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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-12.48 | -1.83% | 670.33 | 628.32 | 999.00 | 681.82 | 667.31 | 680.05 | 306,721 | 01:00:00 |
( 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 March 31, 2017
|
Common Stock, no par value
|
|
105,322,553
|
Part I.
|
Financial Information
|
Page No.
|
||
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Three and Nine Months Ended February 28, 2017 and February 29, 2016
|
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Three and Nine Months Ended February 28, 2017 and February 29, 2016
|
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February 28, 2017 and May 31, 2016
|
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|
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Nine Months Ended February 28, 2017 and February 29, 2016
|
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Exhibits
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2017 |
|
February 29,
2016 |
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
993,398
|
|
|
$
|
936,565
|
|
|
$
|
2,998,559
|
|
|
$
|
2,812,677
|
|
Other
|
287,737
|
|
|
279,518
|
|
|
873,629
|
|
|
821,376
|
|
||||
|
1,281,135
|
|
|
1,216,083
|
|
|
3,872,188
|
|
|
3,634,053
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
546,538
|
|
|
524,656
|
|
|
1,643,222
|
|
|
1,569,250
|
|
||||
Cost of other
|
168,173
|
|
|
166,819
|
|
|
507,341
|
|
|
488,651
|
|
||||
Selling and administrative expenses
|
362,385
|
|
|
331,656
|
|
|
1,101,633
|
|
|
997,344
|
|
||||
G&K Services, Inc. transaction expenses
|
9,344
|
|
|
—
|
|
|
15,478
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
194,695
|
|
|
192,952
|
|
|
604,514
|
|
|
578,808
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest income
|
(11
|
)
|
|
(335
|
)
|
|
(107
|
)
|
|
(565
|
)
|
||||
Interest expense
|
13,696
|
|
|
16,163
|
|
|
41,135
|
|
|
48,746
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
181,010
|
|
|
177,124
|
|
|
563,486
|
|
|
530,627
|
|
||||
Income taxes
|
62,363
|
|
|
59,845
|
|
|
183,294
|
|
|
191,697
|
|
||||
Income from continuing operations
|
118,647
|
|
|
117,279
|
|
|
380,192
|
|
|
338,930
|
|
||||
(Loss) income from discontinued operations,
net of tax expense of $1,098, tax benefit
of $741 and tax expense of $10,051 and
$142,235, respectively
|
(642
|
)
|
|
62
|
|
|
16,281
|
|
|
223,692
|
|
||||
Net income
|
$
|
118,005
|
|
|
$
|
117,341
|
|
|
$
|
396,473
|
|
|
$
|
562,622
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.11
|
|
|
$
|
1.07
|
|
|
$
|
3.56
|
|
|
$
|
3.06
|
|
Discontinued operations
|
(0.01
|
)
|
|
0.00
|
|
|
0.15
|
|
|
2.02
|
|
||||
Basic earnings per share
|
$
|
1.10
|
|
|
$
|
1.07
|
|
|
$
|
3.71
|
|
|
$
|
5.08
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.08
|
|
|
$
|
1.05
|
|
|
$
|
3.47
|
|
|
$
|
3.01
|
|
Discontinued operations
|
(0.01
|
)
|
|
0.00
|
|
|
0.15
|
|
|
1.99
|
|
||||
Diluted earnings per share
|
$
|
1.07
|
|
|
$
|
1.05
|
|
|
$
|
3.62
|
|
|
$
|
5.00
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.33
|
|
|
$
|
1.05
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
118,005
|
|
|
$
|
117,341
|
|
|
$
|
396,473
|
|
|
$
|
562,622
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
2,400
|
|
|
(2,405
|
)
|
|
(5,135
|
)
|
|
(19,044
|
)
|
||||
Cumulative translation adjustment on investment in Shred-it
|
—
|
|
|
—
|
|
|
—
|
|
|
6,472
|
|
||||
Change in fair value of derivatives
|
2,560
|
|
|
(14,070
|
)
|
|
16,913
|
|
|
(14,070
|
)
|
||||
Amortization of interest rate lock agreements
|
385
|
|
|
488
|
|
|
1,155
|
|
|
1,464
|
|
||||
Change in fair value of available-for-sale securities
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(25
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
5,345
|
|
|
(15,994
|
)
|
|
12,933
|
|
|
(25,203
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
123,350
|
|
|
$
|
101,347
|
|
|
$
|
409,406
|
|
|
$
|
537,419
|
|
|
February 28,
2017 |
|
May 31,
2016 |
||||
|
(Unaudited)
|
|
|
|
|||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
147,244
|
|
|
$
|
139,357
|
|
Marketable securities
|
—
|
|
|
70,405
|
|
||
Accounts receivable, net
|
598,863
|
|
|
563,178
|
|
||
Inventories, net
|
272,181
|
|
|
249,362
|
|
||
Uniforms and other rental items in service
|
539,730
|
|
|
539,956
|
|
||
Income taxes, current
|
20,560
|
|
|
1,712
|
|
||
Prepaid expenses and other current assets
|
51,363
|
|
|
26,065
|
|
||
Total current assets
|
1,629,941
|
|
|
1,590,035
|
|
||
|
|
|
|
||||
Property and equipment, at cost, net
|
1,090,209
|
|
|
994,237
|
|
||
|
|
|
|
||||
Investments
|
148,168
|
|
|
124,952
|
|
||
Goodwill
|
1,303,038
|
|
|
1,291,593
|
|
||
Service contracts, net
|
83,720
|
|
|
83,715
|
|
||
Other assets, net
|
16,088
|
|
|
14,283
|
|
||
|
$
|
4,271,164
|
|
|
$
|
4,098,815
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
127,940
|
|
|
$
|
114,514
|
|
Accrued compensation and related liabilities
|
95,353
|
|
|
101,976
|
|
||
Accrued liabilities
|
321,324
|
|
|
349,065
|
|
||
Debt due within one year
|
399,351
|
|
|
250,000
|
|
||
Total current liabilities
|
943,968
|
|
|
815,555
|
|
||
|
|
|
|
||||
Long-term liabilities:
|
|
|
|
|
|
||
Debt due after one year
|
745,189
|
|
|
1,044,422
|
|
||
Deferred income taxes
|
267,065
|
|
|
259,475
|
|
||
Accrued liabilities
|
136,684
|
|
|
136,704
|
|
||
Total long-term liabilities
|
1,148,938
|
|
|
1,440,601
|
|
||
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
|
||
Preferred stock, no par value:
|
—
|
|
|
—
|
|
||
100,000 shares authorized, none outstanding
|
|
|
|
|
|
||
Common stock, no par value:
|
476,373
|
|
|
409,682
|
|
||
425,000,000 shares authorized
|
|
|
|
|
|
||
FY 2017: 180,777,903 issued and 105,191,298 outstanding
|
|
|
|
|
|
||
FY 2016: 179,598,516 issued and 104,213,479 outstanding
|
|
|
|
||||
Paid-in capital
|
200,572
|
|
|
205,260
|
|
||
Retained earnings
|
5,086,584
|
|
|
4,805,867
|
|
||
Treasury stock:
|
(3,573,330
|
)
|
|
(3,553,276
|
)
|
||
FY 2017: 75,586,605 shares
|
|
|
|
|
|
||
FY 2016: 75,385,037 shares
|
|
|
|
||||
Accumulated other comprehensive loss
|
(11,941
|
)
|
|
(24,874
|
)
|
||
Total shareholders’ equity
|
2,178,258
|
|
|
1,842,659
|
|
||
|
$
|
4,271,164
|
|
|
$
|
4,098,815
|
|
|
Nine Months Ended
|
||||||
|
February 28,
2017 |
|
February 29,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
396,473
|
|
|
$
|
562,622
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation
|
120,493
|
|
|
110,535
|
|
||
Amortization of intangible assets
|
11,221
|
|
|
12,136
|
|
||
Stock-based compensation
|
63,578
|
|
|
57,169
|
|
||
Gain on Storage transactions
|
—
|
|
|
(15,786
|
)
|
||
Gain on Shred-it
|
(25,876
|
)
|
|
(349,738
|
)
|
||
Deferred income taxes
|
(3,472
|
)
|
|
(74,540
|
)
|
||
Change in current assets and liabilities, net of acquisitions of businesses:
|
|
|
|
|
|
||
Accounts receivable, net
|
(28,646
|
)
|
|
(41,523
|
)
|
||
Inventories, net
|
(23,364
|
)
|
|
(24,009
|
)
|
||
Uniforms and other rental items in service
|
(53
|
)
|
|
(6,905
|
)
|
||
Prepaid expenses and other current assets
|
(11,387
|
)
|
|
(1,580
|
)
|
||
Accounts payable
|
15,538
|
|
|
37,370
|
|
||
Accrued compensation and related liabilities
|
(5,812
|
)
|
|
(3,731
|
)
|
||
Accrued liabilities and other
|
(6,079
|
)
|
|
(18,301
|
)
|
||
Income taxes, current
|
(18,856
|
)
|
|
53,435
|
|
||
Net cash provided by operating activities
|
483,758
|
|
|
297,154
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(218,621
|
)
|
|
(207,502
|
)
|
||
Proceeds from redemption of marketable securities
|
172,506
|
|
|
327,779
|
|
||
Purchase of marketable securities and investments
|
(125,634
|
)
|
|
(384,796
|
)
|
||
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
|
(19,630
|
)
|
|
(151,731
|
)
|
||
Other, net
|
28
|
|
|
4,433
|
|
||
Net cash (used in) provided by investing activities
|
(165,475
|
)
|
|
201,778
|
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of commercial paper, net
|
99,500
|
|
|
—
|
|
||
Repayment of debt
|
(250,000
|
)
|
|
(16
|
)
|
||
Prepaid short-term debt financing fees
|
(13,949
|
)
|
|
—
|
|
||
Proceeds from exercise of stock-based compensation awards
|
25,114
|
|
|
22,260
|
|
||
Dividends paid
|
(142,444
|
)
|
|
(115,273
|
)
|
||
Repurchase of common stock
|
(20,054
|
)
|
|
(502,439
|
)
|
||
Other, net
|
(5,801
|
)
|
|
1,153
|
|
||
Net cash used in financing activities
|
(307,634
|
)
|
|
(594,315
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(2,762
|
)
|
|
(6,574
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
7,887
|
|
|
(101,957
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
139,357
|
|
|
417,073
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
147,244
|
|
|
$
|
315,116
|
|
(In thousands)
|
February 28,
2017 |
|
May 31,
2016 |
||||
|
|
|
|
||||
Raw materials
|
$
|
12,807
|
|
|
$
|
17,794
|
|
Work in process
|
17,533
|
|
|
14,731
|
|
||
Finished goods
|
241,841
|
|
|
216,837
|
|
||
|
$
|
272,181
|
|
|
$
|
249,362
|
|
|
As of February 28, 2017
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
147,244
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
147,244
|
|
Prepaid expenses and other current assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate lock agreements
|
—
|
|
|
7,346
|
|
|
—
|
|
|
7,346
|
|
||||
Total assets at fair value
|
$
|
147,244
|
|
|
$
|
7,346
|
|
|
$
|
—
|
|
|
$
|
154,590
|
|
|
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
|
|
Nine Months Ended
|
||||||||||||
(In thousands except per share data)
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2017 |
|
February 29,
2016 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Basic Earnings per Share from Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
118,647
|
|
|
$
|
117,279
|
|
|
$
|
380,192
|
|
|
$
|
338,930
|
|
Less: income from continuing operations allocated to participating securities
|
2,262
|
|
|
1,871
|
|
|
7,217
|
|
|
5,500
|
|
||||
Income from continuing operations available to common shareholders
|
$
|
116,385
|
|
|
$
|
115,408
|
|
|
$
|
372,975
|
|
|
$
|
333,430
|
|
Basic weighted average common shares outstanding
|
105,093
|
|
|
107,843
|
|
|
104,842
|
|
|
108,923
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share from continuing operations
|
$
|
1.11
|
|
|
$
|
1.07
|
|
|
$
|
3.56
|
|
|
$
|
3.06
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands except per share data)
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2017 |
|
February 29,
2016 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings per Share from Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
118,647
|
|
|
$
|
117,279
|
|
|
$
|
380,192
|
|
|
$
|
338,930
|
|
Less: income from continuing operations allocated to participating securities
|
2,262
|
|
|
1,871
|
|
|
7,217
|
|
|
5,500
|
|
||||
Income from continuing operations available to common shareholders
|
$
|
116,385
|
|
|
$
|
115,408
|
|
|
$
|
372,975
|
|
|
$
|
333,430
|
|
Basic weighted average common shares outstanding
|
105,093
|
|
|
107,843
|
|
|
104,842
|
|
|
108,923
|
|
||||
Effect of dilutive securities – employee stock options
|
2,799
|
|
|
1,620
|
|
|
2,666
|
|
|
1,689
|
|
||||
Diluted weighted average common shares outstanding
|
107,892
|
|
|
109,463
|
|
|
107,508
|
|
|
110,612
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations
|
$
|
1.08
|
|
|
$
|
1.05
|
|
|
$
|
3.47
|
|
|
$
|
3.01
|
|
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
|
|
|
1,848
|
|
|
4,492
|
|
|
12,044
|
|
||||
Foreign currency translation
|
(278
|
)
|
|
(316
|
)
|
|
(5
|
)
|
|
(599
|
)
|
||||
Balance as of February 28, 2017
|
$
|
958,642
|
|
|
$
|
242,980
|
|
|
$
|
101,416
|
|
|
$
|
1,303,038
|
|
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
|
|
|
4,637
|
|
|
9,763
|
|
||||
Service contracts amortization
|
(2,436
|
)
|
|
(2,810
|
)
|
|
(4,472
|
)
|
|
(9,718
|
)
|
||||
Foreign currency translation
|
(37
|
)
|
|
(3
|
)
|
|
—
|
|
|
(40
|
)
|
||||
Balance as of February 28, 2017
|
$
|
22,232
|
|
|
$
|
31,051
|
|
|
$
|
30,437
|
|
|
$
|
83,720
|
|
|
As of February 28, 2017
|
||||||||||
(In thousands)
|
Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||
|
|
|
|
|
|
||||||
Service contracts
|
$
|
404,894
|
|
|
$
|
321,174
|
|
|
$
|
83,720
|
|
|
|
|
|
|
|
||||||
Noncompete and consulting agreements
|
$
|
42,822
|
|
|
$
|
41,278
|
|
|
$
|
1,544
|
|
Other
|
17,745
|
|
|
3,201
|
|
|
14,544
|
|
|||
Total other assets
|
$
|
60,567
|
|
|
$
|
44,479
|
|
|
$
|
16,088
|
|
|
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
|
|
(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
|
)
|
||||
Other comprehensive income before reclassifications
|
2,400
|
|
|
2,560
|
|
|
—
|
|
|
4,960
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
||||
Net current period other comprehensive income
|
2,400
|
|
|
2,945
|
|
|
—
|
|
|
5,345
|
|
||||
Balance at February 28, 2017
|
$
|
(7,609
|
)
|
|
$
|
(2,762
|
)
|
|
$
|
(1,570
|
)
|
|
$
|
(11,941
|
)
|
(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
|
)
|
||||
Other comprehensive loss before reclassifications
|
(2,405
|
)
|
|
(14,070
|
)
|
|
(7
|
)
|
|
(16,482
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
488
|
|
|
—
|
|
|
488
|
|
||||
Net current period other comprehensive loss
|
(2,405
|
)
|
|
(13,582
|
)
|
|
(7
|
)
|
|
(15,994
|
)
|
||||
Balance at February 29, 2016
|
$
|
(9,585
|
)
|
|
$
|
(23,232
|
)
|
|
$
|
(857
|
)
|
|
$
|
(33,674
|
)
|
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
|
|
Nine Months Ended
|
|
|
||||||||||||
(In thousands)
|
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of interest rate locks
|
|
$
|
(615
|
)
|
|
$
|
(783
|
)
|
|
$
|
(1,845
|
)
|
|
$
|
(2,348
|
)
|
|
Interest expense
|
Tax benefit
|
|
230
|
|
|
295
|
|
|
690
|
|
|
884
|
|
|
Income taxes
|
||||
Amortization of interest rate locks, net of tax
|
|
$
|
(385
|
)
|
|
$
|
(488
|
)
|
|
$
|
(1,155
|
)
|
|
$
|
(1,464
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
||||||||||||
(In thousands)
|
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cumulative translation adjustment on Shred-it
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10,381
|
)
|
|
Income from discontinued operations
|
Tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,909
|
|
|
Income from discontinued operations
|
||||
Cumulative translation adjustment on Shred-it, net of tax
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(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 February 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
993,398
|
|
|
$
|
124,239
|
|
|
$
|
163,498
|
|
|
$
|
—
|
|
|
$
|
1,281,135
|
|
Income (loss) before income taxes
|
$
|
172,543
|
|
|
$
|
12,235
|
|
|
$
|
9,917
|
|
|
$
|
(13,685
|
)
|
|
$
|
181,010
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended February 29, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
936,565
|
|
|
$
|
119,064
|
|
|
$
|
160,454
|
|
|
$
|
—
|
|
|
$
|
1,216,083
|
|
Income (loss) before income taxes
|
$
|
167,502
|
|
|
$
|
12,634
|
|
|
$
|
12,816
|
|
|
$
|
(15,828
|
)
|
|
$
|
177,124
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of and for the nine months ended February 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
2,998,559
|
|
|
$
|
373,875
|
|
|
$
|
499,754
|
|
|
$
|
—
|
|
|
$
|
3,872,188
|
|
Income (loss) before income taxes
|
$
|
535,149
|
|
|
$
|
38,525
|
|
|
$
|
30,840
|
|
|
$
|
(41,028
|
)
|
|
$
|
563,486
|
|
Total assets
|
$
|
3,285,791
|
|
|
$
|
452,397
|
|
|
$
|
385,732
|
|
|
$
|
147,244
|
|
|
$
|
4,271,164
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of and for the nine months ended February 29, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
2,812,677
|
|
|
$
|
338,990
|
|
|
$
|
482,386
|
|
|
$
|
—
|
|
|
$
|
3,634,053
|
|
Income (loss) before income taxes
|
$
|
502,178
|
|
|
$
|
36,073
|
|
|
$
|
40,557
|
|
|
$
|
(48,181
|
)
|
|
$
|
530,627
|
|
Total assets
|
$
|
3,050,138
|
|
|
$
|
436,390
|
|
|
$
|
357,863
|
|
|
$
|
386,819
|
|
|
$
|
4,231,210
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28,
2017 |
|
February 29,
2016 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes
|
456
|
|
|
(679
|
)
|
|
456
|
|
|
403
|
|
||||
Gain on Storage transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
15,786
|
|
||||
Gain on Shred-it
|
—
|
|
|
—
|
|
|
25,876
|
|
|
349,738
|
|
||||
Income tax (expense) benefit on net gain
|
(1,098
|
)
|
|
741
|
|
|
(10,051
|
)
|
|
(142,235
|
)
|
||||
Net (loss) income from discontinued operations
|
$
|
(642
|
)
|
|
$
|
62
|
|
|
$
|
16,281
|
|
|
$
|
223,692
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
826,606
|
|
|
$
|
147,293
|
|
|
$
|
57,082
|
|
|
$
|
(37,583
|
)
|
|
$
|
993,398
|
|
Other
|
—
|
|
|
403,650
|
|
|
297
|
|
|
16,672
|
|
|
(132,882
|
)
|
|
287,737
|
|
||||||
Equity in net income of affiliates
|
118,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(118,005
|
)
|
|
—
|
|
||||||
|
118,005
|
|
|
1,230,256
|
|
|
147,590
|
|
|
73,754
|
|
|
(288,470
|
)
|
|
1,281,135
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
476,004
|
|
|
92,273
|
|
|
36,877
|
|
|
(58,616
|
)
|
|
546,538
|
|
||||||
Cost of other
|
—
|
|
|
280,600
|
|
|
(19,449
|
)
|
|
12,462
|
|
|
(105,440
|
)
|
|
168,173
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
399,769
|
|
|
(51,465
|
)
|
|
20,883
|
|
|
(6,802
|
)
|
|
362,385
|
|
||||||
G&K Services, Inc. transaction expenses
|
—
|
|
|
—
|
|
|
9,344
|
|
|
—
|
|
|
—
|
|
|
9,344
|
|
||||||
Operating income
|
118,005
|
|
|
73,883
|
|
|
116,887
|
|
|
3,532
|
|
|
(117,612
|
)
|
|
194,695
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(2
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
1
|
|
|
(11
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
14,981
|
|
|
(1,193
|
)
|
|
(92
|
)
|
|
—
|
|
|
13,696
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
118,005
|
|
|
58,904
|
|
|
118,086
|
|
|
3,628
|
|
|
(117,613
|
)
|
|
181,010
|
|
||||||
Income taxes
|
—
|
|
|
20,197
|
|
|
40,474
|
|
|
1,712
|
|
|
(20
|
)
|
|
62,363
|
|
||||||
Income from continuing operations
|
118,005
|
|
|
38,707
|
|
|
77,612
|
|
|
1,916
|
|
|
(117,593
|
)
|
|
118,647
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) income from discontinued operations, net of tax
|
—
|
|
|
(1,098
|
)
|
|
447
|
|
|
9
|
|
|
—
|
|
|
(642
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
118,005
|
|
|
$
|
37,609
|
|
|
$
|
78,059
|
|
|
$
|
1,925
|
|
|
$
|
(117,593
|
)
|
|
$
|
118,005
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
784,876
|
|
|
$
|
137,347
|
|
|
$
|
50,763
|
|
|
$
|
(36,421
|
)
|
|
$
|
936,565
|
|
Other
|
—
|
|
|
390,207
|
|
|
951
|
|
|
14,952
|
|
|
(126,592
|
)
|
|
279,518
|
|
||||||
Equity in net income of affiliates
|
117,279
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117,279
|
)
|
|
—
|
|
||||||
|
117,279
|
|
|
1,175,083
|
|
|
138,298
|
|
|
65,715
|
|
|
(280,292
|
)
|
|
1,216,083
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
460,124
|
|
|
87,735
|
|
|
34,056
|
|
|
(57,259
|
)
|
|
524,656
|
|
||||||
Cost of other
|
—
|
|
|
270,627
|
|
|
(18,056
|
)
|
|
11,399
|
|
|
(97,151
|
)
|
|
166,819
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
364,555
|
|
|
(43,503
|
)
|
|
17,459
|
|
|
(6,855
|
)
|
|
331,656
|
|
||||||
Operating income
|
117,279
|
|
|
79,777
|
|
|
112,122
|
|
|
2,801
|
|
|
(119,027
|
)
|
|
192,952
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(7
|
)
|
|
(262
|
)
|
|
(68
|
)
|
|
2
|
|
|
(335
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
16,350
|
|
|
(207
|
)
|
|
20
|
|
|
—
|
|
|
16,163
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
117,279
|
|
|
63,434
|
|
|
112,591
|
|
|
2,849
|
|
|
(119,029
|
)
|
|
177,124
|
|
||||||
Income taxes
|
—
|
|
|
21,223
|
|
|
37,533
|
|
|
1,118
|
|
|
(29
|
)
|
|
59,845
|
|
||||||
Income from continuing operations
|
117,279
|
|
|
42,211
|
|
|
75,058
|
|
|
1,731
|
|
|
(119,000
|
)
|
|
117,279
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from discontinued operations,
net of tax
|
62
|
|
|
74
|
|
|
—
|
|
|
(12
|
)
|
|
(62
|
)
|
|
62
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
117,341
|
|
|
$
|
42,285
|
|
|
$
|
75,058
|
|
|
$
|
1,719
|
|
|
$
|
(119,062
|
)
|
|
$
|
117,341
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
2,505,322
|
|
|
$
|
446,327
|
|
|
$
|
172,355
|
|
|
$
|
(125,445
|
)
|
|
$
|
2,998,559
|
|
Other
|
—
|
|
|
1,225,276
|
|
|
1,898
|
|
|
53,709
|
|
|
(407,254
|
)
|
|
873,629
|
|
||||||
Equity in net income of affiliates
|
396,473
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(396,473
|
)
|
|
—
|
|
||||||
|
396,473
|
|
|
3,730,598
|
|
|
448,225
|
|
|
226,064
|
|
|
(929,172
|
)
|
|
3,872,188
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
1,442,713
|
|
|
277,268
|
|
|
111,594
|
|
|
(188,353
|
)
|
|
1,643,222
|
|
||||||
Cost of other
|
—
|
|
|
847,992
|
|
|
(53,929
|
)
|
|
39,926
|
|
|
(326,648
|
)
|
|
507,341
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
1,213,418
|
|
|
(150,455
|
)
|
|
59,851
|
|
|
(21,181
|
)
|
|
1,101,633
|
|
||||||
G&K Services, Inc. transaction expenses
|
—
|
|
|
—
|
|
|
15,478
|
|
|
—
|
|
|
—
|
|
|
15,478
|
|
||||||
Operating income
|
396,473
|
|
|
226,475
|
|
|
359,863
|
|
|
14,693
|
|
|
(392,990
|
)
|
|
604,514
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(2
|
)
|
|
(30
|
)
|
|
(77
|
)
|
|
2
|
|
|
(107
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
44,336
|
|
|
(3,071
|
)
|
|
(130
|
)
|
|
—
|
|
|
41,135
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
396,473
|
|
|
182,141
|
|
|
362,964
|
|
|
14,900
|
|
|
(392,992
|
)
|
|
563,486
|
|
||||||
Income taxes
|
—
|
|
|
59,541
|
|
|
118,652
|
|
|
5,176
|
|
|
(75
|
)
|
|
183,294
|
|
||||||
Income from continuing operations
|
396,473
|
|
|
122,600
|
|
|
244,312
|
|
|
9,724
|
|
|
(392,917
|
)
|
|
380,192
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from discontinued operations, net of tax
|
—
|
|
|
13,884
|
|
|
447
|
|
|
1,950
|
|
|
—
|
|
|
16,281
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
396,473
|
|
|
$
|
136,484
|
|
|
$
|
244,759
|
|
|
$
|
11,674
|
|
|
$
|
(392,917
|
)
|
|
$
|
396,473
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Uniform rental and facility services
|
$
|
—
|
|
|
$
|
2,358,431
|
|
|
$
|
410,479
|
|
|
$
|
158,449
|
|
|
$
|
(114,682
|
)
|
|
$
|
2,812,677
|
|
Other
|
—
|
|
|
1,157,078
|
|
|
2,981
|
|
|
47,279
|
|
|
(385,962
|
)
|
|
821,376
|
|
||||||
Equity in net income of affiliates
|
338,930
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(338,930
|
)
|
|
—
|
|
||||||
|
338,930
|
|
|
3,515,509
|
|
|
413,460
|
|
|
205,728
|
|
|
(839,574
|
)
|
|
3,634,053
|
|
||||||
Costs and expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of uniform rental and facility services
|
—
|
|
|
1,377,174
|
|
|
260,635
|
|
|
105,811
|
|
|
(174,370
|
)
|
|
1,569,250
|
|
||||||
Cost of other
|
—
|
|
|
807,458
|
|
|
(50,603
|
)
|
|
34,822
|
|
|
(303,026
|
)
|
|
488,651
|
|
||||||
Selling and administrative expenses
|
—
|
|
|
1,099,373
|
|
|
(134,457
|
)
|
|
51,479
|
|
|
(19,051
|
)
|
|
997,344
|
|
||||||
Operating income
|
338,930
|
|
|
231,504
|
|
|
337,885
|
|
|
13,616
|
|
|
(343,127
|
)
|
|
578,808
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
(19
|
)
|
|
(378
|
)
|
|
(170
|
)
|
|
2
|
|
|
(565
|
)
|
||||||
Interest expense (income)
|
—
|
|
|
49,152
|
|
|
(425
|
)
|
|
19
|
|
|
—
|
|
|
48,746
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
338,930
|
|
|
182,371
|
|
|
338,688
|
|
|
13,767
|
|
|
(343,129
|
)
|
|
530,627
|
|
||||||
Income taxes
|
—
|
|
|
64,101
|
|
|
119,044
|
|
|
8,634
|
|
|
(82
|
)
|
|
191,697
|
|
||||||
Income from continuing operations
|
338,930
|
|
|
118,270
|
|
|
219,644
|
|
|
5,133
|
|
|
(343,047
|
)
|
|
338,930
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (loss) from discontinued operations,
net of tax
|
223,692
|
|
|
229,355
|
|
|
—
|
|
|
(5,663
|
)
|
|
(223,692
|
)
|
|
223,692
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
562,622
|
|
|
$
|
347,625
|
|
|
$
|
219,644
|
|
|
$
|
(530
|
)
|
|
$
|
(566,739
|
)
|
|
$
|
562,622
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
118,005
|
|
|
$
|
37,609
|
|
|
$
|
78,059
|
|
|
$
|
1,925
|
|
|
$
|
(117,593
|
)
|
|
$
|
118,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
2,400
|
|
|
—
|
|
|
—
|
|
|
2,400
|
|
|
(2,400
|
)
|
|
2,400
|
|
||||||
Change in fair value of derivatives
|
2,560
|
|
|
2,560
|
|
|
—
|
|
|
—
|
|
|
(2,560
|
)
|
|
2,560
|
|
||||||
Amortization of interest rate lock agreements
|
385
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
385
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income
|
5,345
|
|
|
2,945
|
|
|
—
|
|
|
2,400
|
|
|
(5,345
|
)
|
|
5,345
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
123,350
|
|
|
$
|
40,554
|
|
|
$
|
78,059
|
|
|
$
|
4,325
|
|
|
$
|
(122,938
|
)
|
|
$
|
123,350
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
117,341
|
|
|
$
|
42,285
|
|
|
$
|
75,058
|
|
|
$
|
1,719
|
|
|
$
|
(119,062
|
)
|
|
$
|
117,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,405
|
)
|
|
—
|
|
|
(2,405
|
)
|
||||||
Change in fair value of derivatives
|
—
|
|
|
(14,070
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,070
|
)
|
||||||
Amortization of interest rate lock agreements
|
—
|
|
|
488
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
488
|
|
||||||
Change in fair value of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive loss
|
—
|
|
|
(13,582
|
)
|
|
—
|
|
|
(2,412
|
)
|
|
—
|
|
|
(15,994
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
$
|
117,341
|
|
|
$
|
28,703
|
|
|
$
|
75,058
|
|
|
$
|
(693
|
)
|
|
$
|
(119,062
|
)
|
|
$
|
101,347
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
396,473
|
|
|
$
|
136,484
|
|
|
$
|
244,759
|
|
|
$
|
11,674
|
|
|
$
|
(392,917
|
)
|
|
$
|
396,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(5,135
|
)
|
|
—
|
|
|
—
|
|
|
(5,135
|
)
|
|
5,135
|
|
|
(5,135
|
)
|
||||||
Change in fair value of derivatives
|
16,913
|
|
|
16,913
|
|
|
—
|
|
|
—
|
|
|
(16,913
|
)
|
|
16,913
|
|
||||||
Amortization of interest rate lock agreements
|
1,155
|
|
|
1,155
|
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|
1,155
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
12,933
|
|
|
18,068
|
|
|
—
|
|
|
(5,135
|
)
|
|
(12,933
|
)
|
|
12,933
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
409,406
|
|
|
$
|
154,552
|
|
|
$
|
244,759
|
|
|
$
|
6,539
|
|
|
$
|
(405,850
|
)
|
|
$
|
409,406
|
|
|
Cintas
Corporation |
|
Corp. 2
|
|
Subsidiary
Guarantors |
|
Non-
Guarantors |
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
562,622
|
|
|
$
|
347,625
|
|
|
$
|
219,644
|
|
|
$
|
(530
|
)
|
|
$
|
(566,739
|
)
|
|
$
|
562,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,044
|
)
|
|
—
|
|
|
(19,044
|
)
|
||||||
Cumulative translation adjustment
on Shred-it
|
—
|
|
|
5,875
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
6,472
|
|
||||||
Change in fair value of derivatives
|
—
|
|
|
(14,070
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,070
|
)
|
||||||
Amortization of interest rate lock agreements
|
—
|
|
|
1,464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,464
|
|
||||||
Change in fair value of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive loss
|
—
|
|
|
(6,731
|
)
|
|
—
|
|
|
(18,472
|
)
|
|
—
|
|
|
(25,203
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
$
|
562,622
|
|
|
$
|
340,894
|
|
|
$
|
219,644
|
|
|
$
|
(19,002
|
)
|
|
$
|
(566,739
|
)
|
|
$
|
537,419
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
42,774
|
|
|
$
|
9,223
|
|
|
$
|
95,247
|
|
|
$
|
—
|
|
|
$
|
147,244
|
|
Accounts receivable, net
|
—
|
|
|
459,768
|
|
|
103,475
|
|
|
35,620
|
|
|
—
|
|
|
598,863
|
|
||||||
Inventories, net
|
—
|
|
|
244,455
|
|
|
17,071
|
|
|
12,822
|
|
|
(2,167
|
)
|
|
272,181
|
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
446,403
|
|
|
75,754
|
|
|
35,302
|
|
|
(17,729
|
)
|
|
539,730
|
|
||||||
Income taxes, current
|
—
|
|
|
(12,520
|
)
|
|
32,327
|
|
|
753
|
|
|
—
|
|
|
20,560
|
|
||||||
Prepaid expenses and other current assets
|
—
|
|
|
27,233
|
|
|
23,317
|
|
|
813
|
|
|
—
|
|
|
51,363
|
|
||||||
Total current assets
|
—
|
|
|
1,208,113
|
|
|
261,167
|
|
|
180,557
|
|
|
(19,896
|
)
|
|
1,629,941
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property and equipment, at cost, net
|
—
|
|
|
660,977
|
|
|
348,996
|
|
|
80,236
|
|
|
—
|
|
|
1,090,209
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments
|
321,083
|
|
|
1,775,947
|
|
|
923,278
|
|
|
961,070
|
|
|
(3,833,210
|
)
|
|
148,168
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
1,262,996
|
|
|
40,154
|
|
|
(112
|
)
|
|
1,303,038
|
|
||||||
Service contracts, net
|
—
|
|
|
77,877
|
|
|
—
|
|
|
5,843
|
|
|
—
|
|
|
83,720
|
|
||||||
Other assets, net
|
1,391,929
|
|
|
937
|
|
|
3,546,292
|
|
|
8,877
|
|
|
(4,931,947
|
)
|
|
16,088
|
|
||||||
|
$
|
1,713,012
|
|
|
$
|
3,723,851
|
|
|
$
|
6,342,729
|
|
|
$
|
1,276,737
|
|
|
$
|
(8,785,165
|
)
|
|
$
|
4,271,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
(465,246
|
)
|
|
$
|
(1,810,057
|
)
|
|
$
|
2,344,761
|
|
|
$
|
20,363
|
|
|
$
|
38,119
|
|
|
$
|
127,940
|
|
Accrued compensation and related liabilities
|
—
|
|
|
70,302
|
|
|
19,953
|
|
|
5,098
|
|
|
—
|
|
|
95,353
|
|
||||||
Accrued liabilities
|
—
|
|
|
65,543
|
|
|
242,206
|
|
|
13,575
|
|
|
—
|
|
|
321,324
|
|
||||||
Debt due within one year
|
—
|
|
|
399,351
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
399,351
|
|
||||||
Total current liabilities
|
(465,246
|
)
|
|
(1,274,861
|
)
|
|
2,606,920
|
|
|
39,036
|
|
|
38,119
|
|
|
943,968
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt due after one year
|
—
|
|
|
744,799
|
|
|
—
|
|
|
390
|
|
|
—
|
|
|
745,189
|
|
||||||
Deferred income taxes
|
—
|
|
|
(420
|
)
|
|
259,562
|
|
|
7,923
|
|
|
—
|
|
|
267,065
|
|
||||||
Accrued liabilities
|
—
|
|
|
—
|
|
|
135,522
|
|
|
1,162
|
|
|
—
|
|
|
136,684
|
|
||||||
Total long-term liabilities
|
—
|
|
|
744,379
|
|
|
395,084
|
|
|
9,475
|
|
|
—
|
|
|
1,148,938
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total shareholders’ equity
|
2,178,258
|
|
|
4,254,333
|
|
|
3,340,725
|
|
|
1,228,226
|
|
|
(8,823,284
|
)
|
|
2,178,258
|
|
||||||
|
$
|
1,713,012
|
|
|
$
|
3,723,851
|
|
|
$
|
6,342,729
|
|
|
$
|
1,276,737
|
|
|
$
|
(8,785,165
|
)
|
|
$
|
4,271,164
|
|
|
|||||||||||||||||||||||
|
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
|
$
|
396,473
|
|
|
$
|
136,484
|
|
|
$
|
244,759
|
|
|
$
|
11,674
|
|
|
$
|
(392,917
|
)
|
|
$
|
396,473
|
|
Adjustments to reconcile net income to net
cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation
|
—
|
|
|
79,459
|
|
|
33,697
|
|
|
7,337
|
|
|
—
|
|
|
120,493
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
10,288
|
|
|
262
|
|
|
671
|
|
|
—
|
|
|
11,221
|
|
||||||
Stock-based compensation
|
63,578
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,578
|
|
||||||
Gain on Shred-it
|
—
|
|
|
(23,935
|
)
|
|
—
|
|
|
(1,941
|
)
|
|
—
|
|
|
(25,876
|
)
|
||||||
Deferred income taxes
|
—
|
|
|
(11,104
|
)
|
|
7,406
|
|
|
226
|
|
|
—
|
|
|
(3,472
|
)
|
||||||
Changes in current assets and liabilities, net of acquisitions of businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
—
|
|
|
(21,965
|
)
|
|
(5,959
|
)
|
|
(722
|
)
|
|
—
|
|
|
(28,646
|
)
|
||||||
Inventories, net
|
—
|
|
|
(21,588
|
)
|
|
2,079
|
|
|
(2,177
|
)
|
|
(1,678
|
)
|
|
(23,364
|
)
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
3,662
|
|
|
(2,753
|
)
|
|
1,031
|
|
|
(1,993
|
)
|
|
(53
|
)
|
||||||
Prepaid expenses and other current
assets
|
—
|
|
|
(6,460
|
)
|
|
(5,037
|
)
|
|
110
|
|
|
—
|
|
|
(11,387
|
)
|
||||||
Accounts payable
|
—
|
|
|
(36,312
|
)
|
|
45,593
|
|
|
6,143
|
|
|
114
|
|
|
15,538
|
|
||||||
Accrued compensation and related liabilities
|
—
|
|
|
(3,243
|
)
|
|
(3,099
|
)
|
|
530
|
|
|
—
|
|
|
(5,812
|
)
|
||||||
Accrued liabilities and other
|
—
|
|
|
(10,958
|
)
|
|
5,110
|
|
|
(231
|
)
|
|
—
|
|
|
(6,079
|
)
|
||||||
Income taxes, current
|
—
|
|
|
10,886
|
|
|
(29,632
|
)
|
|
(110
|
)
|
|
—
|
|
|
(18,856
|
)
|
||||||
Net cash provided by operating activities
|
460,051
|
|
|
105,214
|
|
|
292,426
|
|
|
22,541
|
|
|
(396,474
|
)
|
|
483,758
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(125,995
|
)
|
|
(77,025
|
)
|
|
(15,601
|
)
|
|
—
|
|
|
(218,621
|
)
|
||||||
Proceeds from redemption of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
172,506
|
|
|
—
|
|
|
172,506
|
|
||||||
Purchase of marketable securities and investments
|
—
|
|
|
(5,644
|
)
|
|
(41,180
|
)
|
|
(102,418
|
)
|
|
23,608
|
|
|
(125,634
|
)
|
||||||
Proceeds from sale of investment in Shred-it
|
—
|
|
|
23,935
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
|
25,876
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
—
|
|
|
(9,097
|
)
|
|
—
|
|
|
(10,533
|
)
|
|
—
|
|
|
(19,630
|
)
|
||||||
Other, net
|
(322,723
|
)
|
|
166,718
|
|
|
(218,390
|
)
|
|
1,557
|
|
|
372,866
|
|
|
28
|
|
||||||
Net cash (used in) provided by investing activities
|
(322,723
|
)
|
|
49,917
|
|
|
(336,595
|
)
|
|
47,452
|
|
|
396,474
|
|
|
(165,475
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of commercial paper, net
|
—
|
|
|
99,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,500
|
|
||||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
|
2,000
|
|
|
—
|
|
|
—
|
|
||||||
Repayment of debt
|
—
|
|
|
(250,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250,000
|
)
|
||||||
Prepaid short-term debt financing fees
|
—
|
|
|
(13,949
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,949
|
)
|
||||||
Proceeds from exercise of stock-based compensation awards
|
25,114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,114
|
|
||||||
Dividends paid
|
(142,388
|
)
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
(142,444
|
)
|
||||||
Repurchase of common stock
|
(20,054
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,054
|
)
|
||||||
Other, net
|
—
|
|
|
(5,801
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,801
|
)
|
||||||
Net cash (used in) provided by financing activities
|
(137,328
|
)
|
|
(170,250
|
)
|
|
(2,000
|
)
|
|
1,944
|
|
|
—
|
|
|
(307,634
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,762
|
)
|
|
—
|
|
|
(2,762
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net (decrease) increase in cash and cash
equivalents
|
—
|
|
|
(15,119
|
)
|
|
(46,169
|
)
|
|
69,175
|
|
|
—
|
|
|
7,887
|
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
57,893
|
|
|
55,392
|
|
|
26,072
|
|
|
—
|
|
|
139,357
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
42,774
|
|
|
$
|
9,223
|
|
|
$
|
95,247
|
|
|
$
|
—
|
|
|
$
|
147,244
|
|
|
|||||||||||||||||||||||
|
Cintas
Corporation
|
|
Corp. 2
|
|
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Cintas
Corporation
Consolidated
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
562,622
|
|
|
$
|
347,625
|
|
|
$
|
219,644
|
|
|
$
|
(530
|
)
|
|
$
|
(566,739
|
)
|
|
$
|
562,622
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation
|
—
|
|
|
70,441
|
|
|
33,208
|
|
|
6,886
|
|
|
—
|
|
|
110,535
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
11,612
|
|
|
218
|
|
|
306
|
|
|
—
|
|
|
12,136
|
|
||||||
Stock-based compensation
|
57,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,169
|
|
||||||
Gain on Storage transactions
|
—
|
|
|
(12,547
|
)
|
|
—
|
|
|
(3,239
|
)
|
|
—
|
|
|
(15,786
|
)
|
||||||
(Gain) loss on Shred-it
|
—
|
|
|
(362,237
|
)
|
|
—
|
|
|
12,499
|
|
|
—
|
|
|
(349,738
|
)
|
||||||
Deferred income taxes
|
—
|
|
|
(82,115
|
)
|
|
5,895
|
|
|
1,680
|
|
|
—
|
|
|
(74,540
|
)
|
||||||
Changes in current assets and liabilities,
net of acquisitions of businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
—
|
|
|
(29,955
|
)
|
|
(11,251
|
)
|
|
(317
|
)
|
|
—
|
|
|
(41,523
|
)
|
||||||
Inventories, net
|
—
|
|
|
(25,169
|
)
|
|
(1,584
|
)
|
|
(1,946
|
)
|
|
4,690
|
|
|
(24,009
|
)
|
||||||
Uniforms and other rental items in service
|
—
|
|
|
(2,339
|
)
|
|
(1,876
|
)
|
|
(2,118
|
)
|
|
(572
|
)
|
|
(6,905
|
)
|
||||||
Prepaid expenses and other current
assets
|
—
|
|
|
55
|
|
|
(1,730
|
)
|
|
95
|
|
|
—
|
|
|
(1,580
|
)
|
||||||
Accounts payable
|
—
|
|
|
(358,602
|
)
|
|
385,841
|
|
|
10,132
|
|
|
(1
|
)
|
|
37,370
|
|
||||||
Accrued compensation and related liabilities
|
—
|
|
|
(2,373
|
)
|
|
(1,118
|
)
|
|
(240
|
)
|
|
—
|
|
|
(3,731
|
)
|
||||||
Accrued liabilities and other
|
—
|
|
|
(21,747
|
)
|
|
4,233
|
|
|
(1,511
|
)
|
|
724
|
|
|
(18,301
|
)
|
||||||
Income taxes, current
|
—
|
|
|
55,609
|
|
|
(2,042
|
)
|
|
(132
|
)
|
|
—
|
|
|
53,435
|
|
||||||
Net cash provided by (used in) operating activities
|
619,791
|
|
|
(411,742
|
)
|
|
629,438
|
|
|
21,565
|
|
|
(561,898
|
)
|
|
297,154
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(120,943
|
)
|
|
(76,161
|
)
|
|
(10,398
|
)
|
|
—
|
|
|
(207,502
|
)
|
||||||
Proceeds from redemption of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
327,779
|
|
|
—
|
|
|
327,779
|
|
||||||
Purchase of marketable securities and investments
|
—
|
|
|
(3,838
|
)
|
|
(2,235
|
)
|
|
(385,760
|
)
|
|
7,037
|
|
|
(384,796
|
)
|
||||||
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
|
—
|
|
|
(127,524
|
)
|
|
—
|
|
|
(24,207
|
)
|
|
—
|
|
|
(151,731
|
)
|
||||||
Other, net
|
(24,380
|
)
|
|
121,547
|
|
|
(649,264
|
)
|
|
945
|
|
|
555,585
|
|
|
4,433
|
|
||||||
Net cash (used in) provided by investing activities
|
(24,380
|
)
|
|
466,984
|
|
|
(727,660
|
)
|
|
(75,788
|
)
|
|
562,622
|
|
|
201,778
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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
|
22,260
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,260
|
|
||||||
Dividends paid
|
(115,232
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(115,273
|
)
|
||||||
Repurchase of common stock
|
(502,439
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(502,439
|
)
|
||||||
Other, net
|
—
|
|
|
1,464
|
|
|
—
|
|
|
(311
|
)
|
|
—
|
|
|
1,153
|
|
||||||
Net cash (used in) provided by financing activities
|
(595,411
|
)
|
|
1,155
|
|
|
998
|
|
|
(333
|
)
|
|
(724
|
)
|
|
(594,315
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,574
|
)
|
|
—
|
|
|
(6,574
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
56,397
|
|
|
(97,224
|
)
|
|
(61,130
|
)
|
|
—
|
|
|
(101,957
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
74,632
|
|
|
248,716
|
|
|
93,725
|
|
|
—
|
|
|
417,073
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
131,029
|
|
|
$
|
151,492
|
|
|
$
|
32,595
|
|
|
$
|
—
|
|
|
$
|
315,116
|
|
|
|
Amount
(in millions)
|
|
Issue Date
|
|
Maturity
|
|
Interest
Rate
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Senior notes
|
|
$
|
650.0
|
|
|
March 9, 2017
|
|
April 1, 2022
|
|
2.90
|
%
|
|
Senior notes
|
|
50.0
|
|
|
March 9, 2017
|
|
June 1, 2022
|
|
3.25
|
%
|
|
|
Senior notes
|
|
1,000.0
|
|
|
March 9, 2017
|
|
April 1, 2027
|
|
3.70
|
%
|
|
|
Term loan
|
|
250.0
|
|
|
March 21, 2017
|
|
September 15, 2021
|
|
1.91
|
%
|
*
|
|
Commercial paper
|
|
159.0
|
|
|
Various
|
|
Various
|
|
1.25
|
%
|
|
|
Total debt issued
|
|
2,109.0
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||
Debt issuance costs
|
|
(10.7
|
)
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||
Net proceeds from new debt
|
|
$
|
2,098.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
G&K senior notes
|
|
$
|
50.0
|
|
|
|
|
April 15, 2023
|
|
3.73
|
%
|
|
G&K senior notes
|
|
50.0
|
|
|
|
|
April 15, 2025
|
|
3.88
|
%
|
|
|
Total debt acquired
|
|
$
|
100.0
|
|
|
|
|
|
|
|
|
(In thousands)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
483,758
|
|
|
$
|
297,154
|
|
Net cash (used in) provided by investing activities
|
$
|
(165,475
|
)
|
|
$
|
201,778
|
|
Net cash used in financing activities
|
$
|
(307,634
|
)
|
|
$
|
(594,315
|
)
|
|
|
|
|
||||
Cash and cash equivalents at the end of the period
|
$
|
147,244
|
|
|
$
|
315,116
|
|
Marketable securities at the end of the period
|
$
|
—
|
|
|
$
|
71,703
|
|
|
|
Amount
(in millions)
|
|
Issue Date
|
|
Maturity
|
|
Interest
Rate
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Senior notes
|
|
$
|
650.0
|
|
|
March 9, 2017
|
|
April 1, 2022
|
|
2.90
|
%
|
|
Senior notes
|
|
50.0
|
|
|
March 9, 2017
|
|
June 1, 2022
|
|
3.25
|
%
|
|
|
Senior notes
|
|
1,000.0
|
|
|
March 9, 2017
|
|
April 1, 2027
|
|
3.70
|
%
|
|
|
Term loan
|
|
250.0
|
|
|
March 21, 2017
|
|
September 15, 2021
|
|
1.91
|
%
|
*
|
|
Commercial paper
|
|
159.0
|
|
|
Various
|
|
Various
|
|
1.25
|
%
|
|
|
Total debt issued
|
|
2,109.0
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||
Debt issuance costs
|
|
(10.7
|
)
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||
Net proceeds from new debt
|
|
$
|
2,098.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
G&K senior notes
|
|
$
|
50.0
|
|
|
|
|
April 15, 2023
|
|
3.73
|
%
|
|
G&K senior notes
|
|
50.0
|
|
|
|
|
April 15, 2025
|
|
3.88
|
%
|
|
|
Total debt acquired
|
|
$
|
100.0
|
|
|
|
|
|
|
|
|
Rating Agency
|
|
Outlook
|
|
Commercial Paper
|
|
Long-term Debt
|
|
|
|
|
|
|
|
Standard & Poor’s
|
|
Stable
|
|
A-2
|
|
BBB+
|
Moody’s Investors Service
|
|
Under Review *
|
|
P-1
|
|
A2
|
Rating Agency
|
|
Outlook
|
|
Commercial Paper
|
|
Long-term Debt
|
|
|
|
|
|
|
|
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)
|
||||||
|
|
|
|
|
|
|
|
||||||
December 1 - 31, 2016
(2)
|
238
|
|
|
$
|
116.55
|
|
|
—
|
|
|
$
|
500.0
|
|
January 1 - 31, 2017
(3)
|
6,531
|
|
|
$
|
116.11
|
|
|
—
|
|
|
$
|
500.0
|
|
February 1 - 28, 2017
(4)
|
318
|
|
|
$
|
118.01
|
|
|
—
|
|
|
$
|
500.0
|
|
Total
|
7,087
|
|
|
$
|
116.21
|
|
|
—
|
|
|
$
|
500.0
|
|
|
|
|
CINTAS CORPORATION
|
|
||
|
|
|
(Registrant)
|
|
||
|
|
|
|
|
|
|
Date:
|
April 7, 2017
|
|
/s/
|
J. Michael Hansen
|
|
|
|
|
|
|
|
||
|
|
|
|
J. Michael Hansen
|
||
|
|
|
|
Senior Vice President and Chief Financial Officer
|
||
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Cintas Chart |
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