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Debt, Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Feb. 28, 2022
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | Cintas' outstanding debt is summarized as follows:
(In thousands) | Interest Rate |  | Fiscal Year Issued |  | Fiscal Year Maturity |  | February 28, 2022 |  | May 31, 2021
Debt due within one year |  |  |  |  |  |  |  |  |
Senior notes | 4.30 | % |  | 2012 |  | 2022 |  | $ | — |  |  | $ | 250,000 |
Senior notes | 2.90 | % |  | 2017 |  | 2022 |  | 650,000 |  |  | 650,000 |
Senior notes | 3.25 | % |  | 2013 |  | 2023 |  | 300,000 |  |  | — |
Commercial paper | 0.43 | % | (1) | 2022 |  | 2022 |  | 559,210 |  |  | — |
Debt issuance costs |  |  |  |  |  |  | (154) |  |  | (930) |
Total debt due within one year |  |  |  |  |  |  | $ | 1,509,056 |  |  | $ | 899,070 |
Debt due after one year |  |  |  |  |  |  |  |  |
Senior notes | 3.25 | % |  | 2013 |  | 2023 |  | $ | — |  |  | $ | 300,000 |
Senior notes (2) | 2.78 | % |  | 2013 |  | 2023 |  | 50,489 |  |  | 50,815 |
Senior notes (3) | 3.11 | % |  | 2015 |  | 2025 |  | 51,049 |  |  | 51,301 |
Senior notes | 3.70 | % |  | 2017 |  | 2027 |  | 1,000,000 |  |  | 1,000,000 |
Senior notes | 6.15 | % |  | 2007 |  | 2037 |  | 250,000 |  |  | 250,000 |
Debt issuance costs |  |  |  |  |  |  | (8,025) |  |  | (9,283) |
Total debt due after one year |  |  |  |  |  |  | $ | 1,343,513 |  |  | $ | 1,642,833 |
(1) Variable rate debt instrument. The rate presented is the variable borrowing rate at February 28, 2022. (2) Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (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. The principal amount of these notes is $50.0 million with a stated interest rate of 3.73%. (3) 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. The principal amount of these notes is $50.0 million with a stated interest rate of 3.88%.
Schedule of Interest Rate Lock Agreements | The notional and fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:
|  |  | February 28, 2022 |  | May 31, 2021
Fiscal Year of Issuance (in thousands) | Notional Value |  | Prepaid expenses and other current assets |  | Other assets, net |  | Current accrued liabilities |  | Long-term accrued liabilities |  |  | Other assets, net |  | Long-term accrued liabilities
2022 | $ | 250,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 793 |  |  |  | $ | — |  |  | $ | — |
2020 | $ | 950,000 |  |  | $ | 22,645 |  |  | $ | 21,370 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 40,400 |  |  | $ | — |
2019 | $ | 500,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,540 |  |  | $ | — |  |  |  | $ | — |  |  | $ | 61,657 |

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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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