McCormick & Company (MKC) 10-Q 27 Jun 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	May 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	001-14920
Entity Registrant Name	McCORMICK & COMPANY, INCORPORATED
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 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 Central Index Key	0000063754
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common stock
Document Information [Line Items]
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	16,614,663
Common stock non-voting
Document Information [Line Items]
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	252,015,474

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Net sales	$ 1,643.2	$ 1,659.2	$ 3,245.9	$ 3,224.7
Cost of goods sold	1,023.6	1,043.7	2,027	2,046.3
Gross profit	619.6	615.5	1,218.9	1,178.4
Selling, general and administrative expense	383.7	380.5	745.3	716.6
Special charges	1.8	13.2	6	41
Operating income	234.1	221.8	467.6	420.8
Interest expense	52.9	52.2	103.2	102.8
Other income, net	12.4	12.5	23.5	23.6
Income from consolidated operations before income taxes	193.6	182.1	387.9	341.6
Income tax expense	26.2	40.3	75.8	74.7
Net income from consolidated operations	167.4	141.8	312.1	266.9
Income from unconsolidated operations	16.8	10.3	38.1	24.3
Net income	$ 184.2	$ 152.1	$ 350.2	$ 291.2
Earnings per share - basic (usd per share)	$ 0.69	$ 0.57	$ 1.30	$ 1.09
Earnings per share - diluted (usd per share)	$ 0.68	$ 0.56	$ 1.30	$ 1.08
Average shares outstanding - basic (shares)	268.6	268.4	268.5	268.3
Average shares outstanding - diluted (shares)	269.7	269.8	269.7	269.8
Common stock
Cash dividends paid per common share (usd per share)	$ 0.42	$ 0.39	$ 0.84	$ 0.78
Cash dividends declared per common share (usd per share)	$ 0.42	$ 0.39	$ 0.42	$ 0.39

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 184.2	$ 152.1	$ 350.2	$ 291.2
Net income attributable to non-controlling interest	1.8	2	3.9	2.8
Other comprehensive income (loss):
Unrealized components of pension and other postretirement plans	(1)	(0.9)	(1.2)	(1.9)
Currency translation adjustments	6.6	10	4.6	57
Change in derivative financial instruments	(0.5)	(8.4)	(3.8)	(13.8)
Tax benefit	1.1	5.2	1.5	6.2
Total other comprehensive income (loss), net of tax	6.2	5.9	1.1	47.5
Comprehensive income	$ 192.2	$ 160	$ 355.2	$ 341.5

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
ASSETS
Cash and cash equivalents	$ 166.3	$ 166.6
Trade accounts receivable, net of allowances	598.5	587.5
Inventories, net
Finished products	618.4	570
Raw materials and work-in-process	539.8	556.5
Total inventory	1,158.2	1,126.5
Prepaid expenses and other current assets	146.4	121
Total current assets	2,069.4	2,001.6
Property, plant and equipment, net	1,366.1	1,324.7
Goodwill	5,257.2	5,260.1
Intangible assets, net	3,338.9	3,356.7
Other long-term assets	956	919.2
Total assets	12,987.6	12,862.3
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	352.4	272.2
Current portion of long-term debt	786.6	799.3
Trade accounts payable	1,210.3	1,119.3
Other accrued liabilities	635	908.1
Total current liabilities	2,984.3	3,098.9
Long-term debt	3,325.8	3,339.9
Deferred taxes	851	861.2
Other long-term liabilities	472.3	478.8
Total liabilities	7,633.4	7,778.8
Shareholders’ equity
Retained earnings	3,480.3	3,249.7
Accumulated other comprehensive loss	(387.6)	(388.6)
Total McCormick shareholders' equity	5,327.4	5,060.7
Non-controlling interests	26.8	22.8
Total shareholders’ equity	5,354.2	5,083.5
Total liabilities and shareholders’ equity	12,987.6	12,862.3
Common stock
Shareholders’ equity
Common stock	601.9	597.1
Common stock non-voting
Shareholders’ equity
Common stock	$ 1,632.8	$ 1,602.5

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	May 31, 2023
Operating activities
Net income	$ 350.2	$ 291.2
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	102.9	96.6
Stock-based compensation	31.1	38.5
Deferred income tax expense (benefit)	(27.8)	(1.2)
Income from unconsolidated operations	(38.1)	(24.3)
Trade accounts receivable	(13.6)	26.5
Inventories	(28.9)	71.7
Trade accounts payable	90.7	(81.9)
Other assets and liabilities	(209.2)	(58.2)
Dividends from unconsolidated affiliates	44.2	35.3
Net cash flow provided by operating activities	301.5	394.2
Investing activities
Capital expenditures (including software)	(130.3)	(118.6)
Other investing activities	0.2	2.5
Net cash flow used in investing activities	(130.1)	(116.1)
Financing activities
Short-term borrowings, net	80.3	(776.8)
Long-term debt borrowings	0	496.4
Payment of debt issuance costs	0	(1.1)
Long-term debt repayments	(28)	(9.1)
Proceeds from exercised stock options	10.4	11.1
Taxes withheld and paid on employee stock awards	(8.9)	(10.8)
Common stock acquired by purchase	(4.5)	(18.6)
Dividends paid	(225.5)	(209.2)
Other financing activities	4	0
Net cash flow used in financing activities	(172.2)	(518.1)
Effect of exchange rate changes on cash and cash equivalents	0.5	33.4
Increase (decrease) in cash and cash equivalents	(0.3)	(206.6)
Cash and cash equivalents at beginning of period	166.6	334
Cash and cash equivalents at end of period	$ 166.3	$ 127.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests	Common stock non-voting Common stock
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	291.2		291.2
Net income attributable to non-controlling interest	2.8				2.8
Other comprehensive income, net of tax	47.5			49.1	(1.6)
Dividends	(104.6)		(104.6)
Stock-based compensation	38.5	$ 38.5
Shares purchased and retired (in shares)		(0.4)				0
Shares purchased and retired	(30.4)	$ (12.7)	(17.7)
Shares issued (in shares)		0.6				0
Shares issued	12.7	$ 12.7
Equal exchange, shares		(0.4)				0.4
Balance, Shares at May. 31, 2023		17.2				251
Balance, Value at May. 31, 2023	4,956.9	$ 2,177.1	3,191.4	(431.5)	19.9
Balance, Shares at Feb. 28, 2023		17.4				250.8
Balance, Value at Feb. 28, 2023	4,887.7	$ 2,152.1	3,155.1	(437.1)	17.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.1		152.1
Net income attributable to non-controlling interest	2				2
Other comprehensive income, net of tax	5.9			5.6	0.3
Dividends	(104.6)		(104.6)
Stock-based compensation	26.7	$ 26.7
Shares purchased and retired (in shares)		(0.3)				0
Shares purchased and retired	(19.1)	$ (7.9)	(11.2)
Shares issued (in shares)		0.3				0
Shares issued	6.2	$ 6.2
Equal exchange, shares		(0.2)				0.2
Balance, Shares at May. 31, 2023		17.2				251
Balance, Value at May. 31, 2023	4,956.9	$ 2,177.1	3,191.4	(431.5)	19.9
Balance, Shares at Nov. 30, 2023		16.8				251.3
Balance, Value at Nov. 30, 2023	5,083.5	$ 2,199.6	3,249.7	(388.6)	22.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	350.2		350.2
Net income attributable to non-controlling interest	3.9				3.9
Other comprehensive income, net of tax	1.1			1	0.1
Dividends	(112.7)		(112.7)
Stock-based compensation	31.1	$ 31.1
Shares purchased and retired (in shares)		(0.2)				0
Shares purchased and retired	(14.3)	$ (7.4)	(6.9)
Shares issued (in shares)		0.6				0
Shares issued	11.4	$ 11.4
Equal exchange, shares		(0.6)				0.6
Balance, Shares at May. 31, 2024		16.6				251.9
Balance, Value at May. 31, 2024	5,354.2	$ 2,234.7	3,480.3	(387.6)	26.8
Balance, Shares at Feb. 29, 2024		16.6				251.7
Balance, Value at Feb. 29, 2024	5,257.4	$ 2,213.4	3,412.8	(393.7)	24.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	184.2		184.2
Net income attributable to non-controlling interest	1.8				1.8
Other comprehensive income, net of tax	6.2			6.1	0.1
Dividends	(112.7)		(112.7)
Stock-based compensation	19.4	$ 19.4
Shares purchased and retired (in shares)		(0.1)				0
Shares purchased and retired	(8.1)	$ (4.1)	(4)
Shares issued (in shares)		0.3				0
Shares issued	6	$ 6
Equal exchange, shares		(0.2)				0.2
Balance, Shares at May. 31, 2024		16.6				251.9
Balance, Value at May. 31, 2024	$ 5,354.2	$ 2,234.7	$ 3,480.3	$ (387.6)	$ 26.8

Accounting Policies

Accounting Policies	6 Months Ended
	May 31, 2024
Accounting Policies [Abstract]
Accounting Policies	ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. The results of consolidated operations for the six-month period ended May 31, 2024 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations have been lower in the first half of the fiscal year and higher in the second half of the fiscal year. The historical increase in net sales, net income and cash flow from operations in the second half of the year has largely been due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. For further information, refer to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended November 30, 2023. Accounts Payable - Supplier Finance Program As more fully described in our Annual Report on Form 10-K for the year ended November 30, 2023, we participate in a Supply Chain Financing program (SCF) with several global financial institutions (SCF Banks). Under the SCF, qualifying suppliers may elect to sell their receivables from us to an SCF Bank, enabling participating suppliers to negotiate their receivables sales arrangements directly with the respective SCF Bank. We are not party to those agreements and have no economic interest in a supplier’s decision to sell a receivable. All outstanding amounts related to suppliers participating in the SCF are recorded within the line entitled Trade accounts payable in our condensed consolidated balance sheets, and the associated payments are included in operating activities within our consolidated statements of cash flows. As of May 31, 2024 and November 30, 2023, the amounts due to suppliers participating in the SCF and included in trade accounts payable were approximately $360.4 million and $300.5 million, respectively. Accounting Pronouncement Partially Adopted 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. We adopted the new standard's requirements to disclose the key terms of the programs and information about obligations outstanding as of November 30, 2023. The standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. The partial adoption of this standard did not have a material impact on our consolidated financial statements, nor do we expect the adoption of the future disclosure requirements to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements — Pending Adoption In November 2023, the FASB issued ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for our annual period ending November 30, 2025 and our interim periods during the fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.

Special Charges And Transaction

Special Charges And Transaction And Integration Expenses	6 Months Ended
	May 31, 2024
Special Charges [Abstract]
Special Charges And Transaction And Integration Expenses	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 President and Chief Executive Officer. Expenses associated with any approved action are classified as special charges upon recognition and monitored on an on-going 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. We continue to evaluate changes to our organizational structure to reduce fixed costs, simplify or improve processes, and improve our competitiveness. The following is a summary of special charges recognized in the three and six months ended May 31, 2024 and 2023 (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Employee severance and related benefits $ 1.0 $ 7.0 $ 3.1 $ 31.8 Other costs Cash 0.8 5.8 2.9 8.0 Non-Cash — 0.4 — 1.2 Total special charges $ 1.8 $ 13.2 6.0 41.0 During the three months ended May 31, 2024, we recorded $1.8 million of special charges, consisting principally of $1.8 million associated with our Global Operating Effectiveness (GOE) program, as more fully described below. During the six months ended May 31, 2024, we recorded $6.0 million of special charges, consisting principally of $4.6 million associated with our GOE program, as more fully described below, and $1.4 million associated with the transition of a manufacturing facility in Europe, Middle East, and Africa (EMEA), as more fully described below. During the three months ended May 31, 2023, we recorded $13.2 million of special charges, consisting principally of $8.6 million associated with our GOE program, as more fully described below, $1.3 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $3.2 million in the Americas region. During the six months ended May 31, 2023, we recorded $41.0 million of special charges, consisting principally of $33.4 million associated with our GOE program, as more fully described below, $2.2 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $4.5 million in the Americas region and $0.9 million in the EMEA region. In 2022, our Management Committee approved the GOE program, which is expected to eliminate costs associated with our supply chain operations, as well as across the remainder of the organization. The GOE program included 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. The GOE program also includes other employee separation actions as other related costs within the program. The total costs incurred under the GOE program were approximately $48 million as of November 30, 2023. Special charges recognized during the three months ended May 31, 2024, under our GOE program included $1.8 million in severance and related benefits costs. Special charges recognized during the six months ended May 31, 2024, under our GOE program included $3.9 million in severance and related benefits costs and $0.7 million of third-party expenses and other costs. Special charges recognized during the three months ended May 31, 2023, under our GOE program included $7.0 million in severance and related benefits costs and $1.6 million of third-party expenses and other costs. Special charges recognized during the six months ended May 31, 2023, under our GOE program included $11.5 million in severance and related benefits costs and $2.2 million of third-party expenses and other costs. 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 2024. 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. The total costs incurred under this program were approximately $36 million as of November 30, 2023. During the three months ended May 31, 2024, we recognized a reversal of $0.8 million associated with severance and related benefits costs and $0.8 million in third-party expenses and other costs. During the six months ended May 31, 2024, we recognized a reversal of $0.8 million associated with severance and related benefits costs and $2.2 million in third-party expenses and other costs. During the three months ended May 31, 2023, we recognized $0.4 million in accelerated depreciation and $0.9 million in third-party expenses and other costs. During the six months ended May 31, 2023, we recognized $0.8 million in accelerated depreciation and $1.4 million in third-party expenses and other costs. As of May 31, 2024, accruals associated with special charges of $13.8 million are included in other accrued liabilities in our consolidated balance sheet. The following is a breakdown by business segment of special charges for the three and six months ended May 31, 2024 and 2023 (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Consumer segment $ 1.5 $ 8.4 $ 3.3 $ 27.4 Flavor solutions segment 0.3 4.8 2.7 13.6 Total special charges $ 1.8 $ 13.2 $ 6.0 $ 41.0

Financial Instruments

Financial Instruments	6 Months Ended
	May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS As of May 31, 2024, we maintained a 364-day $500 million revolving credit facility, which was entered into in June 2023 and expired in June 2024. We continue to maintain a committed five-year $1.5 billion revolving credit facility which will expire in June 2026. We use derivative financial instruments to enhance our ability to manage risk, including foreign currency, net investment 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 exchange risk. 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. We assess 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. The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of May 31, 2024 and November 30, 2023 (in millions): May 31, 2024 November 30, 2023 Fair value hedges $ 824.9 $ 765.4 Cash flow hedge 114.7 235.0 Total $ 939.6 $ 1,000.4 All of these contracts were designated as hedges of foreign currency denominated assets or liabilities or hedges of anticipated purchases denominated in a foreign currency. Hedge ineffectiveness was not material. All foreign currency exchange contracts outstanding at May 31, 2024 have durations of less than 18 months, including $233.1 million of notional contracts that have an initial duration of less than one month and are used to hedge short-term cash flow funding. Contracts which are designated as hedges of foreign currency denominated assets are considered fair value hedges. These foreign currency exchange contracts manage both 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. Contracts which are designated as hedges of anticipated purchases denominated in a foreign currency (generally purchases of inventory 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. We also utilize cross currency interest rate swap contracts that are designated as net investment hedges. Gains or losses on net investment hedges, exclusive of interest accruals, are included in foreign currency translation adjustments in accumulated other comprehensive loss. We exclude the interest accruals on cross-currency interest rate swap contracts from the assessment and measurement of hedge effectiveness. We recognize the interest accruals on cross-currency interest rate swap contracts within interest expense. Interest rate risk. We finance a portion of our operations with both fixed and variable rate debt instruments, principally commercial paper, notes and bank loans. We utilize interest rate derivative contracts, including interest rate swap agreements, to minimize worldwide financing costs and to achieve a desired mix of variable and fixed rate debt. The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions): Asset Derivatives Liability Derivatives Balance sheet Notional Fair Balance sheet Notional Fair As of May 31, 2024 Interest rate contracts Other current $ — $ — Other accrued $ 600.0 $ 53.8 Foreign exchange contracts Other current 260.5 2.4 Other accrued 679.1 9.0 Cross currency contracts Other current assets / Other long-term assets 722.1 27.1 Other long-term liabilities 237.8 5.0 Total $ 29.5 $ 67.8 As of November 30, 2023 Interest rate contracts Other current $ — $ — Other accrued $ 600.0 $ 52.8 Foreign exchange contracts Other current 161.3 2.5 Other accrued 839.1 16.0 Cross currency contracts Other current 719.6 24.6 Other long-term liabilities 238.9 7.5 Total $ 27.1 $ 76.3 The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three and six months ended May 31, 2024 and 2023 (in millions): Fair Value Hedges Derivative Income statement (Expense) income Three months ended May 31, 2024 Three months ended May 31, 2023 Six months ended May 31, 2024 Six months ended May 31, 2023 Interest rate contracts Interest expense $ (5.1) $ (4.0) $ (10.2) $ (7.7) Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2024 2023 Hedged item 2024 2023 Three months ended May 31, Foreign exchange contracts Other income, net $ (3.8) $ (6.5) Intercompany loans Other income, net $ 2.5 $ 7.2 Six months ended May 31, Foreign exchange contracts Other income, net $ (6.7) $ (5.7) Intercompany loans Other income, net $ 3.9 $ 7.1 The gains (losses) recognized on fair value hedges relating to currency exposure on third-party non-functional currency assets or liabilities were not material during the three and six months ended May 31, 2024 and 2023. Cash Flow Hedges Derivative Gain (loss) Income Gain (loss) 2024 2023 2024 2023 Three months ended May 31, Interest rate contracts $ — $ (2.6) Interest $ (0.1) $ 0.1 Foreign exchange contracts (0.1) (1.3) Cost of goods sold 0.2 (0.1) Total $ (0.1) $ (3.9) $ 0.1 $ — Six months ended May 31, Interest rate contracts $ — $ (2.6) Interest $ (0.3) $ 0.2 Foreign exchange contracts (0.3) (2.4) Cost of goods 1.5 (1.3) Total $ (0.3) $ (5.0) $ 1.2 $ (1.1) As of May 31, 2024, the net amount of accumulated other comprehensive loss associated with all cash flow and settled interest rate cash flow hedge derivatives expected to be reclassified in the next 12 months is $0.5 million as a decrease to earnings. Net Investment Hedges Derivative Gain (loss) Income Gain (loss) 2024 2023 2024 2023 Three months ended May 31, Cross currency contracts $ (0.9) $ (3.8) Interest $ 2.4 $ 2.9 Six months ended May 31, Cross currency contracts $ 5.0 $ (9.6) Interest $ 4.6 $ 6.2 For all net investment hedges, no amounts have been reclassified out of accumulated other comprehensive loss. The amounts noted in the tables above for OCI do not include any adjustments for the impact of deferred income taxes. Since the third quarter of 2023, we have maintained a nonrecourse accounts receivable sale program whereby certain eligible U.S. receivables are sold to a third-party financial institution in exchange for cash. The program provides us with an additional means for managing liquidity. Under the terms of the arrangement, we act as the collecting agent on behalf of the financial institution. We account for the transfer of receivables as a sale at the point control is transferred through derecognition of the receivable on our condensed consolidated balance sheet. The outstanding amount of receivables sold under this program were $22.5 million as of May 31, 2024. As collecting agent on the sold receivables, we had $5.5 million of cash collected that was not yet remitted to the third-party financial institution as of May 31, 2024. The incremental costs of selling receivables under this arrangement were insignificant for the three months and six months ended May 31, 2024.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. At May 31, 2024 and November 30, 2023, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions): May 31, 2024 Fair Value Level 1 Level 2 Assets Cash and cash equivalents $ 166.3 $ 166.3 $ — Insurance contracts 118.9 — 118.9 Bonds and other long-term investments 0.3 0.3 — Foreign currency derivatives 2.4 — 2.4 Cross currency contracts 27.1 — 27.1 Total $ 315.0 $ 166.6 $ 148.4 Liabilities Foreign currency derivatives $ 9.0 $ — $ 9.0 Interest rate derivatives 53.8 — 53.8 Cross currency contracts 5.0 — 5.0 Total $ 67.8 $ — $ 67.8 November 30, 2023 Fair Value Level 1 Level 2 Assets Cash and cash equivalents $ 166.6 $ 166.6 $ — Insurance contracts 114.7 — 114.7 Bonds and other long-term investments 0.3 0.3 — Foreign currency derivatives 2.5 — 2.5 Cross currency contracts 24.6 — 24.6 Total $ 308.7 $ 166.9 $ 141.8 Liabilities Foreign currency derivatives $ 16.0 $ — $ 16.0 Interest rate derivatives 52.8 — 52.8 Cross currency contracts 7.5 — 7.5 Total $ 76.3 $ — $ 76.3 At May 31, 2024 and November 30, 2023, the carrying amounts of interest rate derivatives, foreign currency derivatives, cross currency contracts, insurance contracts, and bond and other long-term investments were 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 following table sets forth the carrying amounts and fair values of our long-term debt including the current portion thereof (in millions): May 31, 2024 November 30, 2023 Carrying amount $ 4,112.4 $ 4,139.2 Level 1 valuation techniques $ 3,727.6 $ 3,682.0 Level 2 valuation techniques 130.6 159.0 Total fair value $ 3,858.2 $ 3,841.0

Employee Benefit and Retirement

Employee Benefit and Retirement Plans	6 Months Ended
	May 31, 2024
Retirement Benefits [Abstract]
Employee Benefit and Retirement Plans	EMPLOYEE BENEFIT AND RETIREMENT PLANS We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We also 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 future benefits under certain defined benefit pension plans in the U.S. and certain foreign locations. Although our defined benefit plans in the U.S., United Kingdom and Canada have generally 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. The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended May 31, 2024 and 2023 (in millions): United States pension International pension Other postretirement benefits 2024 2023 2024 2023 2024 2023 Service cost $ 0.4 $ 0.5 $ 0.2 $ 0.1 $ 0.2 $ 0.3 Interest costs 9.3 9.1 2.6 2.3 0.6 0.6 Expected return on plan assets (9.9) (10.6) (4.0) (3.7) — — Amortization of prior service costs 0.1 0.1 — 0.1 (0.1) (0.1) Amortization of net actuarial losses (gains) (0.1) — (0.1) (0.1) (0.7) (0.5) Total (income) expense $ (0.2) $ (0.9) $ (1.3) $ (1.3) $ — $ 0.3 The following table presents the components of our pension (income) and other postretirement benefits expense for the six months ended May 31, 2024 and 2023 (in millions): United States pension International pension Other postretirement benefits 2024 2023 2024 2023 2024 2023 Service cost $ 0.8 $ 1.0 $ 0.3 $ 0.3 $ 0.4 $ 0.6 Interest costs 18.6 18.1 5.3 4.8 1.2 1.2 Expected return on plan assets (19.8) (21.2) (8.0) (7.4) — — Amortization of prior service costs 0.2 0.2 — 0.1 (0.2) (0.2) Amortization of net actuarial losses (gains) (0.2) 0.1 (0.1) (0.1) (1.3) (1.0) Total (income) expense $ (0.4) $ (1.8) $ (2.5) $ (2.3) $ 0.1 $ 0.6 During the six months ended May 31, 2024 and 2023, we contributed $3.5 million and $3.6 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2023 were $9.2 million. All of the amounts in the tables above for pension (income) and other postretirement benefits expense, other than service cost, were included in other income, net within our consolidated income statements. The net aggregate amount of pension and other postretirement benefits income, excluding service cost components, was $(2.3) million and $(2.8) million for the three months ended May 31, 2024 and 2023, respectively. For the six months ended May 31, 2024 and 2023, the net aggregate amount of pension and other postretirement benefits income, excluding service cost components was $(4.3) million and $(5.4) million, respectively.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	May 31, 2024
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 price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Stock-based compensation expense $ 19.4 $ 26.7 $ 31.1 $ 38.5 Our 2024 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2023 annual grant. Additionally, during the first quarter, approximately 380,000 stock option shares were granted. The weighted-average grant-date fair value of each stock option granted in 2024 was $17.63 and in 2023 was $19.35, each as calculated under a lattice pricing model. Substantially all of the stock options and RSUs granted in 2024 and 2023 vest ratably over a three-year period or, if earlier, upon the retirement eligibility date of the holder. The fair values of stock option grants in the stated periods were computed using the following assumptions for our various stock compensation plans: 2024 2023 Risk-free interest rates 4.1% - 5.5% 3.5% - 4.9% Dividend yield 2.3% 1.9% Expected volatility 22.8% 21.8% Expected lives (in years) 7.1 7.3 The following is a summary of our stock option activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in millions) Number Weighted- Number Weighted- Outstanding at beginning of period 5.3 $ 70.43 4.8 $ 67.08 Granted 1.2 72.88 0.9 81.79 Exercised (0.2) 39.60 (0.2) 46.90 Forfeited (0.1) 84.84 — — Outstanding at end of the period 6.2 $ 71.94 5.5 $ 70.12 Exercisable at end of the period 4.5 $ 69.43 4.0 $ 63.77 As of May 31, 2024, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $43.0 million and for options currently exercisable was $41.4 million. The total intrinsic value of all options exercised during the six months ended May 31, 2024 and 2023 was $7.4 million and $7.4 million, respectively. The following is a summary of our RSU activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 494 $ 76.94 480 $ 77.62 Granted 262 72.90 243 78.29 Vested (192) 84.69 (222) 78.12 Forfeited (15) 82.26 (13) 86.69 Outstanding at end of period 549 $ 72.15 488 $ 77.51 The following is a summary of our price-vested stock options activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 2,055 $ 9.40 2,107 $ 9.40 Forfeited — — (50) 9.40 Outstanding at end of period 2,055 $ 9.40 2,057 $ 9.40 The following is a summary of our LTPP activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 474 $ 94.34 451 $ 106.32 Granted 192 66.49 167 89.00 Vested (181) 98.30 (176) 86.14 Forfeited (12) 83.08 (16) 93.53 Outstanding at end of period 473 $ 81.55 426 $ 93.67

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax expense for the three months ended May 31, 2024 included $20.2 million of net discrete tax benefits consisting principally of the following: (i) $19.4 million of tax benefits associated with the recognition of a deferred tax asset related to an international legal entity reorganization, (ii) $1.3 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in a non-U.S. jurisdiction, (iii) $0.3 million of excess tax benefits associated with stock-based compensation, and (iv) $0.8 million of tax expense resulting from a state tax matter. Income tax expense for the six months ended May 31, 2024 included $18.6 million of net discrete tax benefits consisting principally of the following: (i) $19.4 million of tax benefits associated with the recognition of a deferred tax asset related to an international legal entity reorganization, (ii) $1.3 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in a non-U.S. jurisdiction, (iii) $1.9 million of tax expense resulting from state tax matters, and (iv) $0.2 million of tax expense associated with stock-based compensation. Income tax expense for the three months ended May 31, 2023 included $3.0 million of net discrete tax benefits consisting principally of the following: (i) $1.2 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in a non-U.S. jurisdiction, (ii) $1.2 million of tax benefit related to a tax settlement, and (iii) $0.6 million of excess tax benefits associated with stock-based compensation. Income tax expense for the six months ended May 31, 2023 included $6.8 million of net discrete tax benefits consisting principally of the following: (i) $3.2 million of tax benefits associated with the adjustment of a valuation allowance due to changes in judgment about the realizability of the deferred tax asset, (ii) $1.2 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in a non-U.S. jurisdiction, (iii) $1.2 million of tax benefit related to a tax settlement (iv) $0.8 million of tax benefits related to the revaluation of deferred taxes resulting from changes in tax rates, and (v) $0.4 million of excess tax benefits associated with stock-based compensation. Other than additions for current year tax positions, there we re no significant changes to unrecognized tax benefits during the six months ended May 31, 2024.

Capital Stock and Earnings Per

Capital Stock and Earnings Per Share	6 Months Ended
	May 31, 2024
Earnings Per Share, Basic and Diluted EPS [Abstract]
Capital Stock and Earnings Per Share	CAPITAL STOCK AND EARNINGS PER SHARE The following table sets forth the reconciliation of average shares outstanding (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Average shares outstanding – basic 268.6 268.4 268.5 268.3 Effect of dilutive securities: Stock options/RSUs/LTPP 1.1 1.4 1.2 1.5 Average shares outstanding – diluted 269.7 269.8 269.7 269.8 The following table sets forth the stock options and RSUs that were not considered in our earnings per share calculation since they were anti-dilutive (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Anti-dilutive securities 3.6 1.9 3.2 2.0 The following table sets forth common stock activity (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Shares issued under stock options, RSUs, LTPP and employee stock purchase plans 0.3 0.3 0.6 0.6 Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP 0.1 0.3 0.2 0.4

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	May 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the components of accumulated other comprehensive loss, net of tax, where applicable (in millions): May 31, 2024 November 30, 2023 Foreign currency translation adjustment (1) $ (300.7) $ (305.7) Unrealized gain (loss) on foreign currency exchange contracts (2.3) 0.8 Unamortized value of settled interest rate swaps (2.5) (2.7) Pension and other postretirement costs (82.1) (81.0) Accumulated other comprehensive loss $ (387.6) $ (388.6) (1) During the six months ended May 31, 2024, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $5.0 million, inclusive of $5.0 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 3. The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions): Three months ended Six months ended Affected Line Items in the Condensed Consolidated Income Statement May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 (Gains)/losses on cash flow hedges: Interest rate derivatives $ 0.1 $ (0.2) $ 0.3 $ (0.3) Interest expense Foreign exchange contracts (0.2) (0.1) (1.5) (1.3) Cost of goods sold Total before tax (0.1) (0.3) (1.2) (1.6) Tax effect — 0.1 0.3 0.4 Income tax expense Net, after tax $ (0.1) $ (0.2) $ (0.9) $ (1.2) Amortization of pension and postretirement benefit adjustments: Amortization of prior service costs (1) $ — $ 0.1 $ — $ 0.1 Other income, net Amortization of net actuarial (gains) (1) $ (0.9) $ (0.6) (1.6) (1.0) Other income, net Total before tax (0.9) (0.5) (1.6) (0.9) Tax effect 0.2 0.1 0.4 0.2 Income tax expense Net, after tax $ (0.7) $ (0.4) $ (1.2) $ (0.7) (1)

Business Segments

Business Segments	6 Months Ended
	May 31, 2024
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS We operate in two business segments: consumer and flavor solutions. The consumer and flavor solutions segments manufacture, market and distribute spices, herbs, 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”, “OLD BAY”, “Lawry’s”, “Zatarain’s”, “Simply Asia”, “Thai Kitchen”, “Ducros”, “Vahine”, “Cholula”, “Schwartz”, “Club House”, “Kamis”, “DaQiao”, “La Drogheria”, “Stubb's”, 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 business in China, where foodservice sales are managed by and reported in our consumer segment. We measure segment performance based on operating income excluding special charges, as this activity is managed separately from the business segments. Although the segments are managed separately due to their distinct distribution channels and marketing strategies, manufacturing and warehousing are often integrated to maximize cost efficiencies. We do not segregate jointly utilized assets by individual segment for purposes of internal reporting, performance evaluation, or capital allocation. Because of manufacturing integration for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Intersegment sales are not material. Consumer Flavor Solutions Total (in millions) Three months ended May 31, 2024 Net sales $ 904.5 $ 738.7 $ 1,643.2 Operating income excluding special charges 149.3 86.6 235.9 Income from unconsolidated operations 16.1 0.7 16.8 Three months ended May 31, 2023 Net sales $ 912.1 $ 747.1 $ 1,659.2 Operating income excluding special charges 153.6 81.4 235.0 Income from unconsolidated operations 10.8 (0.5) 10.3 Six months ended May 31, 2024 Net sales $ 1,826.0 $ 1,419.9 $ 3,245.9 Operating income excluding special charges 325.6 148.0 473.6 Income from unconsolidated operations 37.6 0.5 38.1 Six months ended May 31, 2023 Net sales $ 1,821.6 $ 1,403.1 $ 3,224.7 Operating income excluding special charges 327.0 134.8 461.8 Income from unconsolidated operations 24.6 (0.3) 24.3 A reconciliation of operating income excluding special charges to operating income is as follows (in millions): Consumer Flavor Solutions Total Three months ended May 31, 2024 Operating income excluding special charges $ 149.3 $ 86.6 $ 235.9 Less: Special charges 1.5 0.3 1.8 Operating income $ 147.8 $ 86.3 $ 234.1 Three months ended May 31, 2023 Operating income excluding special charges $ 153.6 $ 81.4 $ 235.0 Less: Special charges 8.4 4.8 13.2 Operating income $ 145.2 $ 76.6 $ 221.8 Six months ended May 31, 2024 Operating income excluding special charges $ 325.6 $ 148.0 $ 473.6 Less: Special charges 3.3 2.7 6.0 Operating income $ 322.3 $ 145.3 $ 467.6 Six months ended May 31, 2023 Operating income excluding special charges $ 327.0 $ 134.8 $ 461.8 Less: Special charges 27.4 13.6 41.0 Operating income $ 299.6 $ 121.2 $ 420.8 Total segment operating income as disclosed in the preceding table represents our consolidated operating income. The reconciliation of that operating income to income from consolidated operations before income taxes, which includes interest expense and other income, net is presented on the consolidated income statement. The following table sets forth our net sales, by geographic area, for the six months ended May 31, 2024 and May 31, 2023 (in millions): Americas EMEA APAC Total Three months ended May 31, 2024 $ 1,166.4 $ 307.3 $ 169.5 $ 1,643.2 Three months ended May 31, 2023 1,177.9 310.6 170.7 1,659.2 Six months ended May 31, 2024 2,283.5 614.0 348.4 3,245.9 Six months ended May 31, 2023 2,272.5 594.6 357.6 3,224.7

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net income	$ 184.2	$ 152.1	$ 350.2	$ 291.2

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	May 31, 2024
Accounting Policies [Abstract]
Accounting and disclosure charges	Accounting Pronouncement Partially Adopted 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. We adopted the new standard's requirements to disclose the key terms of the programs and information about obligations outstanding as of November 30, 2023. The standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. The partial adoption of this standard did not have a material impact on our consolidated financial statements, nor do we expect the adoption of the future disclosure requirements to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements — Pending Adoption In November 2023, the FASB issued ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for our annual period ending November 30, 2025 and our interim periods during the fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.

Special Charges And Transacti_2

Special Charges And Transaction And Integration Expenses (Tables)	6 Months Ended
	May 31, 2024
Special Charges [Abstract]
Special Charges Summary	The following is a summary of special charges recognized in the three and six months ended May 31, 2024 and 2023 (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Employee severance and related benefits $ 1.0 $ 7.0 $ 3.1 $ 31.8 Other costs Cash 0.8 5.8 2.9 8.0 Non-Cash — 0.4 — 1.2 Total special charges $ 1.8 $ 13.2 6.0 41.0
Special Charges Summary by Segment	The following is a breakdown by business segment of special charges for the three and six months ended May 31, 2024 and 2023 (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Consumer segment $ 1.5 $ 8.4 $ 3.3 $ 27.4 Flavor solutions segment 0.3 4.8 2.7 13.6 Total special charges $ 1.8 $ 13.2 $ 6.0 $ 41.0

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Open Forward Foreign Currency Contract	The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of May 31, 2024 and November 30, 2023 (in millions): May 31, 2024 November 30, 2023 Fair value hedges $ 824.9 $ 765.4 Cash flow hedge 114.7 235.0 Total $ 939.6 $ 1,000.4
Fair values of derivative instruments on balance sheet	The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions): Asset Derivatives Liability Derivatives Balance sheet Notional Fair Balance sheet Notional Fair As of May 31, 2024 Interest rate contracts Other current $ — $ — Other accrued $ 600.0 $ 53.8 Foreign exchange contracts Other current 260.5 2.4 Other accrued 679.1 9.0 Cross currency contracts Other current assets / Other long-term assets 722.1 27.1 Other long-term liabilities 237.8 5.0 Total $ 29.5 $ 67.8 As of November 30, 2023 Interest rate contracts Other current $ — $ — Other accrued $ 600.0 $ 52.8 Foreign exchange contracts Other current 161.3 2.5 Other accrued 839.1 16.0 Cross currency contracts Other current 719.6 24.6 Other long-term liabilities 238.9 7.5 Total $ 27.1 $ 76.3
Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement	The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three and six months ended May 31, 2024 and 2023 (in millions): Fair Value Hedges Derivative Income statement (Expense) income Three months ended May 31, 2024 Three months ended May 31, 2023 Six months ended May 31, 2024 Six months ended May 31, 2023 Interest rate contracts Interest expense $ (5.1) $ (4.0) $ (10.2) $ (7.7) Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2024 2023 Hedged item 2024 2023 Three months ended May 31, Foreign exchange contracts Other income, net $ (3.8) $ (6.5) Intercompany loans Other income, net $ 2.5 $ 7.2 Six months ended May 31, Foreign exchange contracts Other income, net $ (6.7) $ (5.7) Intercompany loans Other income, net $ 3.9 $ 7.1 Cash Flow Hedges Derivative Gain (loss) Income Gain (loss) 2024 2023 2024 2023 Three months ended May 31, Interest rate contracts $ — $ (2.6) Interest $ (0.1) $ 0.1 Foreign exchange contracts (0.1) (1.3) Cost of goods sold 0.2 (0.1) Total $ (0.1) $ (3.9) $ 0.1 $ — Six months ended May 31, Interest rate contracts $ — $ (2.6) Interest $ (0.3) $ 0.2 Foreign exchange contracts (0.3) (2.4) Cost of goods 1.5 (1.3) Total $ (0.3) $ (5.0) $ 1.2 $ (1.1) Net Investment Hedges Derivative Gain (loss) Income Gain (loss) 2024 2023 2024 2023 Three months ended May 31, Cross currency contracts $ (0.9) $ (3.8) Interest $ 2.4 $ 2.9 Six months ended May 31, Cross currency contracts $ 5.0 $ (9.6) Interest $ 4.6 $ 6.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on recurring basis	Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions): May 31, 2024 Fair Value Level 1 Level 2 Assets Cash and cash equivalents $ 166.3 $ 166.3 $ — Insurance contracts 118.9 — 118.9 Bonds and other long-term investments 0.3 0.3 — Foreign currency derivatives 2.4 — 2.4 Cross currency contracts 27.1 — 27.1 Total $ 315.0 $ 166.6 $ 148.4 Liabilities Foreign currency derivatives $ 9.0 $ — $ 9.0 Interest rate derivatives 53.8 — 53.8 Cross currency contracts 5.0 — 5.0 Total $ 67.8 $ — $ 67.8 November 30, 2023 Fair Value Level 1 Level 2 Assets Cash and cash equivalents $ 166.6 $ 166.6 $ — Insurance contracts 114.7 — 114.7 Bonds and other long-term investments 0.3 0.3 — Foreign currency derivatives 2.5 — 2.5 Cross currency contracts 24.6 — 24.6 Total $ 308.7 $ 166.9 $ 141.8 Liabilities Foreign currency derivatives $ 16.0 $ — $ 16.0 Interest rate derivatives 52.8 — 52.8 Cross currency contracts 7.5 — 7.5 Total $ 76.3 $ — $ 76.3
Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying amounts and fair values of our long-term debt including the current portion thereof (in millions): May 31, 2024 November 30, 2023 Carrying amount $ 4,112.4 $ 4,139.2 Level 1 valuation techniques $ 3,727.6 $ 3,682.0 Level 2 valuation techniques 130.6 159.0 Total fair value $ 3,858.2 $ 3,841.0

Employee Benefit and Retireme_2

Employee Benefit and Retirement Plans (Tables)	6 Months Ended
	May 31, 2024
Retirement Benefits [Abstract]
Schedule of defined benefit plans disclosures	The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended May 31, 2024 and 2023 (in millions): United States pension International pension Other postretirement benefits 2024 2023 2024 2023 2024 2023 Service cost $ 0.4 $ 0.5 $ 0.2 $ 0.1 $ 0.2 $ 0.3 Interest costs 9.3 9.1 2.6 2.3 0.6 0.6 Expected return on plan assets (9.9) (10.6) (4.0) (3.7) — — Amortization of prior service costs 0.1 0.1 — 0.1 (0.1) (0.1) Amortization of net actuarial losses (gains) (0.1) — (0.1) (0.1) (0.7) (0.5) Total (income) expense $ (0.2) $ (0.9) $ (1.3) $ (1.3) $ — $ 0.3 The following table presents the components of our pension (income) and other postretirement benefits expense for the six months ended May 31, 2024 and 2023 (in millions): United States pension International pension Other postretirement benefits 2024 2023 2024 2023 2024 2023 Service cost $ 0.8 $ 1.0 $ 0.3 $ 0.3 $ 0.4 $ 0.6 Interest costs 18.6 18.1 5.3 4.8 1.2 1.2 Expected return on plan assets (19.8) (21.2) (8.0) (7.4) — — Amortization of prior service costs 0.2 0.2 — 0.1 (0.2) (0.2) Amortization of net actuarial losses (gains) (0.2) 0.1 (0.1) (0.1) (1.3) (1.0) Total (income) expense $ (0.4) $ (1.8) $ (2.5) $ (2.3) $ 0.1 $ 0.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	May 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Compensation in Selling, General and Administrative Expense	The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Stock-based compensation expense $ 19.4 $ 26.7 $ 31.1 $ 38.5 2024 2023 Risk-free interest rates 4.1% - 5.5% 3.5% - 4.9% Dividend yield 2.3% 1.9% Expected volatility 22.8% 21.8% Expected lives (in years) 7.1 7.3
Summary of Option Activity	The following is a summary of our stock option activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in millions) Number Weighted- Number Weighted- Outstanding at beginning of period 5.3 $ 70.43 4.8 $ 67.08 Granted 1.2 72.88 0.9 81.79 Exercised (0.2) 39.60 (0.2) 46.90 Forfeited (0.1) 84.84 — — Outstanding at end of the period 6.2 $ 71.94 5.5 $ 70.12 Exercisable at end of the period 4.5 $ 69.43 4.0 $ 63.77
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	The following is a summary of our RSU activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 494 $ 76.94 480 $ 77.62 Granted 262 72.90 243 78.29 Vested (192) 84.69 (222) 78.12 Forfeited (15) 82.26 (13) 86.69 Outstanding at end of period 549 $ 72.15 488 $ 77.51
Schedule of Share Based Compensation, Performance Shares, Activity	The following is a summary of our LTPP activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 474 $ 94.34 451 $ 106.32 Granted 192 66.49 167 89.00 Vested (181) 98.30 (176) 86.14 Forfeited (12) 83.08 (16) 93.53 Outstanding at end of period 473 $ 81.55 426 $ 93.67
Price Vested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Activity	The following is a summary of our price-vested stock options activity for the six months ended May 31, 2024 and 2023: 2024 2023 (shares in thousands) Number Weighted- Number Weighted- Outstanding at beginning of period 2,055 $ 9.40 2,107 $ 9.40 Forfeited — — (50) 9.40 Outstanding at end of period 2,055 $ 9.40 2,057 $ 9.40

Capital Stock and Earnings Pe_2

Capital Stock and Earnings Per Share (Tables)	6 Months Ended
	May 31, 2024
Earnings Per Share, Basic and Diluted EPS [Abstract]
Reconciliation of average shares outstanding	The following table sets forth the reconciliation of average shares outstanding (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Average shares outstanding – basic 268.6 268.4 268.5 268.3 Effect of dilutive securities: Stock options/RSUs/LTPP 1.1 1.4 1.2 1.5 Average shares outstanding – diluted 269.7 269.8 269.7 269.8
Anti-dilutive securities not considered in earnings per share calculation	The following table sets forth the stock options and RSUs that were not considered in our earnings per share calculation since they were anti-dilutive (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Anti-dilutive securities 3.6 1.9 3.2 2.0
Common stock activity	The following table sets forth common stock activity (in millions): Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Shares issued under stock options, RSUs, LTPP and employee stock purchase plans 0.3 0.3 0.6 0.6 Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP 0.1 0.3 0.2 0.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	May 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table sets forth the components of accumulated other comprehensive loss, net of tax, where applicable (in millions): May 31, 2024 November 30, 2023 Foreign currency translation adjustment (1) $ (300.7) $ (305.7) Unrealized gain (loss) on foreign currency exchange contracts (2.3) 0.8 Unamortized value of settled interest rate swaps (2.5) (2.7) Pension and other postretirement costs (82.1) (81.0) Accumulated other comprehensive loss $ (387.6) $ (388.6) (1) During the six months ended May 31, 2024, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $5.0 million, inclusive of $5.0 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 3.
Reclassification out of Accumulated Other Comprehensive Income	The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions): Three months ended Six months ended Affected Line Items in the Condensed Consolidated Income Statement May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 (Gains)/losses on cash flow hedges: Interest rate derivatives $ 0.1 $ (0.2) $ 0.3 $ (0.3) Interest expense Foreign exchange contracts (0.2) (0.1) (1.5) (1.3) Cost of goods sold Total before tax (0.1) (0.3) (1.2) (1.6) Tax effect — 0.1 0.3 0.4 Income tax expense Net, after tax $ (0.1) $ (0.2) $ (0.9) $ (1.2) Amortization of pension and postretirement benefit adjustments: Amortization of prior service costs (1) $ — $ 0.1 $ — $ 0.1 Other income, net Amortization of net actuarial (gains) (1) $ (0.9) $ (0.6) (1.6) (1.0) Other income, net Total before tax (0.9) (0.5) (1.6) (0.9) Tax effect 0.2 0.1 0.4 0.2 Income tax expense Net, after tax $ (0.7) $ (0.4) $ (1.2) $ (0.7) (1)

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	May 31, 2024
Segment Reporting [Abstract]
Business segments	Consumer Flavor Solutions Total (in millions) Three months ended May 31, 2024 Net sales $ 904.5 $ 738.7 $ 1,643.2 Operating income excluding special charges 149.3 86.6 235.9 Income from unconsolidated operations 16.1 0.7 16.8 Three months ended May 31, 2023 Net sales $ 912.1 $ 747.1 $ 1,659.2 Operating income excluding special charges 153.6 81.4 235.0 Income from unconsolidated operations 10.8 (0.5) 10.3 Six months ended May 31, 2024 Net sales $ 1,826.0 $ 1,419.9 $ 3,245.9 Operating income excluding special charges 325.6 148.0 473.6 Income from unconsolidated operations 37.6 0.5 38.1 Six months ended May 31, 2023 Net sales $ 1,821.6 $ 1,403.1 $ 3,224.7 Operating income excluding special charges 327.0 134.8 461.8 Income from unconsolidated operations 24.6 (0.3) 24.3
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of operating income excluding special charges to operating income is as follows (in millions): Consumer Flavor Solutions Total Three months ended May 31, 2024 Operating income excluding special charges $ 149.3 $ 86.6 $ 235.9 Less: Special charges 1.5 0.3 1.8 Operating income $ 147.8 $ 86.3 $ 234.1 Three months ended May 31, 2023 Operating income excluding special charges $ 153.6 $ 81.4 $ 235.0 Less: Special charges 8.4 4.8 13.2 Operating income $ 145.2 $ 76.6 $ 221.8 Six months ended May 31, 2024 Operating income excluding special charges $ 325.6 $ 148.0 $ 473.6 Less: Special charges 3.3 2.7 6.0 Operating income $ 322.3 $ 145.3 $ 467.6 Six months ended May 31, 2023 Operating income excluding special charges $ 327.0 $ 134.8 $ 461.8 Less: Special charges 27.4 13.6 41.0 Operating income $ 299.6 $ 121.2 $ 420.8
Schedule of Disclosure on Geographic Areas	The following table sets forth our net sales, by geographic area, for the six months ended May 31, 2024 and May 31, 2023 (in millions): Americas EMEA APAC Total Three months ended May 31, 2024 $ 1,166.4 $ 307.3 $ 169.5 $ 1,643.2 Three months ended May 31, 2023 1,177.9 310.6 170.7 1,659.2 Six months ended May 31, 2024 2,283.5 614.0 348.4 3,245.9 Six months ended May 31, 2023 2,272.5 594.6 357.6 3,224.7

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Supply Chain Financing Program
Supplier Finance Program [Line Items]
Trade accounts payable	$ 360.4	$ 300.5

Special Charges And Transacti_3

Special Charges And Transaction And Integration Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023	Nov. 30, 2023	Nov. 30, 2022
Special Charges [Line Items]
Special charges	$ 1.8	$ 13.2	$ 6	$ 41
total special charges
Special Charges [Line Items]
Special charges					$ 48
Consumer
Special Charges [Line Items]
Special charges	1.5	8.4	3.3	27.4
Flavor Solutions
Special Charges [Line Items]
Special charges	0.3	4.8	2.7	13.6
Accrued Liabilities
Special Charges [Line Items]
Special Charges, Reserve			13.8
Employee severance and related benefits
Special Charges [Line Items]
Special charges	1	7	3.1	31.8
Employee severance and related benefits | UNITED STATES
Special Charges [Line Items]
Special charges			3.9
Special charges cash
Special Charges [Line Items]
Special charges	0.8	5.8	2.9	8
Special charges non-cash
Special Charges [Line Items]
Special charges	0	0.4	0	1.2
Total
Special Charges [Line Items]
Special charges	1.8	13.2	6	41
Total special charges before gain	1.8	13.2	6	41
Total | Consumer
Special Charges [Line Items]
Special charges	1.5	8.4	3.3	27.4
Total | Flavor Solutions
Special Charges [Line Items]
Special charges	0.3	4.8	2.7	13.6
GOE Program
Special Charges [Line Items]
Special charges	1.8	8.6	4.6	33.4
GOE Program | Manufacturing Facility
Special Charges [Line Items]
Severance costs	1.8	7		11.5
Other restructuring costs		1.6	0.7	2.2
EMEA
Special Charges [Line Items]
Special charges	(0.8)		(0.8)	0.9
EMEA | Manufacturing Facility
Special Charges [Line Items]
Special charges		1.3	1.4	2.2	$ 36
Other restructuring costs	$ 0.8	0.9	$ 2.2	1.4
Special charges forecasted cost						$ 40
Restructuring and related cost, accelerated depreciation		0.4		0.8
Americas
Special Charges [Line Items]
Special charges		$ 3.2		$ 4.5

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2024 USD ($)	May 31, 2024 USD ($)
Debt Instrument [Line Items]
Amount of accumulated other comprehensive income expected to be reclassified to earnings in next 12 months	$ 0.5	$ 0.5
Accounts Receivable, Amount Sold	22.5	22.5
Accounts Receivable, Amount Collected and Not Yet Remitted	5.5	$ 5.5
Revolving Credit Facility | Credit Facility Expiring June 2023
Debt Instrument [Line Items]
Debt instrument, term		364 days
Credit facility	500	$ 500
Revolving Credit Facility | Credit Facility Expiring June 2026
Debt Instrument [Line Items]
Debt instrument, term		5 years
Credit facility	1,500	$ 1,500
Foreign exchange contracts | Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Investment foreign currency, contract, foreign currency amount	$ 233.1	$ 233.1

Financial Instruments - Foreign

Financial Instruments - Foreign Currency Exchange Contracts (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	$ 939.6	$ 1,000.4
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	824.9	765.4
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	$ 114.7	$ 235

Financial Instruments - Fair Va

Financial Instruments - Fair Value of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets, Fair Value	$ 29.5	$ 27.1
Total derivative liabilities, Fair Value	67.8	76.3
Interest rate contracts | Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	0	0
Interest rate contracts | Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	600	600
Foreign exchange contracts | Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	260.5	161.3
Foreign exchange contracts | Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	679.1	839.1
Cross currency contracts | Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	722.1	719.6
Cross currency contracts | Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	237.8	238.9
Fair Value, Measurements, Recurring | Interest rate contracts | Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	0	0
Fair Value, Measurements, Recurring | Interest rate contracts | Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	53.8	52.8
Fair Value, Measurements, Recurring | Foreign exchange contracts | Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	2.4	2.5
Fair Value, Measurements, Recurring | Foreign exchange contracts | Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	9	16
Fair Value, Measurements, Recurring | Cross currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency contracts	27.1	24.6
Cross currency contracts	$ 5	$ 7.5

Financial Instruments - Impact

Financial Instruments - Impact of Fair Value Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - Fair Value Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Interest expense | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Interest income (expense)	$ (5.1)	$ (4)	$ (10.2)	$ (7.7)
Other income, net | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	(3.8)	(6.5)	(6.7)	(5.7)
Other income, net | Intercompany loans
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ 2.5	$ 7.2	$ 3.9	$ 7.1

Financial Instruments - Impac_2

Financial Instruments - Impact of Cash Flow Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ (0.1)	$ (3.9)	$ (0.3)	$ (5)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	0.1	0	1.2	(1.1)
Cash Flow Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			0	(2.6)
Cash Flow Hedges | Interest rate contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	0	(2.6)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	(0.1)	0.1	(0.3)	0.2
Cash Flow Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			(0.3)	(2.4)
Cash Flow Hedges | Foreign exchange contracts | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	(0.1)	(1.3)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	0.2	(0.1)	1.5	(1.3)
Net Investment Hedges | Cross currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			5	(9.6)
Net Investment Hedges | Cross currency contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	(0.9)	(3.8)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	$ 2.4	$ 2.9	$ 4.6	$ 6.2

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Assets
Cash and cash equivalents at fair value	$ 166.3	$ 166.6
Liabilities
Long-term debt	4,112.4	4,139.2
Long-term debt, fair value	3,858.2	3,841
Level 1
Liabilities
Long-term debt, fair value	3,727.6	3,682
Level 2
Liabilities
Long-term debt, fair value	130.6	159
Fair Value, Measurements, Recurring
Assets
Cash and cash equivalents at fair value	166.3	166.6
Insurance contracts	118.9	114.7
Bonds and other long-term investments	0.3	0.3
Total	315	308.7
Liabilities
Total	67.8	76.3
Fair Value, Measurements, Recurring | Level 1
Assets
Cash and cash equivalents	166.3	166.6
Insurance contracts	0	0
Bonds and other long-term investments	0.3	0.3
Foreign currency derivatives	0	0
Cross currency contracts	0	0
Total	166.6	166.9
Liabilities
Foreign currency derivatives	0	0
Interest rate derivatives	0	0
Cross currency contracts	0	0
Total	0	0
Fair Value, Measurements, Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Insurance contracts	118.9	114.7
Bonds and other long-term investments	0	0
Foreign currency derivatives	2.4	2.5
Cross currency contracts	27.1	24.6
Total	148.4	141.8
Liabilities
Foreign currency derivatives	9	16
Interest rate derivatives	53.8	52.8
Cross currency contracts	5	7.5
Total	67.8	76.3
Interest rate contracts | Other current assets / Other long-term assets | Fair Value, Measurements, Recurring
Assets
Interest rate contracts, Fair Value	0	0
Foreign exchange contracts | Other current assets / Other long-term assets | Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	2.4	2.5
Foreign exchange contracts | Other accrued liabilities | Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	9	16
Cross currency contracts | Fair Value, Measurements, Recurring
Assets
Cross currency contracts	27.1	24.6
Liabilities
Cross currency contracts	$ 5	$ 7.5

Employee Benefit And Retireme_3

Employee Benefit And Retirement Plans - Components of Pension Expense of Defined benefit plans (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
United States pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.4	$ 0.5	$ 0.8	$ 1
Interest costs	9.3	9.1	18.6	18.1
Expected return on plan assets	(9.9)	(10.6)	(19.8)	(21.2)
Amortization of prior service costs	0.1	0.1	0.2	0.2
Amortization of net actuarial losses (gains)	(0.1)	0	(0.2)	0.1
Total pension expense	(0.2)	(0.9)	(0.4)	(1.8)
International pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.1	0.3	0.3
Interest costs	2.6	2.3	5.3	4.8
Expected return on plan assets	(4)	(3.7)	(8)	(7.4)
Amortization of prior service costs	0	0.1	0	0.1
Amortization of net actuarial losses (gains)	(0.1)	(0.1)	(0.1)	(0.1)
Total pension expense	(1.3)	(1.3)	(2.5)	(2.3)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.3	0.4	0.6
Interest costs	0.6	0.6	1.2	1.2
Expected return on plan assets	0	0	0	0
Amortization of prior service costs	(0.1)	(0.1)	(0.2)	(0.2)
Amortization of net actuarial losses (gains)	(0.7)	(0.5)	(1.3)	(1)
Other Postretirement Benefits Cost (Reversal of Cost)	$ 0	$ 0.3	$ 0.1	$ 0.6

Employee Benefit And Retireme_4

Employee Benefit And Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023	Nov. 30, 2023
Retirement Benefits [Abstract]
Payment for pension benefits			$ 3.5	$ 3.6	$ 9.2
Pension and other postretirement benefits (income), excluding service cost components	$ (2.3)	$ (2.8)	$ (4.3)	$ (5.4)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Feb. 29, 2024 shares	May 31, 2024 USD ($) award_type $ / shares shares	May 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation award types | award_type		4
Intrinsic value for all options outstanding		$ 43
Intrinsic value for exercisable options		41.4
Total Intrinsic Value of all options exercised		$ 7.4	$ 7.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares	380	1,200	900
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares		$ 17.63	$ 19.35

Stock-Based Compensation - Sell

Stock-Based Compensation - Selling, General and Administrative Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 19.4	$ 26.7	$ 31.1	$ 38.5

Stock-Based Compensation - Rang

Stock-Based Compensation - Range of Assumptions for Various Stock Compensation Plans (Details)	6 Months Ended
	May 31, 2024	May 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rates, minimum	4.10%	3.50%
Risk-free interest rates, maximum	5.50%	4.90%
Dividend yield	2.30%	1.90%
Expected volatility	22.80%	21.80%
Expected lives (in years)	7 years 1 month 6 days	7 years 3 months 18 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Feb. 29, 2024	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, Number of Shares	5,300	5,300	4,800
Granted (in shares)	380	1,200	900
Exercised, Number of Shares		(200)	(200)
Forfeited (in shares)		(100)	0
Outstanding at end of period, Number of Shares		6,200	5,500
Excercisable at end of the period, Number of Shares		4,500	4,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 70.43	$ 70.43	$ 67.08
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		72.88	81.79
Exercised, Weighted-Average Exercise Price		39.60	46.90
Forfeited (in usd per share)		84.84	0
Outstanding at end of period, Weighted-Average Exercise Price		71.94	70.12
Exercisable at end of the period, Weighted-Average Exercise Price		$ 69.43	$ 63.77

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	6 Months Ended
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	494	480
Granted, Number of Shares	262	243
Vested, Number of Shares	(192)	(222)
Forfeited, Number of Shares	(15)	(13)
Outstanding at end of period, Number of Shares	549	488
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 76.94	$ 77.62
Granted, Weighted-Average Grant-Date Fair Value	72.90	78.29
Vested, Weighted-Average Grant-Date Fair Value	84.69	78.12
Forfeited, Weighted-Average Grant-Date Fair Value	82.26	86.69
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 72.15	$ 77.51

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Price-Vested Stock Options Activity (Details) - Price Vested Stock Options - $ / shares shares in Thousands	6 Months Ended
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	2,055	2,107
Forfeited, Number of Shares	0	(50)
Outstanding at end of period, Number of Shares	2,055	2,057
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40
Forfeited, Weighted-Average Grant-Date Fair Value	0	9.40
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of LTPP awards (Details) - Performance Shares - $ / shares shares in Thousands	6 Months Ended
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	474	451
Granted, Number of Shares	192	167
Vested, Number of Shares	(181)	(176)
Forfeited, Number of Shares	(12)	(16)
Outstanding at end of period, Number of Shares	473	426
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 94.34	$ 106.32
Granted, Weighted-Average Grant-Date Fair Value	66.49	89
Vested, Weighted-Average Grant-Date Fair Value	98.30	86.14
Forfeited, Weighted-Average Grant-Date Fair Value	83.08	93.53
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 81.55	$ 93.67

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, tax credit, amount	$ 20.2	$ 3	$ 18.6	$ 6.8
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	19.4		19.4	3.2
Tax benefits from the reversal of certain reserves and uncertainties, associated with the expiration of statutes of limitations	1.3	1.2	1.3	1.2
Shares issued, tax expense	0.3	0.6	0.2	0.4
Unrecognized Tax Benefits, Reduction Resulting From State Tax Matter	$ 0.8		$ 1.9
Tax benefits related to the revaluation of deferred taxes				0.8
Income tax benefit related to a tax settlement		$ 1.2		$ 1.2

Capital Stock and Earnings Pe_3

Capital Stock and Earnings Per Share - Reconciliation of Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Earnings Per Share, Basic and Diluted EPS [Abstract]
Average shares outstanding - basic (shares)	268.6	268.4	268.5	268.3
Effect of dilutive securities: [Abstract]
Stock options/RSUs/LTPP	1.1	1.4	1.2	1.5
Average shares outstanding – diluted (shares)	269.7	269.8	269.7	269.8

Capital Stock and Earnings Pe_4

Capital Stock and Earnings Per Share - Antidilutive Securities not Considered in Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Earnings Per Share, Basic and Diluted EPS [Abstract]
Anti-dilutive securities	3.6	1.9	3.2	2

Capital Stock and Earnings Pe_5

Capital Stock and Earnings Per Share - Common Stock Activity (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Stock Options And Restricted Stock Units
Employee Stock Purchase Plan [Line Items]
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.3	0.3	0.6	0.6
McCormick Share Repurchases
Employee Stock Purchase Plan [Line Items]
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.1	0.3	0.2	0.4

Capital Stock and Earnings Pe_6

Capital Stock and Earnings Per Share - Additional Information (Details) - November 2019 $ in Millions	May 31, 2024 USD ($)
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 497
Stock repurchase program, authorized amount	$ 600

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	May 31, 2023	Nov. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustment	$ (300.7)		$ (305.7)
Unrealized gain (loss) on foreign currency exchange contracts	(2.3)		0.8
Unamortized value of settled interest rate swaps	(2.5)		(2.7)
Pension and other postretirement costs	(82.1)		(81)
Accumulated other comprehensive loss	(387.6)		$ (388.6)
Increase in foreign currency translation adjustment	5
Cross currency contracts | Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 5	$ (9.6)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Into Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ 52.9	$ 52.2	$ 103.2	$ 102.8
Cost of goods sold	1,023.6	1,043.7	2,027	2,046.3
Other income, net	12.4	12.5	23.5	23.6
Income tax expense	26.2	40.3	75.8	74.7
Net income	184.2	152.1	350.2	291.2
Reclassification out of Accumulated Other Comprehensive Income | (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(0.1)	(0.3)	(1.2)	(1.6)
Income tax expense	0	0.1	0.3	0.4
Net income	(0.1)	(0.2)	(0.9)	(1.2)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of pension and postretirement benefit adjustments:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(0.9)	(0.5)	(1.6)	(0.9)
Other income, net	(0.9)	(0.6)	(1.6)	(1)
Income tax expense	0.2	0.1	0.4	0.2
Net income	(0.7)	(0.4)	(1.2)	(0.7)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of pension and postretirement benefit adjustments: | United States pension
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income, net	0	0.1	0	0.1
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income | (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	0.1	(0.2)	0.3	(0.3)
Foreign exchange contracts | Reclassification out of Accumulated Other Comprehensive Income | (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ (0.2)	$ (0.1)	$ (1.5)	$ (1.3)

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	May 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,643.2	$ 1,659.2	$ 3,245.9	$ 3,224.7
Operating income excluding special charges	235.9	235	473.6	461.8
Income from unconsolidated operations	16.8	10.3	38.1	24.3
Less: Special charges	1.8	13.2	6	41
Operating income	234.1	221.8	467.6	420.8
Consumer
Segment Reporting Information [Line Items]
Revenues	904.5	912.1	1,826	1,821.6
Operating income excluding special charges	149.3	153.6	325.6	327
Income from unconsolidated operations	16.1	10.8	37.6	24.6
Less: Special charges	1.5	8.4	3.3	27.4
Operating income	147.8	145.2	322.3	299.6
Flavor Solutions
Segment Reporting Information [Line Items]
Revenues	738.7	747.1	1,419.9	1,403.1
Operating income excluding special charges	86.6	81.4	148	134.8
Income from unconsolidated operations	0.7	(0.5)	0.5	(0.3)
Less: Special charges	0.3	4.8	2.7	13.6
Operating income	86.3	76.6	145.3	121.2
Americas
Segment Reporting Information [Line Items]
Revenues	1,166.4	1,177.9	2,283.5	2,272.5
EMEA
Segment Reporting Information [Line Items]
Revenues	307.3	310.6	614	594.6
APAC
Segment Reporting Information [Line Items]
Revenues	$ 169.5	$ 170.7	$ 348.4	$ 357.6