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Debt, Derivatives and Hedging Activities | 3 Months Ended
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Aug. 31, 2011
Debt, Derivatives and Hedging Activities |
Debt, Derivatives and Hedging Activities |
6. Debt, Derivatives and Hedging Activities Cintas has a commercial paper program with a capacity of $300.0 million that is fully supported by a backup revolving credit facility through a credit agreement with its banking group. The revolving credit facility has an accordion feature that allows for a maximum borrowing capacity of $450.0 million and has an expiration date of September 26, 2014. No commercial paper or borrowings on our revolving credit facility were outstanding at August 31, 2011 or May 31, 2011. Cintas used interest rate lock agreements to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2002, fiscal 2007, fiscal 2008 and fiscal 2011. The amortization of the interest rate lock agreements resulted in an increase to other comprehensive income of $0.4 million and $0.2 million for the three months ended August 31, 2011 and 2010, respectively. To hedge the exposure of movements in the foreign currency rates, Cintas uses foreign currency hedges. These hedges would reduce the impact on cash flows from movements in the foreign currency exchange rates. Examples of foreign currency hedge instruments that Cintas may use are average rate options and forward contracts. Cintas had average rate options and forward contracts outstanding, included in current accrued liabilities, of $0.5 million and $0.9 million at August 31, 2011 and May 31, 2011, respectively. The average rate options that settled during the first quarter increased foreign currency exchange expense by less than $0.1 million during the three months ended August 31, 2011, and decreased foreign currency exchange expense by $0.1 million during the three months ended August 31, 2010. Cintas has certain covenants related to debt agreements. These covenants limit Cintas’ ability to incur certain liens, to engage in sale-leaseback transactions and to merge, consolidate or sell all or substantially all of Cintas’ assets. These covenants also require Cintas to maintain certain debt to capitalization and interest coverage ratios. Cross-default provisions exist between certain debt instruments. Cintas is in compliance with all of the significant debt covenants for all periods presented. If a default of a significant covenant were to occur, the default could result in an acceleration of the maturity of the indebtedness, impair liquidity and limit the ability to raise future capital.

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- Definition Information about whether or not the entity is in compliance with debt covenants and the effects of noncompliance with debt covenants; and the entity's entire derivative instruments and hedging activities disclosure as a single block of text which describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + Details
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