Debt, Derivatives and Hedging Activities (Tables)

12 Months Ended

May 31, 2025

Cintas' outstanding debt is summarized as follows at May 31:


(In thousands)	Interest Rate	Fiscal Year Issued	Fiscal Year Maturity	2025		2024

Debt due within one year

Senior notes (1)	3.11%	2015	2025	$	—	$	50,294
Senior notes	3.45%	2022	2025	—		400,000


Debt issuance costs				—		(699)
Total debt due within one year				$	—	$	449,595

Debt due after one year

Senior notes	3.70%	2017	2027	$	1,000,000	$	1,000,000
Senior notes	4.20%	2025	2028	400,000		—
Senior notes	4.00%	2022	2032	800,000		800,000
Senior notes	6.15%	2007	2037	236,550		236,550

Debt issuance costs				(11,551)		(10,616)
Total debt due after one year				$	2,424,999	$	2,025,934

(1) Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate until repayment in fiscal 2025.

Schedule of Interest Rate Lock Agreements

The fair values of the outstanding interest rate locks, for forecasted debt issuances, which are included in other assets, net, are summarized as follows at May 31:


Fiscal Year of Issuance (In thousands)	2025		2024


2022	$	61,230		$	56,717
2020	$	41,320		$	38,112

CINTAS CORP 10-K