Analysis of Inventory
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Inventory Disclosure
Cintas Corp., balance sheet: inventory
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||||
| Work in process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories, net |
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).
The financial data reveals notable trends in inventory components over a six-year period ending May 31, 2024. There is a varied pattern among raw materials, work in process, finished goods, and total net inventories.
- Raw materials
- The value of raw materials displays fluctuations without a clear upward or downward long-term trend. After a moderate increase from 17,812 thousand USD in 2019 to 18,661 thousand USD in 2020, the figure declined significantly to 15,109 thousand USD in 2021. It rebounded markedly to a peak of 27,878 thousand USD in 2023, followed by a sharp decline to 16,664 thousand USD in 2024. These oscillations suggest variable purchasing or supply chain dynamics affecting raw material stock levels.
- Work in process
- Work in process inventory generally increased over the period, moving from 28,820 thousand USD in 2019 to a peak of 56,384 thousand USD in 2023. However, there was a slight decrease to 48,458 thousand USD in 2024. The upward trend signifies a growing volume of goods in intermediate production stages, which may indicate capacity expansion or changes in production processes before the recent moderate reduction.
- Finished goods
- Finished goods inventory shows a strong growth from 287,957 thousand USD in 2019 to a high of 429,024 thousand USD in 2021. A slight decline followed in 2022 to 418,799 thousand USD, with a small increase again in 2023 to 422,342 thousand USD. However, in 2024, finished goods dropped substantially to 345,079 thousand USD. This pattern suggests a buildup of finished stock through 2021 with some destocking or sales acceleration occurring thereafter.
- Inventories, net
- Total net inventories reflect the combined effects of the components described. There is an overall increasing trend from 334,589 thousand USD in 2019 to a peak of 506,604 thousand USD in 2023. The inventory base then contracted by nearly 20% to 410,201 thousand USD in 2024. This signals a significant reduction in inventory holdings in the latest year, possibly indicating efforts to optimize inventory levels or anticipated changes in demand.
In summary, the inventory data suggests growth in inventories through most years, driven primarily by work in process and finished goods accumulation. The reductions seen in the final year across all inventory categories point to strategic inventory management adjustments or shifts in operating conditions.