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Basis of Presentation (Tables) | 6 Months Ended
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Nov. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Inventory | Inventory is comprised of the following amounts at:
(In thousands) | November 30, 2018 |  | May 31, 2018
Raw materials | $ | 14,005 |  |  | $ | 17,042 |
Work in process | 32,420 |  |  | 27,350 |
Finished goods | 275,449 |  |  | 235,955 |
| $ | 321,874 |  |  | $ | 280,347 |
Schedule of Impact of Adopting New Revenue Guidance |
|  |  | Impacts of Adopting ASU 2014-09 |  |
(In thousands) | May 31, 2018 |  | Capitalization of Contract Costs |  | Assets With No Alternative Use |  | June 1, 2018
ASSETS |  |  |  |  |  |  |
Accounts receivable, net | $ | 804,583 |  |  | $ | — |  |  | $ | 13,426 |  |  | $ | 818,009 |
Inventories, net | 280,347 |  |  | — |  |  | (11,265 | ) |  | 269,082 |
Prepaid expenses and other current assets | 32,383 |  |  | 63,463 |  |  | — |  |  | 95,846 |
Total current assets | 1,977,932 |  |  | 63,463 |  |  | 2,161 |  |  | 2,043,556 |
Other assets, net | 29,315 |  |  | 187,503 |  |  | — |  |  | 216,818 |
Total assets | $ | 6,958,214 |  |  | $ | 250,966 |  |  | $ | 2,161 |  |  | $ | 7,211,341 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Deferred income taxes | $ | 352,581 |  |  | $ | 63,389 |  |  | $ | 546 |  |  | $ | 416,516 |
Total long-term liabilities | 3,165,831 |  |  | 63,389 |  |  | 546 |  |  | 3,229,766 |
Retained earnings | 5,837,827 |  |  | 187,577 |  |  | 1,615 |  |  | 6,027,019 |
Total shareholders' equity | 3,016,526 |  |  | 187,577 |  |  | 1,615 |  |  | 3,205,718 |
Total liabilities and shareholders' equity | $ | 6,958,214 |  |  | $ | 250,966 |  |  | $ | 2,161 |  |  | $ | 7,211,341 |
The impacts of adopting ASU 2014-09 on our fiscal 2019 consolidated condensed financial statements are presented in the following tables:
| Six Months Ended November 30, 2018
Consolidated Condensed Statement of Income (In thousands) | As Reported |  | Under Historical Guidance |  | Impact of Adopting ASU 2014-09
Revenue: |  |  |  |  |
Uniform rental and facility services | $ | 2,765,716 |  |  | $ | 2,767,884 |  |  | $ | (2,168 | )
Other | 650,527 |  |  | 649,802 |  |  | 725 |
Total revenue | 3,416,243 |  |  | 3,417,686 |  |  | (1,443 | )
Costs and expenses: |  |  |  |  |
Cost of other | 358,801 |  |  | 357,902 |  |  | 899 |
Selling and administrative expenses | 996,305 |  |  | 1,010,394 |  |  | (14,089 | )
Operating income | 540,868 |  |  | 529,121 |  |  | 11,747 |
Income before income taxes | 561,944 |  |  | 550,197 |  |  | 11,747 |
Income taxes | 106,403 |  |  | 103,537 |  |  | 2,866 |
Income from continuing operations | 455,541 |  |  | 446,660 |  |  | 8,881 |
Net income | $ | 455,528 |  |  | $ | 446,647 |  |  | $ | 8,881 |
Diluted earnings per share | $ | 4.07 |  |  | $ | 3.99 |  |  | $ | 0.08 |
| Balance at November 30, 2018
Consolidated Condensed Balance Sheet (In thousands) | As Reported |  | Under Historical Guidance |  | Impact of Adopting ASU 2014-09
ASSETS |  |  |  |  |
Accounts receivable, net | $ | 904,062 |  |  | $ | 889,716 |  |  | $ | 14,346 |
Inventories, net | 321,874 |  |  | 334,038 |  |  | (12,164 | )
Income taxes, current | 36,595 |  |  | 36,600 |  |  | (5 | )
Prepaid expenses and other current assets | 106,614 |  |  | 39,642 |  |  | 66,972 |
Total current assets | 2,215,870 |  |  | 2,146,721 |  |  | 69,149 |
Other assets, net | 228,386 |  |  | 32,666 |  |  | 195,720 |
Total assets | $ | 7,405,083 |  |  | $ | 7,140,214 |  |  | $ | 264,869 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Long-term liabilities: |  |  |  |  |
Deferred income taxes | $ | 435,461 |  |  | $ | 368,665 |  |  | $ | 66,796 |
Total long-term liabilities | 3,263,153 |  |  | 3,196,357 |  |  | 66,796 |
Retained earnings | 6,261,756 |  |  | 6,063,683 |  |  | 198,073 |
Total shareholders' equity | 3,027,244 |  |  | 2,829,171 |  |  | 198,073 |
Total liabilities and shareholders' equity | $ | 7,405,083 |  |  | $ | 7,140,214 |  |  | $ | 264,869 |

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