Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Feb. 28, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'MCCORMICK & CO INC |
Entity Central Index Key | '0000063754 |
Current Fiscal Year End Date | '--11-30 |
Entity Filer Category | 'Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 28-Feb-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Common Stock | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 12,186,579 |
Nonvoting Common Stock | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 118,314,065 |
CONDENSED_CONSOLIDATED_INCOME_
CONDENSED CONSOLIDATED INCOME STATEMENT (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $993.40 | $934.40 |
Cost of goods sold | 601.9 | 572.7 |
Gross profit | 391.5 | 361.7 |
Selling, general and administrative expense | 266.9 | 249.7 |
Operating income | 124.6 | 112 |
Interest expense | 12.4 | 13.9 |
Other (expense) income, net | 0.2 | 0.6 |
Income from consolidated operations before income taxes | 112.4 | 98.7 |
Income taxes | 35 | 28.1 |
Net income from consolidated operations | 77.4 | 70.6 |
Income from unconsolidated operations | 5.1 | 5.4 |
Net income | $82.50 | $76 |
Earnings per share - basic (usd per share) | $0.63 | $0.57 |
Average shares outstanding - basic (shares) | 131.1 | 132.5 |
Earnings per share - diluted (usd per share) | $0.62 | $0.57 |
Average shares outstanding - diluted (shares) | 132.2 | 134 |
Cash dividends paid per common share (usd per share) | $0.37 | $0.34 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Net income | $82.50 | $76 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 0.5 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -3.8 | -12.9 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 4.3 | -16.2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 0.3 | 4.2 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -1.5 | -4 |
Comprehensive Income | $90.40 | $73.40 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET (USD $) | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | |||
Current Assets | ' | ' | ' |
Cash and cash equivalents | $89.40 | $63 | $68.60 |
Trade accounts receivables, net | 428 | 495.5 | 403.9 |
Inventories | ' | ' | ' |
Finished products | 309 | 304.6 | 284.3 |
Raw materials and work-in-process | 373.9 | 372.3 | 322.2 |
Total inventory | 682.9 | 676.9 | 606.5 |
Prepaid expenses and other current assets | 139.8 | 134.8 | 132.5 |
Total current assets | 1,340.10 | 1,370.20 | 1,211.50 |
Property, plant and equipment | 1,423 | 1,407.70 | 1,335.20 |
Less: accumulated depreciation | -852 | -831.1 | -802.7 |
Property, plant and equipment, net | 571 | 576.6 | 532.5 |
Goodwill | 1,809.10 | 1,798.50 | 1,693 |
Intangible assets, net | 332.8 | 333.4 | 321.3 |
Investments and other assets | 376.7 | 371 | 327.8 |
Total assets | 4,429.70 | 4,449.70 | 4,086.10 |
Current Liabilities | ' | ' | ' |
Short-term borrowings | 280.2 | 211.6 | 201.1 |
Current portion of long-term debt | 1.8 | 2.5 | 252.7 |
Trade accounts payable | 348 | 387.3 | 340.2 |
Other accrued liabilities | 382.1 | 461.7 | 321.5 |
Total current liabilities | 1,012.10 | 1,063.10 | 1,115.50 |
Long-term debt | 1,016.60 | 1,019 | 776 |
Other long-term liabilities | 413.6 | 419.9 | 469.8 |
Total liabilities | 2,442.30 | 2,502 | 2,361.30 |
Shareholders' Equity | ' | ' | ' |
Retained earnings | 993.2 | 970.4 | 948.3 |
Accumulated other comprehensive loss | 6.6 | -0.3 | -163 |
Non-controlling interests | 15.9 | 15.2 | 17.6 |
Total shareholders' equity | 1,987.40 | 1,947.70 | 1,724.80 |
Total liabilities and shareholders' equity | 4,429.70 | 4,449.70 | 4,086.10 |
Common Stock | ' | ' | ' |
Shareholders' Equity | ' | ' | ' |
Common stock | 356 | 352.8 | 337.6 |
Nonvoting Common Stock | ' | ' | ' |
Shareholders' Equity | ' | ' | ' |
Common stock | $615.70 | $609.60 | $584.30 |
CONDENSED_CONSOLIDATED_CASH_FL
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $82.50 | $76 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ' | ' |
Depreciation and amortization | 26.8 | 26.2 |
Stock-based compensation | 2.6 | 2.8 |
Income from unconsolidated operations | -5.1 | -5.4 |
Changes in operating assets and liabilities | -34.1 | -69.8 |
Dividends from unconsolidated affiliates | 4 | 1.8 |
Net cash flow provided by operating activities | 76.7 | 31.6 |
Cash flows from investing activities | ' | ' |
Acquisition of business | 0 | -0.8 |
Capital expenditures | -18.5 | -12.4 |
Proceeds from sale of property, plant and equipment | 0.5 | 1.9 |
Net cash flow used in investing activities | -18 | -11.3 |
Cash flows from financing activities | ' | ' |
Short-term borrowings, net | 68.4 | 60.8 |
Long-term debt repayments | -0.4 | -0.4 |
Proceeds from exercised stock options | 8.9 | 10.5 |
Common stock acquired by purchase | -56.9 | -60.2 |
Dividends paid | -48.6 | -45.1 |
Net cash flow used in financing activities | -28.6 | -34.4 |
Effect of exchange rate changes on cash and cash equivalents | -3.7 | 3.7 |
(Decrease) increase in cash and cash equivalents | 26.4 | -10.4 |
Cash and cash equivalents at beginning of period | 63 | 79 |
Cash and cash equivalents at end of period | $89.40 | $68.60 |
Accounting_Policies
Accounting Policies | 3 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
ACCOUNTING POLICIES | ' |
ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. | |
The results of consolidated operations for the three month period ended February 28, 2014 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations are lower in the first half of the fiscal year and increase in the second half. The typical increase in net sales, net income and cash flow from operations in the second half of the year is largely due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. | |
For further information, refer to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended November 30, 2013. | |
Reclassification | |
To conform to our current year presentation, inventories of $15.6 million have been reclassified from Finished products to Raw materials and work-in-process in our condensed consolidated balance sheet at February 28, 2013. The effect of this reclassification is not material to the condensed consolidated financial statements. | |
Accounting and Disclosure Changes | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance is intended to provide disclosure on items reclassified out of accumulated other comprehensive income (loss) either in the notes or parenthetically on the face of the income statement. We adopted this new accounting pronouncement with our first quarter of 2014 and have included the necessary disclosures in Note 10, Accumulated Other Comprehensive Income (Loss), in this filing. There was no impact on our financial statements from adoption. |
Acquisitions
Acquisitions | 3 Months Ended |
Feb. 28, 2014 | |
Business Combinations [Abstract] | ' |
ACQUISITIONS | ' |
ACQUISITIONS | |
On May 31, 2013, we completed the purchase of the assets of Wuhan Asia-Pacific Condiments Co. Ltd. (WAPC), a privately held company based in China, for $144.8 million, which included $142.3 million of cash paid, net of closing adjustments, and the assumption of $2.5 million of liabilities. This acquisition was financed with a combination of cash and debt. WAPC manufactures and markets DaQiao and ChuShiLe brand bouillon products, which have a leading position in the central region of China. WAPC is included in our consumer business segment from the date of acquisition. At the time of acquisition, annual sales of WAPC were approximately $122 million. As of February 28, 2014, a preliminary valuation of the assets of WAPC resulted in $29.2 million allocated to tangible net assets, $37.7 million allocated to other intangible assets and $77.9 million allocated to goodwill. WAPC added $38.9 million to sales during the first quarter of 2014. We expect the valuation of assets and liabilities acquired to be completed in the second quarter of 2014. | |
Proforma financial information for this acquisition has not been presented because the financial impact is not material. |
Special_Charges
Special Charges | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Special Charges [Abstract] | ' | |||||||||||
Special Charges [Text Block] | ' | |||||||||||
SPECIAL CHARGES | ||||||||||||
In the fourth quarter 2013, we announced a reorganization in parts of the Europe, Middle East and Africa (EMEA) region to further improve EMEA’s profitability and process standardization while supporting its competitiveness and long-term growth. These actions include the closure of our current sales and distribution operations in The Netherlands, where we will transition to a third-party distributor model to continue to sell the Silvo brand, as well as actions intended to streamline selling, general and administrative activities throughout EMEA, including the centralization of shared service activity across the region into Poland. | ||||||||||||
We expect to record a total of approximately $27 million of cash and non-cash charges related to this reorganization. For 2013, we recorded $25.0 million of special charges related to this reorganization. We expect to record approximately $2 million of special charges related to this reorganization during 2014 and to complete the actions by 2015. We expect cash expenditures to implement these actions to be approximately $18 million, with the bulk of the spending occurring in 2014, and to realize related annual cost savings of approximately $10 million by 2015. Of the $25.0 million of special charges recognized in 2013, $15.9 million related to employee severance, $6.4 million to asset write-downs, and $2.7 million to other exit costs. The $6.4 million asset write-down in 2013 related to an impairment charge for the reduction in the value of our Silvo brand name in The Netherlands. | ||||||||||||
The following table outlines the major components of accrual balances relating to the special charges as of November 30, 2013 and February 28, 2014 (in millions): | ||||||||||||
Employee severance | Other exit costs | Total | ||||||||||
Balance as of November 30, 2013 | $ | 15.9 | $ | 2.7 | $ | 18.6 | ||||||
Amounts utilized | (1.8 | ) | (0.7 | ) | (2.5 | ) | ||||||
Balance as of February 28, 2014 | $ | 14.1 | $ | 2 | $ | 16.1 | ||||||
Financial_instruments
Financial instruments | 3 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
FINANCING ARRANGEMENTS AND FINANCIAL INSTRUMENTS | ||||||||||||||||||||
We use derivative financial instruments to enhance our ability to manage risk, including foreign currency and interest rate exposures, which exist as part of our ongoing business operations. We do not enter into contracts for trading purposes, nor are we a party to any leveraged derivative instruments. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines. | ||||||||||||||||||||
As of February 28, 2014, the maximum time frame for our foreign exchange forward contracts is 9 months. For all derivatives, the net amount of accumulated other comprehensive income expected to be reclassified in the next 12 months is $0.6 million as a decrease to earnings. | ||||||||||||||||||||
All derivatives are recognized at fair value in the balance sheet and recorded in either current or noncurrent other assets or other accrued liabilities or other long-term liabilities depending upon nature and maturity. | ||||||||||||||||||||
The following table discloses the fair values of derivative instruments on our balance sheet (in millions): | ||||||||||||||||||||
As of February 28, 2014 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 9.7 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 138.7 | 2.4 | Other accrued | $ | 64.9 | $ | 1.9 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 12.1 | $ | 1.9 | ||||||||||||||||
As of February 28, 2013 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 150 | $ | 15.4 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 113.9 | 2.3 | Other accrued | $ | 76.4 | $ | 1.4 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 17.7 | $ | 1.4 | ||||||||||||||||
As of November 30, 2013 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 12.2 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 79.2 | 1.1 | Other accrued | $ | 125.7 | $ | 1.6 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 13.3 | $ | 1.6 | ||||||||||||||||
The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the three month periods ended February 28, 2014 and 2013 (in millions): | ||||||||||||||||||||
Fair Value Hedges - | ||||||||||||||||||||
For the 3 months ended February 28, | ||||||||||||||||||||
Derivative | Income statement | Expense | ||||||||||||||||||
location | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Interest rate contracts | Interest expense | $ | 1.2 | $ | 1.2 | |||||||||||||||
Cash Flow Hedges – | ||||||||||||||||||||
For the 3 months ended February 28, | ||||||||||||||||||||
Derivative | Gain or (Loss) | Income | Gain or (Loss) | |||||||||||||||||
recognized in OCI | statement | reclassified from | ||||||||||||||||||
location | AOCI | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Interest rate contracts | — | $ | 1.2 | Interest | — | $ | (0.3 | ) | ||||||||||||
expense | ||||||||||||||||||||
Foreign exchange contracts | — | 1.5 | Cost of goods sold | $ | (0.4 | ) | (0.5 | ) | ||||||||||||
Total | $ | — | $ | 2.7 | $ | (0.4 | ) | $ | (0.8 | ) | ||||||||||
The amount of gain or loss recognized in income on the ineffective portion of derivative instruments is not material. The amounts noted in the tables above for OCI do not include any adjustments for the impact of deferred income taxes. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||||||||||
• | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | ||||||||||||||||
Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions): | |||||||||||||||||
February 28, 2014 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 89.4 | $ | 89.4 | $ | — | $ | — | |||||||||
Insurance contracts | 92.3 | — | 92.3 | — | |||||||||||||
Bonds and other long-term investments | 15.2 | 15.2 | — | — | |||||||||||||
Interest rate derivatives | 9.7 | — | 9.7 | — | |||||||||||||
Foreign currency derivatives | 2.4 | — | 2.4 | — | |||||||||||||
Total | $ | 209 | $ | 104.6 | $ | 104.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.9 | $ | — | $ | 1.9 | $ | — | |||||||||
February 28, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 68.6 | $ | 68.6 | $ | — | $ | — | |||||||||
Insurance contracts | 75.7 | — | 75.7 | — | |||||||||||||
Bonds and other long-term investments | 13.9 | 13.9 | — | — | |||||||||||||
Interest rate derivatives | 15.4 | — | 15.4 | — | |||||||||||||
Foreign currency derivatives | 2.3 | — | 2.3 | — | |||||||||||||
Total | $ | 175.9 | $ | 82.5 | $ | 93.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.4 | $ | — | $ | 1.4 | — | ||||||||||
November 30, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 63 | $ | 63 | $ | — | $ | — | |||||||||
Insurance contracts | 90.1 | — | 90.1 | — | |||||||||||||
Bonds and other long-term investments | 13.3 | 13.3 | — | — | |||||||||||||
Interest rate derivatives | 12.2 | — | 12.2 | — | |||||||||||||
Foreign currency derivatives | 1.1 | — | 1.1 | — | |||||||||||||
Total | $ | 179.7 | $ | 76.3 | $ | 103.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||||
Total | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||||
The fair values of insurance contracts are based upon the underlying values of the securities in which they are invested and are from quoted market prices from various stock and bond exchanges for similar type assets. The fair values of bonds and other long-term investments are based on quoted market prices from various stock and bond exchanges. The fair values for interest rate and foreign currency derivatives are based on values for similar instruments using models with market based inputs. |
Employee_Benefit_and_Retiremen
Employee Benefit and Retirement Plans | 3 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT AND RETIREMENT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT AND RETIREMENT PLANS | ||||||||||||||||
The following table presents the components of our pension expense of the defined benefit plans for the three months ended February 28, 2014 and 2013 (in millions): | ||||||||||||||||
United States | International | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Defined benefit plans | ||||||||||||||||
Service cost | $ | 5 | $ | 5.8 | $ | 2 | $ | 2.3 | ||||||||
Interest costs | 7.8 | 7.8 | 3.4 | 3.2 | ||||||||||||
Expected return on plan assets | (9.7 | ) | (10.4 | ) | (4.7 | ) | (4.4 | ) | ||||||||
Amortization of prior service costs | — | — | 0.1 | 0.1 | ||||||||||||
Recognized net actuarial loss | 2.9 | 7.4 | 1.2 | 1.4 | ||||||||||||
Total pension expense | $ | 6 | $ | 10.6 | $ | 2 | $ | 2.6 | ||||||||
During the three months ended February 28, 2014 and 2013, we contributed $8.9 million and $35.1 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2013 were $42.7 million. | ||||||||||||||||
The following table presents the components of our other postretirement benefits expense (in millions): | ||||||||||||||||
Three months ended February 28, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Other postretirement benefits | ||||||||||||||||
Service cost | $ | 1 | $ | 1.3 | ||||||||||||
Interest costs | 1 | 1 | ||||||||||||||
Amortization of prior service costs | — | (0.3 | ) | |||||||||||||
Amortization of losses | — | 0.4 | ||||||||||||||
Total other postretirement expense | $ | 2 | $ | 2.4 | ||||||||||||
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||
We have three types of stock-based compensation awards: restricted stock units (RSUs), stock options and company stock awarded as part of our mid-term incentive program (MTIP). The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions): | ||||||||||||||
Three months ended February 28, | ||||||||||||||
2014 | 2013 | |||||||||||||
Stock-based compensation expense | $ | 2.6 | $ | 2.8 | ||||||||||
Our 2014 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2013 annual grant. | ||||||||||||||
The following is a summary of all of our RSU activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in thousands) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Grant-Date | Shares | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at beginning of period | 161 | $ | 60.86 | 192 | $ | 49.65 | ||||||||
Vested | (2 | ) | 38.28 | — | — | |||||||||
Forfeited | (1 | ) | 65.23 | (1 | ) | 51.75 | ||||||||
Outstanding at end of period | 158 | $ | 61.1 | 191 | $ | 49.63 | ||||||||
The following is a summary of all stock option activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in millions) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Exercise | Shares | Exercise | |||||||||||
Price | Price | |||||||||||||
Outstanding at beginning of period | 4.6 | $ | 47.73 | 5.1 | $ | 40.06 | ||||||||
Exercised | (0.3 | ) | 32.19 | (0.5 | ) | 29.96 | ||||||||
Outstanding at end of the period | 4.3 | $ | 48.87 | 4.6 | $ | 41.15 | ||||||||
Exercisable at end of the period | 2.4 | $ | 40.98 | 2.2 | $ | 36.1 | ||||||||
As of February 28, 2014 the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $80.6 million and for options currently exercisable was $61.2 million. The total intrinsic value of all options exercised during the three months ended February 28, 2014 and 2013 was $11.7 million and $17.1 million, respectively. | ||||||||||||||
The following is a summary of the MTIP award activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in thousands) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Grant-Date | Shares | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at beginning of period | 334 | $ | 51.73 | 240 | $ | 46.63 | ||||||||
Granted | 105 | 69.04 | 94 | 64.74 | ||||||||||
Vested | (118 | ) | 44.47 | — | — | |||||||||
Forfeited | (2 | ) | 44.47 | — | — | |||||||||
Outstanding at end of period | 319 | $ | 60.15 | 334 | $ | 51.73 | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Feb. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income tax disclosure | ' |
INCOME TAXES | |
During the three months ended February 28, 2014, the Company reached a settlement with respect to the French taxing authority’s audits of the 2007-2011 tax years. In connection with that settlement, the Company reversed previously provided reserves for uncertain tax benefits and related interest of $5.8 million. Other than additions for current year tax positions and for the previously described reversal, there were no significant changes to unrecognized tax benefits during the three months ended February 28, 2014. | |
Income taxes for the three months ended February 28, 2014, included the following additional discrete tax items: (i) international tax expense of $2.2 million related to prior year adjustments agreed as part of the French tax settlement previously described; (ii) international tax expense of $3.7 million related to fiscal year 2013 arising from a retroactive change in French tax law enacted in the three months ended February 28, 2014; and (iii) international tax expense of $0.6 million relating to an increased valuation allowance associated with prior year losses of a non-U.S. subsidiary due to a change in our assessment of the likely realization of such losses. | |
Other than additions for current year tax positions, there were no significant changes to unrecognized tax benefits during the three months ended February 28, 2014. | |
Income taxes for the three months ended February 28, 2013 include $1.2 million of discrete tax benefits due to the recognition of a 2012 U.S. research tax credit. A new law was enacted in 2013 that retroactively granted the credit in 2012. | |
In 2010, the Internal Revenue Service (IRS) commenced an examination of our U.S. federal income tax return for the 2007 and 2008 tax years. During the course of the examination, we have held discussions with the IRS on certain issues and, in October 2012, we received proposed adjustments for these tax years. In November 2012, we deposited $18.8 million with the IRS to stop any potential interest on these proposed adjustments. We disagree with certain of the proposed adjustments and, in December 2012, we filed a protest to initiate the IRS administrative appeals process. An initial meeting was held with IRS representatives as part of the administrative appeals process during the first quarter of 2014; however, that initial meeting was informational in nature and did not result in any settlement or adjustment to our established tax accruals. We believe that we have established appropriate tax accruals under U.S. GAAP for these issues. |
Earnings_Per_Share_and_Stock_I
Earnings Per Share and Stock Issuances | 3 Months Ended | |||||
Feb. 28, 2014 | ||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||
EARNINGS PER SHARE AND STOCK ISSUANCES | ' | |||||
EARNINGS PER SHARE AND STOCK ISSUANCE | ||||||
The following table sets forth the reconciliation of average shares outstanding (in millions): | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Average shares outstanding – basic | 131.1 | 132.5 | ||||
Effect of dilutive securities: | ||||||
Stock options/RSUs/MTIP | 1.1 | 1.5 | ||||
Average shares outstanding – diluted | 132.2 | 134 | ||||
The following table sets forth the stock options and RSUs for the three months ended February 28, 2014 and 2013 which were not considered in our earnings per share calculation since they were anti-dilutive. | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Anti-dilutive securities | 0.9 | — | ||||
The following table sets forth the common stock activity for the three months ended February 28, 2014 and 2013 under the Company’s stock option and employee stock purchase plans and the repurchases of common stock under its stock repurchase program (in millions): | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Shares issued under stock option, employee stock purchase plans and RSUs | 0.3 | 0.4 | ||||
Shares repurchased in connection with the stock repurchase program | 0.9 | 0.9 | ||||
As of February 28, 2014, $303 million remained of the $400 million share repurchase authorization that was authorized by the Board of Directors in April 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
COMPREHENSIVE INCOME | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
The following table sets forth the components of accumulated other comprehensive income (loss), net of tax where applicable (in millions): | ||||||||||||
February 28, 2014 | February 28, 2013 | November 30, 2013 | ||||||||||
Foreign currency translation adjustment | $ | 170 | $ | 150.1 | $ | 165.7 | ||||||
Unrealized gain (loss) on foreign currency exchange contracts | (0.2 | ) | 0.3 | (0.3 | ) | |||||||
Unamortized value of settled interest rate swaps | 2.1 | (2.8 | ) | 2 | ||||||||
Pension and other postretirement costs | (165.3 | ) | (310.6 | ) | (167.7 | ) | ||||||
Accumulated other comprehensive income (loss) | $ | 6.6 | $ | (163.0 | ) | $ | (0.3 | ) | ||||
The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the three months ended February 28, 2014 and 2013 (in millions): | ||||||||||||
Three months ended February 28, | Affected Line Items in the Condensed Consolidated Income Statement | |||||||||||
Accumulated Other Comprehensive Income (Loss) Components | 2014 | 2013 | ||||||||||
Losses on cash flow hedges: | ||||||||||||
Interest rate derivatives | — | $ | (0.3 | ) | Interest expense | |||||||
Foreign exchange contracts | $ | (0.4 | ) | (0.5 | ) | Cost of goods sold | ||||||
Total before tax expense | (0.4 | ) | (0.8 | ) | ||||||||
Tax effect | 0.1 | 0.2 | Income taxes | |||||||||
Net, after tax | $ | (0.3 | ) | $ | (0.6 | ) | ||||||
Amortization of pension and postretirement benefit adjustments: | ||||||||||||
Amortization of prior service costs (1) | $ | 0.1 | $ | (0.2 | ) | SG&A expense/Cost of goods sold | ||||||
Amortization of net actuarial losses (1) | 4.1 | 9.2 | SG&A expense/Cost of goods sold | |||||||||
Total before tax expense | 4.2 | 9 | ||||||||||
Tax effect | (1.4 | ) | (3.1 | ) | Income taxes | |||||||
Net, after tax | $ | 2.8 | $ | 5.9 | ||||||||
(1) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 6 for additional details). |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
BUSINESS SEGMENTS | ' | |||||||||||
BUSINESS SEGMENTS | ||||||||||||
We operate in two business segments: consumer and industrial. The consumer and industrial segments manufacture, market and distribute spices, herbs, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail outlets, including grocery, mass merchandise, warehouse clubs, discount and drug stores under the “McCormick” brand and a variety of brands around the world, including “Lawry’s”, “Zatarain’s”, “Simply Asia”, “Thai Kitchen”, “Ducros”, “Vahine”, “Schwartz”, “Club House”, “Kamis”, “Kohinoor” and "DaQiao". Our industrial segment sells to food manufacturers and the foodservice industry both directly and indirectly through distributors. | ||||||||||||
In each of our segments, we produce and sell many individual products which are similar in composition and nature. With their primary attribute being flavor, we regard the products within each of our segments to be fairly homogenous. It is impracticable to segregate and identify sales and profits for individual product lines. | ||||||||||||
We measure segment performance based on operating income. Although the segments are managed separately due to their distinct distribution channels and marketing strategies, manufacturing and warehousing are often integrated to maximize cost efficiencies. We do not segregate jointly utilized assets by individual segment for internal reporting, evaluating performance or allocating capital. Because of manufacturing integration for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Intersegment sales are not material. | ||||||||||||
Consumer | Industrial | Total | ||||||||||
(in millions) | ||||||||||||
Three months ended February 28, 2014 | ||||||||||||
Net sales | $ | 615.3 | $ | 378.1 | $ | 993.4 | ||||||
Operating income | 94.3 | 30.3 | 124.6 | |||||||||
Income from unconsolidated operations | 5 | 0.1 | 5.1 | |||||||||
Three months ended February 28, 2013 | ||||||||||||
Net sales | $ | 569.8 | $ | 364.6 | $ | 934.4 | ||||||
Operating income | 87.7 | 24.3 | 112 | |||||||||
Income from unconsolidated operations | 4.5 | 0.9 | 5.4 | |||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. | |
The results of consolidated operations for the three month period ended February 28, 2014 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations are lower in the first half of the fiscal year and increase in the second half. The typical increase in net sales, net income and cash flow from operations in the second half of the year is largely due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. | |
For further information, refer to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended November 30, 2013. | |
Accounting and disclosure charges | ' |
Accounting and Disclosure Changes | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance is intended to provide disclosure on items reclassified out of accumulated other comprehensive income (loss) either in the notes or parenthetically on the face of the income statement. We adopted this new accounting pronouncement with our first quarter of 2014 and have included the necessary disclosures in Note 10, Accumulated Other Comprehensive Income (Loss), in this filing. There was no impact on our financial statements from adoption. |
Special_Charges_Tables
Special Charges (Tables) | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Special Charges [Abstract] | ' | |||||||||||
Special charges rollforward [Table Text Block] | ' | |||||||||||
The following table outlines the major components of accrual balances relating to the special charges as of November 30, 2013 and February 28, 2014 (in millions): | ||||||||||||
Employee severance | Other exit costs | Total | ||||||||||
Balance as of November 30, 2013 | $ | 15.9 | $ | 2.7 | $ | 18.6 | ||||||
Amounts utilized | (1.8 | ) | (0.7 | ) | (2.5 | ) | ||||||
Balance as of February 28, 2014 | $ | 14.1 | $ | 2 | $ | 16.1 | ||||||
Financial_instruments_Tables
Financial instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Fair values of derivative instruments on balance sheet | ' | |||||||||||||||||||
The following table discloses the fair values of derivative instruments on our balance sheet (in millions): | ||||||||||||||||||||
As of February 28, 2014 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 9.7 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 138.7 | 2.4 | Other accrued | $ | 64.9 | $ | 1.9 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 12.1 | $ | 1.9 | ||||||||||||||||
As of February 28, 2013 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 150 | $ | 15.4 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 113.9 | 2.3 | Other accrued | $ | 76.4 | $ | 1.4 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 17.7 | $ | 1.4 | ||||||||||||||||
As of November 30, 2013 | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet | Notional | Fair | Balance Sheet | Notional | Fair | |||||||||||||||
Location | Amount | Value | Location | Amount | Value | |||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 12.2 | |||||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current | 79.2 | 1.1 | Other accrued | $ | 125.7 | $ | 1.6 | ||||||||||||
assets | liabilities | |||||||||||||||||||
Total | $ | 13.3 | $ | 1.6 | ||||||||||||||||
Fair Value Hedging [Member] | ' | |||||||||||||||||||
Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement | ' | |||||||||||||||||||
The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the three month periods ended February 28, 2014 and 2013 (in millions): | ||||||||||||||||||||
Fair Value Hedges - | ||||||||||||||||||||
For the 3 months ended February 28, | ||||||||||||||||||||
Derivative | Income statement | Expense | ||||||||||||||||||
location | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Interest rate contracts | Interest expense | $ | 1.2 | $ | 1.2 | |||||||||||||||
Cash Flow Hedging [Member] | ' | |||||||||||||||||||
Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement | ' | |||||||||||||||||||
Cash Flow Hedges – | ||||||||||||||||||||
For the 3 months ended February 28, | ||||||||||||||||||||
Derivative | Gain or (Loss) | Income | Gain or (Loss) | |||||||||||||||||
recognized in OCI | statement | reclassified from | ||||||||||||||||||
location | AOCI | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Interest rate contracts | — | $ | 1.2 | Interest | — | $ | (0.3 | ) | ||||||||||||
expense | ||||||||||||||||||||
Foreign exchange contracts | — | 1.5 | Cost of goods sold | $ | (0.4 | ) | (0.5 | ) | ||||||||||||
Total | $ | — | $ | 2.7 | $ | (0.4 | ) | $ | (0.8 | ) | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||||||
Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions): | |||||||||||||||||
February 28, 2014 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 89.4 | $ | 89.4 | $ | — | $ | — | |||||||||
Insurance contracts | 92.3 | — | 92.3 | — | |||||||||||||
Bonds and other long-term investments | 15.2 | 15.2 | — | — | |||||||||||||
Interest rate derivatives | 9.7 | — | 9.7 | — | |||||||||||||
Foreign currency derivatives | 2.4 | — | 2.4 | — | |||||||||||||
Total | $ | 209 | $ | 104.6 | $ | 104.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.9 | $ | — | $ | 1.9 | $ | — | |||||||||
February 28, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 68.6 | $ | 68.6 | $ | — | $ | — | |||||||||
Insurance contracts | 75.7 | — | 75.7 | — | |||||||||||||
Bonds and other long-term investments | 13.9 | 13.9 | — | — | |||||||||||||
Interest rate derivatives | 15.4 | — | 15.4 | — | |||||||||||||
Foreign currency derivatives | 2.3 | — | 2.3 | — | |||||||||||||
Total | $ | 175.9 | $ | 82.5 | $ | 93.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.4 | $ | — | $ | 1.4 | — | ||||||||||
November 30, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 63 | $ | 63 | $ | — | $ | — | |||||||||
Insurance contracts | 90.1 | — | 90.1 | — | |||||||||||||
Bonds and other long-term investments | 13.3 | 13.3 | — | — | |||||||||||||
Interest rate derivatives | 12.2 | — | 12.2 | — | |||||||||||||
Foreign currency derivatives | 1.1 | — | 1.1 | — | |||||||||||||
Total | $ | 179.7 | $ | 76.3 | $ | 103.4 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Foreign currency derivatives | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||||
Total | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||||
Employee_Benefit_and_Retiremen1
Employee Benefit and Retirement Plans (Tables) | 3 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of defined benefit plans disclosures | ' | |||||||||||||||
The following table presents the components of our pension expense of the defined benefit plans for the three months ended February 28, 2014 and 2013 (in millions): | ||||||||||||||||
United States | International | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Defined benefit plans | ||||||||||||||||
Service cost | $ | 5 | $ | 5.8 | $ | 2 | $ | 2.3 | ||||||||
Interest costs | 7.8 | 7.8 | 3.4 | 3.2 | ||||||||||||
Expected return on plan assets | (9.7 | ) | (10.4 | ) | (4.7 | ) | (4.4 | ) | ||||||||
Amortization of prior service costs | — | — | 0.1 | 0.1 | ||||||||||||
Recognized net actuarial loss | 2.9 | 7.4 | 1.2 | 1.4 | ||||||||||||
Total pension expense | $ | 6 | $ | 10.6 | $ | 2 | $ | 2.6 | ||||||||
Schedule of costs of retirement plans | ' | |||||||||||||||
The following table presents the components of our other postretirement benefits expense (in millions): | ||||||||||||||||
Three months ended February 28, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Other postretirement benefits | ||||||||||||||||
Service cost | $ | 1 | $ | 1.3 | ||||||||||||
Interest costs | 1 | 1 | ||||||||||||||
Amortization of prior service costs | — | (0.3 | ) | |||||||||||||
Amortization of losses | — | 0.4 | ||||||||||||||
Total other postretirement expense | $ | 2 | $ | 2.4 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock Based Compensation in Selling, General and Administrative Expense | ' | |||||||||||||
The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions): | ||||||||||||||
Three months ended February 28, | ||||||||||||||
2014 | 2013 | |||||||||||||
Stock-based compensation expense | $ | 2.6 | $ | 2.8 | ||||||||||
Summary of Option Activity | ' | |||||||||||||
The following is a summary of all stock option activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in millions) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Exercise | Shares | Exercise | |||||||||||
Price | Price | |||||||||||||
Outstanding at beginning of period | 4.6 | $ | 47.73 | 5.1 | $ | 40.06 | ||||||||
Exercised | (0.3 | ) | 32.19 | (0.5 | ) | 29.96 | ||||||||
Outstanding at end of the period | 4.3 | $ | 48.87 | 4.6 | $ | 41.15 | ||||||||
Exercisable at end of the period | 2.4 | $ | 40.98 | 2.2 | $ | 36.1 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||
The following is a summary of all of our RSU activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in thousands) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Grant-Date | Shares | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at beginning of period | 161 | $ | 60.86 | 192 | $ | 49.65 | ||||||||
Vested | (2 | ) | 38.28 | — | — | |||||||||
Forfeited | (1 | ) | 65.23 | (1 | ) | 51.75 | ||||||||
Outstanding at end of period | 158 | $ | 61.1 | 191 | $ | 49.63 | ||||||||
Schedule of Share Based Compensation, Performance Shares, Activity [Table Text Block] | ' | |||||||||||||
The following is a summary of the MTIP award activity for the three months ended February 28, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
(shares in thousands) | Number | Weighted- | Number | Weighted- | ||||||||||
of | Average | of | Average | |||||||||||
Shares | Grant-Date | Shares | Grant-Date | |||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at beginning of period | 334 | $ | 51.73 | 240 | $ | 46.63 | ||||||||
Granted | 105 | 69.04 | 94 | 64.74 | ||||||||||
Vested | (118 | ) | 44.47 | — | — | |||||||||
Forfeited | (2 | ) | 44.47 | — | — | |||||||||
Outstanding at end of period | 319 | $ | 60.15 | 334 | $ | 51.73 | ||||||||
Earnings_Per_Share_and_Stock_I1
Earnings Per Share and Stock Issuances (Tables) | 3 Months Ended | |||||
Feb. 28, 2014 | ||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||
Reconciliation of average shares outstanding | ' | |||||
The following table sets forth the reconciliation of average shares outstanding (in millions): | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Average shares outstanding – basic | 131.1 | 132.5 | ||||
Effect of dilutive securities: | ||||||
Stock options/RSUs/MTIP | 1.1 | 1.5 | ||||
Average shares outstanding – diluted | 132.2 | 134 | ||||
Anti-dilutive securities not considered in earnings per share calculation | ' | |||||
The following table sets forth the stock options and RSUs for the three months ended February 28, 2014 and 2013 which were not considered in our earnings per share calculation since they were anti-dilutive. | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Anti-dilutive securities | 0.9 | — | ||||
Common stock activity | ' | |||||
The following table sets forth the common stock activity for the three months ended February 28, 2014 and 2013 under the Company’s stock option and employee stock purchase plans and the repurchases of common stock under its stock repurchase program (in millions): | ||||||
Three months ended February 28, | ||||||
2014 | 2013 | |||||
Shares issued under stock option, employee stock purchase plans and RSUs | 0.3 | 0.4 | ||||
Shares repurchased in connection with the stock repurchase program | 0.9 | 0.9 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | |||||||||||
The following table sets forth the components of accumulated other comprehensive income (loss), net of tax where applicable (in millions): | ||||||||||||
February 28, 2014 | February 28, 2013 | November 30, 2013 | ||||||||||
Foreign currency translation adjustment | $ | 170 | $ | 150.1 | $ | 165.7 | ||||||
Unrealized gain (loss) on foreign currency exchange contracts | (0.2 | ) | 0.3 | (0.3 | ) | |||||||
Unamortized value of settled interest rate swaps | 2.1 | (2.8 | ) | 2 | ||||||||
Pension and other postretirement costs | (165.3 | ) | (310.6 | ) | (167.7 | ) | ||||||
Accumulated other comprehensive income (loss) | $ | 6.6 | $ | (163.0 | ) | $ | (0.3 | ) | ||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the three months ended February 28, 2014 and 2013 (in millions): | ||||||||||||
Three months ended February 28, | Affected Line Items in the Condensed Consolidated Income Statement | |||||||||||
Accumulated Other Comprehensive Income (Loss) Components | 2014 | 2013 | ||||||||||
Losses on cash flow hedges: | ||||||||||||
Interest rate derivatives | — | $ | (0.3 | ) | Interest expense | |||||||
Foreign exchange contracts | $ | (0.4 | ) | (0.5 | ) | Cost of goods sold | ||||||
Total before tax expense | (0.4 | ) | (0.8 | ) | ||||||||
Tax effect | 0.1 | 0.2 | Income taxes | |||||||||
Net, after tax | $ | (0.3 | ) | $ | (0.6 | ) | ||||||
Amortization of pension and postretirement benefit adjustments: | ||||||||||||
Amortization of prior service costs (1) | $ | 0.1 | $ | (0.2 | ) | SG&A expense/Cost of goods sold | ||||||
Amortization of net actuarial losses (1) | 4.1 | 9.2 | SG&A expense/Cost of goods sold | |||||||||
Total before tax expense | 4.2 | 9 | ||||||||||
Tax effect | (1.4 | ) | (3.1 | ) | Income taxes | |||||||
Net, after tax | $ | 2.8 | $ | 5.9 | ||||||||
(1) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 6 for additional details). |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business segments | ' | |||||||||||
Consumer | Industrial | Total | ||||||||||
(in millions) | ||||||||||||
Three months ended February 28, 2014 | ||||||||||||
Net sales | $ | 615.3 | $ | 378.1 | $ | 993.4 | ||||||
Operating income | 94.3 | 30.3 | 124.6 | |||||||||
Income from unconsolidated operations | 5 | 0.1 | 5.1 | |||||||||
Three months ended February 28, 2013 | ||||||||||||
Net sales | $ | 569.8 | $ | 364.6 | $ | 934.4 | ||||||
Operating income | 87.7 | 24.3 | 112 | |||||||||
Income from unconsolidated operations | 4.5 | 0.9 | 5.4 | |||||||||
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2014 | Aug. 31, 2013 | 31-May-13 |
Wuhan Asia-Pacific Condiments Co. Ltd (WAPC) [Member] | Wuhan Asia-Pacific Condiments Co. Ltd (WAPC) [Member] | Wuhan Asia-Pacific Condiments Co. Ltd (WAPC) [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | ' | $144.80 | ' |
Cash paid | 0 | 0.8 | ' | ' | 142.3 | ' |
Other liabilities | ' | ' | ' | ' | 2.5 | ' |
Annual sales | ' | ' | ' | ' | ' | 122 |
Business acquisition valuation of assets allocated to tangible assets | ' | ' | ' | 29.2 | ' | ' |
Business acquisition valuation of assets allocated to other intangible assets | ' | ' | ' | 37.7 | ' | ' |
Business acquisition valuation of assets allocated to goodwill | 1,809.10 | 1,693 | 1,798.50 | 77.9 | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | $38.90 | ' | ' |
Special_Charges_Details
Special Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 |
Total plan expenses [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges liability | $16.10 | $18.60 |
Special charges utilized | -2.5 | ' |
Special charges | 27 | ' |
2013 Special Charges [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges | ' | 25 |
2014 Expected Special Charges [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges | 2 | ' |
Employee Severance Charges [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges liability | 14.1 | 15.9 |
Special charges utilized | -1.8 | ' |
Special charges | ' | 15.9 |
Asset Impairment [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges | ' | 6.4 |
Other exit costs [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges liability | 2 | 2.7 |
Special charges utilized | -0.7 | ' |
Special charges | ' | 2.7 |
Cash Expenditures [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges | 18 | ' |
Annual Cost Savings [Member] | ' | ' |
Special Charges [Line Items] | ' | ' |
Special charges | $10 | ' |
Financial_InstrumentsAdditiona
Financial Instruments-Additional Information (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Derivative [Line Items] | ' |
Maximum time frame for foreign exchange contracts, months | '9 months |
Amount of accumulated other comprehensive income expected to be reclassified as an increase to earnings in next 12 months | ($0.60) |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Derivative Instruments on Balance Sheet (Detail) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total derivative assets, Fair Value | $12.10 | $13.30 | $17.70 |
Total derivative liabilities, Fair Value | 1.9 | 1.6 | 1.4 |
Interest rate contract [Member] | Other current assets [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate contracts, Fair Value | 9.7 | 12.2 | 15.4 |
Derivative Asset, Notional Amount | 100 | 100 | 150 |
Foreign Exchange Contract [Member] | Other current assets [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | 138.7 | 79.2 | 113.9 |
Foreign exchange contracts, Fair Value | 2.4 | 1.1 | 2.3 |
Foreign Exchange Contract [Member] | Other accrued liabilities [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Foreign exchange contracts, Fair Value | 1.9 | 1.6 | 1.4 |
Derivative Liability, Notional Amount | $64.90 | $125.70 | $76.40 |
Financial_Instruments_Impact_o
Financial Instruments- Impact of Fair Value Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest expense | $12.40 | $13.90 |
Interest Expense [Member] | Fair Value Hedging [Member] | Interest rate contract [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest expense | $1.20 | $1.20 |
Financial_InstrumentsImpact_of
Financial Instruments-Impact of Cash Flow Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) recognized in OCI | $0 | $2.70 |
Gain or (Loss) reclassified from AOCI | -0.4 | -0.8 |
Interest rate contract [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) recognized in OCI | 0 | 1.2 |
Interest rate contract [Member] | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) reclassified from AOCI | 0 | -0.3 |
Foreign Exchange Contract [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) recognized in OCI | 0 | 1.5 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) reclassified from AOCI | ($0.40) | ($0.50) |
Fair_Value_MeasurementsAssets_
Fair Value Measurements-Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (Recurring [Member], USD $) | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | |||
Fair Value [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | $89.40 | $63 | $68.60 |
Insurance contracts | 92.3 | 90.1 | 75.7 |
Bonds & other long-term investments | 15.2 | 13.3 | 13.9 |
Interest rate derivatives | 9.7 | 12.2 | 15.4 |
Foreign currency derivatives | 2.4 | 1.1 | 2.3 |
Total assets | 209 | 179.7 | 175.9 |
Liabilities [Abstract] | ' | ' | ' |
Foreign currency derivatives | 1.9 | 1.6 | 1.4 |
Liabilities, Fair Value Disclosure | ' | 1.6 | ' |
Level 1 [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 89.4 | 63 | 68.6 |
Insurance contracts | 0 | 0 | 0 |
Bonds & other long-term investments | 15.2 | 13.3 | 13.9 |
Interest rate derivatives | 0 | 0 | 0 |
Foreign currency derivatives | 0 | 0 | 0 |
Total assets | 104.6 | 76.3 | 82.5 |
Liabilities [Abstract] | ' | ' | ' |
Foreign currency derivatives | 0 | 0 | 0 |
Level 2 [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Insurance contracts | 92.3 | 90.1 | 75.7 |
Bonds & other long-term investments | 0 | 0 | 0 |
Interest rate derivatives | 9.7 | 12.2 | 15.4 |
Foreign currency derivatives | 2.4 | 1.1 | 2.3 |
Total assets | 104.4 | 103.4 | 93.4 |
Liabilities [Abstract] | ' | ' | ' |
Foreign currency derivatives | 1.9 | 1.6 | 1.4 |
Liabilities, Fair Value Disclosure | ' | 1.6 | ' |
Level 3 [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Insurance contracts | 0 | 0 | 0 |
Bonds & other long-term investments | 0 | 0 | 0 |
Interest rate derivatives | 0 | 0 | 0 |
Foreign currency derivatives | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Liabilities [Abstract] | ' | ' | ' |
Foreign currency derivatives | $0 | $0 | $0 |
Recovered_Sheet1
Employee Benefit And Retirement Plans-Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Nov. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Pension Contributions | $8.90 | $35.10 | $42.70 |
Recovered_Sheet2
Employee Benefit And Retirement Plans - Components of Pension Expense of Defined benefit plans (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
United States [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $5 | $5.80 |
Interest costs | 7.8 | 7.8 |
Expected return on plan assets | -9.7 | -10.4 |
Amortization of prior service costs | 0 | 0 |
Recognized net actuarial loss | 2.9 | 7.4 |
Total pension expense | 6 | 10.6 |
International [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 2 | 2.3 |
Interest costs | 3.4 | 3.2 |
Expected return on plan assets | -4.7 | -4.4 |
Amortization of prior service costs | 0.1 | 0.1 |
Recognized net actuarial loss | 1.2 | 1.4 |
Total pension expense | $2 | $2.60 |
Employee_Benefit_and_Retiremen2
Employee Benefit and Retirement Plans-Components of Other Postretirement Benefit Expenses (Details) (Other postretirement benefits [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Other postretirement benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Service cost | $1 | $1.30 |
Interest costs | 1 | 1 |
Amortization of prior service costs | 0 | -0.3 |
Amortization of losses | 0 | 0.4 |
Total other postretirement expense | $2 | $2.40 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
award_type | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Stock-based Compensation Award Types | 3 | ' |
Intrinsic value for all options outstanding | $80.60 | ' |
Intrinsic value for exercisable options | 61.2 | ' |
Total Intrinsic Value of all options exercised | $11.70 | $17.10 |
StockBased_CompensationSelling
Stock-Based Compensation-Selling, General and Administrative Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Total stock-based compensation expense | $2.60 | $2.80 |
StockBased_CompensationRange_o
Stock-Based Compensation-Range of Assumptions for Various Stock Compensation Plans (Details) | 12 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Share-based Compensation [Abstract] | ' | ' |
Risk-free interest rate, minimum | 0.00% | 0.00% |
Risk-free interest rate, maximum | 0.00% | 0.00% |
Expected volatility, minimum | 0.00% | 0.00% |
Expected volatility, maximum | 0.00% | 0.00% |
StockBased_CompensationSummary
Stock-Based Compensation-Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at end of period, Number of Shares | 4.3 | 4.6 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at beginning of period, Number of Shares | 4.6 | 5.1 |
Exercised, Number of Shares | 0.3 | 0.5 |
Excercisable at end of the period, Number of Shares | 2.4 | 2.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Outstanding at beginning of period, Weighted-Average Exercise Price | $47.73 | $40.06 |
Exercised, Weighted-Average Exercise Price | $32.19 | $29.96 |
Outstanding at end of period, Weighted-Average Exercise Price | $48.87 | $41.15 |
Exercisable at end of the period, Weighted-Average Exercise Price | $40.98 | $36.10 |
StockBased_CompensationSummary1
Stock-Based Compensation-Summary of Restricted Stock Unit Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Outstanding at beginning of period, Number of Shares | 161 | 192 |
Vested, Number of Shares | 2 | 0 |
Forfeited, Number of Shares | 1 | 1 |
Outstanding at end of period, Number of Shares | 158 | 191 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value | $60.86 | $49.65 |
Vested, Weighted-Average Grant-Date Fair Value | $38.28 | $0 |
Forfeited, Weighted-Average Grant-Date Fair Value | $65.23 | $51.75 |
Outstanding at end of period, Weighted-Average Grant-Date Fair Value | $61.10 | $49.63 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of MTIP awards (Details) (Performance Shares [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Outstanding at beginning of period, Number of Shares | 334 | 240 |
Granted, Number of Shares | 105 | 94 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -118 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -2 | ' |
Outstanding at end of period, Number of Shares | 319 | 334 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value | $51.73 | $46.63 |
Granted, Weighted-Average Grant-Date Fair Value | $69.04 | $64.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $44.47 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $44.47 | ' |
Outstanding at end of period, Weighted-Average Grant-Date Fair Value | $60.15 | $51.73 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | Foreign Tax Authority [Member] | Domestic Tax Authority [Member] | |
Income Tax Examination [Line Items] | ' | ' | ' |
Decrease resulting from prior period tax positions | ' | $5.80 | ' |
Change related to prior year adjustments | ' | 2.2 | ' |
Change in enacted tax rate | ' | 3.7 | ' |
Change in deferred tax assets valuation allowance | ' | 0.6 | ' |
Recognition of research tax credit | ' | ' | 1.2 |
Deposits Assets | $18.80 | ' | ' |
Earnings_Per_Share_and_Stock_I2
Earnings Per Share and Stock Issuances-Reconciliation of Average Shares Outstanding (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' |
Average shares outstanding - basic (shares) | 131.1 | 132.5 |
Effect of dilutive securities: [Abstract] | ' | ' |
Stock options/Restricted Stock Units (RSUs)/MTIP | 1.1 | 1.5 |
Average shares outstanding-diluted | 132.2 | 134 |
Earnings_Per_Share_and_Stock_I3
Earnings Per Share and Stock Issuances-Antidilutive Securities not Considered in Earnings Per Share Calculation (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' |
Anti-dilutive securities | 0.9 | 0 |
Earnings_Per_Share_and_Stock_I4
Earnings Per Share and Stock Issuances-Common Stock Activity (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Stock Options And Restricted Stock Units [Member] | ' | ' |
Employee Stock Purchase Plan [Line Items] | ' | ' |
Shares issued under stock option, employee stock purchase plans and RSUs | 0.3 | 0.4 |
Share Repurchase Program [Member] | ' | ' |
Employee Stock Purchase Plan [Line Items] | ' | ' |
Stock Repurchased During Period, Shares | 0.9 | 0.9 |
Earnings_Per_Share_and_Stock_I5
Earnings Per Share and Stock Issuances-Additional Information (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Earnings Per Share, Basic and Diluted [Abstract] | ' |
Stock repurchase program, remaining authorized repurchase amount | $303 |
Stock repurchase program, authorized amount | $400 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income-Components of Accumulated Other Comprehensive Income, Net of Tax (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Nov. 30, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ($0.40) | ($0.80) | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0.1 | 0.2 | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -0.3 | -0.6 | ' | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.1 | [1] | -0.2 | [1] | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 4.1 | [1] | 9.2 | [1] | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 4.2 | 9 | ' | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | -1.4 | -3.1 | ' | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 2.8 | 5.9 | ' | ||
Foreign currency translation adjustment | 170 | 150.1 | 165.7 | ||
Unrealized gain (loss) on foreign currency exchange contracts | -0.2 | 0.3 | -0.3 | ||
Unamoritzed value of settled interest rate swaps | 2.1 | -2.8 | 2 | ||
Pension and other postretirement costs | -165.3 | -310.6 | -167.7 | ||
Accumulated other comprehensive income | 6.6 | -163 | -0.3 | ||
Cash Flow Hedging [Member] | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.4 | -0.8 | ' | ||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.4 | -0.5 | ' | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $0 | ($0.30) | ' | ||
[1] | This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 6 for additional details). |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Feb. 28, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 2 |
Business_Segments_Detail
Business Segments (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $993.40 | $934.40 |
Operating income | 124.6 | 112 |
Income from unconsolidated operations | 5.1 | 5.4 |
Consumer | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 615.3 | 569.8 |
Operating income | 94.3 | 87.7 |
Income from unconsolidated operations | 5 | 4.5 |
Industrial [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 378.1 | 364.6 |
Operating income | 30.3 | 24.3 |
Income from unconsolidated operations | $0.10 | $0.90 |
Balance_Sheet_Reclassification
Balance Sheet Reclassifications (Details) (USD $) | Feb. 28, 2013 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
balance sheet reclassifications | $15.60 |