XML 47 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt, Derivatives and Hedging Activities | 9 Months Ended
--- | ---
Feb. 28, 2014
Debt, Derivatives and Hedging Activities [Abstract] |
Debt, Derivatives and Hedging Activities | Debt, Derivatives and Hedging Activities Cintas' senior notes are recorded at cost. The fair value is estimated using Level 2 inputs based on Cintas' current incremental borrowing rate for similar types of borrowing arrangements, which is similar to the market approach. The carrying value and fair value of Cintas' long-term debt as of February 28, 2014 were $1,301.2 million and $1,414.2 million, respectively, and as of May 31, 2013 were $1,309.2 million and $1,447.1 million, respectively. Cintas’ commercial paper program has a capacity of $300.0 million that is fully supported by a backup revolving credit facility through a credit agreement with its banking group. This revolving credit facility has an accordion feature that allows for a maximum borrowing capacity of $450.0 million and has a maturity date of October 6, 2016. No commercial paper or borrowings on our revolving credit facility were outstanding at February 28, 2014 or May 31, 2013. On June 1, 2012, Cintas repaid at maturity $225.0 million aggregate principal amount of its 6.00% senior notes due 2012. On June 5, 2012, Cintas issued $250.0 million aggregate principal amount of senior notes due June 1, 2022. These senior notes bear interest at a rate of 3.25% paid semi-annually beginning December 1, 2012. Cintas used interest rate lock agreements to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2008, fiscal 2011 and fiscal 2013. The amortization of the cash flow hedges resulted in an increase to other comprehensive income of $0.5 million for the three months ended February 28, 2014 and 2013 and $1.5 million for the nine months ended February 28, 2014 and 2013. To hedge the exposure of movements in the foreign currency rates, Cintas may use foreign currency hedges. These hedges 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 foreign currency forward contracts included in current accrued liabilities of $0.4 million as of February 28, 2014. As of May 31, 2013, there were less than $0.1 million of foreign currency forward contracts included in accounts receivable, net. 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 consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) 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.

X
- Details
Name: | ctas_DebtDerivativesAndHedgingActivitiesAbstract
Namespace Prefix: | ctas_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References No definition available. + Details
Name: | ctas_DebtDerivativesInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | ctas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration