Total Debt (Carrying Amount)
Total Debt (Fair Value)
Weighted-average Interest Rate on Debt

Cintas Corp., balance sheet: debt

US$ in thousands

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total debt (carrying amount)	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

Debt due within one year: The amount of debt due within one year shows significant fluctuations over the analyzed periods. It started at approximately $312 million in 2019, then rose sharply to nearly $899 million in 2021. A notable decline followed in 2022 to around $312 million, with missing data in 2020 and 2023. The level slightly increased again to nearly $450 million in 2024. This volatility indicates that short-term debt obligations vary substantially from year to year, with a peak in 2021 suggesting temporary increased short-term borrowing or maturity of long-term debt approaching within one year.
Debt due after one year: Long-term debt due after one year remained relatively stable around $2.5 billion in 2019 and 2020 before declining sharply to approximately $1.64 billion in 2021. In 2022 and 2023, the debt rebounded to near the $2.48 billion level, then decreased again to about $2.03 billion by 2024. This indicates a pattern of fluctuating long-term borrowing or repayments, with a marked dip in 2021 suggesting significant repayments or refinancing activities during that period.
Total debt (carrying amount): Total debt showed a downward trend from $2.85 billion in 2019 to around $2.54 billion in 2020 and stayed around that level through 2021. It experienced an increase to approximately $2.80 billion in 2022 before declining steadily to about $2.49 billion in 2023 and $2.48 billion in 2024. This overall fluctuation in total debt reflects the combined variability seen in both short-term and long-term debt, with a peak in 2022 corresponding to increased debt levels followed by gradual reductions thereafter.

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	May 31, 2024
Selected Financial Data (US$ in thousands)
Total debt (fair value)	2,392,800)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Based on: 10-K (reporting date: 2024-05-31).

Average interest rate for all Cintas debt: 4.00%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.00%	2,475,529)	99,021)
Total	2,475,529)	99,021)
4.00%

Based on: 10-K (reporting date: 2024-05-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 99,021 ÷ 2,475,529 = 4.00%

Cintas Corp. (NASDAQ:CTAS)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt