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Comprehensive Income
 6 Months Ended
Nov. 30, 2011
Comprehensive Income  
Comprehensive Income

8.             Comprehensive Income

 

Total comprehensive income represents the net change in shareholders’ equity during a period from sources other than transactions with shareholders and, as such, includes net income.  For Cintas, the only components of other comprehensive income are the change in cumulative foreign currency translation adjustments, the change in the fair value of derivatives, the amortization of interest rate lock agreements and the change in the fair value of available-for-sale securities.  The components of comprehensive income are as follows:

 

(In thousands)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30,

 

 

November 30,

 

 

 

2011

 

 

2010

 

 

2011

 

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$ 74,350

 

 

$ 55,866

 

 

$142,988

 

 

$117,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(20,764)

 

 

10,025

 

 

(20,546)

 

 

13,374

 

Change in fair value of derivatives*

 

27

 

 

(19)

 

 

181

 

 

(625)

 

Amortization of interest rate lock agreements

 

377

 

 

191

 

 

754

 

 

383

 

Change in fair value of available-for-sale securities**

 

7

 

 

1

 

 

25

 

 

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$ 53,997

 

 

$ 66,064

 

 

$123,402

 

 

$130,303

 

 

*

Net of less than $0.1 million of tax expense and less than $0.1 million of tax benefit for the three months ended November 30, 2011 and November 30, 2010, respectively. Net of $0.1 million of tax expense and net of $0.4 million of tax benefit for the six months ended November 30, 2011 and November 30, 2010, respectively.

 

 

**

Net of less than $0.1 million of tax expense for both the three months ended November 30, 2011 and November 30, 2010, respectively. Net of less than $0.1 million of tax expense for both the six months ended November 30, 2011 and November 30, 2010, respectively.