2.39
|
|
|
$
|
1.96
|
|
Goodwill
(in thousands)
|
Uniform
Rental and Facility Services
|
|
First Aid
and Safety Services
|
|
All
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance as of June 1, 2016
|
$
|
953,216
|
|
|
$
|
241,448
|
|
|
$
|
96,929
|
|
|
$
|
1,291,593
|
|
Goodwill acquired
|
5,704
|
|
|
1,871
|
|
|
3,227
|
|
|
10,802
|
|
||||
Foreign currency translation
|
(482
|
)
|
|
(511
|
)
|
|
(11
|
)
|
|
(1,004
|
)
|
||||
Balance as of November 30, 2016
|
$
|
958,438
|
|
|
$
|
242,808
|
|
|
$
|
100,145
|
|
|
$
|
1,301,391
|
|
Service Contracts
(in thousands)
|
Uniform
Rental and Facility Services
|
|
First Aid
and Safety Services
|
|
All
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance as of June 1, 2016
|
$
|
21,191
|
|
|
$
|
32,252
|
|
|
$
|
30,272
|
|
|
$
|
83,715
|
|
Service contracts acquired
|
3,514
|
|
|
1,612
|
|
|
3,236
|
|
|
8,362
|
|
||||
Service contracts amortization
|
(1,647
|
)
|
|
(1,873
|
)
|
|
(2,965
|
)
|
|
(6,485
|
)
|
||||
Foreign currency translation
|
(48
|
)
|
|
(27
|
)
|
|
—
|
|
|
(75
|
)
|
||||
Balance as of November 30, 2016
|
$
|
23,010
|
|
|
$
|
31,964
|
|
|
$
|
30,543
|
|
|
$
|
85,517
|
|
|
As of November 30, 2016
|
||||||||||
(In thousands)
|
Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||
|
|
|
|
|
|
||||||
Service contracts
|
$
|
403,234
|
|
|
$
|
317,717
|
|
|
$
|
85,517
|
|
|
|
|
|
|
|
||||||
Noncompete and consulting agreements
|
$
|
43,056
|
|
|
$
|
41,132
|
|
|
$
|
1,924
|
|
Other
|
20,266
|
|
|
2,925
|
|
|
17,341
|
|
|||
Total other assets
|
$
|
63,322
|
|
|
$
|
44,057
|
|
|
$
|
19,265
|
|
|
As of May 31, 2016
|
||||||||||
(In thousands)
|
Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||
|
|
|
|
|
|
||||||
Service contracts
|
$
|
395,482
|
|
|
$
|
311,767
|
|
|
$
|
83,715
|
|
|
|
|
|
|
|
||||||
Noncompete and consulting agreements
|
$
|
42,378
|
|
|
$
|
40,928
|
|
|
$
|
1,450
|
|
Other
|
15,275
|
|
|
2,442
|
|
|
12,833
|
|
|||
Total other assets
|
$
|
57,653
|
|
|
$
|
43,370
|
|
|
$
|
14,283
|
|
Assets:
|
|
||
Cash and cash equivalents
|
$
|
333
|
|
Accounts receivable
|
16,705
|
|
|
Inventory
|
5,987
|
|
|
Other current assets
|
1,443
|
|
|
Property, plant and equipment
|
849
|
|
|
Goodwill
|
87,442
|
|
|
Service contracts
|
34,000
|
|
|
Other intagibles
|
4,500
|
|
|
Liabilities:
|
|
||
Accounts payable
|
(7,195
|
)
|
|
Accrued liabilities
|
(4,428
|
)
|
|
Deferred income taxes
|
(5,636
|
)
|
|
Total consideration
|
$
|
134,000
|
|
(In thousands)
|
Foreign Currency
|
|
Unrealized Loss on
Derivatives
|
|
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at June 1, 2016
|
$
|
(2,474
|
)
|
|
$
|
(20,830
|
)
|
|
$
|
(1,570
|
)
|
|
$
|
(24,874
|
)
|
Other comprehensive income (loss) before reclassifications
|
115
|
|
|
(12,037
|
)
|
|
(1
|
)
|
|
(11,923
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
||||
Net current period other comprehensive income (loss)
|
115
|
|
|
(11,652
|
)
|
|
(1
|
)
|
|
(11,538
|
)
|
||||
Balance at August 31, 2016
|
(2,359
|
)
|
|
(32,482
|
)
|
|
(1,571
|
)
|
|
(36,412
|
)
|
||||
Other comprehensive (loss) income before reclassifications
|
(7,650
|
)
|
|
26,390
|
|
|
1
|
|
|
18,741
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
||||
Net current period other comprehensive (loss) income
|
(7,650
|
)
|
|
26,775
|
|
|
1
|
|
|
19,126
|
|
||||
Balance at November 30, 2016
|
$
|
(10,009
|
)
|
|
$
|
(5,707
|
)
|
|
$
|
(1,570
|
)
|
|
$
|
(17,286
|
)
|
(In thousands)
|
Foreign Currency
|
|
Unrealized
Loss on
Derivatives
|
|
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at June 1, 2015
|
$
|
2,987
|
|
|
$
|
(10,626
|
)
|
|
$
|
(832
|
)
|
|
$
|
(8,471
|
)
|
Other comprehensive loss before reclassifications
|
(12,013
|
)
|
|
—
|
|
|
(8
|
)
|
|
(12,021
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
488
|
|
|
—
|
|
|
488
|
|
||||
Net current period other comprehensive (loss) income
|
(12,013
|
)
|
|
488
|
|
|
(8
|
)
|
|
(11,533
|
)
|
||||
Balance at August 31, 2015
|
(9,026
|
)
|
|
(10,138
|
)
|
|
(840
|
)
|
|
(20,004
|
)
|
||||
Other comprehensive loss before reclassifications
|
(4,626
|
)
|
|
—
|
|
|
(10
|
)
|
|
(4,636
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
6,472
|
|
|
488
|
|
|
—
|
|
|
6,960
|
|
||||
Net current period other comprehensive income (loss)
|
1,846
|
|
|
488
|
|
|
(10
|
)
|
|
2,324
|
|
||||
Balance at November 30, 2015
|
$
|
(7,180
|
)
|
|
$
|
(9,650
|
)
|
|
$
|
(850
|
)
|
|
$
|
(17,680
|
)
|
Reclassifications out of Accumulated Other Comprehensive Loss
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated
Other Comprehensive Loss
|
|
Affected Line in the Consolidated Condensed Statements of Income
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
||||||||||||
(In thousands)
|
|
November 30, 2016
|
|
November 30, 2015
|
|
November 30, 2016
|
|
November 30, 2015
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of interest rate locks
|
|
$
|
(615
|
)
|
|
$
|
(783
|
)
|
|
$
|
(1,229
|
)
|
|
$
|
(1,565
|
)
|
|
Interest expense
|
Tax benefit
|
|
230
|
|
|
295
|
|
|
459
|
|
|
589
|
|
|
Income taxes
|
||||
Amortization of interest rate locks, net of tax
|
|
$
|
(385
|
)
|
|
$
|
(488
|
)
|
|
$
|
(770
|
)
|
|
$
|
(976
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
||||||||||||
(In thousands)
|
|
November 30, 2016
|
|
November 30, 2015
|
|
November 30, 2016
|
|
November 30, 2015
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cumulative translation adjustment on Shred-it
|
|
$
|
—
|
|
|
$
|
(10,381
|
)
|
|
$
|
—
|
|
|
$
|
(10,381
|
)
|
|
Income from discontinued operations
|
Tax benefit
|
|
—
|
|
|
3,909
|
|
|
—
|
|
|
3,909
|
|
|
Income from discontinued operations
|
||||
Cumulative translation adjustment on Shred-it, net of tax
|
|
$
|
—
|
|
|
$
|
(6,472
|
)
|
|
$
|
—
|
|
|
$
|
(6,472
|
)
|
|
Net of tax
|
(In thousands)
|
Uniform Rental and Facility Services
|
|
First Aid
and Safety Services
|
|
All
Other
|
|
Corporate
(1)
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended November 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
1,005,565
|
|
|
$
|
124,797
|
|
|
$
|
166,561
|
|
|
$
|
—
|
|
|
$
|
1,296,923
|
|
Income (loss) before income taxes
|
$
|
177,361
|
|
|
$
|
14,779
|
|
|
$
|
10,718
|
|
|
$
|
(13,236
|
)
|
|
$
|
189,622
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
937,704
|
|
|
$
|
120,438
|
|
|
$
|
160,938
|
|
|
$
|
—
|
|
|
$
|
1,219,080
|
|
Income (loss) before income taxes
|
$
|
169,295
|
|
|
$
|
14,847
|
|
|
$
|
16,207
|
|
|
$
|
(16,060
|
)
|
|
$
|
184,289
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of and for the six months ended
November 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
2,005,161
|
|
|
$
|
249,636
|
|
|
$
|
336,256
|
|
|
$
|
—
|
|
|
$
|
2,591,053
|
|
Income (loss) before income taxes
|
$
|
362,606
|
|
|
$
|
26,290
|
|
|
$
|
20,923
|
|
|
$
|
(27,343
|
)
|
|
$
|
382,476
|
|
Total assets
|
$
|
3,266,422
|
|
|
$
|
443,151
|
|
|
$
|
361,433
|
|
|
$
|
143,573
|
|
|
$
|
4,214,579
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of and for the six months ended
November 30, 2015 |
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
1,876,112
|
|
|
$
|
219,926
|
|
|
$
|
321,932
|
|
|
$
|
—
|
|
|
$
|
2,417,970
|
|
Income (loss) before income taxes
|
$
|
334,676
|
|
|
$
|
23,439
|
|
|
$
|
27,741
|
|
|
$
|
(32,353
|
)
|
|
$
|
353,503
|
|
Total assets
|
$
|
2,990,828
|
|
|
$
|
426,089
|
|
|
$
|
355,082
|
|
|
$
|
672,611
|
|
|
$
|
4,444,610
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
November 30, 2016
|
|
November 30, 2015
|
|
November 30,
2016 |
|
November 30,
2015 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
—
|
|
|
845
|
|
|
—
|
|
|
1,082
|
|
||||
Gain on Storage transactions
|
—
|
|
|
10,943
|
|
|
—
|
|
|
15,786
|
|
||||
Gain on Shred-it
|
25,876
|
|
|
364,254
|
|
|
25,876
|
|
|
349,738
|
|
||||
Income tax expense on net gain
|
(8,953
|
)
|
|
(146,395
|
)
|
|
(8,953
|
)
|
|
(142,976
|
)
|
||||
Net income from discontinued operations
|
$
|
16,923
|
|
|
$
|
229,647
|
|
|
$
|
16,923
|
|
|
$
|
223,630
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
841,442
|
|
|
$
|
149,886
|
|
|
$
|
57,610
|
|
|
$
|
(43,373
|
)
|
|
$
|
1,005,565
|
|
Other
|
—
|
|
|
411,378
|
|
|
633
|
|
|
18,162
|
|
|
(138,815
|
)
|
|
291,358
|
|
||||||
Equity in net income of affiliates
|
140,377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(140,377
|
)
|
|
—
|
|
||||||
|
140,377
|
|
|
1,252,820
|
|
|
150,519
|
|
|
75,772
|
|
|
(322,565
|
)
|
|
1,296,923
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
487,653
|
|
|
94,323
|
|
|
37,603
|
|
|
(63,827
|
)
|
|
555,752
|
|
||||||
Cost of other
|
—
|
|
|
287,368
|
|
|
(19,549
|
)
|
|
13,636
|
|
|
(111,711
|
)
|
|
169,744
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
401,715
|
|
|
(48,256
|
)
|
|
18,703
|
|
|
(6,940
|
)
|
|
365,222
|
|
||||||
G&K Services, Inc. transaction expenses
|
—
|
|
|
—
|
|
|
3,347
|
|
|
—
|
|
|
—
|
|
|
3,347
|
|
||||||
Operating income
|
140,377
|
|
|
76,084
|
|
|
120,654
|
|
|
5,830
|
|
|
(140,087
|
)
|
|
202,858
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(25
|
)
|
|
1
|
|
|
(31
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
14,528
|
|
|
(1,176
|
)
|
|
(85
|
)
|
|
—
|
|
|
13,267
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
140,377
|
|
|
61,556
|
|
|
121,837
|
|
|
5,940
|
|
|
(140,088
|
)
|
|
189,622
|
|
||||||
Income taxes
|
—
|
|
|
21,534
|
|
|
42,652
|
|
|
2,011
|
|
|
(29
|
)
|
|
66,168
|
|
||||||
Income from continuing operations
|
140,377
|
|
|
40,022
|
|
|
79,185
|
|
|
3,929
|
|
|
(140,059
|
)
|
|
123,454
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from discontinued operations, net of tax
|
—
|
|
|
14,982
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
|
16,923
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income from continuing operations
|
$
|
140,377
|
|
|
$
|
55,004
|
|
|
$
|
79,185
|
|
|
$
|
5,870
|
|
|
$
|
(140,059
|
)
|
|
$
|
140,377
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
786,386
|
|
|
$
|
136,707
|
|
|
$
|
53,674
|
|
|
$
|
(39,063
|
)
|
|
$
|
937,704
|
|
Other
|
—
|
|
|
394,260
|
|
|
737
|
|
|
17,516
|
|
|
(131,137
|
)
|
|
281,376
|
|
||||||
Equity in net income of affiliates
|
115,453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115,453
|
)
|
|
—
|
|
||||||
|
115,453
|
|
|
1,180,646
|
|
|
137,444
|
|
|
71,190
|
|
|
(285,653
|
)
|
|
1,219,080
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
461,843
|
|
|
86,702
|
|
|
35,935
|
|
|
(58,389
|
)
|
|
526,091
|
|
||||||
Cost of other
|
—
|
|
|
277,841
|
|
|
(18,291
|
)
|
|
12,317
|
|
|
(106,278
|
)
|
|
165,589
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
365,125
|
|
|
(49,482
|
)
|
|
16,140
|
|
|
(4,732
|
)
|
|
327,051
|
|
||||||
Operating income
|
115,453
|
|
|
75,837
|
|
|
118,515
|
|
|
6,798
|
|
|
(116,254
|
)
|
|
200,349
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(12
|
)
|
|
(68
|
)
|
|
(31
|
)
|
|
—
|
|
|
(111
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
16,427
|
|
|
(256
|
)
|
|
—
|
|
|
—
|
|
|
16,171
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
115,453
|
|
|
59,422
|
|
|
118,839
|
|
|
6,829
|
|
|
(116,254
|
)
|
|
184,289
|
|
||||||
Income taxes
|
—
|
|
|
20,496
|
|
|
42,108
|
|
|
6,260
|
|
|
(28
|
)
|
|
68,836
|
|
||||||
Income from continuing operations
|
115,453
|
|
|
38,926
|
|
|
76,731
|
|
|
569
|
|
|
(116,226
|
)
|
|
115,453
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from discontinued operations,
net of tax
|
229,647
|
|
|
234,604
|
|
|
—
|
|
|
(4,957
|
)
|
|
(229,647
|
)
|
|
229,647
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
345,100
|
|
|
$
|
273,530
|
|
|
$
|
76,731
|
|
|
$
|
(4,388
|
)
|
|
$
|
(345,873
|
)
|
|
$
|
345,100
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
1,678,716
|
|
|
$
|
299,034
|
|
|
$
|
115,273
|
|
|
$
|
(87,862
|
)
|
|
$
|
2,005,161
|
|
Other
|
—
|
|
|
821,626
|
|
|
1,601
|
|
|
37,037
|
|
|
(274,372
|
)
|
|
585,892
|
|
||||||
Equity in net income of affiliates
|
278,468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278,468
|
)
|
|
—
|
|
||||||
|
278,468
|
|
|
2,500,342
|
|
|
300,635
|
|
|
152,310
|
|
|
(640,702
|
)
|
|
2,591,053
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
966,709
|
|
|
184,995
|
|
|
74,717
|
|
|
(129,737
|
)
|
|
1,096,684
|
|
||||||
Cost of other
|
—
|
|
|
567,392
|
|
|
(34,480
|
)
|
|
27,464
|
|
|
(221,208
|
)
|
|
339,168
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
813,649
|
|
|
(98,990
|
)
|
|
38,968
|
|
|
(14,379
|
)
|
|
739,248
|
|
||||||
G&K Services Inc. transaction expenses
|
—
|
|
|
—
|
|
|
6,134
|
|
|
—
|
|
|
—
|
|
|
6,134
|
|
||||||
Operating income
|
278,468
|
|
|
152,592
|
|
|
242,976
|
|
|
11,161
|
|
|
(275,378
|
)
|
|
409,819
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
(73
|
)
|
|
1
|
|
|
(96
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
29,355
|
|
|
(1,878
|
)
|
|
(38
|
)
|
|
—
|
|
|
27,439
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
278,468
|
|
|
123,237
|
|
|
244,878
|
|
|
11,272
|
|
|
(275,379
|
)
|
|
382,476
|
|
||||||
Income taxes
|
—
|
|
|
39,344
|
|
|
78,178
|
|
|
3,464
|
|
|
(55
|
)
|
|
120,931
|
|
||||||
Income from continuing operations
|
278,468
|
|
|
83,893
|
|
|
166,700
|
|
|
7,808
|
|
|
(275,324
|
)
|
|
261,545
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from discontinued operations, net of tax
|
—
|
|
|
14,982
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
|
16,923
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
278,468
|
|
|
$
|
98,875
|
|
|
$
|
166,700
|
|
|
$
|
9,749
|
|
|
$
|
(275,324
|
)
|
|
$
|
278,468
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
1,573,555
|
|
|
$
|
273,132
|
|
|
$
|
107,686
|
|
|
$
|
(78,261
|
)
|
|
$
|
1,876,112
|
|
Other
|
—
|
|
|
766,871
|
|
|
2,030
|
|
|
32,327
|
|
|
(259,370
|
)
|
|
541,858
|
|
||||||
Equity in net income of affiliates
|
221,651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(221,651
|
)
|
|
—
|
|
||||||
|
221,651
|
|
|
2,340,426
|
|
|
275,162
|
|
|
140,013
|
|
|
(559,282
|
)
|
|
2,417,970
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
917,050
|
|
|
172,900
|
|
|
71,755
|
|
|
(117,111
|
)
|
|
1,044,594
|
|
||||||
Cost of other
|
—
|
|
|
536,831
|
|
|
(32,547
|
)
|
|
23,423
|
|
|
(205,875
|
)
|
|
321,832
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
734,818
|
|
|
(90,954
|
)
|
|
34,020
|
|
|
(12,196
|
)
|
|
665,688
|
|
||||||
Operating income
|
221,651
|
|
|
151,727
|
|
|
225,763
|
|
|
10,815
|
|
|
(224,100
|
)
|
|
385,856
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(12
|
)
|
|
(116
|
)
|
|
(102
|
)
|
|
—
|
|
|
(230
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
32,802
|
|
|
(218
|
)
|
|
(1
|
)
|
|
—
|
|
|
32,583
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
221,651
|
|
|
118,937
|
|
|
226,097
|
|
|
10,918
|
|
|
(224,100
|
)
|
|
353,503
|
|
||||||
Income taxes
|
—
|
|
|
42,878
|
|
|
81,511
|
|
|
7,516
|
|
|
(53
|
)
|
|
131,852
|
|
||||||
Income from continuing operations
|
221,651
|
|
|
76,059
|
|
|
144,586
|
|
|
3,402
|
|
|
(224,047
|
)
|
|
221,651
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (loss) from discontinued operations,
net of tax
|
223,630
|
|
|
229,281
|
|
|
—
|
|
|
(5,651
|
)
|
|
(223,630
|
)
|
|
223,630
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
445,281
|
|
|
$
|
305,340
|
|
|
$
|
144,586
|
|
|
$
|
(2,249
|
)
|
|
$
|
(447,677
|
)
|
|
$
|
445,281
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
140,377
|
|
|
$
|
55,004
|
|
|
$
|
79,185
|
|
|
$
|
5,870
|
|
|
$
|
(140,059
|
)
|
|
$
|
140,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(7,650
|
)
|
|
—
|
|
|
—
|
|
|
(7,650
|
)
|
|
7,650
|
|
|
(7,650
|
)
|
||||||
Change in fair value of derivatives
|
26,390
|
|
|
26,390
|
|
|
—
|
|
|
—
|
|
|
(26,390
|
)
|
|
26,390
|
|
||||||
Amortization of interest rate lock agreements
|
385
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
385
|
|
||||||
Change in fair value of available-for-sale securities
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
19,126
|
|
|
26,775
|
|
|
—
|
|
|
(7,649
|
)
|
|
(19,126
|
)
|
|
19,126
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
$
|
159,503
|
|
|
$
|
81,779
|
|
|
$
|
79,185
|
|
|
$
|
(1,779
|
)
|
|
$
|
(159,185
|
)
|
|
$
|
159,503
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
345,100
|
|
|
$
|
273,530
|
|
|
$
|
76,731
|
|
|
$
|
(4,388
|
)
|
|
$
|
(345,873
|
)
|
|
$
|
345,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,626
|
)
|
|
—
|
|
|
(4,626
|
)
|
||||||
Cumulative translation adjustment
on Shred-it
|
—
|
|
|
5,875
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
6,472
|
|
||||||
Amortization of interest rate lock agreements
|
—
|
|
|
488
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
488
|
|
||||||
Change in fair value of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
6,363
|
|
|
—
|
|
|
(4,039
|
)
|
|
—
|
|
|
2,324
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
$
|
345,100
|
|
|
$
|
279,893
|
|
|
$
|
76,731
|
|
|
$
|
(8,427
|
)
|
|
$
|
(345,873
|
)
|
|
$
|
347,424
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
278,468
|
|
|
$
|
98,875
|
|
|
$
|
166,700
|
|
|
$
|
9,749
|
|
|
$
|
(275,324
|
)
|
|
$
|
278,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(7,535
|
)
|
|
—
|
|
|
—
|
|
|
(7,535
|
)
|
|
7,535
|
|
|
(7,535
|
)
|
||||||
Change in fair value of derivatives
|
14,353
|
|
|
14,353
|
|
|
—
|
|
|
—
|
|
|
(14,353
|
)
|
|
14,353
|
|
||||||
Amortization of interest rate lock agreements
|
770
|
|
|
770
|
|
|
—
|
|
|
—
|
|
|
(770
|
)
|
|
770
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
7,588
|
|
|
15,123
|
|
|
—
|
|
|
(7,535
|
)
|
|
(7,588
|
)
|
|
7,588
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
286,056
|
|
|
$
|
113,998
|
|
|
$
|
166,700
|
|
|
$
|
2,214
|
|
|
$
|
(282,912
|
)
|
|
$
|
286,056
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
445,281
|
|
|
$
|
305,340
|
|
|
$
|
144,586
|
|
|
$
|
(2,249
|
)
|
|
$
|
(447,677
|
)
|
|
$
|
445,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,639
|
)
|
|
—
|
|
|
(16,639
|
)
|
||||||
Cumulative translation adjustment
on Shred-it
|
—
|
|
|
5,875
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
6,472
|
|
||||||
Amortization of interest rate lock agreements
|
—
|
|
|
976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
976
|
|
||||||
Change in fair value of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
6,851
|
|
|
—
|
|
|
(16,060
|
)
|
|
—
|
|
|
(9,209
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
$
|
445,281
|
|
|
$
|
312,191
|
|
|
$
|
144,586
|
|
|
$
|
(18,309
|
)
|
|
$
|
(447,677
|
)
|
|
$
|
436,072
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
46,561
|
|
|
$
|
2,425
|
|
|
$
|
94,587
|
|
|
$
|
—
|
|
|
$
|
143,573
|
|
Accounts receivable, net
|
—
|
|
|
467,396
|
|
|
104,330
|
|
|
35,726
|
|
|
—
|
|
|
607,452
|
|
||||||
Inventories, net
|
—
|
|
|
236,904
|
|
|
16,280
|
|
|
12,106
|
|
|
(1,989
|
)
|
|
263,301
|
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
449,311
|
|
|
77,183
|
|
|
35,474
|
|
|
(18,324
|
)
|
|
543,644
|
|
||||||
Income taxes, current
|
—
|
|
|
—
|
|
|
1,233
|
|
|
(5
|
)
|
|
—
|
|
|
1,228
|
|
||||||
Prepaid expenses and other current assets
|
—
|
|
|
19,907
|
|
|
20,692
|
|
|
865
|
|
|
—
|
|
|
41,464
|
|
||||||
Total current assets
|
—
|
|
|
1,220,079
|
|
|
222,143
|
|
|
178,753
|
|
|
(20,313
|
)
|
|
1,600,662
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property and equipment, at cost, net
|
—
|
|
|
647,509
|
|
|
344,036
|
|
|
75,669
|
|
|
—
|
|
|
1,067,214
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments
|
321,083
|
|
|
1,774,863
|
|
|
916,723
|
|
|
955,196
|
|
|
(3,827,335
|
)
|
|
140,530
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
1,261,755
|
|
|
39,748
|
|
|
(112
|
)
|
|
1,301,391
|
|
||||||
Service contracts, net
|
—
|
|
|
79,583
|
|
|
5
|
|
|
5,929
|
|
|
—
|
|
|
85,517
|
|
||||||
Other assets, net
|
1,381,960
|
|
|
4,209
|
|
|
3,402,717
|
|
|
8,949
|
|
|
(4,778,570
|
)
|
|
19,265
|
|
||||||
|
$
|
1,703,043
|
|
|
$
|
3,726,243
|
|
|
$
|
6,147,379
|
|
|
$
|
1,264,244
|
|
|
$
|
(8,626,330
|
)
|
|
$
|
4,214,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
(465,247
|
)
|
|
$
|
(1,759,953
|
)
|
|
$
|
2,297,808
|
|
|
$
|
17,092
|
|
|
$
|
38,115
|
|
|
$
|
127,815
|
|
Accrued compensation and related liabilities
|
2,819
|
|
|
60,811
|
|
|
16,936
|
|
|
5,291
|
|
|
—
|
|
|
85,857
|
|
||||||
Accrued liabilities
|
139,766
|
|
|
80,290
|
|
|
234,689
|
|
|
14,340
|
|
|
—
|
|
|
469,085
|
|
||||||
Debt due within one year
|
—
|
|
|
66,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,000
|
|
||||||
Total current liabilities
|
(322,662
|
)
|
|
(1,552,852
|
)
|
|
2,549,433
|
|
|
36,723
|
|
|
38,115
|
|
|
748,757
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt due after one year
|
—
|
|
|
1,044,444
|
|
|
—
|
|
|
390
|
|
|
—
|
|
|
1,044,834
|
|
||||||
Deferred income taxes
|
—
|
|
|
(416
|
)
|
|
257,554
|
|
|
7,953
|
|
|
—
|
|
|
265,091
|
|
||||||
Accrued liabilities
|
—
|
|
|
—
|
|
|
129,042
|
|
|
1,150
|
|
|
—
|
|
|
130,192
|
|
||||||
Total long-term liabilities
|
—
|
|
|
1,044,028
|
|
|
386,596
|
|
|
9,493
|
|
|
—
|
|
|
1,440,117
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total shareholders’ equity
|
2,025,705
|
|
|
4,235,067
|
|
|
3,211,350
|
|
|
1,218,028
|
|
|
(8,664,445
|
)
|
|
2,025,705
|
|
||||||
|
$
|
1,703,043
|
|
|
$
|
3,726,243
|
|
|
$
|
6,147,379
|
|
|
$
|
1,264,244
|
|
|
$
|
(8,626,330
|
)
|
|
$
|
4,214,579
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
57,893
|
|
|
$
|
55,392
|
|
|
$
|
26,072
|
|
|
$
|
—
|
|
|
$
|
139,357
|
|
Marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
70,405
|
|
|
—
|
|
|
70,405
|
|
||||||
Accounts receivable, net
|
—
|
|
|
430,335
|
|
|
97,516
|
|
|
35,327
|
|
|
—
|
|
|
563,178
|
|
||||||
Inventories, net
|
—
|
|
|
222,823
|
|
|
19,149
|
|
|
11,235
|
|
|
(3,845
|
)
|
|
249,362
|
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
450,065
|
|
|
73,001
|
|
|
36,612
|
|
|
(19,722
|
)
|
|
539,956
|
|
||||||
Income taxes, current
|
—
|
|
|
(1,634
|
)
|
|
2,698
|
|
|
648
|
|
|
—
|
|
|
1,712
|
|
||||||
Prepaid expenses and other current assets
|
—
|
|
|
6,824
|
|
|
18,279
|
|
|
962
|
|
|
—
|
|
|
26,065
|
|
||||||
Total current assets
|
—
|
|
|
1,166,306
|
|
|
266,035
|
|
|
181,261
|
|
|
(23,567
|
)
|
|
1,590,035
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property and equipment, at cost, net
|
—
|
|
|
614,656
|
|
|
305,636
|
|
|
73,945
|
|
|
—
|
|
|
994,237
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments
|
321,083
|
|
|
1,770,303
|
|
|
901,772
|
|
|
941,396
|
|
|
(3,809,602
|
)
|
|
124,952
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
1,256,662
|
|
|
35,043
|
|
|
(112
|
)
|
|
1,291,593
|
|
||||||
Service contracts, net
|
—
|
|
|
81,462
|
|
|
13
|
|
|
2,240
|
|
|
—
|
|
|
83,715
|
|
||||||
Other assets, net
|
1,081,203
|
|
|
(913
|
)
|
|
3,526,051
|
|
|
9,110
|
|
|
(4,601,168
|
)
|
|
14,283
|
|
||||||
|
$
|
1,402,286
|
|
|
$
|
3,631,814
|
|
|
$
|
6,256,169
|
|
|
$
|
1,242,995
|
|
|
$
|
(8,434,449
|
)
|
|
$
|
4,098,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
(465,247
|
)
|
|
$
|
(1,773,815
|
)
|
|
$
|
2,298,790
|
|
|
$
|
16,781
|
|
|
$
|
38,005
|
|
|
$
|
114,514
|
|
Accrued compensation and related liabilities
|
—
|
|
|
73,545
|
|
|
23,051
|
|
|
5,380
|
|
|
—
|
|
|
101,976
|
|
||||||
Accrued liabilities
|
—
|
|
|
84,270
|
|
|
251,217
|
|
|
13,578
|
|
|
—
|
|
|
349,065
|
|
||||||
Debt due within one year
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||||
Total current liabilities
|
(465,247
|
)
|
|
(1,366,000
|
)
|
|
2,573,058
|
|
|
35,739
|
|
|
38,005
|
|
|
815,555
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt due after one year
|
—
|
|
|
1,044,032
|
|
|
—
|
|
|
390
|
|
|
—
|
|
|
1,044,422
|
|
||||||
Deferred income taxes
|
—
|
|
|
(427
|
)
|
|
252,149
|
|
|
7,753
|
|
|
—
|
|
|
259,475
|
|
||||||
Accrued liabilities
|
—
|
|
|
19,628
|
|
|
116,091
|
|
|
985
|
|
|
—
|
|
|
136,704
|
|
||||||
Total long-term liabilities
|
—
|
|
|
1,063,233
|
|
|
368,240
|
|
|
9,128
|
|
|
—
|
|
|
1,440,601
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total shareholders’ equity
|
1,867,533
|
|
|
3,934,581
|
|
|
3,314,871
|
|
|
1,198,128
|
|
|
(8,472,454
|
)
|
|
1,842,659
|
|
||||||
|
$
|
1,402,286
|
|
|
$
|
3,631,814
|
|
|
$
|
6,256,169
|
|
|
$
|
1,242,995
|
|
|
$
|
(8,434,449
|
)
|
|
$
|
4,098,815
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
$
|
278,468
|
|
|
$
|
98,875
|
|
|
$
|
166,700
|
|
|
$
|
9,749
|
|
|
$
|
(275,324
|
)
|
|
$
|
278,468
|
|
Adjustments to reconcile net income to net
cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation
|
—
|
|
|
52,259
|
|
|
22,412
|
|
|
4,919
|
|
|
—
|
|
|
79,590
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
6,847
|
|
|
175
|
|
|
438
|
|
|
—
|
|
|
7,460
|
|
||||||
Stock-based compensation
|
39,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,582
|
|
||||||
Gain on Shred-it
|
—
|
|
|
(23,935
|
)
|
|
—
|
|
|
(1,941
|
)
|
|
—
|
|
|
(25,876
|
)
|
||||||
Deferred income taxes
|
—
|
|
|
(9,578
|
)
|
|
5,395
|
|
|
350
|
|
|
—
|
|
|
(3,833
|
)
|
||||||
Changes in current assets and liabilities, net of acquisitions of businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
—
|
|
|
(36,939
|
)
|
|
(6,813
|
)
|
|
(1,168
|
)
|
|
—
|
|
|
(44,920
|
)
|
||||||
Inventories, net
|
—
|
|
|
(14,038
|
)
|
|
2,871
|
|
|
(1,593
|
)
|
|
(1,856
|
)
|
|
(14,616
|
)
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
754
|
|
|
(4,182
|
)
|
|
511
|
|
|
(1,398
|
)
|
|
(4,315
|
)
|
||||||
Prepaid expenses and other current
assets
|
—
|
|
|
412
|
|
|
(2,411
|
)
|
|
47
|
|
|
—
|
|
|
(1,952
|
)
|
||||||
Accounts payable
|
—
|
|
|
23,367
|
|
|
(10,857
|
)
|
|
2,831
|
|
|
110
|
|
|
15,451
|
|
||||||
Accrued compensation and related liabilities
|
2,819
|
|
|
(12,734
|
)
|
|
(8,935
|
)
|
|
(86
|
)
|
|
—
|
|
|
(18,936
|
)
|
||||||
Accrued liabilities and other
|
139,766
|
|
|
3,711
|
|
|
(148,384
|
)
|
|
41
|
|
|
—
|
|
|
(4,866
|
)
|
||||||
Income taxes, current
|
—
|
|
|
(1,635
|
)
|
|
1,460
|
|
|
659
|
|
|
—
|
|
|
484
|
|
||||||
Net cash provided by operating activities
|
460,635
|
|
|
87,366
|
|
|
17,431
|
|
|
14,757
|
|
|
(278,468
|
)
|
|
301,721
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(85,207
|
)
|
|
(60,837
|
)
|
|
(9,129
|
)
|
|
—
|
|
|
(155,173
|
)
|
||||||
Proceeds from redemption of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
172,968
|
|
|
—
|
|
|
172,968
|
|
||||||
Purchase of marketable securities and investments
|
—
|
|
|
(4,560
|
)
|
|
(28,751
|
)
|
|
(102,692
|
)
|
|
17,733
|
|
|
(118,270
|
)
|
||||||
Proceeds from sale of investment in Shred-it
|
—
|
|
|
23,935
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
|
25,876
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
—
|
|
|
(7,245
|
)
|
|
—
|
|
|
(10,533
|
)
|
|
—
|
|
|
(17,778
|
)
|
||||||
Other, net
|
(460,630
|
)
|
|
177,446
|
|
|
21,190
|
|
|
1,591
|
|
|
260,735
|
|
|
332
|
|
||||||
Net cash (used in) provided by investing activities
|
(460,630
|
)
|
|
104,369
|
|
|
(68,398
|
)
|
|
54,146
|
|
|
278,468
|
|
|
(92,045
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of commercial paper, net
|
—
|
|
|
66,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,000
|
|
||||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
|
2,000
|
|
|
—
|
|
|
—
|
|
||||||
Repayment of debt
|
—
|
|
|
(250,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250,000
|
)
|
||||||
Prepaid short-term debt financing fees
|
—
|
|
|
(13,495
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,495
|
)
|
||||||
Proceeds from exercise of stock-based compensation awards
|
19,225
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,225
|
|
||||||
Repurchase of common stock
|
(19,230
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,230
|
)
|
||||||
Other, net
|
—
|
|
|
(5,572
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,572
|
)
|
||||||
Net cash (used in) provided by financing activities
|
(5
|
)
|
|
(203,067
|
)
|
|
(2,000
|
)
|
|
2,000
|
|
|
—
|
|
|
(203,072
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,388
|
)
|
|
—
|
|
|
(2,388
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net (decrease) increase in cash and cash
equivalents
|
—
|
|
|
(11,332
|
)
|
|
(52,967
|
)
|
|
68,515
|
|
|
—
|
|
|
4,216
|
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
57,893
|
|
|
55,392
|
|
|
26,072
|
|
|
—
|
|
|
139,357
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
46,561
|
|
|
$
|
2,425
|
|
|
$
|
94,587
|
|
|
$
|
—
|
|
|
$
|
143,573
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
445,281
|
|
|
$
|
305,340
|
|
|
$
|
144,586
|
|
|
$
|
(2,249
|
)
|
|
$
|
(447,677
|
)
|
|
$
|
445,281
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation
|
—
|
|
|
46,231
|
|
|
22,231
|
|
|
4,668
|
|
|
—
|
|
|
73,130
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
7,248
|
|
|
337
|
|
|
179
|
|
|
—
|
|
|
7,764
|
|
||||||
Stock-based compensation
|
40,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,241
|
|
||||||
Gain on Storage transactions
|
—
|
|
|
(12,547
|
)
|
|
—
|
|
|
(3,239
|
)
|
|
—
|
|
|
(15,786
|
)
|
||||||
(Gain) loss on Shred-it
|
—
|
|
|
(362,237
|
)
|
|
—
|
|
|
12,499
|
|
|
—
|
|
|
(349,738
|
)
|
||||||
Deferred income taxes
|
—
|
|
|
(93,097
|
)
|
|
(6,913
|
)
|
|
1,587
|
|
|
—
|
|
|
(98,423
|
)
|
||||||
Changes in current assets and liabilities,
net of acquisitions of businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
—
|
|
|
(24,824
|
)
|
|
(13,014
|
)
|
|
(1,580
|
)
|
|
—
|
|
|
(39,418
|
)
|
||||||
Inventories, net
|
—
|
|
|
(20,021
|
)
|
|
(2,049
|
)
|
|
(365
|
)
|
|
2,594
|
|
|
(19,841
|
)
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
(6,851
|
)
|
|
(2,319
|
)
|
|
(1,530
|
)
|
|
(193
|
)
|
|
(10,893
|
)
|
||||||
Prepaid expenses and other current
assets
|
—
|
|
|
128
|
|
|
(2,534
|
)
|
|
37
|
|
|
—
|
|
|
(2,369
|
)
|
||||||
Accounts payable
|
—
|
|
|
(388,996
|
)
|
|
403,502
|
|
|
4,872
|
|
|
(10
|
)
|
|
19,368
|
|
||||||
Accrued compensation and related liabilities
|
—
|
|
|
(18,569
|
)
|
|
(3,520
|
)
|
|
(682
|
)
|
|
—
|
|
|
(22,771
|
)
|
||||||
Accrued liabilities and other
|
—
|
|
|
685
|
|
|
976
|
|
|
(1,344
|
)
|
|
724
|
|
|
1,041
|
|
||||||
Income taxes, current
|
—
|
|
|
231,042
|
|
|
6,309
|
|
|
100
|
|
|
—
|
|
|
237,451
|
|
||||||
Net cash provided by (used in) operating activities
|
485,522
|
|
|
(336,468
|
)
|
|
547,592
|
|
|
12,953
|
|
|
(444,562
|
)
|
|
265,037
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(67,463
|
)
|
|
(47,537
|
)
|
|
(6,817
|
)
|
|
—
|
|
|
(121,817
|
)
|
||||||
Proceeds from redemption of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
212,081
|
|
|
—
|
|
|
212,081
|
|
||||||
Purchase of marketable securities and investments
|
—
|
|
|
(3,437
|
)
|
|
(7,549
|
)
|
|
(264,365
|
)
|
|
4,010
|
|
|
(271,341
|
)
|
||||||
Proceeds from Storage transactions, net of cash acquired
|
—
|
|
|
32,099
|
|
|
—
|
|
|
3,239
|
|
|
—
|
|
|
35,338
|
|
||||||
Proceeds from sale of Shred-it
|
—
|
|
|
565,643
|
|
|
—
|
|
|
12,614
|
|
|
—
|
|
|
578,257
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
—
|
|
|
(96,465
|
)
|
|
—
|
|
|
(24,772
|
)
|
|
—
|
|
|
(121,237
|
)
|
||||||
Other, net
|
(100,673
|
)
|
|
(60,133
|
)
|
|
(278,564
|
)
|
|
81
|
|
|
441,276
|
|
|
1,987
|
|
||||||
Net cash (used in) provided by investing activities
|
(100,673
|
)
|
|
370,244
|
|
|
(333,650
|
)
|
|
(67,939
|
)
|
|
445,286
|
|
|
313,268
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
55
|
|
|
—
|
|
|
—
|
|
||||||
Repayment of debt
|
—
|
|
|
(309
|
)
|
|
1,053
|
|
|
(36
|
)
|
|
(724
|
)
|
|
(16
|
)
|
||||||
Exercise of stock-based compensation awards
|
17,444
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,444
|
|
||||||
Repurchase of common stock
|
(402,293
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(402,293
|
)
|
||||||
Other, net
|
—
|
|
|
976
|
|
|
—
|
|
|
(330
|
)
|
|
—
|
|
|
646
|
|
||||||
Net cash (used in) provided by financing activities
|
(384,849
|
)
|
|
667
|
|
|
998
|
|
|
(311
|
)
|
|
(724
|
)
|
|
(384,219
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,374
|
)
|
|
—
|
|
|
(4,374
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
34,443
|
|
|
214,940
|
|
|
(59,671
|
)
|
|
—
|
|
|
189,712
|
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
74,632
|
|
|
248,716
|
|
|
93,725
|
|
|
—
|
|
|
417,073
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
109,075
|
|
|
$
|
463,656
|
|
|
$
|
34,054
|
|
|
$
|
—
|
|
|
$
|
606,785
|
|
(In thousands)
|
2016
|
|
2015
|
||||
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
301,721
|
|
|
$
|
265,037
|
|
Net cash (used in) provided by investing activities
|
$
|
(92,045
|
)
|
|
$
|
313,268
|
|
Net cash used in financing activities
|
$
|
(203,072
|
)
|
|
$
|
(384,219
|
)
|
|
|
|
|
||||
Cash and cash equivalents at the end of the period
|
$
|
143,573
|
|
|
$
|
606,785
|
|
Marketable securities at the end of the period
|
$
|
—
|
|
|
$
|
65,826
|
|
Rating Agency
|
|
Outlook
|
|
Commercial Paper
|
|
Long-term Debt
|
|
|
|
|
|
|
|
Standard & Poor’s
|
|
Stable
|
|
A-2
|
|
BBB+
|
Moody’s Investors Service
|
|
Under Review *
|
|
P-1
|
|
A2
|
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, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
500.0
|
|
October 1 - 31, 2016
(2)
|
1,122
|
|
|
$
|
106.73
|
|
|
—
|
|
|
$
|
500.0
|
|
November 1 - 30, 2016
(3)
|
1,618
|
|
|
$
|
115.58
|
|
|
—
|
|
|
$
|
500.0
|
|
Total
|
2,740
|
|
|
$
|
111.96
|
|
|
—
|
|
|
$
|
500.0
|
|
10.1
|
Amended and Restated Credit Agreement, dated as of September 16, 2016, among Cintas Corp.
No. 2, the Lenders party thereto and KeyBank National Association, as Administrative Agent
(Incorporated by reference to Cintas' Current Report on Form 8-K dated September 22, 2016).
|
10.2
|
Cintas Corporation 2016 Equity and Incentive Compensation Plan (Incorporated by reference to
Cintas' Current Report on Form 8-K dated October 20, 2016).
|
31.1
|
Certification of Principal Executive Officer required by Rule 13a-14(a)
|
31.2
|
Certification of Principal Financial Officer required by Rule 13a-14(a)
|
32.1
|
Section 1350 Certification of Chief Executive Officer
|
32.2
|
Section 1350 Certification of Chief Financial Officer
|
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
|
|
|
|
CINTAS CORPORATION
|
|
||
|
|
|
(Registrant)
|
|
||
|
|
|
|
|
|
|
Date:
|
January 6, 2017
|
|
/s/
|
J. Michael Hansen
|
|
|
|
|
|
|
|
||
|
|
|
|
J. Michael Hansen
|
||
|
|
|
|
Senior Vice President and Chief Financial Officer
|
||
|
|
|
|
(Principal Financial and Accounting Officer)
|
10.1
|
Amended and Restated Credit Agreement, dated as of September 16, 2016, among Cintas Corp.
No. 2, the Lenders party thereto and KeyBank National Association, as Administrative Agent
(Incorporated by reference to Cintas' Current Report on Form 8-K dated September 22, 2016).
|
10.2
|
Cintas Corporation 2016 Equity and Incentive Compensation Plan (Incorporated by reference to
Cintas' Current Report on Form 8-K dated October 20, 2016).
|
31.1
|
Certification of Principal Executive Officer required by Rule 13a-14(a)
|
31.2
|
Certification of Principal Financial Officer required by Rule 13a-14(a)
|
32.1
|
Section 1350 Certification of Chief Executive Officer
|
32.2
|
Section 1350 Certification of Chief Financial Officer
|
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
|
1 Year Cintas Chart |
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