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Debt, Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Aug. 31, 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 |  | August 31, 2022 |  | May 31, 2022
Debt due within one year |  |  |  |  |  |  |  |  |
Commercial paper | 2.69 | % | (1) | 2023 |  | 2023 |  | $ | 457,200 |  |  | $ | 261,200 |
Senior notes (2) | 2.78 | % |  | 2013 |  | 2023 |  | 50,272 |  |  | 50,380 |
Debt issuance costs |  |  |  |  |  |  | (5) |  |  | (6) |
Total debt due within one year |  |  |  |  |  |  | $ | 507,467 |  |  | $ | 311,574 |
Debt due after one year |  |  |  |  |  |  |  |  |
Senior notes (3) | 3.11 | % |  | 2015 |  | 2025 |  | $ | 50,881 |  |  | $ | 50,965 |
Senior notes | 3.45 | % |  | 2022 |  | 2025 |  | 400,000 |  |  | 400,000 |
Senior notes | 3.70 | % |  | 2017 |  | 2027 |  | 1,000,000 |  |  | 1,000,000 |
Senior notes | 4.00 | % |  | 2022 |  | 2032 |  | 800,000 |  |  | 800,000 |
Senior notes | 6.15 | % |  | 2007 |  | 2037 |  | 250,000 |  |  | 250,000 |
Debt issuance costs |  |  |  |  |  |  | (16,279) |  |  | (17,033) |
Total debt due after one year |  |  |  |  |  |  | $ | 2,484,602 |  |  | $ | 2,483,932 |
(1) Variable rate debt instrument. The rate presented is the variable borrowing rate at August 31, 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:
|  |  |  | August 31, 2022 |  | May 31, 2022
Fiscal Year of Issuance (in thousands) |  |  |  |  | Other assets, net |  |  |  |  |  |  | Other assets, net |  |
2022 |  |  |  |  | $ | 19,168 |  |  |  |  |  |  |  | $ | 18,331 |  |  |
2020 |  |  |  |  | $ | 38,963 |  |  |  |  |  |  |  | $ | 38,546 |  |  |

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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