Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Dec. 30, 2022 | May 31, 2022 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-14920 | ||
Entity Registrant Name | MCCORMICK & CO INC | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 52-0408290 | ||
Entity Address, Address Line One | 24 Schilling Road, Suite 1, | ||
Entity Address, City or Town | Hunt Valley, | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21031 | ||
City Area Code | 410 | ||
Local Phone Number | 771-7301 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 23,764,539,252 | ||
Entity Central Index Key | 0000063754 | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --11-30 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock, Par Value $0.01 per share | ||
Trading Symbol | MKC.V | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 17,380,371 | ||
Common Stock Non-Voting [Member] | |||
Title of 12(b) Security | Common Stock Non-Voting, Par Value $0.01 per share | ||
Trading Symbol | MKC | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 250,721,185 |
Audit Information
Audit Information | 12 Months Ended |
Nov. 30, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Baltimore, Maryland |
Auditor Firm ID | 42 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Income Statement [Abstract] | |||
Revenues | $ 6,350.5 | $ 6,317.9 | $ 5,601.3 |
Cost of Goods and Services Sold | 4,076 | 3,823.3 | 3,300.9 |
Gross profit | 2,274.5 | 2,494.6 | 2,300.4 |
Selling, general and administrative expense | 1,357.1 | 1,404.1 | 1,281.6 |
Transaction and integration expenses | 2.2 | 29 | 12.4 |
Special charges | 51.6 | 46.4 | 6.9 |
Operating income | 863.6 | 1,015.1 | 999.5 |
Interest expense | 149.1 | 136.6 | 135.6 |
Other income, net | 98.3 | 17.3 | 17.6 |
Income from consolidated operations before income taxes | 812.8 | 895.8 | 881.5 |
Income tax expense | 168.6 | 192.7 | 174.9 |
Net income from consolidated operations | 644.2 | 703.1 | 706.6 |
Income from unconsolidated operations | 37.8 | 52.2 | 40.8 |
Net income | $ 682 | $ 755.3 | $ 747.4 |
Earnings per share–basic (usd per share) | $ 2.54 | $ 2.83 | $ 2.80 |
Earnings per share–diluted (usd per share) | $ 2.52 | $ 2.80 | $ 2.78 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 682 | $ 755.3 | $ 747.4 |
Net income attributable to non-controlling interest | 6.2 | 8 | 4.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 149.2 | 134.8 | (80.4) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (161.8) | (68.8) | 89.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 3.3 | 1.1 | (0.9) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (46.8) | (30.2) | 18.1 |
Other comprehensive income (loss), net of tax | (56.1) | 36.9 | 26.5 |
Comprehensive income | $ 632.1 | $ 800.2 | $ 778.2 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Assets | ||
Cash and cash equivalents | $ 334 | $ 351.7 |
Trade accounts receivable, net of allowances | 573.7 | 549.5 |
Inventories | 1,340.1 | 1,182.3 |
Prepaid expenses and other current assets | 138.9 | 112.3 |
Total current assets | 2,386.7 | 2,195.8 |
Property, plant and equipment, net | 1,198 | 1,140.3 |
Goodwill | 5,212.9 | 5,335.8 |
Intangible assets, net | 3,387.9 | 3,452.5 |
Other long-term assets | 939.4 | 781.4 |
Total assets | 13,124.9 | 12,905.8 |
Liabilities | ||
Short-term borrowings | 1,236.7 | 539.1 |
Current portion of long-term debt | 270.6 | 770.3 |
Trade accounts payable | 1,171 | 1,064.2 |
Other accrued liabilities | 754.1 | 850.2 |
Total current liabilities | 3,432.4 | 3,223.8 |
Long-term debt | 3,642.3 | 3,973.3 |
Deferred taxes | 866.3 | 792.3 |
Other long-term liabilities | 484.7 | 490.9 |
Total liabilities | 8,425.7 | 8,480.3 |
Shareholders’ equity | ||
Retained earnings | 3,022.5 | 2,782.4 |
Accumulated other comprehensive loss | (480.6) | (426.5) |
Stockholders' Equity Attributable to Parent | 4,680.5 | 4,411 |
Non-controlling interests | 18.7 | 14.5 |
Total shareholders’ equity | 4,699.2 | 4,425.5 |
Total liabilities and shareholders’ equity | 13,124.9 | 12,905.8 |
Common Stock [Member] | ||
Shareholders’ equity | ||
Common stock | 568.6 | 530 |
Common Stock Non-Voting [Member] | ||
Shareholders’ equity | ||
Common stock | $ 1,570 | $ 1,525.1 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Common Stock [Member] | ||
Common stock, shares authorized | 640 | 640 |
Common stock, shares issued | 17.4 | 17.8 |
Common stock, shares outstanding | 17.4 | 17.8 |
Common Stock Non-Voting [Member] | ||
Common stock, shares authorized | 640 | 640 |
Common stock, shares issued | 250.6 | 249.5 |
Common stock, shares outstanding | 250.6 | 249.5 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Operating activities | |||
Net income | $ 682 | $ 755.3 | $ 747.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 200.6 | 186.3 | 165 |
Stock-based compensation | 60.3 | 66.6 | 46 |
Gain on the sale of a business and intangible asset | (63.2) | 0 | 0 |
Asset Impairment Charges | 10 | 17.2 | 0 |
Business Combination, Amortization Of Inventory Fair Value Adjustments | 0 | 6.3 | 0 |
(Gain) loss on sale of assets | (0.5) | 0.2 | 3 |
Deferred income tax expense (benefit) | 21.8 | 36 | (11.2) |
Income from unconsolidated operations | (37.8) | (52.2) | (40.8) |
Changes in operating assets and liabilities (net of effect of businesses acquired and disposed): | |||
Trade accounts receivable | (45.8) | (22.6) | 4.8 |
Inventories | (205.3) | (153.7) | (200.2) |
Trade accounts payable | 125.3 | 34.9 | 164.2 |
Other assets and liabilities | (129.9) | (81.4) | 133.8 |
Dividends received from unconsolidated affiliates | 34 | 35.4 | 29.3 |
Net cash provided by operating activities | 651.5 | 828.3 | 1,041.3 |
Investing activities | |||
Acquisitions of businesses (net of cash acquired) | 0 | (706.4) | (803) |
Proceeds from sale of business | 95.2 | 0 | 0 |
Capital expenditures (including expenditures for capitalized software) | (262) | (278) | (225.3) |
Proceeds from sale of unconsolidated operation | 0 | 65.4 | 0 |
Proceeds from sale of intangible asset | 13.6 | 0 | 0 |
Other investing activities | 6.8 | 10.4 | 2.7 |
Net cash used in investing activities | (146.4) | (908.6) | (1,025.6) |
Financing activities | |||
Short-term borrowings (repayments), net | 698.3 | (346.7) | 286.5 |
Proceeds from issuances of long-term debt | 0 | 1,001.5 | 527 |
Payment of debt issuance costs | 0 | (1.9) | (1.1) |
Long-term debt repayments | (772) | (257.1) | (257.7) |
Proceeds from exercised stock options | 41.4 | 13.5 | 56.6 |
Taxes withheld and paid on employee stock awards | (19.4) | (15.4) | (13) |
Common stock acquired by purchase | (38.8) | (8.6) | (47.3) |
Dividends paid | (396.7) | (363.3) | (330.1) |
Net cash (used in) provided by financing activities | (487.2) | 22 | 220.9 |
Effect of exchange rate changes on cash and cash equivalents | (35.6) | (13.6) | 31.6 |
(Decrease) increase in cash and cash equivalents | (17.7) | (71.9) | 268.2 |
Cash and cash equivalents at beginning of year | 351.7 | 423.6 | 155.4 |
Cash and cash equivalents at end of year | $ 334 | $ 351.7 | $ 423.6 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interests [Member] | Common Stock Non-Voting [Member] Common Stock [Member] |
Balance, Shares at Nov. 30, 2019 | 18.6 | 247.2 | ||||
Balance, Value at Nov. 30, 2019 | $ 3,456.7 | $ 1,888.6 | $ 2,055.8 | $ (500.2) | $ 12.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 747.4 | 747.4 | ||||
Net income attributable to non-controlling interest | 4.3 | 4.3 | ||||
Other comprehensive income (loss), net of tax | 26.5 | 29.4 | (2.9) | |||
Dividends | (338.5) | (338.5) | ||||
Stock-based compensation | 46 | $ 46 | ||||
Shares purchased and retired, Shares | (0.3) | (0.2) | ||||
Shares purchased and retired, Value | (62.7) | $ (13.6) | (49.1) | |||
Shares issued, Shares | 1.6 | 0 | ||||
Shares issued, Value | 60.3 | $ 60.3 | ||||
Equal exchange, shares | (1.9) | 1.9 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2020 | 18 | 248.9 | ||||
Balance, Value at Nov. 30, 2020 | 3,940 | $ 1,981.3 | 2,415.6 | (470.8) | 13.9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 755.3 | 755.3 | ||||
Net income attributable to non-controlling interest | 8 | 8 | ||||
Other comprehensive income (loss), net of tax | 36.9 | 44.3 | (7.4) | |||
Dividends | (371.5) | (371.5) | ||||
Stock-based compensation | 66.6 | $ 66.6 | ||||
Shares purchased and retired, Shares | (0.3) | 0 | ||||
Shares purchased and retired, Value | (24.8) | $ (7.8) | (17) | |||
Stock Issued During Period, Shares, New Issues | 0.7 | 0 | ||||
Shares issued, Value | 15 | $ 15 | ||||
Equal exchange, shares | (0.6) | 0.6 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2021 | 17.8 | 249.5 | ||||
Balance, Value at Nov. 30, 2021 | 4,425.5 | $ 2,055.1 | 2,782.4 | (426.5) | 14.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 682 | 682 | ||||
Net income attributable to non-controlling interest | 6.2 | 6.2 | ||||
Other comprehensive income (loss), net of tax | (56.1) | (54.1) | (2) | |||
Dividends | (402.3) | (402.3) | ||||
Stock-based compensation | 60.3 | $ 60.3 | ||||
Shares purchased and retired, Shares | (0.7) | 0 | ||||
Shares purchased and retired, Value | (59.6) | $ (20) | (39.6) | |||
Stock Issued During Period, Shares, New Issues | 1.4 | 0 | ||||
Shares issued, Value | 43.2 | $ 43.2 | ||||
Equal exchange, shares | (1.1) | 1.1 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2022 | 17.4 | 250.6 | ||||
Balance, Value at Nov. 30, 2022 | $ 4,699.2 | $ 2,138.6 | $ 3,022.5 | $ (480.6) | $ 18.7 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2022 | |
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 from 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 their functional currency — other than intercompany transactions designated as long-term investments, are included in net income. 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 are translated at the rates of exchange at the balance sheet date, with the resultant translation adjustments included in accumulated other comprehensive income (loss) of those affiliates. Income and expense items of those affiliates are translated at average monthly rates of exchange. We record our ownership share of the net assets and accumulated other comprehensive income (loss) of our unconsolidated affiliates in our consolidated balance sheet on the lines entitled “Other long-term assets” and “Accumulated other comprehensive loss,” respectively. We record our ownership share of the net income of our unconsolidated affiliates, or a gain or loss associated with the sale of our ownership interest in our unconsolidated affiliates, in our consolidated income statement on the line entitled “Income from unconsolidated operations.” 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 net realizable value. Cost is determined under the first-in, first-out costing method (FIFO), including the use of average costs which approximate FIFO. 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 50 years for buildings and 3 to 15 years for machinery, equipment and other assets. Assets leased under finance leases are depreciated over the shorter of the lease term or their estimated useful lives unless it is reasonably certain that we will obtain ownership by the end of the lease term. Repairs and maintenance costs are expensed as incurred. Computer Software 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. The net book value of capitalized software totaled $160.6 million and $141.1 million at November 30, 2022 and 2021, respectively. Capitalized software is classified within "Other long-term assets" in the consolidated balance sheet. Software is amortized using the straight-line method over estimated useful lives ranging from 3 to 13 years, but not exceeding the expected life of the product. 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 estimate the 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. An impairment charge would be recognized to the extent that the carrying amount of the reporting unit exceeds the estimated fair value of the reporting unit. Indefinite-lived Intangible Asset Impairment Our indefinite-lived intangible assets consist of acquired brand names and trademarks. We estimate fair value by using a relief-from-royalty method 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 estimated fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. Long-lived 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 would be calculated based on the excess of the asset’s carrying value over its estimated fair value. Leases We determine whether a contract is or contains a lease at contract inception based on the presence of identified assets and our right to obtain substantially all the economic benefit from or to direct the use of such assets. When we determine a lease exists, we record a right-of-use (“ROU”) asset and corresponding lease liability on our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets are recognized at the lease commencement date at the value of the lease liability and are adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term. As the discount rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We do not record lease contracts with a term of 12 months or less on our consolidated balance sheets. When our real estate lease arrangements include lease and non-lease components (for example, common area maintenance), we account for each component separately, based on their relative standalone prices. For all other asset categories, we combine lease components and non-lease components into a single lease commitment. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense over the shorter of the estimated useful life of the underlying assets or the lease term. In instances of title transfer, expense is recognized over the useful life. Interest expense on a finance lease is recognized using the effective interest method over the lease term. Revenue Recognition We manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry—retailers, food manufacturers and foodservice businesses. Our revenue arrangements generally include a single performance obligation relating to the fulfillment of a customer order, which in some cases are governed by a master sales agreement, for the purchase of our products. We recognize revenue at a point in time when control of the ordered products passes to the customer, which principally occurs either upon shipment or delivery to the customer or upon pick-up by the customer, depending upon terms included in the particular customer arrangement. Revenues are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates and returns, are estimated at the time of sale. All taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer for sales, value added and other excise taxes are excluded from net sales. We account for product shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service with costs for these activities recorded within Cost of goods sold. We expense any incremental costs of obtaining a contract when the contract is for a period of one year or less. Amounts billed and due from our customers are classified as accounts receivable on the balance sheet and require payment on a short-term basis. Our allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. The following table sets forth our net sales by the Americas, Europe, Middle East and Africa (EMEA) and Asia/Pacific (APAC) geographic regions: (millions) Americas EMEA APAC Total 2022 Net sales $ 4,551.7 $ 1,116.4 $ 682.4 $ 6,350.5 2021 Net sales $ 4,396.1 $ 1,191.3 $ 730.5 $ 6,317.9 2020 Net sales $ 3,974.9 $ 1,046.7 $ 579.7 $ 5,601.3 Performance Obligations Our revenues primarily result from contracts or purchase orders with customers, which generally are both short-term in nature and have a single performance obligation—the delivery of our products to customers. We assess the goods and services promised in our customers’ contracts or purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised, whether explicitly stated or implied based on customary business practices. Significant Judgments Sales are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates or returns, are estimated at the time of sale. Where applicable, future reimbursements are estimated based on a combination of historical patterns and the Company's then-current expectations regarding what was earned through these programs as of the balance sheet date. Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one-year or shorter duration. Estimates that affect revenue, such as trade incentives and product returns, are monitored and adjusted each period until the incentives or product returns are realized. The adjustments recognized during the year ended November 30, 2022, 2021 and 2020 resulting from updated estimates of revenue for prior year product sales were not significant. The unsettled portion remaining in accrued liabilities for these activities was $181.0 million and $189.3 million at November 30, 2022 and 2021, respectively. Shipping and Handling Shipping and handling costs on our products sold to customers related to activities that occur before the customer has obtained control of a good are included in cost of goods sold in the consolidated income statement. Brand Marketing Support Total brand marketing support costs, which are included in our consolidated income statement in the line entitled "Selling, general and administrative expense", were $240.4 million, $237.8 million and $230.3 million for 2022, 2021 and 2020, respectively. Brand marketing support costs include advertising and promotions but exclude trade funds paid to customers for such activities. All trade funds paid to customers are reflected in the consolidated income statement as a reduction of net sales. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation of 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 advertising are expensed as incurred. Advertising expense was $187.2 million, $182.6 million and $174.8 million for 2022, 2021 and 2020, respectively. Research and Development Research and development costs are expensed as incurred and are included in our consolidated income statement in the line entitled "Selling, general and administrative expense." Research and development expense was $87.5 million, $87.3 million and $68.6 million for 2022, 2021 and 2020, respectively. Income Taxes Income taxes are recognized in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities, and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Changes in enacted tax rates are reflected in the tax provision as they occur. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. When assessing the need for valuation allowances, we consider future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, we would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding adjustment to our provision for income taxes. We recognize a tax position in our financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The resolution of tax reserves and changes in valuation allowances could be material to our results of operations for any period but is not expected to be material to our financial position. We are subject to a U.S. tax requirement that certain income earned by foreign subsidiaries, referred to as Global Intangible Low-Taxed Income (GILTI), must be included in the gross income of the subsidiary’s U.S. shareholder. Accounting principles generally accepted in the U.S. provide for an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current period expense when incurred. We have elected to treat GILTI as a current period expense when incurred. Stock-Based Compensation We recognize stock-based compensation expense associated with options and restricted stock units (RSUs), which contain provisions that such awards fully vest upon an employee’s retirement, ratably over the shorter of the vesting period or the employees’ retirement eligibility date. Accordingly, we recognize stock-based compensation associated with options and RSUs subject to immediate retirement eligible vesting provisions on the date of grant. Compensation expense associated with our long-term performance plan (LTPP) 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. We recognize stock-based compensation expense associated with price-vested stock options ratably over the vesting period as such options do not contain provisions that fully vest these awards upon an employee becoming retirement eligible. We estimate forfeitures associated with all stock-based compensation at the time of grant based on historical experience and revise this estimate in subsequent periods if actual forfeitures differ. Derivative Instruments We record all derivatives on our balance sheet at fair value. The fair value of derivative instruments is recorded in our consolidated balance sheet on the lines entitled “Other current assets", "Other long-term assets", "Other accrued liabilities" or "Other long-term liabilities" depending on their fair value and maturity. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in our consolidated income statement in the lines entitled "Other income (expense), net" or "Interest expense." In our consolidated cash flow statement, settlements of cash flow and fair value hedges are classified as operating activities; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instruments. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in our consolidated balance sheet on the line entitled “Accumulated other comprehensive income (loss)" until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from "Accumulated other comprehensive income (loss)" in our consolidated balance sheet to our consolidated income statement on the same line items as the underlying transactions. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments, a component of “Accumulated other comprehensive income (loss)" in our consolidated balance sheet. 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. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in our balance sheet, with changes in the funded status recorded through other 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 and postretirement benefit plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. Those 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 life expectancy of retired plan participants, for plans whose benefits have been frozen, or the average remaining service period to retirement date of active plan participants. Accounting Pronouncements Adopted in 2022 In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard was adopted effective December 1, 2021. There was no material impact to our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Arrangements that were entered into during the year ended November 30, 2022, including our new revolving credit facility expiring in July 2023, fixed to variable interest rate swaps expiring in April 2030, and cross-currency interest rate swaps expiring in April 2030, no longer use LIBOR as a reference rate. LIBOR continues to be the reference rate for our variable rate debt, including our revolving credit facility expiring in July 2026, interest rate swaps expiring in November 2025 and August 2027, and the cross-currency interest rate swaps expiring in August 2027. The phase out of LIBOR reference rates will occur at different dates and began on January 1, 2022. Our adoption of this new standard occurred during the year ended November 30, 2022, in conjunction with the first phase-out of a LIBOR reference rate. There was no material impact to our consolidated financial statements, nor do we expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. Recently Issued Accounting Pronouncements — Pending Adoption In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year ending November 30, 2024. The new standard’s requirement to disclose a roll forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. Early adoption is permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Nov. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS AND DISPOSITIONS Acquisitions are part of our strategy to increase sales and profits. Acquisition of FONA International, LLC On December 30, 2020, we purchased FONA International, LLC and certain of its affiliates (FONA), a privately held company, for a purchase price of approximately $708.2 million, net of cash acquired. That purchase price includes the payment of $2.6 million during 2021 associated with the final working capital adjustment. FONA is a leading manufacturer of clean and natural flavors providing solutions for a diverse customer base across various applications for the food, beverage and nutritional markets. The acquisition of FONA expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities. The acquisition was funded with cash and commercial paper. At the time of the acquisition, annual sales of FONA were approximately $114 million. The results of FONA’s operations have been included in our financial statements as a component of our flavor solutions segment from the date of acquisition. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $1.4 million that was recognized in Cost of goods sold during 2021, as the related inventory was sold. Raw materials and packaging inventory were valued using the replacement cost approach. Acquisition of Cholula Hot Sauce On November 30, 2020, we completed the acquisition of the parent company of Cholula Hot Sauce ® (Cholula) from L Catterton. The purchase price was approximately $801.2 million, net of cash acquired. That purchase price is also net of $1.5 million received during 2021 associated with the final working capital adjustment. The acquisition was funded with cash and short-term borrowings. Cholula, a premium Mexican hot sauce brand, is a strong addition to McCormick’s global branded flavor portfolio, which we believe broadens our offering in the high growth hot sauce category to consumers and foodservice operators and accelerates our condiment growth opportunities with a complementary authentic Mexican flavor hot sauce. At the time of the acquisition, annual sales of Cholula were approximately $96 million. The results of Cholula’s operations have been included in our financial statements as a component of our consumer and flavor solutions segments from the date of acquisition. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $4.9 million that was recognized in cost of goods sold in 2021 as the related inventory was sold. Raw materials and packaging inventory was valued using the replacement cost approach. Transaction and Integration Expenses Associated with the Cholula and FONA Acquisitions The following are the transaction and integration expenses recognized related to the Cholula and FONA acquisitions for the years ended November 30 (in millions): 2022 2021 2020 Transaction-related expenses included in cost of goods sold $ — $ 6.3 $ — Other transaction expenses — 13.8 12.4 Integration expenses 2.2 15.2 — Total transaction and integration expenses $ 2.2 $ 35.3 $ 12.4 Disposal of Kitchen Basics On August 3, 2022, we sold the Kitchen Basics business for $95.2 million in cash, net of transaction expenses of $3.8 million. Assets disposed of principally included inventory, intangible assets ($6.3 million) and goodwill ($21.5 million). The sale of Kitchen Basics resulted in a pre-tax gain of $49.6 million. |
Special Charges
Special Charges | 12 Months Ended |
Nov. 30, 2022 | |
Special Charges [Abstract] | |
Special Charges | SPECIAL CHARGES In our consolidated income statement, we include a separate line item captioned “Special charges” in arriving at our consolidated operating income. Special charges consist of expenses, including related impairment charges, associated with certain actions undertaken to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee, comprised of our senior management, including our Chairman and Chief Executive Officer. Upon presentation of any such proposed action (generally including details with respect to estimated costs, which typically consist principally of employee severance and related benefits, together with ancillary costs associated with the action that may include a non-cash component, such as an asset impairment, or a component which relates to inventory adjustments that are included in cost of goods sold; impacted employees or operations; expected timing; and expected savings) to the Management Committee and the Committee’s advance approval, expenses associated with the approved action are classified as special charges upon recognition and monitored on an ongoing basis through completion. Certain ancillary expenses related to these actions approved by our Management Committee do not qualify for accrual upon approval but are included as special charges as incurred during the course of the actions. The following is a summary of special charges recognized for the years ended November 30 (in millions): 2022 2021 2020 Employee severance and related benefits in the income statement $ 33.8 $ 10.5 $ 4.1 Other costs in the income statement Cash 7.4 18.7 2.8 Non-Cash 24.0 17.2 — Total special charges $ 65.2 $ 46.4 $ 6.9 Gain on sale of exited brand (13.6) — — Special charges included in Cost of goods sold — 4.7 — Total special charges $ 51.6 $ 51.1 $ 6.9 The following is a summary of special charges by business segments for the years ended November 30 (in millions): 2022 2021 2020 Consumer segment $ 23.9 $ 36.3 $ 5.5 Flavor solutions segment 27.7 14.8 1.4 Total special charges $ 51.6 $ 51.1 $ 6.9 We continue to evaluate changes to our organization structure to reduce fixed costs, simplify or improve processes, and improve our competitiveness. During 2022, we recorded $51.6 million of special charges, consisting principally of $23.3 million associated with the exit of our consumer business in Russia, as more fully described below, $21.5 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $8.0 million in the Americas region, and $7.1 million in the EMEA region, and $5.6 million associated with a U.S. voluntary retirement program, as more fully described below. These charges were partially offset by a $13.6 million gain on the sale of our Kohinoor brand, discussed below, as well as a reversal of $2.2 million of estimated costs associated with the exit of our rice product line in India upon settlement of a supply agreement related to that product line. As of November 30, 2022, reserves associated with special charges of $26.7 million are included in "Other accrued liabilities" in our consolidated balance sheet. In 2022, our Management Committee approved a voluntary retirement plan, which included enhanced separation benefits to certain U.S. employees aged 55 years or older with at least ten years of service to the company. This voluntary retirement plan commenced in November 2022 and participants were required to submit their notifications by December 30, 2022. Upon our receipt of notification from participants through November 30, 2022 that they accepted this plan, we accrued special charges of $5.6 million, consisting of employee severance and related benefits. Upon all eligible employees submitting their notifications by the end of December 2022, the total employee severance and related benefits will total approximately $24 million with the remainder to be recognized during the first quarter of fiscal year 2023. All related payments will be made in fiscal year 2023 as all of the affected employees will leave the company in 2023. The voluntary retirement plan is part of our Global Operating Effectiveness Program. In 2022, our Management Committee approved the exit of our consumer business in Russia. As a result, during the year, we recognized $23.3 million of special charges. These special charges included a non-cash impairment charge of $10.0 million associated with the Kamis brand name to reduce its carrying value to its estimated fair value, $3.3 million of employee severance and $2.1 million of other related exit costs directly associated with the exit plan, and a non-cash $7.9 million reclassification of the cumulative translation adjustment previously reflected in accumulated other comprehensive income (loss) to earnings associated with the exit of our business in Russia. In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology. We expect to execute these changes to our supply chain operations and improve profitability, from a combination of lower headcount and non-headcount costs, by consolidating our operations into a scalable platform while expanding our capacity. We expect the cost of the initiative to approximate $40 million—to be recognized as special charges in our consolidated income statement through 2023. Of that $40 million, we expect the costs to include employee severance and related benefits, non-cash accelerated depreciation, equipment relocation costs, decommissioning and other property related lease exit costs, all directly related to the initiative. During 2022, we recognized $12.6 million in severance and related benefits costs, $6.2 million in accelerated depreciation and $2.7 million in third party expenses and other costs. During 2021, we recorded $51.1 million of special charges, of which $46.4 million was recognized in Special charges and $4.7 million was recognized in Cost of goods sold on our consolidated income statement. Special charges in 2021 consisted principally of $19.5 million associated with our exit of our rice product line in India, as more fully described below, $6.2 million associated with the transition of a manufacturing facility in EMEA, streamlining actions of $10.3 million in the Americas region, $4.8 million in the EMEA region and $0.8 million in the APAC region, and $0.8 million related to our Global Enablement (GE) operating model initiative, together with a non-cash asset impairment charge of $6.0 million associated with an administrative site that was sold in conjunction with our decision to employ a hybrid work environment. In 2021, we recorded a total of $19.5 million of special charges related to the exit of our Kohinoor rice product line in India. This action principally relates to the discontinuance of Kohinoor's rice business consistent with our focus on higher margin products to enable the business to focus on both its flavor solutions and non-rice consumer business. As a result of the Kohinoor rice product line exit, we determined that an impairment of the Kohinoor brand name had occurred in 2021 and recorded a non-cash impairment charge of $7.4 million reducing its carrying value to zero. Also, as a result of this action, we determined that the value of our customer relationship asset in India was also impaired as a result of the lower level of anticipated sales and recorded a non-cash impairment charge of $3.8 million. We also recorded $3.6 million of employee severance and other related exit costs associated directly associated with the exit plan. In addition, as a result of the Kohinoor product line discontinuance in 2021, we recognized a $4.7 million charge in cost of goods sold, which represents a provision for the excess of the carrying value of rice inventories over the estimated net realizable value of such discontinued inventories and a contractual obligation associated with terminating a rice supply agreement. During 2022, we sold the Kohinoor brand name for $13.6 million, net of costs associated with the sale of $1.4 million, and reflected the gain of $13.6 million associated with this sale within special charges. During 2020, we recorded $6.9 million of special charges, consisting of (i) $5.3 million related to streamlining actions in our EMEA region, including $3.8 million related to severance and related benefits and $1.0 million of third |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Nov. 30, 2022 | |
Goodwill And Intangible Assets [Abstract ] | |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table displays intangible assets as of November 30: 2022 2021 (millions) Gross Accumulated Gross Accumulated Definite-lived intangible assets $ 536.6 $ 192.1 $ 549.6 $ 164.5 Indefinite-lived intangible assets: Goodwill 5,212.9 — 5,335.8 — Brand names and trademarks 3,043.4 — 3,067.4 — 8,256.3 — 8,403.2 — Total goodwill and intangible assets $ 8,792.9 $ 192.1 $ 8,952.8 $ 164.5 Intangible asset amortization expense was $35.1 million, $35.6 million and $20.2 million for 2022, 2021 and 2020, respectively. At November 30, 2022, definite-lived intangible assets had a weighted-average remaining life of approximately 11 years. The changes in the carrying amount of goodwill by segment for the years ended November 30 were as follows: 2022 2021 (millions) Consumer Flavor Solutions Consumer Flavor Solutions Beginning of year $ 3,674.7 $ 1,661.1 $ 3,711.2 $ 1,275.1 Increase from acquisition — — — 389.7 Changes in preliminary purchase price allocation — — 0.5 0.3 Decrease from sale of business (1) (21.5) — — — Foreign currency fluctuations (85.0) (16.4) (37.0) (4.0) End of year $ 3,568.2 $ 1,644.7 $ 3,674.7 $ 1,661.1 (1) The sale of Kitchen basics is further described in note 2. The December 2020 FONA acquisition resulted in the allocation of $389.7 million of goodwill to the flavor solutions segment. |
Investments In Affiliates
Investments In Affiliates | 12 Months Ended |
Nov. 30, 2022 | |
Investments In Affiliates [Abstract] | |
Investments In Affiliates | INVESTMENTS IN AFFILIATESIncome from unconsolidated operations was $37.8 million, $52.2 million, and $40.8 million in 2022, 2021 and 2020, respectively. Income from unconsolidated operations in 2021 includes a gain on a sale of unconsolidated operations of $13.4 million as described below. Our principal earnings from unconsolidated affiliates are from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 84% of income from unconsolidated operations in 2022, 62% in 2021 and 75% in 2020. The relative impact of McCormick de Mexico, S.A. de C.V. on income from unconsolidated operations in 2021 was impacted by the gain on our sale of an unconsolidated operation. Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows: (millions) 2022 2021 2020 Net sales $ 998.1 $ 925.1 $ 870.3 Gross profit 338.1 328.8 318.0 Net income 86.5 95.8 93.7 Current assets $ 494.8 $ 464.2 $ 421.7 Noncurrent assets 109.7 105.8 126.2 Current liabilities 257.7 218.5 192.3 Noncurrent liabilities 8.4 9.0 12.2 Royalty income from unconsolidated affiliates was $27.3 million, $22.8 million and $19.5 million for 2022, 2021 and 2020, respectively. Sale of Unconsolidated Operation On March 1, 2021, we sold our 26% interest in Eastern Condiments Private Ltd (Eastern) for $65.4 million in cash, net of transaction expenses of $1.4 million. Eastern was accounted for as an equity method investment with our proportionate share of earnings, prior to the sale, reflected in Income from unconsolidated operations before income taxes in our consolidated income statement. The sale of Eastern resulted in a gain of $13.4 million, net of tax of $5.7 million. That gain is included in Income from unconsolidated operations before income taxes in our consolidated income statement. That gain also reflects a write-off of $1.4 million of foreign currency translation adjustment, a component of Accumulated other comprehensive loss. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Nov. 30, 2022 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS Our outstanding debt, including finance leases, was as follows at November 30: (millions) 2022 2021 Short-term borrowings Commercial paper $ 1,224.6 $ 530.8 Other 12.1 8.3 $ 1,236.7 $ 539.1 Weighted-average interest rate of short-term borrowings at year-end 4.2 % 0.2 % Long-term debt 2.70% notes due 8/15/2022 $ — $ 750.0 3.50% notes due 9/1/2023 (1) 250.0 250.0 3.15% notes due 8/15/2024 700.0 700.0 3.25% notes due 11/15/2025 (2) 250.0 250.0 0.90% notes due 2/15/2026 500.0 500.0 3.40% notes due 8/15/2027 (3) 750.0 750.0 2.50% notes due 4/15/2030 (4) 500.0 500.0 1.85% notes due 2/15/2031 500.0 500.0 4.20% notes due 8/15/2047 300.0 300.0 7.63%–8.12% notes due 2024 55.0 55.0 Other, including finance leases 176.1 199.2 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (5) (68.2) (10.6) 3,912.9 4,743.6 Less current portion 270.6 770.3 $ 3,642.3 $ 3,973.3 (1) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. (2) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45% . The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3-month LIBOR plus 1.22% with an effective variable rate of 5.83% as of November 30, 2022. (3) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685% with an effective rate of 5.29% as of November 30, 2022. (4) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $500 million notes at a weighted-average fixed rate of 2.62%. The fixed interest rate on $250 million of the 2.50% notes due in 2030 is effectively converted to a variable rate by interest rate swaps through 2030. Net interest payments are based on USD SOFR plus 0.684% with an effective rate of 4.94% as of November 30, 2022. (5) Includes unamortized discounts, premiums and debt issuance costs of $(25.9) million and $(31.8) million as of November 30, 2022 and 2021, respectively. Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(42.3) million and $21.2 million as of November 30, 2022 and 2021, respectively. Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2022 are as follows (in millions): 2023 $ 270.6 2024 796.9 2025 269.7 2026 509.2 2027 759.6 Thereafter 1,375.1 In February 2021, we issued $500.0 million of 0.90% notes due February 15, 2026, with cash proceeds received of $495.7 million, net of discounts and underwriters' fees. Also in February 2021, we issued $500.0 million of 1.85% notes due February 15, 2031, with cash proceeds received of $492.8 million, net of discounts and underwriters' fees. The net proceeds from these issuances were used to pay down short-term borrowings, including a portion of the $1,443.0 million of commercial paper issued to finance our acquisitions of Cholula and FONA, and for general corporate purposes. 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. Our committed lines include a five five These credit facilities support our commercial paper program and, after $1,224.6 million was used to support issued commercial paper, we have $775.4 million of capacity at November 30, 2022. The provisions of these revolving credit facilities restrict subsidiary indebtedness and require us to maintain a minimum interest coverage ratio. As of November 30, 2022, our capacity under both revolving credit facilities was not affected by these covenants. We do not expect that these covenants would limit our access to our revolving credit facilities for the foreseeable future. In addition, we have several uncommitted lines totaling $302.5 million, which have a total unused capacity at November 30, 2022 of $232.6 million. These lines, by their nature, can be withdrawn based on the lenders’ discretion. |
Leases
Leases | 12 Months Ended |
Nov. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASESOur lease portfolio primarily consists of (i) certain real estate, including those related to a number of administrative, distribution and manufacturing locations; (ii) certain machinery and equipment, including forklifts; and (iii) automobiles, delivery trucks and other vehicles, including an airplane. A limited number of our lease agreements include rental payments that are adjusted periodically based on a market rate or index. Our lease agreements generally do not contain residual value guarantees or material restrictive covenants, with the exception of the non-cancellable synthetic lease discussed below. The following presents the components of our lease expense for the years ended November 30 (in millions): 2022 2021 2020 Operating lease cost $ 47.0 $ 45.0 $ 41.2 Finance lease cost: Amortization of ROU assets 9.0 9.0 9.0 Interest on lease liabilities 4.1 4.3 4.5 Net lease cost $ 60.1 $ 58.3 $ 54.7 (1) Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial. Supplemental balance sheet information related to leases as of November 30 were as follows (in millions): Leases Classification 2022 2021 Assets: Operating lease ROU assets Other long-term assets $ 218.9 $ 136.8 Finance lease ROU assets Property, plant and equipment, net 103.0 112.1 Total leased assets $ 321.9 $ 248.9 Liabilities: Current Operating Other accrued liabilities $ 54.4 $ 34.3 Finance Current portion of long-term debt 7.8 7.5 Non-current Operating Other long-term liabilities 176.1 106.1 Finance Long-term debt 110.5 118.2 Total lease liabilities $ 348.8 $ 266.1 In October 2020, we entered into a non-cancellable synthetic lease to consolidate as well as expand our distribution footprint in the mid-Atlantic region. We began to utilize this facility in September 2022. The five-year lease term will expire in November 2027. As of November 30, 2022, the total ROU asset associated with this building was $78.9 million with a related lease obligation of $83.4 million, of which $18.7 million was included in the other accrued liabilities and $64.7 million was included in other long-term liabilities. Rental payments include both a fixed and a variable component. The variable component is based on SOFR plus a margin, based on our credit rating. During the year ended November 30, 2022, we recognized rent expense of $5.2 million related to the leased asset. The lease contains options to negotiate a renewal of the lease or to purchase or request the lessor to sell the facility at the end of the lease term. The lease arrangement contains a residual value guarantee of 76.5% of the lessor’s total construction cost, which approximated $310 million. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. The lease also contains covenants that are consistent with our revolving credit facilities, as disclosed in note 6. Our Corporate functions, Americas' leadership, and U.S. staff operate out of our Hunt Valley, Maryland headquarters office building. The 15-year lease for that building began in April 2019 and is recognized as a finance lease. During each of the years ended November 30, 2022, 2021 and 2020, we recognized amortization expense of $8.7 million related to the leased asset. As of November 30, 2022, the total lease obligation associated with this building was $116.4 million, of which $7.6 million was included in the current portion of long-term debt and $108.8 million was included in long-term debt. As of November 30, 2021, the total lease obligation was $123.8 million, of which $7.3 million was included in the current portion of long-term debt and $116.5 million was included in long-term debt. Information regarding our lease terms and discount rates as of November 30 were as follows: 2022 2021 Weighted-average remaining lease term (years) Weighted-average discount rate Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases 5.8 3.7 % 6.8 1.9 % Finance leases 11.9 3.3 % 12.9 3.3 % The future maturity of our lease liabilities as of November 30, 2022 were as follows (in millions): Operating leases Finance leases Total 2023 $ 58.3 $ 11.3 $ 69.6 2024 50.9 11.5 62.4 2025 43.3 11.7 55.0 2026 39.0 11.9 50.9 2027 34.1 12.2 46.3 Thereafter 31.8 89.9 121.7 Total lease payments 257.4 148.5 405.9 Less: Imputed interest 26.9 30.2 57.1 Total lease liabilities $ 230.5 $ 118.3 $ 348.8 Supplemental cash flow and other information related to leases for the years ended November 30 were as follows (in millions): 2022 2021 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows used for operating leases $ 41.4 $ 45.4 Operating cash flows used for finance leases 4.1 4.3 Financing cash flows used for finance leases 7.3 7.1 ROU assets obtained in exchange for lease liabilities Operating leases $ 133.8 $ 47.8 |
Leases | LEASESOur lease portfolio primarily consists of (i) certain real estate, including those related to a number of administrative, distribution and manufacturing locations; (ii) certain machinery and equipment, including forklifts; and (iii) automobiles, delivery trucks and other vehicles, including an airplane. A limited number of our lease agreements include rental payments that are adjusted periodically based on a market rate or index. Our lease agreements generally do not contain residual value guarantees or material restrictive covenants, with the exception of the non-cancellable synthetic lease discussed below. The following presents the components of our lease expense for the years ended November 30 (in millions): 2022 2021 2020 Operating lease cost $ 47.0 $ 45.0 $ 41.2 Finance lease cost: Amortization of ROU assets 9.0 9.0 9.0 Interest on lease liabilities 4.1 4.3 4.5 Net lease cost $ 60.1 $ 58.3 $ 54.7 (1) Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial. Supplemental balance sheet information related to leases as of November 30 were as follows (in millions): Leases Classification 2022 2021 Assets: Operating lease ROU assets Other long-term assets $ 218.9 $ 136.8 Finance lease ROU assets Property, plant and equipment, net 103.0 112.1 Total leased assets $ 321.9 $ 248.9 Liabilities: Current Operating Other accrued liabilities $ 54.4 $ 34.3 Finance Current portion of long-term debt 7.8 7.5 Non-current Operating Other long-term liabilities 176.1 106.1 Finance Long-term debt 110.5 118.2 Total lease liabilities $ 348.8 $ 266.1 In October 2020, we entered into a non-cancellable synthetic lease to consolidate as well as expand our distribution footprint in the mid-Atlantic region. We began to utilize this facility in September 2022. The five-year lease term will expire in November 2027. As of November 30, 2022, the total ROU asset associated with this building was $78.9 million with a related lease obligation of $83.4 million, of which $18.7 million was included in the other accrued liabilities and $64.7 million was included in other long-term liabilities. Rental payments include both a fixed and a variable component. The variable component is based on SOFR plus a margin, based on our credit rating. During the year ended November 30, 2022, we recognized rent expense of $5.2 million related to the leased asset. The lease contains options to negotiate a renewal of the lease or to purchase or request the lessor to sell the facility at the end of the lease term. The lease arrangement contains a residual value guarantee of 76.5% of the lessor’s total construction cost, which approximated $310 million. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. The lease also contains covenants that are consistent with our revolving credit facilities, as disclosed in note 6. Our Corporate functions, Americas' leadership, and U.S. staff operate out of our Hunt Valley, Maryland headquarters office building. The 15-year lease for that building began in April 2019 and is recognized as a finance lease. During each of the years ended November 30, 2022, 2021 and 2020, we recognized amortization expense of $8.7 million related to the leased asset. As of November 30, 2022, the total lease obligation associated with this building was $116.4 million, of which $7.6 million was included in the current portion of long-term debt and $108.8 million was included in long-term debt. As of November 30, 2021, the total lease obligation was $123.8 million, of which $7.3 million was included in the current portion of long-term debt and $116.5 million was included in long-term debt. Information regarding our lease terms and discount rates as of November 30 were as follows: 2022 2021 Weighted-average remaining lease term (years) Weighted-average discount rate Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases 5.8 3.7 % 6.8 1.9 % Finance leases 11.9 3.3 % 12.9 3.3 % The future maturity of our lease liabilities as of November 30, 2022 were as follows (in millions): Operating leases Finance leases Total 2023 $ 58.3 $ 11.3 $ 69.6 2024 50.9 11.5 62.4 2025 43.3 11.7 55.0 2026 39.0 11.9 50.9 2027 34.1 12.2 46.3 Thereafter 31.8 89.9 121.7 Total lease payments 257.4 148.5 405.9 Less: Imputed interest 26.9 30.2 57.1 Total lease liabilities $ 230.5 $ 118.3 $ 348.8 Supplemental cash flow and other information related to leases for the years ended November 30 were as follows (in millions): 2022 2021 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows used for operating leases $ 41.4 $ 45.4 Operating cash flows used for finance leases 4.1 4.3 Financing cash flows used for finance leases 7.3 7.1 ROU assets obtained in exchange for lease liabilities Operating leases $ 133.8 $ 47.8 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Nov. 30, 2022 | |
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 in subsidiaries, transactions (both third-party and intercompany) and earnings denominated in foreign currencies. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contract and currency swaps with highly-rated financial institutions to reduce fluctuations in the long or short currency positions. Forward contracts are generally less than 18 months duration. Currency swap agreements are established in conjunction with the terms of the underlying debt issues. At November 30, 2022, we had foreign currency exchange contracts to purchase or sell $560.5 million of foreign currencies as compared to $583.6 million at November 30, 2021. 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. All foreign currency exchange contracts outstanding at November 30, 2022 have durations of less than 18 months, including $150.9 million of notional contracts that have durations of less than one month and are used to hedge short-term cash flow funding. 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. Hedges of foreign currency denominated assets and liabilities include contracts with a notional value of $355.5 million and $449.3 million at November 30, 2022 and 2021, respectively. We enter into these fair value foreign currency exchange contracts to manage exposure to currency fluctuations in certain intercompany loans between subsidiaries as well as currency exposure to third-party non-functional currency assets or liabilities. Gains and losses from contracts that are designated as hedges of assets, liabilities or firm commitments are recognized through income, offsetting the change in fair value of the hedged item. We also utilize cross currency interest rate swap contracts that are designated as net investment hedges. Any gains or losses on net investment hedges are included in foreign currency translation adjustments in accumulated other comprehensive loss. As of November 30, 2022 and 2021, we had cross currency interest rate swap contracts of (i) $250 million notional value to receive $250 million at three-month U.S. LIBOR plus 0.685% and pay £194.1 million at three-month GBP SONIA plus 0.859% and (ii) £194.1 million notional value to receive £194.1 million at three-month GBP SONIA plus 0.859% and pay €221.8 million at three-month Euro EURIBOR plus 0.808%. These cross-currency interest rate swap contracts expire in August 2027. In conjunction with the phase-out of LIBOR, during 2022 we amended the terms of this cross currency swap such that, effective February 15, 2022, we now pay and receive at GBP SONIA plus 0.859% (previously GBP LIBOR plus 0.740%). As of November 30, 2022, we also had cross currency interest rate swap contracts of $250 million notional value to receive $250 million at USD SOFR plus 0.684% and pay £184.1 million at GBP SONIA plus 0.574% and (ii) £184.1 million notional value to receive £184.1 million at GBP SONIA plus 0.574% and pay €219.2 million at Euro ESTR plus 0.667%, both of which expire in April 2030. 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. As of November 30, 2022 and 2021, we have outstanding interest rate swap contracts for a notional amount of $600 million and $350 million, respectively. The following is a summary of our outstanding interest rate swaps as of November 30, 2022 and 2021 ($ amounts in millions). Fair value hedge of changes in fair value of: $250 3.25% notes due 2025 $750 3.40% notes due 2027 $500 2.50% notes due 2030 (1) Notional $ 100.0 $ 250.0 $ 250.0 Receive rate 3.25 % 3.40 % 2.50 % Pay rate Three-month LIBOR + 1.22% Three-month LIBOR + 0.685% SOFR + 0.684% Expiration November 2025 August 2027 April 2030 (1) The $250 million notional swap that expires in April 2030 was entered into during 2022. Any unrealized gain or loss on these swaps was offset by a corresponding increase or decrease in the value of the hedged debt. Hedge ineffectiveness was not material. The following tables disclose the notional amount and fair values of derivative instruments on our consolidated balance sheet: As of (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet Notional amount Fair value Balance sheet Notional amount Fair value Interest rate contracts Other current $ — $ — Other accrued liabilities $ 600.0 $ 42.4 Foreign exchange contracts Other current assets 344.9 11.0 Other accrued liabilities 215.6 1.5 Cross currency contracts Other current assets/Other long-term assets 680.0 44.5 Other long-term liabilities 226.1 8.3 Total $ 55.5 $ 52.2 As of (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet Notional amount Fair value Balance sheet Notional amount Fair value Interest rate contracts Other current $ 350.0 $ 23.1 Other accrued liabilities $ — $ — Foreign exchange contracts Other current assets 380.8 8.3 Other accrued liabilities 202.8 2.8 Cross currency contracts Other current assets/Other long-term assets 251.0 4.4 Other long-term liabilities 257.5 8.0 Total $ 35.8 $ 10.8 The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our consolidated income statement for the years ended November 30, 2022, 2021 and 2020: Fair value hedges (millions) Income statement Income (expense) Derivative 2022 2021 2020 Interest rate contracts Interest expense $ 4.0 $ 8.2 $ 5.2 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2022 2021 2020 Hedged Item 2022 2021 2020 Foreign exchange contracts Other income, net $ 6.6 $ (1.9) $ (4.0) Intercompany loans Other income, net $ (6.3) $ 2.9 $ 3.0 Cash flow hedges (millions) Gain (loss) Income statement location Gain (loss) Derivative 2022 2021 2020 2022 2021 2020 Interest rate contracts $ 18.7 $ 0.3 $ — Interest expense, Other income, net $ 19.2 $ 0.5 $ 0.5 Foreign exchange contracts 5.3 (2.0) 1.9 Cost of goods sold 1.6 (0.7) 1.6 Total $ 24.0 $ (1.7) $ 1.9 $ 20.8 $ (0.2) $ 2.1 In March 2022, we entered into treasury lock arrangements with a notional amount totaling $200 million in order to manage our interest rate risk associated with the anticipated issuance of at least $200 million of fixed rate debt by August 2022. These treasury locks had a maturity date of August 12, 2022 and an average fixed rate of 1.89%. We designated these treasury lock arrangements as cash flow hedges with any unrealized gain, prior to settlement, recognized in accumulated other comprehensive income. In July 2022, we settled the $200 million notional treasury locks upon determining we would not issue fixed rate debt but rather enter into the previously described $500 million 364-day revolving credit facility. The proceeds received upon settlement of these treasury lock arrangements were $18.7 million and were recognized in Other income, net in our consolidated income statements for the year ended November 30, 2022. The amount of gain or loss recognized in income on the ineffective portion of derivative instruments is not material. For all cash flow and settled interest rate fair value hedge derivatives, the net amount of accumulated other comprehensive income expected to be reclassified into income related to these contracts in the next twelve months is a $3.3 million increase to earnings. Net investment hedges (millions) Gain (loss) Income statement location Gain (loss) Derivative 2022 2021 2020 2022 2021 2020 Cross currency contracts $ 37.6 $ 15.5 $ (20.8) Interest expense $ 7.3 $ 1.5 $ 3.1 For all net investment hedges, no amounts have been reclassified out of other comprehensive income (loss). The amounts noted in the tables above for OCI do not include any adjustments for the impact of deferred income taxes. Concentrations of Credit Risk We are potentially exposed to concentrations of credit risk with trade accounts receivable and financial instruments. The customers of our consumer segment 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, discount chains and e-commerce. This has caused some customers to be less profitable and increased our exposure to credit risk. We generally have a large and diverse customer base which limits our concentration of credit risk. At November 30, 2022, we did not have amounts due from any single customer that exceed 10% of consolidated trade accounts receivable. 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, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect management’s own assumptions. Our population of assets and liabilities subject to fair value measurements on a recurring basis are as follows: Fair value measurements using fair (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 334.0 $ 334.0 $ — Insurance contracts 110.0 — 110.0 Bonds and other long-term investments 5.1 5.1 — Foreign currency derivatives 11.0 — 11.0 Cross currency contracts 44.5 — 44.5 Total $ 504.6 $ 339.1 $ 165.5 Liabilities: Interest rate derivatives $ 42.4 $ — $ 42.4 Foreign currency derivatives 1.5 — 1.5 Cross currency contracts 8.3 — 8.3 Total $ 52.2 $ — $ 52.2 Fair value measurements using fair (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 351.7 $ 351.7 $ — Insurance contracts 132.2 — 132.2 Bonds and other long-term investments 5.1 5.1 — Interest rate derivatives 23.1 — 23.1 Foreign currency derivatives 8.3 — 8.3 Cross currency contracts 4.4 — 4.4 Total $ 524.8 $ 356.8 $ 168.0 Liabilities: Foreign currency derivatives 2.8 — 2.8 Cross currency contracts 8.0 — 8.0 Total $ 10.8 $ — $ 10.8 At November 30, 2022 and 2021, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. At November 30, 2022 and 2021, the carrying amount of interest rate derivatives, foreign currency derivatives, cross currency contracts, insurance contracts, and bond and other long-term investments are equal to their respective fair values. 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. Insurance contracts, bonds, and other long-term investments are comprised of fixed income and equity securities held for certain non-qualified U.S. employee benefit plans and are stated at fair value on the balance sheet. 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 derivatives, foreign currency derivatives, and cross currency contracts are based on values for similar instruments using models with market-based inputs. The carrying amount and fair value of long-term debt, including the current portion, as of November 30 were as follows: (millions) 2022 2021 Carrying Fair Carrying Fair Long-term debt (including current portion) $ 3,912.9 $ 3,600.9 $ 4,743.6 $ 4,921.5 Level 1 valuation techniques 3,424.8 4,722.3 Level 2 valuation techniques 176.1 199.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Nov. 30, 2022 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME | . ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the components of accumulated other comprehensive loss, net of tax where applicable, as of November 30 (in millions): 2022 2021 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment (1) $ (405.3) $ (233.3) Unrealized net gain on foreign currency exchange contracts 3.8 0.6 Unamortized value of settled interest rate swaps (0.6) (0.2) Pension and other postretirement costs (78.5) (193.6) $ (480.6) $ (426.5) (1) During the year ended November 30, 2022, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $172.0 million, inclusive of $37.6 million of unrealized gains associated with net investment hedges. During the year ended November 30, 2021, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $59.3 million, inclusive of $15.5 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 8. 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: (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2022 2021 2020 (Gains)/losses on cash flow hedges: Interest rate derivatives $ (0.5) $ (0.5) $ (0.5) Interest expense Treasury lock contracts (1) (18.7) — — Other income, net Foreign exchange contracts (1.6) 0.7 (1.6) Cost of goods sold Total before taxes (20.8) 0.2 (2.1) Tax effect 4.9 — 0.5 Income taxes Net, after tax $ (15.9) $ 0.2 $ (1.6) Amortization of pension and postretirement benefit adjustments: Amortization of prior service (credits) costs (2) $ 0.3 $ 0.3 $ (4.0) Other income, net Amortization of net actuarial losses (2) 9.9 13.9 11.0 Other income, net Total before taxes 10.2 14.2 7.0 Tax effect (2.4) (3.3) (1.6) Income taxes Net, after tax $ 7.8 $ 10.9 $ 5.4 (1) The settlement of these treasury locks is further described in note 8. (2) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 11 for additional details). |
Employee Benefit And Retirement
Employee Benefit And Retirement Plans | 12 Months Ended |
Nov. 30, 2022 | |
Retirement Benefits, Description [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. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. We previously froze the accrual of certain defined benefit pension plans in the U.S. and the United Kingdom with effective dates of the plan being frozen occurring between December 31, 2016 and November 30, 2018. Also, we previously froze the accrual of future benefits under our pension plans in Canada with an effective date of November 30, 2019. Although those plans have been frozen, employees who are participants in the plans retained benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plans. Included in our consolidated balance sheet as of November 30, 2022 on the line entitled "Accumulated other comprehensive loss" was $98.8 million ($78.5 million net of tax) related to net unrecognized actuarial losses that have not yet been recognized in net periodic pension or postretirement benefit cost. Defined Benefit Pension Plans The significant assumptions used to determine benefit obligations are as follows as of November 30: United States International 2022 2021 2022 2021 Discount rate—funded plans 5.4 % 2.9 % 4.5 % 2.1 % Discount rate—unfunded plan 5.4 % 2.8 % — % — % Salary scale — % — % 2.9 % 2.9 % The significant assumptions used to determine pension expense for the years ended November 30 are as follows: United States International 2022 2021 2020 2022 2021 2020 Discount rate—funded plans 2.9 % 2.8 % 3.4 % 2.1 % 1.9 % 2.2 % Discount rate—unfunded plan 2.8 % 2.7 % 3.3 % — % — % — % Salary scale — % — % — % 2.9 % 2.9 % 2.9 % Expected return on plan assets 6.8 % 6.8 % 6.8 % 3.7 % 4.1 % 4.9 % 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 pension expense (income) for the years ended November 30 was as follows: United States International (millions) 2022 2021 2020 2022 2021 2020 Service cost $ 3.6 $ 3.7 $ 3.2 $ 0.9 $ 1.1 $ 1.3 Interest costs 26.3 25.9 29.3 7.0 7.1 7.5 Expected return on plan assets (42.8) (41.1) (40.6) (12.3) (14.0) (15.3) Amortization of prior service costs 0.5 0.5 0.5 0.1 0.1 0.1 Amortization of net actuarial loss 8.6 11.0 7.8 1.3 2.2 2.0 Settlement loss — — — 0.3 0.7 1.3 Total pension expense (income) $ (3.8) $ — $ 0.2 $ (2.7) $ (2.8) $ (3.1) A roll forward 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) 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 921.5 $ 958.0 $ 354.7 $ 371.7 Service cost 3.6 3.7 0.9 1.1 Interest costs 26.3 25.9 7.0 7.1 Plan amendments — — — 0.5 Actuarial (gain) loss (221.2) (21.9) (101.7) (7.4) Benefits paid (42.7) (44.2) (15.7) (16.6) Foreign currency impact — — (25.1) (1.7) Benefit obligation at end of year $ 687.5 $ 921.5 $ 220.1 $ 354.7 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 754.0 $ 688.2 $ 398.4 $ 368.7 Actual return on plan assets (64.0) 96.6 (79.0) 47.1 Employer contributions 10.4 13.4 1.0 1.6 Benefits paid (42.7) (44.2) (15.7) (16.6) Foreign currency impact — — (29.6) (2.4) Fair value of plan assets at end of year $ 657.7 $ 754.0 $ 275.1 $ 398.4 Funded status $ (29.8) $ (167.5) $ 55.0 $ 43.7 Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 120.3 $ 921.5 $ 14.6 $ 19.7 Accumulated benefit obligation 116.1 912.3 12.4 16.3 Fair value of plan assets 35.0 754.0 1.5 1.8 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 $683.2 million and $912.3 million as of November 30, 2022 and 2021, respectively. The accumulated benefit obligation for the international pension plans was $217.9 million and $351.3 million as of November 30, 2022 and 2021, respectively. Included in the U.S. in the preceding table is a benefit obligation of $80.1 million and $104.2 million for 2022 and 2021, respectively, related to our Supplemental Executive Retirement Plan (SERP). The assets related to this plan, which totaled $74.1 million and $90.3 million as of November 30, 2022 and 2021, 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 as of November 30 consist of the following: United States International (millions) 2022 2021 2022 2021 Non-current pension asset $ 55.4 $ — $ 68.1 $ 61.6 Accrued pension liability 85.2 167.5 13.1 18.0 Deferred income tax assets 23.9 52.9 0.7 3.9 Accumulated other comprehensive loss, net of tax 73.2 167.8 20.7 32.2 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. The allocations of U.S. pension plan assets as of November 30, by asset category, were as follows: Actual 2022 Asset Category 2022 2021 Target Equity securities 61.6 % 62.2 % 59.0 % Fixed income securities 20.4 % 20.9 % 23.2 % Other 18.0 % 16.9 % 17.8 % Total 100.0 % 100.0 % 100.0 % The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows: Actual 2022 Asset Category 2022 2021 Target Equity securities 41.0 % 40.5 % 42.9 % Fixed income securities 58.6 % 59.1 % 57.1 % Other 0.4 % 0.4 % — % Total 100.0 % 100.0 % 100.0 % The following tables set forth by level, within the fair value hierarchy as described in note 9, pension plan assets at their fair value as of November 30 for the United States and international plans: As of November 30, 2022 United States (millions) Total Level 1 Level 2 Cash and cash equivalents $ 22.5 $ 22.5 $ — Equity securities: U.S. equity securities (a) 251.2 136.1 115.1 International equity securities (b) 147.0 136.2 10.8 Fixed income securities: U.S. government/corporate bonds (c) 72.1 69.8 2.3 High yield bonds (d) 37.4 — 37.4 Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 27.6 23.1 4.5 Natural resources (h) 18.0 — 18.0 Total $ 576.9 $ 387.7 $ 189.2 Investments measured at net asset value (i) Hedge funds (j) 50.1 Private equity funds (k) 7.3 Private debt funds (l) 23.4 Total investments $ 657.7 As of November 30, 2022 International (millions) Total Level 1 Level 2 Cash and cash equivalents $ 1.2 $ 1.2 $ — International equity securities (b) 112.6 — 112.6 Fixed income securities: International/government/corporate bonds (e) 147.7 — 147.7 Insurance contracts (f) 13.6 — 13.6 Total investments $ 275.1 $ 1.2 $ 273.9 As of November 30, 2021 United States (millions) Total Level 1 Level 2 Cash and cash equivalents $ 34.4 $ 34.4 $ — Equity securities: U.S. equity securities (a) 290.7 147.5 143.2 International equity securities (b) 170.2 161.7 8.5 Fixed income securities: U.S./government/ corporate bonds (c) 86.9 84.4 2.5 High yield bonds (d) 41.0 — 41.0 Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 31.4 27.1 4.3 Natural resources (h) 13.3 — 13.3 Total $ 669.0 $ 455.1 $ 213.9 Investments measured at net asset value (i) Hedge funds (j) 48.0 Private equity funds (k) 8.3 Private debt funds (l) 28.7 Total investments $ 754.0 As of November 30, 2021 International (millions) Total Level 1 Level 2 Cash and cash equivalents $ 1.6 $ 1.6 $ — International equity securities (b) 161.3 — 161.3 Fixed income securities: International/government/corporate bonds (e) 214.1 — 214.1 Insurance contracts (f) 21.4 — 21.4 Total investments $ 398.4 $ 1.6 $ 396.8 (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 funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (h) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. (i) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. (j) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months. (k) This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. (l) This category comprises limited partnerships funds investing in senior loans, mezzanine and distressed debt. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. For the plans’ hedge funds, private equity funds and private debt funds, 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. Equity securities in the U.S. pension plans included McCormick stock with a fair value of $46.2 million (0.6 million shares and 7.0% of total U.S. pension plan assets) and $47.7 million (0.6 million shares and 6.3% of total U.S. pension plan assets) at November 30, 2022 and 2021, respectively. Dividends paid on these shares were $0.8 million and $0.7 million in 2022 and 2021, respectively. 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. and international plans for the next 10 fiscal years will be as follows: (millions) United States International 2023 $ 46.2 $ 11.1 2024 46.7 11.4 2025 48.2 12.2 2026 49.3 12.2 2027 50.6 12.8 2028-2032 254.2 67.0 U.S. Defined Contribution Retirement Plans For our U.S. qualified and non-qualified defined contribution retirement plans, we match 100% of a participant’s contribution up to the first 3% of the participant’s eligible compensation, and 66.7% of the next 3% of the participant’s salary. In addition, we make contributions of 3% of the participant's eligible compensation for all U.S. employees who are employed on December 31 of each year. Some of our smaller subsidiaries sponsor separate 401(k) retirement plans. Our contributions charged to expense under all U.S. defined contribution retirement plans were $30.5 million, $29.8 million and $30.8 million in 2022, 2021 and 2020, respectively. At the participants' election, 401(k) retirement plans held 2.6 million shares of McCormick stock, with a fair value of $215.4 million, at November 30, 2022. Dividends paid on the shares held in the 401(k) retirement plans in 2022 and 2021 were $3.9 million in each year. 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 (income) for the years ended November 30 follows: (millions) 2022 2021 2020 Service cost $ 1.8 $ 2.0 $ 1.9 Interest costs 1.7 1.6 2.0 Amortization of prior service credits (0.3) (0.3) (4.6) Amortization of actuarial gains (0.3) — (0.1) Postretirement benefit expense (income) $ 2.9 $ 3.3 $ (0.8) Roll forwards 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) 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 65.9 $ 70.7 Service cost 1.8 2.0 Interest costs 1.7 1.6 Participant contributions 2.1 2.0 Actuarial (gain) loss (12.5) (4.3) Benefits paid (6.1) (6.1) Benefit obligation at end of year $ 52.9 $ 65.9 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 4.0 4.1 Participant contributions 2.1 2.0 Benefits paid (6.1) (6.1) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 52.9 $ 65.9 Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree Retiree life Total 2023 $ 3.4 $ 1.7 $ 5.1 2024 3.5 1.6 5.1 2025 3.6 1.5 5.1 2026 3.6 1.5 5.1 2027 3.6 1.4 5.0 2028-2032 16.3 6.3 22.6 The assumed discount rate in determining the benefit obligation was 5.0% and 2.7% for 2022 and 2021, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Nov. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We have four types of stock-based compensation awards: restricted stock units (RSUs), stock options, company stock awarded as part of our long-term performance plan (LTPP), and beginning in 2020, price-vested stock options. Total stock-based compensation expense for 2022, 2021 and 2020 was $60.3 million, $66.6 million and $46.0 million, respectively. Total unrecognized stock-based compensation expense related to our RSUs and stock options at November 30, 2022 was $20.1 million and the weighted-average period over which this will be recognized is 1.3 years. Total unrecognized stock-based compensation expense related to our price-vested stock options at November 30, 2022 was $6.4 million and the weighted-average period over which this will be recognized is 1.0 year. Total unrecognized stock-based compensation expense related to our LTPP is variable in nature and is dependent on the company's execution against established performance metrics under performance cycles related to this plan. As of November 30, 2022, we have 5.9 million shares remaining available for future issuance under our RSUs, stock option and LTPP award programs. The following summarizes the key terms, a summary of activity, and the methods of valuation 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 vest over a three-year term or, if earlier, upon the retirement eligibility date of the holder. A summary of our RSU activity for the years ended November 30 follows: (shares in thousands) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 563 $ 69.52 714 $ 61.74 762 $ 57.95 Granted 208 94.21 219 86.86 296 67.03 Vested (251) 71.86 (336) 63.69 (325) 57.56 Forfeited (40) 85.42 (34) 75.49 (19) 62.96 Outstanding—end of year 480 $ 77.62 563 $ 69.52 714 $ 61.74 Stock Options (Other than Price-Vested 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, with the exception of price-vested options detailed below, vest ratably over a three-year period or, if earlier, upon the retirement-eligibility dates of the holders and are exercisable over a 10-year period. 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 following table. 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 primarily 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. The per share weighted-average fair value for all options granted was $22.08, $18.36 and $13.27 in 2022, 2021 and 2020, respectively. These fair values were computed using the following range of assumptions for the years ended November 30: 2022 2021 2020 Risk-free interest rates 0.2 - 2.5% 0.0 - 1.8% 0.0 - 0.6% Dividend yield 1.5 % 1.5 % 1.8 % Expected volatility 21.2 % 21.3 % 22.8% Expected lives 7.6 years 7.9 years 7.9 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) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 5.0 $ 59.71 4.5 $ 53.56 5.2 $ 48.09 Granted 0.7 97.26 0.8 89.16 0.7 69.31 Exercised (0.8) 47.58 (0.3) 45.93 (1.4) 41.01 Forfeited (0.1) 88.40 — — — — Outstanding—end of year 4.8 67.08 5.0 59.71 4.5 53.56 Exercisable—end of year 3.5 $ 58.03 3.6 $ 51.51 3.2 $ 47.76 As of November 30, 2022, the intrinsic value (the difference between the exercise price and the market price) for all options currently outstanding was $98.7 million and for options currently exercisable was $96.0 million. At November 30, 2022 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, 2022, 2021 and 2020 was $41.0 million, $10.7 million and $68.4 million, respectively. A summary of our stock options outstanding and exercisable at November 30, 2022 follows: (shares in millions) Options outstanding Options exercisable Range of Shares Weighted- Weighted- Shares Weighted- Weighted- $27.00 - $51.00 1.7 3.4 $ 46.49 1.7 3.4 $ 46.49 $51.01 - $75.00 1.6 6.4 65.39 1.4 6.3 64.93 $75.01 - $99.00 1.5 8.8 92.85 0.4 8.4 89.48 4.8 6.1 $ 67.08 3.5 5.9 $ 65.89 Price-Vested Stock Options In November 2020, we granted approximately 2,482,000 price-vested stock options to certain employees. The price-vested stock options were granted with an exercise price of $93.49 which was equal to the market price of our stock on the date of grant. The price-vested options are not exercisable until a three year service condition is achieved, and will become exercisable after that time period only if the average closing price of our stock price equals or exceeds thresholds of 60%, 80% or 100% appreciation from the exercise price for 30 consecutive trading days within a five-year period from the date of grant. If the options become exercisable, they are exercisable up to 10 years from the date of grant. The options granted were divided equally between the three appreciation thresholds. Employees who retire vest on a pro-rata basis over a three-year period if the market condition is met in the five-year period from the date of grant. If the market conditions are not met in the five-year period from the date of grant, the options do not become exercisable and will be forfeited. The fair value of the price-vested options was estimated using a lattice model. The per share weighted-average fair value for the price-vested stock options granted was $11.88, $9.26, and $7.05, for the 60%, 80% and 100% appreciation thresholds, respectively. These fair values were computed using the following range of assumptions: Risk-free interest rates 0.85 % Dividend yield 1.5 % Expected volatility 21.2 % Expected lives 5.6 - 6.2 years The following is a summary of our Price-Vested Stock Options activity for the years ended November 30: (shares in thousands) 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Beginning of year 2,193 $ 9.40 2,482 $ 9.40 — $ — Granted — 15 9.66 2,482 9.40 Forfeited (86) 9.40 (304) 9.41 — — Outstanding—end of year 2,107 $ 9.40 2,193 $ 9.40 2,482 $ 9.40 As of November 30, 2022, 2021, and 2020, the outstanding options are divided equally between the three appreciation thresholds. LTPP LTPP awards granted in 2022, 2021 and 2020 will be delivered in company stock, with the award attainment calculated as a percentage of target based on a combination of a performance-based component and a market-based total shareholder return. These awards are valued based on the fair value of the underlying stock on the date of grant. A summary of the LTPP award activity for the years ended November 30 follows: (shares in thousands) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 497 $ 83.74 382 $ 71.20 392 $ 57.98 Granted 152 95.00 141 98.30 130 86.14 Vested (251) 75.26 (124) 51.73 (88) 44.98 Performance adjustment 59 86.14 126 75.26 (44) 50.95 Forfeited (6) 95.37 (28) 90.32 (8) 65.68 Outstanding—end of year 451 $ 106.32 497 $ 83.74 382 $ 71.20 |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes for the years ended November 30 consists of the following: (millions) 2022 2021 2020 Income taxes Current Federal $ 62.8 $ 71.7 $ 98.3 State 14.8 14.0 14.8 International 69.2 71.0 73.0 146.8 156.7 186.1 Deferred Federal 37.1 23.5 4.6 State (3.2) 16.8 0.5 International (12.1) (4.3) (16.3) 21.8 36.0 (11.2) Total income tax expense (benefit) $ 168.6 $ 192.7 $ 174.9 The components of income from consolidated operations before income taxes for the years ended November 30 follow: (millions) 2022 2021 2020 Pretax income United States $ 600.7 $ 588.1 $ 624.3 International 212.1 307.7 257.2 $ 812.8 $ 895.8 $ 881.5 A reconciliation of the U.S. federal statutory rate with the effective tax rate for the years ended November 30 follows: 2022 2021 2020 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 1.2 1.6 1.5 International tax at different effective rates (0.1) 0.8 1.3 U.S. tax on remitted and unremitted earnings 0.6 0.1 0.8 Stock compensation expense (1.1) (0.4) (1.5) Changes in prior year tax contingencies (0.8) (2.5) (0.3) Acquisition-related state tax rate change, net of federal benefits — 1.2 — Valuation allowance release (0.6) (0.5) (1.4) Intra-entity asset transfer — — (1.1) Other, net 0.5 0.2 (0.5) Total 20.7 % 21.5 % 19.8 % Deferred tax assets and liabilities are comprised of the following as of November 30: (millions) 2022 2021 Deferred tax assets Employee benefit liabilities $ 49.9 $ 91.2 Other accrued liabilities 36.1 39.8 Inventory 17.4 12.9 Tax loss and credit carryforwards 59.7 56.6 Lease liabilities 18.1 33.3 Other 22.7 21.7 Valuation allowance (26.4) (32.7) 177.5 222.8 Deferred tax liabilities Depreciation 93.0 97.5 Intangible assets 847.4 841.3 Lease ROU assets 12.3 3.3 Other 18.6 5.9 971.3 948.0 Net deferred tax liability $ (793.8) $ (725.2) At November 30, 2022, we have tax loss carryforwards of $162.6 million. Of these carryforwards, $5.1 million expire in 2023, $16.1 million from 2024 through 2025, $54.6 million from 2026 through 2039, and $86.8 million may be carried forward indefinitely. At November 30, 2022, we also have U.S. foreign tax credit carryforwards of $7.0 million, $3.9 million, and $5.3 million which expire in 2030, 2031, and 2032, respectively. A valuation allowance has been provided to cover deferred tax assets that are not more likely than not realizable. The net decrease of $6.3 million in the valuation allowance from November 30, 2021 to November 30, 2022 resulted primarily from the net decrease of valuation allowances for net operating losses and other tax attributes in the U.S. and certain non-U.S. jurisdictions. Our intent is to continue to reinvest undistributed earnings of our non-U.S. subsidiaries and joint ventures indefinitely. As of November 30, 2022, we have $1.4 billion of earnings that are considered indefinitely reinvested. We have not provided any deferred taxes with respect to items such as foreign withholding taxes, other income taxes, or foreign exchange gain or loss. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested international earnings. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: (millions) 2022 2021 2020 Balance at beginning of year $ 26.8 $ 39.3 $ 32.0 Additions for current year tax positions 4.7 4.8 7.8 Additions for prior year tax positions 0.1 0.1 2.5 Reductions of prior year tax positions (0.8) (11.6) — Statute expirations (5.0) (6.0) (4.2) Settlements — (0.2) — Foreign currency translation (0.7) 0.4 1.2 Balance at November 30 $ 25.1 $ 26.8 $ 39.3 As of November 30, 2022, 2021, and 2020, if recognized, $25.1 million, $26.8 million, and $39.3 million, respectively, of the unrecognized tax benefits would affect the effective rate. We record interest and penalties on income taxes in income tax expense. We recognized interest and penalty expense (benefit) of $0.2 million, $(3.7) million, and $0.8 million in 2022, 2021, and 2020, respectively. As of November 30, 2022 and 2021, we had accrued $4.7 million and $4.7 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 the reasonably possible total amount of unrecognized tax benefits as of November 30, 2022 that could decrease in the next 12 months as a result of various statute expirations, audit closures and/or tax settlements would not be material. 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 the U.S federal jurisdiction, we are no longer subject to income tax audits by taxing authorities for years before 2019. In other major jurisdictions, we are no longer subject to income tax audits by taxing authorities for years before 2014. We are under normal recurring tax audits in the U.S. and in several jurisdictions 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. |
Capital Stock, Earnings Per Sha
Capital Stock, Earnings Per Share And Stock Issuance | 12 Months Ended |
Nov. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE On April 5, 2021, following approval by the Company’s shareholders on March 31, 2021, amendments to the Company’s Charter became effective that increased the number of authorized shares of each class of common stock from 320,000,000 to 640,000,000 and established the par value of each class of common stock at $0.01 per share. The par value and additional paid in capital associated with each class of common stock is recorded in Common stock and Common stock non-voting in our consolidated balance sheet. On September 28, 2020, our Board of Directors approved a 2-for-1 stock split in the form of a stock dividend on all shares of the Company’s two classes of common stock, Common Stock and Common Stock Non-Voting. On November 30, 2020, one like share was issued for each share outstanding to shareholders of record as of November 20, 2020. Trading of the Company’s common stock began on a split-adjusted basis on December 1, 2020. All common stock and per-share data have been retroactively adjusted for the impact of the stock split. 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 Common 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 votes 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 or any amendment to our charter repealing the right of the Common Stock Non-Voting to vote on any such matters. The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: (millions) 2022 2021 2020 Average shares outstanding—basic 268.2 267.3 266.5 Effect of dilutive securities: Stock options/RSUs/LTPP 2.0 2.6 2.6 Average shares outstanding—diluted 270.2 269.9 269.1 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) 2022 2021 2020 Antidilutive securities 0.9 0.6 0.1 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIESDuring 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, 2022 and 2021, no material reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are 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 do not expect the outcome of the matters currently pending will have a material adverse effect on our financial statements. |
Business Segments And Geographi
Business Segments And Geographic Areas | 12 Months Ended |
Nov. 30, 2022 | |
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 flavor solutions. The consumer and flavor solutions segments manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce under the “McCormick” brand and a variety of brands around the world, including “French's,” “Frank's RedHot,” “Lawry’s,” “Zatarain’s,” “Simply Asia,” “Thai Kitchen,” “Ducros,” “Vahiné,” "Cholula," “Schwartz,” “Club House,” “Kamis,” "DaQiao," "La Drogheria," "Stubb's," "OLD BAY" and "Gourmet Garden." Our flavor solutions segment sells to food manufacturers and the foodservice industry both directly and indirectly through distributors, with the exception of our businesses in China and, prior to 2022, India, where foodservice sales are managed by and reported in our consumer segment. 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, the products within each of our segments are regarded as 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 as this activity is managed separately from the business segments. We also excluded transaction and integration expenses related to our acquisitions, including the recent acquisitions of Cholula and FONA, from our measure of segment performance as these expenses are similarly managed separately from the business segments. These transaction and integration expenses excluded from our segment performance measure include the amortization of the acquisition-date fair value adjustment of inventories that is included in cost of goods sold, costs directly associated with that acquisition and costs associated with integrating the businesses. 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 purposes of internal reporting, performance evaluation, or capital allocation. We have a large number of customers for our products. Sales to one of our consumer segment customers, Wal-Mart Stores, Inc., accounted for approximately 12%, 11% and 12% of consolidated sales in 2022, 2021, and 2020, respectively. Sales to one of our flavor solutions segment customers, PepsiCo, Inc., accounted for approximately 11% of consolidated sales in 2022, 2021, and 2020. 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 Flavor Solutions Total Corporate Total 2022 Net sales $ 3,757.9 $ 2,592.6 $ 6,350.5 $ — $ 6,350.5 Operating income excluding special charges and transaction and integration expenses 710.7 206.7 917.4 — 917.4 Income from unconsolidated operations 33.1 4.7 37.8 — 37.8 Assets — — 12,332.9 792.0 13,124.9 Capital expenditures — — 220.1 41.9 262.0 Depreciation and amortization — — 153.4 47.2 200.6 2021 Net sales $ 3,937.5 $ 2,380.4 $ 6,317.9 $ — $ 6,317.9 Operating income excluding special charges and transaction and integration expenses 804.9 296.6 1,101.5 — 1,101.5 Income from unconsolidated operations 47.8 4.4 52.2 — 52.2 Assets — — 12,185.1 720.7 12,905.8 Capital expenditures — — 227.6 50.4 278.0 Depreciation and amortization — — 147.0 39.3 186.3 2020 Net sales $ 3,596.7 $ 2,004.6 $ 5,601.3 $ — $ 5,601.3 Operating income excluding special charges and transaction and integration expenses 780.9 237.9 1,018.8 — 1,018.8 Income from unconsolidated operations 34.1 6.7 40.8 — 40.8 Assets — — 11,339.2 750.5 12,089.7 Capital expenditures — — 150.1 75.2 225.3 Depreciation and amortization — — 123.9 41.1 165.0 A reconciliation of operating income excluding special charges and transaction and integration expenses, to operating income for 2022, 2021 and 2020 is as follows: (millions) Consumer Flavor Solutions Total 2022 Operating income excluding special charges and transaction and integration $ 710.7 $ 206.7 $ 917.4 Less: Special charges 23.9 27.7 51.6 Less: Transaction and integration expenses — 2.2 2.2 Operating income $ 686.8 $ 176.8 $ 863.6 2021 Operating income excluding special charges and transaction and integration $ 804.9 $ 296.6 $ 1,101.5 Less: Special charges and transaction-related expenses included in cost of 8.7 2.3 11.0 Less: Other special charges 31.5 14.9 46.4 Less: Other transaction and integration expenses 7.8 21.2 29.0 Operating income $ 756.9 $ 258.2 $ 1,015.1 2020 Operating income excluding special charges and transaction and integration expenses $ 780.9 $ 237.9 $ 1,018.8 Less: Special charges 5.5 1.4 6.9 Less: Transaction and integration expenses 7.5 4.9 12.4 Operating income $ 767.9 $ 231.6 $ 999.5 Geographic Areas We have net sales and long-lived assets in the following geographic areas: (millions) United EMEA Other Total 2022 Net sales $ 3,921.3 $ 1,116.4 $ 1,312.8 $ 6,350.5 Long-lived assets 7,892.5 1,051.7 854.6 9,798.8 2021 Net sales $ 3,817.5 $ 1,191.3 $ 1,309.1 $ 6,317.9 Long-lived assets 7,872.2 1,146.6 909.8 9,928.6 2020 Net sales $ 3,445.9 $ 1,046.7 $ 1,108.7 $ 5,601.3 Long-lived assets 7,202.0 1,135.6 916.5 9,254.1 Long-lived assets include property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Nov. 30, 2022 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Financial Statement Data | SUPPLEMENTAL FINANCIAL STATEMENT DATA Supplemental consolidated information with respect to our income statement, balance sheet and cash flow follow: For the year ended November 30 (millions) 2022 2021 2020 Other income, net Gain on sale of business (1) $ 49.6 $ — $ — Gain on settlement of treasury locks (2) 18.7 — — Pension and other postretirement benefit income 9.6 6.4 10.0 Interest income 17.8 9.3 7.8 Other 2.6 1.6 (0.2) $ 98.3 $ 17.3 $ 17.6 (1) The sale of Kitchen Basics is further described in note 2. (2) The settlement of these treasury locks is further described in note 8. At November 30 (millions) 2022 2021 Trade accounts receivable allowance for doubtful accounts $ 7.3 $ 5.2 Inventories Finished products $ 649.0 $ 556.2 Raw materials and work-in-process 691.1 626.1 $ 1,340.1 $ 1,182.3 Prepaid expenses $ 61.7 $ 41.7 Other current assets 77.2 70.6 $ 138.9 $ 112.3 Property, plant and equipment Land and improvements $ 90.1 $ 95.1 Buildings (including finance leases) 738.8 694.7 Machinery, equipment and other 1,265.4 1,200.5 Construction-in-progress 238.7 211.9 Accumulated depreciation (1,135.0) (1,061.9) $ 1,198.0 $ 1,140.3 Other long-term assets Investments in affiliates $ 167.9 $ 164.0 Long-term investments 115.1 137.3 Right of use asset 218.9 136.8 Software, net of accumulated amortization of $251.6 for 2022 and $248.5 for 2021 160.6 141.1 Pension asset 123.5 61.6 Other 153.4 140.6 $ 939.4 $ 781.4 Other accrued liabilities Payroll and employee benefits $ 141.9 $ 229.4 Sales allowances 181.0 189.3 Dividends payable 104.6 99.0 Other 326.6 332.5 $ 754.1 $ 850.2 Other long-term liabilities Pension $ 92.0 $ 179.4 Postretirement benefits 47.6 60.8 Operating lease liability 176.1 106.1 Unrecognized tax benefits 29.6 31.0 Other 139.4 113.6 $ 484.7 $ 490.9 For the year ended November 30 (millions) 2022 2021 2020 Depreciation $ 136.3 $ 124.6 $ 121.1 Software amortization 18.9 12.6 12.4 Interest paid 148.8 135.7 134.1 Income taxes paid 192.4 179.3 183.3 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Nov. 30, 2022 | |
SEC Schedule, 12-09, 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 (1) Balance at Deducted from asset accounts: Year ended November 30, 2022: Allowance for doubtful receivables $ 5.2 $ 2.2 $ (0.9) $ 0.8 $ 7.3 Valuation allowance on net deferred tax assets 32.7 3.2 (1.7) (7.8) 26.4 $ 37.9 $ 5.4 $ (2.6) $ (7.0) $ 33.7 Deducted from asset accounts: Year ended November 30, 2021: Allowance for doubtful receivables $ 5.2 $ 1.2 $ (1.1) $ (0.1) $ 5.2 Valuation allowance on net deferred tax assets 31.5 6.6 (0.4) (5.0) 32.7 $ 36.7 $ 7.8 $ (1.5) $ (5.1) $ 37.9 Deducted from asset accounts: Year ended November 30, 2020: Allowance for doubtful receivables $ 5.6 $ 0.8 $ (1.4) $ 0.2 $ 5.2 Valuation allowance on net deferred tax assets 32.4 11.8 (0.1) (12.6) 31.5 $ 38.0 $ 12.6 $ (1.5) $ (12.4) $ 36.7 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Nov. 30, 2022 | |
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 from 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 their functional currency — other than intercompany transactions designated as long-term investments, are included in net income. 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 are translated at the rates of exchange at the balance sheet date, with the resultant translation adjustments included in accumulated other comprehensive income (loss) of those affiliates. Income and expense items of those affiliates are translated at average monthly rates of exchange. We record our ownership share of the net assets and accumulated other comprehensive income (loss) of our unconsolidated affiliates in our consolidated balance sheet on the lines entitled “Other long-term assets” and “Accumulated other comprehensive loss,” respectively. We record our ownership share of the net income of our unconsolidated affiliates, or a gain or loss associated with the sale of our ownership interest in our unconsolidated affiliates, in our consolidated income statement on the line entitled “Income from unconsolidated operations.” |
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 net realizable value. Cost is determined under the first-in, first-out costing method (FIFO), including the use of average costs which approximate FIFO. |
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 50 years for buildings and 3 to 15 years for machinery, equipment and other assets. Assets leased under finance leases are depreciated over the shorter of the lease term or their estimated useful lives unless it is reasonably certain that we will obtain ownership by the end of the lease term. Repairs and maintenance costs are expensed as incurred. |
Computer Software | Computer Software 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. The net book value of capitalized software totaled $160.6 million and $141.1 million at November 30, 2022 and 2021, respectively. Capitalized software is classified within "Other long-term assets" in the consolidated balance |
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 estimate the 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. An impairment charge would be recognized to the extent that the carrying amount of the reporting unit exceeds the estimated fair value of the reporting unit. Indefinite-lived Intangible Asset Impairment Our indefinite-lived intangible assets consist of acquired brand names and trademarks. We estimate fair value by using a relief-from-royalty method 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 estimated fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. Long-lived 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 would be calculated based on the excess of the asset’s carrying value over its estimated fair value. |
Leases | Leases We determine whether a contract is or contains a lease at contract inception based on the presence of identified assets and our right to obtain substantially all the economic benefit from or to direct the use of such assets. When we determine a lease exists, we record a right-of-use (“ROU”) asset and corresponding lease liability on our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets are recognized at the lease commencement date at the value of the lease liability and are adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term. As the discount rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We do not record lease contracts with a term of 12 months or less on our consolidated balance sheets. When our real estate lease arrangements include lease and non-lease components (for example, common area maintenance), we account for each component separately, based on their relative standalone prices. For all other asset categories, we combine lease components and non-lease components into a single lease commitment. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense over the shorter of the estimated useful life of the underlying assets or the lease term. In instances of title transfer, expense is recognized over the useful life. Interest expense on a finance lease is recognized using the effective interest method over the lease term. |
Revenue Recognition | Revenue Recognition We manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry—retailers, food manufacturers and foodservice businesses. Our revenue arrangements generally include a single performance obligation relating to the fulfillment of a customer order, which in some cases are governed by a master sales agreement, for the purchase of our products. We recognize revenue at a point in time when control of the ordered products passes to the customer, which principally occurs either upon shipment or delivery to the customer or upon pick-up by the customer, depending upon terms included in the particular customer arrangement. Revenues are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates and returns, are estimated at the time of sale. All taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer for sales, value added and other excise taxes are excluded from net sales. We account for product shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service with costs for these activities recorded within Cost of goods sold. We expense any incremental costs of obtaining a contract when the contract is for a period of one year or less. Amounts billed and due from our customers are classified as accounts receivable on the balance sheet and require payment on a short-term basis. Our allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. The following table sets forth our net sales by the Americas, Europe, Middle East and Africa (EMEA) and Asia/Pacific (APAC) geographic regions: (millions) Americas EMEA APAC Total 2022 Net sales $ 4,551.7 $ 1,116.4 $ 682.4 $ 6,350.5 2021 Net sales $ 4,396.1 $ 1,191.3 $ 730.5 $ 6,317.9 2020 Net sales $ 3,974.9 $ 1,046.7 $ 579.7 $ 5,601.3 Performance Obligations Our revenues primarily result from contracts or purchase orders with customers, which generally are both short-term in nature and have a single performance obligation—the delivery of our products to customers. We assess the goods and services promised in our customers’ contracts or purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised, whether explicitly stated or implied based on customary business practices. Significant Judgments Sales are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates or returns, are estimated at the time of sale. Where applicable, future reimbursements are estimated based on a combination of historical patterns and the Company's then-current expectations regarding what was earned through these programs as of the balance sheet date. Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one-year or shorter duration. Estimates that affect revenue, such as trade incentives and product returns, are monitored and adjusted each period until the incentives or product returns are realized. The adjustments recognized during the year ended November 30, 2022, 2021 and 2020 resulting from updated estimates of revenue for prior year product sales were not significant. The unsettled portion remaining in accrued liabilities for these activities was $181.0 million and $189.3 million at November 30, 2022 and 2021, respectively. |
Shipping And Handling | Shipping and Handling Shipping and handling costs on our products sold to customers related to activities that occur before the customer has obtained control of a good are included in cost of goods sold in the consolidated income statement. |
Research And Development | Research and Development Research and development costs are expensed as incurred and are included in our consolidated income statement in the line entitled "Selling, general and administrative expense." Research and development expense was $87.5 million, $87.3 million and $68.6 million for 2022, 2021 and 2020, respectively. |
Brand Marketing Support | Brand Marketing SupportTotal brand marketing support costs, which are included in our consolidated income statement in the line entitled "Selling, general and administrative expense", were $240.4 million, $237.8 million and $230.3 million for 2022, 2021 and 2020, respectively. Brand marketing support costs include advertising and promotions but exclude trade funds paid to customers for such activities. All trade funds paid to customers are reflected in the consolidated income statement as a reduction of net sales. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation of 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 advertising are expensed as incurred. Advertising expense was $187.2 million, $182.6 million and $174.8 million for 2022, 2021 and 2020, 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. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in our balance sheet, with changes in the funded status recorded through other 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 and postretirement benefit plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. Those 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 life expectancy of retired plan participants, for plans whose benefits have been frozen, or the average remaining service period to retirement date of active plan participants. |
Income Tax, Policy | Income Taxes Income taxes are recognized in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities, and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Changes in enacted tax rates are reflected in the tax provision as they occur. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. When assessing the need for valuation allowances, we consider future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, we would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding adjustment to our provision for income taxes. We recognize a tax position in our financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The resolution of tax reserves and changes in valuation allowances could be material to our results of operations for any period but is not expected to be material to our financial position. We are subject to a U.S. tax requirement that certain income earned by foreign subsidiaries, referred to as Global Intangible Low-Taxed Income (GILTI), must be included in the gross income of the subsidiary’s U.S. shareholder. Accounting principles generally accepted in the U.S. provide for an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current period expense when incurred. We have elected to treat GILTI as a current period expense when incurred. |
Share-based Payment Arrangement | Stock-Based Compensation We recognize stock-based compensation expense associated with options and restricted stock units (RSUs), which contain provisions that such awards fully vest upon an employee’s retirement, ratably over the shorter of the vesting period or the employees’ retirement eligibility date. Accordingly, we recognize stock-based compensation associated with options and RSUs subject to immediate retirement eligible vesting provisions on the date of grant. Compensation expense associated with our long-term performance plan (LTPP) 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. We recognize stock-based compensation expense associated with price-vested stock options ratably over the vesting period as such options do not contain provisions that fully vest these awards upon an employee becoming retirement eligible. We estimate forfeitures associated with all stock-based compensation at the time of grant based on historical experience and revise this estimate in subsequent periods if actual forfeitures differ. |
Derivatives, Policy | Derivative Instruments We record all derivatives on our balance sheet at fair value. The fair value of derivative instruments is recorded in our consolidated balance sheet on the lines entitled “Other current assets", "Other long-term assets", "Other accrued liabilities" or "Other long-term liabilities" depending on their fair value and maturity. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in our consolidated income statement in the lines entitled "Other income (expense), net" or "Interest expense." In our consolidated cash flow statement, settlements of cash flow and fair value hedges are classified as operating activities; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instruments. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in our consolidated balance sheet on the line entitled “Accumulated other comprehensive income (loss)" until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from "Accumulated other comprehensive income (loss)" in our consolidated balance sheet to our consolidated income statement on the same line items as the underlying transactions. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments, a component of “Accumulated other comprehensive income (loss)" in our consolidated balance sheet. |
New Accounting Pronouncements, Policy | Accounting Pronouncements Adopted in 2022 In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard was adopted effective December 1, 2021. There was no material impact to our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Arrangements that were entered into during the year ended November 30, 2022, including our new revolving credit facility expiring in July 2023, fixed to variable interest rate swaps expiring in April 2030, and cross-currency interest rate swaps expiring in April 2030, no longer use LIBOR as a reference rate. LIBOR continues to be the reference rate for our variable rate debt, including our revolving credit facility expiring in July 2026, interest rate swaps expiring in November 2025 and August 2027, and the cross-currency interest rate swaps expiring in August 2027. The phase out of LIBOR reference rates will occur at different dates and began on January 1, 2022. Our adoption of this new standard occurred during the year ended November 30, 2022, in conjunction with the first phase-out of a LIBOR reference rate. There was no material impact to our consolidated financial statements, nor do we expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. Recently Issued Accounting Pronouncements — Pending Adoption In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year ending November 30, 2024. The new standard’s requirement to disclose a roll forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. Early adoption is permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following table sets forth our net sales by the Americas, Europe, Middle East and Africa (EMEA) and Asia/Pacific (APAC) geographic regions: (millions) Americas EMEA APAC Total 2022 Net sales $ 4,551.7 $ 1,116.4 $ 682.4 $ 6,350.5 2021 Net sales $ 4,396.1 $ 1,191.3 $ 730.5 $ 6,317.9 2020 Net sales $ 3,974.9 $ 1,046.7 $ 579.7 $ 5,601.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Transaction and Integration Expenses | The following are the transaction and integration expenses recognized related to the Cholula and FONA acquisitions for the years ended November 30 (in millions): 2022 2021 2020 Transaction-related expenses included in cost of goods sold $ — $ 6.3 $ — Other transaction expenses — 13.8 12.4 Integration expenses 2.2 15.2 — Total transaction and integration expenses $ 2.2 $ 35.3 $ 12.4 |
Special Charges (Tables)
Special Charges (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Special Charges [Abstract] | |
Special Charges Summary | The following is a summary of special charges recognized for the years ended November 30 (in millions): 2022 2021 2020 Employee severance and related benefits in the income statement $ 33.8 $ 10.5 $ 4.1 Other costs in the income statement Cash 7.4 18.7 2.8 Non-Cash 24.0 17.2 — Total special charges $ 65.2 $ 46.4 $ 6.9 Gain on sale of exited brand (13.6) — — Special charges included in Cost of goods sold — 4.7 — Total special charges $ 51.6 $ 51.1 $ 6.9 |
Special Charges Summary by Segment | The following is a summary of special charges by business segments for the years ended November 30 (in millions): 2022 2021 2020 Consumer segment $ 23.9 $ 36.3 $ 5.5 Flavor solutions segment 27.7 14.8 1.4 Total special charges $ 51.6 $ 51.1 $ 6.9 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Goodwill And Intangible Assets [Abstract ] | |
Schedule Of Amortized And Non-Amortized Intangible Assets | The following table displays intangible assets as of November 30: 2022 2021 (millions) Gross Accumulated Gross Accumulated Definite-lived intangible assets $ 536.6 $ 192.1 $ 549.6 $ 164.5 Indefinite-lived intangible assets: Goodwill 5,212.9 — 5,335.8 — Brand names and trademarks 3,043.4 — 3,067.4 — 8,256.3 — 8,403.2 — Total goodwill and intangible assets $ 8,792.9 $ 192.1 $ 8,952.8 $ 164.5 |
Changes In The Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill by segment for the years ended November 30 were as follows: 2022 2021 (millions) Consumer Flavor Solutions Consumer Flavor Solutions Beginning of year $ 3,674.7 $ 1,661.1 $ 3,711.2 $ 1,275.1 Increase from acquisition — — — 389.7 Changes in preliminary purchase price allocation — — 0.5 0.3 Decrease from sale of business (1) (21.5) — — — Foreign currency fluctuations (85.0) (16.4) (37.0) (4.0) End of year $ 3,568.2 $ 1,644.7 $ 3,674.7 $ 1,661.1 (1) The sale of Kitchen basics is further described in note 2. |
Investments In Affiliates (Tabl
Investments In Affiliates (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
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) 2022 2021 2020 Net sales $ 998.1 $ 925.1 $ 870.3 Gross profit 338.1 328.8 318.0 Net income 86.5 95.8 93.7 Current assets $ 494.8 $ 464.2 $ 421.7 Noncurrent assets 109.7 105.8 126.2 Current liabilities 257.7 218.5 192.3 Noncurrent liabilities 8.4 9.0 12.2 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Financing Arrangements [Abstract] | |
Components Of Outstanding Debt | Our outstanding debt, including finance leases, was as follows at November 30: (millions) 2022 2021 Short-term borrowings Commercial paper $ 1,224.6 $ 530.8 Other 12.1 8.3 $ 1,236.7 $ 539.1 Weighted-average interest rate of short-term borrowings at year-end 4.2 % 0.2 % Long-term debt 2.70% notes due 8/15/2022 $ — $ 750.0 3.50% notes due 9/1/2023 (1) 250.0 250.0 3.15% notes due 8/15/2024 700.0 700.0 3.25% notes due 11/15/2025 (2) 250.0 250.0 0.90% notes due 2/15/2026 500.0 500.0 3.40% notes due 8/15/2027 (3) 750.0 750.0 2.50% notes due 4/15/2030 (4) 500.0 500.0 1.85% notes due 2/15/2031 500.0 500.0 4.20% notes due 8/15/2047 300.0 300.0 7.63%–8.12% notes due 2024 55.0 55.0 Other, including finance leases 176.1 199.2 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (5) (68.2) (10.6) 3,912.9 4,743.6 Less current portion 270.6 770.3 $ 3,642.3 $ 3,973.3 (1) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. (2) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45% . The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3-month LIBOR plus 1.22% with an effective variable rate of 5.83% as of November 30, 2022. (3) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685% with an effective rate of 5.29% as of November 30, 2022. (4) Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $500 million notes at a weighted-average fixed rate of 2.62%. The fixed interest rate on $250 million of the 2.50% notes due in 2030 is effectively converted to a variable rate by interest rate swaps through 2030. Net interest payments are based on USD SOFR plus 0.684% with an effective rate of 4.94% as of November 30, 2022. (5) Includes unamortized discounts, premiums and debt issuance costs of $(25.9) million and $(31.8) million as of November 30, 2022 and 2021, respectively. Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(42.3) million and $21.2 million as of November 30, 2022 and 2021, respectively. |
Maturities Of Long-Term Debt | Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2022 are as follows (in millions): 2023 $ 270.6 2024 796.9 2025 269.7 2026 509.2 2027 759.6 Thereafter 1,375.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Leases [Abstract] | |
Lease Cost | The following presents the components of our lease expense for the years ended November 30 (in millions): 2022 2021 2020 Operating lease cost $ 47.0 $ 45.0 $ 41.2 Finance lease cost: Amortization of ROU assets 9.0 9.0 9.0 Interest on lease liabilities 4.1 4.3 4.5 Net lease cost $ 60.1 $ 58.3 $ 54.7 (1) Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial. Supplemental cash flow and other information related to leases for the years ended November 30 were as follows (in millions): 2022 2021 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows used for operating leases $ 41.4 $ 45.4 Operating cash flows used for finance leases 4.1 4.3 Financing cash flows used for finance leases 7.3 7.1 ROU assets obtained in exchange for lease liabilities Operating leases $ 133.8 $ 47.8 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of November 30 were as follows (in millions): Leases Classification 2022 2021 Assets: Operating lease ROU assets Other long-term assets $ 218.9 $ 136.8 Finance lease ROU assets Property, plant and equipment, net 103.0 112.1 Total leased assets $ 321.9 $ 248.9 Liabilities: Current Operating Other accrued liabilities $ 54.4 $ 34.3 Finance Current portion of long-term debt 7.8 7.5 Non-current Operating Other long-term liabilities 176.1 106.1 Finance Long-term debt 110.5 118.2 Total lease liabilities $ 348.8 $ 266.1 |
Information Regarding Lease Terms and Discount Rates | Information regarding our lease terms and discount rates as of November 30 were as follows: 2022 2021 Weighted-average remaining lease term (years) Weighted-average discount rate Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases 5.8 3.7 % 6.8 1.9 % Finance leases 11.9 3.3 % 12.9 3.3 % |
Lease Maturity | The future maturity of our lease liabilities as of November 30, 2022 were as follows (in millions): Operating leases Finance leases Total 2023 $ 58.3 $ 11.3 $ 69.6 2024 50.9 11.5 62.4 2025 43.3 11.7 55.0 2026 39.0 11.9 50.9 2027 34.1 12.2 46.3 Thereafter 31.8 89.9 121.7 Total lease payments 257.4 148.5 405.9 Less: Imputed interest 26.9 30.2 57.1 Total lease liabilities $ 230.5 $ 118.3 $ 348.8 |
Lease Maturity | The future maturity of our lease liabilities as of November 30, 2022 were as follows (in millions): Operating leases Finance leases Total 2023 $ 58.3 $ 11.3 $ 69.6 2024 50.9 11.5 62.4 2025 43.3 11.7 55.0 2026 39.0 11.9 50.9 2027 34.1 12.2 46.3 Thereafter 31.8 89.9 121.7 Total lease payments 257.4 148.5 405.9 Less: Imputed interest 26.9 30.2 57.1 Total lease liabilities $ 230.5 $ 118.3 $ 348.8 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Derivative Instrument Detail [Abstract] | |
Fair Values Of Derivative Instruments | The following tables disclose the notional amount and fair values of derivative instruments on our consolidated balance sheet: As of (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet Notional amount Fair value Balance sheet Notional amount Fair value Interest rate contracts Other current $ — $ — Other accrued liabilities $ 600.0 $ 42.4 Foreign exchange contracts Other current assets 344.9 11.0 Other accrued liabilities 215.6 1.5 Cross currency contracts Other current assets/Other long-term assets 680.0 44.5 Other long-term liabilities 226.1 8.3 Total $ 55.5 $ 52.2 As of (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet Notional amount Fair value Balance sheet Notional amount Fair value Interest rate contracts Other current $ 350.0 $ 23.1 Other accrued liabilities $ — $ — Foreign exchange contracts Other current assets 380.8 8.3 Other accrued liabilities 202.8 2.8 Cross currency contracts Other current assets/Other long-term assets 251.0 4.4 Other long-term liabilities 257.5 8.0 Total $ 35.8 $ 10.8 |
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 consolidated income statement for the years ended November 30, 2022, 2021 and 2020: Fair value hedges (millions) Income statement Income (expense) Derivative 2022 2021 2020 Interest rate contracts Interest expense $ 4.0 $ 8.2 $ 5.2 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2022 2021 2020 Hedged Item 2022 2021 2020 Foreign exchange contracts Other income, net $ 6.6 $ (1.9) $ (4.0) Intercompany loans Other income, net $ (6.3) $ 2.9 $ 3.0 Cash flow hedges (millions) Gain (loss) Income statement location Gain (loss) Derivative 2022 2021 2020 2022 2021 2020 Interest rate contracts $ 18.7 $ 0.3 $ — Interest expense, Other income, net $ 19.2 $ 0.5 $ 0.5 Foreign exchange contracts 5.3 (2.0) 1.9 Cost of goods sold 1.6 (0.7) 1.6 Total $ 24.0 $ (1.7) $ 1.9 $ 20.8 $ (0.2) $ 2.1 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Net investment hedges (millions) Gain (loss) Income statement location Gain (loss) Derivative 2022 2021 2020 2022 2021 2020 Cross currency contracts $ 37.6 $ 15.5 $ (20.8) Interest expense $ 7.3 $ 1.5 $ 3.1 |
Schedule of Interest Rate Derivatives | The following is a summary of our outstanding interest rate swaps as of November 30, 2022 and 2021 ($ amounts in millions). Fair value hedge of changes in fair value of: $250 3.25% notes due 2025 $750 3.40% notes due 2027 $500 2.50% notes due 2030 (1) Notional $ 100.0 $ 250.0 $ 250.0 Receive rate 3.25 % 3.40 % 2.50 % Pay rate Three-month LIBOR + 1.22% Three-month LIBOR + 0.685% SOFR + 0.684% Expiration November 2025 August 2027 April 2030 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Fair Value Disclosures [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 are as follows: Fair value measurements using fair (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 334.0 $ 334.0 $ — Insurance contracts 110.0 — 110.0 Bonds and other long-term investments 5.1 5.1 — Foreign currency derivatives 11.0 — 11.0 Cross currency contracts 44.5 — 44.5 Total $ 504.6 $ 339.1 $ 165.5 Liabilities: Interest rate derivatives $ 42.4 $ — $ 42.4 Foreign currency derivatives 1.5 — 1.5 Cross currency contracts 8.3 — 8.3 Total $ 52.2 $ — $ 52.2 Fair value measurements using fair (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 351.7 $ 351.7 $ — Insurance contracts 132.2 — 132.2 Bonds and other long-term investments 5.1 5.1 — Interest rate derivatives 23.1 — 23.1 Foreign currency derivatives 8.3 — 8.3 Cross currency contracts 4.4 — 4.4 Total $ 524.8 $ 356.8 $ 168.0 Liabilities: Foreign currency derivatives 2.8 — 2.8 Cross currency contracts 8.0 — 8.0 Total $ 10.8 $ — $ 10.8 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amount and fair value of long-term debt, including the current portion, as of November 30 were as follows: (millions) 2022 2021 Carrying Fair Carrying Fair Long-term debt (including current portion) $ 3,912.9 $ 3,600.9 $ 4,743.6 $ 4,921.5 Level 1 valuation techniques 3,424.8 4,722.3 Level 2 valuation techniques 176.1 199.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Equity [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, as of November 30 (in millions): 2022 2021 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment (1) $ (405.3) $ (233.3) Unrealized net gain on foreign currency exchange contracts 3.8 0.6 Unamortized value of settled interest rate swaps (0.6) (0.2) Pension and other postretirement costs (78.5) (193.6) $ (480.6) $ (426.5) (1) During the year ended November 30, 2022, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $172.0 million, inclusive of $37.6 million of unrealized gains associated with net investment hedges. During the year ended November 30, 2021, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $59.3 million, inclusive of $15.5 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 8. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | 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: (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2022 2021 2020 (Gains)/losses on cash flow hedges: Interest rate derivatives $ (0.5) $ (0.5) $ (0.5) Interest expense Treasury lock contracts (1) (18.7) — — Other income, net Foreign exchange contracts (1.6) 0.7 (1.6) Cost of goods sold Total before taxes (20.8) 0.2 (2.1) Tax effect 4.9 — 0.5 Income taxes Net, after tax $ (15.9) $ 0.2 $ (1.6) Amortization of pension and postretirement benefit adjustments: Amortization of prior service (credits) costs (2) $ 0.3 $ 0.3 $ (4.0) Other income, net Amortization of net actuarial losses (2) 9.9 13.9 11.0 Other income, net Total before taxes 10.2 14.2 7.0 Tax effect (2.4) (3.3) (1.6) Income taxes Net, after tax $ 7.8 $ 10.9 $ 5.4 (1) The settlement of these treasury locks is further described in note 8. (2) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 11 for additional details). |
Employee Benefit And Retireme_2
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Retirement Benefits, Description [Abstract] | |
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 2022 2021 2022 2021 Discount rate—funded plans 5.4 % 2.9 % 4.5 % 2.1 % Discount rate—unfunded plan 5.4 % 2.8 % — % — % Salary scale — % — % 2.9 % 2.9 % The significant assumptions used to determine pension expense for the years ended November 30 are as follows: United States International 2022 2021 2020 2022 2021 2020 Discount rate—funded plans 2.9 % 2.8 % 3.4 % 2.1 % 1.9 % 2.2 % Discount rate—unfunded plan 2.8 % 2.7 % 3.3 % — % — % — % Salary scale — % — % — % 2.9 % 2.9 % 2.9 % Expected return on plan assets 6.8 % 6.8 % 6.8 % 3.7 % 4.1 % 4.9 % |
Components Of Defined Benefit Plans | Our pension expense (income) for the years ended November 30 was as follows: United States International (millions) 2022 2021 2020 2022 2021 2020 Service cost $ 3.6 $ 3.7 $ 3.2 $ 0.9 $ 1.1 $ 1.3 Interest costs 26.3 25.9 29.3 7.0 7.1 7.5 Expected return on plan assets (42.8) (41.1) (40.6) (12.3) (14.0) (15.3) Amortization of prior service costs 0.5 0.5 0.5 0.1 0.1 0.1 Amortization of net actuarial loss 8.6 11.0 7.8 1.3 2.2 2.0 Settlement loss — — — 0.3 0.7 1.3 Total pension expense (income) $ (3.8) $ — $ 0.2 $ (2.7) $ (2.8) $ (3.1) Our other postretirement benefit expense (income) for the years ended November 30 follows: (millions) 2022 2021 2020 Service cost $ 1.8 $ 2.0 $ 1.9 Interest costs 1.7 1.6 2.0 Amortization of prior service credits (0.3) (0.3) (4.6) Amortization of actuarial gains (0.3) — (0.1) Postretirement benefit expense (income) $ 2.9 $ 3.3 $ (0.8) |
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | A roll forward 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) 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 921.5 $ 958.0 $ 354.7 $ 371.7 Service cost 3.6 3.7 0.9 1.1 Interest costs 26.3 25.9 7.0 7.1 Plan amendments — — — 0.5 Actuarial (gain) loss (221.2) (21.9) (101.7) (7.4) Benefits paid (42.7) (44.2) (15.7) (16.6) Foreign currency impact — — (25.1) (1.7) Benefit obligation at end of year $ 687.5 $ 921.5 $ 220.1 $ 354.7 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 754.0 $ 688.2 $ 398.4 $ 368.7 Actual return on plan assets (64.0) 96.6 (79.0) 47.1 Employer contributions 10.4 13.4 1.0 1.6 Benefits paid (42.7) (44.2) (15.7) (16.6) Foreign currency impact — — (29.6) (2.4) Fair value of plan assets at end of year $ 657.7 $ 754.0 $ 275.1 $ 398.4 Funded status $ (29.8) $ (167.5) $ 55.0 $ 43.7 Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 120.3 $ 921.5 $ 14.6 $ 19.7 Accumulated benefit obligation 116.1 912.3 12.4 16.3 Fair value of plan assets 35.0 754.0 1.5 1.8 Roll forwards 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) 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 65.9 $ 70.7 Service cost 1.8 2.0 Interest costs 1.7 1.6 Participant contributions 2.1 2.0 Actuarial (gain) loss (12.5) (4.3) Benefits paid (6.1) (6.1) Benefit obligation at end of year $ 52.9 $ 65.9 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 4.0 4.1 Participant contributions 2.1 2.0 Benefits paid (6.1) (6.1) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 52.9 $ 65.9 |
Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans | Amounts recorded in the balance sheet for all defined benefit pension plans as of November 30 consist of the following: United States International (millions) 2022 2021 2022 2021 Non-current pension asset $ 55.4 $ — $ 68.1 $ 61.6 Accrued pension liability 85.2 167.5 13.1 18.0 Deferred income tax assets 23.9 52.9 0.7 3.9 Accumulated other comprehensive loss, net of tax 73.2 167.8 20.7 32.2 |
Allocations Of Pension Plan Assets | The allocations of U.S. pension plan assets as of November 30, by asset category, were as follows: Actual 2022 Asset Category 2022 2021 Target Equity securities 61.6 % 62.2 % 59.0 % Fixed income securities 20.4 % 20.9 % 23.2 % Other 18.0 % 16.9 % 17.8 % Total 100.0 % 100.0 % 100.0 % The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows: Actual 2022 Asset Category 2022 2021 Target Equity securities 41.0 % 40.5 % 42.9 % Fixed income securities 58.6 % 59.1 % 57.1 % Other 0.4 % 0.4 % — % Total 100.0 % 100.0 % 100.0 % |
Fair Value Of Pension Plan Assets | The following tables set forth by level, within the fair value hierarchy as described in note 9, pension plan assets at their fair value as of November 30 for the United States and international plans: As of November 30, 2022 United States (millions) Total Level 1 Level 2 Cash and cash equivalents $ 22.5 $ 22.5 $ — Equity securities: U.S. equity securities (a) 251.2 136.1 115.1 International equity securities (b) 147.0 136.2 10.8 Fixed income securities: U.S. government/corporate bonds (c) 72.1 69.8 2.3 High yield bonds (d) 37.4 — 37.4 Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 27.6 23.1 4.5 Natural resources (h) 18.0 — 18.0 Total $ 576.9 $ 387.7 $ 189.2 Investments measured at net asset value (i) Hedge funds (j) 50.1 Private equity funds (k) 7.3 Private debt funds (l) 23.4 Total investments $ 657.7 As of November 30, 2022 International (millions) Total Level 1 Level 2 Cash and cash equivalents $ 1.2 $ 1.2 $ — International equity securities (b) 112.6 — 112.6 Fixed income securities: International/government/corporate bonds (e) 147.7 — 147.7 Insurance contracts (f) 13.6 — 13.6 Total investments $ 275.1 $ 1.2 $ 273.9 As of November 30, 2021 United States (millions) Total Level 1 Level 2 Cash and cash equivalents $ 34.4 $ 34.4 $ — Equity securities: U.S. equity securities (a) 290.7 147.5 143.2 International equity securities (b) 170.2 161.7 8.5 Fixed income securities: U.S./government/ corporate bonds (c) 86.9 84.4 2.5 High yield bonds (d) 41.0 — 41.0 Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 31.4 27.1 4.3 Natural resources (h) 13.3 — 13.3 Total $ 669.0 $ 455.1 $ 213.9 Investments measured at net asset value (i) Hedge funds (j) 48.0 Private equity funds (k) 8.3 Private debt funds (l) 28.7 Total investments $ 754.0 As of November 30, 2021 International (millions) Total Level 1 Level 2 Cash and cash equivalents $ 1.6 $ 1.6 $ — International equity securities (b) 161.3 — 161.3 Fixed income securities: International/government/corporate bonds (e) 214.1 — 214.1 Insurance contracts (f) 21.4 — 21.4 Total investments $ 398.4 $ 1.6 $ 396.8 (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 funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (h) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. (i) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. (j) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months. (k) This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. |
Schedule of Expected Benefit Payments | 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. and international plans for the next 10 fiscal years will be as follows: (millions) United States International 2023 $ 46.2 $ 11.1 2024 46.7 11.4 2025 48.2 12.2 2026 49.3 12.2 2027 50.6 12.8 2028-2032 254.2 67.0 Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree Retiree life Total 2023 $ 3.4 $ 1.7 $ 5.1 2024 3.5 1.6 5.1 2025 3.6 1.5 5.1 2026 3.6 1.5 5.1 2027 3.6 1.4 5.0 2028-2032 16.3 6.3 22.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of RSU Activity | A summary of our RSU activity for the years ended November 30 follows: (shares in thousands) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 563 $ 69.52 714 $ 61.74 762 $ 57.95 Granted 208 94.21 219 86.86 296 67.03 Vested (251) 71.86 (336) 63.69 (325) 57.56 Forfeited (40) 85.42 (34) 75.49 (19) 62.96 Outstanding—end of year 480 $ 77.62 563 $ 69.52 714 $ 61.74 |
Assumptions Of Stock Compensation Plans | These fair values were computed using the following range of assumptions for the years ended November 30: 2022 2021 2020 Risk-free interest rates 0.2 - 2.5% 0.0 - 1.8% 0.0 - 0.6% Dividend yield 1.5 % 1.5 % 1.8 % Expected volatility 21.2 % 21.3 % 22.8% Expected lives 7.6 years 7.9 years 7.9 years |
Summary Of Stock Option Activity | A summary of our stock option activity for the years ended November 30 follows: (shares in millions) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 5.0 $ 59.71 4.5 $ 53.56 5.2 $ 48.09 Granted 0.7 97.26 0.8 89.16 0.7 69.31 Exercised (0.8) 47.58 (0.3) 45.93 (1.4) 41.01 Forfeited (0.1) 88.40 — — — — Outstanding—end of year 4.8 67.08 5.0 59.71 4.5 53.56 Exercisable—end of year 3.5 $ 58.03 3.6 $ 51.51 3.2 $ 47.76 Risk-free interest rates 0.85 % Dividend yield 1.5 % Expected volatility 21.2 % Expected lives 5.6 - 6.2 years The following is a summary of our Price-Vested Stock Options activity for the years ended November 30: (shares in thousands) 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Beginning of year 2,193 $ 9.40 2,482 $ 9.40 — $ — Granted — 15 9.66 2,482 9.40 Forfeited (86) 9.40 (304) 9.41 — — Outstanding—end of year 2,107 $ 9.40 2,193 $ 9.40 2,482 $ 9.40 |
Summary Of Our Stock Options Outstanding And Exercisable | A summary of our stock options outstanding and exercisable at November 30, 2022 follows: (shares in millions) Options outstanding Options exercisable Range of Shares Weighted- Weighted- Shares Weighted- Weighted- $27.00 - $51.00 1.7 3.4 $ 46.49 1.7 3.4 $ 46.49 $51.01 - $75.00 1.6 6.4 65.39 1.4 6.3 64.93 $75.01 - $99.00 1.5 8.8 92.85 0.4 8.4 89.48 4.8 6.1 $ 67.08 3.5 5.9 $ 65.89 |
Schedule of Long-term Performance Plan Activity | A summary of the LTPP award activity for the years ended November 30 follows: (shares in thousands) 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Beginning of year 497 $ 83.74 382 $ 71.20 392 $ 57.98 Granted 152 95.00 141 98.30 130 86.14 Vested (251) 75.26 (124) 51.73 (88) 44.98 Performance adjustment 59 86.14 126 75.26 (44) 50.95 Forfeited (6) 95.37 (28) 90.32 (8) 65.68 Outstanding—end of year 451 $ 106.32 497 $ 83.74 382 $ 71.20 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes for the years ended November 30 consists of the following: (millions) 2022 2021 2020 Income taxes Current Federal $ 62.8 $ 71.7 $ 98.3 State 14.8 14.0 14.8 International 69.2 71.0 73.0 146.8 156.7 186.1 Deferred Federal 37.1 23.5 4.6 State (3.2) 16.8 0.5 International (12.1) (4.3) (16.3) 21.8 36.0 (11.2) Total income tax expense (benefit) $ 168.6 $ 192.7 $ 174.9 |
Components Of Income From Consolidated Operations Before Income Taxes | The components of income from consolidated operations before income taxes for the years ended November 30 follow: (millions) 2022 2021 2020 Pretax income United States $ 600.7 $ 588.1 $ 624.3 International 212.1 307.7 257.2 $ 812.8 $ 895.8 $ 881.5 |
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 for the years ended November 30 follows: 2022 2021 2020 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 1.2 1.6 1.5 International tax at different effective rates (0.1) 0.8 1.3 U.S. tax on remitted and unremitted earnings 0.6 0.1 0.8 Stock compensation expense (1.1) (0.4) (1.5) Changes in prior year tax contingencies (0.8) (2.5) (0.3) Acquisition-related state tax rate change, net of federal benefits — 1.2 — Valuation allowance release (0.6) (0.5) (1.4) Intra-entity asset transfer — — (1.1) Other, net 0.5 0.2 (0.5) Total 20.7 % 21.5 % 19.8 % |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities are comprised of the following as of November 30: (millions) 2022 2021 Deferred tax assets Employee benefit liabilities $ 49.9 $ 91.2 Other accrued liabilities 36.1 39.8 Inventory 17.4 12.9 Tax loss and credit carryforwards 59.7 56.6 Lease liabilities 18.1 33.3 Other 22.7 21.7 Valuation allowance (26.4) (32.7) 177.5 222.8 Deferred tax liabilities Depreciation 93.0 97.5 Intangible assets 847.4 841.3 Lease ROU assets 12.3 3.3 Other 18.6 5.9 971.3 948.0 Net deferred tax liability $ (793.8) $ (725.2) |
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) 2022 2021 2020 Balance at beginning of year $ 26.8 $ 39.3 $ 32.0 Additions for current year tax positions 4.7 4.8 7.8 Additions for prior year tax positions 0.1 0.1 2.5 Reductions of prior year tax positions (0.8) (11.6) — Statute expirations (5.0) (6.0) (4.2) Settlements — (0.2) — Foreign currency translation (0.7) 0.4 1.2 Balance at November 30 $ 25.1 $ 26.8 $ 39.3 |
Capital Stock, Earnings Per S_2
Capital Stock, Earnings Per Share And Stock Issuance (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
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) 2022 2021 2020 Average shares outstanding—basic 268.2 267.3 266.5 Effect of dilutive securities: Stock options/RSUs/LTPP 2.0 2.6 2.6 Average shares outstanding—diluted 270.2 269.9 269.1 |
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) 2022 2021 2020 Antidilutive securities 0.9 0.6 0.1 |
Business Segments And Geograp_2
Business Segments And Geographic Areas (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Schedule Of Segment Reporting Information | (millions) Consumer Flavor Solutions Total Corporate Total 2022 Net sales $ 3,757.9 $ 2,592.6 $ 6,350.5 $ — $ 6,350.5 Operating income excluding special charges and transaction and integration expenses 710.7 206.7 917.4 — 917.4 Income from unconsolidated operations 33.1 4.7 37.8 — 37.8 Assets — — 12,332.9 792.0 13,124.9 Capital expenditures — — 220.1 41.9 262.0 Depreciation and amortization — — 153.4 47.2 200.6 2021 Net sales $ 3,937.5 $ 2,380.4 $ 6,317.9 $ — $ 6,317.9 Operating income excluding special charges and transaction and integration expenses 804.9 296.6 1,101.5 — 1,101.5 Income from unconsolidated operations 47.8 4.4 52.2 — 52.2 Assets — — 12,185.1 720.7 12,905.8 Capital expenditures — — 227.6 50.4 278.0 Depreciation and amortization — — 147.0 39.3 186.3 2020 Net sales $ 3,596.7 $ 2,004.6 $ 5,601.3 $ — $ 5,601.3 Operating income excluding special charges and transaction and integration expenses 780.9 237.9 1,018.8 — 1,018.8 Income from unconsolidated operations 34.1 6.7 40.8 — 40.8 Assets — — 11,339.2 750.5 12,089.7 Capital expenditures — — 150.1 75.2 225.3 Depreciation and amortization — — 123.9 41.1 165.0 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of operating income excluding special charges and transaction and integration expenses, to operating income for 2022, 2021 and 2020 is as follows: (millions) Consumer Flavor Solutions Total 2022 Operating income excluding special charges and transaction and integration $ 710.7 $ 206.7 $ 917.4 Less: Special charges 23.9 27.7 51.6 Less: Transaction and integration expenses — 2.2 2.2 Operating income $ 686.8 $ 176.8 $ 863.6 2021 Operating income excluding special charges and transaction and integration $ 804.9 $ 296.6 $ 1,101.5 Less: Special charges and transaction-related expenses included in cost of 8.7 2.3 11.0 Less: Other special charges 31.5 14.9 46.4 Less: Other transaction and integration expenses 7.8 21.2 29.0 Operating income $ 756.9 $ 258.2 $ 1,015.1 2020 Operating income excluding special charges and transaction and integration expenses $ 780.9 $ 237.9 $ 1,018.8 Less: Special charges 5.5 1.4 6.9 Less: Transaction and integration expenses 7.5 4.9 12.4 Operating income $ 767.9 $ 231.6 $ 999.5 |
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 2022 Net sales $ 3,921.3 $ 1,116.4 $ 1,312.8 $ 6,350.5 Long-lived assets 7,892.5 1,051.7 854.6 9,798.8 2021 Net sales $ 3,817.5 $ 1,191.3 $ 1,309.1 $ 6,317.9 Long-lived assets 7,872.2 1,146.6 909.8 9,928.6 2020 Net sales $ 3,445.9 $ 1,046.7 $ 1,108.7 $ 5,601.3 Long-lived assets 7,202.0 1,135.6 916.5 9,254.1 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Income Statement, Balance Sheet And Cash Flow Information | Supplemental consolidated information with respect to our income statement, balance sheet and cash flow follow: For the year ended November 30 (millions) 2022 2021 2020 Other income, net Gain on sale of business (1) $ 49.6 $ — $ — Gain on settlement of treasury locks (2) 18.7 — — Pension and other postretirement benefit income 9.6 6.4 10.0 Interest income 17.8 9.3 7.8 Other 2.6 1.6 (0.2) $ 98.3 $ 17.3 $ 17.6 (1) The sale of Kitchen Basics is further described in note 2. (2) The settlement of these treasury locks is further described in note 8. At November 30 (millions) 2022 2021 Trade accounts receivable allowance for doubtful accounts $ 7.3 $ 5.2 Inventories Finished products $ 649.0 $ 556.2 Raw materials and work-in-process 691.1 626.1 $ 1,340.1 $ 1,182.3 Prepaid expenses $ 61.7 $ 41.7 Other current assets 77.2 70.6 $ 138.9 $ 112.3 Property, plant and equipment Land and improvements $ 90.1 $ 95.1 Buildings (including finance leases) 738.8 694.7 Machinery, equipment and other 1,265.4 1,200.5 Construction-in-progress 238.7 211.9 Accumulated depreciation (1,135.0) (1,061.9) $ 1,198.0 $ 1,140.3 Other long-term assets Investments in affiliates $ 167.9 $ 164.0 Long-term investments 115.1 137.3 Right of use asset 218.9 136.8 Software, net of accumulated amortization of $251.6 for 2022 and $248.5 for 2021 160.6 141.1 Pension asset 123.5 61.6 Other 153.4 140.6 $ 939.4 $ 781.4 Other accrued liabilities Payroll and employee benefits $ 141.9 $ 229.4 Sales allowances 181.0 189.3 Dividends payable 104.6 99.0 Other 326.6 332.5 $ 754.1 $ 850.2 Other long-term liabilities Pension $ 92.0 $ 179.4 Postretirement benefits 47.6 60.8 Operating lease liability 176.1 106.1 Unrecognized tax benefits 29.6 31.0 Other 139.4 113.6 $ 484.7 $ 490.9 For the year ended November 30 (millions) 2022 2021 2020 Depreciation $ 136.3 $ 124.6 $ 121.1 Software amortization 18.9 12.6 12.4 Interest paid 148.8 135.7 134.1 Income taxes paid 192.4 179.3 183.3 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Sales allowances | $ 181 | $ 189.3 | |
Operating Lease, Right-of-Use Asset | $ 218.9 | 136.8 | |
Useful life | 11 years | ||
Capitalized software | $ 160.6 | 141.1 | |
Research and development expense | 87.5 | 87.3 | $ 68.6 |
Marketing and Advertising Expense | 240.4 | 237.8 | 230.3 |
Advertising expense | 187.2 | 182.6 | 174.8 |
Revenues | 6,350.5 | 6,317.9 | 5,601.3 |
Cost of Goods and Services Sold | 4,076 | 3,823.3 | 3,300.9 |
Selling, general and administrative expense | 1,357.1 | 1,404.1 | 1,281.6 |
Operating income | 863.6 | 1,015.1 | 999.5 |
Other income, net | 98.3 | 17.3 | 17.6 |
Operating Lease, Liability | 230.5 | ||
Capitalized Software, Net Book Value | $ 160.6 | 141.1 | |
Compensation Expense Associated With LTPP, Period Of Program | 3 years | ||
Minimum [Member] | Headquarters building [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] | |||
Useful life | 3 years | ||
Maximum [Member] | Headquarters building [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 50 years | ||
Maximum [Member] | Machinery, Equipment And Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 15 years | ||
Maximum [Member] | Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life | 13 years | ||
Americas [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | $ 4,551.7 | 4,396.1 | 3,974.9 |
EMEA [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | 1,116.4 | 1,191.3 | 1,046.7 |
Asia Pacific [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | $ 682.4 | $ 730.5 | $ 579.7 |
Acquisitions Acquisitions (Narr
Acquisitions Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Aug. 03, 2022 | Dec. 30, 2020 | Nov. 30, 2020 | Feb. 28, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 5,212.9 | $ 5,335.8 | |||||
Proceeds from sale of business | 95.2 | 0 | $ 0 | ||||
Kitchen Basics | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 21.5 | ||||||
Proceeds from sale of business | 95.2 | ||||||
Disposition Of Business, Transaction Costs | 3.8 | ||||||
Other Intangible Assets, Net | $ 6.3 | ||||||
Gain (Loss) on Disposition of Business | $ 49.6 | 0 | $ 0 | ||||
FONA | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, net of cash acquired | $ 708.2 | ||||||
working capital adjustemts | $ 2.6 | ||||||
Net sales | $ 114 | ||||||
Inventory adjustment | $ 1.4 | ||||||
Cholula | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, net of cash acquired | $ 801.2 | ||||||
working capital adjustemts | (1.5) | ||||||
Net sales | $ 96 | ||||||
Inventory adjustment | $ 4.9 |
Acquisitions (Transaction and I
Acquisitions (Transaction and Integration Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Business Acquisition [Line Items] | |||
Transaction and integration expenses | $ 2.2 | $ 29 | $ 12.4 |
Integration expenses | 2.2 | 15.2 | 0 |
Total transaction and integration costs | 2.2 | 35.3 | 12.4 |
Cost of Sales | |||
Business Acquisition [Line Items] | |||
Transaction and integration expenses | 0 | 6.3 | 0 |
Selling, General and Administrative Expenses | |||
Business Acquisition [Line Items] | |||
Transaction and integration expenses | $ 0 | $ 13.8 | $ 12.4 |
Special Charges (Details)
Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Special Charges [Line Items] | ||||
Special charges | $ 51.6 | $ 46.4 | $ 6.9 | |
Asset Impairment Charges | 10 | 17.2 | 0 | |
Total Special Charges | ||||
Special Charges [Line Items] | ||||
Gain (Loss) on Disposition of Intangible Assets | 13.6 | 0 | 0 | |
Expenses of Sale | 1.4 | |||
Property, Plant and Equipment | ||||
Special Charges [Line Items] | ||||
Special charges impairment | (6) | |||
Indefinite-lived Intangible Assets | ||||
Special Charges [Line Items] | ||||
Special charges impairment | (7.4) | |||
Finite-Lived Intangible Assets | ||||
Special Charges [Line Items] | ||||
Special charges impairment | (3.8) | |||
Other Accrued Liabilities | ||||
Special Charges [Line Items] | ||||
Special Charges, Reserve | 26.7 | |||
Employee Severance Charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 33.8 | 10.5 | 4.1 | |
total special charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 65.2 | 46.4 | 6.9 | |
Americas [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 8 | 10.3 | ||
Asia Pacific [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 0.8 | |||
GE_Project [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 0.8 | |||
Cost of Sales | ||||
Special Charges [Line Items] | ||||
Special charges | 0 | 4.7 | 0 | |
Special charges cash | ||||
Special Charges [Line Items] | ||||
Special charges | 7.4 | 18.7 | 2.8 | |
RUSSIAN FEDERATION | ||||
Special Charges [Line Items] | ||||
Special charges | 23.3 | |||
Severance and Related Benefits Special Charges | 3.3 | |||
Other Restructuring Costs | 2.1 | |||
Asset Impairment Charges | 10 | |||
Investment Company, Realized and Unrealized Gain (Loss) on Investment and Foreign Currency | 7.9 | |||
EMEA [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 7.1 | |||
EMEA [Member] | Manufacturing Facility | ||||
Special Charges [Line Items] | ||||
Special charges | 21.5 | |||
Severance and Related Benefits Special Charges | 12.6 | |||
Other Restructuring Costs | 2.7 | |||
Special Charges Forecasted Cost | 40 | |||
Restructuring and Related Cost, Accelerated Depreciation | 6.2 | |||
INDIA | ||||
Special Charges [Line Items] | ||||
Special charges | (2.2) | |||
Asset Impairment Charges | 3.8 | |||
Special Charges Non-Cash | ||||
Special Charges [Line Items] | ||||
Special charges | 24 | 17.2 | 0 | |
U.S. Voluntary Retirement Program | ||||
Special Charges [Line Items] | ||||
Special charges | 5.6 | |||
total special charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 51.6 | 51.1 | 6.9 | |
Special charges cash paid | (4.8) | |||
GE_Project [Member] | ||||
Special Charges [Line Items] | ||||
Business Exit Costs | 1 | |||
Severance and Related Benefits Special Charges | 3.8 | |||
Other Restructuring Costs | 0.5 | |||
EMEA [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 4.8 | |||
EMEA [Member] | Manufacturing Facility | ||||
Special Charges [Line Items] | ||||
Special charges | 6.2 | |||
INDIA | ||||
Special Charges [Line Items] | ||||
Special charges | 19.5 | |||
Consumer [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 23.9 | 31.5 | 5.5 | |
Consumer [Member] | total special charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 23.9 | 36.3 | 5.5 | |
Flavor Solutions [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 27.7 | 14.9 | 1.4 | |
Flavor Solutions [Member] | total special charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 27.7 | 14.8 | 1.4 | |
EMEA [Member] | GE_Project [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 5.3 | |||
Global [Member] | GE_Project [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | $ 1.6 | |||
United States | Employee Severance Charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 5.6 | |||
United States | U.S. Voluntary Retirement Program | Subsequent Event | Forecast | ||||
Special Charges [Line Items] | ||||
Special charges | $ 24 | |||
INDIA | Employee Severance Charges [Member] | ||||
Special Charges [Line Items] | ||||
Special charges | 3.6 | |||
INDIA | Cost of Sales | ||||
Special Charges [Line Items] | ||||
Special charges | 4.7 | |||
Brand Names [Member] | ||||
Special Charges [Line Items] | ||||
Indefinite-lived intangible assets | 3,043.4 | $ 3,067.4 | ||
Brand Names [Member] | INDIA | ||||
Special Charges [Line Items] | ||||
Asset Impairment Charges | $ 7.4 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 30, 2020 | Nov. 30, 2020 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Goodwill [Line Items] | |||||
Goodwill | $ 5,212,900,000 | $ 5,335,800,000 | |||
Asset Impairment Charges | 10,000,000 | 17,200,000 | $ 0 | ||
Intangible asset amortization expense | $ 35,100,000 | 35,600,000 | 20,200,000 | ||
Amortizable intangible assets average remaining life, in years | 11 years | ||||
INDIA | |||||
Goodwill [Line Items] | |||||
Asset Impairment Charges | $ 3,800,000 | ||||
RUSSIAN FEDERATION | |||||
Goodwill [Line Items] | |||||
Asset Impairment Charges | 10,000,000 | ||||
Indefinite-lived Intangible Assets | |||||
Goodwill [Line Items] | |||||
Special charges impairment | 7,400,000 | ||||
Finite-Lived Intangible Assets | |||||
Goodwill [Line Items] | |||||
Special charges impairment | 3,800,000 | ||||
Consumer Segment [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 3,711,200,000 | 3,568,200,000 | 3,674,700,000 | 3,711,200,000 | |
Goodwill, Acquired During Period | 0 | 0 | |||
Changes in preliminary purchase price allocation | 0 | 500,000 | |||
Flavor Solutions Segment [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 1,275,100,000 | 1,644,700,000 | 1,661,100,000 | $ 1,275,100,000 | |
Goodwill, Acquired During Period | 0 | 389,700,000 | |||
Changes in preliminary purchase price allocation | 0 | $ 300,000 | |||
Cholula | |||||
Goodwill [Line Items] | |||||
Payments to acquire businesses, net of cash acquired | $ 801,200,000 | ||||
FONA | |||||
Goodwill [Line Items] | |||||
Goodwill, Acquired During Period | $ 389,700,000 | ||||
Payments to acquire businesses, net of cash acquired | $ 708,200,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Amortized And Non-Amortized Intangible Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | $ 536.6 | $ 549.6 | |
Finite-lived intangible assets, Accumulated amortization | 192.1 | 164.5 | |
Goodwill | 5,212.9 | 5,335.8 | |
Indefinite-lived intangible assets, total | 8,256.3 | 8,403.2 | |
Total goodwill and intangible assets, Gross carrying amount | 8,792.9 | 8,952.8 | |
Total goodwill and intangible assets, Accumulated amortization | 192.1 | 164.5 | |
Goodwill [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 5,212.9 | 5,335.8 | |
Brand Names [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 3,043.4 | 3,067.4 | |
Consumer Segment [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 3,568.2 | 3,674.7 | $ 3,711.2 |
Flavor Solutions Segment [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 1,644.7 | $ 1,661.1 | $ 1,275.1 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Goodwill [Roll Forward] | ||
Beginning of year | $ 5,335.8 | |
End of year | 5,212.9 | $ 5,335.8 |
Consumer Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning of year | 3,674.7 | 3,711.2 |
Goodwill, Acquired During Period | 0 | 0 |
Changes in preliminary purchase price allocation | 0 | 0.5 |
Goodwill, Written off Related to Sale of Business Unit | (21.5) | 0 |
Foreign currency fluctuations | (85) | (37) |
End of year | 3,568.2 | 3,674.7 |
Flavor Solutions Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning of year | 1,661.1 | 1,275.1 |
Goodwill, Acquired During Period | 0 | 389.7 |
Changes in preliminary purchase price allocation | 0 | 0.3 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Foreign currency fluctuations | (16.4) | (4) |
End of year | $ 1,644.7 | $ 1,661.1 |
Investments In Affiliates (Narr
Investments In Affiliates (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 01, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Results of unconsolidated affiliates, percentage | 100% | |||
Proceeds from sale of unconsolidated operation | $ 0 | $ 65.4 | $ 0 | |
Eastern | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Percentage ownership interest in unconsolidated affiliates businesses | 26% | |||
Equity Method Investment, Ownership Percentage | 26% | |||
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% | |||
Equity Method Investment, Ownership Percentage | 50% | |||
Eastern | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Gain on Sale of Investments | $ 13.4 | |||
Proceeds from sale of unconsolidated operation | 65.4 | |||
Business Acquisition, Transaction Costs | 1.4 | |||
Income Taxes on Sale of Investment | 5.7 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 1.4 | |||
Unconsolidated Affiliates [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Royalty Income, Nonoperating | $ 27.3 | $ 22.8 | $ 19.5 | |
McCormick de Mexico, S.A. de C.V. [Member] | Unconsolidated Affiliates [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Percent of income from unconsolidated operations from joint ventures | 84% | 62% | 75% |
Investments In Affiliates (Summ
Investments In Affiliates (Summarized Annual And Year-End Information Of Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Investments in and Advances to Affiliates [Line Items] | |||
Revenues | $ 6,350.5 | $ 6,317.9 | $ 5,601.3 |
Gross Profit | 2,274.5 | 2,494.6 | 2,300.4 |
Assets, Current | 2,386.7 | 2,195.8 | |
Liabilities, Current | 3,432.4 | 3,223.8 | |
Unconsolidated Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Revenues | 998.1 | 925.1 | 870.3 |
Gross Profit | 338.1 | 328.8 | 318 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 86.5 | 95.8 | 93.7 |
Assets, Current | 494.8 | 464.2 | 421.7 |
Assets, Noncurrent | 109.7 | 105.8 | 126.2 |
Liabilities, Current | 257.7 | 218.5 | 192.3 |
Liabilities, Noncurrent | $ 8.4 | $ 9 | $ 12.2 |
Financing Arrangements (Compone
Financing Arrangements (Components Of Outstanding Debt) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 | Feb. 28, 2021 |
Schedule of Short Term and Long Term Debt [Line Items] | |||
Commercial paper | $ 1,224.6 | $ 530.8 | |
Other | 12.1 | 8.3 | |
Short-term borrowings, total | $ 1,236.7 | $ 539.1 | |
Weighted-average interest rate of short-term borrowings at year-end | 4.20% | 0.20% | |
Other | $ 176.1 | $ 199.2 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (68.2) | (10.6) | |
Long-term debt | 3,912.9 | 4,743.6 | |
Less current portion | (270.6) | (770.3) | |
Long-term debt, excluding current maturities | 3,642.3 | 3,973.3 | |
Debt Instrument, Unamortized Discount | 25.9 | 31.8 | |
Interest Rate Derivatives, at Fair Value, Net | $ (42.3) | 21.2 | |
0.90% Notes due Feb 2026 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 0.90% | ||
1.85% Notes due Feb 2031 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 1.85% | ||
Notes Payable, Other Payables | Three Point Nine Zero Notes Due On Two Thousand Twenty One [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 3.90% | ||
Notes Payable, Other Payables | 2.70% notes due 8/15/2022 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 0 | 750 | |
Notes outstanding | $ 0 | 750 | |
Stated Note interest rate | 2.70% | ||
Notes Payable, Other Payables | 3.50% notes due 9/1/2023(1) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | 250 | |
Notes outstanding | $ 250 | 250 | |
Stated Note interest rate | 3.50% | ||
Notes Payable, Other Payables | 3.15% notes due 8/15/2024 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 700 | 700 | |
Notes outstanding | $ 700 | 700 | |
Stated Note interest rate | 3.15% | ||
Notes Payable, Other Payables | 3.25% notes due 11/15/2025(2) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | 250 | |
Notes outstanding | $ 250 | 250 | |
Weighted average fixed rate | 3.45% | ||
Stated Note interest rate | 3.25% | ||
Debt Instrument Basis Spread Increase On Variable Rate | 1.22% | ||
Debt Instrument, effective interest rate | 5.83% | ||
Notes Payable, Other Payables | 0.90% Notes due Feb 2026 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 500 | 500 | |
Notes outstanding | 500 | 500 | |
Notes Payable, Other Payables | 3.40% notes due 8/15/2027(3) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | 750 | 750 | |
Notes outstanding | $ 750 | 750 | |
Weighted average fixed rate | 3.44% | ||
Stated Note interest rate | 3.40% | ||
Debt Instrument Basis Spread Increase On Variable Rate | 0.685% | ||
Debt Instrument, effective interest rate | 5.29% | ||
Notes Payable, Other Payables | 2.50% notes due 4/15/2030(4) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 500 | 500 | |
Notes outstanding | $ 500 | 500 | |
Weighted average fixed rate | 2.62% | ||
Stated Note interest rate | 2.50% | ||
Debt Instrument, effective interest rate | 4.94% | ||
Notes Payable, Other Payables | 1.85% Notes due Feb 2031 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 500 | 500 | |
Notes outstanding | 500 | 500 | |
Notes Payable, Other Payables | 4.20% notes due 8/15/2047 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | 300 | 300 | |
Notes outstanding | $ 300 | 300 | |
Stated Note interest rate | 4.20% | ||
Notes Payable, Other Payables | 7.63%–8.12% notes due 2024 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 55 | 55 | |
Notes outstanding | 55 | $ 55 | |
Notes Payable, Other Payables | August 2013 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | 250 | ||
Notes outstanding | $ 250 | ||
Weighted average fixed rate | 3.30% | ||
Notes Payable, Other Payables | Interest Rate Swap [Member] | 3.40% notes due 8/15/2027(3) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | ||
Notes outstanding | 250 | ||
Notes Payable, Other Payables | Interest Rate Swap [Member] | 2.50% notes due 4/15/2030(4) | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | 250 | ||
Notes outstanding | 250 | ||
Notes Payable, Other Payables | Interest Rate Swap [Member] | 5.20% Notes Due 2015 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | 100 | ||
Notes outstanding | $ 100 | ||
Minimum [Member] | Notes Payable, Other Payables | 7.63%–8.12% notes due 2024 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 7.63% | ||
Maximum [Member] | Notes Payable, Other Payables | 7.63%–8.12% notes due 2024 | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 8.12% |
Financing Arrangements (Maturit
Financing Arrangements (Maturities Of Long-Term Debt) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Financing Arrangements [Abstract] | ||
2023 | $ 270.6 | $ 770.3 |
2024 | 796.9 | |
2025 | 269.7 | |
2026 | 509.2 | |
2027 | 759.6 | |
Thereafter | $ 1,375.1 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 28, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Net proceeds from issuance of notes | $ 0 | $ 1,001.5 | $ 527 | |
Repayments of Commercial Paper | 1,443 | |||
Letter Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Total unused capacity | 13.6 | |||
Outstanding letters of credit | $ 60.8 | 63.7 | ||
0.90% Notes due Feb 2026 | ||||
Debt Instrument [Line Items] | ||||
Notes payable | $ 500 | |||
Stated Note interest rate | 0.90% | |||
Net proceeds from issuance of notes | $ 495.7 | |||
1.85% Notes due Feb 2031 | ||||
Debt Instrument [Line Items] | ||||
Notes payable | $ 500 | |||
Stated Note interest rate | 1.85% | |||
Net proceeds from issuance of notes | $ 492.8 | |||
Revolving Credit Facility [Member] | Credit Facility Expiring December 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 364 days | |||
Credit facility | $ 500 | |||
Revolving Credit Facility [Member] | Credit Facility Expiring June 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Credit facility | $ 1,500 | |||
Revolving Credit Facility [Member] | Credit Facility Expiring June 2026 | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Credit Facility Expiring June 2026 | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Credit Facility Expiring June 2026 | Secured Overnight Financing Rate (SOFR), Addition | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.60% | |||
Revolving Credit Facility [Member] | Minimum [Member] | Credit Facility Expiring June 2026 | Secured Overnight Financing Rate (SOFR), Addition | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.23% | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 775.4 | |||
Maximum borrowing capacity | 302.5 | |||
Total unused capacity | 232.6 | |||
Committed credit facilities, fee | $ 2.1 | $ 2 | $ 1.3 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 47 | $ 45 | $ 41.2 |
Amortization of ROU assets | 9 | 9 | 9 |
Interest on lease liabilities | 4.1 | 4.3 | 4.5 |
Net lease cost | $ 60.1 | $ 58.3 | $ 54.7 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Apr. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Current finance lease liabilities | $ 7.8 | $ 7.5 | |
Noncurrent finance lease liabilities | 110.5 | 118.2 | |
Total lease liabilities | 118.3 | ||
Finance lease ROU assets | 103 | 112.1 | |
Operating Lease, Right-of-Use Asset | 218.9 | 136.8 | |
Operating Lease, Liability | 230.5 | ||
Current operating lease liabilities | 54.4 | 34.3 | |
Noncurrent operating lease liabilities | 176.1 | 106.1 | |
Headquarters building | |||
Lessee, Lease, Description [Line Items] | |||
Finance lease, right-of-use asset, accumulated amortization | 8.7 | ||
Current finance lease liabilities | 7.6 | 7.3 | |
Noncurrent finance lease liabilities | 108.8 | 116.5 | |
Total lease liabilities | $ 116.4 | $ 123.8 | |
Lessee, Finance Lease, Term of Contract | 15 years | ||
Distribution Facility | |||
Lessee, Lease, Description [Line Items] | |||
Residential Value of Leased Asset, Guarantee, Percenntage | 76.50% | ||
Operating Lease, Expense | $ 5.2 | ||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Operating Lease, Right-of-Use Asset | $ 78.9 | ||
Operating Lease, Liability | 83.4 | ||
Current operating lease liabilities | 18.7 | ||
Noncurrent operating lease liabilities | 64.7 | ||
Lessor, Operating Lease, Construction Costs | $ 310 |
Leases - Supplemental Informati
Leases - Supplemental Information - (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 218.9 | $ 136.8 |
Finance lease ROU assets | 103 | 112.1 |
Total leased assets | 321.9 | 248.9 |
Current operating lease liabilities | 54.4 | 34.3 |
Current finance lease liabilities | 7.8 | 7.5 |
Noncurrent operating lease liabilities | 176.1 | 106.1 |
Noncurrent finance lease liabilities | 110.5 | 118.2 |
Total lease liabilities | $ 348.8 | $ 266.1 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Investments and Other Noncurrent Assets | Investments and Other Noncurrent Assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Operating leases, weighted-average remaining lease term (years) | 5 years 9 months 18 days | 6 years 9 months 18 days |
Finance leases, weighted-average remaining lease term (years) | 11 years 10 months 24 days | 12 years 10 months 24 days |
Operating leases, weighted-average discount rate (percent) | 3.70% | 1.90% |
Finance leases, weighted-average discount rate (percent) | 3.30% | 3.30% |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Leases, Operating [Abstract] | ||
2023 | $ 58.3 | |
2024 | 50.9 | |
2025 | 43.3 | |
2026 | 39 | |
2027 | 34.1 | |
Thereafter | 31.8 | |
Total lease payments | 257.4 | |
Less: Imputed interest | 26.9 | |
Operating Lease, Liability | 230.5 | |
Lessee, Finance Lease, Description [Abstract] | ||
2023 | 11.3 | |
2024 | 11.5 | |
2025 | 11.7 | |
2026 | 11.9 | |
2027 | 12.2 | |
Thereafter | 89.9 | |
Total lease payments | 148.5 | |
Less: Imputed interest | 30.2 | |
Finance Lease, Liability | 118.3 | |
2023 | 69.6 | |
2024 | 62.4 | |
2025 | 55 | |
2026 | 50.9 | |
2027 | 46.3 | |
Thereafter | 121.7 | |
Total lease payments | 405.9 | |
Less: Imputed interest | 57.1 | |
Total lease liabilities | $ 348.8 | $ 266.1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows used for operating leases | $ 41.4 | $ 45.4 |
Operating cash flows used for finance leases | 4.1 | 4.3 |
Financing cash flows used for finance leases | 7.3 | 7.1 |
ROU assets obtained in exchange for lease liabilities | $ 133.8 | $ 47.8 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) £ in Millions | 12 Months Ended | |||||
Nov. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Nov. 30, 2022 GBP (£) | Nov. 30, 2022 EUR (€) | Mar. 31, 2022 USD ($) | |
Derivative [Line Items] | ||||||
Maximum time frame for short-term foreign exchange contracts | 18 months | |||||
Other comprehensive income (loss) expected to be reclassified in income in next 12 months | $ 3,300,000 | |||||
Derivative Asset, Fair Value, Gross Asset | 55,500,000 | $ 35,800,000 | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 18,700,000 | 0 | $ 0 | |||
Customer Concentration Risk | Revenue Benchmark | ||||||
Derivative [Line Items] | ||||||
Concentration Risk Threshold percentage | 10% | |||||
Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Investment Owned, Foreign Currency Contract, Current Value | $ 560,500,000 | 583,600,000 | ||||
Interest Rate Contracts [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Notional Amount | $ 350,000,000 | |||||
Short-term Contract with Customer | ||||||
Derivative [Line Items] | ||||||
Investment Foreign Currency, Contracts, Foreign Currency Amount | 150,900,000 | |||||
Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Maturity period for remaining foreign currency contracts (in months) | 18 months | |||||
Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Maturity period for remaining foreign currency contracts (in months) | 1 month | |||||
Interest Rate Swap [Member] | Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Interest on interest rate swap contracts | 1.89% | |||||
Notes payable | $ 200,000,000 | |||||
Derivatives, Notional Amount | 100,000,000 | $ 200,000,000 | ||||
Credit Facility Expiring December 2021 [Member] | Revolving Credit Facility [Member] | ||||||
Derivative [Line Items] | ||||||
Credit facility | $ 500,000,000 | |||||
3.40% notes due 8/15/2027(3) | Interest Rate Swap [Member] | Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Interest on interest rate swap contracts | 3.40% | 3.40% | 3.40% | |||
Derivative, Basis Spread on Variable Rate | 0.685% | 0.685% | 0.685% | |||
Derivatives, Notional Amount | $ 250,000,000 | |||||
2.5% Notes due April 2030 | Interest Rate Swap [Member] | Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Interest on interest rate swap contracts | 2.50% | 2.50% | 2.50% | |||
Derivative, Basis Spread on Variable Rate | 0.684% | 0.684% | 0.684% | |||
Derivatives, Notional Amount | $ 250,000,000 | |||||
3.25% notes due 11/15/2025(2) | Interest Rate Swap [Member] | Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Interest on interest rate swap contracts | 3.25% | 3.25% | 3.25% | |||
Derivative, Basis Spread on Variable Rate | 1.22% | 1.22% | 1.22% | |||
Notes Payable, Other Payables | 3.25% notes due 11/15/2025(2) | ||||||
Derivative [Line Items] | ||||||
Stated Note interest rate | 3.25% | 3.25% | 3.25% | |||
Debt Instrument Basis Spread Increase On Variable Rate | 1.22% | 1.22% | 1.22% | |||
Notes Payable, Other Payables | 2.50% notes due 4/15/2030(4) | ||||||
Derivative [Line Items] | ||||||
Stated Note interest rate | 2.50% | 2.50% | 2.50% | |||
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Investment Owned, Foreign Currency Contract, Current Value | $ 355,500,000 | $ 449,300,000 | ||||
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Notional Amount | 344,900,000 | 380,800,000 | ||||
Net Investment Hedging [Member] | Interest Rate Contracts [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Notional Amount | 0 | $ 350,000,000 | ||||
Net Investment Hedging [Member] | Interest Rate Swap II [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 250,000,000 | |||||
Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 250,000,000 | |||||
Derivative, Collateral, Obligation to Return Cash | £ | £ 194.1 | |||||
Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract II [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Collateral, Obligation to Return Cash | € | € 221,800,000 | |||||
United States LIBOR [Member] | Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.685% | 0.685% | 0.685% | |||
Great Britain LIBOR [Member] | Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.74% | |||||
EURIBOR [Member] | Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract II [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.808% | 0.808% | 0.808% | |||
Great Britain SONIA | Net Investment Hedging [Member] | Cross Currency Interest Rate Contract II [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.574% | 0.574% | 0.574% | |||
Derivative, Collateral, Obligation to Return Cash | £ | £ 184.1 | |||||
Great Britain SONIA | Net Investment Hedging [Member] | Interest Rate Swap II [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.574% | 0.574% | 0.574% | |||
Derivative, Collateral, Obligation to Return Cash | £ | £ 184.1 | |||||
Great Britain SONIA | Net Investment Hedging [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.859% | 0.859% | 0.859% | |||
EURO ESTR | Net Investment Hedging [Member] | Cross Currency Interest Rate Contract II [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.667% | 0.667% | 0.667% | |||
Derivative, Collateral, Obligation to Return Cash | € | € 219,200,000 | |||||
USD SOFR | Notes Payable, Other Payables | 2.50% notes due 4/15/2030(4) | Interest Rate Swap II [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument Basis Spread Increase On Variable Rate | 0.684% | 0.684% | 0.684% | |||
USD SOFR | Net Investment Hedging [Member] | Interest Rate Swap II [Member] | Cross Currency Interest Rate Contract I [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 250,000,000 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Interest rate contracts | $ (42.3) | $ 21.2 |
Derivative Asset, Fair Value, Gross Asset | 55.5 | 35.8 |
Fair Value of Liability Derivatives | 52.2 | 10.8 |
Foreign Exchange Contracts [Member] | Other Current Assets [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 344.9 | 380.8 |
Foreign Exchange Contracts [Member] | Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 8.3 | |
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 215.6 | 202.8 |
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 2.8 | |
Foreign Exchange Contracts [Member] | Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivatives | 8.3 | |
Foreign Exchange Contracts [Member] | Assets [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivatives | 11 | |
Foreign Exchange Contracts [Member] | Liability [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivatives | 2.8 | |
Foreign Exchange Contracts [Member] | Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivatives | 1.5 | |
Cross Currency Interest Rate Contract | Other Long-term Investments [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 680 | 251 |
Cross Currency Interest Rate Contract | Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cross Currency Contracts, Fair Value | 4.4 | |
Cross Currency Interest Rate Contract | Assets [Member] | Fair Value, Measurements, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.4 | |
Cross Currency Contracts, Fair Value | 44.5 | |
Cross Currency Interest Rate Contract | Liability [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cross Currency Contracts, Fair Value | 8 | |
Cross Currency Interest Rate Contract | Liability [Member] | Fair Value, Measurements, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 8 | |
Cross Currency Contracts, Fair Value | 8.3 | |
Cross Currency Interest Rate Contract | Other Noncurrent Liabilities | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 226.1 | 257.5 |
Interest Rate Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 350 | |
Interest Rate Contracts [Member] | Other Current Assets [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 350 |
Fair Value of Interest rate contracts | 23.1 | |
Interest Rate Contracts [Member] | Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Interest rate contracts | 0 | |
Interest Rate Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 600 | |
Interest Rate Contracts [Member] | Other Accrued Liabilities [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total notional amount of interest rate swap contracts | 600 | 0 |
Interest rate derivatives | $ 0 | |
Interest Rate Contracts [Member] | Liability [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivatives | $ 42.4 |
Financial Instruments (Fair V_2
Financial Instruments (Fair Value Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income, net | $ 98.3 | $ 17.3 | $ 17.6 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | 7.3 | 1.5 | 3.1 |
Fair Value Hedges [Member] | Other Income [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income, net | 6.6 | (1.9) | (4) |
Fair Value Hedges [Member] | Other Income [Member] | Loans Payable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income, net | $ (6.3) | $ 2.9 | $ 3 |
Financial Instruments (Cash Flo
Financial Instruments (Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, Other income, net | Interest expense, Other income, net | Interest expense, Other income, net |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | $ 24 | $ (1.7) | $ 1.9 |
Gain (loss) reclassified from AOCI | 20.8 | (0.2) | 2.1 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 18.7 | 0.3 | 0 |
Gain (loss) reclassified from AOCI | 19.2 | 0.5 | 0.5 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 5.3 | (2) | 1.9 |
Gain (loss) reclassified from AOCI | 1.6 | (0.7) | 1.6 |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | 4 | 8.2 | 5.2 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | 37.6 | 15.5 | (20.8) |
Gain (loss) reclassified from AOCI | $ 7.3 | $ 1.5 | $ 3.1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying amount, long-term debt | $ 3,912.9 | $ 4,743.6 |
Fair value, long-term debt | 3,600.9 | 4,921.5 |
Cash and cash equivalents | 334 | 351.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, long-term debt | 3,424.8 | 4,722.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, long-term debt | 176.1 | 199.2 |
Interest Rate Contracts [Member] | Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivatives | 0 | |
Interest Rate Contracts [Member] | Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivatives | 42.4 | |
Fair Value, Measurements, Recurring [Member] | Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 351.7 | |
Insurance contracts | 110 | 132.2 |
Bonds and other long-term investments | 5.1 | 5.1 |
Total | 504.6 | 524.8 |
Fair Value, Measurements, Recurring [Member] | Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 334 | 351.7 |
Insurance contracts | 0 | 0 |
Bonds and other long-term investments | 5.1 | 5.1 |
Total | 339.1 | 356.8 |
Fair Value, Measurements, Recurring [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Insurance contracts | 110 | 132.2 |
Bonds and other long-term investments | 0 | 0 |
Total | 165.5 | 168 |
Fair Value, Measurements, Recurring [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 52.2 | 10.8 |
Fair Value, Measurements, Recurring [Member] | Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 52.2 | 10.8 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 23.1 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 23.1 | |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 4.4 | |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 44.5 | 4.4 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 8 | |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract | Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross Currency Contracts, Fair Value | 8.3 | 8 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 8.3 | |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 11 | 8.3 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 2.8 | |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | $ 1.5 | $ 2.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income-Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income, Other, Net of Tax | $ 172 | $ 59.3 | |
Foreign currency translation adjustment | (405.3) | (233.3) | |
Unamoritzed value of settled interest rate swaps | (0.6) | (0.2) | |
Pension and other postretirement costs | (78.5) | (193.6) | |
Accumulated other comprehensive loss | (480.6) | (426.5) | |
Interest expense | (149.1) | (136.6) | $ (135.6) |
Cost of Goods and Services Sold | 4,076 | 3,823.3 | 3,300.9 |
Tax effect | 168.6 | 192.7 | 174.9 |
Net, after tax | (6.2) | (8) | (4.3) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0.3 | 0.3 | (4) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 9.9 | 13.9 | 11 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 10.2 | 14.2 | 7 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | (2.4) | (3.3) | (1.6) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 7.8 | 10.9 | 5.4 |
Derivative, Gain (Loss) on Derivative, Net | (18.7) | 0 | 0 |
Foreign Exchange Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Unrealized net gain on foreign currency exchange contracts | 3.8 | 0.6 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total before taxes | (20.8) | 0.2 | (2.1) |
Tax effect | 4.9 | 0 | 0.5 |
Net, after tax | (15.9) | 0.2 | (1.6) |
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest expense | (0.5) | (0.5) | (0.5) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contracts [Member] | Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of Goods and Services Sold | $ (1.6) | $ 0.7 | $ (1.6) |
Employee Benefit And Retireme_3
Employee Benefit And Retirement Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, before tax | $ 98.8 | ||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 78.5 | $ 193.6 | |
Fair value of plan assets at beginning of year | 0 | 0 | $ 0 |
Non-current pension asset | 123.5 | 61.6 | |
Dividends paid | $ 396.7 | $ 363.3 | 330.1 |
Assumed annual increase in cost of health care benefits | 7.50% | 6.30% | |
Ultimate health care cost trend rate | 4.50% | 4.50% | |
Long-term Debt, Fair Value | $ 3,600.9 | $ 4,921.5 | |
Dividends | 402.3 | 371.5 | 338.5 |
Payments of Ordinary Dividends | 0.8 | 0.7 | |
Fair Value, Inputs, Level 2 [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Long-term Debt, Fair Value | $ 176.1 | 199.2 | |
Defined Contribution Retirement Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Percentage of participant contribution considered for first condition of plan | 100% | ||
Percentage of participant salary under first condition of plan | 3% | ||
Percentage of participant contribution considered for second condition of plan | 66.70% | ||
Percentage of participant salary under second condition of plan | 3% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 3% | ||
Defined Contribution Plan, Cost | $ 30.5 | 29.8 | 30.8 |
Dividends paid | 3.9 | ||
Supplemental Employee Retirement Plan [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Benefit obligation | 80.1 | 104.2 | |
Non-current pension asset | 74.1 | 90.3 | |
Other Postretirement Benefits [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Benefit obligation | $ 52.9 | $ 65.9 | 70.7 |
Age after which employees retire | 55 years | ||
Minimum number of years in service | 5 years | ||
Assumed discount rate | 5% | 2.70% | |
Employer contributions | $ 4 | $ 4.1 | |
U.S. Equity Securities [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of McCormick stock held in plan assets | $ 46.2 | $ 47.7 | |
Number of shares of McCormick stock held in plan assets | 0.6 | 0.6 | |
Percentage of pension plan assets in equity securities | 7% | 6.30% | |
Defined Benefit Plan, Equity Securities [Member] | Defined Contribution Retirement Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of McCormick stock held in plan assets | $ 215.4 | ||
Number of shares of McCormick stock held in plan assets | 2.6 | ||
United States | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | $ 73.2 | $ 167.8 | |
Benefit obligation | 687.5 | 921.5 | 958 |
Fair value of plan assets at beginning of year | 657.7 | 754 | 688.2 |
Accrued liability related to the plan | 85.2 | 167.5 | |
Non-current pension asset | 55.4 | 0 | |
Funded status | (29.8) | (167.5) | |
Accumulated benefit obligation | $ 683.2 | $ 912.3 | |
Percentage of pension plan assets in equity securities | 100% | 100% | |
Employer contributions | $ 10.4 | $ 13.4 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 42.8 | 41.1 | 40.6 |
United States | Fair Value, Inputs, Level 2 [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of plan assets at beginning of year | 189.2 | 213.9 | |
United States | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of plan assets at beginning of year | 115.1 | 143.2 | |
Foreign Plan [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 20.7 | 32.2 | |
Benefit obligation | 220.1 | 354.7 | 371.7 |
Fair value of plan assets at beginning of year | 275.1 | 398.4 | 368.7 |
Accrued liability related to the plan | 13.1 | 18 | |
Non-current pension asset | 68.1 | 61.6 | |
Funded status | 55 | 43.7 | |
Accumulated benefit obligation | $ 217.9 | $ 351.3 | |
Percentage of pension plan assets in equity securities | 100% | 100% | |
Employer contributions | $ 1 | $ 1.6 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 12.3 | 14 | $ 15.3 |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of plan assets at beginning of year | $ 273.9 | $ 396.8 |
Employee Benefit And Retireme_4
Employee Benefit And Retirement Plans (Significant Assumptions Used To Determine Benefit Obligations) (Details) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0% | 0% | 0% |
Expected return on plan assets | 6.80% | 6.80% | 6.80% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.90% | 2.90% | 2.90% |
Expected return on plan assets | 3.70% | 4.10% | 4.90% |
Funded Plan [Member] | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.40% | 2.90% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0% | 0% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.90% | 2.80% | 3.40% |
Funded Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.50% | 2.10% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.90% | 2.90% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.10% | 1.90% | 2.20% |
Unfunded Plan [Member] | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.40% | 2.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.80% | 2.70% | 3.30% |
Unfunded Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0% | 0% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0% | 0% | 0% |
Employee Benefit And Retireme_5
Employee Benefit And Retirement Plans (Components Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income, Extensible List, Not Disclosed Flag | Expected return on plan assets | Expected return on plan assets | Expected return on plan assets |
Defined Benefit Plan Net Periodic Benefit Cost Credit Amortization Of Gain Loss Statement Of Income Or Comprehensive Income, Extensible List, Not Disclosed Flag | Amortization of net actuarial loss | Amortization of net actuarial loss | Amortization of net actuarial loss |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1.8 | $ 2 | $ 1.9 |
Interest costs | 1.7 | 1.6 | 2 |
Amortization of prior service costs | (0.3) | (0.3) | (4.6) |
Amortization of net actuarial loss | (0.3) | 0 | (0.1) |
Total expense | 2.9 | 3.3 | (0.8) |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3.6 | 3.7 | 3.2 |
Interest costs | 26.3 | 25.9 | 29.3 |
Expected return on plan assets | (42.8) | (41.1) | (40.6) |
Amortization of prior service costs | 0.5 | 0.5 | 0.5 |
Amortization of net actuarial loss | 8.6 | 11 | 7.8 |
Settlement loss | 0 | 0 | 0 |
Total expense | (3.8) | 0 | 0.2 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.9 | 1.1 | 1.3 |
Interest costs | 7 | 7.1 | 7.5 |
Expected return on plan assets | (12.3) | (14) | (15.3) |
Amortization of prior service costs | 0.1 | 0.1 | 0.1 |
Amortization of net actuarial loss | 1.3 | 2.2 | 2 |
Settlement loss | 0.3 | 0.7 | 1.3 |
Total expense | $ (2.7) | $ (2.8) | $ (3.1) |
Employee Benefit And Retireme_6
Employee Benefit And Retirement Plans (Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Change in benefit obligation: | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 2.1 | $ 2 | |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 65.9 | 70.7 | |
Service cost | 1.8 | 2 | 1.9 |
Interest costs | 1.7 | 1.6 | 2 |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 2.1 | 2 | |
Actuarial (gain) loss | (12.5) | (4.3) | |
Benefits paid | (6.1) | (6.1) | |
Benefit obligation at end of year | 52.9 | 65.9 | 70.7 |
Change in fair value of plan assets: | |||
Employer contributions | 4 | 4.1 | |
Other postretirement benefit liability | 52.9 | 65.9 | |
United States | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 921.5 | 958 | |
Service cost | 3.6 | 3.7 | 3.2 |
Interest costs | 26.3 | 25.9 | 29.3 |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | (221.2) | (21.9) | |
Benefits paid | (42.7) | (44.2) | |
Benefit obligation at end of year | 687.5 | 921.5 | 958 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 754 | 688.2 | |
Actual return on plan assets | (64) | 96.6 | |
Employer contributions | 10.4 | 13.4 | |
Fair value of plan assets at end of year | 657.7 | 754 | 688.2 |
Funded status | (29.8) | (167.5) | |
Projected benefit obligation | 120.3 | 921.5 | |
Accumulated benefit obligation | 116.1 | 912.3 | |
Fair value of plan assets | 35 | 754 | |
Foreign Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 354.7 | 371.7 | |
Service cost | 0.9 | 1.1 | 1.3 |
Interest costs | 7 | 7.1 | 7.5 |
Plan amendments | 0 | 0.5 | |
Actuarial (gain) loss | (101.7) | (7.4) | |
Benefits paid | (15.7) | (16.6) | |
Foreign currency impact | (25.1) | (1.7) | |
Benefit obligation at end of year | 220.1 | 354.7 | 371.7 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 398.4 | 368.7 | |
Actual return on plan assets | (79) | 47.1 | |
Employer contributions | 1 | 1.6 | |
Foreign currency impact | (29.6) | (2.4) | |
Fair value of plan assets at end of year | 275.1 | 398.4 | $ 368.7 |
Funded status | 55 | 43.7 | |
Projected benefit obligation | 14.6 | 19.7 | |
Accumulated benefit obligation | 12.4 | 16.3 | |
Fair value of plan assets | $ 1.5 | $ 1.8 |
Employee Benefit And Retireme_7
Employee Benefit And Retirement Plans (Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current pension asset | $ 123.5 | $ 61.6 |
Accumulated other comprehensive loss, net of tax | 78.5 | 193.6 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current pension asset | 68.1 | 61.6 |
Accrued pension liability | 13.1 | 18 |
Deferred income tax assets | 0.7 | 3.9 |
Accumulated other comprehensive loss, net of tax | 20.7 | 32.2 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current pension asset | 55.4 | 0 |
Accrued pension liability | 85.2 | 167.5 |
Deferred income tax assets | 23.9 | 52.9 |
Accumulated other comprehensive loss, net of tax | $ 73.2 | $ 167.8 |
Employee Benefit And Retireme_8
Employee Benefit And Retirement Plans (Allocations Of Pension Plan Assets) (Details) | Nov. 30, 2022 | Nov. 30, 2021 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100% | 100% |
Equity securities, Target | 100% | |
Foreign Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 41% | 40.50% |
Equity securities, Target | 42.90% | |
Foreign Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 58.60% | 59.10% |
Equity securities, Target | 57.10% | |
Foreign Plan [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 0.40% | 0.40% |
Equity securities, Target | 0% | |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100% | 100% |
Equity securities, Target | 100% | |
United States | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 61.60% | 62.20% |
Equity securities, Target | 59% | |
United States | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 20.40% | 20.90% |
Equity securities, Target | 23.20% | |
United States | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 18% | 16.90% |
Equity securities, Target | 17.80% |
Employee Benefit And Retireme_9
Employee Benefit And Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 0 | $ 0 | $ 0 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 657.7 | 754 | 688.2 |
United States | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 387.7 | 455.1 | |
United States | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 189.2 | 213.9 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 576.9 | 669 | |
United States | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 22.5 | 34.4 | |
United States | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 22.5 | 34.4 | |
United States | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 136.1 | 147.5 | |
United States | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 115.1 | 143.2 | |
United States | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 251.2 | 290.7 | |
United States | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 136.2 | 161.7 | |
United States | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 10.8 | 8.5 | |
United States | International Equity Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 147 | 170.2 | |
United States | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 69.8 | 84.4 | |
United States | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2.3 | 2.5 | |
United States | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 72.1 | 86.9 | |
United States | High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 37.4 | 41 | |
United States | High Yield Bonds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 37.4 | 41 | |
United States | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.1 | 1.1 | |
United States | Insurance Contracts [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.1 | 1.1 | |
United States | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 23.1 | 27.1 | |
United States | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 4.5 | 4.3 | |
United States | Real Estate Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 27.6 | 31.4 | |
United States | Other Nonrenewable Natural Resources [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 18 | 13.3 | |
United States | Other Nonrenewable Natural Resources [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 18 | 13.3 | |
United States | Hedge Fund Of Funds [Member] | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 50.1 | 48 | |
United States | Private Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 7.3 | 8.3 | |
United States | Private Placement [Member] | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 23.4 | 28.7 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 275.1 | 398.4 | $ 368.7 |
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.2 | 1.6 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 273.9 | 396.8 | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.2 | 1.6 | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.2 | 1.6 | |
Foreign Plan [Member] | International Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 112.6 | 161.3 | |
Foreign Plan [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 112.6 | 161.3 | |
Foreign Plan [Member] | U.S./Government/Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 147.7 | 214.1 | |
Foreign Plan [Member] | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 147.7 | 214.1 | |
Foreign Plan [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 13.6 | 21.4 | |
Foreign Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 13.6 | $ 21.4 |
Employee Benefit And Retirem_10
Employee Benefit And Retirement Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Nov. 30, 2022 USD ($) |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 5.1 |
2024 | 5.1 |
2025 | 5.1 |
2026 | 5.1 |
2027 | 5 |
2028-2032 | 22.6 |
Retiree Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 3.4 |
2024 | 3.5 |
2025 | 3.6 |
2026 | 3.6 |
2027 | 3.6 |
2028-2032 | 16.3 |
Retiree Life Insurance [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 1.7 |
2024 | 1.6 |
2025 | 1.5 |
2026 | 1.5 |
2027 | 1.4 |
2028-2032 | 6.3 |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 46.2 |
2024 | 46.7 |
2025 | 48.2 |
2026 | 49.3 |
2027 | 50.6 |
2028-2032 | 254.2 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 11.1 |
2024 | 11.4 |
2025 | 12.2 |
2026 | 12.2 |
2027 | 12.8 |
2028-2032 | $ 67 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 USD ($) award_type $ / shares shares | Nov. 30, 2021 USD ($) $ / shares shares | Nov. 30, 2020 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock-based Compensation Award Types | award_type | 4 | ||
Total stock-based compensation expense | $ | $ 60.3 | $ 66.6 | $ 46 |
Unrecognized stock-based compensation expense | $ | $ 20.1 | ||
Weighted average period for unrecognized stock-based compensation to be recognized | 1 year 3 months 18 days | ||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 5,900,000 | ||
Intrinsic value of options outstanding | $ | $ 98.7 | ||
Intrinsic value for exercisable options | $ | 96 | ||
Total intrinsic value for all options exercised | $ | $ 41 | $ 10.7 | $ 68.4 |
Dividend yield | 1.50% | 1.50% | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.20% | 21.30% | 22.80% |
Expected lives | 7 years 7 months 6 days | 7 years 10 months 24 days | 7 years 10 months 24 days |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Granted, Shares | shares | 208,000 | 219,000 | 296,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 251,000 | 336,000 | 325,000 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Exercisable period | 10 years | ||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 22.08 | $ 18.36 | $ 13.27 |
Long-term Performance 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 | ||
Granted, Shares | shares | 152,000 | 141,000 | 130,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 251,000 | 124,000 | 88,000 |
Price Vested Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ | $ 6.4 | ||
Weighted average period for unrecognized stock-based compensation to be recognized | 1 year | ||
Exercisable period | 10 years | ||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 93.49 | ||
Granted, Shares | shares | 0 | 15,000 | 2,482,000 |
Risk free interest rate, maximum | 0.85% | ||
Dividend yield | 1.50% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.20% | ||
Price Vested Stock Options [Member] | Share-based Payment Arrangement, Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 11.88 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 60% | ||
Price Vested Stock Options [Member] | Share-based Payment Arrangement, Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 9.26 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 80% | ||
Price Vested Stock Options [Member] | Share-based Payment Arrangement, Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 7.05 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100% | ||
Price Vested Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected lives | 5 years 7 months 6 days | ||
Price Vested Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected lives | 6 years 2 months 12 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of RSU Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
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 | 563 | 714 | 762 |
Granted, Shares | 208 | 219 | 296 |
Vested, Shares | (251) | (336) | (325) |
Forfeited, Shares | (40) | (34) | (19) |
Outstanding at end of year, Shares | 480 | 563 | 714 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 69.52 | $ 61.74 | $ 57.95 |
Granted, Weighted-average price (usd per share) | 94.21 | 86.86 | 67.03 |
Vested, Weighted-average price (usd per share) | 71.86 | 63.69 | 57.56 |
Forfeited, Weighted-average price (usd per share) | 85.42 | 75.49 | 62.96 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 77.62 | $ 69.52 | $ 61.74 |
Long-term Performance 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 | 497 | 382 | 392 |
Granted, Shares | 152 | 141 | 130 |
Vested, Shares | (251) | (124) | (88) |
Forfeited, Shares | (6) | (28) | (8) |
Outstanding at end of year, Shares | 451 | 497 | 382 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 83.74 | $ 71.20 | $ 57.98 |
Granted, Weighted-average price (usd per share) | 95 | 98.30 | 86.14 |
Vested, Weighted-average price (usd per share) | $ 75.26 | $ 51.73 | $ 44.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | 59 | 126 | (44) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 86.14 | $ 75.26 | $ 50.95 |
Forfeited, Weighted-average price (usd per share) | 95.37 | 90.32 | 65.68 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 106.32 | $ 83.74 | $ 71.20 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions Of Stock Compensation Plans) (Details) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Risk free interest rate, minimum | 0.20% | 0% | 0% |
Risk free interest rate, maximum | 2.50% | 1.80% | 0.60% |
Dividend yield | 1.50% | 1.50% | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.20% | 21.30% | 22.80% |
Expected lives | 7 years 7 months 6 days | 7 years 10 months 24 days | 7 years 10 months 24 days |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period | 10 years |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 88.40 | $ 0 | $ 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | (0.1) | 0 | 0 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at Beginning of year, Shares | 5 | 4.5 | 5.2 |
Granted, Shares | 0.7 | 0.8 | 0.7 |
Exercised, Shares | (0.8) | (0.3) | (1.4) |
Outstanding at End of year, Shares | 4.8 | 5 | 4.5 |
Exercisable at end of year, Number of Shares | 3.5 | 3.6 | 3.2 |
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) | $ 59.71 | $ 53.56 | $ 48.09 |
Granted, Weighted-average exercise price (usd per share) | 97.26 | 89.16 | 69.31 |
Exercised, Weighted-average exercise price (usd per share) | 47.58 | 45.93 | 41.01 |
Outstanding at end of year, Weighted-average exercise price (usd per share) | 67.08 | 59.71 | 53.56 |
Exercisable at end of year, Weighted-average exercise price (usd per share) | $ 58.03 | $ 51.51 | $ 47.76 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of Our Stock Options Outstanding And Exercisable) (Details) shares in Millions | 12 Months Ended |
Nov. 30, 2022 $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Shares | shares | 4.8 |
Options outstanding, Weighted-average remaining life (yrs) | 6 years 1 month 6 days |
Options outstanding, Weighted-average exercise price (usd per share) | $ 67.08 |
Options exercisable, Shares | shares | 3.5 |
Options exercisable, Weighted-average remaining life (yrs) | 5 years 10 months 24 days |
Options exercisable, Weighted-average exercise price (usd per share) | $ 65.89 |
$27.00 - $51.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | 27 |
Range of exercise price, upper limit | $ 51 |
Options outstanding, Shares | shares | 1.7 |
Options outstanding, Weighted-average remaining life (yrs) | 3 years 4 months 24 days |
Options outstanding, Weighted-average exercise price (usd per share) | $ 46.49 |
Options exercisable, Shares | shares | 1.7 |
Options exercisable, Weighted-average remaining life (yrs) | 3 years 4 months 24 days |
Options exercisable, Weighted-average exercise price (usd per share) | $ 46.49 |
$51.01 - $75.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | 51.01 |
Range of exercise price, upper limit | $ 75 |
Options outstanding, Shares | shares | 1.6 |
Options outstanding, Weighted-average remaining life (yrs) | 6 years 4 months 24 days |
Options outstanding, Weighted-average exercise price (usd per share) | $ 65.39 |
Options exercisable, Shares | shares | 1.4 |
Options exercisable, Weighted-average remaining life (yrs) | 6 years 3 months 18 days |
Options exercisable, Weighted-average exercise price (usd per share) | $ 64.93 |
$75.01 - $99.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | 75.01 |
Range of exercise price, upper limit | $ 99 |
Options outstanding, Shares | shares | 1.5 |
Options outstanding, Weighted-average remaining life (yrs) | 8 years 9 months 18 days |
Options outstanding, Weighted-average exercise price (usd per share) | $ 92.85 |
Options exercisable, Shares | shares | 0.4 |
Options exercisable, Weighted-average remaining life (yrs) | 8 years 4 months 24 days |
Options exercisable, Weighted-average exercise price (usd per share) | $ 89.48 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Price Vested Stock Options [Member] - $ / shares | 12 Months Ended | |||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,107,000 | 2,193,000 | 2,482,000 | 0 |
Granted, Shares | 0 | 15,000 | 2,482,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (86,000) | (304,000) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 9.40 | $ 9.40 | $ 9.40 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 9.66 | 9.40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 9.40 | $ 9.41 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |
Current, Federal | $ 62.8 | $ 71.7 | $ 98.3 | |
Non-U.S. subsidiaries tax loss carryforwards | 162.6 | |||
Tax loss carryforwards expiring through 2023 | 5.1 | |||
Tax loss carryforwards expiring from 2024 through 2025 | 16.1 | |||
Tax Loss Carryforwards expiring from 2026 Through 2039 | 54.6 | |||
Net decrease in the valuation allowance | 6.3 | |||
Unrecognized tax benefits | 25.1 | 26.8 | 39.3 | $ 32 |
Statute expirations | 5 | 6 | 4.2 | |
Interest and penalty (income) / expense | 0.2 | (3.7) | 0.8 | |
Interest and penalties accrued | 4.7 | 4.7 | ||
Tax benefits that would impact effective tax rate | 25.1 | 26.8 | 39.3 | |
Deferred, Federal | (37.1) | $ (23.5) | $ (4.6) | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 86.8 | |||
Undistributed Earnings of Foreign Subsidiaries | 1,400 | |||
Expiration Year 2030 | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | 7 | |||
Expiration Year 2031 | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | 3.9 | |||
Expiration Year 2032 | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | $ 5.3 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 62.8 | $ 71.7 | $ 98.3 |
Current, State | 14.8 | 14 | 14.8 |
Current, International | 69.2 | 71 | 73 |
Current Income Taxes, Total | 146.8 | 156.7 | 186.1 |
Deferred, Federal | 37.1 | 23.5 | 4.6 |
Deferred, State | (3.2) | 16.8 | 0.5 |
Deferred, International | (12.1) | (4.3) | (16.3) |
Deferred Income Taxes, Total | 21.8 | 36 | (11.2) |
Total income taxes | $ 168.6 | $ 192.7 | $ 174.9 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income From Consolidated Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 600.7 | $ 588.1 | $ 624.3 |
International | 212.1 | 307.7 | 257.2 |
Income from consolidated operations before income taxes | $ 812.8 | $ 895.8 | $ 881.5 |
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, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
State income taxes, net of federal benefits | 1.20% | 1.60% | 1.50% |
International tax at different effective rates | (0.10%) | 0.80% | 1.30% |
U.S. tax on remitted and unremitted earnings | 0.60% | 0.10% | 0.80% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | (1.10%) | (0.40%) | (1.50%) |
Changes in prior year tax contingencies | (0.80%) | (2.50%) | (0.30%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent | 0% | 1.20% | 0% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (0.60%) | (0.50%) | (1.40%) |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 0% | 0% | (1.10%) |
Other, net | 0.50% | 0.20% | (0.50%) |
Total | 20.70% | 21.50% | 19.80% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Nov. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $ 49.9 | $ 91.2 |
Deferred tax assets, Other accrued liabilities | 36.1 | 39.8 |
Deferred tax assets, Inventory | 17.4 | 12.9 |
Tax credit carryforwards | 59.7 | 56.6 |
Deferred Tax Liabilities, Leasing Arrangements | 18.1 | 33.3 |
Deferred tax assets, Other | 22.7 | 21.7 |
Deferred tax assets, Valuation allowance | (26.4) | (32.7) |
Deferred tax assets, total | 177.5 | 222.8 |
Deferred tax liabilities, Depreciation | 93 | 97.5 |
Deferred tax liabilities, Intangible assets | 847.4 | 841.3 |
Deferred Tax Liabilities, Leasing Arrangements | 12.3 | 3.3 |
Deferred tax liabilities, Other | 18.6 | 5.9 |
Deferred Tax Liabilities, Gross | 971.3 | 948 |
Deferred tax liabilities, total | $ (793.8) | $ (725.2) |
Income Taxes (Activity Related
Income Taxes (Activity Related To Our Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 26.8 | $ 39.3 | $ 32 |
Additions for current year tax positions | 4.7 | 4.8 | 7.8 |
Additions for prior year tax positions | 0.1 | 0.1 | 2.5 |
Reductions for prior year tax positions | (0.8) | (11.6) | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0.2 | 0 |
Statute expirations | (5) | (6) | (4.2) |
Foreign currency translation | (0.7) | 0.4 | 1.2 |
Balance at end of year | $ 25.1 | $ 26.8 | $ 39.3 |
Capital Stock, Earnings Per S_3
Capital Stock, Earnings Per Share And Stock Issuance Capital Stock, Earnings Per Share And Stock Issuance (Details) - $ / shares shares in Millions | 12 Months Ended | |
Nov. 30, 2022 | Apr. 05, 2021 | |
Class of 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% | |
Common stock, par value (usd per share) | $ 0.01 | |
Minimum [Member] | ||
Class of Stock [Line Items] | ||
Minimum percentage a holder must acquire of each class of common stock not to be subject to our redemption rights | 90% | |
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% | |
Common stock, shares authorized | 320 | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 640 |
Capital Stock, Earnings Per S_4
Capital Stock, Earnings Per Share And Stock Issuance (Reconciliation Of Average Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Average shares outstanding-basic | 268.2 | 267.3 | 266.5 |
Stock options/RSUs | 2 | 2.6 | 2.6 |
Average shares outstanding-diluted | 270.2 | 269.9 | 269.1 |
Capital Stock, Earnings Per S_5
Capital Stock, Earnings Per Share And Stock Issuance (Schedule Of Antidilutive Securities) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities | 0.9 | 0.6 | 0.1 |
Business Segments And Geograp_3
Business Segments And Geographic Areas (Narrative) (Details) - segment | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | 2 | ||
Flavor Solutions [Member] | PepsiCo, Inc. [Member] | Revenue Benchmark | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 11% | 11% | 11% |
Consumer [Member] | Wal-Mart Stores, Inc. [Member] | Revenue Benchmark | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 12% | 11% | 12% |
Business Segments And Geograp_4
Business Segments And Geographic Areas (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 6,350.5 | $ 6,317.9 | $ 5,601.3 |
Operating income excluding special charges | 917.4 | 1,101.5 | 1,018.8 |
Income from unconsolidated operations | 37.8 | 52.2 | 40.8 |
Assets | 13,124.9 | 12,905.8 | 12,089.7 |
Capital expenditures | 262 | 278 | 225.3 |
Depreciation and amortization | 200.6 | 186.3 | 165 |
Special charges | 51.6 | 46.4 | 6.9 |
Other transaction and integration expenses | 2.2 | 29 | 12.4 |
Operating income | 863.6 | 1,015.1 | 999.5 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6,350.5 | 6,317.9 | 5,601.3 |
Operating income excluding special charges | 917.4 | 1,101.5 | 1,018.8 |
Income from unconsolidated operations | 37.8 | 52.2 | 40.8 |
Assets | 12,332.9 | 12,185.1 | 11,339.2 |
Capital expenditures | 220.1 | 227.6 | 150.1 |
Depreciation and amortization | 153.4 | 147 | 123.9 |
Corporate And Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 792 | 720.7 | 750.5 |
Capital expenditures | 41.9 | 50.4 | 75.2 |
Depreciation and amortization | 47.2 | 39.3 | 41.1 |
Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income excluding special charges | 710.7 | 804.9 | 780.9 |
Special charges | 23.9 | 31.5 | 5.5 |
Other transaction and integration expenses | 0 | 7.8 | 7.5 |
Operating income | 686.8 | 756.9 | 767.9 |
Consumer [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,757.9 | 3,937.5 | 3,596.7 |
Operating income excluding special charges | 710.7 | 804.9 | 780.9 |
Income from unconsolidated operations | 33.1 | 47.8 | 34.1 |
Flavor Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income excluding special charges | 206.7 | 296.6 | 237.9 |
Special charges | 27.7 | 14.9 | 1.4 |
Other transaction and integration expenses | 2.2 | 21.2 | 4.9 |
Operating income | 176.8 | 258.2 | 231.6 |
Flavor Solutions [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,592.6 | 2,380.4 | 2,004.6 |
Operating income excluding special charges | 206.7 | 296.6 | 237.9 |
Income from unconsolidated operations | $ 4.7 | 4.4 | $ 6.7 |
Cost of Sales | |||
Segment Reporting Information [Line Items] | |||
Less: Special charges and transaction-related expenses | 11 | ||
Cost of Sales | Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Less: Special charges and transaction-related expenses | 8.7 | ||
Cost of Sales | Flavor Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Less: Special charges and transaction-related expenses | $ 2.3 |
Business Segments And Geograp_5
Business Segments And Geographic Areas (Net Sales And Long-Lived Assets Geographic Areas) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 6,350.5 | $ 6,317.9 | $ 5,601.3 |
Long-lived assets | 9,798.8 | 9,928.6 | 9,254.1 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,921.3 | 3,817.5 | 3,445.9 |
Long-lived assets | 7,892.5 | 7,872.2 | 7,202 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,116.4 | 1,191.3 | 1,046.7 |
Long-lived assets | 1,051.7 | 1,146.6 | 1,135.6 |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,312.8 | 1,309.1 | 1,108.7 |
Long-lived assets | $ 854.6 | $ 909.8 | $ 916.5 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Supplemental Income Statement, Balance Sheet And Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Other income, net | $ 98.3 | $ 17.3 | $ 17.6 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 9.6 | 6.4 | 10 |
Interest Income, Other | 17.8 | 9.3 | 7.8 |
Other Income | 2.6 | 1.6 | (0.2) |
Trade accounts receivable, allowances | 7.3 | 5.2 | |
Inventories | |||
Finished products | 649 | 556.2 | |
Raw materials and work-in-process | 691.1 | 626.1 | |
Total inventories | 1,340.1 | 1,182.3 | |
Prepaid expenses | 61.7 | 41.7 | |
Other current assets | 77.2 | 70.6 | |
Total prepaid and other current asset | 138.9 | 112.3 | |
Property, Plant and Equipment, Net [Abstract] | |||
Land and improvements | 90.1 | 95.1 | |
Buildings (including finance leases) | 738.8 | 694.7 | |
Machinery, equipment and other | 1,265.4 | 1,200.5 | |
Construction-in-progress | 238.7 | 211.9 | |
Accumulated depreciation | (1,135) | (1,061.9) | |
Property, plant and equipment, total | 1,198 | 1,140.3 | |
Other long-term assets | |||
Investments in affiliates | 167.9 | 164 | |
Long-term investments | 115.1 | 137.3 | |
Operating Lease, Right-of-Use Asset | 218.9 | 136.8 | |
Capitalized Computer Software, Net | 160.6 | 141.1 | |
Non-current pension asset | 123.5 | 61.6 | |
Software Accumulated Amortization | 251.6 | 248.5 | |
Other Assets | 153.4 | 140.6 | |
Investments and other assets, total | 939.4 | 781.4 | |
Other accrued liabilities | |||
Payroll and employee benefits | 141.9 | 229.4 | |
Sales allowances | 181 | 189.3 | |
Dividends Payable | 104.6 | 99 | |
Other | 326.6 | 332.5 | |
Other accrued liabilities | 754.1 | 850.2 | |
Other Long-term Debt [Abstract] | |||
Pension | 92 | 179.4 | |
Postretirement benefits | 47.6 | 60.8 | |
Noncurrent operating lease liabilities | 176.1 | 106.1 | |
Unrecognized tax benefits | 29.6 | 31 | |
Other | 139.4 | 113.6 | |
Other long-term liabilities | 484.7 | 490.9 | |
Depreciation | 136.3 | 124.6 | 121.1 |
Software amortization | 18.9 | 12.6 | 12.4 |
Interest paid | 148.8 | 135.7 | 134.1 |
Income taxes paid | 192.4 | 179.3 | 183.3 |
Derivative, Gain (Loss) on Derivative, Net | $ 18.7 | $ 0 | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax |
Kitchen Basics | |||
Other Long-term Debt [Abstract] | |||
Gain (Loss) on Disposition of Business | $ 49.6 | $ 0 | $ 0 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Supplemental Financial Statement Data [Abstract] | |||
Dividends paid per share (usd per share) | $ 1.48 | $ 1.36 | $ 1.24 |
Common Stock, Dividends, Per Share, Declared | $ 1.50 | $ 1.39 | $ 1.27 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 37.9 | $ 36.7 | $ 38 |
Charged to Costs and Expenses | 5.4 | 7.8 | 12.6 |
Charged to Other Accounts | (2.6) | (1.5) | (1.5) |
Deductions | (7) | (5.1) | (12.4) |
Balance at End of Period | 33.7 | 37.9 | 36.7 |
Allowance For Doubtful Receivables [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5.2 | 5.2 | 5.6 |
Charged to Costs and Expenses | 2.2 | 1.2 | 0.8 |
Charged to Other Accounts | (0.9) | (1.1) | (1.4) |
Deductions | 0.8 | (0.1) | 0.2 |
Balance at End of Period | 7.3 | 5.2 | 5.2 |
Valuation Allowance On Net Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 32.7 | 31.5 | 32.4 |
Charged to Costs and Expenses | 3.2 | 6.6 | 11.8 |
Charged to Other Accounts | (1.7) | (0.4) | (0.1) |
Deductions | (7.8) | (5) | (12.6) |
Balance at End of Period | $ 26.4 | $ 32.7 | $ 31.5 |