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Goodwill, Service Contracts and Other Assets | 12 Months Ended
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May 31, 2024
Goodwill, Service Contracts and Other Assets [Abstract] |
Goodwill, Service Contracts and Other Assets | Goodwill, Service Contracts and Other Assets Changes in the carrying amount of goodwill and service contracts by reportable operating segment and All Other, are presented in the following tables:
Goodwill (In thousands) | Uniform Rental and Facility Services |  | First Aid and Safety Services |  | All Other |  | Total
Balance at June 1, 2022 | $ | 2,635,099 |  |  | $ | 285,769 |  |  | $ | 122,108 |  |  | $ | 3,042,976 |
Goodwill acquired | 18,729 |  |  | 8,624 |  |  | 4,678 |  |  | 32,031 |
Foreign currency translation | (17,221) |  |  | (1,525) |  |  | (60) |  |  | (18,806) |
Balance at May 31, 2023 | 2,636,607 |  |  | 292,868 |  |  | 126,726 |  |  | 3,056,201 |
Goodwill acquired | 137,888 |  |  | 962 |  |  | 18,389 |  |  | 157,239 |
Foreign currency translation | (930) |  |  | (83) |  |  | (3) |  |  | (1,016) |
Balance at May 31, 2024 | $ | 2,773,565 |  |  | $ | 293,747 |  |  | $ | 145,112 |  |  | $ | 3,212,424 |
Service Contracts (In thousands) | Uniform Rental and Facility Services |  | First Aid and Safety Services |  | All Other |  | Total
Balance at June 1, 2022 | $ | 349,634 |  |  | $ | 24,144 |  |  | $ | 17,860 |  |  | $ | 391,638 |
Service contracts acquired | 6,942 |  |  | 2,299 |  |  | 1,757 |  |  | 10,998 |
Service contracts amortization | (43,356) |  |  | (5,149) |  |  | (4,230) |  |  | (52,735) |
Foreign currency translation | (3,190) |  |  | (137) |  |  | — |  |  | (3,327) |
Balance at May 31, 2023 | 310,030 |  |  | 21,157 |  |  | 15,387 |  |  | 346,574 |
Service contracts acquired | 25,430 |  |  | 290 |  |  | 3,696 |  |  | 29,416 |
Service contracts amortization | (44,932) |  |  | (5,254) |  |  | (3,882) |  |  | (54,068) |
Foreign currency translation | (30) |  |  | 10 |  |  | — |  |  | (20) |
Balance at May 31, 2024 | $ | 290,498 |  |  | $ | 16,203 |  |  | $ | 15,201 |  |  | $ | 321,902 |
Information regarding Cintas' service contracts, net and other assets, net is as follows as of May 31:
| 2024 |  |  | 2023
(In thousands) | Carrying Amount |  | Accumulated Amortization |  | Net |  |  | Carrying Amount |  | Accumulated Amortization |  | Net
Service contracts | $ | 1,033,762 |  |  | $ | 711,860 |  |  | $ | 321,902 |  |  |  | $ | 1,004,754 |  |  | $ | 658,180 |  |  | $ | 346,574 |
Capitalized contract costs (1) | $ | 777,535 |  |  | $ | 515,041 |  |  | $ | 262,494 |  |  |  | $ | 665,705 |  |  | $ | 413,680 |  |  | $ | 252,025 |
Noncompete and consulting agreements and other | 233,334 |  |  | 70,877 |  |  | 162,457 |  |  |  | 198,260 |  |  | 67,294 |  |  | 130,966 |
Other assets | $ | 1,010,869 |  |  | $ | 585,918 |  |  | $ | 424,951 |  |  |  | $ | 863,965 |  |  | $ | 480,974 |  |  | $ | 382,991 |
(1) The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated balance sheets as of May 31, 2024 and 2023, was $94.6 million and $92.5 million, respectively. Amortization expense for service contracts and other assets was $158.9 million, $150.0 million and $148.4 million for the fiscal years ended May 31, 2024, 2023 and 2022, respectively. At May 31, 2024, the weighted average amortization period for service contracts, capitalized contract costs, noncompete and consulting agreements and other was 13 years, 7 years, 5 years and 10 years, respectively. As of May 31, 2024, the estimated future amortization expense for service contracts and other assets, excluding any future acquisitions and commissions to be earned, is as follows:
Fiscal Year (In thousands) |  |
2025 |  | $ | 153,196 |
2026 |  | 131,944 |
2027 |  | 108,356 |
2028 |  | 82,940 |
2029 |  | 68,698 |
Thereafter |  | 145,164 |
Total future amortization expense |  | $ | 690,298 |

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- Definition -- None. No documentation exists for this element. -- + References No definition available. + Details
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- Definition This element encapsulates entire disclosures pertaining to goodwill, service contracts and other assets. + References No definition available. + Details
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