Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Nov. 30, 2014 | 31-May-14 | Dec. 31, 2014 | |
Entity Registrant Name | MCCORMICK & CO INC | ||
Trading Symbol | mkc | ||
Entity Central Index Key | 63754 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 30-Nov-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Public Float | $9,364,251,283 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 11,963,137 | ||
Entity Public Float | 859,593,668 | ||
Common Stock Non-Voting [Member] | |||
Entity Common Stock, Shares Outstanding | 116,305,343 | ||
Entity Public Float | $8,504,657,615 |
Consolidated_Income_Statement
Consolidated Income Statement (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Income Statement [Abstract] | |||
Net sales | $4,243.20 | $4,123.40 | $4,014.20 |
Cost of goods sold | 2,513 | 2,457.60 | 2,396.40 |
Gross profit | 1,730.20 | 1,665.80 | 1,617.80 |
Selling, general and administrative expense | 1,122 | 1,075 | 1,039.50 |
Special charges | 5.2 | 25 | 0 |
Loss on voluntary pension settlement | 0 | 15.3 | 0 |
Operating income | 603 | 550.5 | 578.3 |
Interest expense | 49.7 | 53.3 | 54.6 |
Other income, net | 1.1 | 2.2 | 2.4 |
Income from consolidated operations before income taxes | 554.4 | 499.4 | 526.1 |
Income taxes | 145.9 | 133.6 | 139.8 |
Net income from consolidated operations | 408.5 | 365.8 | 386.3 |
Income from unconsolidated operations | 29.4 | 23.2 | 21.5 |
Net income | $437.90 | $389 | $407.80 |
Earnings per share–basic (usd per share) | $3.37 | $2.94 | $3.07 |
Earnings per share–diluted (usd per share) | $3.34 | $2.91 | $3.04 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $437.90 | $389 | $407.80 |
Net income attributable to non-controlling interest | 2.5 | 1.3 | 1.9 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -89 | 235.6 | -126.9 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -134.1 | -3.5 | -15.5 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 5.7 | 11.8 | -2.4 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 31.2 | -87.1 | 43 |
Other comprehensive income (loss), net of tax | -186.2 | 156.8 | -101.8 |
Comprehensive income | $254.20 | $547.10 | $307.90 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $77.30 | $63 |
Trade accounts receivable, less allowances of $4.0 for 2014 and $4.1 for 2013 | 493.6 | 495.5 |
Inventories | 713.8 | 676.9 |
Prepaid expenses and other current assets | 131.5 | 134.8 |
Total current assets | 1,416.20 | 1,370.20 |
Property, plant and equipment, net | 602.7 | 576.6 |
Goodwill | 1,722.20 | 1,798.50 |
Intangible assets, net | 330.8 | 333.4 |
Investments and other assets | 342.4 | 371 |
Total assets | 4,414.30 | 4,449.70 |
Liabilities | ||
Short-term borrowings | 269.6 | 211.6 |
Current portion of long-term debt | 1.2 | 2.5 |
Trade accounts payable | 372.1 | 387.3 |
Other accrued liabilities | 479.1 | 461.7 |
Total current liabilities | 1,122 | 1,063.10 |
Long-term debt | 1,014.10 | 1,019 |
Other long-term liabilities | 468.8 | 419.9 |
Total liabilities | 2,604.90 | 2,502 |
Shareholders’ equity | ||
Retained earnings | 982.6 | 970.4 |
Accumulated other comprehensive loss | -186 | -0.3 |
Non-controlling interests | 17.2 | 15.2 |
Total shareholders’ equity | 1,809.40 | 1,947.70 |
Total liabilities and shareholders’ equity | 4,414.30 | 4,449.70 |
Common Stock [Member] | ||
Shareholders’ equity | ||
Common stock | 367.2 | 352.8 |
Common Stock Non-Voting [Member] | ||
Shareholders’ equity | ||
Common stock | $628.40 | $609.60 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Trade accounts receivable, allowances | $4 | $4.10 |
Common Stock [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320 | 320 |
Common stock, shares issued | 12 | 12.1 |
Common stock, shares outstanding | 12 | 12.1 |
Common Stock Non-Voting [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320 | 320 |
Common stock, shares issued | 116.4 | 119 |
Common stock, shares outstanding | 116.4 | 119 |
Consolidated_Cash_Flow_Stateme
Consolidated Cash Flow Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Operating activities | |||
Net income | $437.90 | $389 | $407.80 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 102.7 | 106 | 102.8 |
Stock-based compensation | 18.2 | 18.7 | 20.2 |
Special charges | 5.2 | 25 | 0 |
Loss on voluntary pension settlement | 0 | 15.3 | 0 |
Loss on sale of assets | 1.3 | 0.3 | 0.8 |
Deferred income taxes | 6.1 | -15.3 | 24.3 |
Income from unconsolidated operations | -29.4 | -23.2 | -21.5 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -16.4 | -29.2 | -38.8 |
Inventories | -54.4 | -59.9 | 1.2 |
Trade accounts payable | -6.7 | 12.1 | 8.2 |
Other assets and liabilities | 23.3 | 21.8 | -65.6 |
Dividends received from unconsolidated affiliates | 15.8 | 4.6 | 15.6 |
Net cash provided by operating activities | 503.6 | 465.2 | 455 |
Investing activities | |||
Acquisitions of businesses and joint venture interests | 0 | -142.3 | 0 |
Capital expenditures | -132.7 | -99.9 | -110.3 |
Proceeds from sale of property, plant and equipment | 1.1 | 2.5 | 1.3 |
Net cash used in investing activities | -131.6 | -239.7 | -109 |
Financing activities | |||
Short-term borrowings, net | 57.7 | 71.9 | -76.6 |
Long-term debt borrowings | 0 | 246.2 | 0.8 |
Long-term debt repayments | -1.6 | -251.4 | -4.7 |
Proceeds from exercised stock options | 31.7 | 44.7 | 53.1 |
Common stock acquired by purchase | -244.3 | -177.4 | -132.2 |
Dividends paid | -192.4 | -179.9 | -164.7 |
Net cash used in financing activities | -348.9 | -245.9 | -324.3 |
Effect of exchange rate changes on cash and cash equivalents | -8.8 | 4.4 | 3.4 |
Increase (decrease) in cash and cash equivalents | 14.3 | -16 | 25.1 |
Cash and cash equivalents at beginning of year | 63 | 79 | 53.9 |
Cash and cash equivalents at end of year | $77.30 | $63 | $79 |
Consolidated_Statement_Of_Shar
Consolidated Statement Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interests [Member] | Common Stock Non-Voting [Member] |
In Millions, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock [Member] |
Balance, Value at Nov. 30, 2011 | $1,618.50 | $821.90 | $838.80 | ($59) | $16.80 | |
Balance, Shares at Nov. 30, 2011 | 12.4 | 120.5 | ||||
Comprehensive income: | ||||||
Net income | 407.8 | 407.8 | ||||
Net income attributable to non-controlling interest | 1.9 | 1.9 | ||||
Other comprehensive loss, net of tax | -100.9 | |||||
Other comprehensive income (loss), net of tax | -101.8 | |||||
Currency translation adjustment | -15.5 | -0.9 | ||||
Dividends | -168.4 | -168.4 | ||||
Dividends attributable to non-controlling interest | -0.5 | -0.5 | ||||
Stock-based compensation | 20.2 | 20.2 | ||||
Shares purchased and retired, Shares | -0.6 | -2.4 | ||||
Shares purchased and retired, Value | -169.1 | -25.5 | -143.6 | |||
Shares issued, including tax benefit , Shares | 2 | 0.6 | ||||
Shares issued, including tax benefit, Value | 91.6 | 91.6 | ||||
Equal exchange, shares | -1.4 | 1.4 | ||||
Equal exchange, amount | 0 | |||||
Balance, Value at Nov. 30, 2012 | 1,700.20 | 908.2 | 934.6 | -159.9 | 17.3 | |
Balance, Shares at Nov. 30, 2012 | 12.4 | 120.1 | ||||
Comprehensive income: | ||||||
Net income | 389 | 389 | ||||
Net income attributable to non-controlling interest | 1.3 | 1.3 | ||||
Other comprehensive loss, net of tax | 159.6 | |||||
Other comprehensive income (loss), net of tax | 156.8 | |||||
Currency translation adjustment | -3.5 | -2.8 | ||||
Dividends | -183.3 | -183.3 | ||||
Dividends attributable to non-controlling interest | -0.6 | -0.6 | ||||
Stock-based compensation | 18.7 | 18.7 | ||||
Shares purchased and retired, Shares | -0.3 | -2.5 | ||||
Shares purchased and retired, Value | -189.4 | -19.5 | -169.9 | |||
Shares issued, including tax benefit , Shares | 1.1 | 0.3 | ||||
Shares issued, including tax benefit, Value | 55 | 55 | ||||
Equal exchange, shares | -1.1 | 1.1 | ||||
Equal exchange, amount | 0 | |||||
Balance, Value at Nov. 30, 2013 | 1,947.70 | 962.4 | 970.4 | -0.3 | 15.2 | |
Balance, Shares at Nov. 30, 2013 | 12.1 | 119 | ||||
Comprehensive income: | ||||||
Net income | 437.9 | 437.9 | ||||
Net income attributable to non-controlling interest | 2.5 | 2.5 | ||||
Other comprehensive loss, net of tax | -185.7 | |||||
Other comprehensive income (loss), net of tax | -186.2 | |||||
Currency translation adjustment | -134.1 | -0.5 | ||||
Dividends | -195.2 | -195.2 | ||||
Stock-based compensation | 18.2 | 18.2 | ||||
Shares purchased and retired, Shares | -0.2 | -3.5 | ||||
Shares purchased and retired, Value | -255.8 | -25.3 | -230.5 | |||
Shares issued, including tax benefit , Shares | 0.8 | 0.2 | ||||
Shares issued, including tax benefit, Value | 40.3 | 40.3 | ||||
Equal exchange, shares | -0.7 | 0.7 | ||||
Equal exchange, amount | 0 | |||||
Balance, Value at Nov. 30, 2014 | $1,809.40 | $995.60 | $982.60 | ($186) | $17.20 | |
Balance, Shares at Nov. 30, 2014 | 12 | 116.4 |
Consolidated_Statement_Of_Shar1
Consolidated Statement Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Statement of Stockholders' Equity [Abstract] | ||||
Change in derivative financial instruments, tax | ||||
Unrealized components of pension plans, tax | ||||
Shares issued, tax benefit | $9 | $12.60 | $13.30 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2014 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Consolidation | |
The financial statements include the accounts of our majority-owned or controlled subsidiaries and affiliates. Intercompany transactions have been eliminated. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. Accordingly, our share of net income or loss of unconsolidated affiliates is included in net income. | |
Foreign Currency Translation | |
For majority-owned or controlled subsidiaries and affiliates, if located outside of the U.S., with functional currencies other than the U.S. dollar, asset and liability accounts are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Income and expense items are translated at average monthly rates of exchange. Gains and losses from foreign currency transactions of these majority-owned or controlled subsidiaries and affiliates-that is, transactions denominated in other than the functional currency-are included in net earnings. | |
Our unconsolidated affiliates located outside the U.S. generally use their local currencies as their functional currencies. The asset and liability accounts of those unconsolidated affiliates, and our investment in the net assets of those unconsolidated affiliates, are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Our income from these unconsolidated operations is translated at average monthly rates of exchange. | |
Use of Estimates | |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. | |
Cash and Cash Equivalents | |
All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. | |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined using standard or average costs which approximate the first-in, first-out costing method. | |
Property, Plant and Equipment | |
Property, plant and equipment is stated at historical cost and depreciated over its estimated useful life using the straight-line method for financial reporting and both accelerated and straight-line methods for tax reporting. The estimated useful lives range from 20 to 40 years for buildings and 3 to 12 years for machinery, equipment and computer software. Repairs and maintenance costs are expensed as incurred. | |
We capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. Software is amortized using the straight-line method over a range of 3 to 8 years, but not exceeding the expected life of the product. We capitalized $11.7 million of software development costs during the year ended November 30, 2014, $16.7 million during the year ended November 30, 2013 and $20.5 million during the year ended November 30, 2012. | |
Goodwill and Other Intangible Assets | |
We review the carrying value of goodwill and indefinite-lived intangible assets and conduct tests of impairment on an annual basis as described below. We also test goodwill for impairment if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount and test indefinite-lived intangible assets for impairment if events or changes in circumstances indicate that the asset might be impaired. Separable intangible assets that have finite useful lives are amortized over those lives. | |
Determining the fair value of a reporting unit or an indefinite-lived purchased intangible asset is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, assumed royalty rates, future economic and market conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. | |
Goodwill Impairment | |
Our reporting units used to assess potential goodwill impairment are the same as our business segments. We calculate fair value of a reporting unit by using a discounted cash flow model and then compare that to the carrying amount of the reporting unit, including intangible assets and goodwill. If the carrying amount of the reporting unit exceeds the calculated fair value, then we would determine the implied fair value of the reporting unit’s goodwill. An impairment charge would be recognized to the extent the carrying amount of goodwill exceeds the implied fair value. | |
Indefinite-lived Intangible Asset Impairment | |
Our indefinite-lived intangible assets consist of brand names and trademarks. We calculate fair value by using a relief-from-royalty method or discounted cash flow model and then compare that to the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. | |
Long-lived Fixed Asset Impairment | |
Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss is calculated based on estimated fair value. | |
Revenue Recognition | |
We recognize revenue when we have an agreement with the customer; upon either shipment or delivery, depending upon contractual terms; and when the sales price is fixed or determinable and collectability is reasonably assured. We reduce revenue for estimated product returns, allowances and price discounts based on historical experience and contractual terms. | |
Trade allowances, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Revenue is recorded net of trade allowances. | |
Trade accounts receivable are amounts billed and currently due from customers. We have an allowance for doubtful accounts to reduce our receivables to their net realizable value. We estimate the allowance for doubtful accounts based on the aging of our receivables and our history of collections. | |
Shipping and Handling | |
Shipping and handling costs on our products sold to customers are included in selling, general and administrative expense in the income statement. Shipping and handling expense was $100.3 million, $96.9 million and $94.8 million for 2014, 2013 and 2012, respectively. | |
Research and Development | |
Research and development costs are expensed as incurred and are included in selling, general and administrative expense in the income statement. Research and development expense was $62.0 million, $61.3 million and $57.8 million for 2014, 2013 and 2012, respectively. | |
Brand Marketing Support | |
Total brand marketing support costs, which are included in selling, general and administrative expense in the income statement, were $226.6 million, $207.8 million and $198.3 million for 2014, 2013 and 2012, respectively. Brand marketing support costs include advertising, promotions and customer trade funds used for cooperative advertising. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation on assets used in these promotional activities. Advertising costs include the development, production and communication of advertisements through television, digital, print and radio. Development and production costs are expensed in the period in which the advertisement is first run. All other costs of advertisement are expensed as incurred. Advertising expense was $100.4 million, $85.0 million and $86.2 million for 2014, 2013 and 2012, respectively. | |
Employee Benefit and Retirement Plans | |
We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in the balance sheet, with changes in the funded status recorded through comprehensive income in the year in which those changes occur. | |
The expected return on plan assets is determined using the expected rate of return and a calculated value of plan assets referred to as the market-related value of plan assets. Differences between assumed and actual returns are amortized to the market-related value of assets on a straight-line basis over five years. | |
We use the corridor approach in the valuation of defined benefit pension plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606). This guidance is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. It will be effective for our first quarter of 2018 and early adoption is not permitted. We have not yet determined the impact from adoption of this new accounting pronouncement on our financial statements. | |
In February 2013, the 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 in 2014 and have included the necessary disclosures in note 9, Accumulated Other Comprehensive Loss. There was no impact on our financial statements from adoption, other than the additional disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Nov. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Acquisitions | ACQUISITIONS |
Acquisitions are part of our strategy to increase sales and profits. | |
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. The 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. During the second quarter of 2014, we completed the final valuation of the assets of WAPC which resulted in $26.9 million allocated to tangible net assets, $46.1 million allocated to other intangible assets and $71.8 million allocated to goodwill. The completion of the final valuation did not result in material changes to our consolidated income statement or our consolidated balance sheet from our preliminary purchase price allocation. Goodwill related to the WAPC acquisition is not deductible for tax purposes. During the years ended November 30, 2013 and 2012, we recorded $4.3 million and $1.7 million, respectively, in transaction-related expenses associated with the WAPC acquisition in selling, general and administrative expenses in our income statement. | |
Proforma financial information for the Wuhan acquisition has not been presented because the financial impact is not material. |
Special_Charges_Special_Charge
Special Charges Special Charges | 12 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Special Charges [Abstract] | ||||||||||||
Special Charges [Text Block] | 3. SPECIAL CHARGES | |||||||||||
In the fourth quarter of 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, with the 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 certain shared service activity across parts of the region into Poland. | ||||||||||||
In 2014, we recorded $2.1 million of charges associated with this previously announced EMEA reorganization, with $1.1 million related to employee severance and $1.0 million for other exit costs. For 2013, we recorded $25.0 million of charges related to this reorganization. For both years, these charges have been included on a separate line in the consolidated income statement. 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. | ||||||||||||
These reorganization actions in the EMEA region are expected to generate annual cost savings of approximately $10 million when completed in 2015. Total cash expenditures for the EMEA reorganization were $10.7 million in 2014 and are expected to be approximately $10 million in 2015. Of the $2.1 million of special charges recognized with respect to this reorganization in 2014, all have been recorded in the consumer business segment. Of the $25.0 million of special charges recognized in 2013, $22.2 million were recorded in the consumer business segment and $2.8 million were recorded in the industrial business segment. | ||||||||||||
The $6.4 million asset write-down included in the $25.0 million special charge for 2013 relates to an impairment charge for the reduction in the value of our Silvo brand name in The Netherlands. Our decision to transition to a third-party distributor model to continue to sell the Silvo brand led us to conclude an impairment indicator to the Silvo brand was present. We calculated the fair value of the Silvo brand using the relief-from-royalty method and determined that it was lower than its carrying value. Consequently, we recorded a non-cash impairment charge of $6.4 million as part of the $22.2 million in special charges included in our consumer business segment during the fourth quarter of 2013. The carrying value of the Silvo brand name as of November 30, 2014 is not significant. | ||||||||||||
The following table outlines the major components of accrual balances relating to the special charges associated with this EMEA reorganization as of November 30, 2013 and November 30, 2014 (in millions): | ||||||||||||
Employee severance | Other exit costs | Total | ||||||||||
Balance as of November 30, 2013 | $ | 15.9 | $ | 2.7 | $ | 18.6 | ||||||
Special charges | 1.1 | 1 | 2.1 | |||||||||
Amounts utilized | (7.7 | ) | (3.0 | ) | (10.7 | ) | ||||||
Balance as of November 30, 2014 | $ | 9.3 | $ | 0.7 | $ | 10 | ||||||
In 2014, we continued to evaluate changes to our organizational structure to enable us to reduce fixed costs, simplify or improve processes, and improve our competitiveness. In addition to the $2.1 million of special charges recognized in 2014 related to the previously announced EMEA reorganization, we also undertook reorganization actions in the U.S. and Australian businesses in 2014 and recognized an additional $3.1 million of special charges, consisting of the following: (1) During the third quarter of 2014, we recorded special charges in the amount of $1.3 million, principally related to employee severance, to realign certain manufacturing operations in the U.S. industrial business. Cash expenditures in 2014 associated with this action totaled $0.4 million. We expect that this action will be completed by 2015 and, upon completion, generate annual savings of approximately $2.3 million. (2) During the fourth quarter of 2014, we recorded special charges in the Australian business in the amount of $0.7 million, all related to the consumer segment business, consisting of employee severance and related expenses, to streamline costs through the elimination of certain manufacturing and administrative positions. Cash expenditures in 2014 associated with this reorganization totaled $0.2 million. We expect that this reorganization will be completed in 2015 and, upon completion, generate annual savings of approximately $0.8 million. (3) During the fourth quarter of 2014, we recorded special charges of $1.1 million, consisting of employee severance and related expenses, to eliminate certain administrative positions in the U.S. business. Of the $1.1 million in special charges, $0.9 million and $0.2 million related to the consumer business segment and industrial business segment, respectively. Cash expenditures in 2014 associated with this action totaled $0.2 million. We expect that this action will be completed in 2015 and, upon completion, generate annual savings of approximately $1.2 million. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets [Abstract ] | |||||||||||||
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
The following table displays intangible assets as of November 30, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | Gross | Accumulated | Gross | Accumulated | |||||||||
carrying | amortization | carrying | amortization | ||||||||||
amount | amount | ||||||||||||
Finite-lived intangible assets | $ | 94.7 | $ | 34.7 | $ | 93.9 | $ | 30.2 | |||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | 1,722.20 | 1,798.50 | |||||||||||
Brand names and trademarks | 270.8 | 269.7 | |||||||||||
1,993.00 | 2,068.20 | ||||||||||||
Total goodwill and intangible assets | $ | 2,087.70 | $ | 34.7 | $ | 2,162.10 | $ | 30.2 | |||||
Intangible asset amortization expense was $5.6 million, $5.2 million and $4.3 million for 2014, 2013 and 2012, respectively. At November 30, 2014, finite-lived intangible assets had a weighted-average remaining life of approximately 13 years. | |||||||||||||
The changes in the carrying amount of goodwill by segment for the years ended November 30, 2014 and 2013 were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | Consumer | Industrial | Consumer | Industrial | |||||||||
Beginning of year | $ | 1,654.70 | $ | 143.8 | $ | 1,551.00 | $ | 144.3 | |||||
Changes in purchase price allocation | (6.1 | ) | — | — | — | ||||||||
Goodwill acquired | — | — | 77.9 | — | |||||||||
Foreign currency fluctuations and other | (67.5 | ) | (2.7 | ) | 25.8 | (0.5 | ) | ||||||
End of year | $ | 1,581.10 | $ | 141.1 | $ | 1,654.70 | $ | 143.8 | |||||
Investments_In_Affiliates
Investments In Affiliates | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Investments In Affiliates [Abstract] | ||||||||||
Investments In Affiliates | INVESTMENTS IN AFFILIATES | |||||||||
Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows: | ||||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Net sales | $ | 766.6 | $ | 761.4 | $ | 727.1 | ||||
Gross profit | 275.7 | 256.9 | 229.2 | |||||||
Net income | 67.5 | 53.8 | 47.1 | |||||||
Current assets | $ | 320.1 | $ | 288.9 | $ | 274.4 | ||||
Noncurrent assets | 123.6 | 128.4 | 104.2 | |||||||
Current liabilities | 137.2 | 141 | 129.9 | |||||||
Noncurrent liabilities | 6.3 | 7.2 | 20.5 | |||||||
Our share of undistributed earnings of unconsolidated affiliates was $96.7 million at November 30, 2014. Royalty income from unconsolidated affiliates was $18.7 million, $18.4 million and $17.1 million for 2014, 2013 and 2012, respectively. | ||||||||||
Our principal earnings from unconsolidated affiliates is from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 91% of income from unconsolidated operations in 2014, 78% in 2013 and 82% in 2012. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | ||||||
Nov. 30, 2014 | |||||||
Financing Arrangements [Abstract] | |||||||
Financing Arrangements | FINANCING ARRANGEMENTS | ||||||
Our outstanding debt was as follows at November 30: | |||||||
(millions) | 2014 | 2013 | |||||
Short-term borrowings | |||||||
Commercial paper | $ | 239.4 | $ | 200.3 | |||
Other | 30.2 | 11.3 | |||||
$ | 269.6 | $ | 211.6 | ||||
Weighted-average interest rate of short-term borrowings at year-end | 1.3 | % | 0.7 | % | |||
Long-term debt | |||||||
5.20% notes due 12/15/2015(1) | $ | 200 | $ | 200 | |||
5.75% notes due 12/15/2017(2) | 250 | 250 | |||||
3.90% notes due 7/8/2021(3) | 250 | 250 | |||||
3.50% notes due 8/19/2023(4) | 250 | 250 | |||||
7.63%–8.12% notes due 2024 | 55 | 55 | |||||
Other | 8.5 | 10.8 | |||||
Unamortized discounts and fair value adjustments | 1.8 | 5.7 | |||||
1,015.30 | 1,021.50 | ||||||
Less current portion | 1.2 | 2.5 | |||||
$ | 1,014.10 | $ | 1,019.00 | ||||
-1 | The fixed interest rate on $100 million of the 5.20% notes due in 2015 is effectively converted to a variable rate by interest rate swaps through 2015. Net interest payments are based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2014 was 0.19%). | ||||||
-2 | Interest rate swaps, settled upon the issuance of these notes in 2007, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%. | ||||||
-3 | Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%. | ||||||
-4 | Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. | ||||||
Maturities of long-term debt during the fiscal years subsequent to November 30, 2014 are as follows (in millions): | |||||||
2016 | $ | 200.6 | |||||
2017 | 0.7 | ||||||
2018 | 250.7 | ||||||
2019 | 0.8 | ||||||
Thereafter | 559.5 | ||||||
In August 2013, we issued $250 million of 3.50% notes due 2023, with net cash proceeds received of $246.2 million. Interest is payable semiannually in arrears in March and September of each year. Of these notes, $175 million were subject to interest rate hedges as further disclosed in note 7. The net proceeds from this offering, plus cash on hand, were used to pay off $250 million of 5.25% notes that matured in September 2013. | |||||||
We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. In June 2011, we entered into a five-year $600 million revolving credit facility, which will expire in June 2016. The pricing for this credit facility, on a fully drawn basis, is LIBOR plus 0.875%. This credit facility supports our commercial paper program and we have $360.6 million of capacity at November 30, 2014, after $239.4 million was used to support issued commercial paper. In addition, we have several uncommitted lines which have a total unused capacity at November 30, 2014 of $125.4 million. These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and annual commitment fees were $0.5 million for 2014 and 2013. | |||||||
Rental expense under operating leases (primarily buildings and equipment) was $40.3 million in 2014, $37.6 million in 2013 and $32.7 million in 2012. Future annual fixed rental payments for the years ending November 30 are as follows (in millions): | |||||||
2015 | $ | 23.4 | |||||
2016 | 17.6 | ||||||
2017 | 13.9 | ||||||
2018 | 11.3 | ||||||
2019 | 8.5 | ||||||
Thereafter | 17.6 | ||||||
At November 30, 2014, we had guarantees outstanding of $0.6 million with terms of one year or less. At November 30, 2014 and 2013, we had outstanding letters of credit of $8.1 million and $61.9 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $12.9 million at November 30, 2014. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Derivative Instrument Detail [Abstract] | ||||||||||||||||||||
Financial Instruments | 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 instrument and all derivatives are designated as hedges. We are not a party to master netting arrangements, and we do not offset the fair value of derivative contracts with the same counterparty in our financial statement disclosures. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines. | ||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||
We are potentially exposed to foreign currency fluctuations affecting net investments, transactions and earnings denominated in foreign currencies. We selectively hedge the potential effect of these foreign currency fluctuations by entering into foreign currency exchange contracts with highly-rated financial institutions. | ||||||||||||||||||||
Contracts which are designated as hedges of anticipated purchases denominated in a foreign currency (generally purchases of raw materials in U.S. dollars by operating units outside the U.S.) are considered cash flow hedges. The gains and losses on these contracts are deferred in accumulated other comprehensive income until the hedged item is recognized in cost of goods sold, at which time the net amount deferred in accumulated other comprehensive income is also recognized in cost of goods sold. Gains and losses from contracts which are designated as hedges of assets, liabilities or firm commitments are recognized through income, offsetting the change in fair value of the hedged item. | ||||||||||||||||||||
At November 30, 2014, we had foreign currency exchange contracts to purchase or sell $262.7 million of foreign currencies versus $204.9 million at November 30, 2013. All of these contracts were designated as hedges of anticipated purchases denominated in a foreign currency or hedges of foreign currency denominated assets or liabilities. Hedge ineffectiveness was not material. At November 30, 2014, we had $127.1 million of notional contracts that have durations of less than seven days that are used to hedge short-term cash flow funding. The remaining contracts have durations of one to twelve months. | ||||||||||||||||||||
Interest Rates | ||||||||||||||||||||
We finance a portion of our operations with both fixed and variable rate debt instruments, primarily commercial paper, notes and bank loans. We utilize interest rate swap agreements to minimize worldwide financing costs and to achieve a desired mix of variable and fixed rate debt. | ||||||||||||||||||||
In November 2012 and in April and August 2013, we entered into a total of $175 million of forward-starting interest rate swap and Treasury rate lock agreements to manage our interest rate risk associated with the anticipated issuance of fixed rate notes in August 2013. We cash settled all of these agreements, which were designated as cash flow hedges, for a gain of $9.0 million simultaneous with the issuance of the notes at an all-in effective fixed rate of 3.30% on the full $250 million of debt. The gain on these agreements is deferred in accumulated other comprehensive income and will be amortized to reduce interest expense over the life of the notes. Hedge ineffectiveness of these agreements was not material. | ||||||||||||||||||||
In March 2006, we entered into interest rate swap contracts for a total notional amount of $100 million to receive interest at 5.20% and pay a variable rate of interest based on three-month LIBOR minus 0.05%. We designated these swaps, which expire in December 2015, as fair value hedges of the changes in fair value of $100 million of the $200 million 5.20% medium-term notes due 2015 that we issued in December 2005. Any unrealized gain or loss on these swaps will be offset by a corresponding increase or decrease in the value of the hedged debt. No hedge ineffectiveness is recognized as the interest rate swaps qualify for the “shortcut” treatment as defined under U.S. Generally Accepted Accounting Principles. | ||||||||||||||||||||
The following tables disclose the derivative instruments on our balance sheet as of November 30, 2014 and 2013, which are all recorded at fair value: | ||||||||||||||||||||
As of | ||||||||||||||||||||
November 30, 2014: | ||||||||||||||||||||
(millions) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives | Balance sheet | Notional amount | Fair value | Balance sheet | Notional amount | Fair value | ||||||||||||||
location | location | |||||||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 7.4 | Other accrued liabilities | — | — | ||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 106.3 | 4.9 | Other accrued liabilities | $ | 156.4 | $ | 1.4 | ||||||||||||
Total | $ | 12.3 | $ | 1.4 | ||||||||||||||||
As of | ||||||||||||||||||||
November 30, 2013: | ||||||||||||||||||||
(millions) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives | Balance sheet | Notional amount | Fair value | Balance sheet | Notional amount | Fair value | ||||||||||||||
location | location | |||||||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 12.2 | Other accrued liabilities | — | — | ||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 79.2 | 1.1 | Other accrued liabilities | $ | 125.7 | $ | 1.6 | ||||||||||||
Total | $ | 13.3 | $ | 1.6 | ||||||||||||||||
The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the years ended November 30, 2014, 2013 and 2012: | ||||||||||||||||||||
Fair value hedges (millions) | ||||||||||||||||||||
Income statement | Income (expense) | |||||||||||||||||||
Derivative | location | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate contracts | Interest expense | $ | 5 | $ | 5 | $ | 4.7 | |||||||||||||
Cash flow hedges (millions) | ||||||||||||||||||||
Gain (loss) | Income statement location | Gain (loss) | ||||||||||||||||||
recognized in OCI | reclassified from AOCI | |||||||||||||||||||
Derivative | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Interest rate contracts | — | $ | 9.2 | $ | (0.1 | ) | Interest expense | $ | (0.2 | ) | $ | (1.3 | ) | $ | (1.4 | ) | ||||
Foreign exchange contracts | $ | 4.2 | 1 | (2.4 | ) | Cost of goods sold | (1.1 | ) | 0.3 | 0.6 | ||||||||||
Total | $ | 4.2 | $ | 10.2 | $ | (2.5 | ) | $ | (1.3 | ) | $ | (1.0 | ) | $ | (0.8 | ) | ||||
The amount of gain or loss recognized in income on the ineffective portion of derivative instruments is not material. The net amount of other comprehensive income expected to be reclassified into income related to these contracts in the next twelve months is a $4.3 million increase to earnings. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The carrying amount and fair value of financial instruments at November 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
amount | value | amount | value | |||||||||||||||||
Long-term investments | $ | 113 | $ | 113 | $ | 103.4 | $ | 103.4 | ||||||||||||
Long-term debt | 1,015.30 | 1,109.00 | 1,021.50 | 1,102.40 | ||||||||||||||||
Derivatives related to: | ||||||||||||||||||||
Interest rates (assets) | 7.4 | 7.4 | 12.2 | 12.2 | ||||||||||||||||
Foreign currency (assets) | 4.9 | 4.9 | 1.1 | 1.1 | ||||||||||||||||
Foreign currency (liabilities) | 1.4 | 1.4 | 1.6 | 1.6 | ||||||||||||||||
Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, receivables, short-term borrowings and trade accounts payable approximate fair value. | ||||||||||||||||||||
Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value. Long-term investments are comprised of fixed income and equity securities held on behalf of employees in certain employee benefit plans and are stated at fair value on the balance sheet. The cost of these investments was $80.1 million and $77.5 million at November 30, 2014 and 2013, respectively. | ||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||
We are potentially exposed to concentrations of credit risk with trade accounts receivable, prepaid allowances and financial instruments. The customers of our consumer business are predominantly food retailers and food wholesalers. Consolidations in these industries have created larger customers. In addition, competition has increased with the growth in alternative channels including mass merchandisers, dollar stores, warehouse clubs and discount chains. This has caused some customers to be less profitable and increased our exposure to credit risk. We have a large and diverse customer base and, other than with respect to the two customers disclosed in note 16, each of which accounted for greater than 10% of our consolidated sales, there was no material concentration of credit risk in these accounts at November 30, 2014. At November 30, 2014, amounts due from those two customers aggregated approximately 21% of consolidated trade accounts receivable and prepaid allowances. Current credit markets are highly volatile and some of our customers and counterparties are highly leveraged. We continue to closely monitor the credit worthiness of our customers and counterparties and generally do not require collateral. We believe that the allowance for doubtful accounts properly recognized trade receivables at realizable value. We consider nonperformance credit risk for other financial instruments to be insignificant. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [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 management’s own assumptions. | |||||||||||
Our population of assets and liabilities subject to fair value measurements on a recurring basis at November 30, 2014 and 2013 are as follows: | ||||||||||||
Fair value measurements using fair | ||||||||||||
value hierarchy as of November 30, 2014 | ||||||||||||
(millions) | Fair value | Level 1 | Level 2 | Level 3 | ||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 77.3 | $ | 77.3 | — | — | ||||||
Insurance contracts | 104.5 | — | $ | 104.5 | — | |||||||
Bonds and other long-term investments | 8.5 | 8.5 | — | — | ||||||||
Interest rate derivatives | 7.4 | — | 7.4 | — | ||||||||
Foreign currency derivatives | 4.9 | — | 4.9 | — | ||||||||
Total | $ | 202.6 | $ | 85.8 | $ | 116.8 | — | |||||
Liabilities | ||||||||||||
Foreign currency derivatives | $ | 1.4 | — | $ | 1.4 | — | ||||||
Total | $ | 1.4 | — | $ | 1.4 | — | ||||||
Fair value measurements using fair | ||||||||||||
value hierarchy as of November 30, 2013 | ||||||||||||
(millions) | 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
COMPREHENSIVE INCOME | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||
The following table sets forth the components of accumulated other comprehensive loss, net of tax where applicable (in millions): | ||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||
Accumulated other comprehensive loss, net of tax where applicable | ||||||||||||||||
Foreign currency translation adjustment | $ | 32.1 | $ | 165.7 | ||||||||||||
Unrealized gain (loss) on foreign currency exchange contracts | 3 | (0.3 | ) | |||||||||||||
Unamortized value of settled interest rate swaps | 2.9 | 2 | ||||||||||||||
Pension and other postretirement costs | (224.0 | ) | (167.7 | ) | ||||||||||||
$ | (186.0 | ) | $ | (0.3 | ) | |||||||||||
The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the years ended November 30, 2014, 2013 and 2012: | ||||||||||||||||
(millions) | Affected Line Items in the Consolidated Income Statement | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) Components | 2014 | 2013 | 2012 | |||||||||||||
Gains/ (losses) on cash flow hedges: | ||||||||||||||||
Interest rate derivatives | $ | (0.2 | ) | $ | (1.3 | ) | $ | (1.4 | ) | Interest expense | ||||||
Foreign exchange contracts | (1.1 | ) | 0.3 | 0.6 | Cost of goods sold | |||||||||||
Total before taxes | (1.3 | ) | (1.0 | ) | (0.8 | ) | ||||||||||
Tax effect | 0.3 | 0.3 | 0.2 | Income taxes | ||||||||||||
Net, after tax | $ | (1.0 | ) | $ | (0.7 | ) | $ | (0.6 | ) | |||||||
Amortization of pension and postretirement benefit adjustments: | ||||||||||||||||
Amortization of prior service costs (1) | $ | 0.3 | $ | (0.8 | ) | $ | (3.5 | ) | SG&A expense/ Cost of goods sold | |||||||
Amortization of net actuarial losses (1) | 16.4 | 36.5 | 21.6 | SG&A expense/ Cost of goods sold | ||||||||||||
Total before taxes | 16.7 | 35.7 | 18.1 | |||||||||||||
Tax effect | (5.7 | ) | (12.1 | ) | (6.2 | ) | Income taxes | |||||||||
Net, after tax | $ | 11 | $ | 23.6 | $ | 11.9 | ||||||||||
(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 10 for additional details). |
Employee_Benefit_And_Retiremen
Employee Benefit And Retirement Plans | 12 Months Ended | ||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||
Employee Benefit And Retirement Plans | EMPLOYEE BENEFIT AND RETIREMENT PLANS | ||||||||||||||||||
We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. | |||||||||||||||||||
Included in accumulated other comprehensive loss at November 30, 2014 was $330.0 million ($224.0 million net of tax) related to net unrecognized actuarial losses of $327.9 million and unrecognized prior service costs of $2.1 million that have not yet been recognized in net periodic pension or postretirement benefit cost. We expect to recognize $23.4 million ($15.7 million net of tax) in net periodic pension and postretirement benefit expense during 2015 related to the amortization of actuarial losses of $23.1 million and the amortization of prior service costs of $0.3 million. | |||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||
The significant assumptions used to determine benefit obligations are as follows as of November 30: | |||||||||||||||||||
United States | International | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate—funded plan | 4.4 | % | 5.2 | % | 3.8 | % | 4.6 | % | |||||||||||
Discount rate—unfunded plan | 4.3 | % | 5.1 | % | — | — | |||||||||||||
Salary scale | 3.8 | % | 3.8 | % | 3.0-3.8% | 3.0-3.8% | |||||||||||||
The significant assumptions used to determine pension expense are as follows: | |||||||||||||||||||
United States | International | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Discount rate—funded plan | 5.2 | % | 4.3 | % | 5.5 | % | 4.6 | % | 4.4 | % | 5.1 | % | |||||||
Discount rate—unfunded plan | 5.1 | % | 4.2 | % | 5.4 | % | — | — | — | ||||||||||
Salary scale | 3.8 | % | 3.8 | % | 3.8 | % | 3.0-3.8% | 3.0-3.8% | 3.0-3.8% | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8.3 | % | 6.4 | % | 6.6 | % | 6.7 | % | |||||||
Annually, we undertake a process, with the assistance of our external investment consultants, to evaluate the appropriate projected rates of return to use for our pension plans’ assumptions. We engage our investment consultants' research teams to develop capital market assumptions for each asset category in our plans to project investment returns into the future. The specific methods used to develop expected return assumptions vary by asset category. We adjust the outcomes for the fact that plan assets are invested with actively managed funds and subject to tactical asset reallocation. | |||||||||||||||||||
Our 2013 pension expense includes a loss on voluntary pension settlement of $15.3 million related to the U.S. pension plan. During the third quarter of 2013, we offered former employees with deferred vested benefits in that plan the opportunity to settle those benefits in exchange for a lump sum payment. Based upon the acceptance of that offer by certain employees, $63.3 million was paid from plan assets in the fourth quarter of 2013 with a corresponding decrease in the benefit obligation and we recognized the $15.3 million settlement loss previously described. The loss on voluntary pension settlement is reflected as a separate line in the consolidated income statement. | |||||||||||||||||||
Our pension expense was as follows: | |||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Service cost | $ | 20 | $ | 23.2 | $ | 17.5 | $ | 7.8 | $ | 8.8 | $ | 6.8 | |||||||
Interest costs | 31.1 | 31.2 | 31.8 | 13.8 | 12.6 | 12.8 | |||||||||||||
Expected return on plan assets | (38.8 | ) | (41.4 | ) | (37.8 | ) | (18.7 | ) | (17.2 | ) | (16.2 | ) | |||||||
Loss on voluntary pension settlement | — | 15.3 | — | — | — | — | |||||||||||||
Amortization of prior service costs | — | — | 0.1 | 0.3 | 0.4 | 0.4 | |||||||||||||
Amortization of net actuarial loss | 11.8 | 29.5 | 18.1 | 4.6 | 5.6 | 3.5 | |||||||||||||
Other | — | — | — | — | 0.1 | — | |||||||||||||
$ | 24.1 | $ | 57.8 | $ | 29.7 | $ | 7.8 | $ | 10.3 | $ | 7.3 | ||||||||
Rollforward of the benefit obligation, fair value of plan assets and a reconciliation of the pension plans’ funded status as of November 30, the measurement date, follows: | |||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 607.7 | $ | 735.2 | $ | 304.9 | $ | 300.8 | |||||||||||
Service cost | 20 | 23.2 | 7.8 | 8.8 | |||||||||||||||
Interest costs | 31.1 | 31.2 | 13.8 | 12.6 | |||||||||||||||
Employee contributions | — | — | 1.5 | 1.7 | |||||||||||||||
Voluntary pension settlement | — | (63.3 | ) | — | — | ||||||||||||||
Plan changes and other | — | — | (0.6 | ) | (1.4 | ) | |||||||||||||
Actuarial (gain) loss | 94 | (97.8 | ) | 49.9 | (5.5 | ) | |||||||||||||
Benefits paid | (24.4 | ) | (20.8 | ) | (13.9 | ) | (8.6 | ) | |||||||||||
Expenses paid | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||
Foreign currency impact | — | — | (21.0 | ) | (2.7 | ) | |||||||||||||
Benefit obligation at end of year | $ | 728.4 | $ | 607.7 | $ | 341.6 | $ | 304.9 | |||||||||||
Change in fair value of plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 552.3 | $ | 519.8 | $ | 279.9 | $ | 247.6 | |||||||||||
Actual return on plan assets | 43.9 | 84.5 | 44.8 | 31.4 | |||||||||||||||
Employer contributions | 4.5 | 32.1 | 12.3 | 10.6 | |||||||||||||||
Employee contributions | — | — | 1.5 | 1.7 | |||||||||||||||
Voluntary pension settlement | — | (63.3 | ) | — | — | ||||||||||||||
Benefits paid | (24.4 | ) | (20.8 | ) | (13.9 | ) | (8.6 | ) | |||||||||||
Expenses paid | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||
Foreign currency impact | — | — | (18.5 | ) | (2.0 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 576.3 | $ | 552.3 | $ | 305.3 | $ | 279.9 | |||||||||||
Funded status | $ | (152.1 | ) | $ | (55.4 | ) | $ | (36.3 | ) | $ | (25.0 | ) | |||||||
Pension plans in which accumulated benefit obligation exceeded plan assets | |||||||||||||||||||
Accumulated benefit obligation | $ | 86.7 | $ | 76.8 | $ | 189.2 | $ | 191.4 | |||||||||||
Fair value of plan assets | — | — | 174.2 | 176.8 | |||||||||||||||
Included in the U.S. in the preceding table is a benefit obligation of $91.3 million and $81.2 million for 2014 and 2013, respectively, related to a nonqualified defined benefit plan pursuant to which we will pay supplemental pension benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The accumulated benefit obligation related to this plan was $86.7 million and $76.8 million as of November 30, 2014 and 2013, respectively. The assets related to this plan, which totaled $79.6 million and $74.4 million as of November 30, 2014 and 2013, respectively, are held in a rabbi trust and accordingly have not been included in the preceding table. | |||||||||||||||||||
Amounts recorded in the balance sheet for all defined benefit pension plans consist of the following: | |||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Non-current pension asset | — | $ | 25.8 | $ | 0.3 | — | |||||||||||||
Accrued pension liability | $ | 152.1 | 81.2 | 36.6 | $ | 25 | |||||||||||||
Deferred income tax assets | 87.9 | 59.4 | 19.3 | 15.7 | |||||||||||||||
Accumulated other comprehensive loss | 144 | 95.5 | 82.5 | 74.1 | |||||||||||||||
The accumulated benefit obligation is the present value of pension benefits (whether vested or unvested) attributed to employee service rendered before the measurement date and based on employee service and compensation prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation or service levels. The accumulated benefit obligation for the U.S. pension plans was $636.7 million and $532.8 million as of November 30, 2014 and 2013, respectively. The accumulated benefit obligation for the international pension plans was $310.9 million and $276.5 million as of November 30, 2014 and 2013, respectively. | |||||||||||||||||||
The investment objectives of the defined benefit pension plans are to provide assets to meet the current and future obligations of the plans at a reasonable cost to us. The goal is to optimize the long-term return across the portfolio of investments at a moderate level of risk. Higher-returning assets include mutual, co-mingled and other funds comprised of equity securities, utilizing both active and passive investment styles. These more volatile assets are balanced with less volatile assets, primarily mutual, co-mingled and other funds comprised of fixed income securities. Professional investment firms are engaged to provide advice on the selection and monitoring of investment funds, and to provide advice on the allocation of plan assets across the various fund managers. This advice is based in part on the duration of each plan’s liability. The investment return performances are evaluated quarterly against specific benchmark indices and against a peer group of funds of the same asset classification. | |||||||||||||||||||
Our allocations of U.S. pension plan assets as of November 30, 2014 and 2013, by asset category, were as follows: | |||||||||||||||||||
Actual | 2014 | ||||||||||||||||||
Asset Category | 2014 | 2013 | Target | ||||||||||||||||
Equity securities | 70.4 | % | 70.2 | % | 65 | % | |||||||||||||
Fixed income securities | 15.5 | % | 23.1 | % | 17.5 | % | |||||||||||||
Other | 14.1 | % | 6.7 | % | 17.5 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
The allocations of the international pension plans’ assets as of November 30, 2014 and 2013, by asset category, were as follows: | |||||||||||||||||||
Actual | 2014 | ||||||||||||||||||
Asset Category | 2014 | 2013 | Target | ||||||||||||||||
Equity securities | 56.6 | % | 57.6 | % | 53 | % | |||||||||||||
Fixed income securities | 43.2 | % | 42.1 | % | 41 | % | |||||||||||||
Other | 0.2 | % | 0.3 | % | 6 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30, 2014 and 2013 for the United States and international plans: | |||||||||||||||||||
As of November 30, 2014 | United States | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | — | — | |||||||||||||
Equity securities: | |||||||||||||||||||
U.S. equity securities(a) | 301 | 144.3 | $ | 156.7 | — | ||||||||||||||
International equity securities(b) | 111.1 | 111.1 | — | — | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 30.6 | 30.6 | — | — | |||||||||||||||
High yield bonds(d) | 31.9 | — | 31.9 | — | |||||||||||||||
International/government/ corporate bonds(e) | 25.9 | 25.9 | — | — | |||||||||||||||
Insurance contracts(f) | 1.1 | — | 1.1 | — | |||||||||||||||
Other types of investments: | |||||||||||||||||||
Hedge funds(g) | 54.7 | — | — | $ | 54.7 | ||||||||||||||
Private equity funds(h) | 5 | — | — | 5 | |||||||||||||||
Total investments | $ | 576.3 | $ | 326.9 | $ | 189.7 | $ | 59.7 | |||||||||||
As of November 30, 2014 | International | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.6 | — | — | |||||||||||||
International equity securities(b) | 172.7 | — | $ | 172.7 | — | ||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 108.5 | — | 108.5 | — | |||||||||||||||
Insurance contracts(f) | 23.5 | — | 23.5 | — | |||||||||||||||
Total investments | $ | 305.3 | $ | 0.6 | $ | 304.7 | — | ||||||||||||
As of November 30, 2013 | United States | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 13.5 | $ | 13.5 | — | — | |||||||||||||
Equity securities: | |||||||||||||||||||
U.S. equity securities(a) | 277.2 | 129.5 | $ | 147.7 | — | ||||||||||||||
International equity securities(b) | 110.7 | 110.7 | — | — | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 72.5 | 72.5 | — | — | |||||||||||||||
High yield bonds(d) | 29.3 | — | 29.3 | — | |||||||||||||||
International/government/ corporate bonds(e) | 24.7 | 24.7 | — | — | |||||||||||||||
Insurance contracts(f) | 1 | — | 1 | — | |||||||||||||||
Other types of investments: | |||||||||||||||||||
Hedge funds(g) | 18.5 | — | — | $ | 18.5 | ||||||||||||||
Private equity funds(h) | 4.9 | — | — | 4.9 | |||||||||||||||
Total investments | $ | 552.3 | $ | 350.9 | $ | 178 | $ | 23.4 | |||||||||||
As of November 30, 2013 | International | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.6 | — | — | |||||||||||||
International equity securities(b) | 161.4 | — | $ | 161.4 | — | ||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 99.3 | — | 99.3 | — | |||||||||||||||
Insurance contracts(f) | 18.6 | — | 18.6 | — | |||||||||||||||
Total investments | $ | 279.9 | $ | 0.6 | $ | 279.3 | — | ||||||||||||
(a) | This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. | ||||||||||||||||||
(b) | This category comprises international equity funds with varying benchmark indices. | ||||||||||||||||||
(c) | This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. | ||||||||||||||||||
(d) | This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. | ||||||||||||||||||
(e) | This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. | ||||||||||||||||||
(f) | This category comprises insurance contracts, the majority of which have a guaranteed investment return. | ||||||||||||||||||
(g) | This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. | ||||||||||||||||||
(h) | This category comprises private equity, venture capital and limited partnerships. | ||||||||||||||||||
The change in fair value of the plans’ Level 3 assets for 2014 is summarized as follows: | |||||||||||||||||||
(millions) | Beginning | Realized | Unrealized | Net, | End of | ||||||||||||||
of year | gains | gains (losses) | purchases | year | |||||||||||||||
and (sales) | |||||||||||||||||||
Hedge funds | $ | 18.5 | $ | 1.5 | $ | (1.7 | ) | $ | 36.4 | $ | 54.7 | ||||||||
Private equity funds | 4.9 | 0.9 | 0.2 | (1.0 | ) | 5 | |||||||||||||
Total | $ | 23.4 | $ | 2.4 | $ | (1.5 | ) | $ | 35.4 | $ | 59.7 | ||||||||
The change in fair value of the plans’ Level 3 assets for 2013 is summarized as follows: | |||||||||||||||||||
(millions) | Beginning | Realized | Unrealized | Net, | End of | ||||||||||||||
of year | gains | gains (losses) | purchases | year | |||||||||||||||
and (sales) | |||||||||||||||||||
Hedge funds | $ | 21.1 | $ | 0.9 | $ | 1.5 | $ | (5.0 | ) | $ | 18.5 | ||||||||
Private equity funds | 5.3 | 0.5 | (0.1 | ) | (0.8 | ) | 4.9 | ||||||||||||
Total | $ | 26.4 | $ | 1.4 | $ | 1.4 | $ | (5.8 | ) | $ | 23.4 | ||||||||
The value for the Level 3 hedge funds’ assets is determined by an administrator using financial statements of the underlying funds or estimates provided by fund managers. The value for the Level 3 private equity funds’ assets is determined by the general partner or the general partner’s designee. In addition, for the plans’ Level 3 assets, we engage an independent advisor to compare the funds’ returns to other funds with similar strategies. Each fund is required to have an annual audit by an independent accountant, which is provided to the independent advisor. This provides a basis of comparability relative to similar assets in this category. | |||||||||||||||||||
Equity securities in the U.S. plan included McCormick stock with a fair value of $33.0 million (0.5 million shares and 5.7% of total U.S. pension plan assets) and $31.6 million (0.5 million shares and 5.7% of total U.S. pension plan assets) at November 30, 2014 and 2013, respectively. Dividends paid on these shares were $0.7 million in 2014 and $0.6 million in 2013. | |||||||||||||||||||
Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. plans for the next 10 fiscal years will be as follows: | |||||||||||||||||||
(millions) | United States | ||||||||||||||||||
expected payments | |||||||||||||||||||
2015 | $ | 24.5 | |||||||||||||||||
2016 | 25.5 | ||||||||||||||||||
2017 | 27.4 | ||||||||||||||||||
2018 | 30.1 | ||||||||||||||||||
2019 | 31.7 | ||||||||||||||||||
2020-2024 | 195.4 | ||||||||||||||||||
It is anticipated that future benefit payments for the international plans for the next 10 fiscal years will be as follows: | |||||||||||||||||||
(millions) | International | ||||||||||||||||||
expected payments | |||||||||||||||||||
2015 | $ | 8.5 | |||||||||||||||||
2016 | 8.9 | ||||||||||||||||||
2017 | 9.9 | ||||||||||||||||||
2018 | 10.8 | ||||||||||||||||||
2019 | 12.3 | ||||||||||||||||||
2020-2024 | 79.7 | ||||||||||||||||||
U.S. Defined Contribution Retirement Plans | |||||||||||||||||||
For the U.S. defined contribution retirement plan, we match 100% of a participant’s contribution up to the first 3% of the participant’s salary, and 50% of the next 2% of the participant’s salary. In addition we make contributions for U.S. employees not covered by the defined benefit plan. Some of our smaller U.S. subsidiaries sponsor separate 401(k) retirement plans. Our contributions charged to expense under all 401(k) retirement plans were $7.7 million, $7.7 million and $7.4 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||
At the participant’s election, 401(k) retirement plans held 2.3 million shares of McCormick stock, with a fair value of $164.9 million, at November 30, 2014. Dividends paid on these shares in 2014 were $3.5 million. | |||||||||||||||||||
Postretirement Benefits Other Than Pensions | |||||||||||||||||||
We currently provide postretirement medical and life insurance benefits to certain U.S. employees who were covered under the active employees’ plan and retire after age 55 with at least five years of service. The subsidy provided under these plans is based primarily on age at date of retirement. These benefits are not pre-funded but paid as incurred. Employees hired after December 31, 2008 are not eligible for a company subsidy. They are eligible for coverage on an access-only basis. | |||||||||||||||||||
Our other postretirement benefit expense follows: | |||||||||||||||||||
(millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | 3.6 | $ | 5.1 | $ | 4 | |||||||||||||
Interest costs | 4.3 | 4.1 | 4.9 | ||||||||||||||||
Amortization of prior service costs | — | (1.2 | ) | (4.0 | ) | ||||||||||||||
Amortization of losses | — | 1.4 | — | ||||||||||||||||
Special termination benefits | — | — | (0.1 | ) | |||||||||||||||
Postretirement benefit expense | $ | 7.9 | $ | 9.4 | $ | 4.8 | |||||||||||||
Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow: | |||||||||||||||||||
(millions) | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 94.9 | $ | 112.8 | |||||||||||||||
Service cost | 3.6 | 5.1 | |||||||||||||||||
Interest costs | 4.3 | 4.1 | |||||||||||||||||
Employee contributions | 2.9 | 2.9 | |||||||||||||||||
Demographic assumptions change | (5.8 | ) | (8.1 | ) | |||||||||||||||
Other plan assumptions | 1.1 | (1.5 | ) | ||||||||||||||||
Trend rate assumption change | 0.1 | — | |||||||||||||||||
Discount rate change | 5.8 | (8.7 | ) | ||||||||||||||||
Actuarial gain | (2.3 | ) | (3.3 | ) | |||||||||||||||
Benefits paid | (8.3 | ) | (8.4 | ) | |||||||||||||||
Benefit obligation at end of year | $ | 96.3 | $ | 94.9 | |||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||||||||
Employer contributions | $ | 5.4 | $ | 5.5 | |||||||||||||||
Employee contributions | 2.9 | 2.9 | |||||||||||||||||
Benefits paid | (8.3 | ) | (8.4 | ) | |||||||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||||||||
Other postretirement benefit liability | $ | 96.3 | $ | 94.9 | |||||||||||||||
Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: | |||||||||||||||||||
(millions) | Retiree | Retiree life | Total | ||||||||||||||||
medical | insurance | ||||||||||||||||||
2015 | $ | 5.8 | $ | 1.1 | $ | 6.9 | |||||||||||||
2016 | 5.7 | 1.1 | 6.8 | ||||||||||||||||
2017 | 5.7 | 1.2 | 6.9 | ||||||||||||||||
2018 | 5.8 | 1.2 | 7 | ||||||||||||||||
2019 | 5.9 | 1.2 | 7.1 | ||||||||||||||||
2020-2024 | 29.4 | 6.3 | 35.7 | ||||||||||||||||
The assumed discount rate was 4.0% and 4.7% for 2014 and 2013, respectively. | |||||||||||||||||||
For 2014, the assumed annual rate of increase in the cost of covered health care benefits is 7.0% (7.0% last year). It is assumed to decrease gradually to 5.0% in the year 2022 (5.0% in 2021 last year) and remain at that level thereafter. A one percentage point increase or decrease in the assumed health care cost trend rate would have had an immaterial effect on the benefit obligation and the total of service and interest cost components for 2014. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Share-based Compensation [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 long-term performance plan (LTPP) (formerly known as our mid-term incentive program or MTIP). Total stock-based compensation expense for 2014, 2013 and 2012 was $18.2 million, $18.7 million and $20.2 million, respectively. Total unrecognized stock-based compensation expense at November 30, 2014 was $18.9 million and the weighted-average period over which this will be recognized is 1.1 years. As of November 30, 2014, we have 5.8 million shares remaining available for future issuance under our RSUs, stock option and LTPP award programs. | ||||||||||||||||
For all awards, forfeiture rates are considered in the calculation of compensation expense. | ||||||||||||||||
Below we have summarized the key terms and the methods of valuation and expense recognition for each of our stock-based compensation awards. | ||||||||||||||||
RSUs | ||||||||||||||||
RSUs are valued at the market price of the underlying stock, discounted by foregone dividends, on the date of grant. Substantially all of the RSUs granted in 2014 vest over a three-year term or upon retirement. Prior to 2014, substantially all of the RSUs granted vested over a two-year term or upon retirement. Compensation expense is recorded in the income statement ratably over the shorter of the period until vested or the employee's retirement eligibility date. | ||||||||||||||||
A summary of our RSU activity for the years ended November 30 follows: | ||||||||||||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 161 | $ | 60.86 | 192 | $ | 49.65 | 233 | $ | 43.23 | |||||||
Granted | 180 | 71.15 | 89 | 71.6 | 113 | 54.3 | ||||||||||
Vested | (93 | ) | 62.57 | (116 | ) | 50.91 | (147 | ) | 42.82 | |||||||
Forfeited | (9 | ) | 70.14 | (4 | ) | 59.25 | (7 | ) | 47.88 | |||||||
Outstanding—end of year | 239 | $ | 67.6 | 161 | $ | 60.86 | 192 | $ | 49.65 | |||||||
Stock Options | ||||||||||||||||
Stock options are granted with an exercise price equal to the market price of the stock on the date of grant. Substantially all of the options granted in 2014 vested ratably over a three-year period or upon retirement and are exercisable over a 10-year period. Prior to 2014, substantially all of the options granted vest ratably over a four-year period or upon retirement. Upon exercise of the option, shares are issued from our authorized and unissued shares. | ||||||||||||||||
The fair value of the options is estimated with a lattice option pricing model which uses the assumptions in the table below. We believe the lattice model provides an appropriate estimate of fair value of our options as it allows for a range of possible outcomes over an option term and can be adjusted for changes in certain assumptions over time. Expected volatilities are based on the historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is an output of the option pricing model and estimates the period of time that options are expected to remain unexercised. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense is calculated based on the fair value of the options on the date of grant. This compensation is recorded in the income statement ratably over the shorter of the period until vested or the employee's retirement eligibility date. | ||||||||||||||||
The per share weighted-average fair value for all options granted was $9.48, $9.47 and $7.17 in 2014, 2013 and 2012, respectively. These fair values were computed using the following range of assumptions for our various stock compensation plans for the years ended November 30: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rates | 0.1 - 2.7% | 0.1 - 1.8% | 0.1 - 2.2% | |||||||||||||
Dividend yield | 2.1 | % | 1.9 | % | 2.3 | % | ||||||||||
Expected volatility | 15.6 - 20.1% | 14.5 - 20.6% | 16.5 - 21.6% | |||||||||||||
Expected lives | 5.8 years | 6.2 years | 6.1 years | |||||||||||||
Under our stock option plans, we may issue shares on a net basis at the request of the option holder. This occurs by netting the option cost in shares from the shares exercised. | ||||||||||||||||
A summary of our stock option activity for the years ended November 30 follows: | ||||||||||||||||
(shares in millions) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
exercise | exercise | exercise | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 4.6 | $ | 47.73 | 5.1 | $ | 40.06 | 6.6 | $ | 34.98 | |||||||
Granted | 1.1 | 71.12 | 0.9 | 71.6 | 0.9 | 54.27 | ||||||||||
Exercised | (0.8 | ) | 37.19 | (1.3 | ) | 34.11 | (2.4 | ) | 31.43 | |||||||
Forfeited | (0.1 | ) | 67.22 | (0.1 | ) | 57.33 | — | — | ||||||||
Outstanding—end of year | 4.8 | 54.17 | 4.6 | 47.73 | 5.1 | 40.06 | ||||||||||
Exercisable—end of year | 2.8 | $ | 45.71 | 2.7 | $ | 39.62 | 2.7 | $ | 34.99 | |||||||
As of November 30, 2014, the intrinsic value (the difference between the exercise price and the market price) for all options currently outstanding was $96.5 million and for options currently exercisable was $81.0 million. At November 30, 2014, the differences between options outstanding and options expected to vest and their related weighted average exercise prices, aggregate intrinsic values and weighted average remaining lives were not material. The total intrinsic value of all options exercised during the years ended November 30, 2014, 2013 and 2012 was $25.9 million, $43.7 million and $62.8 million, respectively. A summary of our stock options outstanding and exercisable at November 30, 2014 follows: | ||||||||||||||||
(shares in millions) | Options outstanding | Options exercisable | ||||||||||||||
Range of | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | ||||||||||
exercise price | average | average | average | average | ||||||||||||
remaining | exercise | remaining | exercise | |||||||||||||
life (yrs) | price | life (yrs) | price | |||||||||||||
$20.00 - $40.00 | 1.4 | 3.9 | $ | 35.71 | 1.4 | 3.9 | $ | 35.71 | ||||||||
$40.01 - $60.00 | 1.5 | 6.8 | 50.77 | 1 | 6.7 | 50.24 | ||||||||||
$60.01 - $80.00 | 1.9 | 8.9 | 71.33 | 0.4 | 8.5 | 71.48 | ||||||||||
4.8 | 6.5 | $ | 54.17 | 2.8 | 5.1 | $ | 45.71 | |||||||||
LTPP | ||||||||||||||||
Our LTPP delivers awards in a combination of cash and company stock. The stock compensation portion of the LTPP awards shares of company stock if certain company performance objectives are met at the end of a three-year period. These awards are valued at the market price of the underlying stock on the date of grant. Compensation expense is recorded in the income statement ratably over the three-year period of the program based on the number of shares ultimately expected to be awarded using our estimate of the most likely outcome of achieving the performance objectives. | ||||||||||||||||
A summary of the LTPP award activity for the years ended November 30 follows: | ||||||||||||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 334 | $ | 51.73 | 240 | $ | 46.63 | 120 | $ | 44.47 | |||||||
Granted | 105 | 69.04 | 94 | 64.74 | 120 | 48.78 | ||||||||||
Vested | (118 | ) | 44.47 | — | — | — | — | |||||||||
Performance adjustment | (55 | ) | 48.78 | — | — | — | — | |||||||||
Forfeited | (35 | ) | 65.42 | — | — | — | — | |||||||||
Outstanding—end of year | 231 | $ | 61.94 | 334 | $ | 51.73 | 240 | $ | 46.63 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | INCOME TAXES | |||||||||
The provision for income taxes consists of the following: | ||||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Income taxes | ||||||||||
Current | ||||||||||
Federal | $ | 91.3 | $ | 96.4 | $ | 79.4 | ||||
State | 11.3 | 10.3 | 10.1 | |||||||
International | 37.2 | 42.2 | 26 | |||||||
139.8 | 148.9 | 115.5 | ||||||||
Deferred | ||||||||||
Federal | 2.8 | (0.1 | ) | 21.3 | ||||||
State | 0.3 | (0.4 | ) | 4 | ||||||
International | 3 | (14.8 | ) | (1.0 | ) | |||||
6.1 | (15.3 | ) | 24.3 | |||||||
Total income taxes | $ | 145.9 | $ | 133.6 | $ | 139.8 | ||||
The components of income from consolidated operations before income taxes follow: | ||||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Pretax income | ||||||||||
United States | $ | 333.2 | $ | 351.2 | $ | 366.2 | ||||
International | 221.2 | 148.2 | 159.9 | |||||||
$ | 554.4 | $ | 499.4 | $ | 526.1 | |||||
A reconciliation of the U.S. federal statutory rate with the effective tax rate follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||
State income taxes, net of federal benefits | 1.3 | 1.2 | 1.7 | |||||||
International tax at different effective rates | (7.0 | ) | (6.9 | ) | (6.5 | ) | ||||
U.S. tax on remitted and unremitted earnings | 0.4 | — | (2.0 | ) | ||||||
U.S. manufacturing deduction | (1.6 | ) | (1.8 | ) | (1.6 | ) | ||||
Changes in prior year tax contingencies | (2.0 | ) | 0.3 | (0.1 | ) | |||||
Other, net | 0.2 | (1.0 | ) | 0.1 | ||||||
Total | 26.3 | % | 26.8 | % | 26.6 | % | ||||
Deferred tax assets and liabilities are comprised of the following: | ||||||||||
(millions) | 2014 | 2013 | ||||||||
Deferred tax assets | ||||||||||
Employee benefit liabilities | $ | 145 | $ | 110.3 | ||||||
Other accrued liabilities | 23.9 | 23.5 | ||||||||
Inventory | 10.8 | 11.1 | ||||||||
Tax loss and credit carryforwards | 38.9 | 41.4 | ||||||||
Other | 11.7 | 9.5 | ||||||||
Valuation allowance | (21.8 | ) | (21.2 | ) | ||||||
208.5 | 174.6 | |||||||||
Deferred tax liabilities | ||||||||||
Depreciation | 38.8 | 45.3 | ||||||||
Intangible assets | 192.6 | 178.2 | ||||||||
Other | 8.7 | 7.4 | ||||||||
240.1 | 230.9 | |||||||||
Net deferred tax liability | $ | (31.6 | ) | $ | (56.3 | ) | ||||
At November 30, 2014, our non-U.S. subsidiaries have tax loss carryforwards of $142.3 million. Of these carryforwards, $26.9 million expire through 2016, $48.5 million from 2017 through 2025 and $66.9 million may be carried forward indefinitely. | ||||||||||
At November 30, 2014, our non-U.S. subsidiaries have capital loss carryforwards of $5.9 million. All of these carryforwards may be carried forward indefinitely. | ||||||||||
At November 30, 2014, we have tax credit carryforwards of $17.5 million, of which $3.4 million expire in 2020, $0.6 million in 2021 and $13.5 million in 2022. | ||||||||||
A valuation allowance has been provided to record deferred tax assets at their net realizable value based on a more likely than not criteria. The $0.6 million net increase in the valuation allowance was mainly due to the recognition of deferred tax assets related to subsidiaries net operating losses which are now more likely than not to be realized, offset by additional valuation allowance related to losses generated in other subsidiaries in 2014 which may not be realized in future periods. | ||||||||||
U.S. income taxes are not provided for unremitted earnings of international subsidiaries and affiliates where our intention is to reinvest these earnings permanently. Unremitted earnings of such entities were $1.25 billion at November 30, 2014. Upon distribution of these earnings, we could be subject to both U.S. income taxes and withholding taxes. Determination of the unrecognized deferred income tax liability is not practical because of the complexities involved with this hypothetical calculation. | ||||||||||
The total amount of unrecognized tax benefits as of November 30, 2014 and November 30, 2013 were $55.7 million and $58.0 million, respectively. If recognized, $45.6 million of these tax benefits would affect the effective tax rate. | ||||||||||
The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: | ||||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 58 | $ | 46.7 | $ | 33.2 | ||||
Additions for current year tax positions | 11.4 | 10.3 | 10.6 | |||||||
Additions for prior year tax positions | 0.7 | 2.2 | 3.9 | |||||||
Reductions for prior year tax positions | (9.5 | ) | — | — | ||||||
Settlements | (3.5 | ) | — | — | ||||||
Statute expirations | (0.7 | ) | (0.1 | ) | (1.2 | ) | ||||
Foreign currency translation | (0.7 | ) | (1.1 | ) | 0.2 | |||||
Balance at November 30 | $ | 55.7 | $ | 58 | $ | 46.7 | ||||
We record interest and penalties on income taxes in income tax expense. We recognized interest and penalty expense of $0.5 million, $1.3 million and $1.4 million for the years ended November 30, 2014, 2013 and 2012, respectively. As of November 30, 2014 and 2013, we had accrued $5.0 million and $5.2 million, respectively, of interest and penalties related to unrecognized tax benefits. | ||||||||||
Tax settlements or statute of limitation expirations could result in a change to our uncertain tax positions. We believe that it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2014 could decrease by approximately $2.1 million in the next 12 months as a result of various statute expirations, audit closures and/or tax settlements. | ||||||||||
We file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. The open years subject to tax audits vary depending on the tax jurisdictions. In major jurisdictions, we are no longer subject to income tax audits by taxing authorities for years before 2007. | ||||||||||
We reached the following tax settlements during 2014: (1) a settlement with respect to the French taxing authority’s audits of the 2007-2013 tax years; and (2) a settlement with respect to the Internal Revenue Service (IRS) examination of our U.S. federal income tax return for the 2007 and 2008 tax years. | ||||||||||
We are under normal recurring tax audits in several of our major operations outside the U.S. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our reserves for uncertain tax positions are adequate to cover existing risks and exposures. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||
Nov. 30, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | EARNINGS PER SHARE | ||||||
The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: | |||||||
(millions) | 2014 | 2013 | 2012 | ||||
Average shares outstanding—basic | 129.9 | 132.1 | 132.7 | ||||
Effect of dilutive securities: | |||||||
Stock options/RSUs/LTTP | 1.1 | 1.5 | 1.6 | ||||
Average shares outstanding—diluted | 131 | 133.6 | 134.3 | ||||
The following table sets forth the stock options and RSUs for the years ended November 30 which were not considered in our earnings per share calculation since they were antidilutive. | |||||||
(millions) | 2014 | 2013 | 2012 | ||||
Antidilutive securities | 1.6 | 0.6 | 0.3 | ||||
Capital_Stock
Capital Stock | 12 Months Ended |
Nov. 30, 2014 | |
Capital Stock [Abstract] | |
Capital Stock | CAPITAL STOCK |
Holders of Common Stock have full voting rights except that (1) the voting rights of persons who are deemed to own beneficially 10% or more of the outstanding shares of Common Stock are limited to 10% of the votes entitled to be cast by all holders of shares of Common Stock regardless of how many shares in excess of 10% are held by such person; (2) we have the right to redeem any or all shares of stock owned by such person unless such person acquires more than 90% of the outstanding shares of each class of our common stock; and (3) at such time as such person controls more than 50% of the vote entitled to be cast by the holders of outstanding shares of Common Stock, automatically, on a share-for-share basis, all shares of Common Stock Non-Voting will convert into shares of Common Stock. | |
Holders of Common Stock Non-Voting will vote as a separate class on all matters on which they are entitled to vote. Holders of Common Stock Non-Voting are entitled to vote on reverse mergers and statutory share exchanges where our capital stock is converted into other securities or property, dissolution of the company and the sale of substantially all of our assets, as well as forward mergers and consolidation of the company. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Nov. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES |
During the normal course of our business, we are occasionally involved with various claims and litigation. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. At November 30, 2014 and 2013, no material reserves were recorded. No reserves are established for losses which are only reasonably possible. The determination of probability and the estimation of the actual amount of any such loss is inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. However, we believe that the likelihood that any such excess might have a material adverse effect on our financial statements is remote. |
Business_Segments_And_Geograph
Business Segments And Geographic Areas | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||
Business Segments And Geographic Areas | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | |||||||||||||||
Business Segments | ||||||||||||||||
We operate in two business segments: consumer and industrial. The consumer and industrial segments manufacture, market and distribute spices, 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”, “Vahiné”, “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 each of these individual product lines. | ||||||||||||||||
We measure segment performance based on operating income excluding special charges and loss on voluntary pension settlement as these activities are managed separately from the business segments. 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. Therefore, asset-related information has been disclosed in the aggregate. | ||||||||||||||||
We have a large number of customers for our products. Sales to one of our consumer business customers, Wal-Mart Stores, Inc., accounted for 11% of consolidated sales in 2014, 12% of consolidated sales in 2013 and 11% of consolidated sales in 2012. Sales to one of our industrial business customers, PepsiCo, Inc., accounted for 11% of consolidated sales in 2014, 2013 and 2012. | ||||||||||||||||
Accounting policies for measuring segment operating income and assets are consistent with those described in note 1. Because of integrated manufacturing for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Inter-segment sales are not material. Corporate assets include cash, deferred taxes, investments and certain fixed assets. | ||||||||||||||||
Business Segment Results | ||||||||||||||||
(millions) | Consumer | Industrial | Total | Corporate | Total | |||||||||||
segments | & other | |||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 2,625.50 | $ | 1,617.70 | $ | 4,243.20 | — | $ | 4,243.20 | |||||||
Operating income excluding special charges | 474.3 | 133.9 | 608.2 | — | 608.2 | |||||||||||
Income from unconsolidated operations | 28.2 | 1.2 | 29.4 | — | 29.4 | |||||||||||
Goodwill | 1,581.10 | 141.1 | 1,722.20 | — | 1,722.20 | |||||||||||
Assets | — | — | 4,169.70 | $ | 244.6 | 4,414.30 | ||||||||||
Capital expenditures | — | — | 108.6 | 24.1 | 132.7 | |||||||||||
Depreciation and amortization | — | — | 71.7 | 31 | 102.7 | |||||||||||
2013 | ||||||||||||||||
Net sales | $ | 2,538.00 | $ | 1,585.40 | $ | 4,123.40 | — | $ | 4,123.40 | |||||||
Operating income excluding special charges and loss on voluntary pension settlement | 472.3 | 118.5 | 590.8 | — | 590.8 | |||||||||||
Income from unconsolidated operations | 19.5 | 3.7 | 23.2 | — | 23.2 | |||||||||||
Goodwill | 1,654.70 | 143.8 | 1,798.50 | — | 1,798.50 | |||||||||||
Assets | — | — | 4,142.90 | $ | 306.8 | 4,449.70 | ||||||||||
Capital expenditures | — | — | 84.2 | 15.7 | 99.9 | |||||||||||
Depreciation and amortization | — | — | 74.8 | 31.2 | 106 | |||||||||||
2012 | ||||||||||||||||
Net sales | $ | 2,415.30 | $ | 1,598.90 | $ | 4,014.20 | — | $ | 4,014.20 | |||||||
Operating income | 456.1 | 122.2 | 578.3 | — | 578.3 | |||||||||||
Income from unconsolidated operations | 17.3 | 4.2 | 21.5 | — | 21.5 | |||||||||||
Goodwill | 1,551.00 | 144.3 | 1,695.30 | — | 1,695.30 | |||||||||||
Assets | — | — | 3,912.20 | $ | 253.2 | 4,165.40 | ||||||||||
Capital expenditures | — | — | 88.8 | 21.5 | 110.3 | |||||||||||
Depreciation and amortization | — | — | 75.1 | 27.7 | 102.8 | |||||||||||
A reconciliation of operating income excluding special charges and loss on voluntary pension settlement (which we use to measure segment profitability) to operating income for the years ended November 30, 2014 and 2013 is as follows: | ||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||
Operating income excluding special charges and loss on voluntary pension settlement | $ | 608.2 | $ | 590.8 | ||||||||||||
Less: Special charges | 5.2 | 25 | ||||||||||||||
Less: Loss on voluntary pension settlement | — | 15.3 | ||||||||||||||
Operating income | $ | 603 | $ | 550.5 | ||||||||||||
Geographic Areas | ||||||||||||||||
We have net sales and long-lived assets in the following geographic areas: | ||||||||||||||||
(millions) | United | EMEA | Other | Total | ||||||||||||
States | countries | |||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 2,357.50 | $ | 930.8 | $ | 954.9 | $ | 4,243.20 | ||||||||
Long-lived assets | 1,284.00 | 920 | 451.7 | 2,655.70 | ||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 2,357.00 | $ | 883.4 | $ | 883 | $ | 4,123.40 | ||||||||
Long-lived assets | 1,275.70 | 989.2 | 443.6 | 2,708.50 | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 2,351.50 | $ | 860.5 | $ | 802.2 | $ | 4,014.20 | ||||||||
Long-lived assets | 1,291.50 | 956.6 | 318 | 2,566.10 | ||||||||||||
Long-lived assets include property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization. |
Supplemental_Financial_Stateme
Supplemental Financial Statement Data | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Supplemental Financial Statement Data [Abstract] | ||||||||||
Supplemental Financial Statement Data | SUPPLEMENTAL FINANCIAL STATEMENT DATA | |||||||||
Supplemental income statement, balance sheet and cash flow information follows: | ||||||||||
(millions) | 2014 | 2013 | ||||||||
Inventories | ||||||||||
Finished products | $ | 303.2 | $ | 304.6 | ||||||
Raw materials and work-in-process | 410.6 | 372.3 | ||||||||
$ | 713.8 | $ | 676.9 | |||||||
Prepaid expenses | $ | 20.3 | $ | 37.7 | ||||||
Other current assets | 111.2 | 97.1 | ||||||||
$ | 131.5 | $ | 134.8 | |||||||
Property, plant and equipment | ||||||||||
Land and improvements | $ | 57.6 | $ | 59.3 | ||||||
Buildings | 346.4 | 335.4 | ||||||||
Machinery and equipment | 700.7 | 661.3 | ||||||||
Software | 301.7 | 292.5 | ||||||||
Construction-in-progress | 75 | 59.2 | ||||||||
Accumulated depreciation | (878.7 | ) | (831.1 | ) | ||||||
$ | 602.7 | $ | 576.6 | |||||||
Investments and other assets | ||||||||||
Investments in affiliates | $ | 156.3 | $ | 160.6 | ||||||
Long-term investments | 113 | 103.4 | ||||||||
Prepaid allowances | 17.3 | 19.3 | ||||||||
Other assets | 55.8 | 87.7 | ||||||||
$ | 342.4 | $ | 371 | |||||||
Other accrued liabilities | ||||||||||
Payroll and employee benefits | $ | 132.8 | $ | 120.4 | ||||||
Sales allowances | 127.3 | 124.5 | ||||||||
Other | 219 | 216.8 | ||||||||
$ | 479.1 | $ | 461.7 | |||||||
Other long-term liabilities | ||||||||||
Pension | $ | 182.3 | $ | 101 | ||||||
Postretirement benefits | 89.5 | 88.2 | ||||||||
Deferred taxes | 108.2 | 139.3 | ||||||||
Unrecognized tax benefits | 47.3 | 53 | ||||||||
Other | 41.5 | 38.4 | ||||||||
$ | 468.8 | $ | 419.9 | |||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Depreciation | $ | 67.7 | $ | 67.5 | $ | 63.6 | ||||
Software amortization | 20 | 23.6 | 23.7 | |||||||
Interest paid | 50 | 54.2 | 54.7 | |||||||
Income taxes paid | 129 | 106.3 | 103.3 | |||||||
Dividends paid per share were $1.48 in 2014, $1.36 in 2013 and $1.24 in 2012. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Selected Quarterly Data | SELECTED QUARTERLY DATA (UNAUDITED) | ||||||||||||
(millions except per share data) | First | Second | Third | Fourth | |||||||||
2014 | |||||||||||||
Net sales | $ | 993.4 | $ | 1,033.40 | $ | 1,042.80 | $ | 1,173.60 | |||||
Gross profit | 391.5 | 412.5 | 420.1 | 506.1 | |||||||||
Operating income | 124.6 | 121.7 | 157.3 | 199.4 | |||||||||
Net income | 82.5 | 84.5 | 122.9 | 148 | |||||||||
Basic earnings per share | 0.63 | 0.65 | 0.95 | 1.15 | |||||||||
Diluted earnings per share | 0.62 | 0.64 | 0.94 | 1.14 | |||||||||
Dividends paid per share— | |||||||||||||
Common Stock and Common Stock Non-Voting | 0.37 | 0.37 | 0.37 | 0.37 | |||||||||
Market price—Common Stock | |||||||||||||
High | 70 | 72 | 73.04 | 73.18 | |||||||||
Low | 62.8 | 65.57 | 66 | 65.9 | |||||||||
Market price—Common Stock Non-Voting | |||||||||||||
High | 70.02 | 72.31 | 73.09 | 74.33 | |||||||||
Low | 63.03 | 66.12 | 65.78 | 65.61 | |||||||||
2013 | |||||||||||||
Net sales | $ | 934.4 | $ | 1,002.60 | $ | 1,016.40 | $ | 1,170.10 | |||||
Gross profit | 361.7 | 394.4 | 407.6 | 502.2 | |||||||||
Operating income | 112 | 116 | 148.4 | 174.1 | |||||||||
Net income | 76 | 78.6 | 104.4 | 129.9 | |||||||||
Basic earnings per share | 0.57 | 0.6 | 0.79 | 0.99 | |||||||||
Diluted earnings per share | 0.57 | 0.59 | 0.78 | 0.98 | |||||||||
Dividends paid per share— | |||||||||||||
Common Stock and Common Stock Non-Voting | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||
Market price—Common Stock | |||||||||||||
High | 67.28 | 74.6 | 73.41 | 70 | |||||||||
Low | 61.03 | 68.08 | 66.85 | 63.29 | |||||||||
Market price—Common Stock Non-Voting | |||||||||||||
High | 67.32 | 74.76 | 73.36 | 70.2 | |||||||||
Low | 61.23 | 68.39 | 67.09 | 64.07 | |||||||||
Operating income for the third and fourth quarters of 2014 included special charges of $2.3 million and $2.9 million, respectively, related to EMEA reorganization and other streamlining activities. For the third and fourth quarters of 2014, the after tax impact of these charges was $1.6 million and $2.1 million, respectively, and the basic and diluted earnings per share impact was $0.01 for the third quarter and $0.02 for the fourth quarter. | |||||||||||||
Operating income for the fourth quarter of 2013 included $25.0 million for special charges related to EMEA reorganization activities and $15.3 million of loss on voluntary pension settlements. The after tax impact of these two items is $29.2 million and the basic and diluted earnings per share impact is $0.22. | |||||||||||||
Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Valuation And Qualifying Accounts | Supplemental Financial Schedule II Consolidated | |||||||||||||||
McCORMICK & COMPANY, INCORPORATED | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(IN MILLIONS) | ||||||||||||||||
Column A | Column B | Column C Additions | Column D | Column E | ||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||
Beginning of | Costs and | Other | End of Period | |||||||||||||
Period | Expenses | Accounts | ||||||||||||||
Deducted from asset accounts: | ||||||||||||||||
Year ended November 30, 2014: | ||||||||||||||||
Allowance for doubtful receivables | $ | 4.1 | $ | 1.1 | $ | (0.9 | ) | $ | (0.3 | ) | $ | 4 | ||||
Valuation allowance on net deferred tax assets | 21.2 | 3 | (1.4 | ) | (1.0 | ) | 21.8 | |||||||||
$ | 25.3 | $ | 4.1 | $ | (2.3 | ) | $ | (1.3 | ) | $ | 25.8 | |||||
Deducted from asset accounts: | ||||||||||||||||
Year ended November 30, 2013: | ||||||||||||||||
Allowance for doubtful receivables | $ | 4 | $ | 1.5 | $ | (0.1 | ) | $ | (1.3 | ) | $ | 4.1 | ||||
Valuation allowance on net deferred tax assets | 27.5 | 5.2 | (1.6 | ) | (9.9 | ) | 21.2 | |||||||||
$ | 31.5 | $ | 6.7 | $ | (1.7 | ) | $ | (11.2 | ) | $ | 25.3 | |||||
Deducted from asset accounts: | ||||||||||||||||
Year ended November 30, 2012: | ||||||||||||||||
Allowance for doubtful receivables | $ | 4.5 | $ | 0.7 | — | $ | (1.2 | ) | $ | 4 | ||||||
Valuation allowance on net deferred tax assets | 26.6 | 2.3 | $ | 0.8 | (2.2 | ) | 27.5 | |||||||||
$ | 31.1 | $ | 3 | $ | 0.8 | $ | (3.4 | ) | $ | 31.5 | ||||||
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event | 12 Months Ended |
Nov. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 19. SUBSEQUENT EVENT |
On January 26, 2015, we approved a voluntary early retirement plan to be offered to certain U.S. employees aged 55 years or older with at least ten years of service to the company. The cost of the voluntary early retirement plan (which includes enhanced separation benefits but does not include supplementary pension benefits) is expected to approximate $13 million, with the actual cost to be determined based upon acceptance by eligible employees, and to be recorded in the second quarter of 2015. This plan is part of a North American effectiveness initiative that, upon completion, is expected to generate cost savings of approximately $10 million in 2015 and annual cost savings of approximately $25 million beginning in 2016. We currently estimate the total cost to implement the North American effectiveness initiative to approximate $20 million, including the cost of the voluntary early retirement plan and other actions necessary to achieve the cost savings previously described, consisting principally of severance and related benefits that will be paid in cash. We continue to evaluate changes to our organization structure in certain other locations to enable us to reduce fixed costs, simplify or improve processes, and improve our competitiveness. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Nov. 30, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
The financial statements include the accounts of our majority-owned or controlled subsidiaries and affiliates. Intercompany transactions have been eliminated. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. Accordingly, our share of net income or loss of unconsolidated affiliates is included in net income. | |
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation |
For majority-owned or controlled subsidiaries and affiliates, if located outside of the U.S., with functional currencies other than the U.S. dollar, asset and liability accounts are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Income and expense items are translated at average monthly rates of exchange. Gains and losses from foreign currency transactions of these majority-owned or controlled subsidiaries and affiliates-that is, transactions denominated in other than the functional currency-are included in net earnings. | |
Our unconsolidated affiliates located outside the U.S. generally use their local currencies as their functional currencies. The asset and liability accounts of those unconsolidated affiliates, and our investment in the net assets of those unconsolidated affiliates, are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Our income from these unconsolidated operations is translated at average monthly rates of exchange. | |
Use Of Estimates | Use of Estimates |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. | |
Cash And Cash Equivalents | Cash and Cash Equivalents |
All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. | |
Inventories | Inventories |
Inventories are stated at the lower of cost or market. Cost is determined using standard or average costs which approximate the first-in, first-out costing method. | |
Property, Plant And Equipment | Property, Plant and Equipment |
Property, plant and equipment is stated at historical cost and depreciated over its estimated useful life using the straight-line method for financial reporting and both accelerated and straight-line methods for tax reporting. The estimated useful lives range from 20 to 40 years for buildings and 3 to 12 years for machinery, equipment and computer software. Repairs and maintenance costs are expensed as incurred. | |
We capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. Software is amortized using the straight-line method over a range of 3 to 8 years, but not exceeding the expected life of the product. We capitalized $11.7 million of software development costs during the year ended November 30, 2014, $16.7 million during the year ended November 30, 2013 and $20.5 million during the year ended November 30, 2012. | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets |
We review the carrying value of goodwill and indefinite-lived intangible assets and conduct tests of impairment on an annual basis as described below. We also test goodwill for impairment if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount and test indefinite-lived intangible assets for impairment if events or changes in circumstances indicate that the asset might be impaired. Separable intangible assets that have finite useful lives are amortized over those lives. | |
Determining the fair value of a reporting unit or an indefinite-lived purchased intangible asset is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, assumed royalty rates, future economic and market conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. | |
Goodwill Impairment | |
Our reporting units used to assess potential goodwill impairment are the same as our business segments. We calculate fair value of a reporting unit by using a discounted cash flow model and then compare that to the carrying amount of the reporting unit, including intangible assets and goodwill. If the carrying amount of the reporting unit exceeds the calculated fair value, then we would determine the implied fair value of the reporting unit’s goodwill. An impairment charge would be recognized to the extent the carrying amount of goodwill exceeds the implied fair value. | |
Indefinite-lived Intangible Asset Impairment | |
Our indefinite-lived intangible assets consist of brand names and trademarks. We calculate fair value by using a relief-from-royalty method or discounted cash flow model and then compare that to the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. | |
Long-lived Fixed Asset Impairment | |
Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss is calculated based on estimated fair value. | |
Revenue Recognition | Revenue Recognition |
We recognize revenue when we have an agreement with the customer; upon either shipment or delivery, depending upon contractual terms; and when the sales price is fixed or determinable and collectability is reasonably assured. We reduce revenue for estimated product returns, allowances and price discounts based on historical experience and contractual terms. | |
Trade allowances, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Revenue is recorded net of trade allowances. | |
Trade accounts receivable are amounts billed and currently due from customers. We have an allowance for doubtful accounts to reduce our receivables to their net realizable value. We estimate the allowance for doubtful accounts based on the aging of our receivables and our history of collections. | |
Shipping And Handling | Shipping and Handling |
Shipping and handling costs on our products sold to customers are included in selling, general and administrative expense in the income statement. Shipping and handling expense was $100.3 million, $96.9 million and $94.8 million for 2014, 2013 and 2012, respectively. | |
Research And Development | Research and Development |
Research and development costs are expensed as incurred and are included in selling, general and administrative expense in the income statement. Research and development expense was $62.0 million, $61.3 million and $57.8 million for 2014, 2013 and 2012, respectively. | |
Brand Marketing Support | Brand Marketing Support |
Total brand marketing support costs, which are included in selling, general and administrative expense in the income statement, were $226.6 million, $207.8 million and $198.3 million for 2014, 2013 and 2012, respectively. Brand marketing support costs include advertising, promotions and customer trade funds used for cooperative advertising. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation on assets used in these promotional activities. Advertising costs include the development, production and communication of advertisements through television, digital, print and radio. Development and production costs are expensed in the period in which the advertisement is first run. All other costs of advertisement are expensed as incurred. Advertising expense was $100.4 million, $85.0 million and $86.2 million for 2014, 2013 and 2012, respectively. | |
Pension and Other Postretirement Plans, Policy | Employee Benefit and Retirement Plans |
We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in the balance sheet, with changes in the funded status recorded through comprehensive income in the year in which those changes occur. | |
The expected return on plan assets is determined using the expected rate of return and a calculated value of plan assets referred to as the market-related value of plan assets. Differences between assumed and actual returns are amortized to the market-related value of assets on a straight-line basis over five years. | |
We use the corridor approach in the valuation of defined benefit pension plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. |
Foreign_Currency_Translation_P
Foreign Currency Translation (Policies) | 12 Months Ended |
Nov. 30, 2014 | |
Foreign Currency [Abstract] | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
For majority-owned or controlled subsidiaries and affiliates, if located outside of the U.S., with functional currencies other than the U.S. dollar, asset and liability accounts are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Income and expense items are translated at average monthly rates of exchange. Gains and losses from foreign currency transactions of these majority-owned or controlled subsidiaries and affiliates-that is, transactions denominated in other than the functional currency-are included in net earnings. | |
Our unconsolidated affiliates located outside the U.S. generally use their local currencies as their functional currencies. The asset and liability accounts of those unconsolidated affiliates, and our investment in the net assets of those unconsolidated affiliates, are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Our income from these unconsolidated operations is translated at average monthly rates of exchange. |
Special_Charges_Special_Charge1
Special Charges Special Charges (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 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 associated with this EMEA reorganization as of November 30, 2013 and November 30, 2014 (in millions): | |||||||||||
Employee severance | Other exit costs | Total | ||||||||||
Balance as of November 30, 2013 | $ | 15.9 | $ | 2.7 | $ | 18.6 | ||||||
Special charges | 1.1 | 1 | 2.1 | |||||||||
Amounts utilized | (7.7 | ) | (3.0 | ) | (10.7 | ) | ||||||
Balance as of November 30, 2014 | $ | 9.3 | $ | 0.7 | $ | 10 | ||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets [Abstract ] | |||||||||||||
Schedule Of Amortized And Non-Amortized Intangible Assets | The following table displays intangible assets as of November 30, 2014 and 2013: | ||||||||||||
2014 | 2013 | ||||||||||||
(millions) | Gross | Accumulated | Gross | Accumulated | |||||||||
carrying | amortization | carrying | amortization | ||||||||||
amount | amount | ||||||||||||
Finite-lived intangible assets | $ | 94.7 | $ | 34.7 | $ | 93.9 | $ | 30.2 | |||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | 1,722.20 | 1,798.50 | |||||||||||
Brand names and trademarks | 270.8 | 269.7 | |||||||||||
1,993.00 | 2,068.20 | ||||||||||||
Total goodwill and intangible assets | $ | 2,087.70 | $ | 34.7 | $ | 2,162.10 | $ | 30.2 | |||||
Changes In The Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill by segment for the years ended November 30, 2014 and 2013 were as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
(millions) | Consumer | Industrial | Consumer | Industrial | |||||||||
Beginning of year | $ | 1,654.70 | $ | 143.8 | $ | 1,551.00 | $ | 144.3 | |||||
Changes in purchase price allocation | (6.1 | ) | — | — | — | ||||||||
Goodwill acquired | — | — | 77.9 | — | |||||||||
Foreign currency fluctuations and other | (67.5 | ) | (2.7 | ) | 25.8 | (0.5 | ) | ||||||
End of year | $ | 1,581.10 | $ | 141.1 | $ | 1,654.70 | $ | 143.8 | |||||
Investments_In_Affiliates_Tabl
Investments In Affiliates (Tables) | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Investments In Affiliates [Abstract] | ||||||||||
Summarized Annual And Year-End Information Of Unconsolidated Affiliates | Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows: | |||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Net sales | $ | 766.6 | $ | 761.4 | $ | 727.1 | ||||
Gross profit | 275.7 | 256.9 | 229.2 | |||||||
Net income | 67.5 | 53.8 | 47.1 | |||||||
Current assets | $ | 320.1 | $ | 288.9 | $ | 274.4 | ||||
Noncurrent assets | 123.6 | 128.4 | 104.2 | |||||||
Current liabilities | 137.2 | 141 | 129.9 | |||||||
Noncurrent liabilities | 6.3 | 7.2 | 20.5 | |||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | ||||||
Nov. 30, 2014 | |||||||
Financing Arrangements [Abstract] | |||||||
Components Of Outstanding Debt | Our outstanding debt was as follows at November 30: | ||||||
(millions) | 2014 | 2013 | |||||
Short-term borrowings | |||||||
Commercial paper | $ | 239.4 | $ | 200.3 | |||
Other | 30.2 | 11.3 | |||||
$ | 269.6 | $ | 211.6 | ||||
Weighted-average interest rate of short-term borrowings at year-end | 1.3 | % | 0.7 | % | |||
Long-term debt | |||||||
5.20% notes due 12/15/2015(1) | $ | 200 | $ | 200 | |||
5.75% notes due 12/15/2017(2) | 250 | 250 | |||||
3.90% notes due 7/8/2021(3) | 250 | 250 | |||||
3.50% notes due 8/19/2023(4) | 250 | 250 | |||||
7.63%–8.12% notes due 2024 | 55 | 55 | |||||
Other | 8.5 | 10.8 | |||||
Unamortized discounts and fair value adjustments | 1.8 | 5.7 | |||||
1,015.30 | 1,021.50 | ||||||
Less current portion | 1.2 | 2.5 | |||||
$ | 1,014.10 | $ | 1,019.00 | ||||
-1 | The fixed interest rate on $100 million of the 5.20% notes due in 2015 is effectively converted to a variable rate by interest rate swaps through 2015. Net interest payments are based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2014 was 0.19%). | ||||||
-2 | Interest rate swaps, settled upon the issuance of these notes in 2007, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%. | ||||||
-3 | Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%. | ||||||
-4 | Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. | ||||||
Maturities Of Long-Term Debt | Maturities of long-term debt during the fiscal years subsequent to November 30, 2014 are as follows (in millions): | ||||||
2016 | $ | 200.6 | |||||
2017 | 0.7 | ||||||
2018 | 250.7 | ||||||
2019 | 0.8 | ||||||
Thereafter | 559.5 | ||||||
Rental Expense Under Operating Leases | Future annual fixed rental payments for the years ending November 30 are as follows (in millions): | ||||||
2015 | $ | 23.4 | |||||
2016 | 17.6 | ||||||
2017 | 13.9 | ||||||
2018 | 11.3 | ||||||
2019 | 8.5 | ||||||
Thereafter | 17.6 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||
Fair Values Of Derivative Instruments | ||||||||||||||||||||
As of | ||||||||||||||||||||
November 30, 2014: | ||||||||||||||||||||
(millions) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives | Balance sheet | Notional amount | Fair value | Balance sheet | Notional amount | Fair value | ||||||||||||||
location | location | |||||||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 7.4 | Other accrued liabilities | — | — | ||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 106.3 | 4.9 | Other accrued liabilities | $ | 156.4 | $ | 1.4 | ||||||||||||
Total | $ | 12.3 | $ | 1.4 | ||||||||||||||||
As of | ||||||||||||||||||||
November 30, 2013: | ||||||||||||||||||||
(millions) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives | Balance sheet | Notional amount | Fair value | Balance sheet | Notional amount | Fair value | ||||||||||||||
location | location | |||||||||||||||||||
Interest rate contracts | Other current | $ | 100 | $ | 12.2 | Other accrued liabilities | — | — | ||||||||||||
assets | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 79.2 | 1.1 | Other accrued liabilities | $ | 125.7 | $ | 1.6 | ||||||||||||
Total | $ | 13.3 | $ | 1.6 | ||||||||||||||||
Carrying Amount And Fair Value Of Financial Instruments | The carrying amount and fair value of financial instruments at November 30, 2014 and 2013 were as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(millions) | Carrying | Fair | Carrying | Fair | ||||||||||||||||
amount | value | amount | value | |||||||||||||||||
Long-term investments | $ | 113 | $ | 113 | $ | 103.4 | $ | 103.4 | ||||||||||||
Long-term debt | 1,015.30 | 1,109.00 | 1,021.50 | 1,102.40 | ||||||||||||||||
Derivatives related to: | ||||||||||||||||||||
Interest rates (assets) | 7.4 | 7.4 | 12.2 | 12.2 | ||||||||||||||||
Foreign currency (assets) | 4.9 | 4.9 | 1.1 | 1.1 | ||||||||||||||||
Foreign currency (liabilities) | 1.4 | 1.4 | 1.6 | 1.6 | ||||||||||||||||
Fair Value Hedges [Member] | ||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||
Impact Of Derivative Instruments | The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the years ended November 30, 2014, 2013 and 2012: | |||||||||||||||||||
Fair value hedges (millions) | ||||||||||||||||||||
Income statement | Income (expense) | |||||||||||||||||||
Derivative | location | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate contracts | Interest expense | $ | 5 | $ | 5 | $ | 4.7 | |||||||||||||
Cash Flow Hedges [Member] | ||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||
Impact Of Derivative Instruments | ||||||||||||||||||||
Cash flow hedges (millions) | ||||||||||||||||||||
Gain (loss) | Income statement location | Gain (loss) | ||||||||||||||||||
recognized in OCI | reclassified from AOCI | |||||||||||||||||||
Derivative | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Interest rate contracts | — | $ | 9.2 | $ | (0.1 | ) | Interest expense | $ | (0.2 | ) | $ | (1.3 | ) | $ | (1.4 | ) | ||||
Foreign exchange contracts | $ | 4.2 | 1 | (2.4 | ) | Cost of goods sold | (1.1 | ) | 0.3 | 0.6 | ||||||||||
Total | $ | 4.2 | $ | 10.2 | $ | (2.5 | ) | $ | (1.3 | ) | $ | (1.0 | ) | $ | (0.8 | ) | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||
Assets And Liabilities Measured At Fair Value On Recurring Basis | Our population of assets and liabilities subject to fair value measurements on a recurring basis at November 30, 2014 and 2013 are as follows: | |||||||||||
Fair value measurements using fair | ||||||||||||
value hierarchy as of November 30, 2014 | ||||||||||||
(millions) | Fair value | Level 1 | Level 2 | Level 3 | ||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 77.3 | $ | 77.3 | — | — | ||||||
Insurance contracts | 104.5 | — | $ | 104.5 | — | |||||||
Bonds and other long-term investments | 8.5 | 8.5 | — | — | ||||||||
Interest rate derivatives | 7.4 | — | 7.4 | — | ||||||||
Foreign currency derivatives | 4.9 | — | 4.9 | — | ||||||||
Total | $ | 202.6 | $ | 85.8 | $ | 116.8 | — | |||||
Liabilities | ||||||||||||
Foreign currency derivatives | $ | 1.4 | — | $ | 1.4 | — | ||||||
Total | $ | 1.4 | — | $ | 1.4 | — | ||||||
Fair value measurements using fair | ||||||||||||
value hierarchy as of November 30, 2013 | ||||||||||||
(millions) | 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 | — | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Nov. 30, 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 loss, net of tax where applicable (in millions): | |||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||
Accumulated other comprehensive loss, net of tax where applicable | ||||||||||||||||
Foreign currency translation adjustment | $ | 32.1 | $ | 165.7 | ||||||||||||
Unrealized gain (loss) on foreign currency exchange contracts | 3 | (0.3 | ) | |||||||||||||
Unamortized value of settled interest rate swaps | 2.9 | 2 | ||||||||||||||
Pension and other postretirement costs | (224.0 | ) | (167.7 | ) | ||||||||||||
$ | (186.0 | ) | $ | (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 years ended November 30, 2014, 2013 and 2012: | |||||||||||||||
(millions) | Affected Line Items in the Consolidated Income Statement | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) Components | 2014 | 2013 | 2012 | |||||||||||||
Gains/ (losses) on cash flow hedges: | ||||||||||||||||
Interest rate derivatives | $ | (0.2 | ) | $ | (1.3 | ) | $ | (1.4 | ) | Interest expense | ||||||
Foreign exchange contracts | (1.1 | ) | 0.3 | 0.6 | Cost of goods sold | |||||||||||
Total before taxes | (1.3 | ) | (1.0 | ) | (0.8 | ) | ||||||||||
Tax effect | 0.3 | 0.3 | 0.2 | Income taxes | ||||||||||||
Net, after tax | $ | (1.0 | ) | $ | (0.7 | ) | $ | (0.6 | ) | |||||||
Amortization of pension and postretirement benefit adjustments: | ||||||||||||||||
Amortization of prior service costs (1) | $ | 0.3 | $ | (0.8 | ) | $ | (3.5 | ) | SG&A expense/ Cost of goods sold | |||||||
Amortization of net actuarial losses (1) | 16.4 | 36.5 | 21.6 | SG&A expense/ Cost of goods sold | ||||||||||||
Total before taxes | 16.7 | 35.7 | 18.1 | |||||||||||||
Tax effect | (5.7 | ) | (12.1 | ) | (6.2 | ) | Income taxes | |||||||||
Net, after tax | $ | 11 | $ | 23.6 | $ | 11.9 | ||||||||||
(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 10 for additional details). |
Employee_Benefit_And_Retiremen1
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Significant Assumptions Used To Determine Benefit Obligations | The significant assumptions used to determine benefit obligations are as follows as of November 30: | ||||||||||||||||||
United States | International | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate—funded plan | 4.4 | % | 5.2 | % | 3.8 | % | 4.6 | % | |||||||||||
Discount rate—unfunded plan | 4.3 | % | 5.1 | % | — | — | |||||||||||||
Salary scale | 3.8 | % | 3.8 | % | 3.0-3.8% | 3.0-3.8% | |||||||||||||
Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans | Amounts recorded in the balance sheet for all defined benefit pension plans consist of the following: | ||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Non-current pension asset | — | $ | 25.8 | $ | 0.3 | — | |||||||||||||
Accrued pension liability | $ | 152.1 | 81.2 | 36.6 | $ | 25 | |||||||||||||
Deferred income tax assets | 87.9 | 59.4 | 19.3 | 15.7 | |||||||||||||||
Accumulated other comprehensive loss | 144 | 95.5 | 82.5 | 74.1 | |||||||||||||||
Fair Value Of Pension Plan Assets | The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30, 2014 and 2013 for the United States and international plans: | ||||||||||||||||||
As of November 30, 2014 | United States | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | — | — | |||||||||||||
Equity securities: | |||||||||||||||||||
U.S. equity securities(a) | 301 | 144.3 | $ | 156.7 | — | ||||||||||||||
International equity securities(b) | 111.1 | 111.1 | — | — | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 30.6 | 30.6 | — | — | |||||||||||||||
High yield bonds(d) | 31.9 | — | 31.9 | — | |||||||||||||||
International/government/ corporate bonds(e) | 25.9 | 25.9 | — | — | |||||||||||||||
Insurance contracts(f) | 1.1 | — | 1.1 | — | |||||||||||||||
Other types of investments: | |||||||||||||||||||
Hedge funds(g) | 54.7 | — | — | $ | 54.7 | ||||||||||||||
Private equity funds(h) | 5 | — | — | 5 | |||||||||||||||
Total investments | $ | 576.3 | $ | 326.9 | $ | 189.7 | $ | 59.7 | |||||||||||
As of November 30, 2014 | International | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.6 | — | — | |||||||||||||
International equity securities(b) | 172.7 | — | $ | 172.7 | — | ||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 108.5 | — | 108.5 | — | |||||||||||||||
Insurance contracts(f) | 23.5 | — | 23.5 | — | |||||||||||||||
Total investments | $ | 305.3 | $ | 0.6 | $ | 304.7 | — | ||||||||||||
As of November 30, 2013 | United States | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 13.5 | $ | 13.5 | — | — | |||||||||||||
Equity securities: | |||||||||||||||||||
U.S. equity securities(a) | 277.2 | 129.5 | $ | 147.7 | — | ||||||||||||||
International equity securities(b) | 110.7 | 110.7 | — | — | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 72.5 | 72.5 | — | — | |||||||||||||||
High yield bonds(d) | 29.3 | — | 29.3 | — | |||||||||||||||
International/government/ corporate bonds(e) | 24.7 | 24.7 | — | — | |||||||||||||||
Insurance contracts(f) | 1 | — | 1 | — | |||||||||||||||
Other types of investments: | |||||||||||||||||||
Hedge funds(g) | 18.5 | — | — | $ | 18.5 | ||||||||||||||
Private equity funds(h) | 4.9 | — | — | 4.9 | |||||||||||||||
Total investments | $ | 552.3 | $ | 350.9 | $ | 178 | $ | 23.4 | |||||||||||
As of November 30, 2013 | International | ||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
fair | |||||||||||||||||||
value | |||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.6 | — | — | |||||||||||||
International equity securities(b) | 161.4 | — | $ | 161.4 | — | ||||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S./government/ corporate bonds(c) | 99.3 | — | 99.3 | — | |||||||||||||||
Insurance contracts(f) | 18.6 | — | 18.6 | — | |||||||||||||||
Total investments | $ | 279.9 | $ | 0.6 | $ | 279.3 | — | ||||||||||||
(a) | This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. | ||||||||||||||||||
(b) | This category comprises international equity funds with varying benchmark indices. | ||||||||||||||||||
(c) | This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. | ||||||||||||||||||
(d) | This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. | ||||||||||||||||||
(e) | This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. | ||||||||||||||||||
(f) | This category comprises insurance contracts, the majority of which have a guaranteed investment return. | ||||||||||||||||||
(g) | This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. | ||||||||||||||||||
(h) | This category comprises private equity, venture capital and limited partnerships. | ||||||||||||||||||
Change In Fair Value Of Level 3 Pension Plan Assets | The change in fair value of the plans’ Level 3 assets for 2014 is summarized as follows: | ||||||||||||||||||
(millions) | Beginning | Realized | Unrealized | Net, | End of | ||||||||||||||
of year | gains | gains (losses) | purchases | year | |||||||||||||||
and (sales) | |||||||||||||||||||
Hedge funds | $ | 18.5 | $ | 1.5 | $ | (1.7 | ) | $ | 36.4 | $ | 54.7 | ||||||||
Private equity funds | 4.9 | 0.9 | 0.2 | (1.0 | ) | 5 | |||||||||||||
Total | $ | 23.4 | $ | 2.4 | $ | (1.5 | ) | $ | 35.4 | $ | 59.7 | ||||||||
The change in fair value of the plans’ Level 3 assets for 2013 is summarized as follows: | |||||||||||||||||||
(millions) | Beginning | Realized | Unrealized | Net, | End of | ||||||||||||||
of year | gains | gains (losses) | purchases | year | |||||||||||||||
and (sales) | |||||||||||||||||||
Hedge funds | $ | 21.1 | $ | 0.9 | $ | 1.5 | $ | (5.0 | ) | $ | 18.5 | ||||||||
Private equity funds | 5.3 | 0.5 | (0.1 | ) | (0.8 | ) | 4.9 | ||||||||||||
Total | $ | 26.4 | $ | 1.4 | $ | 1.4 | $ | (5.8 | ) | $ | 23.4 | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | The significant assumptions used to determine pension expense are as follows: | ||||||||||||||||||
United States | International | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Discount rate—funded plan | 5.2 | % | 4.3 | % | 5.5 | % | 4.6 | % | 4.4 | % | 5.1 | % | |||||||
Discount rate—unfunded plan | 5.1 | % | 4.2 | % | 5.4 | % | — | — | — | ||||||||||
Salary scale | 3.8 | % | 3.8 | % | 3.8 | % | 3.0-3.8% | 3.0-3.8% | 3.0-3.8% | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8.3 | % | 6.4 | % | 6.6 | % | 6.7 | % | |||||||
Pension Plans [Member] | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Components Of Defined Benefit Plans | Our pension expense was as follows: | ||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Service cost | $ | 20 | $ | 23.2 | $ | 17.5 | $ | 7.8 | $ | 8.8 | $ | 6.8 | |||||||
Interest costs | 31.1 | 31.2 | 31.8 | 13.8 | 12.6 | 12.8 | |||||||||||||
Expected return on plan assets | (38.8 | ) | (41.4 | ) | (37.8 | ) | (18.7 | ) | (17.2 | ) | (16.2 | ) | |||||||
Loss on voluntary pension settlement | — | 15.3 | — | — | — | — | |||||||||||||
Amortization of prior service costs | — | — | 0.1 | 0.3 | 0.4 | 0.4 | |||||||||||||
Amortization of net actuarial loss | 11.8 | 29.5 | 18.1 | 4.6 | 5.6 | 3.5 | |||||||||||||
Other | — | — | — | — | 0.1 | — | |||||||||||||
$ | 24.1 | $ | 57.8 | $ | 29.7 | $ | 7.8 | $ | 10.3 | $ | 7.3 | ||||||||
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | |||||||||||||||||||
United States | International | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 607.7 | $ | 735.2 | $ | 304.9 | $ | 300.8 | |||||||||||
Service cost | 20 | 23.2 | 7.8 | 8.8 | |||||||||||||||
Interest costs | 31.1 | 31.2 | 13.8 | 12.6 | |||||||||||||||
Employee contributions | — | — | 1.5 | 1.7 | |||||||||||||||
Voluntary pension settlement | — | (63.3 | ) | — | — | ||||||||||||||
Plan changes and other | — | — | (0.6 | ) | (1.4 | ) | |||||||||||||
Actuarial (gain) loss | 94 | (97.8 | ) | 49.9 | (5.5 | ) | |||||||||||||
Benefits paid | (24.4 | ) | (20.8 | ) | (13.9 | ) | (8.6 | ) | |||||||||||
Expenses paid | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||
Foreign currency impact | — | — | (21.0 | ) | (2.7 | ) | |||||||||||||
Benefit obligation at end of year | $ | 728.4 | $ | 607.7 | $ | 341.6 | $ | 304.9 | |||||||||||
Change in fair value of plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 552.3 | $ | 519.8 | $ | 279.9 | $ | 247.6 | |||||||||||
Actual return on plan assets | 43.9 | 84.5 | 44.8 | 31.4 | |||||||||||||||
Employer contributions | 4.5 | 32.1 | 12.3 | 10.6 | |||||||||||||||
Employee contributions | — | — | 1.5 | 1.7 | |||||||||||||||
Voluntary pension settlement | — | (63.3 | ) | — | — | ||||||||||||||
Benefits paid | (24.4 | ) | (20.8 | ) | (13.9 | ) | (8.6 | ) | |||||||||||
Expenses paid | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||
Foreign currency impact | — | — | (18.5 | ) | (2.0 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 576.3 | $ | 552.3 | $ | 305.3 | $ | 279.9 | |||||||||||
Funded status | $ | (152.1 | ) | $ | (55.4 | ) | $ | (36.3 | ) | $ | (25.0 | ) | |||||||
Pension plans in which accumulated benefit obligation exceeded plan assets | |||||||||||||||||||
Accumulated benefit obligation | $ | 86.7 | $ | 76.8 | $ | 189.2 | $ | 191.4 | |||||||||||
Fair value of plan assets | — | — | 174.2 | 176.8 | |||||||||||||||
Allocations Of Pension Plan Assets | Our allocations of U.S. pension plan assets as of November 30, 2014 and 2013, by asset category, were as follows: | ||||||||||||||||||
Actual | 2014 | ||||||||||||||||||
Asset Category | 2014 | 2013 | Target | ||||||||||||||||
Equity securities | 70.4 | % | 70.2 | % | 65 | % | |||||||||||||
Fixed income securities | 15.5 | % | 23.1 | % | 17.5 | % | |||||||||||||
Other | 14.1 | % | 6.7 | % | 17.5 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Other Postretirement Benefits [Member] | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: | ||||||||||||||||||
(millions) | Retiree | Retiree life | Total | ||||||||||||||||
medical | insurance | ||||||||||||||||||
2015 | $ | 5.8 | $ | 1.1 | $ | 6.9 | |||||||||||||
2016 | 5.7 | 1.1 | 6.8 | ||||||||||||||||
2017 | 5.7 | 1.2 | 6.9 | ||||||||||||||||
2018 | 5.8 | 1.2 | 7 | ||||||||||||||||
2019 | 5.9 | 1.2 | 7.1 | ||||||||||||||||
2020-2024 | 29.4 | 6.3 | 35.7 | ||||||||||||||||
Components Of Defined Benefit Plans | |||||||||||||||||||
(millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | 3.6 | $ | 5.1 | $ | 4 | |||||||||||||
Interest costs | 4.3 | 4.1 | 4.9 | ||||||||||||||||
Amortization of prior service costs | — | (1.2 | ) | (4.0 | ) | ||||||||||||||
Amortization of losses | — | 1.4 | — | ||||||||||||||||
Special termination benefits | — | — | (0.1 | ) | |||||||||||||||
Postretirement benefit expense | $ | 7.9 | $ | 9.4 | $ | 4.8 | |||||||||||||
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow: | ||||||||||||||||||
(millions) | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 94.9 | $ | 112.8 | |||||||||||||||
Service cost | 3.6 | 5.1 | |||||||||||||||||
Interest costs | 4.3 | 4.1 | |||||||||||||||||
Employee contributions | 2.9 | 2.9 | |||||||||||||||||
Demographic assumptions change | (5.8 | ) | (8.1 | ) | |||||||||||||||
Other plan assumptions | 1.1 | (1.5 | ) | ||||||||||||||||
Trend rate assumption change | 0.1 | — | |||||||||||||||||
Discount rate change | 5.8 | (8.7 | ) | ||||||||||||||||
Actuarial gain | (2.3 | ) | (3.3 | ) | |||||||||||||||
Benefits paid | (8.3 | ) | (8.4 | ) | |||||||||||||||
Benefit obligation at end of year | $ | 96.3 | $ | 94.9 | |||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||||||||
Employer contributions | $ | 5.4 | $ | 5.5 | |||||||||||||||
Employee contributions | 2.9 | 2.9 | |||||||||||||||||
Benefits paid | (8.3 | ) | (8.4 | ) | |||||||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||||||||
Other postretirement benefit liability | $ | 96.3 | $ | 94.9 | |||||||||||||||
United States Pension Plans [Member] | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | |||||||||||||||||||
(millions) | United States | ||||||||||||||||||
expected payments | |||||||||||||||||||
2015 | $ | 24.5 | |||||||||||||||||
2016 | 25.5 | ||||||||||||||||||
2017 | 27.4 | ||||||||||||||||||
2018 | 30.1 | ||||||||||||||||||
2019 | 31.7 | ||||||||||||||||||
2020-2024 | 195.4 | ||||||||||||||||||
International Pension Plans [Member] | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | |||||||||||||||||||
(millions) | International | ||||||||||||||||||
expected payments | |||||||||||||||||||
2015 | $ | 8.5 | |||||||||||||||||
2016 | 8.9 | ||||||||||||||||||
2017 | 9.9 | ||||||||||||||||||
2018 | 10.8 | ||||||||||||||||||
2019 | 12.3 | ||||||||||||||||||
2020-2024 | 79.7 | ||||||||||||||||||
Allocations Of Pension Plan Assets | The allocations of the international pension plans’ assets as of November 30, 2014 and 2013, by asset category, were as follows: | ||||||||||||||||||
Actual | 2014 | ||||||||||||||||||
Asset Category | 2014 | 2013 | Target | ||||||||||||||||
Equity securities | 56.6 | % | 57.6 | % | 53 | % | |||||||||||||
Fixed income securities | 43.2 | % | 42.1 | % | 41 | % | |||||||||||||
Other | 0.2 | % | 0.3 | % | 6 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Summary Of RSU Activity | A summary of our RSU activity for the years ended November 30 follows: | |||||||||||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 161 | $ | 60.86 | 192 | $ | 49.65 | 233 | $ | 43.23 | |||||||
Granted | 180 | 71.15 | 89 | 71.6 | 113 | 54.3 | ||||||||||
Vested | (93 | ) | 62.57 | (116 | ) | 50.91 | (147 | ) | 42.82 | |||||||
Forfeited | (9 | ) | 70.14 | (4 | ) | 59.25 | (7 | ) | 47.88 | |||||||
Outstanding—end of year | 239 | $ | 67.6 | 161 | $ | 60.86 | 192 | $ | 49.65 | |||||||
Assumptions Of Stock Compensation Plans | These fair values were computed using the following range of assumptions for our various stock compensation plans for the years ended November 30: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rates | 0.1 - 2.7% | 0.1 - 1.8% | 0.1 - 2.2% | |||||||||||||
Dividend yield | 2.1 | % | 1.9 | % | 2.3 | % | ||||||||||
Expected volatility | 15.6 - 20.1% | 14.5 - 20.6% | 16.5 - 21.6% | |||||||||||||
Expected lives | 5.8 years | 6.2 years | 6.1 years | |||||||||||||
Summary Of Stock Option Activity | A summary of our stock option activity for the years ended November 30 follows: | |||||||||||||||
(shares in millions) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
exercise | exercise | exercise | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 4.6 | $ | 47.73 | 5.1 | $ | 40.06 | 6.6 | $ | 34.98 | |||||||
Granted | 1.1 | 71.12 | 0.9 | 71.6 | 0.9 | 54.27 | ||||||||||
Exercised | (0.8 | ) | 37.19 | (1.3 | ) | 34.11 | (2.4 | ) | 31.43 | |||||||
Forfeited | (0.1 | ) | 67.22 | (0.1 | ) | 57.33 | — | — | ||||||||
Outstanding—end of year | 4.8 | 54.17 | 4.6 | 47.73 | 5.1 | 40.06 | ||||||||||
Exercisable—end of year | 2.8 | $ | 45.71 | 2.7 | $ | 39.62 | 2.7 | $ | 34.99 | |||||||
Summary Of Our Stock Options Outstanding And Exercisable | A summary of our stock options outstanding and exercisable at November 30, 2014 follows: | |||||||||||||||
(shares in millions) | Options outstanding | Options exercisable | ||||||||||||||
Range of | Shares | Weighted- | Weighted- | Shares | Weighted- | Weighted- | ||||||||||
exercise price | average | average | average | average | ||||||||||||
remaining | exercise | remaining | exercise | |||||||||||||
life (yrs) | price | life (yrs) | price | |||||||||||||
$20.00 - $40.00 | 1.4 | 3.9 | $ | 35.71 | 1.4 | 3.9 | $ | 35.71 | ||||||||
$40.01 - $60.00 | 1.5 | 6.8 | 50.77 | 1 | 6.7 | 50.24 | ||||||||||
$60.01 - $80.00 | 1.9 | 8.9 | 71.33 | 0.4 | 8.5 | 71.48 | ||||||||||
4.8 | 6.5 | $ | 54.17 | 2.8 | 5.1 | $ | 45.71 | |||||||||
Schedule of Mid-term Incentive Plan Activity | A summary of the LTPP award activity for the years ended November 30 follows: | |||||||||||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||
average | average | average | ||||||||||||||
price | price | price | ||||||||||||||
Beginning of year | 334 | $ | 51.73 | 240 | $ | 46.63 | 120 | $ | 44.47 | |||||||
Granted | 105 | 69.04 | 94 | 64.74 | 120 | 48.78 | ||||||||||
Vested | (118 | ) | 44.47 | — | — | — | — | |||||||||
Performance adjustment | (55 | ) | 48.78 | — | — | — | — | |||||||||
Forfeited | (35 | ) | 65.42 | — | — | — | — | |||||||||
Outstanding—end of year | 231 | $ | 61.94 | 334 | $ | 51.73 | 240 | $ | 46.63 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Provision For Income Taxes | The provision for income taxes consists of the following: | |||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Income taxes | ||||||||||
Current | ||||||||||
Federal | $ | 91.3 | $ | 96.4 | $ | 79.4 | ||||
State | 11.3 | 10.3 | 10.1 | |||||||
International | 37.2 | 42.2 | 26 | |||||||
139.8 | 148.9 | 115.5 | ||||||||
Deferred | ||||||||||
Federal | 2.8 | (0.1 | ) | 21.3 | ||||||
State | 0.3 | (0.4 | ) | 4 | ||||||
International | 3 | (14.8 | ) | (1.0 | ) | |||||
6.1 | (15.3 | ) | 24.3 | |||||||
Total income taxes | $ | 145.9 | $ | 133.6 | $ | 139.8 | ||||
Components Of Income From Consolidated Operations Before Income Taxes | The components of income from consolidated operations before income taxes follow: | |||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Pretax income | ||||||||||
United States | $ | 333.2 | $ | 351.2 | $ | 366.2 | ||||
International | 221.2 | 148.2 | 159.9 | |||||||
$ | 554.4 | $ | 499.4 | $ | 526.1 | |||||
Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate | A reconciliation of the U.S. federal statutory rate with the effective tax rate follows: | |||||||||
2014 | 2013 | 2012 | ||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||
State income taxes, net of federal benefits | 1.3 | 1.2 | 1.7 | |||||||
International tax at different effective rates | (7.0 | ) | (6.9 | ) | (6.5 | ) | ||||
U.S. tax on remitted and unremitted earnings | 0.4 | — | (2.0 | ) | ||||||
U.S. manufacturing deduction | (1.6 | ) | (1.8 | ) | (1.6 | ) | ||||
Changes in prior year tax contingencies | (2.0 | ) | 0.3 | (0.1 | ) | |||||
Other, net | 0.2 | (1.0 | ) | 0.1 | ||||||
Total | 26.3 | % | 26.8 | % | 26.6 | % | ||||
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities are comprised of the following: | |||||||||
(millions) | 2014 | 2013 | ||||||||
Deferred tax assets | ||||||||||
Employee benefit liabilities | $ | 145 | $ | 110.3 | ||||||
Other accrued liabilities | 23.9 | 23.5 | ||||||||
Inventory | 10.8 | 11.1 | ||||||||
Tax loss and credit carryforwards | 38.9 | 41.4 | ||||||||
Other | 11.7 | 9.5 | ||||||||
Valuation allowance | (21.8 | ) | (21.2 | ) | ||||||
208.5 | 174.6 | |||||||||
Deferred tax liabilities | ||||||||||
Depreciation | 38.8 | 45.3 | ||||||||
Intangible assets | 192.6 | 178.2 | ||||||||
Other | 8.7 | 7.4 | ||||||||
240.1 | 230.9 | |||||||||
Net deferred tax liability | $ | (31.6 | ) | $ | (56.3 | ) | ||||
Activity Related To Our Gross Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: | |||||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 58 | $ | 46.7 | $ | 33.2 | ||||
Additions for current year tax positions | 11.4 | 10.3 | 10.6 | |||||||
Additions for prior year tax positions | 0.7 | 2.2 | 3.9 | |||||||
Reductions for prior year tax positions | (9.5 | ) | — | — | ||||||
Settlements | (3.5 | ) | — | — | ||||||
Statute expirations | (0.7 | ) | (0.1 | ) | (1.2 | ) | ||||
Foreign currency translation | (0.7 | ) | (1.1 | ) | 0.2 | |||||
Balance at November 30 | $ | 55.7 | $ | 58 | $ | 46.7 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||
Nov. 30, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Reconciliation Of Average Shares Outstanding | The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: | ||||||
(millions) | 2014 | 2013 | 2012 | ||||
Average shares outstanding—basic | 129.9 | 132.1 | 132.7 | ||||
Effect of dilutive securities: | |||||||
Stock options/RSUs/LTTP | 1.1 | 1.5 | 1.6 | ||||
Average shares outstanding—diluted | 131 | 133.6 | 134.3 | ||||
Schedule Of Antidilutive Securities | The following table sets forth the stock options and RSUs for the years ended November 30 which were not considered in our earnings per share calculation since they were antidilutive. | ||||||
(millions) | 2014 | 2013 | 2012 | ||||
Antidilutive securities | 1.6 | 0.6 | 0.3 | ||||
Business_Segments_And_Geograph1
Business Segments And Geographic Areas (Tables) | 12 Months Ended | |||||||||||||||
Nov. 30, 2014 | ||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||
Schedule Of Segment Reporting Information | ||||||||||||||||
(millions) | Consumer | Industrial | Total | Corporate | Total | |||||||||||
segments | & other | |||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 2,625.50 | $ | 1,617.70 | $ | 4,243.20 | — | $ | 4,243.20 | |||||||
Operating income excluding special charges | 474.3 | 133.9 | 608.2 | — | 608.2 | |||||||||||
Income from unconsolidated operations | 28.2 | 1.2 | 29.4 | — | 29.4 | |||||||||||
Goodwill | 1,581.10 | 141.1 | 1,722.20 | — | 1,722.20 | |||||||||||
Assets | — | — | 4,169.70 | $ | 244.6 | 4,414.30 | ||||||||||
Capital expenditures | — | — | 108.6 | 24.1 | 132.7 | |||||||||||
Depreciation and amortization | — | — | 71.7 | 31 | 102.7 | |||||||||||
2013 | ||||||||||||||||
Net sales | $ | 2,538.00 | $ | 1,585.40 | $ | 4,123.40 | — | $ | 4,123.40 | |||||||
Operating income excluding special charges and loss on voluntary pension settlement | 472.3 | 118.5 | 590.8 | — | 590.8 | |||||||||||
Income from unconsolidated operations | 19.5 | 3.7 | 23.2 | — | 23.2 | |||||||||||
Goodwill | 1,654.70 | 143.8 | 1,798.50 | — | 1,798.50 | |||||||||||
Assets | — | — | 4,142.90 | $ | 306.8 | 4,449.70 | ||||||||||
Capital expenditures | — | — | 84.2 | 15.7 | 99.9 | |||||||||||
Depreciation and amortization | — | — | 74.8 | 31.2 | 106 | |||||||||||
2012 | ||||||||||||||||
Net sales | $ | 2,415.30 | $ | 1,598.90 | $ | 4,014.20 | — | $ | 4,014.20 | |||||||
Operating income | 456.1 | 122.2 | 578.3 | — | 578.3 | |||||||||||
Income from unconsolidated operations | 17.3 | 4.2 | 21.5 | — | 21.5 | |||||||||||
Goodwill | 1,551.00 | 144.3 | 1,695.30 | — | 1,695.30 | |||||||||||
Assets | — | — | 3,912.20 | $ | 253.2 | 4,165.40 | ||||||||||
Capital expenditures | — | — | 88.8 | 21.5 | 110.3 | |||||||||||
Depreciation and amortization | — | — | 75.1 | 27.7 | 102.8 | |||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of operating income excluding special charges and loss on voluntary pension settlement (which we use to measure segment profitability) to operating income for the years ended November 30, 2014 and 2013 is as follows: | |||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||
Operating income excluding special charges and loss on voluntary pension settlement | $ | 608.2 | $ | 590.8 | ||||||||||||
Less: Special charges | 5.2 | 25 | ||||||||||||||
Less: Loss on voluntary pension settlement | — | 15.3 | ||||||||||||||
Operating income | $ | 603 | $ | 550.5 | ||||||||||||
Net Sales And Long-Lived Assets Geographic Areas | We have net sales and long-lived assets in the following geographic areas: | |||||||||||||||
(millions) | United | EMEA | Other | Total | ||||||||||||
States | countries | |||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 2,357.50 | $ | 930.8 | $ | 954.9 | $ | 4,243.20 | ||||||||
Long-lived assets | 1,284.00 | 920 | 451.7 | 2,655.70 | ||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 2,357.00 | $ | 883.4 | $ | 883 | $ | 4,123.40 | ||||||||
Long-lived assets | 1,275.70 | 989.2 | 443.6 | 2,708.50 | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 2,351.50 | $ | 860.5 | $ | 802.2 | $ | 4,014.20 | ||||||||
Long-lived assets | 1,291.50 | 956.6 | 318 | 2,566.10 | ||||||||||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Data (Tables) | 12 Months Ended | |||||||||
Nov. 30, 2014 | ||||||||||
Supplemental Financial Statement Data [Abstract] | ||||||||||
Supplemental Income Statement, Balance Sheet And Cash Flow Information | Supplemental income statement, balance sheet and cash flow information follows: | |||||||||
(millions) | 2014 | 2013 | ||||||||
Inventories | ||||||||||
Finished products | $ | 303.2 | $ | 304.6 | ||||||
Raw materials and work-in-process | 410.6 | 372.3 | ||||||||
$ | 713.8 | $ | 676.9 | |||||||
Prepaid expenses | $ | 20.3 | $ | 37.7 | ||||||
Other current assets | 111.2 | 97.1 | ||||||||
$ | 131.5 | $ | 134.8 | |||||||
Property, plant and equipment | ||||||||||
Land and improvements | $ | 57.6 | $ | 59.3 | ||||||
Buildings | 346.4 | 335.4 | ||||||||
Machinery and equipment | 700.7 | 661.3 | ||||||||
Software | 301.7 | 292.5 | ||||||||
Construction-in-progress | 75 | 59.2 | ||||||||
Accumulated depreciation | (878.7 | ) | (831.1 | ) | ||||||
$ | 602.7 | $ | 576.6 | |||||||
Investments and other assets | ||||||||||
Investments in affiliates | $ | 156.3 | $ | 160.6 | ||||||
Long-term investments | 113 | 103.4 | ||||||||
Prepaid allowances | 17.3 | 19.3 | ||||||||
Other assets | 55.8 | 87.7 | ||||||||
$ | 342.4 | $ | 371 | |||||||
Other accrued liabilities | ||||||||||
Payroll and employee benefits | $ | 132.8 | $ | 120.4 | ||||||
Sales allowances | 127.3 | 124.5 | ||||||||
Other | 219 | 216.8 | ||||||||
$ | 479.1 | $ | 461.7 | |||||||
Other long-term liabilities | ||||||||||
Pension | $ | 182.3 | $ | 101 | ||||||
Postretirement benefits | 89.5 | 88.2 | ||||||||
Deferred taxes | 108.2 | 139.3 | ||||||||
Unrecognized tax benefits | 47.3 | 53 | ||||||||
Other | 41.5 | 38.4 | ||||||||
$ | 468.8 | $ | 419.9 | |||||||
(millions) | 2014 | 2013 | 2012 | |||||||
Depreciation | $ | 67.7 | $ | 67.5 | $ | 63.6 | ||||
Software amortization | 20 | 23.6 | 23.7 | |||||||
Interest paid | 50 | 54.2 | 54.7 | |||||||
Income taxes paid | 129 | 106.3 | 103.3 | |||||||
Components Of Accumulated Other Comprehensive Loss | The following table sets forth the components of accumulated other comprehensive loss, net of tax where applicable (in millions): | |||||||||
(millions) | 2014 | 2013 | ||||||||
Accumulated other comprehensive loss, net of tax where applicable | ||||||||||
Foreign currency translation adjustment | $ | 32.1 | $ | 165.7 | ||||||
Unrealized gain (loss) on foreign currency exchange contracts | 3 | (0.3 | ) | |||||||
Unamortized value of settled interest rate swaps | 2.9 | 2 | ||||||||
Pension and other postretirement costs | (224.0 | ) | (167.7 | ) | ||||||
$ | (186.0 | ) | $ | (0.3 | ) |
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Scheduled Of Quarterly Financial Information | |||||||||||||
(millions except per share data) | First | Second | Third | Fourth | |||||||||
2014 | |||||||||||||
Net sales | $ | 993.4 | $ | 1,033.40 | $ | 1,042.80 | $ | 1,173.60 | |||||
Gross profit | 391.5 | 412.5 | 420.1 | 506.1 | |||||||||
Operating income | 124.6 | 121.7 | 157.3 | 199.4 | |||||||||
Net income | 82.5 | 84.5 | 122.9 | 148 | |||||||||
Basic earnings per share | 0.63 | 0.65 | 0.95 | 1.15 | |||||||||
Diluted earnings per share | 0.62 | 0.64 | 0.94 | 1.14 | |||||||||
Dividends paid per share— | |||||||||||||
Common Stock and Common Stock Non-Voting | 0.37 | 0.37 | 0.37 | 0.37 | |||||||||
Market price—Common Stock | |||||||||||||
High | 70 | 72 | 73.04 | 73.18 | |||||||||
Low | 62.8 | 65.57 | 66 | 65.9 | |||||||||
Market price—Common Stock Non-Voting | |||||||||||||
High | 70.02 | 72.31 | 73.09 | 74.33 | |||||||||
Low | 63.03 | 66.12 | 65.78 | 65.61 | |||||||||
2013 | |||||||||||||
Net sales | $ | 934.4 | $ | 1,002.60 | $ | 1,016.40 | $ | 1,170.10 | |||||
Gross profit | 361.7 | 394.4 | 407.6 | 502.2 | |||||||||
Operating income | 112 | 116 | 148.4 | 174.1 | |||||||||
Net income | 76 | 78.6 | 104.4 | 129.9 | |||||||||
Basic earnings per share | 0.57 | 0.6 | 0.79 | 0.99 | |||||||||
Diluted earnings per share | 0.57 | 0.59 | 0.78 | 0.98 | |||||||||
Dividends paid per share— | |||||||||||||
Common Stock and Common Stock Non-Voting | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||
Market price—Common Stock | |||||||||||||
High | 67.28 | 74.6 | 73.41 | 70 | |||||||||
Low | 61.03 | 68.08 | 66.85 | 63.29 | |||||||||
Market price—Common Stock Non-Voting | |||||||||||||
High | 67.32 | 74.76 | 73.36 | 70.2 | |||||||||
Low | 61.23 | 68.39 | 67.09 | 64.07 | |||||||||
Operating income for the third and fourth quarters of 2014 included special charges of $2.3 million and $2.9 million, respectively, related to EMEA reorganization and other streamlining activities. For the third and fourth quarters of 2014, the after tax impact of these charges was $1.6 million and $2.1 million, respectively, and the basic and diluted earnings per share impact was $0.01 for the third quarter and $0.02 for the fourth quarter. | |||||||||||||
Operating income for the fourth quarter of 2013 included $25.0 million for special charges related to EMEA reorganization activities and $15.3 million of loss on voluntary pension settlements. The after tax impact of these two items is $29.2 million and the basic and diluted earnings per share impact is $0.22. | |||||||||||||
Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets (in years) | 13 years | ||
Capitalized software | $11.70 | $16.70 | $20.50 |
Shipping and handling expense | 100.3 | 96.9 | 94.8 |
Research and development expense | 62 | 61.3 | 57.8 |
Brand marketing support costs | 226.6 | 207.8 | 198.3 |
Advertising expense | $100.40 | $85 | $86.20 |
Minimum [Member] | Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 20 years | ||
Minimum [Member] | Machinery, Equipment And Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 3 years | ||
Minimum [Member] | Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets (in years) | 3 years | ||
Maximum [Member] | Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 40 years | ||
Maximum [Member] | Machinery, Equipment And Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 12 years | ||
Maximum [Member] | Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets (in years) | 8 years |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | 31-May-13 | 31-May-14 |
Business Acquisition [Line Items] | |||||
Cash paid for acquisition | $0 | $142.30 | $0 | ||
Goodwill | 1,722.20 | 1,798.50 | 1,695.30 | ||
Transaction costs | 4.3 | 1.7 | |||
Wuhan Asia-Pacific Condiments Co. Ltd (WAPC) [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | 144.8 | ||||
Cash paid for acquisition | 142.3 | ||||
Value of liabilities assumed | 2.5 | ||||
Approximate annual net sales | 122 | ||||
Tangible net assets | 26.9 | ||||
Other intangible assets | 46.1 | ||||
Goodwill | $71.80 |
Special_Charges_Special_Charge2
Special Charges Special Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Nov. 30, 2015 | 31-May-15 |
Special Charges [Line Items] | ||||||||
Special charges | $2.90 | $2.30 | $5.20 | $25 | $0 | |||
Total plan expenses [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges liability | 10 | 10 | 18.6 | |||||
Special charges utilized | -10.7 | |||||||
2013 Special Charges [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 25 | |||||||
2013 Consumer Special Charges [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 22.2 | |||||||
2013 Industrial Special Charges [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 2.8 | |||||||
Employee Severance Charges [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges liability | 9.3 | 9.3 | 15.9 | |||||
Special charges | 1.1 | 15.9 | ||||||
Special charges utilized | -7.7 | |||||||
Asset Impairment [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 6.4 | |||||||
Other exit costs [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges liability | 0.7 | 0.7 | 2.7 | |||||
Special charges | 1 | 2.7 | ||||||
Special charges utilized | -3 | |||||||
EMEA | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 2.1 | |||||||
EMEA | Employee Severance Charges [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 1.1 | |||||||
EMEA | Other exit costs [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 1 | |||||||
EMEA | Cash Expenditures [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 11 | |||||||
EMEA | Annual Cost Savings [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 10 | |||||||
UNITED STATES | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 1.1 | |||||||
UNITED STATES | Cash Expenditures [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0 | |||||||
UNITED STATES | Annual Cost Savings [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 1.2 | |||||||
UNITED STATES | Industrial [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0.2 | 1.3 | ||||||
UNITED STATES | Industrial [Member] | Annual Cost Savings [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 2.3 | |||||||
UNITED STATES | Consumer [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0.9 | |||||||
AUSTRALIA | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0.7 | |||||||
AUSTRALIA | Cash Expenditures [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0 | |||||||
AUSTRALIA | Annual Cost Savings [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 0.8 | |||||||
UNITED STATES AND AUSTRALIA | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 3.1 | |||||||
Scenario, Forecast [Member] | EMEA | Cash Expenditures [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 10 | |||||||
Scenario, Forecast [Member] | UNITED STATES | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 20 | |||||||
Scenario, Forecast [Member] | UNITED STATES | Employee Severance [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 13 | |||||||
Scenario, Forecast [Member] | UNITED STATES | Annual Cost Savings [Member] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | 10 | |||||||
Scenario, Forecast [Member] | UNITED STATES | 2016 Estimated Annual Cost Savings [Domain] | ||||||||
Special Charges [Line Items] | ||||||||
Special charges | $25 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Goodwill And Intangible Assets [Abstract ] | |||
Intangible asset amortization expense | $5.60 | $5.20 | $4.30 |
Amortizable intangible assets average remaining life, in years | 13 years |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Amortized And Non-Amortized Intangible Assets) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
In Millions, unless otherwise specified | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | $94.70 | $93.90 | |
Finite-lived intangible assets, Accumulated amortization | 34.7 | 30.2 | |
Goodwill | 1,722.20 | 1,798.50 | 1,695.30 |
Indefinite-lived intangible assets, total | 1,993 | 2,068.20 | |
Total goodwill and intangible assets, Gross carrying amount | 2,087.70 | 2,162.10 | |
Total goodwill and intangible assets, Accumulated amortization | 34.7 | 30.2 | |
Goodwill [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 1,722.20 | 1,798.50 | |
Brand Names [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $270.80 | $269.70 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Goodwill [Roll Forward] | |||
Beginning of year | $1,695.30 | ||
End of year | 1,722.20 | 1,798.50 | 1,695.30 |
Consumer Segment [Member] | |||
Goodwill [Roll Forward] | |||
Beginning of year | 1,654.70 | 1,551 | |
Changes in purchase price allocation | -6.1 | 0 | |
Goodwill acquired | 0 | 77.9 | |
Foreign currency fluctuations and other | -67.5 | 25.8 | |
End of year | 1,581.10 | 1,654.70 | |
Industrial Segment [Member] | |||
Goodwill [Roll Forward] | |||
Beginning of year | 143.8 | 144.3 | |
Changes in purchase price allocation | 0 | 0 | |
Goodwill acquired | 0 | 0 | |
Foreign currency fluctuations and other | -2.7 | -0.5 | |
End of year | $141.10 | $143.80 |
Investments_In_Affiliates_Narr
Investments In Affiliates (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Investments in and Advances to Affiliates [Line Items] | |||
Results of unconsolidated affiliates, percentage | 100.00% | ||
McCormick de Mexico, S.A. de C.V. [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percentage ownership interest in unconsolidated affiliates businesses | 50.00% | ||
Unconsolidated Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Undistributed earnings of unconsolidated affiliates | $96.70 | ||
Royalty income | $18.70 | $18.40 | $17.10 |
Percent of income from unconsolidated operations from joint ventures | 91.00% | 78.00% | 82.00% |
Investments_In_Affiliates_Summ
Investments In Affiliates (Summarized Annual And Year-End Information Of Unconsolidated Affiliates) (Details) (Unconsolidated Affiliates [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Unconsolidated Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Net sales | $766.60 | $761.40 | $727.10 |
Gross profit | 275.7 | 256.9 | 229.2 |
Net income | 67.5 | 53.8 | 47.1 |
Current assets | 320.1 | 288.9 | 274.4 |
Noncurrent assets | 123.6 | 128.4 | 104.2 |
Current liabilities | 137.2 | 141 | 129.9 |
Noncurrent liabilities | $6.30 | $7.20 | $20.50 |
Financing_Arrangements_Narrati
Financing Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | ||
Debt Instrument [Line Items] | ||||||
Net proceeds from issuance of notes | $0 | $246.20 | $0.80 | |||
Rental expense under operating leases | 40.3 | 37.6 | 32.7 | |||
Guarantees outstanding | 0.6 | |||||
Letter Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total unused capacity | 12.9 | |||||
Outstanding letters of credit | 8.1 | 61.9 | ||||
3.90% Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds from issuance of notes | 246.2 | |||||
Notes subject to interest rate hedge | 175 | |||||
3.50% Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes outstanding | 250 | |||||
Stated Note interest rate | 3.50% | |||||
Notes Payable, Other Payables [Member] | August 2013 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes outstanding | 250 | |||||
Debt, Weighted Average Interest Rate | 3.30% | |||||
Notes Payable, Other Payables [Member] | 3.90% Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes outstanding | 250 | [1] | 250 | [1] | ||
Stated Note interest rate | 3.90% | 3.90% | ||||
Debt instrument maturity year | 2021 | 2021 | ||||
Notes Payable, Other Payables [Member] | 3.50% Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes outstanding | 250 | [2] | 250 | [2] | ||
Stated Note interest rate | 3.50% | 3.50% | ||||
Debt instrument maturity year | 2023 | 2023 | ||||
Notes Payable, Other Payables [Member] | 5.25% Notes Due 2013 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes outstanding | 250 | |||||
Stated Note interest rate | 5.25% | 5.25% | ||||
Debt instrument maturity year | 2013 | |||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | 360.6 | |||||
Total unused capacity | 125.4 | |||||
Committed credit facilities, fee | 0.5 | 0.5 | ||||
Line of Credit [Member] | Current Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Duration of agreement | 5 years | |||||
Credit facility | 600 | |||||
Debt instrument maturity year | Jun-16 | |||||
Basis spread on variable rate | 0.88% | |||||
Commercial Paper Program [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | $239.40 | |||||
[1] | Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%. | |||||
[2] | Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. |
Financing_Arrangements_Compone
Financing Arrangements (Components Of Outstanding Debt) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2013 | ||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Commercial paper | $239.40 | $200.30 | |||
Other | 30.2 | 11.3 | |||
Short-term borrowings, total | 269.6 | 211.6 | |||
Weighted-average interest rate of short-term borrowings at year-end | 1.30% | 0.70% | |||
Other | 8.5 | 10.8 | |||
Unamortized discounts and fair value adjustments | 1.8 | 5.7 | |||
Long-term debt | 1,015.30 | 1,021.50 | |||
Less current portion | -1.2 | -2.5 | |||
Long-term debt, total | 1,014.10 | 1,019 | |||
3.50% Notes Due 2023 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | ||||
Debt instrument interest rate | 3.50% | ||||
Notes Payable, Other Payables [Member] | 3.50% Notes Due 2023 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | [1] | 250 | [1] | |
Debt instrument interest rate | 3.50% | 3.50% | |||
Debt instrument maturity year | 2023 | 2023 | |||
Notes Payable, Other Payables [Member] | 5.25% Notes Due 2013 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | ||||
Debt instrument interest rate | 5.25% | 5.25% | |||
Debt instrument maturity year | 2013 | ||||
Notes Payable, Other Payables [Member] | 5.20% Notes Due 2015 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 200 | [2] | 200 | [2] | |
Debt instrument interest rate | 5.20% | 5.20% | |||
Debt instrument maturity year | 2015 | 2015 | |||
Net interest payments, percentage below LIBOR | 0.05% | ||||
Debt Instrument, effective interest rate | 0.19% | ||||
Notes Payable, Other Payables [Member] | 5.75% Notes Due 2017 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | [3] | 250 | [3] | |
Debt instrument interest rate | 5.75% | 5.75% | |||
Debt instrument maturity year | 2017 | 2017 | |||
Notes Payable, Other Payables [Member] | 3.90% Notes Due 2021 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | [4] | 250 | [4] | |
Debt instrument interest rate | 3.90% | 3.90% | |||
Debt instrument maturity year | 2021 | 2021 | |||
Notes Payable, Other Payables [Member] | 7.63%-8.12% Notes Due 2024 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 55 | 55 | |||
Debt instrument maturity year | 2024 | 2024 | |||
Debt instrument interest rate, minimum | 7.63% | 7.63% | |||
Debt instrument interest rate, maximum | 8.12% | 8.12% | |||
Notes Payable, Other Payables [Member] | Notes Issued In Dec 2007 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | ||||
Weighted average fixed rate | 6.25% | ||||
Notes Payable, Other Payables [Member] | Notes Issued In July 2011 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | 250 | ||||
Weighted average fixed rate | 4.01% | ||||
Notes Payable, Other Payables [Member] | Interest Rate Swap [Member] | 5.20% Notes Due 2015 [Member] | |||||
Schedule of Short Term and Long Term Debt [Line Items] | |||||
Notes outstanding | $100 | ||||
[1] | Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. | ||||
[2] | The fixed interest rate on $100 million of the 5.20% notes due in 2015 is effectively converted to a variable rate by interest rate swaps through 2015. Net interest payments are based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2014 was 0.19%). | ||||
[3] | Interest rate swaps, settled upon the issuance of these notes in 2007, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%. | ||||
[4] | Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%. |
Financing_Arrangements_Maturit
Financing Arrangements (Maturities Of Long-Term Debt) (Details) (USD $) | Nov. 30, 2014 |
In Millions, unless otherwise specified | |
Financing Arrangements [Abstract] | |
2014 | $200.60 |
2015 | 0.7 |
2016 | 250.7 |
2017 | 0.8 |
Thereafter | $559.50 |
Financing_Arrangements_Rental_
Financing Arrangements (Rental Expense Under Operating Leases) (Details) (USD $) | Nov. 30, 2014 |
In Millions, unless otherwise specified | |
Financing Arrangements [Abstract] | |
2014 | $23.40 |
2015 | 17.6 |
2016 | 13.9 |
2017 | 11.3 |
2018 | 8.5 |
Thereafter | $17.60 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended |
Feb. 28, 2014 | Nov. 30, 2014 | Mar. 31, 2006 | Nov. 30, 2013 | |
Derivative [Line Items] | ||||
Other comprehensive income (loss) expected to be reclassified in income in next 12 months | $4,300,000 | |||
Cost of long-term investments | 80,100,000 | 77,500,000 | ||
Fair Value, Concentration of Risk, Accounts Receivable | 0.21 | |||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Foreign currency to purchase or sell | 262,700,000 | 204,900,000 | ||
Maximum time frame for short-term foreign exchange contracts | 12 months | |||
Derivative, Notional Amount | 127,100,000 | |||
Derivative, Term of Contract | 7 days | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 100,000,000 | |||
Interest on interest rate swap contracts | 5.20% | |||
Basis spread on variable interest rate derivative contracts, percentage below LIBOR | 0.05% | |||
Maturity date of interest rate swap contracts | Dec-15 | |||
Derivative instruments fair value hedge | 100,000,000 | |||
Hedge ineffectiveness recognized on interest rate swaps | 0 | |||
Maximum [Member] | ||||
Derivative [Line Items] | ||||
Maturity period for remaining foreign currency contracts (in months) | 12 months | |||
Minimum [Member] | ||||
Derivative [Line Items] | ||||
Maturity period for remaining foreign currency contracts (in months) | 1 month | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Cash flow hedges settled in cash for gain (loss) | -9,000,000 | |||
Weighted average fixed interest rate on issuance of notes | 3.30% | |||
Aggregate principal amount | 250,000,000 | |||
Interest Rate Swap [Member] | Treasury Lock [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 175,000,000 | |||
5.20% Medium-Term Notes Due 2015 [Member] | ||||
Derivative [Line Items] | ||||
Medium-term notes due | $200,000,000 | |||
Debt instrument interest rate | 5.20% | |||
Debt instrument maturity year | 2015 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Values Of Derivative Instruments) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Asset Derivatives | $12.30 | $13.30 |
Fair Value of Liability Derivatives | 1.4 | 1.6 |
Interest Rate Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 100 | 100 |
Fair Value of Interest rate contracts | 7.4 | 12.2 |
Interest Rate Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 0 | 0 |
Interest rate derivatives | 0 | 0 |
Foreign Exchange Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 106.3 | 79.2 |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.9 | 1.1 |
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 156.4 | 125.7 |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $1.40 | $1.60 |
Financial_Instruments_Fair_Val1
Financial Instruments (Fair Value Hedges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Expense | $49.70 | $53.30 | $54.60 |
Fair Value Hedges [Member] | Interest Expense [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Expense | $5 | $5 | $4.70 |
Financial_Instruments_Cash_Flo
Financial Instruments (Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | $4.20 | $10.20 | ($2.50) |
Gain (loss) reclassified from AOCI | -1.3 | -1 | -0.8 |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 0 | 9.2 | -0.1 |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | -0.2 | -1.3 | -1.4 |
Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 4.2 | 1 | -2.4 |
Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | -1.1 | 0.3 | 0.6 |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 1.4 | 1.6 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $4.90 | $1.10 |
Financial_Instruments_Carrying
Financial Instruments (Carrying Amount And Fair Value Of Financial Instruments) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Long-term investments, Carrying amount | $113 | $103.40 |
Long-term investments, Fair value | 113 | 103.4 |
Long-term debt, Carrying amount | 1,015.30 | 1,021.50 |
Long-term debt, Fair value | 1,109 | 1,102.40 |
Other Current Assets [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 7.4 | 12.2 |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.9 | 1.1 |
Other Accrued Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest rate derivatives | 0 | 0 |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $1.40 | $1.60 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and cash equivalents | $77.30 | $63 |
Insurance contracts | 104.5 | 90.1 |
Bonds and other long-term investments | 8.5 | 13.3 |
Interest rate derivatives | 7.4 | 12.2 |
Foreign currency derivatives | 4.9 | 1.1 |
Total | 202.6 | 179.7 |
Foreign currency derivatives | 1.4 | 1.6 |
Total | 1.4 | 1.6 |
Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and cash equivalents | 77.3 | 63 |
Insurance contracts | 0 | 0 |
Bonds and other long-term investments | 8.5 | 13.3 |
Interest rate derivatives | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Total | 85.8 | 76.3 |
Foreign currency derivatives | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Insurance contracts | 104.5 | 90.1 |
Bonds and other long-term investments | 0 | 0 |
Interest rate derivatives | 7.4 | 12.2 |
Foreign currency derivatives | 4.9 | 1.1 |
Total | 116.8 | 103.4 |
Foreign currency derivatives | 1.4 | 1.6 |
Total | 1.4 | 1.6 |
Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Insurance contracts | 0 | 0 |
Bonds and other long-term investments | 0 | 0 |
Interest rate derivatives | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Total | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Total | $0 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income-Components of Accumulated Other Comprehensive Income, Net of Tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ($1.30) | ($1) | ($0.80) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0.3 | 0.3 | 0.2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -1 | -0.7 | -0.6 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.3 | -0.8 | -3.5 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 16.4 | 36.5 | 21.6 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 16.7 | 35.7 | 18.1 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | -5.7 | -12.1 | -6.2 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 11 | 23.6 | 11.9 |
Foreign currency translation adjustment | 32.1 | 165.7 | |
Unrealized gain (loss) on foreign currency exchange contracts | 3 | -0.3 | |
Unamoritzed value of settled interest rate swaps | 2.9 | 2 | |
Pension and other postretirement costs | -224 | -167.7 | |
Accumulated other comprehensive loss, net of tax | -186 | -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 | -1.3 | -1 | -0.8 |
Foreign Exchange Contracts [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 | -1.1 | 0.3 | 0.6 |
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 | ($0.20) | ($1.30) | ($1.40) |
Employee_Benefit_And_Retiremen2
Employee Benefit And Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Employee Benefit And Retirement Plans [Line Items] | |||
Loss on voluntary pension settlement | $0 | $15.30 | $0 |
Unrecognized actuarial losses and unrecognized prior service credit, before tax | 330 | ||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 224 | 167.7 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 327.9 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 2.1 | ||
Expected actuarial losses, net of prior service credit, before tax | 23.4 | ||
Expected actuarial losses, net of prior service credit, net of tax | 15.7 | ||
Amortization of net actuarial loss | 23.1 | ||
Amortization of prior service costs | 0.3 | ||
Dividends paid | 192.4 | 179.9 | 164.7 |
Assumed annual increase in cost of health care benefits | 7.00% | 7.00% | |
Ultimate health care cost trend rate | 5.00% | 5.00% | |
Ultimate health care cost trend rate, year | 2022 | 2021 | |
United States Pension Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Loss on voluntary pension settlement | 0 | 15.3 | 0 |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 63.3 | |
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 144 | 95.5 | |
Amortization of net actuarial loss | 11.8 | 29.5 | 18.1 |
Amortization of prior service costs | 0 | 0 | 0.1 |
Benefit obligation | 728.4 | 607.7 | 735.2 |
Accrued liability related to the plan | 152.1 | 81.2 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 25.8 | ||
Accumulated benefit obligation | 636.7 | 532.8 | |
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | |
International Pension Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Loss on voluntary pension settlement | 0 | 0 | 0 |
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 82.5 | 74.1 | |
Amortization of net actuarial loss | 4.6 | 5.6 | 3.5 |
Amortization of prior service costs | 0.3 | 0.4 | 0.4 |
Benefit obligation | 341.6 | 304.9 | 300.8 |
Accrued liability related to the plan | 36.6 | 25 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0.3 | ||
Accumulated benefit obligation | 310.9 | 276.5 | |
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | |
Supplemental Employee Retirement Plan [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Benefit obligation | 91.3 | 81.2 | |
Accrued liability related to the plan | 86.7 | 76.8 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 79.6 | 74.4 | |
Fair value of McCormick stock held in plan assets | 164.9 | ||
Number of shares of McCormick stock held in plan assets | 2.3 | ||
Percentage of participant contribution considered for first condition of plan | 100.00% | ||
Percentage of participant salary under first condition of plan | 3.00% | ||
Percentage of participant contribution considered for second condition of plan | 50.00% | ||
Percentage of participant salary under second condition of plan | 2.00% | ||
401(k) plan expense | 7.7 | 7.7 | 7.4 |
Dividends paid | 3.5 | ||
Other Postretirement Benefits [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Amortization of net actuarial loss | 0 | 1.4 | 0 |
Amortization of prior service costs | 0 | -1.2 | -4 |
Benefit obligation | 96.3 | 94.9 | 112.8 |
Age after which employees retire | 55 years | ||
Minimum number of years in service | 5 years | ||
Assumed discount rate | 4.00% | 4.70% | |
U.S. Equity Securities [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of McCormick stock held in plan assets | 33 | 31.6 | |
Number of shares of McCormick stock held in plan assets | 0.5 | 0.5 | |
Percentage of pension plan assets in equity securities | 5.70% | 5.70% | |
Dividends paid | $0.70 | $0.60 |
Employee_Benefit_And_Retiremen3
Employee Benefit And Retirement Plans (Significant Assumptions Used To Determine Benefit Obligations) (Details) | 12 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | |
United States Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.80% | 3.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.80% | 3.80% |
Expected return on plan assets | 8.00% | 8.00% | 8.30% |
United States Pension Plans [Member] | Funded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.40% | 5.20% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.20% | 4.30% | 5.50% |
United States Pension Plans [Member] | Unfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 5.10% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.10% | 4.20% | 5.40% |
International Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.40% | 6.60% | 6.70% |
International Pension Plans [Member] | Funded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.80% | 4.60% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.60% | 4.40% | 5.10% |
International Pension Plans [Member] | Unfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.00% | 0.00% | 0.00% |
International Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
International Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.80% | 3.80% | 3.80% |
Employee_Benefit_And_Retiremen4
Employee Benefit And Retirement Plans (Components Of Defined Benefit Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Loss on voluntary pension settlement | $0 | $15.30 | $0 |
Amortization of prior service costs | 0.3 | ||
Amortization of net actuarial loss | 23.1 | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3.6 | 5.1 | 4 |
Interest costs | 4.3 | 4.1 | 4.9 |
Amortization of prior service costs | 0 | -1.2 | -4 |
Amortization of net actuarial loss | 0 | 1.4 | 0 |
Special termination benefits | 0 | 0 | -0.1 |
Total expense | 7.9 | 9.4 | 4.8 |
United States Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 20 | 23.2 | 17.5 |
Interest costs | 31.1 | 31.2 | 31.8 |
Expected return on plan assets | -38.8 | -41.4 | -37.8 |
Loss on voluntary pension settlement | 0 | 15.3 | 0 |
Amortization of prior service costs | 0 | 0 | 0.1 |
Amortization of net actuarial loss | 11.8 | 29.5 | 18.1 |
Other | 0 | 0 | 0 |
Total expense | 24.1 | 57.8 | 29.7 |
International Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 7.8 | 8.8 | 6.8 |
Interest costs | 13.8 | 12.6 | 12.8 |
Expected return on plan assets | -18.7 | -17.2 | -16.2 |
Loss on voluntary pension settlement | 0 | 0 | 0 |
Amortization of prior service costs | 0.3 | 0.4 | 0.4 |
Amortization of net actuarial loss | 4.6 | 5.6 | 3.5 |
Other | 0 | 0.1 | 0 |
Total expense | $7.80 | $10.30 | $7.30 |
Employee_Benefit_And_Retiremen5
Employee Benefit And Retirement Plans (Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Employee contributions | $2.90 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Employee contributions | 2.9 | ||
Fair value of plan assets at end of year | 0 | 0 | |
United States Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Plan Assets | 0 | -63.3 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 607.7 | 735.2 | |
Service cost | 20 | 23.2 | 17.5 |
Interest costs | 31.1 | 31.2 | 31.8 |
Actuarial (gain) loss | 94 | -97.8 | |
Benefits paid | -24.4 | -20.8 | |
Benefit obligation at end of year | 728.4 | 607.7 | 735.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 552.3 | 519.8 | |
Actual return on plan assets | 43.9 | 84.5 | |
Employer contributions | 4.5 | 32.1 | |
Benefits paid | -24.4 | -20.8 | |
Fair value of plan assets at end of year | 576.3 | 552.3 | 519.8 |
Funded status | -152.1 | -55.4 | |
Accumulated benefit obligation | 86.7 | 76.8 | |
Fair value of plan assets | 0 | 0 | |
International Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 304.9 | 300.8 | |
Service cost | 7.8 | 8.8 | 6.8 |
Interest costs | 13.8 | 12.6 | 12.8 |
Employee contributions | 1.5 | 1.7 | |
Plan changes and other | -0.6 | -1.4 | |
Actuarial (gain) loss | 49.9 | -5.5 | |
Benefits paid | -13.9 | -8.6 | |
Expenses paid | -0.8 | -0.8 | |
Foreign currency impact | -21 | -2.7 | |
Benefit obligation at end of year | 341.6 | 304.9 | 300.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 279.9 | 247.6 | |
Actual return on plan assets | 44.8 | 31.4 | |
Employer contributions | 12.3 | 10.6 | |
Employee contributions | 1.5 | 1.7 | |
Benefits paid | -13.9 | -8.6 | |
Expenses paid | -0.8 | -0.8 | |
Foreign currency impact | -18.5 | -2 | |
Fair value of plan assets at end of year | 305.3 | 279.9 | 247.6 |
Funded status | -36.3 | -25 | |
Accumulated benefit obligation | 189.2 | 191.4 | |
Fair value of plan assets | 174.2 | 176.8 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 94.9 | 112.8 | |
Service cost | 3.6 | 5.1 | 4 |
Interest costs | 4.3 | 4.1 | 4.9 |
Employee contributions | 2.9 | 2.9 | |
Demographic assumptions change | -5.8 | -8.1 | |
Other plan assumptions | 1.1 | -1.5 | |
Trend rate assumption change | 0.1 | 0 | |
Discount rate change | 5.8 | -8.7 | |
Special termination benefits | 0 | 0 | -0.1 |
Actuarial (gain) loss | -2.3 | -3.3 | |
Benefits paid | -8.3 | -8.4 | |
Benefit obligation at end of year | 96.3 | 94.9 | 112.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 5.4 | 5.5 | |
Employee contributions | 2.9 | 2.9 | |
Benefits paid | -8.3 | -8.4 | |
Other postretirement benefit liability | $96.30 | $94.90 |
Employee_Benefit_And_Retiremen6
Employee Benefit And Retirement Plans (Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss | $224 | $167.70 |
United States Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 25.8 | |
Accrued pension liability | 152.1 | 81.2 |
Deferred income tax assets | 87.9 | 59.4 |
Accumulated other comprehensive loss | 144 | 95.5 |
International Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0.3 | |
Accrued pension liability | 36.6 | 25 |
Deferred income tax assets | 19.3 | 15.7 |
Accumulated other comprehensive loss | $82.50 | $74.10 |
Employee_Benefit_And_Retiremen7
Employee Benefit And Retirement Plans (Allocations Of Pension Plan Assets) (Details) | 12 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
United States Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
United States Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 70.40% | 70.20% |
Equity securities, Target | 65.00% | |
United States Pension Plans [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 15.50% | 23.10% |
Equity securities, Target | 17.50% | |
United States Pension Plans [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 14.10% | 6.70% |
Equity securities, Target | 17.50% | |
International Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
International Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 56.60% | 57.60% |
Equity securities, Target | 53.00% | |
International Pension Plans [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 43.20% | 42.10% |
Equity securities, Target | 41.00% | |
International Pension Plans [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 0.20% | 0.30% |
Equity securities, Target | 6.00% |
Employee_Benefit_And_Retiremen8
Employee Benefit And Retirement Plans (Fair Value Of Pension Plan Assets) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | $0 | $0 | $0 | ||
Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 59.7 | 23.4 | 26.4 | ||
Hedge Fund Of Funds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 54.7 | 18.5 | 21.1 | ||
Private Equity Funds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 5 | 4.9 | 5.3 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 576.3 | 552.3 | 519.8 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 326.9 | 350.9 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 189.7 | 178 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 59.7 | 23.4 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash And Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 15 | 13.5 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 15 | 13.5 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 301 | [1] | 277.2 | [1] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 144.3 | [1] | 129.5 | [1] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 156.7 | [1] | 147.7 | [1] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 111.1 | [2] | 110.7 | [2] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 111.1 | [2] | 110.7 | [2] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S./Government/Corporate Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 30.6 | [3] | 72.5 | [3] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S./Government/Corporate Bonds [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 30.6 | [3] | 72.5 | [3] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | High Yield Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 31.9 | [4] | 29.3 | [4] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | High Yield Bonds [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 31.9 | [4] | 29.3 | [4] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International/Government/Corporate Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 25.9 | [5] | 24.7 | [5] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International/Government/Corporate Bonds [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 25.9 | [5] | 24.7 | [5] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 1.1 | [6] | 1 | [6] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 1.1 | [6] | 1 | [6] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Hedge Fund Of Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 54.7 | [7] | 18.5 | [7] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Hedge Fund Of Funds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 54.7 | [7] | 18.5 | [7] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 5 | [8] | 4.9 | [8] | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 5 | [8] | 4.9 | [8] | |
International Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 305.3 | 279.9 | 247.6 | ||
International Pension Plans [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0.6 | 0.6 | |||
International Pension Plans [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 304.7 | 279.3 | |||
International Pension Plans [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0 | 0 | |||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0.6 | 0.6 | |||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0.6 | 0.6 | |||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0 | ||||
International Pension Plans [Member] | International Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 172.7 | [2] | 161.4 | [2] | |
International Pension Plans [Member] | International Equity Securities [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 172.7 | [2] | 161.4 | [2] | |
International Pension Plans [Member] | International Equity Securities [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0 | [2] | |||
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 108.5 | [3] | 99.3 | [3] | |
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 108.5 | [3] | 99.3 | [3] | |
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 0 | [3] | |||
International Pension Plans [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 23.5 | [6] | 18.6 | [6] | |
International Pension Plans [Member] | Insurance Contracts [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | 23.5 | [6] | 18.6 | [6] | |
International Pension Plans [Member] | Insurance Contracts [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of pension plan assets | $0 | [6] | |||
[1] | This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. | ||||
[2] | This category comprises international equity funds with varying benchmark indices. | ||||
[3] | This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. | ||||
[4] | This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. | ||||
[5] | This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. | ||||
[6] | This category comprises insurance contracts, the majority of which have a guaranteed investment return. | ||||
[7] | This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. | ||||
[8] | This category comprises private equity, venture capital and limited partnerships. |
Employee_Benefit_And_Retiremen9
Employee Benefit And Retirement Plans (Change In Fair Value Of Level 3 Pension Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 |
Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 23.4 | 26.4 | |
Realized gains | 2.4 | 1.4 | |
Unrealized gains | -1.5 | 1.4 | |
Net, purchases and sales | 35.4 | -5.8 | |
Fair value of plan assets at end of year | 59.7 | 23.4 | |
Level 3 [Member] | Hedge Fund Of Funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 18.5 | 21.1 | |
Realized gains | 1.5 | 0.9 | |
Unrealized gains | -1.7 | 1.5 | |
Net, purchases and sales | 36.4 | -5 | |
Fair value of plan assets at end of year | 54.7 | 18.5 | |
Level 3 [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 4.9 | 5.3 | |
Realized gains | 0.9 | 0.5 | |
Unrealized gains | 0.2 | -0.1 | |
Net, purchases and sales | -1 | -0.8 | |
Fair value of plan assets at end of year | $5 | $4.90 |
Recovered_Sheet1
Employee Benefit And Retirement Plans (Estimated Future Benefit Payments) (Details) (USD $) | Nov. 30, 2014 |
In Millions, unless otherwise specified | |
International Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | $8.50 |
2015 | 8.9 |
2016 | 9.9 |
2017 | 10.8 |
2018 | 12.3 |
2019-2023 | 79.7 |
United States Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 24.5 |
2015 | 25.5 |
2016 | 27.4 |
2017 | 30.1 |
2018 | 31.7 |
2019-2023 | 195.4 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 6.9 |
2015 | 6.8 |
2016 | 6.9 |
2017 | 7 |
2018 | 7.1 |
2019-2023 | 35.7 |
Retiree Medical [Member] | Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 5.8 |
2015 | 5.7 |
2016 | 5.7 |
2017 | 5.8 |
2018 | 5.9 |
2019-2023 | 29.4 |
Retiree Life Insurance [Member] | Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 1.1 |
2015 | 1.1 |
2016 | 1.2 |
2017 | 1.2 |
2018 | 1.2 |
2019-2023 | $6.30 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
award_type | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock-based Compensation Award Types | 3 | ||
Total stock-based compensation expense | $18.20 | $18.70 | $20.20 |
Unrecognized stock-based compensation expense | 18.9 | ||
Weighted average period for unrecognized stock-based compensation to be recognized | 1 year 1 month | ||
Common Stock, Capital Shares Reserved for Future Issuance | 5.8 | ||
Intrinsic value of options outstanding | 96.5 | ||
Intrinsic value for exercisable options | 81 | ||
Total intrinsic value for all options exercised | $25.90 | $43.70 | $62.80 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | 2 years | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | 4 years | |
Exercisable period | 10 years | ||
Weighted-average grant-date fair value of an option granted (usd per share) | $9.48 | $9.47 | $7.17 |
Mid-term Incentive Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period for unrecognized stock-based compensation to be recognized | 3 years |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of RSU Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | -55 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $48.78 | ||
Restricted Stock Units [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 year, Shares | 161 | 192 | 233 |
Granted, Shares | 180 | 89 | 113 |
Vested, Shares | -93 | -116 | -147 |
Forfeited, Shares | -9 | -4 | -7 |
Outstanding at end of year, Shares | 239 | 161 | 192 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $60.86 | $49.65 | $43.23 |
Granted, Weighted-average price (usd per share) | $71.15 | $71.60 | $54.30 |
Vested, Weighted-average price (usd per share) | $62.57 | $50.91 | $42.82 |
Forfeited, Weighted-average price (usd per share) | $70.14 | $59.25 | $47.88 |
Outstanding at end of year, Weighted-average price (usd per share) | $67.60 | $60.86 | $49.65 |
Mid-term Incentive Program [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 year, Shares | 334 | 240 | 120 |
Granted, Shares | 105 | 94 | 120 |
Vested, Shares | -118 | ||
Forfeited, Shares | -35 | ||
Outstanding at end of year, Shares | 231 | 334 | 240 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $51.73 | $46.63 | $44.47 |
Granted, Weighted-average price (usd per share) | $69.04 | $64.74 | $48.78 |
Vested, Weighted-average price (usd per share) | $44.47 | ||
Forfeited, Weighted-average price (usd per share) | $65.42 | ||
Outstanding at end of year, Weighted-average price (usd per share) | $61.94 | $51.73 | $46.63 |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Of Stock Compensation Plans) (Details) | 12 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | |
Share-based Compensation [Abstract] | |||
Risk free interest rate, minimum | 0.10% | 0.10% | 0.10% |
Risk free interest rate, maximum | 2.70% | 1.80% | 2.20% |
Dividend yield | 2.10% | 1.90% | 2.30% |
Expected volatility rate, minimum | 15.60% | 14.50% | 16.50% |
Expected volatility rate, maximum | 20.10% | 20.60% | 21.60% |
Expected lives | 5 years 292 days | 6 years 73 days | 6 years 37 days |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at Beginning of year, Shares | 4.6 | 5.1 | 6.6 |
Granted, Shares | 1.1 | 0.9 | 0.9 |
Exercised, Shares | -0.8 | -1.3 | -2.4 |
Forfeited, Shares | -0.1 | -0.1 | 0 |
Outstanding at End of year, Shares | 4.8 | 4.6 | 5.1 |
Exercisable at end of year, Number of Shares | 2.8 | 2.7 | 2.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of year, Weighted-average exercise price (usd per share) | $47.73 | $40.06 | $34.98 |
Granted, Weighted-average exercise price (usd per share) | $71.12 | $71.60 | $54.27 |
Exercised, Weighted-average exercise price (usd per share) | $37.19 | $34.11 | $31.43 |
Forfeited, Weighted-average exercise price (usd per share) | $67.22 | $57.33 | $0 |
Outstanding at end of year, Weighted-average exercise price (usd per share) | $54.17 | $47.73 | $40.06 |
Exercisable at end of year, Weighted-average exercise price (usd per share) | $45.71 | $39.62 | $34.99 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary Of Our Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Shares | 4.8 |
Options outstanding, Weighted-average remaining life (yrs) | 6 years 6 months 1 day |
Options outstanding, Weighted-average exercise price (usd per share) | $54.17 |
Options exercisable, Shares | 2.8 |
Options exercisable, Weighted-average remaining life (yrs) | 5 years 1 month 6 days |
Options exercisable, Weighted-average exercise price (usd per share) | $45.71 |
$20.00-$40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | $20 |
Range of exercise price, upper limit | $40 |
Options outstanding, Shares | 1.4 |
Options outstanding, Weighted-average remaining life (yrs) | 3 years 10 months 25 days |
Options outstanding, Weighted-average exercise price (usd per share) | $35.71 |
Options exercisable, Shares | 1.4 |
Options exercisable, Weighted-average remaining life (yrs) | 3 years 10 months 25 days |
Options exercisable, Weighted-average exercise price (usd per share) | $35.71 |
$40.01-$60.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | $40.01 |
Range of exercise price, upper limit | $60 |
Options outstanding, Shares | 1.5 |
Options outstanding, Weighted-average remaining life (yrs) | 6 years 9 months 20 days |
Options outstanding, Weighted-average exercise price (usd per share) | $50.77 |
Options exercisable, Shares | 1 |
Options exercisable, Weighted-average remaining life (yrs) | 6 years 8 months 15 days |
Options exercisable, Weighted-average exercise price (usd per share) | $50.24 |
Range Three Of Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | $60.01 |
Range of exercise price, upper limit | $80 |
Options outstanding, Shares | 1.9 |
Options outstanding, Weighted-average remaining life (yrs) | 8 years 10 months 25 days |
Options outstanding, Weighted-average exercise price (usd per share) | $71.33 |
Options exercisable, Shares | 0.4 |
Options exercisable, Weighted-average remaining life (yrs) | 8 years 6 months |
Options exercisable, Weighted-average exercise price (usd per share) | $71.48 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Tax Credit Carryforward [Line Items] | ||||
Non-U.S. subsidiaries tax loss carryforwards | $142,300,000 | |||
Tax loss carryforwards expiring through 2016 | 26,900,000 | |||
Tax loss carryforwards expiring from 2017 through 2025 | 48,500,000 | |||
Tax loss carryforwards indefinitely | 66,900,000 | |||
Non-U.S. subsidiaries capital loss carryforwards | 5,900,000 | |||
Tax credit carryforwards | 17,500,000 | |||
Net increase in the valuation allowance | 600,000 | |||
Unremitted earnings | 1,300,000,000 | |||
Unrecognized tax benefits | 55,700,000 | 58,000,000 | 46,700,000 | 33,200,000 |
Statute expirations | 700,000 | 100,000 | 1,200,000 | |
Interest and penalty (income) / expense | 500,000 | 1,300,000 | 1,400,000 | |
Interest and penalties accrued | 5,000,000 | 5,200,000 | ||
Tax benefits that would impact effective tax rate | 45,600,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2,100,000 | |||
2020 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 3,400,000 | |||
Tax credit carryforwards expiration year | 30-Nov-20 | |||
2021 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 600,000 | |||
Tax credit carryforwards expiration year | 30-Nov-21 | |||
2022 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | $13,500,000 | |||
Tax credit carryforwards expiration year | 30-Nov-22 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $91.30 | $96.40 | $79.40 |
Current, State | 11.3 | 10.3 | 10.1 |
Current, International | 37.2 | 42.2 | 26 |
Current Income Taxes, Total | 139.8 | 148.9 | 115.5 |
Deferred, Federal | 2.8 | -0.1 | 21.3 |
Deferred, State | 0.3 | -0.4 | 4 |
Deferred, International | 3 | -14.8 | -1 |
Deferred Income Taxes, Total | 6.1 | -15.3 | 24.3 |
Total income taxes | $145.90 | $133.60 | $139.80 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income From Consolidated Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $333.20 | $351.20 | $366.20 |
International | 221.2 | 148.2 | 159.9 |
Income from consolidated operations before income taxes | $554.40 | $499.40 | $526.10 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate) (Details) | 12 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefits | 1.30% | 1.20% | 1.70% |
International tax at different effective rates | -7.00% | -6.90% | -6.50% |
U.S. tax on remitted and unremitted earnings | 0.40% | 0.00% | -2.00% |
U.S. manufacturing deduction | -1.60% | -1.80% | -1.60% |
Changes in prior year tax contingencies | -2.00% | 0.30% | -0.10% |
Other, net | 0.20% | -1.00% | 0.10% |
Total | 26.30% | 26.80% | 26.60% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Nov. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $145 | $110.30 |
Deferred tax assets, Other accrued liabilities | 23.9 | 23.5 |
Deferred tax assets, Inventory | 10.8 | 11.1 |
Deferred tax assets, Tax loss and credit carry forwards | 38.9 | 41.4 |
Deferred tax assets, Other | 11.7 | 9.5 |
Deferred tax assets, Valuation allowance | -21.8 | -21.2 |
Deferred tax assets, total | 208.5 | 174.6 |
Deferred tax liabilities, Depreciation | 38.8 | 45.3 |
Deferred tax liabilities, Intangible assets | 192.6 | 178.2 |
Deferred tax liabilities, Other | 8.7 | 7.4 |
Deferred tax liabilities, total | 240.1 | 230.9 |
Net deferred tax (liability) asset | ($31.60) | ($56.30) |
Income_Taxes_Activity_Related_
Income Taxes (Activity Related To Our Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $58 | $46.70 | $33.20 |
Additions for current year tax positions | 11.4 | 10.3 | 10.6 |
Additions for prior year tax positions | 0.7 | 2.2 | 3.9 |
Reductions for prior year tax positions | -9.5 | 0 | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 3.5 | 0 | 0 |
Statute expirations | -0.7 | -0.1 | -1.2 |
Foreign currency translation | -0.7 | -1.1 | 0.2 |
Balance at end of year | $55.70 | $58 | $46.70 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Average Shares Outstanding) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Earnings Per Share [Abstract] | |||
Average shares outstanding-basic | 129.9 | 132.1 | 132.7 |
Stock options/RSUs | 1.1 | 1.5 | 1.6 |
Average shares outstanding-diluted | 131 | 133.6 | 134.3 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Antidilutive Securities) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Earnings Per Share [Abstract] | |||
Antidilutive securities | 1.6 | 0.6 | 0.3 |
Capital_Stock_Details
Capital Stock (Details) | 12 Months Ended |
Nov. 30, 2014 | |
Capital Stock [Line Items] | |
Maximum percentage of votes a holder of shares of Common Stock may cast out of the votes entitled to be cast by all holders of shares of Common Stock | 10.00% |
Minimum [Member] | |
Capital Stock [Line Items] | |
Minimum percentage a holder must acquire of each class of common stock not to be subject to our redemption rights | 90.00% |
Minimum percentage of votes a holder must control out of the votes entitled to be cast by all holders of shares of Common Stock to trigger the automatic conversion, on a share-for-share basis, of all shares of Common Stock Non-Voting into shares of Common Stock | 50.00% |
Business_Segments_And_Geograph2
Business Segments And Geographic Areas (Narrative) (Details) | 12 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | |
Industrial [Member] | PepsiCo, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 11.00% | 11.00% | 11.00% |
Consumer [Member] | Wal-Mart Stores, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 11.00% | 12.00% | 11.00% |
Business_Segments_And_Geograph3
Business Segments And Geographic Areas (Schedule Of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Operating income excluding special charges and loss on voluntary pension settlement | $590.80 | ||||||||||
Net sales | 1,173.60 | 1,042.80 | 1,033.40 | 993.4 | 1,170.10 | 1,016.40 | 1,002.60 | 934.4 | 4,243.20 | 4,123.40 | 4,014.20 |
Operating income excluding special charges | 608.2 | 590.8 | |||||||||
Operating income | 199.4 | 157.3 | 121.7 | 124.6 | 174.1 | 148.4 | 116 | 112 | 603 | 550.5 | 578.3 |
Income from unconsolidated operations | 29.4 | 23.2 | 21.5 | ||||||||
Goodwill | 1,722.20 | 1,798.50 | 1,722.20 | 1,798.50 | 1,695.30 | ||||||
Assets | 4,414.30 | 4,449.70 | 4,414.30 | 4,449.70 | 4,165.40 | ||||||
Capital expenditures | 132.7 | 99.9 | 110.3 | ||||||||
Depreciation and amortization | 102.7 | 106 | 102.8 | ||||||||
Special charges | 2.9 | 2.3 | 5.2 | 25 | 0 | ||||||
Loss on voluntary pension settlement | 0 | 15.3 | 0 | ||||||||
Consumer [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,625.50 | 2,538 | 2,415.30 | ||||||||
Operating income excluding special charges | 474.3 | ||||||||||
Operating income | 472.3 | 456.1 | |||||||||
Income from unconsolidated operations | 28.2 | 19.5 | 17.3 | ||||||||
Goodwill | 1,581.10 | 1,654.70 | 1,581.10 | 1,654.70 | 1,551 | ||||||
Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,617.70 | 1,585.40 | 1,598.90 | ||||||||
Operating income excluding special charges | 133.9 | ||||||||||
Operating income | 118.5 | 122.2 | |||||||||
Income from unconsolidated operations | 1.2 | 3.7 | 4.2 | ||||||||
Goodwill | 141.1 | 143.8 | 141.1 | 143.8 | 144.3 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 4,169.70 | 4,142.90 | 4,169.70 | 4,142.90 | 3,912.20 | ||||||
Capital expenditures | 108.6 | 84.2 | 88.8 | ||||||||
Depreciation and amortization | 71.7 | 74.8 | 75.1 | ||||||||
Corporate & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 244.6 | 306.8 | 244.6 | 306.8 | 253.2 | ||||||
Capital expenditures | 24.1 | 15.7 | 21.5 | ||||||||
Depreciation and amortization | 31 | 31.2 | 27.7 | ||||||||
2013 Special Charges [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Special charges | $25 |
Business_Segments_And_Geograph4
Business Segments And Geographic Areas (Net Sales And Long-Lived Assets Geographic Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $1,173.60 | $1,042.80 | $1,033.40 | $993.40 | $1,170.10 | $1,016.40 | $1,002.60 | $934.40 | $4,243.20 | $4,123.40 | $4,014.20 |
Long-lived assets | 2,655.70 | 2,708.50 | 2,655.70 | 2,708.50 | 2,566.10 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,357.50 | 2,357 | 2,351.50 | ||||||||
Long-lived assets | 1,284 | 1,275.70 | 1,284 | 1,275.70 | 1,291.50 | ||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 930.8 | 883.4 | 860.5 | ||||||||
Long-lived assets | 920 | 989.2 | 920 | 989.2 | 956.6 | ||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 954.9 | 883 | 802.2 | ||||||||
Long-lived assets | $451.70 | $443.60 | $451.70 | $443.60 | $318 |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Data (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | |
Supplemental Financial Statement Data [Abstract] | |||||||||||
Dividends paid per share (usd per share) | $0.37 | $0.37 | $0.37 | $0.37 | $0.34 | $0.34 | $0.34 | $0.34 | $1.48 | $1.36 | $1.24 |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Data (Supplemental Income Statement, Balance Sheet And Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Supplemental Financial Statement Data [Abstract] | |||
Finished products | $303.20 | $304.60 | |
Raw materials and work-in-process | 410.6 | 372.3 | |
Inventories, total | 713.8 | 676.9 | |
Prepaid expenses | 20.3 | 37.7 | |
Other current assets | 111.2 | 97.1 | |
Total prepaid and other current asset | 131.5 | 134.8 | |
Land and improvements | 57.6 | 59.3 | |
Buildings | 346.4 | 335.4 | |
Machinery and equipment | 700.7 | 661.3 | |
Software | 301.7 | 292.5 | |
Construction-in-progress | 75 | 59.2 | |
Accumulated depreciation | -878.7 | -831.1 | |
Property, plant and equipment, total | 602.7 | 576.6 | |
Investments in affiliates | 156.3 | 160.6 | |
Long-term investments | 113 | 103.4 | |
Prepaid allowances | 17.3 | 19.3 | |
Other assets | 55.8 | 87.7 | |
Investments and other assets, total | 342.4 | 371 | |
Payroll and employee benefits | 132.8 | 120.4 | |
Sales allowances | 127.3 | 124.5 | |
Other | 219 | 216.8 | |
Other accrued liabilities, total | 479.1 | 461.7 | |
Pension | 182.3 | 101 | |
Postretirement benefits | 89.5 | 88.2 | |
Deferred taxes | 108.2 | 139.3 | |
Unrecognized tax benefits | 47.3 | 53 | |
Other | 41.5 | 38.4 | |
Other long-term liabilities, total | 468.8 | 419.9 | |
Depreciation | 67.7 | 67.5 | 63.6 |
Software amortization | 20 | 23.6 | 23.7 |
Interest paid | 50 | 54.2 | 54.7 |
Income taxes paid | $129 | $106.30 | $103.30 |
Selected_Quarterly_Data_Schedu
Selected Quarterly Data (Scheduled Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Selected Quarterly Data [Line Items] | |||||||||||
Net sales | $1,173.60 | $1,042.80 | $1,033.40 | $993.40 | $1,170.10 | $1,016.40 | $1,002.60 | $934.40 | $4,243.20 | $4,123.40 | $4,014.20 |
Gross profit | 506.1 | 420.1 | 412.5 | 391.5 | 502.2 | 407.6 | 394.4 | 361.7 | 1,730.20 | 1,665.80 | 1,617.80 |
Operating income | 199.4 | 157.3 | 121.7 | 124.6 | 174.1 | 148.4 | 116 | 112 | 603 | 550.5 | 578.3 |
Net income | 148 | 122.9 | 84.5 | 82.5 | 129.9 | 104.4 | 78.6 | 76 | 437.9 | 389 | 407.8 |
Basic earnings per share | $1.15 | $0.95 | $0.65 | $0.63 | $0.99 | $0.79 | $0.60 | $0.57 | $3.37 | $2.94 | $3.07 |
Diluted earnings per share | $1.14 | $0.94 | $0.64 | $0.62 | $0.98 | $0.78 | $0.59 | $0.57 | $3.34 | $2.91 | $3.04 |
Dividends paid per share (usd per share) | $0.37 | $0.37 | $0.37 | $0.37 | $0.34 | $0.34 | $0.34 | $0.34 | $1.48 | $1.36 | $1.24 |
Special charges | 2.9 | 2.3 | 5.2 | 25 | 0 | ||||||
Loss on voluntary pension settlement | 0 | 15.3 | 0 | ||||||||
After tax impact of special charges and loss on voluntary pension settlement | $2.10 | $1.60 | $29.20 | ||||||||
EPS impact of Special charges and loss on voluntary pension settlement | $0.02 | $0.01 | $0.22 | ||||||||
Common Stock [Member] | |||||||||||
Selected Quarterly Data [Line Items] | |||||||||||
Common Stock, Market price, High | $73.18 | $73.04 | $72 | $70 | $70 | $73.41 | $74.60 | $67.28 | |||
Common Stock, Market price, Low | $65.90 | $66 | $65.57 | $62.80 | $63.29 | $66.85 | $68.08 | $61.03 | |||
Common Stock Non-Voting [Member] | |||||||||||
Selected Quarterly Data [Line Items] | |||||||||||
Common Stock, Market price, High | $74.33 | $73.09 | $72.31 | $70.02 | $70.20 | $73.36 | $74.76 | $67.32 | |||
Common Stock, Market price, Low | $65.61 | $65.78 | $66.12 | $63.03 | $64.07 | $67.09 | $68.39 | $61.23 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $25.30 | $31.50 | $31.10 |
Charged to Costs and Expenses | 4.1 | 6.7 | 3 |
Charged to Other Accounts | -2.3 | -1.7 | 0.8 |
Deductions | -1.3 | -11.2 | -3.4 |
Balance at End of Period | 25.8 | 25.3 | 31.5 |
Allowance For Doubtful Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 4.1 | 4 | 4.5 |
Charged to Costs and Expenses | 1.1 | 1.5 | 0.7 |
Charged to Other Accounts | -0.9 | -0.1 | 0 |
Deductions | -0.3 | -1.3 | -1.2 |
Balance at End of Period | 4 | 4.1 | 4 |
Valuation Allowance On Net Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 21.2 | 27.5 | 26.6 |
Charged to Costs and Expenses | 3 | 5.2 | 2.3 |
Charged to Other Accounts | -1.4 | -1.6 | 0.8 |
Deductions | -1 | -9.9 | -2.2 |
Balance at End of Period | $21.80 | $21.20 | $27.50 |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2015 | 31-May-15 |
Subsequent Event [Line Items] | |||||||
Special charges | $2.90 | $2.30 | $5.20 | $25 | $0 | ||
UNITED STATES | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | 1.1 | ||||||
UNITED STATES | Annual Cost Savings [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | 1.2 | ||||||
Scenario, Forecast [Member] | UNITED STATES | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | 20 | ||||||
Scenario, Forecast [Member] | UNITED STATES | Employee Severance [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | 13 | ||||||
Scenario, Forecast [Member] | UNITED STATES | Annual Cost Savings [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | 10 | ||||||
Scenario, Forecast [Member] | UNITED STATES | 2016 Estimated Annual Cost Savings [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Special charges | $25 |