Name: Cintas Corp. (NASDAQ:CTAS) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Cintas Corp., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Foreign currency translation adjustments	(1,291)	(34,007)	(24,833)	68,182)	(11,321)	(21,572)
Change in fair value of interest rate lock agreements, net of tax	18,163)	10,111)	102,057)	106,843)	(94,954)	(27,659)
Amortization of interest rate lock agreements, net of tax	(5,984)	(6,085)	(2,061)	(1,433)	(1,433)	(1,179)
Other, net of tax	2,535)	(158)	1,866)	10,676)	(8,495)	(5,085)
Other comprehensive income (loss), net of tax	13,423)	(30,139)	77,029)	184,268)	(116,203)	(55,495)
Comprehensive income	1,585,015)	1,317,871)	1,312,786)	1,295,236)	759,834)	829,486)

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).

A consistent upward trajectory in overall profitability is observed between May 31, 2019, and May 31, 2024. While a marginal contraction occurred in the 2020 fiscal year, the period from 2021 to 2024 is characterized by sustained growth in both net income and total comprehensive income.

Net Income Growth: Net income increased from 884,981 thousand US$ in 2019 to 1,571,592 thousand US$ in 2024. The most significant growth phase began after May 31, 2020, with net income rising from 876,037 thousand US$ to exceed 1.5 billion US$ by 2024, reflecting a steady expansion of bottom-line earnings.
Volatility in Other Comprehensive Income (OCI): Other comprehensive income exhibits substantial volatility across the reporting period, oscillating between losses and gains. A notable deficit was recorded in 2020 at -116,203 thousand US$, followed by a significant peak in 2021 at 184,268 thousand US$. This volatility is primarily attributed to fluctuations in foreign currency translation adjustments and the fair value of interest rate lock agreements.
Interest Rate Lock Agreements: The fair value of interest rate lock agreements has been a primary driver of OCI variance, showing significant losses in 2020 (-94,954 thousand US$) and substantial gains in 2021 and 2022 (106,843 thousand US$ and 102,057 thousand US$, respectively). Conversely, the amortization of these agreements has remained a consistent negative expense, increasing in magnitude from -1,179 thousand US$ in 2019 to -5,984 thousand US$ in 2024.
Comprehensive Income Analysis: Comprehensive income mirrored the growth pattern of net income, rising from 829,486 thousand US$ in 2019 to 1,585,015 thousand US$ in 2024. The gap between net income and comprehensive income narrowed significantly by 2024, as the influence of OCI components became less pronounced relative to the scale of net earnings.

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