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Acquisitions | 12 Months Ended
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May 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions The purchase price paid for each acquisition has been allocated to the fair value of the assets acquired and liabilities assumed. Cintas acquired the following number of individually immaterial businesses by reportable operating segment and All Other during the fiscal years ended May 31:
|  | 2024 |  | 2023
Uniform Rental and Facility Services |  | 7 |  | 4
First Aid and Safety Services |  | 1 |  | 6
All Other |  | 8 |  | 9
The following summarizes the aggregate purchase price and fair value allocations for all businesses acquired during the fiscal years ended May 31:
(In thousands) |  | 2024 |  | 2023
Fair value of tangible assets acquired |  | $ | 14,350 |  |  | $ | 6,133 |
Fair value of service contracts acquired |  | 29,416 |  |  | 10,998 |
Fair value of other intangibles acquired |  | 5,278 |  |  | 1,561 |
Net goodwill recognized |  | 157,239 |  |  | 31,847 |
Total fair value of assets acquired |  | 206,283 |  |  | 50,539 |
Total fair value of liabilities assumed |  | — |  |  | (61) |
Total fair value of net assets acquired, net of cash acquired |  | 206,283 |  |  | 50,478 |
Deferred purchase price consideration |  | (19,446) |  |  | (4,121) |
Total cash consideration for acquisitions, net of cash acquired |  | $ | 186,837 |  |  | $ | 46,357 |
Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisitions. None of the goodwill is expected to be deductible for income tax purposes. Cintas is required to provide additional disclosures about fair value measurements as part of the consolidated condensed financial statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including business combinations). The working capital assets and liabilities, as well as the property and equipment acquired, were valued using Level 2 inputs which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and separately identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). The results of operations of the acquisition are included in Cintas' consolidated statements of income subsequent to the date of acquisition and are not material to the consolidated financial statements.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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