
(In thousands)	Interest Rate		Fiscal Year Issued	Fiscal Year Maturity	August 31, 2026		May 31, 2026

Debt due within one year

Senior notes	3.70	%	2017	2027	$	1,000,000	$	1,000,000

Debt issuance costs					(709)		(1,013)
Total debt due within one year					$	999,291	$	998,987

Debt due after one year



Senior notes	4.20	%	2025	2028	$	400,000	$	400,000
Senior notes	4.00	%	2022	2032	800,000		800,000
Senior notes	6.15	%	2007	2037	236,550		236,550

Debt issuance costs					(6,996)		(7,464)
Total debt due after one year					$	1,429,554	$	1,429,086

Cintas' senior notes are recorded at cost, net of debt issuance costs. The fair value of the long-term debt is estimated using Level 2 inputs based on observable market prices. The carrying value and fair value of Cintas' debt as of August 31, 2026 were $2,436.6 million and $2,402.3 million, respectively, and as of May 31, 2026 were $2,436.6 million and $2,425.2 million, respectively.

The credit agreement which supports our commercial paper program has capacity under a revolving credit facility of $2.0 billion and contains a letter of credit sub-facility of up to $300.0 million and a swing line sub-facility of up to $150.0 million. The credit agreement has an accordion feature that provides Cintas with the ability to request increases to the borrowing commitments under the revolving credit facility up to $1.0 billion in the aggregate, subject to customary conditions. The maturity date of the revolving credit facility is March 27, 2031. As of August 31, 2026 and May 31, 2026, there was no commercial paper outstanding and no borrowings on our revolving credit facility.

The fair value of the commercial paper, if any, which approximates carrying value, is estimated using Level 2 inputs based on general market prices and interest rates.

Cintas uses interest rate locks to manage its overall interest expense as interest rate locks effectively change the interest rate of specific debt issuances. The interest rate locks are entered into to protect against unfavorable movements in the benchmark treasury rate related to forecasted debt issuances. Cintas used interest rate locks, which represent cash flow hedges, to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2017 and fiscal 2022. The amortization of the interest rate locks resulted in a decrease to other comprehensive income of $1.5 million for both the three months ended August 31, 2026 and 2025.

During fiscal 2022 and fiscal 2020, Cintas entered into interest rate lock agreements for forecasted debt issuances. The aggregate notional value of outstanding cash flow hedges was $500.0 million at both August 31, 2026 and May 31, 2026. The fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:


Fiscal Year of Issuance (In thousands)	August 31, 2026		May 31, 2026
	Prepaid and other current assets		Prepaid and other current assets

2022	$	70,676	$	65,017
2020	$	50,304	$	44,463

The changes in fair value of the interest rate locks are recorded in other comprehensive income (loss), net of tax. These interest rate locks had no impact on net income or cash flows for the three months ended August 31, 2026 or 2025.

Cintas' debt agreements contain certain covenants. These covenants limit Cintas' ability to incur certain liens, to engage in sale-leaseback transactions and to merge, consolidate or sell all or substantially all of Cintas' assets. These covenants also require Cintas to maintain a certain debt to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio. Cross-default provisions exist between certain debt instruments. If a default of a significant covenant were to occur, the default could result in an acceleration of the maturity of the indebtedness, impair liquidity and limit the ability to raise future capital. Cintas was in compliance with all of the debt covenants for all periods presented.