filings.toolsItem 16. Form 10-K Summary
4K characters. Original on sec.gov ·
Item 16. Form 10-K Summary
None.
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CINTAS CORPORATION | ||||||||
| By: | /s/ | Todd M. Schneider | ||||||
| Todd M. Schneider | ||||||||
| President and Chief Executive Officer |
DATE SIGNED: July 28, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Signature | Capacity | Date | |||||||||||||||
| /s/ | Todd M. Schneider Todd M. Schneider | President, Chief Executive Officer and Director (Principal Executive Officer) | July 28, 2021 | ||||||||||||||
| /s/ | Scott D. Farmer Scott D. Farmer | Executive Chairman of the Board of Directors | July 28, 2021 | ||||||||||||||
| /s/ | Ronald W. Tysoe Ronald W. Tysoe | Director | July 28, 2021 | ||||||||||||||
| /s/ | John F. Barrett John F. Barrett | Director | July 28, 2021 | ||||||||||||||
| /s/ | Karen L. Carnahan Karen L. Carnahan | Director | July 28, 2021 | ||||||||||||||
| /s/ | J. Michael Hansen J. Michael Hansen | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | July 28, 2021 |
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Cintas Corporation
Schedule II — Valuation and Qualifying Accounts and Reserves
| (In thousands) | Balance at Beginning of Year | Additions (1) | Deductions (2)(4) | Balance at End of Year | |||||||||||||||||||
| Allowance for Doubtful Accounts | |||||||||||||||||||||||
| May 31, 2019 (3) | $ | 10,053 | $ | 7,752 | $ | 6,462 | $ | 11,343 | |||||||||||||||
| May 31, 2020 (3) | $ | 11,343 | $ | 40,521 | $ | 16,431 | $ | 35,433 | |||||||||||||||
| May 31, 2021 | $ | 35,433 | $ | 27,517 | $ | 50,853 | $ | 12,097 |
(1)Represents amounts charged to expense to increase reserve for estimated future bad debts.
(2)Represents reductions in the consolidated balance sheet reserve due to the actual write-off of non-collectible accounts receivable. These amounts do not impact Cintas' consolidated statements of income.
(3) Fiscal 2020 and fiscal 2019 have been recast to align with the allowance for doubtful account methodology and presentation upon adoption of Topic 326 on June 1, 2020.
(4) The deductions in fiscal 2021 include $14.2 million of incremental allowance for doubtful accounts recorded as of May 31, 2020 in response to uncertainties related to customer collections impacted by the COVID-19 pandemic. Certain of the corresponding trade receivables were collected during fiscal 2021, and the incremental reserve was reversed as the Company's estimates and assumptions related to the impact of COVID-19 changed during fiscal 2021.
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