Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 30, 2016 | May 31, 2016 | |
Entity Registrant Name | MCCORMICK & CO INC | ||
Trading Symbol | mkc | ||
Entity Central Index Key | 63,754 | ||
Current Fiscal Year End Date | --11-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 12,277,921,762 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 11,533,159 | ||
Entity Public Float | 1,108,629,399 | ||
Common Stock Non-Voting [Member] | |||
Entity Common Stock, Shares Outstanding | 113,656,332 | ||
Entity Public Float | $ 11,169,292,363 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 4,411.5 | $ 4,296.3 | $ 4,243.2 |
Cost of goods sold | 2,579.8 | 2,559 | 2,513 |
Gross profit | 1,831.7 | 1,737.3 | 1,730.2 |
Selling, general and administrative expense | 1,175 | 1,127.4 | 1,122 |
Special charges | 15.7 | 61.5 | 5.2 |
Operating income | 641 | 548.4 | 603 |
Interest expense | 56 | 53.3 | 49.7 |
Other income, net | 4.2 | 1.1 | 1.1 |
Income from consolidated operations before income taxes | 589.2 | 496.2 | 554.4 |
Income taxes | 153 | 131.3 | 145.9 |
Net income from consolidated operations | 436.2 | 364.9 | 408.5 |
Income from unconsolidated operations | 36.1 | 36.7 | 29.4 |
Net income | $ 472.3 | $ 401.6 | $ 437.9 |
Earnings per share–basic (usd per share) | $ 3.73 | $ 3.14 | $ 3.37 |
Earnings per share–diluted (usd per share) | $ 3.69 | $ 3.11 | $ 3.34 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 472.3 | $ 401.6 | $ 437.9 |
Net income attributable to non-controlling interest | (1.3) | 0.5 | 2.5 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (28.5) | 27.4 | (89) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (94.6) | (239.8) | (134.1) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 4.1 | (3.4) | 5.7 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 8.9 | (5.3) | 31.2 |
Other comprehensive income (loss), net of tax | (110.1) | (221.1) | (186.2) |
Comprehensive income | $ 360.9 | $ 181 | $ 254.2 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 |
Assets | ||
Cash and cash equivalents | $ 118.4 | $ 112.6 |
Trade accounts receivable, less allowances of $4.2 for 2016 and $8.0 for 2015 | 465.2 | 455.2 |
Inventories | 756.3 | 710.8 |
Prepaid expenses and other current assets | 81.9 | 78.8 |
Total current assets | 1,421.8 | 1,357.4 |
Property, plant and equipment, net | 669.4 | 618.4 |
Goodwill | 1,771.4 | 1,759.3 |
Intangible assets, net | 424.9 | 372.1 |
Investments and other assets | 348.4 | 365.4 |
Total assets | 4,635.9 | 4,472.6 |
Liabilities | ||
Short-term borrowings | 390.3 | 139.5 |
Current portion of long-term debt | 2.9 | 203.5 |
Trade accounts payable | 450.8 | 411.9 |
Other accrued liabilities | 578.7 | 483.7 |
Total current liabilities | 1,422.7 | 1,238.6 |
Long-term debt | 1,054 | 1,051.4 |
Other long-term liabilities | 521.1 | 495.7 |
Total liabilities | 2,997.8 | 2,785.7 |
Shareholders’ equity | ||
Retained earnings | 1,056.8 | 1,036.7 |
Accumulated other comprehensive loss | (514.4) | (406.1) |
Non-controlling interests | 11.5 | 16.7 |
Total shareholders’ equity | 1,638.1 | 1,686.9 |
Total liabilities and shareholders’ equity | 4,635.9 | 4,472.6 |
Common Stock [Member] | ||
Shareholders’ equity | ||
Common stock | 409.7 | 384.5 |
Common Stock Non-Voting [Member] | ||
Shareholders’ equity | ||
Common stock | $ 674.5 | $ 655.1 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 |
Trade accounts receivable, allowances | $ 4.2 | $ 8 |
Common Stock [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320 | 320 |
Common stock, shares issued | 11.4 | 11.7 |
Common stock, shares outstanding | 11.4 | 11.7 |
Common Stock Non-Voting [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320 | 320 |
Common stock, shares issued | 113.9 | 115.6 |
Common stock, shares outstanding | 113.9 | 115.6 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Statement of Cash Flows [Abstract] | |||
Payments to Acquire Interest in Joint Venture | $ 0.9 | ||
Operating activities | |||
Net income | 472.3 | $ 401.6 | $ 437.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 108.7 | 105.9 | 102.7 |
Stock-based compensation | 25.6 | 18.7 | 18.2 |
Brand name impairment included in special charges | 0 | 9.6 | 0 |
Special charges | 7.2 | 22.8 | 5.2 |
Loss on sale of assets | 1.5 | 0.6 | 1.3 |
Deferred income tax (benefit) expense | (40) | 1 | 6.1 |
Income from unconsolidated operations | (36.1) | (36.7) | (29.4) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (21) | 15.6 | (16.4) |
Inventories | (39) | (18) | (54.4) |
Trade accounts payable | 47 | 40.4 | (6.7) |
Other assets and liabilities | 94.5 | (2.4) | 23.3 |
Dividends received from unconsolidated affiliates | 37.4 | 30.9 | 15.8 |
Net cash provided by operating activities | 658.1 | 590 | 503.6 |
Investing activities | |||
Acquisitions of businesses | (120.6) | (210.9) | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 4.2 | 0 | 0 |
Capital expenditures | (153.8) | (128.4) | (132.7) |
Proceeds from sale of property, plant and equipment | 1.7 | 0.4 | 1.1 |
Proceeds from Life Insurance Policies | 1.4 | 0 | 0 |
Net cash used in investing activities | (267.1) | (338.9) | (131.6) |
Financing activities | |||
Short-term borrowings, net | 251.7 | (127.4) | 57.7 |
Long-term debt borrowings | 6 | 247 | 0 |
Long-term debt repayments | (202) | (1.6) | (1.6) |
Proceeds from exercised stock options | 33.3 | 33.1 | 31.7 |
Common stock acquired by purchase | (242.7) | (145.8) | (244.3) |
Dividends paid | (217.8) | (204.9) | (192.4) |
Net cash used in financing activities | (371.5) | (199.6) | (348.9) |
Effect of exchange rate changes on cash and cash equivalents | (13.7) | (16.2) | (8.8) |
Increase in cash and cash equivalents | 5.8 | 35.3 | 14.3 |
Cash and cash equivalents at beginning of year | 112.6 | 77.3 | 63 |
Cash and cash equivalents at end of year | $ 118.4 | $ 112.6 | $ 77.3 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interests [Member] | Common Stock Non-Voting [Member]Common Stock [Member] |
Balance, Shares at Nov. 30, 2013 | 12.1 | 119 | ||||
Balance, Value at Nov. 30, 2013 | $ 1,947.7 | $ 962.4 | $ 970.4 | $ (0.3) | $ 15.2 | |
Comprehensive income: | ||||||
Net income | 437.9 | 437.9 | ||||
Net income attributable to non-controlling interest | 2.5 | 2.5 | ||||
Other comprehensive income (loss), net of tax | (185.7) | |||||
Other comprehensive income (loss), net of tax | (186.2) | |||||
Currency translation adjustment | (134.1) | (0.5) | ||||
Dividends | (195.2) | (195.2) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 18.2 | $ 18.2 | ||||
Shares purchased and retired, Shares | (0.2) | (3.5) | ||||
Shares purchased and retired, Value | (255.8) | $ (25.3) | (230.5) | |||
Shares issued, including tax benefit , Shares | 0.8 | 0.2 | ||||
Shares issued, including tax benefit, Value | 40.3 | $ 40.3 | ||||
Equal exchange, shares | (0.7) | 0.7 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2014 | 12 | 116.4 | ||||
Balance, Value at Nov. 30, 2014 | 1,809.4 | $ 995.6 | 982.6 | (186) | 17.2 | |
Comprehensive income: | ||||||
Net income | 401.6 | 401.6 | ||||
Net income attributable to non-controlling interest | 0.5 | 0.5 | ||||
Other comprehensive income (loss), net of tax | (220.1) | |||||
Other comprehensive income (loss), net of tax | (221.1) | |||||
Currency translation adjustment | (239.8) | (1) | ||||
Dividends | (208.2) | (208.2) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 18.7 | $ 18.7 | ||||
Shares purchased and retired, Shares | (0.2) | (1.8) | ||||
Shares purchased and retired, Value | (155.5) | $ (16.2) | (139.3) | |||
Shares issued, including tax benefit , Shares | 0.8 | 0.1 | ||||
Shares issued, including tax benefit, Value | 41.5 | $ 41.5 | ||||
Equal exchange, shares | (0.9) | 0.9 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2015 | 11.7 | 115.6 | ||||
Balance, Value at Nov. 30, 2015 | 1,686.9 | $ 1,039.6 | 1,036.7 | (406.1) | 16.7 | |
Comprehensive income: | ||||||
Net income | 472.3 | 472.3 | ||||
Net income attributable to non-controlling interest | (1.3) | (1.3) | ||||
Other comprehensive income (loss), net of tax | (108.3) | |||||
Other comprehensive income (loss), net of tax | (110.1) | |||||
Currency translation adjustment | (94.6) | (1.8) | ||||
Dividends | (222) | (222) | ||||
Dividends attributable to non-controlling interest | (0.6) | 0.6 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 25.6 | $ 25.6 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1.5) | 1.5 | ||||
Shares purchased and retired, Shares | (0.2) | (2.5) | ||||
Shares purchased and retired, Value | (250.1) | $ (19.9) | (230.2) | |||
Shares issued, including tax benefit , Shares | 0.6 | 0.1 | ||||
Shares issued, including tax benefit, Value | 38.9 | $ 38.9 | ||||
Equal exchange, shares | (0.7) | 0.7 | ||||
Equal exchange, amount | 0 | |||||
Balance, Shares at Nov. 30, 2016 | 11.4 | 113.9 | ||||
Balance, Value at Nov. 30, 2016 | $ 1,638.1 | $ 1,084.2 | $ 1,056.8 | $ (514.4) | $ 11.5 |
Consolidated Statement Of Shar8
Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2012 | Nov. 30, 2011 | |
Statement of Stockholders' Equity [Abstract] | |||||
Change in derivative financial instruments, tax | |||||
Unrealized components of pension plans, tax | |||||
Shares issued, tax benefit | $ 8.1 | $ 5.5 | $ 9 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The financial statements include the accounts of our majority-owned or controlled subsidiaries and affiliates. Intercompany transactions have been eliminated. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. Accordingly, our share of net income or loss of unconsolidated affiliates is included in net income. Foreign Currency Translation For majority-owned or controlled subsidiaries and affiliates, if located outside of the U.S., with functional currencies other than the U.S. dollar, asset and liability accounts are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Income and expense items are translated at average monthly rates of exchange. Gains and losses from foreign currency transactions of these majority-owned or controlled subsidiaries and affiliates — that is, transactions denominated in other than the functional currency — are included in net earnings. Our unconsolidated affiliates located outside the U.S. generally use their local currencies as their functional currencies. The asset and liability accounts of those unconsolidated affiliates are translated at the rates of exchange at the balance sheet date, with the resultant translation adjustments included in accumulated other comprehensive income (loss) of those affiliates. Income and expense items of those affiliates are translated at average monthly rates of exchange. We record our ownership share of the net assets and accumulated other comprehensive income (loss) of our unconsolidated affiliates in our consolidated balance sheet on the lines entitled “Investments and other assets” and “Accumulated other comprehensive loss,” respectively. We record our ownership share of the net income of our unconsolidated affiliates in our consolidated statement of income on the line entitled “Income from unconsolidated operations”. Use of Estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. Inventories Inventories are stated at the lower of cost or market. Cost is determined using standard or average costs which approximate the first-in, first-out costing method. Property, Plant and Equipment Property, plant and equipment is stated at historical cost and depreciated over its estimated useful life using the straight-line method for financial reporting and both accelerated and straight-line methods for tax reporting. The estimated useful lives range from 20 to 50 years for buildings and 3 to 12 years for machinery, equipment and computer software. Repairs and maintenance costs are expensed as incurred. We also capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. Software is amortized using the straight-line method over a range of 3 to 8 years, but not exceeding the expected life of the product. We capitalized $21.8 million of software development costs during the year ended November 30, 2016 , $9.4 million during the year ended November 30, 2015 and $11.7 million during the year ended November 30, 2014 . Goodwill and Other Intangible Assets We review the carrying value of goodwill and indefinite-lived intangible assets and conduct tests of impairment on an annual basis as described below. We also test goodwill for impairment if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount and test indefinite-lived intangible assets for impairment if events or changes in circumstances indicate that the asset might be impaired. Separable intangible assets that have finite useful lives are amortized over those lives. Determining the fair value of a reporting unit or an indefinite-lived purchased intangible asset is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, assumed royalty rates, future economic and market conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. Goodwill Impairment Our reporting units used to assess potential goodwill impairment are the same as our business segments. We calculate fair value of a reporting unit by using a discounted cash flow model and then compare that to the carrying amount of the reporting unit, including intangible assets and goodwill. If the carrying amount of the reporting unit exceeds the calculated fair value, then we would determine the implied fair value of the reporting unit’s goodwill. An impairment charge would be recognized to the extent the carrying amount of goodwill exceeds the implied fair value. Indefinite-lived Intangible Asset Impairment Our indefinite-lived intangible assets consist of brand names and trademarks. We calculate fair value by using a relief-from-royalty method or discounted cash flow model and then compare that to the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. Long-lived Fixed Asset Impairment Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Revenue Recognition We recognize revenue when we have an agreement with the customer — upon either shipment or delivery, depending upon contractual terms — and when the sales price is fixed or determinable and collectability is reasonably assured. We reduce revenue for estimated product returns, allowances and price discounts based on historical experience and contractual terms. Trade allowances, consisting primarily of customer pricing allowances and rebates, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Revenue is recorded net of trade allowances. Trade accounts receivable are amounts billed and currently due from customers. We have an allowance for doubtful accounts to reduce our receivables to their net realizable value. We estimate the allowance for doubtful accounts based on the aging of our receivables and our history of collections. Shipping and Handling Shipping and handling costs on our products sold to customers are included in selling, general and administrative expense in the income statement. Shipping and handling expense was $97.2 million , $95.8 million and $100.3 million for 2016 , 2015 and 2014 , respectively. Research and Development Research and development costs are expensed as incurred and are included in selling, general and administrative expense in the income statement. Research and development expense was $61.0 million , $60.8 million and $62.0 million for 2016 , 2015 and 2014 , respectively. Brand Marketing Support Total brand marketing support costs, which are included in selling, general and administrative expense in the income statement, were $252.2 million , $240.6 million and $226.6 million for 2016 , 2015 and 2014 , respectively. Brand marketing support costs include advertising, promotions and customer trade funds used for cooperative advertising. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation on assets used in these promotional activities. Advertising costs include the development, production and communication of advertisements through television, digital, print and radio. Development and production costs are expensed in the period in which the advertisement is first run. All other costs of advertisement are expensed as incurred. Advertising expense was $102.9 million , $106.8 million and $100.4 million for 2016 , 2015 and 2014 , respectively. Employee Benefit and Retirement Plans We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in the balance sheet, with changes in the funded status recorded through other comprehensive income in the year in which those changes occur. The expected return on plan assets is determined using the expected rate of return and a calculated value of plan assets referred to as the market-related value of plan assets. Differences between assumed and actual returns are amortized to the market-related value of assets on a straight-line basis over five years. We use the corridor approach in the valuation of defined benefit pension plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. Accounting Pronouncements Adopted in 2016 In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The standard is intended to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the first quarter of our fiscal year ending November 30, 2019. We have elected to early adopt ASU No. 2016-15, as permitted, as of the year ended November 30, 2016. The adoption of this new accounting pronouncement did not have a material impact on our financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 Balance Sheet Classification of Deferred Taxes (Topic 740). This guidance requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent and is effective for the first quarter of our fiscal year ending November 30, 2018. We have elected to early adopt ASU No. 2015-17, as permitted, as of November 30, 2016, and have retrospectively reclassified all deferred tax assets and liabilities as noncurrent in our accompanying consolidated balance sheet as of November 30, 2015. The adoption of this new accounting pronouncement did not have a material impact on our financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 Simplifying the Accounting for Measurement-Period Adjustments (Topic 805). This guidance eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated and is effective for the first quarter of our fiscal year ending November 30, 2017. As described in note 2, we elected to early adopt ASU No. 2015-16, as permitted, in fiscal year 2016 with the completion of our final valuation related to the purchase of 100% of the shares of One World Foods, Inc. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 Simplifying the Presentation of Debt Issuance Costs . This guidance eliminates the pre-existing requirement to recognize debt issuance costs as a deferred charge (that is, an asset) by replacing the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The new guidance is effective for the first quarter of our fiscal year ending November 30, 2017. We have elected to early adopt ASU No. 2015-03 as of November 30, 2016, as permitted, and have retrospectively reclassified debt issuance costs from investments and other assets to long-term debt in our accompanying consolidated balance sheet as of November 30, 2015. The adoption of this new accounting pronouncement did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements — Pending Adoption In March 2016, the FASB issued Accounting Standards Update No. 2016-09 Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which changes the accounting for certain aspects of share-based payments to employees. The new guidance requires that excess tax benefits (which represent the excess of actual tax benefits received at the date of vesting or settlement over the benefits recognized over the vesting period or upon issuance of share-based payments) and tax deficiencies (which represent the amount by which actual tax benefits received at the date of vesting or settlement is lower than the benefits recognized over the vesting period or upon issuance of share-based payments) be recorded in the income statement as a reduction of income taxes when the awards vest or are settled. The new guidance also requires excess tax benefits to be classified as an operating activity in the statement of cash flows rather than as a financing activity. The new guidance is effective for the first quarter of our fiscal year ending November 30, 2018. We expect to early adopt the new guidance, as permitted, effective as of the first quarter of our fiscal year ending November 30, 2017. We expect that the adoption of this new guidance in fiscal 2017 will reduce our reported income taxes and will increase cash flows from operating activities; however, the amounts of that reduction/increase is dependent upon the underlying vesting or exercise activity and related future stock prices. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases (Topic 842). This guidance revises existing practice related to accounting for leases under Accounting Standards Codification Topic 840 Leases (ASC 840) for both lessees and lessors. Our leases as of November 30, 2016 principally relate to: (i) certain real estate, including that related to a number of administrative, distribution and manufacturing locations; (ii) certain machinery and equipment, including a corporate airplane and automobiles; and (iii) certain software. In addition, as of that date, we have entered into a 15-year lease for a headquarters building, which is expected to commence upon completion of building construction and fit-out, currently scheduled for the second half of 2018. The new guidance in ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). While the new standard maintains similar accounting for lessors as under ASC 840, the new standard reflects updates to, among other things, align with certain changes to the lessee model. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2020. Early adoption is permitted for all entities. We have not yet determined the impact from adoption of this new accounting pronouncement on our financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 Simplifying the Measurement of Inventory (Topic 330). This guidance is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. It will be effective for the first quarter of our fiscal year ending November 30, 2018, and early adoption is permitted. We have not yet determined the impact from adoption of this new accounting pronouncement on our financial statements. In May 2015, the FASB issued Accounting Standards Update No. 2015-07 Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (Topic 820) . This guidance is intended to eliminate the diversity in practice related to how certain investments measured at net asset value with future redemption dates are categorized. The proposed amendments would remove those investments from the fair value hierarchy for which fair values are measured using the net asset value per share practical expedient. The proposed amendments will be applied retrospectively for all periods presented, which requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in our financial statements upon adoption. This guidance will be effective for the first quarter of our fiscal year ending November 30, 2018, and early adoption is permitted. We do not expect the adoption of this new accounting pronouncement to have a material impact on our financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) . This guidance is intended to improve — and converge with international standards — the financial reporting requirements for revenue from contracts with customers. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2019. Early adoption is permitted for all entities, but not before the original effective date for public business entities (that is, annual reporting periods beginning after December 15, 2016 or our fiscal year ending November 30, 2018). We do not expect to early adopt this new accounting pronouncement. In preparation for our adoption of the new standard in our fiscal year ending November 30, 2019, we have obtained representative samples of contracts and other forms of agreements with our customers in the U.S. and international locations and are evaluating the provisions contained therein in light of the five-step model specified by the new guidance. That five-step model includes: (1) determination of whether a contract — an agreement between two or more parties that creates legally enforceable rights and obligations — exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. We are also evaluating the impact of the new standard on certain common practices currently employed by us and by other manufacturers of consumer products, such as slotting fees, co-operative advertising, rebates and other pricing allowances, merchandising funds and consumer coupons. We have not yet determined the impact of the new standard on our financial statements or whether we will adopt on a prospective or retrospective basis in the first quarter of our fiscal year ending November 30, 2019. |
Acquisitions
Acquisitions | 12 Months Ended |
Nov. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Acquisitions | ACQUISITIONS Acquisitions are part of our strategy to increase sales and profits. On April 19, 2016, we completed the purchase of 100% of the shares of Botanical Food Company, Pty Ltd, owner of the Gourmet Garden brand of packaged herbs (Gourmet Garden), a privately held company based in Australia. Gourmet Garden is a global market leader in chilled convenient packaged herbs. Gourmet Garden's products complement our existing branded herb portfolio with the addition of chilled convenient herbs located in the perimeter of the grocery store. We plan to drive sales of the Gourmet Garden brand by expanding global distribution and building awareness with increased brand investment. At the time of acquisition, annual sales of Gourmet Garden were approximately 70 million Australian dollars. The purchase price was $116.2 million , net of cash acquired of $3.3 million , and was financed with a combination of cash and short-term borrowings. A preliminary valuation of the acquired net assets of Gourmet Garden resulted in $20.4 million allocated to net tangible assets acquired, $20.3 million allocated to indefinite-lived brand asset, $14.2 million allocated to definite-lived intangible assets with a weighted-average life of 12.0 years and $61.3 million allocated to goodwill. Goodwill related to the Gourmet Garden acquisition, which is not deductible for tax purposes, primarily represents the intangible assets that do not qualify for separate recognition, such as the value of leveraging our brand building expertise, our insights in demand from consumers for herbs, and our supply chain capabilities, as well as expected synergies from the combined operations and assembled workforce. The preliminary valuation, based on a comparison of acquisitions of similar consumer businesses, provided average percentages of purchase prices assigned to goodwill and other identifiable intangible assets, which we used to initially value the Gourmet Garden acquisition. We expect to finalize the determination of the fair value of the acquired net assets of Gourmet Garden in early 2017. Gourmet Garden has been included in our consumer segment since its acquisition. While this business has an industrial component, the industrial component is not currently material to its overall business. On September 1, 2016, we acquired a small niche business for $4.4 million . That business, Cajun Injector, whose annual sales were approximately $5 million at the time of acquisition, sells injectable marinades, along with seasonings and fry mixes that feature New Orleans flavors. Cajun Injector, which has been included in our consumer segment since its acquisition, complements our Zatarain’s brand. On August 20, 2015, we completed the purchase of 100% of the shares of One World Foods, Inc., owner of the Stubb's brand of barbeque products (Stubb's), a privately held company located in Austin, Texas. Stubb's is a leading premium barbeque sauce brand in the U.S. In addition to sauces, Stubb's products include marinades, rubs and skillet sauces. Its addition expanded the breadth of value-added products in our consumer segment. At the time of acquisition, annual sales of Stubb's were approximately $30 million . The purchase price for Stubb's was $99.4 million , net of cash acquired of $0.8 million , and was financed with a combination of cash and short-term borrowings. During 2016, we completed the final valuation of the Stubb's acquisition, which resulted in the following changes from the preliminary valuation to the acquired assets and liabilities: (i) the indefinite-lived brand asset increased by $13.8 million to $27.1 million ; (ii) definite-lived intangible assets increased by $11.9 million to $24.4 million (with a weighted average life of 13.9 years ); (iii) tangible assets acquired increased by $0.3 million to $5.7 million ; (iv) liabilities assumed (including the deferred tax liabilities associated with identified intangible assets) increased by $7.0 million to $19.4 million ; and (v) goodwill decreased by $19.0 million to $61.6 million . As a result of these changes in the final valuation, additional amortization expense for definite-lived intangible assets of $0.9 million was recorded for the year ended November 30, 2016. Goodwill related to the Stubb's acquisition, which is not deductible for tax purposes, primarily represents the intangible assets that do not qualify for separate recognition, such as the value of leveraging our brand building expertise, our insights in demand from consumers for unique and authentic barbeque and grilling flavors, and our supply chain capabilities, as well as expected synergies from the combined operations and assembled workforce. With the completion of the final valuation of Stubb's, we have elected to adopt ASU No. 2015-16, which eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Stubb's has been included in our consumer segment since its acquisition. On May 29, 2015, we completed the purchase of 100% of the shares of Drogheria & Alimentari (D&A), a privately held company based in Italy, and a leader of the spice and seasoning category in Italy that supplies both branded and private label products to consumers. This acquisition complemented our strong brands and expanded our current spice and seasoning leadership in Europe with a sizable footprint in Italy. The purchase price for D&A consisted of a cash payment of $49.0 million , net of cash acquired of $2.8 million , and was financed with a combination of cash and short-term borrowings. In addition, the purchase agreement calls for a potential earn out payment in 2018 of up to €35 million , based upon the performance of the acquired business in 2017. This potential earn out payment had an acquisition-date fair value of $27.7 million (or approximately €25 million ), based on estimates of projected performance in 2017, payable in fiscal 2018, and discounted using a probability-weighted approach. At the time of the acquisition, annual sales of D&A were approximately €50 million . During 2016, we completed the final valuation of the D&A acquisition, which resulted in $3.2 million allocated to tangible net assets, $12.6 million allocated to indefinite-lived brand assets, $19.8 million allocated to definite-lived intangible assets with a weighted-average life of 13.8 years and $41.1 million allocated to goodwill. Goodwill related to the D&A acquisition, which is not deductible for tax purposes, primarily represents the intangible assets that do not qualify for separate recognition, such as the value of leveraging our brand building expertise, our customer insights in demand from consumers for unique and authentic ethnic flavors and our supply chain capabilities, as well as expected synergies from the combined operations and assembled workforce. The completion of the final valuation did not result in material changes to our consolidated income statement or consolidated balance sheet from our preliminary purchase price allocation. D&A has been included in our consumer segment since its acquisition. On March 9, 2015, we acquired 100% of the shares of Brand Aromatics, a privately held company located in the U.S. Brand Aromatics is a supplier of natural savory flavors, marinades, and broth and stock concentrates to the packaged food industry. Its addition expanded the breadth of value-added products in our industrial segment. The purchase price for Brand Aromatics was $62.4 million , net of post-closing adjustments and was financed with a combination of cash and short-term borrowings. At the time of acquisition, annual sales of Brand Aromatics were approximately $30 million . As of November 30, 2015, we completed the final valuation of the Brand Aromatics acquisition, which resulted in $5.2 million allocated to tangible net assets, $4.2 million allocated to a brand name indefinite lived intangible asset, $18.7 million allocated to definite lived intangible assets with a weighted average life of 11.9 years , and $34.3 million allocated to goodwill. Goodwill related to the Brand Aromatics acquisition, which is deductible for tax purposes, primarily represents the intangible assets that do not qualify for separate recognition, such as the value of leveraging the customer intimacy and value-added flavor solutions we provide to our industrial customers to Brand Aromatics’ relationships with industrial customers of their stocks, marinades and other savory flavors, as well as from expected synergies from the combined operations and assembled workforces, and the future development initiatives of the assembled workforces. The completion of the final valuation did not result in material changes to our consolidated income statement or our consolidated balance sheet from our preliminary purchase price allocation. Brand Aromatics has been included in our industrial segment since its acquisition. During the years ended November 30, 2016 and 2015, we recorded $5.5 million and $3.6 million , respectively, in transaction-related expenses associated with the above acquisitions (including, for 2016, an acquisition completed subsequent to year end as described in note 19) in selling, general and administrative expenses in our consolidated income statement. Since the dates of each acquisition in 2016, Gourmet Garden and Cajun Injector added $40.0 million , in aggregate, to our sales for the year ended November 30, 2016. Due to financing, acquisition and integration costs, the aggregate operating income contribution of Gourmet Garden and Cajun Injector was not significant to our overall results for 2016. Pro forma financial information for our 2016 and 2015 acquisitions has not been presented because the financial impact is not material. |
Special Charges Special Charges
Special Charges Special Charges | 12 Months Ended |
Nov. 30, 2016 | |
Special Charges [Abstract] | |
Special Charges [Text Block] | 3. SPECIAL CHARGES We continue to evaluate changes to our organization structure to reduce fixed costs, simplify or improve processes, and improve our competitiveness. 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 by the company 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. Upon presentation of any such proposed action (generally including details with respect to estimated costs, which typically consist principally of employee severance and related benefits, together with ancillary costs associated with the action that may include a non-cash component, such as an asset impairment, or a component which relates to inventory adjustments that are included in cost of goods sold; impacted employees or operations; expected timing; and expected savings) to the Management Committee and the Committee’s advance approval, expenses associated with the approved action are classified as special charges upon recognition and monitored on an 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. The following is a summary of special charges recognized in the years ended November 30, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Special charges included in cost of goods sold $ 0.3 $ 4.0 $ — Other special charges in the income statement (1) 15.7 61.5 5.2 Total special charges $ 16.0 $ 65.5 $ 5.2 (1) Included in special charges for 2016 are non-cash goodwill impairment charge of $2.6 million recognized upon the exit of a consolidated joint venture. Included in special charges for 2015 are non-cash brand impairment charges of $9.6 million and non-cash fixed asset impairment charges of $1.1 million . The following is a breakdown of special charges by business segments in the years ended November 30, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Consumer segment $ 9.2 $ 52.8 $ 3.7 Industrial segment 6.8 12.7 1.5 Total special charges $ 16.0 $ 65.5 $ 5.2 During 2016, we recorded $16.0 million of special charges, principally consisting of: (i) $5.7 million related to additional organization and streamlining actions associated with our Europe, Middle East, and Africa (EMEA) region, which began in 2015 and are included in the table below; (ii) $2.8 million associated with the exit from our consolidated joint venture in South Africa, which is described below; (iii) $1.9 million for employees severance actions and other exit costs related to the discontinuance of non-profitable product lines of our Kohinoor business in India, which began in 2015 and is further described below; (iv) $1.8 million associated with actions in connection with our planned exit of two leased manufacturing facilities in Singapore and Thailand, which are described below; and (v) $1.7 million for employee severance actions and related costs associated with our North American effectiveness initiative, which began in 2015 and are included in the table below. The remainder principally relates to other streamlining actions in 2016, as approved by our Management Committee, in our operations in North America, EMEA and Asia/Pacific. As approved by our Management Committee, we reached agreement with our joint venture partner in South Africa to exit the consolidated joint venture and recognized special charges of $2.8 million , principally related to the write-off of $2.6 million of goodwill upon the receipt of regulatory approval to terminate the joint venture in the fourth quarter of 2016. As part of the negotiated agreement related to the exit, our former joint venture partner paid the joint venture $5.1 million for inventory and fixed assets and the joint venture paid $0.9 million to the former partner to settle their joint venture interest. We will liquidate the remaining assets and liabilities of the now wholly owned venture in 2017 and, upon liquidation, will write off the foreign currency translation adjustment associated with this entity, which is included as a component of accumulated other comprehensive income. That amount, which totals $0.7 million at November 30, 2016, will fluctuate in 2017 with changes in the value of the South African rand versus the U.S. dollar and will be included as special charges upon the entity’s liquidation. In 2016, our Management Committee approved a plan to construct a new manufacturing facility in Thailand for our Asia/Pacific region, with anticipated completion in 2018. Upon completion of construction, we will exit two leased manufacturing facilities in Singapore and Thailand. The $1.8 million of special charges recorded in 2016 principally relates to severance and other related costs associated with employees located at the existing leased facility in Singapore. We expect to record additional special charges related to this action of approximately $2.2 million over the next two years associated with other exit costs. Of the $65.5 million of special charges recognized in 2015, $29.2 million related to our North American effectiveness initiative, $24.4 million related to streamlining actions in our EMEA region, and $14.2 million related to our Kohinoor business in India as more fully described below. Partially offsetting these charges was a reduction of $2.3 million associated with the 2015 reversal of reserves previously accrued as part of actions undertaken in 2013 and 2014. In 2015, we offered a voluntary retirement plan, which included enhanced separation benefits but did not include supplementary pension benefits, to certain U.S. employees aged 55 years or older with at least ten years of service to the company. Upon our receipt of notification from participants that they accepted this plan, which closed early in 2015, we accrued special charges of $23.9 million , consisting of employee severance and related benefits that have been largely paid in 2015 as substantially all of the affected employees had left the company in 2015. The voluntary retirement plan is part of our North American effectiveness initiative. In addition to the cost of the voluntary retirement plan, we recognized an additional $5.3 million of special charges in 2015 as part of our North American effectiveness initiative, of which $3.0 million represented additional employee severance and related benefits and $2.3 million represented other related expenses. In 2016, we recorded an additional $1.7 million associated with employee severance and related expenses as part of our North American effectiveness initiative. Our North American effectiveness initiative generated cost savings of approximately $15 million in 2015 and full year annual cost savings of approximately $27 million in 2016. As of November 30, 2016, our North American effectiveness initiative is effectively completed. The following table outlines the major components of accrual balances and activity relating to the special charges associated with our North American effectiveness initiative for the years ended November 30, 2015 and 2016 (in millions): Employee severance and related benefits Other related costs Total Special charges $ 26.9 $ 2.3 $ 29.2 Cash paid (24.6 ) (2.3 ) (26.9 ) Balance as of November 30, 2015 2.3 — 2.3 Special charges 1.7 — 1.7 Cash paid (2.9 ) — (2.9 ) Balance as of November 30, 2016 $ 1.1 $ — $ 1.1 In 2015, we recorded special charges of $24.4 million , principally consisting of severance and related costs, to enhance organization efficiency and streamline processes in EMEA in order to support our competitiveness and long-term growth. These initiatives center on actions intended to reduce fixed costs and improve business processes, as well as continue to drive simplification across the business and supply chain. These actions include the transfer of certain additional activities to our shared services center in Poland. In 2016, we recorded $5.7 million of special charges, principally consisting of other related costs, for EMEA reorganization and streamlining activities that began in 2015. We expect to record additional special charges in 2017, of approximately $1.6 million for future actions approved under these EMEA reorganization and streamlining initiatives that began in 2015, which will be settled in cash and reflected in special charges upon recognition in 2017. Related annual cost savings were $7.5 million in 2016 and are projected to be approximately $13 million by the end of 2017. The following table outlines the major components of accrual balances and activity relating to the special charges associated with the EMEA reorganization plans initiated in 2015 (in millions): Employee severance and related benefits Other related costs Total Special charges $ 21.5 $ 2.9 $ 24.4 Cash paid (4.5 ) (1.3 ) (5.8 ) Impairment of fixed assets recorded — (1.1 ) (1.1 ) Impact of foreign exchange (0.8 ) 0.1 (0.7 ) Balance as of November 30, 2015 16.2 0.6 16.8 Special charges 1.2 4.5 5.7 Cash paid (6.8 ) (4.6 ) (11.4 ) Impact of foreign exchange (0.1 ) — (0.1 ) Balance as of November 30, 2016 $ 10.5 $ 0.5 $ 11.0 Also in 2015, we recorded a total of $14.2 million of special charges related to initiatives to improve the profitability of our Kohinoor consumer business in India. This action principally relates to the discontinuance of Kohinoor's non-profitable bulk-packaged and broken basmati rice product lines and other ancillary activities to enable the business to focus on both its existing consumer-packaged basmati rice product lines and the launch of consumer-packaged herbs and spices under the Kohinoor brand name. Due to the anticipated sales reduction associated with Kohinoor's discontinuance of its bulk-packaged and broken basmati rice product lines, only partially offset by the launch of consumer-packaged herbs and spices, we determined that an impairment of the Kohinoor brand name had occurred in 2015. Using a relief from royalty method (and a discount rate associated with the risk of the launch of consumer-packaged herbs and spices), a Level 3 fair value measurement, we recorded a non-cash impairment charge of $9.6 million in 2015. The remaining carrying value of our Kohinoor brand name as of November 30, 2016 is $8.1 million . In addition, as a result of the Kohinoor product line discontinuance in 2015, we recognized a $4.0 million charge in cost of goods sold, which represents a provision for the excess of the carrying value of inventories of bulk and broken basmati rice, determined on a lower of cost or market basis, over the estimated net realizable value of such discontinued inventories. We also recorded $0.6 million of other exit costs associated with this plan of which $0.4 million were paid in 2015 and the balance of $0.2 million paid in 2016. In addition to the $14.2 million of special charges outlined above and recorded in 2015, we recorded and paid $1.9 million of special charges in 2016 consisting of costs associated with exiting certain contractual arrangements to improve Kohinoor's profitability and other severance and related costs directly associated with the plan. In late 2013, we announced a reorganization of parts of our EMEA region to further improve EMEA’s profitability and process standardization while supporting its competitiveness and long-term growth. These actions include the closure of our sales and distribution operations in The Netherlands, with the transition to a third-party distributor model to continue to sell the Silvo ® brand, as well as actions intended to streamline selling, general and administrative activities throughout EMEA, including the centralization of certain shared service activity across parts of the region into a newly created shared services center in Poland. In 2013, we recorded $25.0 million of charges related to this reorganization. In 2014, we recorded an additional $2.1 million of special charges associated with this EMEA reorganization, with $1.1 million related to employee severance and $1.0 million for other exit costs. In 2015, we reversed $1.9 million of these special charges due to attrition that rendered the severance accruals unnecessary. The following table outlines the major components of accrual balances relating to the special charges associated with this EMEA reorganization as of November 30, 2014, 2015 and 2016 (in millions): Employee severance Other exit costs Total Balance as of November 30, 2014 $ 9.3 $ 0.7 $ 10.0 Cash paid (3.5 ) (0.6 ) (4.1 ) Impact of foreign exchange (1.6 ) (0.1 ) (1.7 ) Reversal into income (special charges) (1.9 ) — (1.9 ) Balance as of November 30, 2015 2.3 — 2.3 Cash paid (1.8 ) — (1.8 ) Impact of foreign exchange 0.1 — 0.1 Balance as of November 30, 2016 $ 0.6 $ — $ 0.6 In 2014, in addition to the $2.1 million of special charges recognized related to the previously described 2013 EMEA reorganization, we also undertook reorganization actions in our U.S. and Australian businesses in 2014 and recognized $3.1 million of special charges. Actions associated with these U.S and Australian plans have been completed as of 2016 and generated annual savings of $4.0 million . As of November 30, 2016, reserves associated with special charges are included in other accrued liabilities in our consolidated balance sheet. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Nov. 30, 2016 | |
Goodwill And Intangible Assets [Abstract ] | |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table displays intangible assets as of November 30, 2016 and 2015 : 2016 2015 (millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Finite-lived intangible assets $ 161.1 $ 48.4 $ 131.0 $ 40.1 Indefinite-lived intangible assets: Goodwill 1,771.4 — 1,759.3 — Brand names and trademarks 312.2 — 281.2 — 2,083.6 — 2,040.5 — Total goodwill and intangible assets $ 2,244.7 $ 48.4 $ 2,171.5 $ 40.1 Intangible asset amortization expense was $11.3 million , $7.3 million and $5.6 million for 2016 , 2015 and 2014 , respectively. At November 30, 2016 , finite-lived intangible assets had a weighted-average remaining life of approximately 11 years. The changes in the carrying amount of goodwill by segment for the years ended November 30, 2016 and 2015 were as follows: 2016 2015 (millions) Consumer Industrial Consumer Industrial Beginning of year $ 1,587.7 $ 171.6 $ 1,581.1 $ 141.1 Changes in preliminary purchase price allocation (23.2 ) — — — Increases in goodwill from acquisitions 62.2 — 126.7 34.3 Decreases in goodwill from exit of consolidated joint venture — (2.6 ) — — Foreign currency fluctuations (18.4 ) (5.9 ) (120.1 ) (3.8 ) End of year $ 1,608.3 $ 163.1 $ 1,587.7 $ 171.6 |
Investments In Affiliates
Investments In Affiliates | 12 Months Ended |
Nov. 30, 2016 | |
Investments In Affiliates [Abstract] | |
Investments In Affiliates | INVESTMENTS IN AFFILIATES Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows: (millions) 2016 2015 2014 Net sales $ 767.6 $ 777.3 $ 766.6 Gross profit 245.6 286.1 275.7 Net income 66.4 76.6 67.5 Current assets $ 315.6 $ 326.0 $ 320.1 Noncurrent assets 113.0 114.6 123.6 Current liabilities 146.2 161.5 137.2 Noncurrent liabilities 9.1 8.1 6.3 Our share of undistributed earnings of unconsolidated affiliates was $95.8 million at November 30, 2016 . Royalty income from unconsolidated affiliates was $16.1 million , $17.8 million and $18.7 million for 2016 , 2015 and 2014 , respectively. Our principal earnings from unconsolidated affiliates is from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 83% of income from unconsolidated operations in 2016, 89% in 2015 and 91% in 2014. As of November 30, 2016, $102.3 million of our consolidated retained earnings represents undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Nov. 30, 2016 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS Our outstanding debt was as follows at November 30: (millions) 2016 2015 Short-term borrowings Commercial paper $ 356.9 $ 107.5 Other 33.4 32.0 $ 390.3 $ 139.5 Weighted-average interest rate of short-term borrowings at year-end 1.4 % 2.2 % Long-term debt 5.20% notes due 12/15/2015 $ — $ 200.0 5.75% notes due 12/15/2017 (1) 250.0 250.0 3.90% notes due 7/8/2021 (2) 250.0 250.0 3.50% notes due 8/19/2023 (3) 250.0 250.0 3.25% notes due 11/15/2025 (4) 250.0 250.0 7.63%–8.12% notes due 2024 55.0 55.0 Other 11.1 7.4 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (9.2 ) (7.5 ) 1,056.9 1,254.9 Less current portion 2.9 203.5 $ 1,054.0 $ 1,051.4 (1) Interest rate swaps, settled upon the issuance of these notes in 2007, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25% . (2) Interest rate swaps, settled upon the issuance of these notes in 2011, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01% . (3) Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30% . (4) Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45% . The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2016 was 2.13% ). Maturities of long-term debt during the fiscal years subsequent to November 30, 2016 are as follows (in millions): 2018 $ 250.6 2019 0.4 2020 0.2 2021 250.2 Thereafter 561.8 In November 2015, we issued $250 million of 3.25% notes due 2025, with net cash proceeds received of $246.5 million . Interest is payable semiannually in arrears in May and November of each year. Of these notes, $100 million were subject to interest rate hedges and $100 million of fair value hedges as further disclosed in note 7. The net proceeds from this issuance were used to pay down short-term borrowings and for general corporate purposes. In December of 2015, proceeds from short-term borrowings were used to pay off $200 million of 5.20% notes that matured in that month. We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. In June 2015, we entered into a five-year $750 million revolving credit facility which will expire in June 2020 . The pricing for this credit facility, on a fully drawn basis, is LIBOR plus 0.75% . This credit facility supports our commercial paper program and, after $356.9 million was used to support issued commercial paper, we have $393.1 million of capacity at November 30, 2016 . In addition, we have several uncommitted lines totaling $182.8 million , which have a total unused capacity at November 30, 2016 of $151.1 million . These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and annual commitment fees were $0.5 million for 2016 and 2015. Rental expense under operating leases (primarily buildings and equipment) was $41.6 million in 2016 , $39.0 million in 2015 and $40.3 million in 2014 . Future annual fixed rental payments (1) for the years ending November 30 are as follows (in millions): 2017 $ 27.8 2018 21.3 2019 14.8 2020 11.6 2021 9.4 Thereafter 23.8 (1) In July 2016, we entered into a 15-year lease for a headquarters building in Hunt Valley, Maryland. The lease, which is expected to commence upon completion of building construction and fit-out, currently scheduled for the second half of 2018, requires monthly lease payments of approximately $0.9 million beginning six months after lease commencement. The $0.9 million monthly lease payment is subject to adjustment after an initial 60-month period and thereafter on an annual basis as specified in the lease agreement. In addition, the initial $0.9 million monthly lease payment is subject to increase in the event of agreed-upon changes to specifications related to the headquarters building. We expect to consolidate our Corporate staff and certain non-manufacturing U.S. employees, currently housed in four locations in the suburban Baltimore, Maryland area, to the new headquarters building. Due to uncertainty as to the exact date when the lease will commence, these lease payments are not reflected in the preceding table of annual fixed rental payments for the years ending November 30, 2017 through 2021 and thereafter. At November 30, 2016 , we had guarantees outstanding of $0.6 million with terms of one year or less. At November 30, 2016 and 2015 , we had outstanding letters of credit of $7.2 million and $8.6 million , respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $13.8 million at November 30, 2016 . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Nov. 30, 2016 | |
Derivative Instrument Detail [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS We use derivative financial instruments to enhance our ability to manage risk, including foreign currency and interest rate exposures, which exist as part of our ongoing business operations. We do not enter into contracts for trading purposes, nor are we a party to any leveraged derivative instrument and all derivatives are designated as hedges. We are not a party to master netting arrangements, and we do not offset the fair value of derivative contracts with the same counterparty in our financial statement disclosures. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines. Foreign Currency We are potentially exposed to foreign currency fluctuations affecting net investments, transactions and earnings denominated in foreign currencies. We selectively hedge the potential effect of these foreign currency fluctuations by entering into foreign currency exchange contracts with highly-rated financial institutions. Contracts which are designated as hedges of anticipated purchases denominated in a foreign currency (generally purchases of raw materials in U.S. dollars by operating units outside the U.S.) are considered cash flow hedges. The gains and losses on these contracts are deferred in accumulated other comprehensive income until the hedged item is recognized in cost of goods sold, at which time the net amount deferred in accumulated other comprehensive income is also recognized in cost of goods sold. Gains and losses from contracts which are designated as hedges of assets, liabilities or firm commitments are recognized through income, offsetting the change in fair value of the hedged item. During fiscal year 2016, we entered into fair value foreign currency exchange contracts to hedge the currency component of certain intercompany loans between our subsidiaries. At November 30, 2016, the notional value of these contracts was $109.9 million . During fiscal year 2016, we recognized a $3.5 million loss on the change in fair value of these contracts, which was offset by a $3.1 million gain on the change in the currency component of the underlying loans. Both the loss and the gain were recognized in our consolidated income statement as other income, net. At November 30, 2016, we had foreign currency exchange contracts to purchase or sell $449.2 million of foreign currencies versus $264.5 million at November 30, 2015. All of these contracts were designated as hedges of anticipated purchases denominated in a foreign currency or hedges of foreign currency denominated assets or liabilities. Hedge ineffectiveness was not material. At November 30, 2016, we had $189.4 million of notional contracts that have durations of less than seven days that are used to hedge short-term cash flow funding. The remaining contracts have durations of one to twelve months. Interest Rates We finance a portion of our operations with both fixed and variable rate debt instruments, primarily commercial paper, notes and bank loans. We utilize interest rate swap agreements to minimize worldwide financing costs and to achieve a desired mix of variable and fixed rate debt. During fiscal 2015, we entered into a total of $100 million of forward starting interest rate swap agreements to manage our interest rate risk associated with the anticipated issuance of fixed rate notes in November 2015. We cash settled all of these agreements, which were designated as cash flow hedges, for a loss of $1.2 million simultaneous with the issuance of the notes at an all-in effective fixed rate of 3.45% on the full $250 million of debt. The loss on these agreements was deferred in accumulated other comprehensive income and is being amortized to increase interest expense over the life of the notes. Hedge ineffectiveness of these agreements was not material. In November 2015, we entered into an interest rate swap contract for a notional amount of $100 million to receive interest at 3.25% and pay a variable rate of interest based on three-month LIBOR plus 1.22% . We designated these swaps, which expire in November 2025 , as fair value hedges of the changes in fair value of $100 million of the $250 million 3.25% medium-term notes due 2025 that we issued in November 2015. Any unrealized gain or loss on these swaps was offset by a corresponding increase or decrease in the value of the hedged debt. Hedge ineffectiveness was not material. In March 2006, we entered into interest rate swap contracts for a total notional amount of $100 million to receive interest at 5.20% and pay a variable rate of interest based on three-month LIBOR minus 0.05% . We designated these swaps, which expired in December 2015, as fair value hedges of the changes in fair value of $100 million of the $200 million 5.20% medium-term notes due 2015 that we issued in December 2005. Any unrealized gain or loss on these swaps was offset by a corresponding increase or decrease in the value of the hedged debt. Hedge ineffectiveness was not material. The following tables disclose the derivative instruments on our balance sheet as of November 30, 2016 and 2015 , which are all recorded at fair value: As of November 30, 2016: (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet location Notional amount Fair value Balance sheet location Notional amount Fair value Interest rate contracts Other current assets $ — $ — Other accrued liabilities $ 100.0 $ 1.2 Foreign exchange contracts Other current assets 204.3 4.9 Other accrued liabilities 244.9 5.4 Total $ 4.9 $ 6.6 As of November 30, 2015: (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet location Notional amount Fair value Balance sheet location Notional amount Fair value Interest rate contracts Other current assets $ 100.0 $ 2.5 Other accrued liabilities $ 100.0 $ 0.6 Foreign exchange contracts Other current assets 179.5 3.4 Other accrued liabilities 85.0 0.7 Total $ 5.9 $ 1.3 The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the years ended November 30, 2016 , 2015 and 2014 : Fair value hedges (millions) Income statement location Income (expense) Derivative 2016 2015 2014 Interest rate contracts Interest expense $ 1.6 $ 5.1 $ 5.0 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2016 Hedged Item 2016 Foreign exchange contracts Other income, net $ (3.5 ) Intercompany loans Other income, net $ 3.1 Cash flow hedges (millions) Gain (loss) recognized in OCI Income statement location Gain (loss) reclassified from AOCI Derivative 2016 2015 2014 2016 2015 2014 Interest rate contracts $ — $ (1.2 ) $ — Interest expense $ (0.3 ) $ (0.2 ) $ (0.2 ) Foreign exchange contracts 4.4 6.2 4.2 Cost of goods sold 3.7 7.1 (1.1 ) Total $ 4.4 $ 5.0 $ 4.2 $ 3.4 $ 6.9 $ (1.3 ) The amount of gain or loss recognized in income on the ineffective portion of derivative instruments is not material. The net amount of accumulated other comprehensive income expected to be reclassified into income related to these contracts in the next twelve months is a $3.4 million increase to earnings. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments at November 30, 2016 and 2015 were as follows: 2016 2015 (millions) Carrying amount Fair value Carrying amount Fair value Long-term investments $ 116.2 $ 116.2 $ 112.6 $ 112.6 Long-term debt (including current portion) 1,056.9 1,118.3 1,254.9 1,325.6 Derivatives related to: Interest rates (assets) — — 2.5 2.5 Interest rates (liabilities) 1.2 1.2 0.6 0.6 Foreign currency (assets) 4.9 4.9 3.4 3.4 Foreign currency (liabilities) 5.4 5.4 0.7 0.7 Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, receivables, short-term borrowings and trade accounts payable approximate fair value. Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value. Long-term investments are comprised of fixed income and equity securities held on behalf of employees in certain employee benefit plans and are stated at fair value on the balance sheet. The cost of these investments was $80.6 million and $80.0 million at November 30, 2016 and 2015 , respectively. Concentrations of Credit Risk We are potentially exposed to concentrations of credit risk with trade accounts receivable, prepaid allowances and financial instruments. The customers of our consumer segment are predominantly food retailers and food wholesalers. Consolidations in these industries have created larger customers. In addition, competition has increased with the growth in alternative channels including mass merchandisers, dollar stores, warehouse clubs, discount chains and e-commerce. This has caused some customers to be less profitable and increased our exposure to credit risk. We have a large and diverse customer base and, other than with respect to the two customers disclosed in note 16, each of which accounted for greater than 10% of our consolidated sales, there was no material concentration of credit risk in these accounts at November 30, 2016. At November 30, 2016, amounts due from those two customers aggregated approximately 9% of consolidated trade accounts receivable. Current credit markets are highly volatile and some of our customers and counterparties are highly leveraged. We continue to closely monitor the credit worthiness of our customers and counterparties and generally do not require collateral. We believe that the allowance for doubtful accounts properly recognized trade receivables at realizable value. We consider nonperformance credit risk for other financial instruments to be insignificant. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Nov. 30, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect management’s own assumptions. Our population of assets and liabilities subject to fair value measurements on a recurring basis at November 30, 2016 and 2015 are as follows: Fair value measurements using fair value hierarchy as of November 30, 2016 (millions) Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 118.4 $ 118.4 $ — $ — Insurance contracts 106.0 — 106.0 — Bonds and other long-term investments 10.2 10.2 — — Foreign currency derivatives 4.9 — 4.9 — Total $ 239.5 $ 128.6 $ 110.9 $ — Liabilities Interest rate derivatives $ 1.2 $ — $ 1.2 $ — Foreign currency derivatives 5.4 — 5.4 — Contingent consideration related to acquisition 28.9 — — 28.9 Total $ 35.5 $ — $ 6.6 $ 28.9 Fair value measurements using fair value hierarchy as of November 30, 2015 (millions) Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 112.6 $ 112.6 $ — $ — Insurance contracts 104.1 — 104.1 — Bonds and other long-term investments 8.5 8.5 — — Interest rate derivatives 2.5 — 2.5 — Foreign currency derivatives 3.4 — 3.4 — Total $ 231.1 $ 121.1 $ 110.0 $ — Liabilities Interest rate derivatives $ 0.6 $ — $ 0.6 $ — Foreign currency derivatives 0.7 — 0.7 — Contingent consideration related to acquisition 27.1 — — 27.1 Total $ 28.4 $ — $ 1.3 $ 27.1 The fair values of insurance contracts are based upon the underlying values of the securities in which they are invested and are from quoted market prices from various stock and bond exchanges for similar type assets. The fair values of bonds and other long-term investments are based on quoted market prices from various stock and bond exchanges. The fair values for interest rate and foreign currency derivatives are based on values for similar instruments using models with market based inputs. The acquisition-date fair value of the liability for contingent consideration related to our acquisition of D&A was approximately $27.7 million (see note 2) and was included in other long-term liabilities in our consolidated balance sheet. The fair value of the liability both at acquisition and as of each reporting period is estimated using a discounted cash flow technique applied to the expected payout with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in the FASB's Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures. The significant inputs in the Level 3 measurement not supported by market activity included our probability assessments of expected future earnings before interest, taxes, depreciation and amortization related to our acquisition of D&A during the calendar 2017 earn-out period, adjusted for expectations of the amounts and ultimate resolution of likely disputes to be raised by the sellers and by us as provided in the purchase agreement, discounted considering the uncertainties associated with the obligation, and calculated in accordance with the terms of the purchase agreement. Changes in the fair value of the liability for contingent consideration including accretion, but excluding the impact of foreign currency, will be recognized in income on a quarterly basis until settlement in fiscal 2018. The change in fair value of our Level 3 liabilities, which relates solely to the contingent consideration related to our acquisition of D&A, for the years ended November 30, 2016 and 2015 is summarized as follows (in millions): Beginning of year Acquisition-date fair value Settlements Changes in fair value including accretion Impact of foreign currency Balance as of end of year Year ended November 30, 2016 $ 27.1 $ — $ — $ 1.8 $ — $ 28.9 Year ended November 30, 2015 $ — $ 27.7 $ — $ 0.5 $ (1.1 ) $ 27.1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Nov. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPREHENSIVE INCOME | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the components of accumulated other comprehensive loss, net of tax where applicable (in millions): 2016 2015 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment $ (299.4 ) $ (206.6 ) Unrealized gain on foreign currency exchange contracts 3.9 1.5 Unamortized value of settled interest rate swaps 2.4 2.1 Pension and other postretirement costs (221.3 ) (203.1 ) $ (514.4 ) $ (406.1 ) The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the years ended November 30, 2016 , 2015 and 2014 : (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2016 2015 2014 (Gains)/losses on cash flow hedges: Interest rate derivatives $ 0.3 $ 0.2 $ 0.2 Interest expense Foreign exchange contracts (3.7 ) (7.1 ) 1.1 Cost of goods sold Total before taxes (3.4 ) (6.9 ) 1.3 Tax effect 0.9 1.8 (0.3 ) Income taxes Net, after tax $ (2.5 ) $ (5.1 ) $ 1.0 Amortization of pension and postretirement benefit adjustments: Amortization of prior service costs (1) $ 0.3 $ 0.3 $ 0.3 SG&A expense/ Cost of goods sold Amortization of net actuarial losses (1) 16.7 22.8 16.4 SG&A expense/ Cost of goods sold Total before taxes 17.0 23.1 16.7 Tax effect (5.8 ) (7.9 ) (5.7 ) Income taxes Net, after tax $ 11.2 $ 15.2 $ 11.0 (1) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 10 for additional details). |
Employee Benefit And Retirement
Employee Benefit And Retirement Plans | 12 Months Ended |
Nov. 30, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit And Retirement Plans | EMPLOYEE BENEFIT AND RETIREMENT PLANS We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. Included in accumulated other comprehensive loss at November 30, 2016 was $327.8 million ( $221.3 million net of tax) related to net unrecognized actuarial losses of $326.6 million and unrecognized prior service costs of $1.2 million that have not yet been recognized in net periodic pension or postretirement benefit cost. We expect to recognize $16.6 million ( $11.1 million net of tax) in net periodic pension and postretirement benefit expense during 2017 related to the amortization of actuarial losses of $15.9 million and the amortization of prior service costs of $0.7 million . Defined Benefit Pension Plans The significant assumptions used to determine benefit obligations are as follows as of November 30: United States International 2016 2015 2016 2015 Discount rate—funded plan 4.6 % 4.7 % 3.2 % 3.9 % Discount rate—unfunded plan 4.5 % 4.7 % — — Salary scale 3.8 % 3.8 % 3.0-3.5% 3.0-3.6% The significant assumptions used to determine pension expense are as follows: United States International 2016 2015 2014 2016 2015 2014 Discount rate—funded plan 4.7 % 4.4 % 5.2 % 3.9 % 3.8 % 4.6 % Discount rate—unfunded plan 4.7 % 4.3 % 5.1 % — — — Salary scale 3.8 % 3.8 % 3.8 % 3.5 % 3.5 % 3.0-3.8% Expected return on plan assets 7.5 % 7.8 % 8.0 % 6.0 % 6.3 % 6.8 % Annually, we undertake a process, with the assistance of our external investment consultants, to evaluate the appropriate projected rates of return to use for our pension plans’ assumptions. We engage our investment consultants' research teams to develop capital market assumptions for each asset category in our plans to project investment returns into the future. The specific methods used to develop expected return assumptions vary by asset category. We adjust the outcomes for the fact that plan assets are invested with actively managed funds and subject to tactical asset reallocation. Our pension expense was as follows: United States International (millions) 2016 2015 2014 2016 2015 2014 Service cost $ 21.5 $ 23.6 $ 20.0 $ 7.1 $ 8.2 $ 7.8 Interest costs 33.3 31.6 31.1 11.3 12.0 13.8 Expected return on plan assets (40.8 ) (40.2 ) (38.8 ) (16.2 ) (17.2 ) (18.7 ) Amortization of prior service costs — — — 0.3 0.3 0.3 Amortization of net actuarial loss 12.6 16.8 11.8 4.1 6.0 4.6 $ 26.6 $ 31.8 $ 24.1 $ 6.6 $ 9.3 $ 7.8 A rollforward of the benefit obligation, fair value of plan assets and a reconciliation of the pension plans’ funded status as of November 30, the measurement date, follows: United States International (millions) 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 722.0 $ 728.4 $ 308.1 $ 341.6 Service cost 21.5 23.6 7.1 8.2 Interest costs 33.3 31.6 11.3 12.0 Employee contributions — — 1.1 1.3 Actuarial loss (gain) 10.6 (32.0 ) 47.5 (10.7 ) Benefits paid (30.4 ) (29.6 ) (14.9 ) (13.9 ) Expenses paid — — (0.5 ) (0.6 ) Foreign currency impact — — (34.8 ) (29.8 ) Benefit obligation at end of year $ 757.0 $ 722.0 $ 324.9 $ 308.1 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 548.6 $ 576.3 $ 288.3 $ 305.3 Actual return on plan assets 25.3 (3.2 ) 38.3 11.7 Employer contributions 15.4 5.1 9.7 10.6 Employee contributions — — 1.1 1.3 Benefits paid (30.4 ) (29.6 ) (14.9 ) (13.9 ) Expenses paid — — (0.5 ) (0.6 ) Foreign currency impact — — (32.9 ) (26.1 ) Fair value of plan assets at end of year $ 558.9 $ 548.6 $ 289.1 $ 288.3 Funded status $ (198.1 ) $ (173.4 ) $ (35.8 ) $ (19.8 ) Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 757.0 $ 722.0 $ 218.8 $ 34.4 Accumulated benefit obligation 674.9 638.8 208.8 31.2 Fair value of plan assets 558.9 548.6 191.9 20.0 Included in the U.S. in the preceding table is a benefit obligation of $95.5 million and $89.6 million for 2016 and 2015 , respectively, related to a nonqualified defined benefit plan pursuant to which we will pay supplemental pension benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The accumulated benefit obligation related to this plan was $91.8 million and $86.2 million as of November 30, 2016 and 2015 , respectively. The assets related to this plan, which totaled $80.6 million and $79.5 million as of November 30, 2016 and 2015 , respectively, are held in a rabbi trust and accordingly have not been included in the preceding table. Amounts recorded in the balance sheet for all defined benefit pension plans consist of the following: United States International (millions) 2016 2015 2016 2015 Non-current pension asset $ — $ — $ 1.5 $ 3.8 Accrued pension liability 198.1 173.4 37.3 23.6 Deferred income tax assets 90.9 85.9 16.9 13.4 Accumulated other comprehensive loss 149.2 140.6 76.0 68.2 The accumulated benefit obligation is the present value of pension benefits (whether vested or unvested) attributed to employee service rendered before the measurement date and based on employee service and compensation prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation or service levels. The accumulated benefit obligation for the U.S. pension plans was $674.9 million and $638.8 million as of November 30, 2016 and 2015 , respectively. The accumulated benefit obligation for the international pension plans was $296.9 million and $281.5 million as of November 30, 2016 and 2015 , respectively. The investment objectives of the defined benefit pension plans are to provide assets to meet the current and future obligations of the plans at a reasonable cost to us. The goal is to optimize the long-term return across the portfolio of investments at a moderate level of risk. Higher-returning assets include mutual, co-mingled and other funds comprised of equity securities, utilizing both active and passive investment styles. These more volatile assets are balanced with less volatile assets, primarily mutual, co-mingled and other funds comprised of fixed income securities. Professional investment firms are engaged to provide advice on the selection and monitoring of investment funds, and to provide advice on the allocation of plan assets across the various fund managers. This advice is based in part on the duration of each plan’s liability. The investment return performances are evaluated quarterly against specific benchmark indices and against a peer group of funds of the same asset classification. The allocations of U.S. pension plan assets as of November 30, 2016 and 2015 , by asset category, were as follows: Actual 2016 Asset Category 2016 2015 Target Equity securities 69.0 % 68.5 % 61.0 % Fixed income securities 16.7 % 16.7 % 17.0 % Other 14.3 % 14.8 % 22.0 % Total 100.0 % 100.0 % 100.0 % The allocations of the international pension plans’ assets as of November 30, 2016 and 2015 , by asset category, were as follows: Actual 2016 Asset Category 2016 2015 Target Equity securities 55.7 % 54.4 % 53.0 % Fixed income securities 44.2 % 45.3 % 40.5 % Other 0.1 % 0.3 % 6.5 % Total 100.0 % 100.0 % 100.0 % The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30, 2016 and 2015 for the United States and international plans: As of November 30, 2016 United States (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 5.9 $ 5.9 $ — $ — Equity securities: U.S. equity securities (a) 273.0 134.0 139.0 — International equity securities (b) 112.6 112.6 — — Fixed income securities: U.S. government/corporate bonds (c) 33.5 33.5 — — High yield bonds (d) 33.6 — 33.6 — International/government/corporate bonds (e) 25.2 25.2 — — Insurance contracts (f) 1.1 — 1.1 — Other types of investments: Hedge funds (g) 40.7 — — 40.7 Private equity funds (h) 4.1 — — 4.1 Real estate (i) 16.8 16.8 — — Natural resources (j) 12.4 — 12.4 — Total investments $ 558.9 $ 328.0 $ 186.1 $ 44.8 As of November 30, 2016 International (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.1 $ 0.1 $ — $ — International equity securities (b) 161.1 — 161.1 — Fixed income securities: U.S./government/ corporate bonds (c) 107.8 — 107.8 — Insurance contracts (f) 20.1 — 20.1 — Total investments $ 289.1 $ 0.1 $ 289.0 $ — As of November 30, 2015 United States (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 11.0 $ 11.0 $ — $ — Equity securities: U.S. equity securities (a) 270.1 141.2 128.9 — International equity securities (b) 105.7 105.7 — — Fixed income securities: U.S./government/ corporate bonds (c) 32.3 32.3 — — High yield bonds (d) 33.2 — 33.2 — International/government/ corporate bonds (e) 25.2 25.2 — — Insurance contracts (f) 1.1 — 1.1 — Other types of investments: Hedge funds (g) 37.6 — — 37.6 Private equity funds (h) 4.9 — — 4.9 Real estate (i) 16.5 16.5 — — Natural resources (j) 11.0 — 11.0 — Total investments $ 548.6 $ 331.9 $ 174.2 $ 42.5 As of November 30, 2015 International (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.9 $ 0.9 $ — $ — International equity securities (b) 156.8 — 156.8 — Fixed income securities: U.S./government/ corporate bonds (c) 110.6 — 110.6 — Insurance contracts (f) 20.0 — 20.0 — Total investments $ 288.3 $ 0.9 $ 287.4 $ — (a) This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. (b) This category comprises international equity funds with varying benchmark indices. (c) This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. (d) This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. (e) This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. (f) This category comprises insurance contracts, the majority of which have a guaranteed investment return. (g) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. (h) This category comprises private equity, venture capital and limited partnerships. (i) This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (j) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. The change in fair value of the plans’ Level 3 assets for 2016 is summarized as follows: (millions) Beginning of year Realized gains (losses) Unrealized gains (losses) Net, purchases and (sales) End of year Hedge funds $ 37.6 $ (1.1 ) $ 1.0 $ 3.2 $ 40.7 Private equity funds 4.9 0.8 (0.5 ) (1.1 ) 4.1 Total $ 42.5 $ (0.3 ) $ 0.5 $ 2.1 $ 44.8 The change in fair value of the plans’ Level 3 assets for 2015 is summarized as follows: (millions) Beginning of year Realized gains Unrealized gains (losses) Net, purchases and (sales) End of year Hedge funds $ 54.7 $ 2.0 $ (2.3 ) $ (16.8 ) $ 37.6 Private equity funds 5.0 0.7 (0.1 ) (0.7 ) 4.9 Total $ 59.7 $ 2.7 $ (2.4 ) $ (17.5 ) $ 42.5 The value for the Level 3 hedge funds’ assets is determined by an administrator using financial statements of the underlying funds or estimates provided by fund managers. The value for the Level 3 private equity funds’ assets is determined by the general partner or the general partner’s designee. In addition, for the plans’ Level 3 assets, we engage an independent advisor to compare the funds’ returns to other funds with similar strategies. Each fund is required to have an annual audit by an independent accountant, which is provided to the independent advisor. This provides a basis of comparability relative to similar assets in this category. Equity securities in the U.S. plan included McCormick stock with a fair value of $35.3 million ( 0.4 million shares and 6.3% of total U.S. pension plan assets) and $39.2 million ( 0.5 million shares and 7.2% of total U.S. pension plan assets) at November 30, 2016 and 2015 , respectively. Dividends paid on these shares were $0.7 million in 2016 and in 2015 . Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. and International plans for the next 10 fiscal years will be as follows: (millions) United States International 2017 $ 29.3 $ 8.9 2018 30.3 9.0 2019 31.7 9.8 2020 34.1 10.0 2021 36.3 10.6 2022-2026 215.6 61.1 U.S. Defined Contribution Retirement Plans For the U.S. defined contribution retirement plan, we match 100% of a participant’s contribution up to the first 3% of the participant’s salary, and 50% of the next 2% of the participant’s salary. In addition we make contributions for U.S. employees not covered by the defined benefit plan. Some of our smaller U.S. subsidiaries sponsor separate 401(k) retirement plans. Our contributions charged to expense under all 401(k) retirement plans were $10.4 million , $9.5 million and $8.7 million in 2016 , 2015 and 2014 , respectively. At the participant’s election, 401(k) retirement plans held 2.1 million shares of McCormick stock, with a fair value of $189.6 million , at November 30, 2016 . Dividends paid on these shares in 2016 were $3.5 million . Postretirement Benefits Other Than Pensions We currently provide postretirement medical and life insurance benefits to certain U.S. employees who were covered under the active employees’ plan and retire after age 55 with at least five years of service. The subsidy provided under these plans is based primarily on age at date of retirement. These benefits are not pre-funded but paid as incurred. Employees hired after December 31, 2008 are not eligible for a company subsidy. They are eligible for coverage on an access-only basis. Our other postretirement benefit expense follows: (millions) 2016 2015 2014 Service cost $ 2.7 $ 3.1 $ 3.6 Interest costs 3.8 3.7 4.3 Postretirement benefit expense $ 6.5 $ 6.8 $ 7.9 Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow: (millions) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 92.4 $ 96.3 Service cost 2.7 3.1 Interest costs 3.8 3.7 Employee contributions 3.6 3.4 Demographic assumptions change (0.2 ) (1.7 ) Other plan assumptions (0.1 ) 0.3 Trend rate assumption change — 0.2 Discount rate change 0.8 (1.5 ) Actuarial loss (gain) 2.0 (1.6 ) Benefits paid (9.5 ) (9.8 ) Benefit obligation at end of year $ 95.5 $ 92.4 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 5.9 6.4 Employee contributions 3.6 3.4 Benefits paid (9.5 ) (9.8 ) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 95.5 $ 92.4 Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree medical Retiree life insurance Total 2017 $ 6.1 $ 1.3 $ 7.4 2018 6.1 1.3 7.4 2019 6.0 1.3 7.3 2020 6.0 1.3 7.3 2021 5.9 1.3 7.2 2022-2026 28.5 6.9 35.4 The assumed discount rate in determining the benefit obligation was 4.1% and 4.2% for 2016 and 2015 , respectively. For 2016, the assumed annual rate of increase in the cost of covered health care benefits is 7.6% ( 7.1% last year). It is assumed to decrease gradually to 4.5% in the year 2028 ( 5.0% in 2027 last year) and remain at that level thereafter. A one percentage point increase or decrease in the assumed health care cost trend rate would have had an immaterial effect on the benefit obligation and the total of service and interest cost components for 2016. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Nov. 30, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We have three types of stock-based compensation awards: restricted stock units (RSUs), stock options and company stock awarded as part of our long-term performance plan (LTPP). Total stock-based compensation expense for 2016 , 2015 and 2014 was $25.6 million , $18.7 million and $18.2 million , respectively. Total unrecognized stock-based compensation expense related to our RSUs and stock options at November 30, 2016 was $14.1 million and the weighted-average period over which this will be recognized is 1.3 years . Total unrecognized stock-based compensation expense related to our LTPP is variable in nature and is dependent on the company's execution against established performance metrics under performance cycles related to this plan. As of November 30, 2016, we have 4.7 million shares remaining available for future issuance under our RSUs, stock option and LTPP award programs. For all awards, forfeiture rates are considered in the calculation of compensation expense. The following summarizes the key terms and the methods of valuation and expense recognition for each of our stock-based compensation awards. RSUs RSUs are valued at the market price of the underlying stock, discounted by foregone dividends, on the date of grant. Substantially all of the RSUs granted vest over a three -year term or upon retirement. Compensation expense is recorded in the income statement ratably over the shorter of the period until vested or the employee's retirement eligibility date. A summary of our RSU activity for the years ended November 30 follows: (shares in thousands) 2016 2015 2014 Shares Weighted- average price Shares Weighted- average price Shares Weighted- average price Beginning of year 270 $ 71.03 239 $ 67.60 161 $ 60.86 Granted 105 96.59 135 76.06 180 71.15 Vested (94 ) 72.21 (90 ) 69.12 (93 ) 62.57 Forfeited (14 ) 82.10 (14 ) 73.22 (9 ) 70.14 Outstanding—end of year 267 $ 80.08 270 $ 71.03 239 $ 67.60 Stock Options Stock options are granted with an exercise price equal to the market price of the stock on the date of grant. Substantially all of the options vest ratably over a three -year period or upon retirement and are exercisable over a 10 -year period. Upon exercise of the option, shares are issued from our authorized and unissued shares. The fair value of the options is estimated with a lattice option pricing model which uses the assumptions in the following table. We believe the lattice model provides an appropriate estimate of fair value of our options as it allows for a range of possible outcomes over an option term and can be adjusted for changes in certain assumptions over time. Expected volatilities are based primarily on the historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is an output of the option pricing model and estimates the period of time that options are expected to remain unexercised. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense is calculated based on the fair value of the options on the date of grant. This compensation is recorded in the income statement ratably over the shorter of the period until vested or the employee's retirement eligibility date. The per share weighted-average fair value for all options granted was $17.50 , $12.52 and $9.48 in 2016 , 2015 and 2014 , respectively. These fair values were computed using the following range of assumptions for our various stock compensation plans for the years ended November 30: 2016 2015 2014 Risk-free interest rates 0.5 - 1.9% 0.1 - 2.0% 0.1 - 2.7% Dividend yield 1.7 % 2.1 % 2.1 % Expected volatility 18.7% 18.8% 15.6 - 20.1% Expected lives 7.6 years 7.7 years 5.8 years Under our stock option plans, we may issue shares on a net basis at the request of the option holder. This occurs by netting the option cost in shares from the shares exercised. A summary of our stock option activity for the years ended November 30 follows: (shares in millions) 2016 2015 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Beginning of year 4.8 $ 59.20 4.8 $ 54.17 4.6 $ 47.73 Granted 0.7 99.92 0.8 76.32 1.1 71.12 Exercised (0.6 ) 51.26 (0.7 ) 45.22 (0.8 ) 37.19 Forfeited — — (0.1 ) 69.67 (0.1 ) 67.22 Outstanding—end of year 4.9 66.00 4.8 59.20 4.8 54.17 Exercisable—end of year 3.4 $ 56.97 3.1 $ 51.99 2.8 $ 45.71 As of November 30, 2016 , the intrinsic value (the difference between the exercise price and the market price) for all options currently outstanding was $130.0 million and for options currently exercisable was $115.9 million . At November 30, 2016, the differences between options outstanding and options expected to vest and their related weighted-average exercise prices, aggregate intrinsic values and weighted-average remaining lives were not material. The total intrinsic value of all options exercised during the years ended November 30, 2016 , 2015 and 2014 was $25.4 million , $25.7 million and $25.9 million , respectively. A summary of our stock options outstanding and exercisable at November 30, 2016 follows: (shares in millions) Options outstanding Options exercisable Range of exercise price Shares Weighted- average remaining life (yrs.) Weighted- average exercise price Shares Weighted- average remaining life (yrs.) Weighted- average exercise price $29.00 - $54.00 1.3 3.4 $ 40.26 1.3 3.4 $ 40.26 $54.01 - $79.00 2.9 7.0 69.40 2.1 6.7 67.49 $79.01 - $100.00 0.7 9.3 99.92 — — — 4.9 5.9 $ 66.00 3.4 4.8 $ 56.97 LTPP Our LTPP delivers awards in a combination of cash and company stock. The stock compensation portion of the LTPP awards shares of company stock if certain company performance objectives are met at the end of a three-year period. These awards are valued at the market price of the underlying stock on the date of grant. Compensation expense is recorded in the income statement ratably over the three -year period of the program based on the number of shares ultimately expected to be awarded using our estimate of the most likely outcome of achieving the performance objectives. A summary of the LTPP award activity for the years ended November 30 follows: (shares in thousands) 2016 2015 2014 Shares Weighted- average price Shares Weighted- average price Shares Weighted- Beginning of year 192 $ 70.94 231 $ 61.94 334 $ 51.73 Granted 108 86.40 96 74.02 105 69.04 Vested (18 ) 64.74 (65 ) 48.78 (118 ) 44.47 Performance adjustment (41 ) 69.04 (56 ) 64.74 (55 ) 48.78 Forfeited (40 ) 81.78 (14 ) 70.92 (35 ) 65.42 Outstanding—end of year 201 $ 78.10 192 $ 70.94 231 $ 61.94 |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes consists of the following: (millions) 2016 2015 2014 Income taxes Current Federal $ 127.7 $ 78.8 $ 91.3 State 15.1 9.1 11.3 International 50.2 42.4 37.2 193.0 130.3 139.8 Deferred Federal (29.6 ) 9.3 2.8 State (2.4 ) 0.4 0.3 International (8.0 ) (8.7 ) 3.0 (40.0 ) 1.0 6.1 Total income taxes $ 153.0 $ 131.3 $ 145.9 In 2016, current federal income tax expense increased by $48.9 million from $78.8 million in 2015 to $127.7 million in 2016. That change was largely offset by a net increase in deferred federal tax benefit of $38.9 million , from a deferred expense of $9.3 million in 2015 to a deferred benefit of $29.6 million in 2016. These changes principally stemmed from higher pretax income in the U.S. in 2016 compared to the prior year as well as to an increase in deductible temporary differences in 2016, with a resultant increase in deferred tax assets, in order to maximize certain available tax credits. The components of income from consolidated operations before income taxes follow: (millions) 2016 2015 2014 Pretax income United States $ 383.3 $ 308.3 $ 333.2 International 205.9 187.9 221.2 $ 589.2 $ 496.2 $ 554.4 A reconciliation of the U.S. federal statutory rate with the effective tax rate follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefits 1.4 1.2 1.3 International tax at different effective rates (6.7 ) (7.6 ) (7.0 ) U.S. tax on remitted and unremitted earnings 0.4 1.1 0.4 U.S. manufacturing deduction (2.2 ) (1.9 ) (1.6 ) Changes in prior year tax contingencies (1.8 ) (2.1 ) (2.0 ) Other, net (0.1 ) 0.8 0.2 Total 26.0 % 26.5 % 26.3 % Deferred tax assets and liabilities are comprised of the following: (millions) 2016 2015 Deferred tax assets Employee benefit liabilities $ 184.5 $ 148.4 Other accrued liabilities 42.2 27.8 Inventory 5.5 6.1 Tax loss and credit carryforwards 39.3 39.9 Other 15.1 12.3 Valuation allowance (10.5 ) (14.6 ) 276.1 219.9 Deferred tax liabilities Depreciation 38.1 41.8 Intangible assets 262.5 225.1 Other 6.1 6.8 306.7 273.7 Net deferred tax liability $ (30.6 ) $ (53.8 ) At November 30, 2016 , our non-U.S. subsidiaries have tax loss carryforwards of $137.1 million . Of these carryforwards, $3.4 million expire in 2017, $11.0 million from 2018 through 2019, $39.2 million from 2020 through 2027 and $83.5 million may be carried forward indefinitely. At November 30, 2016 , our non-U.S. subsidiaries have capital loss carryforwards of $4.7 million . All of these carryforwards may be carried forward indefinitely. At November 30, 2016 , we have tax credit carryforwards of $14.8 million , of which $0.3 million expire in 2021 , $13.5 million in 2022 and $1.0 million in 2026 . A valuation allowance has been provided to record deferred tax assets at their net realizable value based on a more likely than not criteria. The $4.1 million net decrease in the valuation allowance from 2015 was mainly due to the recognition of deferred tax assets related to subsidiaries' net operating losses which are now more likely than not to be realized, offset by additional valuation allowance related to losses generated in other subsidiaries in 2016 which may not be realized in future periods. U.S. income taxes are not provided for unremitted earnings of international subsidiaries and affiliates where our intention is to reinvest these earnings permanently. Unremitted earnings of such entities were $1.64 billion at November 30, 2016 . Upon distribution of these earnings, we could be subject to both U.S. income taxes and withholding taxes. Determination of the unrecognized deferred income tax liability is not practical because of the complexities involved with this hypothetical calculation. The total amount of unrecognized tax benefits as of November 30, 2016 and November 30, 2015 were $58.3 million and $56.5 million , respectively. If recognized, $46.1 million of these tax benefits as of November 30, 2016 would affect the effective tax rate. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: (millions) 2016 2015 2014 Balance at beginning of year $ 56.5 $ 55.7 $ 58.0 Additions for current year tax positions 10.3 8.9 11.4 Additions for prior year tax positions 2.4 3.2 0.7 Reductions for prior year tax positions — (0.8 ) (9.5 ) Settlements — (0.1 ) (3.5 ) Statute expirations (10.0 ) (8.1 ) (0.7 ) Foreign currency translation (0.9 ) (2.3 ) (0.7 ) Balance at November 30 $ 58.3 $ 56.5 $ 55.7 We record interest and penalties on income taxes in income tax expense. We recognized interest and penalty expense (income) of $1.2 million , $(0.1) million and $0.5 million for the years ended November 30, 2016 , 2015 and 2014, respectively. As of November 30, 2016 and 2015 , we had accrued $5.7 million and $4.5 million , respectively, of interest and penalties related to unrecognized tax benefits. Tax settlements or statute of limitation expirations could result in a change to our uncertain tax positions. We believe that the reasonably possible total amount of unrecognized tax benefits as of November 30, 2016 that could decrease in the next 12 months as a result of various statute expirations, audit closures and/or tax settlements would not be material. We file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. The open years subject to tax audits vary depending on the tax jurisdictions. In major jurisdictions, we are no longer subject to income tax audits by taxing authorities for years before 2009. We are under normal recurring tax audits in the U.S. and in several jurisdictions outside the U.S. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our reserves for uncertain tax positions are adequate to cover existing risks and exposures. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: (millions) 2016 2015 2014 Average shares outstanding—basic 126.6 128.0 129.9 Effect of dilutive securities: Stock options/RSUs/LTPP 1.4 1.2 1.1 Average shares outstanding—diluted 128.0 129.2 131.0 The following table sets forth the stock options and RSUs for the years ended November 30 which were not considered in our earnings per share calculation since they were antidilutive: (millions) 2016 2015 2014 Antidilutive securities 0.5 0.4 1.6 |
Capital Stock
Capital Stock | 12 Months Ended |
Nov. 30, 2016 | |
Capital Stock [Abstract] | |
Capital Stock | CAPITAL STOCK Holders of Common Stock have full voting rights except that (1) the voting rights of persons who are deemed to own beneficially 10% or more of the outstanding shares of Common Stock are limited to 10% of the votes entitled to be cast by all holders of shares of Common Stock regardless of how many shares in excess of 10% are held by such person; (2) we have the right to redeem any or all shares of stock owned by such person unless such person acquires more than 90% of the outstanding shares of each class of our common stock; and (3) at such time as such person controls more than 50% of the vote entitled to be cast by the holders of outstanding shares of Common Stock, automatically, on a share-for-share basis, all shares of Common Stock Non-Voting will convert into shares of Common Stock. Holders of Common Stock Non-Voting will vote as a separate class on all matters on which they are entitled to vote. Holders of Common Stock Non-Voting are entitled to vote on reverse mergers and statutory share exchanges where our capital stock is converted into other securities or property, dissolution of the company and the sale of substantially all of our assets, as well as forward mergers and consolidation of the company. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Nov. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES During the normal course of our business, we are occasionally involved with various claims and litigation. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. At November 30, 2016 and 2015 , no material reserves were recorded. No reserves are established for losses which are only reasonably possible. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. However, we believe that the likelihood that any such excess might have a material adverse effect on our financial statements is remote. |
Business Segments And Geographi
Business Segments And Geographic Areas | 12 Months Ended |
Nov. 30, 2016 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Business Segments And Geographic Areas | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS Business Segments We operate in two business segments: consumer and industrial. The consumer and industrial segments manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail 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 “Lawry’s,” “Zatarain’s,” “Simply Asia,” “Thai Kitchen,” “Ducros,” “Vahiné,” “Schwartz,” “Club House,” “Kamis,” “Kohinoor,” "DaQiao," "Drogheria & Alimentari," "Stubb's" and "Gourmet Garden." Our industrial segment sells to food manufacturers and the foodservice industry both directly and indirectly through distributors. In each of our segments, we produce and sell many individual products which are similar in composition and nature. With their primary attribute being flavor, we regard the products within each of our segments to be fairly homogenous. It is impracticable to segregate and identify sales and profits for each of these individual product lines. We measure segment performance based on operating income excluding special charges as these activities are managed separately from the business segments. Although the segments are managed separately due to their distinct distribution channels and marketing strategies, manufacturing and warehousing are often integrated to maximize cost efficiencies. We do not segregate jointly utilized assets by individual segment for internal reporting, evaluating performance or allocating capital. Therefore, asset-related information has been disclosed in the aggregate. We have a large number of customers for our products. Sales to one of our consumer segment customers, Wal-Mart Stores, Inc., accounted for 11% of consolidated sales in 2016 , 2015 and 2014 . Sales to one of our industrial segment customers, PepsiCo, Inc., accounted for 11% of consolidated sales in 2016 , 2015 and 2014 . Accounting policies for measuring segment operating income and assets are consistent with those described in note 1. Because of integrated manufacturing for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Inter-segment sales are not material. Corporate assets include cash, deferred taxes, investments and certain fixed assets. Business Segment Results (millions) Consumer Industrial Total segments Corporate & other Total 2016 Net sales $ 2,753.2 $ 1,658.3 $ 4,411.5 $ — $ 4,411.5 Operating income excluding special charges 490.8 166.2 657.0 — 657.0 Income from unconsolidated operations 30.7 5.4 36.1 — 36.1 Goodwill 1,608.3 163.1 1,771.4 — 1,771.4 Assets — — 4,387.8 248.1 4,635.9 Capital expenditures — — 120.1 33.7 153.8 Depreciation and amortization — — 71.7 37.0 108.7 2015 Net sales $ 2,635.2 $ 1,661.1 $ 4,296.3 $ — $ 4,296.3 Operating income excluding special charges 456.1 157.8 613.9 — 613.9 Income from unconsolidated operations 36.0 0.7 36.7 — 36.7 Goodwill 1,587.7 171.6 1,759.3 — 1,759.3 Assets — — 4,225.4 247.2 4,472.6 Capital expenditures — — 102.8 25.6 128.4 Depreciation and amortization — — 71.8 34.1 105.9 2014 Net sales $ 2,625.5 $ 1,617.7 $ 4,243.2 $ — $ 4,243.2 Operating income excluding special charges 474.3 133.9 608.2 — 608.2 Income from unconsolidated operations 28.2 1.2 29.4 — 29.4 Goodwill 1,581.1 141.1 1,722.2 — 1,722.2 Assets — — 4,169.7 212.6 4,382.3 Capital expenditures — — 108.6 24.1 132.7 Depreciation and amortization — — 71.7 31.0 102.7 A reconciliation of operating income excluding special charges (which we use to measure segment profitability) to operating income for the years ended November 30, 2016 , 2015 and 2014 is as follows: (millions) Consumer Industrial Total 2016 Operating income excluding special charges $ 490.8 $ 166.2 $ 657.0 Less: Special charges included in cost of goods sold 0.3 — 0.3 Less: Other special charges 8.9 6.8 15.7 Operating income $ 481.6 $ 159.4 $ 641.0 2015 Operating income excluding special charges $ 456.1 $ 157.8 $ 613.9 Less: Special charges included in cost of goods sold 4.0 — 4.0 Less: Other special charges 48.8 12.7 61.5 Operating income $ 403.3 $ 145.1 $ 548.4 2014 Operating income excluding special charges $ 474.3 $ 133.9 $ 608.2 Less: Special charges 3.7 1.5 5.2 Operating income $ 470.6 $ 132.4 $ 603.0 Geographic Areas We have net sales and long-lived assets in the following geographic areas: (millions) United States EMEA Other countries Total 2016 Net sales $ 2,565.3 $ 896.0 $ 950.2 $ 4,411.5 Long-lived assets 1,499.9 846.5 519.3 2,865.7 2015 Net sales $ 2,438.1 $ 903.7 $ 954.5 $ 4,296.3 Long-lived assets 1,462.2 871.9 415.7 2,749.8 2014 Net sales $ 2,357.5 $ 930.8 $ 954.9 $ 4,243.2 Long-lived assets 1,284.0 920.0 451.7 2,655.7 Long-lived assets include property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Nov. 30, 2016 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Financial Statement Data | SUPPLEMENTAL FINANCIAL STATEMENT DATA Supplemental income statement, balance sheet and cash flow information follows: (millions) 2016 2015 Inventories Finished products $ 336.3 $ 319.9 Raw materials and work-in-process 420.0 390.9 $ 756.3 $ 710.8 Prepaid expenses $ 23.6 $ 22.4 Other current assets 58.3 56.4 $ 81.9 $ 78.8 Property, plant and equipment Land and improvements $ 62.4 $ 62.7 Buildings 402.9 360.1 Machinery and equipment 730.1 725.9 Software 317.8 310.2 Construction-in-progress 117.0 72.4 Accumulated depreciation (960.8 ) (912.9 ) $ 669.4 $ 618.4 Investments and other assets Investments in affiliates $ 134.6 $ 150.6 Long-term investments 116.2 112.6 Prepaid allowances 16.7 20.7 Other assets 80.9 81.5 $ 348.4 $ 365.4 Other accrued liabilities Payroll and employee benefits $ 161.5 $ 129.5 Sales allowances 125.0 114.8 Other 292.2 239.4 $ 578.7 $ 483.7 Other long-term liabilities Pension $ 231.1 $ 192.8 Postretirement benefits 88.4 86.1 Deferred taxes 79.9 100.4 Unrecognized tax benefits 49.7 47.6 Other 72.0 68.8 $ 521.1 $ 495.7 (millions) 2016 2015 2014 Depreciation $ 71.2 $ 71.5 $ 67.7 Software amortization 17.1 18.1 20.0 Interest paid 57.5 52.2 50.0 Income taxes paid 151.0 111.5 129.0 Dividends paid per share were $1.72 in 2016 , $1.60 in 2015 and $1.48 in 2014 . Dividends declared per share were $1.76 in 2016, $1.63 in 2015, and $1.51 in 2014. |
Selected Quarterly Data
Selected Quarterly Data | 12 Months Ended |
Nov. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data | SELECTED QUARTERLY DATA (UNAUDITED) (millions except per share data) First Second Third Fourth 2016 Net sales $ 1,030.2 $ 1,063.3 $ 1,091.0 $ 1,227.0 Gross profit 405.0 432.8 453.9 540.0 Operating income 129.1 125.0 167.8 219.1 Net income 93.4 93.8 127.7 157.4 Basic earnings per share 0.73 0.74 1.01 1.25 Diluted earnings per share 0.73 0.73 1.00 1.24 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.43 0.43 0.43 0.43 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.43 0.43 0.90 Market price—Common Stock High 94.10 100.06 107.05 102.01 Low 79.53 91.32 96.92 91.06 Market price—Common Stock Non-Voting High 94.10 100.71 107.07 101.98 Low 79.78 91.39 97.18 91.08 2015 Net sales $ 1,010.4 $ 1,024.1 $ 1,059.9 $ 1,201.9 Gross profit 389.7 404.0 421.9 521.7 Operating income 93.7 103.8 138.7 212.2 Net income 70.5 84.3 97.6 149.2 Basic earnings per share 0.55 0.66 0.76 1.17 Diluted earnings per share 0.55 0.65 0.76 1.16 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.40 0.40 0.40 0.40 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.40 0.40 0.83 Market price—Common Stock High 76.37 79.53 84.89 86.04 Low 71.45 68.29 76.13 77.70 Market price—Common Stock Non-Voting High 76.78 79.61 85.20 86.03 Low 71.39 71.98 76.02 77.61 Operating income for the first quarter of 2016 included $1.6 million of special charges, with an after-tax impact of $1.3 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the second quarter of 2016 included $3.9 million of special charges, with an after-tax impact of $2.7 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2016 included $4.3 million of special charges, with an after-tax impact of $3.4 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2016 included $6.2 million of special charges, including $0.3 million reflected in gross profit, with an after-tax impact of $3.7 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the first quarter of 2015 included $28.4 million of special charges, with an after-tax impact of $19.9 million and a per share impact of $0.16 and $0.15 for basic and diluted earnings per share, respectively. Operating income for the second quarter of 2015 included $19.0 million of special charges, with an after-tax impact of $12.9 million and a per share impact of $0.10 for both basic and diluted earnings per share. Operating income for the third quarter of 2015 included $15.1 million of special charges, including $3.4 million reflected in gross profit, with an after-tax impact of $12.1 million and a per share impact of $0.09 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2015 included $3.0 million of special charges, including $0.6 million reflected in gross profit, with an after-tax impact of $3.0 million and a per share impact of $0.02 for both basic and diluted earnings per share. See note 3 for details with respect to the actions undertaken in connection with these special charges. Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Nov. 30, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 19. SUBSEQUENT EVENTS Acquisition - On December 15, 2016, we purchased 100% of the shares of Enrico Giotti SpA (Giotti), a leading European flavor manufacturer located in Italy for a cash payment of $125.5 million , subject to certain post-closing adjustments. The acquisition was funded with cash and short-term borrowings. Giotti is well known in the industry for its innovative beverage, sweet, savory and dairy flavor applications. At the time of the acquisition, annual sales of Giotti were approximately €53 million . Our acquisition of Giotti in fiscal 2017 expands the breadth of value-added products for McCormick's industrial segment, including additional expertise in flavoring health and nutrition products. Employee benefit and retirement plans - Subsequent to our fiscal year ended November 30, 2016, we made several significant changes to the following employee benefit and retirement plans: • On December 1, 2016, the Management Committee approved the freezing of benefits under the McCormick U.K. Pension and Life Assurance Scheme (the U.K. plan). The effective date of this freeze is December 31, 2016. Although the U.K. plan will be frozen, employees who are participants in that plan will retain benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plan. • On January 3, 2017, the Management Committee approved the freezing of benefits under the McCormick Pension Plan, the defined benefit pension plan available to U.S. employees hired on or prior to December 31, 2011. The effective date of this freeze is November 30, 2018. Although the U.S. Pension plan will be frozen, employees who are participants in that plan will retain benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plan. • On January 3, 2017, the Compensation Committee of our Board of Directors approved the freezing of benefits under the McCormick Supplemental Executive Retirement Plan (the “SERP”). The effective date of this freeze is January 31, 2017. Although the SERP will be frozen, executives who are participants in the SERP as of the date of the freeze, including certain named executive officers, will retain benefits accumulated up to that date, based on credited service and eligible earnings, in accordance with the SERP’s terms. These changes are in alignment with ongoing initiatives to create a market competitive, cost competitive and consistent health, welfare and retirement benefit structure across our organization. As a result of these pension benefit plan changes, we expect to recognize lower retirement benefit expense in 2017 and future periods. That lower retirement benefit expense in 2017 will be partially offset by certain amounts provided by the company to mitigate the impact of the 2017 freeze on certain employees, including: (i) expenses relating to special one-time grants of restricted stock units to be provided to certain executives in 2017 who are participants in the SERP at the time of freeze; and (ii) cash payments, equivalent in value to the Company’s contribution prior to the freeze, provided to effected employees of the U.K. plan as of December 1, 2016 (which will continue for a period of two years). |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Nov. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Supplemental Financial Schedule II Consolidated McCORMICK & COMPANY, INCORPORATED VALUATION AND QUALIFYING ACCOUNTS (IN MILLIONS) Column A Column B Column C Additions Column D Column E Description Balance at beginning of period Charged to costs and expenses Charged to other accounts Deductions Balance at end of period Deducted from asset accounts: Year ended November 30, 2016: Allowance for doubtful receivables $ 8.0 $ 0.7 $ — $ (4.5 ) $ 4.2 Valuation allowance on net deferred tax assets 14.6 3.5 — (7.6 ) 10.5 $ 22.6 $ 4.2 $ — $ (12.1 ) $ 14.7 Deducted from asset accounts: Year ended November 30, 2015: Allowance for doubtful receivables $ 4.0 $ 4.9 $ (0.1 ) $ (0.8 ) $ 8.0 Valuation allowance on net deferred tax assets 21.8 5.7 (3.2 ) (9.7 ) 14.6 $ 25.8 $ 10.6 $ (3.3 ) $ (10.5 ) $ 22.6 Deducted from asset accounts: Year ended November 30, 2014: Allowance for doubtful receivables $ 4.1 $ 1.1 $ (0.9 ) $ (0.3 ) $ 4.0 Valuation allowance on net deferred tax assets 21.2 3.0 (1.4 ) (1.0 ) 21.8 $ 25.3 $ 4.1 $ (2.3 ) $ (1.3 ) $ 25.8 |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The financial statements include the accounts of our majority-owned or controlled subsidiaries and affiliates. Intercompany transactions have been eliminated. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. Accordingly, our share of net income or loss of unconsolidated affiliates is included in net income. |
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation For majority-owned or controlled subsidiaries and affiliates, if located outside of the U.S., with functional currencies other than the U.S. dollar, asset and liability accounts are translated at the rates of exchange at the balance sheet date and the resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Income and expense items are translated at average monthly rates of exchange. Gains and losses from foreign currency transactions of these majority-owned or controlled subsidiaries and affiliates — that is, transactions denominated in other than the functional currency — are included in net earnings. Our unconsolidated affiliates located outside the U.S. generally use their local currencies as their functional currencies. The asset and liability accounts of those unconsolidated affiliates are translated at the rates of exchange at the balance sheet date, with the resultant translation adjustments included in accumulated other comprehensive income (loss) of those affiliates. Income and expense items of those affiliates are translated at average monthly rates of exchange. We record our ownership share of the net assets and accumulated other comprehensive income (loss) of our unconsolidated affiliates in our consolidated balance sheet on the lines entitled “Investments and other assets” and “Accumulated other comprehensive loss,” respectively. We record our ownership share of the net income of our unconsolidated affiliates in our consolidated statement of income on the line entitled “Income from unconsolidated operations”. |
Use Of Estimates | Use of Estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using standard or average costs which approximate the first-in, first-out costing method. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment is stated at historical cost and depreciated over its estimated useful life using the straight-line method for financial reporting and both accelerated and straight-line methods for tax reporting. The estimated useful lives range from 20 to 50 years for buildings and 3 to 12 years for machinery, equipment and computer software. Repairs and maintenance costs are expensed as incurred. We also capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. Software is amortized using the straight-line method over a range of 3 to 8 years, but not exceeding the expected life of the product. We capitalized $21.8 million of software development costs during the year ended November 30, 2016 , $9.4 million during the year ended November 30, 2015 and $11.7 million during the year ended November 30, 2014 . |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets We review the carrying value of goodwill and indefinite-lived intangible assets and conduct tests of impairment on an annual basis as described below. We also test goodwill for impairment if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount and test indefinite-lived intangible assets for impairment if events or changes in circumstances indicate that the asset might be impaired. Separable intangible assets that have finite useful lives are amortized over those lives. Determining the fair value of a reporting unit or an indefinite-lived purchased intangible asset is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, assumed royalty rates, future economic and market conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates. Goodwill Impairment Our reporting units used to assess potential goodwill impairment are the same as our business segments. We calculate fair value of a reporting unit by using a discounted cash flow model and then compare that to the carrying amount of the reporting unit, including intangible assets and goodwill. If the carrying amount of the reporting unit exceeds the calculated fair value, then we would determine the implied fair value of the reporting unit’s goodwill. An impairment charge would be recognized to the extent the carrying amount of goodwill exceeds the implied fair value. Indefinite-lived Intangible Asset Impairment Our indefinite-lived intangible assets consist of brand names and trademarks. We calculate fair value by using a relief-from-royalty method or discounted cash flow model and then compare that to the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value. Long-lived Fixed Asset Impairment Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss is calculated based on estimated fair value. |
Revenue Recognition | Revenue Recognition We recognize revenue when we have an agreement with the customer — upon either shipment or delivery, depending upon contractual terms — and when the sales price is fixed or determinable and collectability is reasonably assured. We reduce revenue for estimated product returns, allowances and price discounts based on historical experience and contractual terms. Trade allowances, consisting primarily of customer pricing allowances and rebates, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Revenue is recorded net of trade allowances. Trade accounts receivable are amounts billed and currently due from customers. We have an allowance for doubtful accounts to reduce our receivables to their net realizable value. We estimate the allowance for doubtful accounts based on the aging of our receivables and our history of collections. |
Shipping And Handling | Shipping and Handling Shipping and handling costs on our products sold to customers are included in selling, general and administrative expense in the income statement. Shipping and handling expense was $97.2 million , $95.8 million and $100.3 million for 2016 , 2015 and 2014 , respectively. |
Research And Development | Research and Development Research and development costs are expensed as incurred and are included in selling, general and administrative expense in the income statement. Research and development expense was $61.0 million , $60.8 million and $62.0 million for 2016 , 2015 and 2014 , respectively. |
Brand Marketing Support | Brand Marketing Support Total brand marketing support costs, which are included in selling, general and administrative expense in the income statement, were $252.2 million , $240.6 million and $226.6 million for 2016 , 2015 and 2014 , respectively. Brand marketing support costs include advertising, promotions and customer trade funds used for cooperative advertising. Promotion costs include public relations, shopper marketing, social marketing activities, general consumer promotion activities and depreciation on assets used in these promotional activities. Advertising costs include the development, production and communication of advertisements through television, digital, print and radio. Development and production costs are expensed in the period in which the advertisement is first run. All other costs of advertisement are expensed as incurred. Advertising expense was $102.9 million , $106.8 million and $100.4 million for 2016 , 2015 and 2014 , respectively. |
Pension and Other Postretirement Plans, Policy | Employee Benefit and Retirement Plans We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. and contribute to government-sponsored retirement plans in locations outside the U.S. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees. We recognize the overfunded or underfunded status of our defined benefit pension plans as an asset or a liability in the balance sheet, with changes in the funded status recorded through other comprehensive income in the year in which those changes occur. The expected return on plan assets is determined using the expected rate of return and a calculated value of plan assets referred to as the market-related value of plan assets. Differences between assumed and actual returns are amortized to the market-related value of assets on a straight-line basis over five years. We use the corridor approach in the valuation of defined benefit pension plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. |
Special Charges Special Charg30
Special Charges Special Charges (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Special Charges [Abstract] | |
Special Charges Summary [Table Text Block] | The following is a summary of special charges recognized in the years ended November 30, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Special charges included in cost of goods sold $ 0.3 $ 4.0 $ — Other special charges in the income statement (1) 15.7 61.5 5.2 Total special charges $ 16.0 $ 65.5 $ 5.2 |
Special Charges Summary by Segment [Table Text Block] | The following is a breakdown of special charges by business segments in the years ended November 30, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Consumer segment $ 9.2 $ 52.8 $ 3.7 Industrial segment 6.8 12.7 1.5 Total special charges $ 16.0 $ 65.5 $ 5.2 |
Special charges rollforward [Table Text Block] | The following table outlines the major components of accrual balances and activity relating to the special charges associated with the EMEA reorganization plans initiated in 2015 (in millions): Employee severance and related benefits Other related costs Total Special charges $ 21.5 $ 2.9 $ 24.4 Cash paid (4.5 ) (1.3 ) (5.8 ) Impairment of fixed assets recorded — (1.1 ) (1.1 ) Impact of foreign exchange (0.8 ) 0.1 (0.7 ) Balance as of November 30, 2015 16.2 0.6 16.8 Special charges 1.2 4.5 5.7 Cash paid (6.8 ) (4.6 ) (11.4 ) Impact of foreign exchange (0.1 ) — (0.1 ) Balance as of November 30, 2016 $ 10.5 $ 0.5 $ 11.0 The following table outlines the major components of accrual balances and activity relating to the special charges associated with our North American effectiveness initiative for the years ended November 30, 2015 and 2016 (in millions): Employee severance and related benefits Other related costs Total Special charges $ 26.9 $ 2.3 $ 29.2 Cash paid (24.6 ) (2.3 ) (26.9 ) Balance as of November 30, 2015 2.3 — 2.3 Special charges 1.7 — 1.7 Cash paid (2.9 ) — (2.9 ) Balance as of November 30, 2016 $ 1.1 $ — $ 1.1 The following table outlines the major components of accrual balances relating to the special charges associated with this EMEA reorganization as of November 30, 2014, 2015 and 2016 (in millions): Employee severance Other exit costs Total Balance as of November 30, 2014 $ 9.3 $ 0.7 $ 10.0 Cash paid (3.5 ) (0.6 ) (4.1 ) Impact of foreign exchange (1.6 ) (0.1 ) (1.7 ) Reversal into income (special charges) (1.9 ) — (1.9 ) Balance as of November 30, 2015 2.3 — 2.3 Cash paid (1.8 ) — (1.8 ) Impact of foreign exchange 0.1 — 0.1 Balance as of November 30, 2016 $ 0.6 $ — $ 0.6 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Goodwill And Intangible Assets [Abstract ] | |
Schedule Of Amortized And Non-Amortized Intangible Assets | The following table displays intangible assets as of November 30, 2016 and 2015 : 2016 2015 (millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Finite-lived intangible assets $ 161.1 $ 48.4 $ 131.0 $ 40.1 Indefinite-lived intangible assets: Goodwill 1,771.4 — 1,759.3 — Brand names and trademarks 312.2 — 281.2 — 2,083.6 — 2,040.5 — Total goodwill and intangible assets $ 2,244.7 $ 48.4 $ 2,171.5 $ 40.1 |
Changes In The Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill by segment for the years ended November 30, 2016 and 2015 were as follows: 2016 2015 (millions) Consumer Industrial Consumer Industrial Beginning of year $ 1,587.7 $ 171.6 $ 1,581.1 $ 141.1 Changes in preliminary purchase price allocation (23.2 ) — — — Increases in goodwill from acquisitions 62.2 — 126.7 34.3 Decreases in goodwill from exit of consolidated joint venture — (2.6 ) — — Foreign currency fluctuations (18.4 ) (5.9 ) (120.1 ) (3.8 ) End of year $ 1,608.3 $ 163.1 $ 1,587.7 $ 171.6 |
Investments In Affiliates (Tabl
Investments In Affiliates (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Investments In Affiliates [Abstract] | |
Summarized Annual And Year-End Information Of Unconsolidated Affiliates | Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows: (millions) 2016 2015 2014 Net sales $ 767.6 $ 777.3 $ 766.6 Gross profit 245.6 286.1 275.7 Net income 66.4 76.6 67.5 Current assets $ 315.6 $ 326.0 $ 320.1 Noncurrent assets 113.0 114.6 123.6 Current liabilities 146.2 161.5 137.2 Noncurrent liabilities 9.1 8.1 6.3 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Financing Arrangements [Abstract] | |
Components Of Outstanding Debt | Our outstanding debt was as follows at November 30: (millions) 2016 2015 Short-term borrowings Commercial paper $ 356.9 $ 107.5 Other 33.4 32.0 $ 390.3 $ 139.5 Weighted-average interest rate of short-term borrowings at year-end 1.4 % 2.2 % Long-term debt 5.20% notes due 12/15/2015 $ — $ 200.0 5.75% notes due 12/15/2017 (1) 250.0 250.0 3.90% notes due 7/8/2021 (2) 250.0 250.0 3.50% notes due 8/19/2023 (3) 250.0 250.0 3.25% notes due 11/15/2025 (4) 250.0 250.0 7.63%–8.12% notes due 2024 55.0 55.0 Other 11.1 7.4 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (9.2 ) (7.5 ) 1,056.9 1,254.9 Less current portion 2.9 203.5 $ 1,054.0 $ 1,051.4 (1) Interest rate swaps, settled upon the issuance of these notes in 2007, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25% . (2) Interest rate swaps, settled upon the issuance of these notes in 2011, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01% . (3) Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30% . (4) Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45% . The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2016 was 2.13% ). |
Maturities Of Long-Term Debt | Maturities of long-term debt during the fiscal years subsequent to November 30, 2016 are as follows (in millions): 2018 $ 250.6 2019 0.4 2020 0.2 2021 250.2 Thereafter 561.8 |
Rental Expense Under Operating Leases | Future annual fixed rental payments (1) for the years ending November 30 are as follows (in millions): 2017 $ 27.8 2018 21.3 2019 14.8 2020 11.6 2021 9.4 Thereafter 23.8 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Derivatives, Fair Value [Line Items] | |
Fair Values Of Derivative Instruments | The following tables disclose the derivative instruments on our balance sheet as of November 30, 2016 and 2015 , which are all recorded at fair value: As of November 30, 2016: (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet location Notional amount Fair value Balance sheet location Notional amount Fair value Interest rate contracts Other current assets $ — $ — Other accrued liabilities $ 100.0 $ 1.2 Foreign exchange contracts Other current assets 204.3 4.9 Other accrued liabilities 244.9 5.4 Total $ 4.9 $ 6.6 As of November 30, 2015: (millions) Asset Derivatives Liability Derivatives Derivatives Balance sheet location Notional amount Fair value Balance sheet location Notional amount Fair value Interest rate contracts Other current assets $ 100.0 $ 2.5 Other accrued liabilities $ 100.0 $ 0.6 Foreign exchange contracts Other current assets 179.5 3.4 Other accrued liabilities 85.0 0.7 Total $ 5.9 $ 1.3 |
Carrying Amount And Fair Value Of Financial Instruments | The carrying amount and fair value of financial instruments at November 30, 2016 and 2015 were as follows: 2016 2015 (millions) Carrying amount Fair value Carrying amount Fair value Long-term investments $ 116.2 $ 116.2 $ 112.6 $ 112.6 Long-term debt (including current portion) 1,056.9 1,118.3 1,254.9 1,325.6 Derivatives related to: Interest rates (assets) — — 2.5 2.5 Interest rates (liabilities) 1.2 1.2 0.6 0.6 Foreign currency (assets) 4.9 4.9 3.4 3.4 Foreign currency (liabilities) 5.4 5.4 0.7 0.7 |
Fair Value Hedges [Member] | |
Derivatives, Fair Value [Line Items] | |
Impact Of Derivative Instruments | The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the years ended November 30, 2016 , 2015 and 2014 : Fair value hedges (millions) Income statement location Income (expense) Derivative 2016 2015 2014 Interest rate contracts Interest expense $ 1.6 $ 5.1 $ 5.0 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2016 Hedged Item 2016 Foreign exchange contracts Other income, net $ (3.5 ) Intercompany loans Other income, net $ 3.1 |
Cash Flow Hedges [Member] | |
Derivatives, Fair Value [Line Items] | |
Impact Of Derivative Instruments | Cash flow hedges (millions) Gain (loss) recognized in OCI Income statement location Gain (loss) reclassified from AOCI Derivative 2016 2015 2014 2016 2015 2014 Interest rate contracts $ — $ (1.2 ) $ — Interest expense $ (0.3 ) $ (0.2 ) $ (0.2 ) Foreign exchange contracts 4.4 6.2 4.2 Cost of goods sold 3.7 7.1 (1.1 ) Total $ 4.4 $ 5.0 $ 4.2 $ 3.4 $ 6.9 $ (1.3 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | Our population of assets and liabilities subject to fair value measurements on a recurring basis at November 30, 2016 and 2015 are as follows: Fair value measurements using fair value hierarchy as of November 30, 2016 (millions) Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 118.4 $ 118.4 $ — $ — Insurance contracts 106.0 — 106.0 — Bonds and other long-term investments 10.2 10.2 — — Foreign currency derivatives 4.9 — 4.9 — Total $ 239.5 $ 128.6 $ 110.9 $ — Liabilities Interest rate derivatives $ 1.2 $ — $ 1.2 $ — Foreign currency derivatives 5.4 — 5.4 — Contingent consideration related to acquisition 28.9 — — 28.9 Total $ 35.5 $ — $ 6.6 $ 28.9 Fair value measurements using fair value hierarchy as of November 30, 2015 (millions) Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 112.6 $ 112.6 $ — $ — Insurance contracts 104.1 — 104.1 — Bonds and other long-term investments 8.5 8.5 — — Interest rate derivatives 2.5 — 2.5 — Foreign currency derivatives 3.4 — 3.4 — Total $ 231.1 $ 121.1 $ 110.0 $ — Liabilities Interest rate derivatives $ 0.6 $ — $ 0.6 $ — Foreign currency derivatives 0.7 — 0.7 — Contingent consideration related to acquisition 27.1 — — 27.1 Total $ 28.4 $ — $ 1.3 $ 27.1 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in fair value of our Level 3 liabilities, which relates solely to the contingent consideration related to our acquisition of D&A, for the years ended November 30, 2016 and 2015 is summarized as follows (in millions): Beginning of year Acquisition-date fair value Settlements Changes in fair value including accretion Impact of foreign currency Balance as of end of year Year ended November 30, 2016 $ 27.1 $ — $ — $ 1.8 $ — $ 28.9 Year ended November 30, 2015 $ — $ 27.7 $ — $ 0.5 $ (1.1 ) $ 27.1 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
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): 2016 2015 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment $ (299.4 ) $ (206.6 ) Unrealized gain on foreign currency exchange contracts 3.9 1.5 Unamortized value of settled interest rate swaps 2.4 2.1 Pension and other postretirement costs (221.3 ) (203.1 ) $ (514.4 ) $ (406.1 ) |
Comprehensive Income (Loss) Note [Text Block] | The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the years ended November 30, 2016 , 2015 and 2014 : (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2016 2015 2014 (Gains)/losses on cash flow hedges: Interest rate derivatives $ 0.3 $ 0.2 $ 0.2 Interest expense Foreign exchange contracts (3.7 ) (7.1 ) 1.1 Cost of goods sold Total before taxes (3.4 ) (6.9 ) 1.3 Tax effect 0.9 1.8 (0.3 ) Income taxes Net, after tax $ (2.5 ) $ (5.1 ) $ 1.0 Amortization of pension and postretirement benefit adjustments: Amortization of prior service costs (1) $ 0.3 $ 0.3 $ 0.3 SG&A expense/ Cost of goods sold Amortization of net actuarial losses (1) 16.7 22.8 16.4 SG&A expense/ Cost of goods sold Total before taxes 17.0 23.1 16.7 Tax effect (5.8 ) (7.9 ) (5.7 ) Income taxes Net, after tax $ 11.2 $ 15.2 $ 11.0 (1) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 10 for additional details). |
Employee Benefit And Retireme37
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Significant Assumptions Used To Determine Benefit Obligations | The significant assumptions used to determine benefit obligations are as follows as of November 30: United States International 2016 2015 2016 2015 Discount rate—funded plan 4.6 % 4.7 % 3.2 % 3.9 % Discount rate—unfunded plan 4.5 % 4.7 % — — Salary scale 3.8 % 3.8 % 3.0-3.5% 3.0-3.6% |
Schedule of Net Benefit Costs [Table Text Block] | The significant assumptions used to determine pension expense are as follows: United States International 2016 2015 2014 2016 2015 2014 Discount rate—funded plan 4.7 % 4.4 % 5.2 % 3.9 % 3.8 % 4.6 % Discount rate—unfunded plan 4.7 % 4.3 % 5.1 % — — — Salary scale 3.8 % 3.8 % 3.8 % 3.5 % 3.5 % 3.0-3.8% Expected return on plan assets 7.5 % 7.8 % 8.0 % 6.0 % 6.3 % 6.8 % |
Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans | Amounts recorded in the balance sheet for all defined benefit pension plans consist of the following: United States International (millions) 2016 2015 2016 2015 Non-current pension asset $ — $ — $ 1.5 $ 3.8 Accrued pension liability 198.1 173.4 37.3 23.6 Deferred income tax assets 90.9 85.9 16.9 13.4 Accumulated other comprehensive loss 149.2 140.6 76.0 68.2 |
Fair Value Of Pension Plan Assets | The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30, 2016 and 2015 for the United States and international plans: As of November 30, 2016 United States (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 5.9 $ 5.9 $ — $ — Equity securities: U.S. equity securities (a) 273.0 134.0 139.0 — International equity securities (b) 112.6 112.6 — — Fixed income securities: U.S. government/corporate bonds (c) 33.5 33.5 — — High yield bonds (d) 33.6 — 33.6 — International/government/corporate bonds (e) 25.2 25.2 — — Insurance contracts (f) 1.1 — 1.1 — Other types of investments: Hedge funds (g) 40.7 — — 40.7 Private equity funds (h) 4.1 — — 4.1 Real estate (i) 16.8 16.8 — — Natural resources (j) 12.4 — 12.4 — Total investments $ 558.9 $ 328.0 $ 186.1 $ 44.8 As of November 30, 2016 International (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.1 $ 0.1 $ — $ — International equity securities (b) 161.1 — 161.1 — Fixed income securities: U.S./government/ corporate bonds (c) 107.8 — 107.8 — Insurance contracts (f) 20.1 — 20.1 — Total investments $ 289.1 $ 0.1 $ 289.0 $ — As of November 30, 2015 United States (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 11.0 $ 11.0 $ — $ — Equity securities: U.S. equity securities (a) 270.1 141.2 128.9 — International equity securities (b) 105.7 105.7 — — Fixed income securities: U.S./government/ corporate bonds (c) 32.3 32.3 — — High yield bonds (d) 33.2 — 33.2 — International/government/ corporate bonds (e) 25.2 25.2 — — Insurance contracts (f) 1.1 — 1.1 — Other types of investments: Hedge funds (g) 37.6 — — 37.6 Private equity funds (h) 4.9 — — 4.9 Real estate (i) 16.5 16.5 — — Natural resources (j) 11.0 — 11.0 — Total investments $ 548.6 $ 331.9 $ 174.2 $ 42.5 As of November 30, 2015 International (millions) Total fair value Level 1 Level 2 Level 3 Cash and cash equivalents $ 0.9 $ 0.9 $ — $ — International equity securities (b) 156.8 — 156.8 — Fixed income securities: U.S./government/ corporate bonds (c) 110.6 — 110.6 — Insurance contracts (f) 20.0 — 20.0 — Total investments $ 288.3 $ 0.9 $ 287.4 $ — (a) This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. (b) This category comprises international equity funds with varying benchmark indices. (c) This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. (d) This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. (e) This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. (f) This category comprises insurance contracts, the majority of which have a guaranteed investment return. (g) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. (h) This category comprises private equity, venture capital and limited partnerships. (i) This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (j) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. |
Change In Fair Value Of Level 3 Pension Plan Assets | The change in fair value of the plans’ Level 3 assets for 2015 is summarized as follows: (millions) Beginning of year Realized gains Unrealized gains (losses) Net, purchases and (sales) End of year Hedge funds $ 54.7 $ 2.0 $ (2.3 ) $ (16.8 ) $ 37.6 Private equity funds 5.0 0.7 (0.1 ) (0.7 ) 4.9 Total $ 59.7 $ 2.7 $ (2.4 ) $ (17.5 ) $ 42.5 he change in fair value of the plans’ Level 3 assets for 2016 is summarized as follows: (millions) Beginning of year Realized gains (losses) Unrealized gains (losses) Net, purchases and (sales) End of year Hedge funds $ 37.6 $ (1.1 ) $ 1.0 $ 3.2 $ 40.7 Private equity funds 4.9 0.8 (0.5 ) (1.1 ) 4.1 Total $ 42.5 $ (0.3 ) $ 0.5 $ 2.1 $ 44.8 |
Pension Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components Of Defined Benefit Plans | Our pension expense was as follows: United States International (millions) 2016 2015 2014 2016 2015 2014 Service cost $ 21.5 $ 23.6 $ 20.0 $ 7.1 $ 8.2 $ 7.8 Interest costs 33.3 31.6 31.1 11.3 12.0 13.8 Expected return on plan assets (40.8 ) (40.2 ) (38.8 ) (16.2 ) (17.2 ) (18.7 ) Amortization of prior service costs — — — 0.3 0.3 0.3 Amortization of net actuarial loss 12.6 16.8 11.8 4.1 6.0 4.6 $ 26.6 $ 31.8 $ 24.1 $ 6.6 $ 9.3 $ 7.8 |
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | United States International (millions) 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 722.0 $ 728.4 $ 308.1 $ 341.6 Service cost 21.5 23.6 7.1 8.2 Interest costs 33.3 31.6 11.3 12.0 Employee contributions — — 1.1 1.3 Actuarial loss (gain) 10.6 (32.0 ) 47.5 (10.7 ) Benefits paid (30.4 ) (29.6 ) (14.9 ) (13.9 ) Expenses paid — — (0.5 ) (0.6 ) Foreign currency impact — — (34.8 ) (29.8 ) Benefit obligation at end of year $ 757.0 $ 722.0 $ 324.9 $ 308.1 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 548.6 $ 576.3 $ 288.3 $ 305.3 Actual return on plan assets 25.3 (3.2 ) 38.3 11.7 Employer contributions 15.4 5.1 9.7 10.6 Employee contributions — — 1.1 1.3 Benefits paid (30.4 ) (29.6 ) (14.9 ) (13.9 ) Expenses paid — — (0.5 ) (0.6 ) Foreign currency impact — — (32.9 ) (26.1 ) Fair value of plan assets at end of year $ 558.9 $ 548.6 $ 289.1 $ 288.3 Funded status $ (198.1 ) $ (173.4 ) $ (35.8 ) $ (19.8 ) Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 757.0 $ 722.0 $ 218.8 $ 34.4 Accumulated benefit obligation 674.9 638.8 208.8 31.2 Fair value of plan assets 558.9 548.6 191.9 20.0 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree medical Retiree life insurance Total 2017 $ 6.1 $ 1.3 $ 7.4 2018 6.1 1.3 7.4 2019 6.0 1.3 7.3 2020 6.0 1.3 7.3 2021 5.9 1.3 7.2 2022-2026 28.5 6.9 35.4 |
Components Of Defined Benefit Plans | (millions) 2016 2015 2014 Service cost $ 2.7 $ 3.1 $ 3.6 Interest costs 3.8 3.7 4.3 Postretirement benefit expense $ 6.5 $ 6.8 $ 7.9 |
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow: (millions) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 92.4 $ 96.3 Service cost 2.7 3.1 Interest costs 3.8 3.7 Employee contributions 3.6 3.4 Demographic assumptions change (0.2 ) (1.7 ) Other plan assumptions (0.1 ) 0.3 Trend rate assumption change — 0.2 Discount rate change 0.8 (1.5 ) Actuarial loss (gain) 2.0 (1.6 ) Benefits paid (9.5 ) (9.8 ) Benefit obligation at end of year $ 95.5 $ 92.4 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 5.9 6.4 Employee contributions 3.6 3.4 Benefits paid (9.5 ) (9.8 ) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 95.5 $ 92.4 |
United States Pension Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | (millions) United States International 2017 $ 29.3 $ 8.9 2018 30.3 9.0 2019 31.7 9.8 2020 34.1 10.0 2021 36.3 10.6 2022-2026 215.6 61.1 |
Allocations Of Pension Plan Assets | The allocations of U.S. pension plan assets as of November 30, 2016 and 2015 , by asset category, were as follows: Actual 2016 Asset Category 2016 2015 Target Equity securities 69.0 % 68.5 % 61.0 % Fixed income securities 16.7 % 16.7 % 17.0 % Other 14.3 % 14.8 % 22.0 % Total 100.0 % 100.0 % 100.0 % |
International Pension Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | |
Allocations Of Pension Plan Assets | The allocations of the international pension plans’ assets as of November 30, 2016 and 2015 , by asset category, were as follows: Actual 2016 Asset Category 2016 2015 Target Equity securities 55.7 % 54.4 % 53.0 % Fixed income securities 44.2 % 45.3 % 40.5 % Other 0.1 % 0.3 % 6.5 % Total 100.0 % 100.0 % 100.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Share-based Compensation [Abstract] | |
Summary Of RSU Activity | A summary of our RSU activity for the years ended November 30 follows: (shares in thousands) 2016 2015 2014 Shares Weighted- average price Shares Weighted- average price Shares Weighted- average price Beginning of year 270 $ 71.03 239 $ 67.60 161 $ 60.86 Granted 105 96.59 135 76.06 180 71.15 Vested (94 ) 72.21 (90 ) 69.12 (93 ) 62.57 Forfeited (14 ) 82.10 (14 ) 73.22 (9 ) 70.14 Outstanding—end of year 267 $ 80.08 270 $ 71.03 239 $ 67.60 |
Assumptions Of Stock Compensation Plans | These fair values were computed using the following range of assumptions for our various stock compensation plans for the years ended November 30: 2016 2015 2014 Risk-free interest rates 0.5 - 1.9% 0.1 - 2.0% 0.1 - 2.7% Dividend yield 1.7 % 2.1 % 2.1 % Expected volatility 18.7% 18.8% 15.6 - 20.1% Expected lives 7.6 years 7.7 years 5.8 years |
Summary Of Stock Option Activity | A summary of our stock option activity for the years ended November 30 follows: (shares in millions) 2016 2015 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Beginning of year 4.8 $ 59.20 4.8 $ 54.17 4.6 $ 47.73 Granted 0.7 99.92 0.8 76.32 1.1 71.12 Exercised (0.6 ) 51.26 (0.7 ) 45.22 (0.8 ) 37.19 Forfeited — — (0.1 ) 69.67 (0.1 ) 67.22 Outstanding—end of year 4.9 66.00 4.8 59.20 4.8 54.17 Exercisable—end of year 3.4 $ 56.97 3.1 $ 51.99 2.8 $ 45.71 |
Summary Of Our Stock Options Outstanding And Exercisable | A summary of our stock options outstanding and exercisable at November 30, 2016 follows: (shares in millions) Options outstanding Options exercisable Range of exercise price Shares Weighted- average remaining life (yrs.) Weighted- average exercise price Shares Weighted- average remaining life (yrs.) Weighted- average exercise price $29.00 - $54.00 1.3 3.4 $ 40.26 1.3 3.4 $ 40.26 $54.01 - $79.00 2.9 7.0 69.40 2.1 6.7 67.49 $79.01 - $100.00 0.7 9.3 99.92 — — — 4.9 5.9 $ 66.00 3.4 4.8 $ 56.97 |
Schedule of Long-term Performance Plan Activity | A summary of the LTPP award activity for the years ended November 30 follows: (shares in thousands) 2016 2015 2014 Shares Weighted- average price Shares Weighted- average price Shares Weighted- Beginning of year 192 $ 70.94 231 $ 61.94 334 $ 51.73 Granted 108 86.40 96 74.02 105 69.04 Vested (18 ) 64.74 (65 ) 48.78 (118 ) 44.47 Performance adjustment (41 ) 69.04 (56 ) 64.74 (55 ) 48.78 Forfeited (40 ) 81.78 (14 ) 70.92 (35 ) 65.42 Outstanding—end of year 201 $ 78.10 192 $ 70.94 231 $ 61.94 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes consists of the following: (millions) 2016 2015 2014 Income taxes Current Federal $ 127.7 $ 78.8 $ 91.3 State 15.1 9.1 11.3 International 50.2 42.4 37.2 193.0 130.3 139.8 Deferred Federal (29.6 ) 9.3 2.8 State (2.4 ) 0.4 0.3 International (8.0 ) (8.7 ) 3.0 (40.0 ) 1.0 6.1 Total income taxes $ 153.0 $ 131.3 $ 145.9 |
Components Of Income From Consolidated Operations Before Income Taxes | The components of income from consolidated operations before income taxes follow: (millions) 2016 2015 2014 Pretax income United States $ 383.3 $ 308.3 $ 333.2 International 205.9 187.9 221.2 $ 589.2 $ 496.2 $ 554.4 |
Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate | A reconciliation of the U.S. federal statutory rate with the effective tax rate follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefits 1.4 1.2 1.3 International tax at different effective rates (6.7 ) (7.6 ) (7.0 ) U.S. tax on remitted and unremitted earnings 0.4 1.1 0.4 U.S. manufacturing deduction (2.2 ) (1.9 ) (1.6 ) Changes in prior year tax contingencies (1.8 ) (2.1 ) (2.0 ) Other, net (0.1 ) 0.8 0.2 Total 26.0 % 26.5 % 26.3 % |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities are comprised of the following: (millions) 2016 2015 Deferred tax assets Employee benefit liabilities $ 184.5 $ 148.4 Other accrued liabilities 42.2 27.8 Inventory 5.5 6.1 Tax loss and credit carryforwards 39.3 39.9 Other 15.1 12.3 Valuation allowance (10.5 ) (14.6 ) 276.1 219.9 Deferred tax liabilities Depreciation 38.1 41.8 Intangible assets 262.5 225.1 Other 6.1 6.8 306.7 273.7 Net deferred tax liability $ (30.6 ) $ (53.8 ) |
Activity Related To Our Gross Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: (millions) 2016 2015 2014 Balance at beginning of year $ 56.5 $ 55.7 $ 58.0 Additions for current year tax positions 10.3 8.9 11.4 Additions for prior year tax positions 2.4 3.2 0.7 Reductions for prior year tax positions — (0.8 ) (9.5 ) Settlements — (0.1 ) (3.5 ) Statute expirations (10.0 ) (8.1 ) (0.7 ) Foreign currency translation (0.9 ) (2.3 ) (0.7 ) Balance at November 30 $ 58.3 $ 56.5 $ 55.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Average Shares Outstanding | The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: (millions) 2016 2015 2014 Average shares outstanding—basic 126.6 128.0 129.9 Effect of dilutive securities: Stock options/RSUs/LTPP 1.4 1.2 1.1 Average shares outstanding—diluted 128.0 129.2 131.0 |
Schedule Of Antidilutive Securities | he following table sets forth the stock options and RSUs for the years ended November 30 which were not considered in our earnings per share calculation since they were antidilutive: (millions) 2016 2015 2014 Antidilutive securities 0.5 0.4 1.6 |
Business Segments And Geograp41
Business Segments And Geographic Areas (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Schedule Of Segment Reporting Information | (millions) Consumer Industrial Total segments Corporate & other Total 2016 Net sales $ 2,753.2 $ 1,658.3 $ 4,411.5 $ — $ 4,411.5 Operating income excluding special charges 490.8 166.2 657.0 — 657.0 Income from unconsolidated operations 30.7 5.4 36.1 — 36.1 Goodwill 1,608.3 163.1 1,771.4 — 1,771.4 Assets — — 4,387.8 248.1 4,635.9 Capital expenditures — — 120.1 33.7 153.8 Depreciation and amortization — — 71.7 37.0 108.7 2015 Net sales $ 2,635.2 $ 1,661.1 $ 4,296.3 $ — $ 4,296.3 Operating income excluding special charges 456.1 157.8 613.9 — 613.9 Income from unconsolidated operations 36.0 0.7 36.7 — 36.7 Goodwill 1,587.7 171.6 1,759.3 — 1,759.3 Assets — — 4,225.4 247.2 4,472.6 Capital expenditures — — 102.8 25.6 128.4 Depreciation and amortization — — 71.8 34.1 105.9 2014 Net sales $ 2,625.5 $ 1,617.7 $ 4,243.2 $ — $ 4,243.2 Operating income excluding special charges 474.3 133.9 608.2 — 608.2 Income from unconsolidated operations 28.2 1.2 29.4 — 29.4 Goodwill 1,581.1 141.1 1,722.2 — 1,722.2 Assets — — 4,169.7 212.6 4,382.3 Capital expenditures — — 108.6 24.1 132.7 Depreciation and amortization — — 71.7 31.0 102.7 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of operating income excluding special charges (which we use to measure segment profitability) to operating income for the years ended November 30, 2016 , 2015 and 2014 is as follows: (millions) Consumer Industrial Total 2016 Operating income excluding special charges $ 490.8 $ 166.2 $ 657.0 Less: Special charges included in cost of goods sold 0.3 — 0.3 Less: Other special charges 8.9 6.8 15.7 Operating income $ 481.6 $ 159.4 $ 641.0 2015 Operating income excluding special charges $ 456.1 $ 157.8 $ 613.9 Less: Special charges included in cost of goods sold 4.0 — 4.0 Less: Other special charges 48.8 12.7 61.5 Operating income $ 403.3 $ 145.1 $ 548.4 2014 Operating income excluding special charges $ 474.3 $ 133.9 $ 608.2 Less: Special charges 3.7 1.5 5.2 Operating income $ 470.6 $ 132.4 $ 603.0 |
Net Sales And Long-Lived Assets Geographic Areas | We have net sales and long-lived assets in the following geographic areas: (millions) United States EMEA Other countries Total 2016 Net sales $ 2,565.3 $ 896.0 $ 950.2 $ 4,411.5 Long-lived assets 1,499.9 846.5 519.3 2,865.7 2015 Net sales $ 2,438.1 $ 903.7 $ 954.5 $ 4,296.3 Long-lived assets 1,462.2 871.9 415.7 2,749.8 2014 Net sales $ 2,357.5 $ 930.8 $ 954.9 $ 4,243.2 Long-lived assets 1,284.0 920.0 451.7 2,655.7 |
Supplemental Financial Statem42
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Income Statement, Balance Sheet And Cash Flow Information | Supplemental income statement, balance sheet and cash flow information follows: (millions) 2016 2015 Inventories Finished products $ 336.3 $ 319.9 Raw materials and work-in-process 420.0 390.9 $ 756.3 $ 710.8 Prepaid expenses $ 23.6 $ 22.4 Other current assets 58.3 56.4 $ 81.9 $ 78.8 Property, plant and equipment Land and improvements $ 62.4 $ 62.7 Buildings 402.9 360.1 Machinery and equipment 730.1 725.9 Software 317.8 310.2 Construction-in-progress 117.0 72.4 Accumulated depreciation (960.8 ) (912.9 ) $ 669.4 $ 618.4 Investments and other assets Investments in affiliates $ 134.6 $ 150.6 Long-term investments 116.2 112.6 Prepaid allowances 16.7 20.7 Other assets 80.9 81.5 $ 348.4 $ 365.4 Other accrued liabilities Payroll and employee benefits $ 161.5 $ 129.5 Sales allowances 125.0 114.8 Other 292.2 239.4 $ 578.7 $ 483.7 Other long-term liabilities Pension $ 231.1 $ 192.8 Postretirement benefits 88.4 86.1 Deferred taxes 79.9 100.4 Unrecognized tax benefits 49.7 47.6 Other 72.0 68.8 $ 521.1 $ 495.7 (millions) 2016 2015 2014 Depreciation $ 71.2 $ 71.5 $ 67.7 Software amortization 17.1 18.1 20.0 Interest paid 57.5 52.2 50.0 Income taxes paid 151.0 111.5 129.0 |
Selected Quarterly Data (Tables
Selected Quarterly Data (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Scheduled Of Quarterly Financial Information | (millions except per share data) First Second Third Fourth 2016 Net sales $ 1,030.2 $ 1,063.3 $ 1,091.0 $ 1,227.0 Gross profit 405.0 432.8 453.9 540.0 Operating income 129.1 125.0 167.8 219.1 Net income 93.4 93.8 127.7 157.4 Basic earnings per share 0.73 0.74 1.01 1.25 Diluted earnings per share 0.73 0.73 1.00 1.24 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.43 0.43 0.43 0.43 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.43 0.43 0.90 Market price—Common Stock High 94.10 100.06 107.05 102.01 Low 79.53 91.32 96.92 91.06 Market price—Common Stock Non-Voting High 94.10 100.71 107.07 101.98 Low 79.78 91.39 97.18 91.08 2015 Net sales $ 1,010.4 $ 1,024.1 $ 1,059.9 $ 1,201.9 Gross profit 389.7 404.0 421.9 521.7 Operating income 93.7 103.8 138.7 212.2 Net income 70.5 84.3 97.6 149.2 Basic earnings per share 0.55 0.66 0.76 1.17 Diluted earnings per share 0.55 0.65 0.76 1.16 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.40 0.40 0.40 0.40 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.40 0.40 0.83 Market price—Common Stock High 76.37 79.53 84.89 86.04 Low 71.45 68.29 76.13 77.70 Market price—Common Stock Non-Voting High 76.78 79.61 85.20 86.03 Low 71.39 71.98 76.02 77.61 Operating income for the first quarter of 2016 included $1.6 million of special charges, with an after-tax impact of $1.3 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the second quarter of 2016 included $3.9 million of special charges, with an after-tax impact of $2.7 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2016 included $4.3 million of special charges, with an after-tax impact of $3.4 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2016 included $6.2 million of special charges, including $0.3 million reflected in gross profit, with an after-tax impact of $3.7 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the first quarter of 2015 included $28.4 million of special charges, with an after-tax impact of $19.9 million and a per share impact of $0.16 and $0.15 for basic and diluted earnings per share, respectively. Operating income for the second quarter of 2015 included $19.0 million of special charges, with an after-tax impact of $12.9 million and a per share impact of $0.10 for both basic and diluted earnings per share. Operating income for the third quarter of 2015 included $15.1 million of special charges, including $3.4 million reflected in gross profit, with an after-tax impact of $12.1 million and a per share impact of $0.09 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2015 included $3.0 million of special charges, including $0.6 million reflected in gross profit, with an after-tax impact of $3.0 million and a per share impact of $0.02 for both basic and diluted earnings per share. See note 3 for details with respect to the actions undertaken in connection with these special charges. Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||
Capitalized software | $ 21.8 | $ 9.4 | $ 11.7 |
Shipping and handling expense | 97.2 | 95.8 | 100.3 |
Research and development expense | 61 | 60.8 | 62 |
Brand marketing support costs | 252.2 | 240.6 | 226.6 |
Advertising expense | $ 102.9 | $ 106.8 | $ 100.4 |
Minimum [Member] | Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 20 years | ||
Minimum [Member] | Machinery, Equipment And Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 3 years | ||
Minimum [Member] | Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 50 years | ||
Maximum [Member] | Machinery, Equipment And Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives (in years) | 12 years | ||
Maximum [Member] | Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, AUD in Millions, $ in Millions | 12 Months Ended | ||||||||
Nov. 30, 2016USD ($) | Nov. 30, 2015USD ($) | Feb. 28, 2015EUR (€) | Feb. 28, 2015AUD | Nov. 30, 2014USD ($) | Nov. 30, 2016EUR (€) | Nov. 30, 2016USD ($) | May 31, 2015EUR (€) | May 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||
Cash paid for acquisition | $ 120.6 | $ 210.9 | $ 0 | ||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||||||
Goodwill | 1,759.3 | 1,722.2 | $ 1,771.4 | ||||||
Amortization of Intangible Assets | $ 11.3 | 7.3 | $ 5.6 | ||||||
Transaction costs | 3.6 | 5.5 | |||||||
Business Combination, Contingent Consideration, Liability | 27.1 | 28.9 | $ 27.7 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 40 | ||||||||
Gourmet Garden [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash Acquired from Acquisition | 3.3 | ||||||||
Consideration transferred | $ 116.2 | ||||||||
Approximate annual net sales | AUD | AUD 70 | ||||||||
Tangible net assets | 20.4 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 20.3 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14.2 | ||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||
Goodwill | 61.3 | ||||||||
Cajun Injector [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 4.4 | ||||||||
Approximate annual net sales | $ 5 | ||||||||
Brand Aromatics [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | 62.4 | ||||||||
Approximate annual net sales | 30 | ||||||||
Tangible net assets | 5.2 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 4.2 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 18.7 | ||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years 11 months | ||||||||
Goodwill | $ 34.3 | ||||||||
D&A [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash Acquired from Acquisition | 2.8 | ||||||||
Approximate annual net sales | € | € 50 | ||||||||
Tangible net assets | 3.2 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 12.6 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 19.8 | ||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years 10 months | ||||||||
Goodwill | 41.1 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 49 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € | € 35 | ||||||||
Business Combination, Contingent Consideration, Liability | € 25 | $ 27.7 | |||||||
Stubbs [Member] [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash Acquired from Acquisition | 0.8 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, indefinite lived intangible assets | $ 13.8 | ||||||||
Consideration transferred | 99.4 | ||||||||
Approximate annual net sales | $ 30 | ||||||||
Tangible net assets | 5.7 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, liabilities assumed | 7 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 19.4 | ||||||||
business combinations, final goodwill adjustments | 19 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 27.1 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, definite lived intangible assets | $ 11.9 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 24.4 | ||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years 11 months | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, tangible assets | $ 0.3 | ||||||||
Goodwill | $ 61.6 | ||||||||
Amortization of Intangible Assets | $ 0.9 |
Special Charges Special Charg46
Special Charges Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2013 | |
Special Charges [Line Items] | |||||||||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 5.1 | ||||||||||||
Payments to Acquire Interest in Joint Venture | 0.9 | ||||||||||||
Special charges | $ 6.2 | $ 4.3 | $ 3.9 | $ 1.6 | $ 3 | $ 15.1 | $ 19 | $ 28.4 | 15.7 | $ 61.5 | $ 5.2 | ||
Goodwill, Written off Related to Sale of Business Unit | 2.6 | ||||||||||||
Special charges reversal into income | (2.3) | ||||||||||||
Brand name impairment included in special charges | 0 | 9.6 | 0 | ||||||||||
Cost of Goods, Total [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 0.3 | 4 | |||||||||||
Total plan expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 0.7 | ||||||||||||
2013 Special Charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | $ 25 | ||||||||||||
Employee Severance Charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.1 | ||||||||||||
Other exit costs [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1 | ||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 15.7 | 61.5 | 5.2 | ||||||||||
total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 16 | 65.5 | 5.2 | ||||||||||
Industrial [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.5 | ||||||||||||
Industrial [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 6.8 | 12.7 | |||||||||||
Industrial [Member] | total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 6.8 | 12.7 | 1.5 | ||||||||||
Consumer [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 3.7 | ||||||||||||
Consumer [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 8.9 | 48.8 | |||||||||||
Consumer [Member] | total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 9.2 | 52.8 | 3.7 | ||||||||||
North America [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 1.1 | 2.3 | $ 2.3 | 1.1 | 2.3 | ||||||||
Special charges | 1.7 | 29.2 | |||||||||||
Special charges cash paid | 2.9 | 26.9 | |||||||||||
Expected cost savings special charges | 15 | ||||||||||||
North America [Member] | Employee Severance [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | $ 23.9 | 3 | |||||||||||
North America [Member] | Effectiveness Initiative [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 5.3 | ||||||||||||
North America [Member] | Employee Severance Charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 1.1 | 2.3 | 2.3 | 1.1 | 2.3 | ||||||||
Special charges | 1.7 | 26.9 | |||||||||||
Special charges cash paid | 2.9 | 24.6 | |||||||||||
North America [Member] | Other exit costs [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 0 | 0 | 0 | 0 | 0 | ||||||||
Special charges | 0 | 2.3 | |||||||||||
Special charges cash paid | 0 | (2.3) | |||||||||||
North America [Member] | Annual Cost Savings [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Expected cost savings special charges | 27 | ||||||||||||
North America [Member] | total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.7 | 29.2 | |||||||||||
EMEA | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 11 | 16.8 | 16.8 | 11 | 16.8 | ||||||||
Special charges | 5.7 | 24.4 | 2.1 | ||||||||||
Special charges cash paid | 11.4 | 5.8 | |||||||||||
Special charges impairment | 1.1 | ||||||||||||
Special charges foreign exchange impact | (0.1) | (0.7) | |||||||||||
EMEA | Total plan expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.6 | ||||||||||||
EMEA | Employee Severance Charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 10.5 | 16.2 | 16.2 | 10.5 | 16.2 | ||||||||
Special charges | 1.2 | 21.5 | |||||||||||
Special charges cash paid | 6.8 | 4.5 | |||||||||||
Special charges foreign exchange impact | (0.1) | (0.8) | |||||||||||
EMEA | Other exit costs [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 0.5 | 0.6 | 0.6 | 0.5 | 0.6 | ||||||||
Special charges | 4.5 | 2.9 | |||||||||||
Special charges cash paid | 4.6 | 1.3 | |||||||||||
Special charges impairment | (1.1) | ||||||||||||
Special charges foreign exchange impact | 0 | 0.1 | |||||||||||
EMEA | Annual Cost Savings [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Expected cost savings special charges | 8 | ||||||||||||
EMEA | 2017 Annual Cost Savings [Member] [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Expected cost savings special charges | 13 | ||||||||||||
EMEA | total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 24.4 | 24.4 | |||||||||||
EMEA | Corporate Joint Venture [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 2.8 | ||||||||||||
INDIA | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.9 | 14.2 | |||||||||||
Special charges impairment | $ (9.6) | ||||||||||||
INDIA | Cost of Goods, Total [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 4 | ||||||||||||
INDIA | Other exit costs [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 0.6 | ||||||||||||
INDIA | Cash Expenditures [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 0.2 | 0.4 | |||||||||||
INDIA | total special charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.9 | 14.2 | |||||||||||
Asia Pacific [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 1.8 | ||||||||||||
Asia Pacific [Member] | Total plan expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 2.2 | ||||||||||||
UNITED STATES AND AUSTRALIA | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 3.1 | ||||||||||||
UNITED STATES AND AUSTRALIA | Annual Cost Savings [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 4 | ||||||||||||
EMEA 2013 [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges | 2.1 | ||||||||||||
Special charges cash paid | 1.8 | 4.1 | |||||||||||
Special charges foreign exchange impact | 0.1 | (1.7) | |||||||||||
Special charges reversal into income | (1.9) | ||||||||||||
EMEA 2013 [Member] | Total plan expenses [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 0.6 | 2.3 | 2.3 | 0.6 | 2.3 | 10 | |||||||
EMEA 2013 [Member] | Employee Severance Charges [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 0.6 | 2.3 | 2.3 | 0.6 | 2.3 | 9.3 | |||||||
Special charges cash paid | 1.8 | 3.5 | |||||||||||
Special charges foreign exchange impact | (0.1) | 1.6 | |||||||||||
EMEA 2013 [Member] | Other exit costs [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Special charges liability | 0 | 0 | 0 | 0 | 0 | $ 0.7 | |||||||
Special charges cash paid | 0 | 0.6 | |||||||||||
Special charges foreign exchange impact | 0 | 0.1 | |||||||||||
Brand Names [Member] | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 312.2 | $ 281.2 | $ 281.2 | 312.2 | $ 281.2 | ||||||||
Brand Names [Member] | INDIA | |||||||||||||
Special Charges [Line Items] | |||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 8.1 | $ 8.1 |
Goodwill And Intangible Asset47
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Goodwill And Intangible Assets [Abstract ] | |||
Intangible asset amortization expense | $ 11.3 | $ 7.3 | $ 5.6 |
Amortizable intangible assets average remaining life, in years | 11 years |
Goodwill And Intangible Asset48
Goodwill And Intangible Assets (Schedule Of Amortized And Non-Amortized Intangible Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | $ 161.1 | $ 131 | |
Finite-lived intangible assets, Accumulated amortization | 48.4 | 40.1 | |
Goodwill | 1,771.4 | 1,759.3 | $ 1,722.2 |
Indefinite-lived intangible assets, total | 2,083.6 | 2,040.5 | |
Total goodwill and intangible assets, Gross carrying amount | 2,244.7 | 2,171.5 | |
Total goodwill and intangible assets, Accumulated amortization | 48.4 | 40.1 | |
Goodwill [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 1,771.4 | 1,759.3 | |
Brand Names [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $ 312.2 | $ 281.2 |
Goodwill And Intangible Asset49
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Goodwill [Roll Forward] | ||
Beginning of year | $ 1,759.3 | $ 1,722.2 |
Goodwill, Written off Related to Sale of Business Unit | 2.6 | |
End of year | 1,771.4 | 1,759.3 |
Consumer Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning of year | 1,587.7 | 1,581.1 |
Changes in preliminary purchase price allocation | (23.2) | 0 |
Increases in goodwill from acquisitions | 62.2 | 126.7 |
Foreign currency fluctuations | (18.4) | (120.1) |
End of year | 1,608.3 | 1,587.7 |
Industrial Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning of year | 171.6 | 141.1 |
Changes in preliminary purchase price allocation | 0 | 0 |
Increases in goodwill from acquisitions | 0 | 34.3 |
Goodwill, Written off Related to Sale of Business Unit | 2.6 | |
Foreign currency fluctuations | (5.9) | (3.8) |
End of year | $ 163.1 | $ 171.6 |
Investments In Affiliates (Narr
Investments In Affiliates (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Investments in and Advances to Affiliates [Line Items] | |||
Results of unconsolidated affiliates, percentage | 100.00% | ||
McCormick de Mexico, S.A. de C.V. [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percentage ownership interest in unconsolidated affiliates businesses | 50.00% | ||
Unconsolidated Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Undistributed earnings of unconsolidated affiliates | $ 95.8 | ||
Royalty income | $ 16.1 | $ 17.8 | $ 18.7 |
Percent of income from unconsolidated operations from joint ventures | 83.00% | 89.00% | 91.00% |
Cumulative Effect on Retained Earnings, Net of Tax | $ 102.3 |
Investments In Affiliates (Summ
Investments In Affiliates (Summarized Annual And Year-End Information Of Unconsolidated Affiliates) (Details) - Unconsolidated Affiliates [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Investments in and Advances to Affiliates [Line Items] | |||
Net sales | $ 767.6 | $ 777.3 | $ 766.6 |
Gross profit | 245.6 | 286.1 | 275.7 |
Net income | 66.4 | 76.6 | 67.5 |
Current assets | 315.6 | 326 | 320.1 |
Noncurrent assets | 113 | 114.6 | 123.6 |
Current liabilities | 146.2 | 161.5 | 137.2 |
Noncurrent liabilities | $ 9.1 | $ 8.1 | $ 6.3 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | ||
Debt Instrument [Line Items] | ||||
Net proceeds from issuance of notes | $ 6 | $ 247 | $ 0 | |
Rental expense under operating leases | 41.6 | 39 | $ 40.3 | |
Guarantees outstanding | 0.6 | |||
Letter Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Total unused capacity | 13.8 | |||
Outstanding letters of credit | 7.2 | 8.6 | ||
3.25% Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 250 | |||
Stated Note interest rate | 3.25% | |||
Net proceeds from issuance of notes | $ 246.5 | |||
Notes subject to interest rate hedge | $ 100 | |||
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, effective interest rate | 2.13% | |||
Notes outstanding | [1] | $ 250 | 250 | |
Stated Note interest rate | 3.25% | |||
Debt, Weighted Average Interest Rate | 3.45% | |||
Notes Payable, Other Payables [Member] | 5.20% Notes Due 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 200 | |||
Stated Note interest rate | 5.20% | |||
Debt instrument maturity year | 2,015 | |||
Notes Payable, Other Payables [Member] | August 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 250 | |||
Debt, Weighted Average Interest Rate | 3.30% | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 393.1 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 182.8 | |||
Total unused capacity | 151.1 | |||
Committed credit facilities, fee | 0.5 | $ 0.5 | ||
Line of Credit [Member] | Current Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 750 | |||
Basis spread on variable rate | 0.75% | |||
Commercial Paper Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 356.9 | |||
Headquarters building [Member] | ||||
Debt Instrument [Line Items] | ||||
Rental expense under operating leases | 0.9 | |||
Interest Rate Swap [Member] | Notes Payable, Other Payables [Member] | 5.20% Notes Due 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 100 | |||
[1] | Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2016 was 2.13%). |
Financing Arrangements (Compone
Financing Arrangements (Components Of Outstanding Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | ||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Commercial paper | $ 356.9 | $ 107.5 | |
Other | 33.4 | 32 | |
Short-term borrowings, total | $ 390.3 | $ 139.5 | |
Weighted-average interest rate of short-term borrowings at year-end | 1.40% | 2.20% | |
Other | $ 11.1 | $ 7.4 | |
Unamortized discounts and fair value adjustments | (9.2) | (7.5) | |
Long-term debt | 1,056.9 | 1,254.9 | |
Less current portion | (2.9) | (203.5) | |
Long-term debt, total | 1,054 | 1,051.4 | |
3.25% Notes Due 2025 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | ||
Stated Note interest rate | 3.25% | ||
Notes Payable, Other Payables [Member] | 5.75% Notes Due 2017 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | [1] | $ 250 | $ 250 |
Stated Note interest rate | 5.75% | 5.75% | |
Debt instrument maturity year | 2,017 | 2,017 | |
Notes Payable, Other Payables [Member] | 3.90% Notes Due 2021 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | [2] | $ 250 | $ 250 |
Stated Note interest rate | 3.90% | 3.90% | |
Debt instrument maturity year | 2,021 | 2,021 | |
Notes Payable, Other Payables [Member] | 3.50% Notes Due 2023 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | [3] | $ 250 | $ 250 |
Stated Note interest rate | 3.50% | 3.50% | |
Debt instrument maturity year | 2,023 | 2,023 | |
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | [4] | $ 250 | $ 250 |
Weighted average fixed rate | 3.45% | ||
Stated Note interest rate | 3.25% | ||
Debt Instrument, effective interest rate | 2.13% | ||
Notes Payable, Other Payables [Member] | 5.20% Notes Due 2015 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 200 | ||
Stated Note interest rate | 5.20% | ||
Debt instrument maturity year | 2,015 | ||
Notes Payable, Other Payables [Member] | 7.63%-8.12% Notes Due 2024 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 55 | $ 55 | |
Debt instrument maturity year | 2,024 | 2,024 | |
Notes Payable, Other Payables [Member] | Notes Issued In Dec 2007 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | ||
Weighted average fixed rate | 6.25% | ||
Notes Payable, Other Payables [Member] | Notes Issued In July 2011 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | ||
Weighted average fixed rate | 4.01% | ||
Notes Payable, Other Payables [Member] | Interest Rate Swap [Member] | 5.20% Notes Due 2015 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 100 | ||
Minimum [Member] | Notes Payable, Other Payables [Member] | 7.63%-8.12% Notes Due 2024 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 7.63% | 7.63% | |
Maximum [Member] | Notes Payable, Other Payables [Member] | 7.63%-8.12% Notes Due 2024 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Stated Note interest rate | 8.12% | 8.12% | |
[1] | Interest rate swaps, settled upon the issuance of these notes in 2007, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%. | ||
[2] | Interest rate swaps, settled upon the issuance of these notes in 2011, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%. | ||
[3] | Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%. | ||
[4] | Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2016 was 2.13%). |
Financing Arrangements (Maturit
Financing Arrangements (Maturities Of Long-Term Debt) (Details) $ in Millions | Nov. 30, 2016USD ($) |
Maturities of Long-term debt | |
2,018 | $ 250.6 |
2,019 | 0.4 |
2,020 | 0.2 |
2,021 | 250.2 |
Thereafter | $ 561.8 |
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | |
Maturities of Long-term debt | |
Debt Instrument Basis Spread Increase On Variable Rate | 1.22% |
Financing Arrangements (Rental
Financing Arrangements (Rental Expense Under Operating Leases) (Details) $ in Millions | Nov. 30, 2016USD ($) |
Financing Arrangements [Abstract] | |
2,017 | $ 27.8 |
2,018 | 21.3 |
2,019 | 14.8 |
2,020 | 11.6 |
2,021 | 9.4 |
Thereafter | $ 23.8 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Mar. 31, 2006 | Nov. 30, 2016 | Nov. 30, 2015 | |
Derivative [Line Items] | ||||
Other comprehensive income (loss) expected to be reclassified in income in next 12 months | $ 3,400,000 | |||
Cost of long-term investments | $ 80,000,000 | 80,600,000 | $ 80,000,000 | |
Fair Value, Concentration of Risk, Accounts Receivable | 0.09 | |||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Foreign currency to purchase or sell | $ 264,500,000 | $ 449,200,000 | $ 264,500,000 | |
Maximum time frame for short-term foreign exchange contracts | 12 months | |||
Derivative, Notional Amount | $ 189,400,000 | |||
Derivative, Term of Contract | 7 days | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 100,000,000 | $ 100,000,000 | ||
Interest on interest rate swap contracts | 5.20% | 3.25% | ||
Derivative Instrument Basis Spread Increase On Variable Rate | 1.22% | |||
Basis spread on variable interest rate derivative contracts, percentage below LIBOR | 0.05% | |||
Derivative instruments fair value hedge | $ 100,000,000 | |||
Maximum [Member] | ||||
Derivative [Line Items] | ||||
Maturity period for remaining foreign currency contracts (in months) | 12 months | |||
Minimum [Member] | ||||
Derivative [Line Items] | ||||
Maturity period for remaining foreign currency contracts (in months) | 1 month | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Cash flow hedges settled in cash for gain (loss) | $ (1,200,000) | |||
Weighted average fixed interest rate on issuance of notes | 3.45% | |||
Aggregate principal amount | $ 250,000,000 | |||
Interest Rate Swap [Member] | Treasury Lock [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 100,000,000 | |||
3.25% Notes Due 2025 [Member] | ||||
Derivative [Line Items] | ||||
Medium-term notes due | $ 250,000,000 | |||
Stated Note interest rate | 3.25% | |||
5.20% Medium-Term Notes Due 2015 [Member] | ||||
Derivative [Line Items] | ||||
Medium-term notes due | $ 200,000,000 | |||
Stated Note interest rate | 5.20% |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2006 | Nov. 30, 2016 | Nov. 30, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Fair Value of Asset Derivatives | $ 4.9 | $ 5.9 | |
Fair Value of Liability Derivatives | 6.6 | 1.3 | |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 100 | $ 100 | |
Derivative, Fixed Interest Rate | 5.20% | 3.25% | |
Derivative Instrument Basis Spread Reduction On Variable Rate | 0.05% | ||
Derivative instruments fair value hedge | $ 100 | ||
Foreign Exchange Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 189.4 | ||
Foreign Exchange Contracts [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Notional Amount | 204.3 | 179.5 | |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.9 | 3.4 | |
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total notional amount of interest rate swap contracts | 244.9 | 85 | |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 5.4 | 0.7 | |
Interest Rate Contracts [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Notional Amount | 0 | 100 | |
Fair Value of Interest rate contracts | 0 | 2.5 | |
Interest Rate Contracts [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total notional amount of interest rate swap contracts | 100 | 100 | |
Interest rate derivatives | $ 1.2 | $ 0.6 | |
5.20% Medium-Term Notes Due 2015 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Medium-term Notes, Noncurrent | $ 200 | ||
Stated Note interest rate | 5.20% |
Financial Instruments (Fair V58
Financial Instruments (Fair Value Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | $ 56 | $ 53.3 | $ 49.7 |
Other income, net | 4.2 | 1.1 | 1.1 |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 189.4 | ||
Investment Foreign Currency, Contract, Foreign Currency Amount | 449.2 | 264.5 | |
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 109.9 | ||
Fair Value Hedges [Member] | Interest Expense [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | 1.6 | $ 5.1 | $ 5 |
Fair Value Hedges [Member] | Other Income [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (3.5) | ||
Other income, net | (3.5) | ||
Fair Value Hedges [Member] | Other Income [Member] | Loans Payable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | 3.1 | ||
Other income, net | $ 3.1 |
Financial Instruments (Cash Flo
Financial Instruments (Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | $ 4.4 | $ 5 | $ 4.2 |
Gain (loss) reclassified from AOCI | 3.4 | 6.9 | (1.3) |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 0 | (1.2) | 0 |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | (0.3) | (0.2) | (0.2) |
Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 4.4 | 6.2 | 4.2 |
Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | 3.7 | 7.1 | $ (1.1) |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 5.4 | 0.7 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $ 4.9 | $ 3.4 |
Financial Instruments (Carrying
Financial Instruments (Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 |
Derivative [Line Items] | ||
Long-term investments, Carrying amount | $ 116.2 | $ 112.6 |
Long-term investments, Fair value | 116.2 | 112.6 |
Long-term debt, Carrying amount | 1,056.9 | 1,254.9 |
Long-term debt, Fair value | 1,118.3 | 1,325.6 |
Other Current Assets [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 2.5 |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.9 | 3.4 |
Other Accrued Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest rate derivatives | 1.2 | 0.6 |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $ 5.4 | $ 0.7 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 1.8 | $ 0.5 | |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | (1.1) | |
Business Combination, Contingent Consideration, Liability | 28.9 | 27.1 | $ 27.7 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash and cash equivalents | 118.4 | 112.6 | |
Insurance contracts | 106 | 104.1 | |
Bonds and other long-term investments | 10.2 | 8.5 | |
Interest rate derivatives | 2.5 | ||
Foreign currency derivatives | 4.9 | 3.4 | |
Total | 239.5 | 231.1 | |
Foreign currency derivatives | 5.4 | 0.7 | |
Interest rate derivatives | 1.2 | 0.6 | |
Total | 35.5 | 28.4 | |
Business Combination, Contingent Consideration, Liability | 28.9 | 27.1 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash and cash equivalents | 118.4 | 112.6 | |
Insurance contracts | 0 | 0 | |
Bonds and other long-term investments | 10.2 | 8.5 | |
Interest rate derivatives | 0 | ||
Foreign currency derivatives | 0 | 0 | |
Total | 128.6 | 121.1 | |
Foreign currency derivatives | 0 | 0 | |
Interest rate derivatives | 0 | ||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Insurance contracts | 106 | 104.1 | |
Bonds and other long-term investments | 0 | 0 | |
Interest rate derivatives | 2.5 | ||
Foreign currency derivatives | 4.9 | 3.4 | |
Total | 110.9 | 110 | |
Foreign currency derivatives | 5.4 | 0.7 | |
Interest rate derivatives | 1.2 | 0.6 | |
Total | 6.6 | 1.3 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Insurance contracts | 0 | 0 | |
Bonds and other long-term investments | 0 | 0 | |
Interest rate derivatives | 0 | ||
Foreign currency derivatives | 0 | 0 | |
Total | 0 | 0 | |
Foreign currency derivatives | 0 | 0 | |
Interest rate derivatives | 0 | ||
Total | 28.9 | 27.1 | |
Business Combination, Contingent Consideration, Liability | $ 28.9 | $ 27.1 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income-Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (3.4) | $ (6.9) | $ 1.3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0.9 | 1.8 | (0.3) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (2.5) | (5.1) | 1 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.3 | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 16.7 | 22.8 | 16.4 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 17 | 23.1 | 16.7 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | (5.8) | (7.9) | (5.7) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 11.2 | 15.2 | 11 |
Foreign currency translation adjustment | (299.4) | (206.6) | |
Unrealized gain (loss) on foreign currency exchange contracts | 3.9 | 1.5 | |
Unamoritzed value of settled interest rate swaps | 2.4 | 2.1 | |
Pension and other postretirement costs | (221.3) | (203.1) | |
Accumulated other comprehensive loss, net of tax | (514.4) | (406.1) | |
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (3.7) | (7.1) | 1.1 |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 0.3 | $ 0.2 | $ 0.2 |
Employee Benefit And Retireme63
Employee Benefit And Retirement Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, before tax | $ 327.8 | ||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 221.3 | $ 203.1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 326.6 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1.2 | ||
Expected actuarial losses, net of prior service credit, before tax | 16.6 | ||
Expected actuarial losses, net of prior service credit, net of tax | 11.1 | ||
Amortization of net actuarial loss | 15.9 | ||
Amortization of prior service costs | 0.7 | ||
Dividends paid | $ 217.8 | $ 204.9 | $ 192.4 |
Assumed annual increase in cost of health care benefits | 7.60% | 7.10% | |
Ultimate health care cost trend rate | 4.50% | 5.00% | |
Ultimate health care cost trend rate, year | 2,028 | 2,027 | |
United States Pension Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | $ 149.2 | $ 140.6 | |
Benefit obligation | 757 | 722 | 728.4 |
Accrued liability related to the plan | 198.1 | 173.4 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | ||
Accumulated benefit obligation | $ 674.9 | $ 638.8 | |
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | |
International Pension Plans [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | $ 76 | $ 68.2 | |
Benefit obligation | 324.9 | 308.1 | 341.6 |
Accrued liability related to the plan | 37.3 | 23.6 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1.5 | 3.8 | |
Accumulated benefit obligation | $ 296.9 | $ 281.5 | |
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | |
Supplemental Employee Retirement Plan [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Benefit obligation | $ 95.5 | $ 89.6 | |
Accrued liability related to the plan | 91.8 | 86.2 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 80.6 | 79.5 | |
Fair value of McCormick stock held in plan assets | $ 189.6 | ||
Number of shares of McCormick stock held in plan assets | 2.1 | ||
Percentage of participant contribution considered for first condition of plan | 100.00% | ||
Percentage of participant salary under first condition of plan | 3.00% | ||
Percentage of participant contribution considered for second condition of plan | 50.00% | ||
Percentage of participant salary under second condition of plan | 2.00% | ||
401(k) plan expense | $ 10.4 | 9.5 | 8.7 |
Dividends paid | 3.5 | ||
Other Postretirement Benefits [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Benefit obligation | $ 95.5 | $ 92.4 | 96.3 |
Age after which employees retire | 55 years | ||
Minimum number of years in service | 5 years | ||
Assumed discount rate | 4.10% | 4.20% | |
U.S. Equity Securities [Member] | |||
Employee Benefit And Retirement Plans [Line Items] | |||
Fair value of McCormick stock held in plan assets | $ 35.3 | $ 39.2 | |
Number of shares of McCormick stock held in plan assets | 0.4 | 0.5 | |
Percentage of pension plan assets in equity securities | 6.30% | 7.20% | |
Dividends paid | $ 0.7 |
Employee Benefit And Retireme64
Employee Benefit And Retirement Plans (Significant Assumptions Used To Determine Benefit Obligations) (Details) | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
United States Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.80% | 3.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.80% | 3.80% |
Expected return on plan assets | 7.50% | 7.80% | 8.00% |
United States Pension Plans [Member] | Funded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.60% | 4.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.70% | 4.40% | 5.20% |
United States Pension Plans [Member] | Unfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.50% | 4.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.70% | 4.30% | 5.10% |
International Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.50% | 3.50% | |
Expected return on plan assets | 6.00% | 6.30% | 6.80% |
International Pension Plans [Member] | Funded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.20% | 3.90% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 3.80% | 4.60% |
International Pension Plans [Member] | Unfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.00% | 0.00% | 0.00% |
International Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.00% | 3.00% |
International Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.80% | 3.80% |
Employee Benefit And Retireme65
Employee Benefit And Retirement Plans (Components Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.7 | $ 3.1 | $ 3.6 |
Interest costs | 3.8 | 3.7 | 4.3 |
Total expense | 6.5 | 6.8 | 7.9 |
United States Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 21.5 | 23.6 | 20 |
Interest costs | 33.3 | 31.6 | 31.1 |
Expected return on plan assets | (40.8) | (40.2) | (38.8) |
Amortization of prior service costs | 0 | 0 | 0 |
Amortization of net actuarial loss | 12.6 | 16.8 | 11.8 |
Total expense | 26.6 | 31.8 | 24.1 |
International Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 7.1 | 8.2 | 7.8 |
Interest costs | 11.3 | 12 | 13.8 |
Expected return on plan assets | (16.2) | (17.2) | (18.7) |
Amortization of prior service costs | 0.3 | 0.3 | 0.3 |
Amortization of net actuarial loss | 4.1 | 6 | 4.6 |
Total expense | $ 6.6 | $ 9.3 | $ 7.8 |
Employee Benefit And Retireme66
Employee Benefit And Retirement Plans (Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Employee contributions | $ 3.6 | $ 3.4 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employee contributions | 3.6 | 3.4 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
United States Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 722 | 728.4 | |
Service cost | 21.5 | 23.6 | 20 |
Interest costs | 33.3 | 31.6 | 31.1 |
Actuarial loss (gain) | 10.6 | (32) | |
Benefits paid | (30.4) | (29.6) | |
Benefit obligation at end of year | 757 | 722 | 728.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 548.6 | 576.3 | |
Actual return on plan assets | 25.3 | (3.2) | |
Employer contributions | 15.4 | 5.1 | |
Benefits paid | (30.4) | (29.6) | |
Fair value of plan assets at end of year | 558.9 | 548.6 | 576.3 |
Funded status | (198.1) | (173.4) | |
Accumulated benefit obligation | 674.9 | 638.8 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 757 | 722 | |
Fair value of plan assets | 558.9 | 548.6 | |
International Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 308.1 | 341.6 | |
Service cost | 7.1 | 8.2 | 7.8 |
Interest costs | 11.3 | 12 | 13.8 |
Employee contributions | 1.1 | 1.3 | |
Actuarial loss (gain) | 47.5 | (10.7) | |
Benefits paid | (14.9) | (13.9) | |
Expenses paid | (0.5) | (0.6) | |
Foreign currency impact | (34.8) | (29.8) | |
Benefit obligation at end of year | 324.9 | 308.1 | 341.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 288.3 | 305.3 | |
Actual return on plan assets | 38.3 | 11.7 | |
Employer contributions | 9.7 | 10.6 | |
Employee contributions | 1.1 | 1.3 | |
Benefits paid | (14.9) | (13.9) | |
Expenses paid | (0.5) | (0.6) | |
Foreign currency impact | (32.9) | (26.1) | |
Fair value of plan assets at end of year | 289.1 | 288.3 | 305.3 |
Funded status | (35.8) | (19.8) | |
Accumulated benefit obligation | 208.8 | 31.2 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 218.8 | 34.4 | |
Fair value of plan assets | 191.9 | 20 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 92.4 | 96.3 | |
Service cost | 2.7 | 3.1 | 3.6 |
Interest costs | 3.8 | 3.7 | 4.3 |
Employee contributions | 3.6 | 3.4 | |
Demographic assumptions change | (0.2) | (1.7) | |
Other plan assumptions | (0.1) | 0.3 | |
Trend rate assumption change | 0 | 0.2 | |
Discount rate change | 0.8 | (1.5) | |
Actuarial loss (gain) | 2 | (1.6) | |
Benefits paid | (9.5) | (9.8) | |
Benefit obligation at end of year | 95.5 | 92.4 | $ 96.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 5.9 | 6.4 | |
Employee contributions | 3.6 | 3.4 | |
Benefits paid | (9.5) | (9.8) | |
Other postretirement benefit liability | $ 95.5 | $ 92.4 |
Employee Benefit And Retireme67
Employee Benefit And Retirement Plans (Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss | $ 221.3 | $ 203.1 |
United States Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | |
Accrued pension liability | 198.1 | 173.4 |
Deferred income tax assets | 90.9 | 85.9 |
Accumulated other comprehensive loss | 149.2 | 140.6 |
International Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1.5 | 3.8 |
Accrued pension liability | 37.3 | 23.6 |
Deferred income tax assets | 16.9 | 13.4 |
Accumulated other comprehensive loss | $ 76 | $ 68.2 |
Employee Benefit And Retireme68
Employee Benefit And Retirement Plans (Allocations Of Pension Plan Assets) (Details) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
United States Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
United States Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 69.00% | 68.50% |
Equity securities, Target | 61.00% | |
United States Pension Plans [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 16.70% | 16.70% |
Equity securities, Target | 17.00% | |
United States Pension Plans [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 14.30% | 14.80% |
Equity securities, Target | 22.00% | |
International Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
International Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 55.70% | 54.40% |
Equity securities, Target | 53.00% | |
International Pension Plans [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 44.20% | 45.30% |
Equity securities, Target | 40.50% | |
International Pension Plans [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 0.10% | 0.30% |
Equity securities, Target | 6.50% |
Employee Benefit And Retireme69
Employee Benefit And Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | $ 0 | $ 0 | $ 0 | |
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 44.8 | 42.5 | 59.7 | |
Hedge Fund Of Funds [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 40.7 | 37.6 | 54.7 | |
Private Equity Funds [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 4.1 | 4.9 | 5 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 558.9 | 548.6 | 576.3 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 328 | 331.9 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 186.1 | 174.2 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 44.8 | 42.5 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash And Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 5.9 | 11 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 5.9 | 11 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [1] | 273 | 270.1 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [1] | 134 | 141.2 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. Equity Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [1] | 139 | 128.9 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [2] | 112.6 | 105.7 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [2] | 112.6 | 105.7 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S./Government/Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [3] | 33.5 | 32.3 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S./Government/Corporate Bonds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [3] | 33.5 | 32.3 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [4] | 33.6 | 33.2 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | High Yield Bonds [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [4] | 33.6 | 33.2 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International/Government/Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [5] | 25.2 | 25.2 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International/Government/Corporate Bonds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [5] | 25.2 | 25.2 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [6] | 1.1 | 1.1 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [6] | 1.1 | 1.1 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Hedge Fund Of Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [7] | 40.7 | 37.6 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Hedge Fund Of Funds [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [7] | 40.7 | 37.6 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [8] | 4.1 | 4.9 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [8] | 4.1 | 4.9 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [9] | 16.8 | 16.5 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate Funds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [9] | 16.8 | 16.5 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Other Nonrenewable Natural Resources [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [10] | 12.4 | 11 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Other Nonrenewable Natural Resources [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [10] | 12.4 | 11 | |
International Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 289.1 | 288.3 | $ 305.3 | |
International Pension Plans [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0.1 | 0.9 | ||
International Pension Plans [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 289 | 287.4 | ||
International Pension Plans [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | 0 | ||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0.1 | 0.9 | ||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0.1 | 0.9 | ||
International Pension Plans [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
International Pension Plans [Member] | International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [2] | 161.1 | 156.8 | |
International Pension Plans [Member] | International Equity Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [2] | 161.1 | 156.8 | |
International Pension Plans [Member] | International Equity Securities [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [2] | 0 | ||
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [3] | 107.8 | 110.6 | |
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [3] | 107.8 | 110.6 | |
International Pension Plans [Member] | U.S./Government/Corporate Bonds [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [3] | 0 | ||
International Pension Plans [Member] | Insurance Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [6] | 20.1 | 20 | |
International Pension Plans [Member] | Insurance Contracts [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [6] | $ 20.1 | 20 | |
International Pension Plans [Member] | Insurance Contracts [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | [6] | $ 0 | ||
[1] | This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. | |||
[2] | This category comprises international equity funds with varying benchmark indices. | |||
[3] | This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. | |||
[4] | This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. | |||
[5] | This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. | |||
[6] | This category comprises insurance contracts, the majority of which have a guaranteed investment return. | |||
[7] | This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. | |||
[8] | This category comprises private equity, venture capital and limited partnerships. | |||
[9] | This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index | |||
[10] | This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. |
Employee Benefit And Retireme70
Employee Benefit And Retirement Plans (Change In Fair Value Of Level 3 Pension Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 0 | $ 0 |
Fair value of plan assets at end of year | 0 | 0 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 42.5 | 59.7 |
Realized gains | (0.3) | 2.7 |
Unrealized gains (losses) | 0.5 | (2.4) |
Net, purchases and sales | 2.1 | (17.5) |
Fair value of plan assets at end of year | 44.8 | 42.5 |
Level 3 [Member] | Hedge Fund Of Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 37.6 | 54.7 |
Realized gains | (1.1) | 2 |
Unrealized gains (losses) | 1 | (2.3) |
Net, purchases and sales | 3.2 | (16.8) |
Fair value of plan assets at end of year | 40.7 | 37.6 |
Level 3 [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 4.9 | 5 |
Realized gains | 0.8 | 0.7 |
Unrealized gains (losses) | (0.5) | (0.1) |
Net, purchases and sales | (1.1) | (0.7) |
Fair value of plan assets at end of year | $ 4.1 | $ 4.9 |
Employee Benefit And Retireme71
Employee Benefit And Retirement Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Nov. 30, 2016USD ($) |
International Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 8.9 |
2,018 | 9 |
2,019 | 9.8 |
2,020 | 10 |
2,021 | 10.6 |
2022-2026 | 61.1 |
United States Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 29.3 |
2,018 | 30.3 |
2,019 | 31.7 |
2,020 | 34.1 |
2,021 | 36.3 |
2022-2026 | 215.6 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 7.4 |
2,018 | 7.4 |
2,019 | 7.3 |
2,020 | 7.3 |
2,021 | 7.2 |
2022-2026 | 35.4 |
Retiree Medical [Member] | Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 6.1 |
2,018 | 6.1 |
2,019 | 6 |
2,020 | 6 |
2,021 | 5.9 |
2022-2026 | 28.5 |
Retiree Life Insurance [Member] | Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1.3 |
2,018 | 1.3 |
2,019 | 1.3 |
2,020 | 1.3 |
2,021 | 1.3 |
2022-2026 | $ 6.9 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2016USD ($)award_type$ / sharesshares | Nov. 30, 2015USD ($)$ / shares | Nov. 30, 2014USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock-based Compensation Award Types | award_type | 3 | ||
Total stock-based compensation expense | $ 25.6 | $ 18.7 | $ 18.2 |
Unrecognized stock-based compensation expense | $ 14.1 | ||
Weighted average period for unrecognized stock-based compensation to be recognized | 1 year 3 months | ||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 4.7 | ||
Intrinsic value of options outstanding | $ 130 | ||
Intrinsic value for exercisable options | 115.9 | ||
Total intrinsic value for all options exercised | $ 25.4 | $ 25.7 | $ 25.9 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Exercisable period | 10 years | ||
Weighted-average grant-date fair value of an option granted (usd per share) | $ / shares | $ 17.50 | $ 12.52 | $ 9.48 |
Long-term Performance Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period for unrecognized stock-based compensation to be recognized | 3 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of RSU Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | (41) | (56) | (55) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 69.04 | $ 64.74 | $ 48.78 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of year, Shares | 270 | 239 | 161 |
Granted, Shares | 105 | 135 | 180 |
Vested, Shares | (94) | (90) | (93) |
Forfeited, Shares | (14) | (14) | (9) |
Outstanding at end of year, Shares | 267 | 270 | 239 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 71.03 | $ 67.60 | $ 60.86 |
Granted, Weighted-average price (usd per share) | 96.59 | 76.06 | 71.15 |
Vested, Weighted-average price (usd per share) | 72.21 | 69.12 | 62.57 |
Forfeited, Weighted-average price (usd per share) | 82.10 | 73.22 | 70.14 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 80.08 | $ 71.03 | $ 67.60 |
Long-term Performance Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of year, Shares | 192 | 231 | 334 |
Granted, Shares | 108 | 96 | 105 |
Vested, Shares | (18) | (65) | (118) |
Forfeited, Shares | (40) | (14) | (35) |
Outstanding at end of year, Shares | 201 | 192 | 231 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 70.94 | $ 61.94 | $ 51.73 |
Granted, Weighted-average price (usd per share) | 86.40 | 74.02 | 69.04 |
Vested, Weighted-average price (usd per share) | 64.74 | 48.78 | 44.47 |
Forfeited, Weighted-average price (usd per share) | 81.78 | 70.92 | 65.42 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 78.10 | $ 70.94 | $ 61.94 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions Of Stock Compensation Plans) (Details) | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based Compensation [Abstract] | |||
Risk free interest rate, minimum | 0.50% | 0.10% | 0.10% |
Risk free interest rate, maximum | 1.90% | 2.00% | 2.70% |
Dividend yield | 1.70% | 2.10% | 2.10% |
Expected volatility rate, minimum | 18.70% | 18.80% | 15.60% |
Expected volatility rate, maximum | 18.70% | 18.80% | 20.10% |
Expected lives | 7 years 7 months | 7 years 8 months | 5 years 10 months |
Stock-Based Compensation (Sum75
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - Stock Options [Member] - $ / shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at Beginning of year, Shares | 4.8 | 4.8 | 4.6 |
Granted, Shares | 0.7 | 0.8 | 1.1 |
Exercised, Shares | (0.6) | (0.7) | (0.8) |
Forfeited, Shares | 0 | (0.1) | (0.1) |
Outstanding at End of year, Shares | 4.9 | 4.8 | 4.8 |
Exercisable at end of year, Number of Shares | 3.4 | 3.1 | 2.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of year, Weighted-average exercise price (usd per share) | $ 59.20 | $ 54.17 | $ 47.73 |
Granted, Weighted-average exercise price (usd per share) | 99.92 | 76.32 | 71.12 |
Exercised, Weighted-average exercise price (usd per share) | 51.26 | 45.22 | 37.19 |
Forfeited, Weighted-average exercise price (usd per share) | 0 | 69.67 | 67.22 |
Outstanding at end of year, Weighted-average exercise price (usd per share) | 66 | 59.20 | 54.17 |
Exercisable at end of year, Weighted-average exercise price (usd per share) | $ 56.97 | $ 51.99 | $ 45.71 |
Stock-Based Compensation (Sum76
Stock-Based Compensation (Summary Of Our Stock Options Outstanding And Exercisable) (Details) - $ / shares shares in Millions | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding, Shares | 4.9 | |
Options outstanding, Weighted-average remaining life (yrs) | 5 years 11 months | |
Options outstanding, Weighted-average exercise price (usd per share) | $ 66 | |
Options exercisable, Shares | 3.4 | |
Options exercisable, Weighted-average remaining life (yrs) | 4 years 10 months | |
Options exercisable, Weighted-average exercise price (usd per share) | $ 56.97 | |
$29.00-$54.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower limit | $ 29 | |
Range of exercise price, upper limit | 54 | |
Options outstanding, Shares | 1.3 | |
Options outstanding, Weighted-average remaining life (yrs) | 3 years 5 months | |
Options outstanding, Weighted-average exercise price (usd per share) | $ 40.26 | |
Options exercisable, Shares | 1.3 | |
Options exercisable, Weighted-average remaining life (yrs) | 3 years 5 months | |
Options exercisable, Weighted-average exercise price (usd per share) | $ 40.26 | |
$54.01-$79.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower limit | 54.01 | |
Range of exercise price, upper limit | 79 | |
Options outstanding, Shares | 2.9 | |
Options outstanding, Weighted-average remaining life (yrs) | 7 years | |
Options outstanding, Weighted-average exercise price (usd per share) | $ 69.40 | |
Options exercisable, Shares | 2.1 | |
Options exercisable, Weighted-average remaining life (yrs) | 6 years 8 months | |
Options exercisable, Weighted-average exercise price (usd per share) | $ 67.49 | |
$79.01-$100.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower limit | 79.01 | |
Range of exercise price, upper limit | $ 100 | |
Options outstanding, Shares | 0.7 | |
Options outstanding, Weighted-average remaining life (yrs) | 9 years 4 months | |
Options outstanding, Weighted-average exercise price (usd per share) | $ 99.92 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2013 | |
Tax Credit Carryforward [Line Items] | ||||
Increase in current federal income tax expense | $ 48.9 | |||
Current, Federal | 127.7 | $ 78.8 | $ 91.3 | |
Net increase in deferred federal tax benefit | 38.9 | |||
Non-U.S. subsidiaries tax loss carryforwards | 137.1 | |||
Tax loss carryforwards expiring through 2017 | 3.4 | |||
Tax loss carryforwards expiring from 2018 through 2019 | 11 | |||
Tax Loss Carryforwards expiring from 2020 Through 2027 | 39.2 | |||
Tax loss carryforwards indefinitely | 83.5 | |||
Non-U.S. subsidiaries capital loss carryforwards | 4.7 | |||
Tax credit carryforwards | 14.8 | |||
Net increase in the valuation allowance | 4.1 | |||
Unremitted earnings | 1,640 | |||
Unrecognized tax benefits | 58.3 | 56.5 | 55.7 | $ 58 |
Statute expirations | 10 | 8.1 | 0.7 | |
Interest and penalty (income) / expense | 1.2 | (0.1) | 0.5 | |
Interest and penalties accrued | 5.7 | 4.5 | ||
Tax benefits that would impact effective tax rate | 46.1 | |||
Deferred, Federal | 29.6 | (9.3) | $ (2.8) | |
2021 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | $ 0.3 | |||
Tax credit carryforwards expiration year | Nov. 30, 2021 | |||
2022 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | $ 13.5 | |||
Tax credit carryforwards expiration year | Nov. 30, 2022 | |||
2026 Expiration [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | $ 1 | |||
Tax credit carryforwards expiration year | Nov. 30, 2026 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 127.7 | $ 78.8 | $ 91.3 |
Current, State | 15.1 | 9.1 | 11.3 |
Current, International | 50.2 | 42.4 | 37.2 |
Current Income Taxes, Total | 193 | 130.3 | 139.8 |
Deferred, Federal | (29.6) | 9.3 | 2.8 |
Deferred, State | (2.4) | 0.4 | 0.3 |
Deferred, International | (8) | (8.7) | 3 |
Deferred Income Taxes, Total | (40) | 1 | 6.1 |
Total income taxes | $ 153 | $ 131.3 | $ 145.9 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income From Consolidated Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 383.3 | $ 308.3 | $ 333.2 |
International | 205.9 | 187.9 | 221.2 |
Income from consolidated operations before income taxes | $ 589.2 | $ 496.2 | $ 554.4 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate) (Details) | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefits | 1.40% | 1.20% | 1.30% |
International tax at different effective rates | (6.70%) | (7.60%) | (7.00%) |
U.S. tax on remitted and unremitted earnings | 0.40% | 1.10% | 0.40% |
U.S. manufacturing deduction | (2.20%) | (1.90%) | (1.60%) |
Changes in prior year tax contingencies | (1.80%) | (2.10%) | (2.00%) |
Other, net | (0.10%) | 0.80% | 0.20% |
Total | 26.00% | 26.50% | 26.30% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Nov. 30, 2016 | Nov. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $ 184.5 | $ 148.4 |
Deferred tax assets, Other accrued liabilities | 42.2 | 27.8 |
Deferred tax assets, Inventory | 5.5 | 6.1 |
Deferred tax assets, Tax loss and credit carry forwards | 39.3 | 39.9 |
Deferred tax assets, Other | 15.1 | 12.3 |
Deferred tax assets, Valuation allowance | (10.5) | (14.6) |
Deferred tax assets, total | 276.1 | 219.9 |
Deferred tax liabilities, Depreciation | 38.1 | 41.8 |
Deferred tax liabilities, Intangible assets | 262.5 | 225.1 |
Deferred tax liabilities, Other | 6.1 | 6.8 |
Deferred Tax Liabilities, Gross | 306.7 | 273.7 |
Deferred tax liabilities, total | $ (30.6) | $ (53.8) |
Income Taxes (Activity Related
Income Taxes (Activity Related To Our Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 56.5 | $ 55.7 | $ 58 |
Additions for current year tax positions | 10.3 | 8.9 | 11.4 |
Additions for prior year tax positions | 2.4 | 3.2 | 0.7 |
Reductions for prior year tax positions | 0 | (0.8) | (9.5) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0.1 | 3.5 |
Statute expirations | (10) | (8.1) | (0.7) |
Foreign currency translation | (0.9) | (2.3) | (0.7) |
Balance at end of year | $ 58.3 | $ 56.5 | $ 55.7 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Average Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Average shares outstanding-basic | 126.6 | 128 | 129.9 |
Stock options/RSUs | 1.4 | 1.2 | 1.1 |
Average shares outstanding-diluted | 128 | 129.2 | 131 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Antidilutive Securities) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities | 0.5 | 0.4 | 1.6 |
Capital Stock (Details)
Capital Stock (Details) | 12 Months Ended |
Nov. 30, 2016 | |
Capital Stock [Line Items] | |
Maximum percentage of votes a holder of shares of Common Stock may cast out of the votes entitled to be cast by all holders of shares of Common Stock | 10.00% |
Minimum [Member] | |
Capital Stock [Line Items] | |
Minimum percentage a holder must acquire of each class of common stock not to be subject to our redemption rights | 90.00% |
Minimum percentage of votes a holder must control out of the votes entitled to be cast by all holders of shares of Common Stock to trigger the automatic conversion, on a share-for-share basis, of all shares of Common Stock Non-Voting into shares of Common Stock | 50.00% |
Business Segments And Geograp86
Business Segments And Geographic Areas (Narrative) (Details) | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Industrial [Member] | PepsiCo, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 11.00% | 11.00% | 11.00% |
Consumer [Member] | Wal-Mart Stores, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 11.00% | 11.00% | 11.00% |
Business Segments And Geograp87
Business Segments And Geographic Areas (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,227 | $ 1,091 | $ 1,063.3 | $ 1,030.2 | $ 1,201.9 | $ 1,059.9 | $ 1,024.1 | $ 1,010.4 | $ 4,411.5 | $ 4,296.3 | $ 4,243.2 | |
Operating income excluding special charges | 657 | 613.9 | 608.2 | |||||||||
Income from unconsolidated operations | 36.1 | 36.7 | 29.4 | |||||||||
Goodwill | 1,771.4 | 1,759.3 | 1,771.4 | 1,759.3 | 1,722.2 | |||||||
Assets | 4,635.9 | 4,472.6 | 4,635.9 | 4,472.6 | 4,382.3 | |||||||
Capital expenditures | 153.8 | 128.4 | 132.7 | |||||||||
Depreciation and amortization | 108.7 | 105.9 | 102.7 | |||||||||
Special charges | 6.2 | 4.3 | 3.9 | 1.6 | 3 | 15.1 | 19 | 28.4 | 15.7 | 61.5 | 5.2 | |
Operating income | 219.1 | $ 167.8 | $ 125 | $ 129.1 | 212.2 | $ 138.7 | $ 103.8 | $ 93.7 | 641 | 548.4 | 603 | |
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 4,411.5 | 4,296.3 | 4,243.2 | |||||||||
Operating income excluding special charges | 657 | 613.9 | 608.2 | |||||||||
Income from unconsolidated operations | 36.1 | 36.7 | 29.4 | |||||||||
Goodwill | 1,771.4 | 1,759.3 | 1,771.4 | 1,759.3 | 1,722.2 | |||||||
Assets | 4,387.8 | 4,225.4 | 4,387.8 | 4,225.4 | 4,169.7 | |||||||
Capital expenditures | 120.1 | 102.8 | 108.6 | |||||||||
Depreciation and amortization | 71.7 | 71.8 | 71.7 | |||||||||
Corporate And Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | 248.1 | 247.2 | 248.1 | 247.2 | 212.6 | |||||||
Capital expenditures | 33.7 | 25.6 | 24.1 | |||||||||
Depreciation and amortization | 37 | 34.1 | 31 | |||||||||
Consumer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income excluding special charges | 490.8 | 456.1 | 474.3 | |||||||||
Special charges | 3.7 | |||||||||||
Operating income | 481.6 | 403.3 | 470.6 | |||||||||
Consumer [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,753.2 | 2,635.2 | 2,625.5 | |||||||||
Operating income excluding special charges | 490.8 | 456.1 | 474.3 | |||||||||
Income from unconsolidated operations | 30.7 | 36 | 28.2 | |||||||||
Goodwill | 1,608.3 | 1,587.7 | 1,608.3 | 1,587.7 | 1,581.1 | |||||||
Industrial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income excluding special charges | 166.2 | 157.8 | 133.9 | |||||||||
Special charges | 1.5 | |||||||||||
Operating income | 159.4 | 145.1 | 132.4 | |||||||||
Industrial [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,658.3 | 1,661.1 | 1,617.7 | |||||||||
Operating income excluding special charges | 166.2 | 157.8 | 133.9 | |||||||||
Income from unconsolidated operations | 5.4 | 0.7 | 1.2 | |||||||||
Goodwill | $ 163.1 | $ 171.6 | 163.1 | 171.6 | 141.1 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 15.7 | 61.5 | $ 5.2 | |||||||||
Selling, General and Administrative Expenses [Member] | Consumer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 8.9 | 48.8 | ||||||||||
Selling, General and Administrative Expenses [Member] | Industrial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 6.8 | 12.7 | ||||||||||
Cost of Goods, Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 0.3 | 4 | ||||||||||
2013 Special Charges [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | $ 25 | |||||||||||
Cost of Sales [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 0.3 | 4 | ||||||||||
Cost of Sales [Member] | Consumer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | $ 0.3 | $ 4 |
Business Segments And Geograp88
Business Segments And Geographic Areas (Net Sales And Long-Lived Assets Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,227 | $ 1,091 | $ 1,063.3 | $ 1,030.2 | $ 1,201.9 | $ 1,059.9 | $ 1,024.1 | $ 1,010.4 | $ 4,411.5 | $ 4,296.3 | $ 4,243.2 |
Long-lived assets | 2,865.7 | 2,749.8 | 2,865.7 | 2,749.8 | 2,655.7 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,565.3 | 2,438.1 | 2,357.5 | ||||||||
Long-lived assets | 1,499.9 | 1,462.2 | 1,499.9 | 1,462.2 | 1,284 | ||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 896 | 903.7 | 930.8 | ||||||||
Long-lived assets | 846.5 | 871.9 | 846.5 | 871.9 | 920 | ||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 950.2 | 954.5 | 954.9 | ||||||||
Long-lived assets | $ 519.3 | $ 415.7 | $ 519.3 | $ 415.7 | $ 451.7 |
Supplemental Financial Statem89
Supplemental Financial Statement Data (Narrative) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Supplemental Financial Statement Data [Abstract] | |||||||||||
Dividends paid per share (usd per share) | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.72 | $ 1.60 | $ 1.48 |
Common Stock, Dividends, Per Share, Declared | $ 0.90 | $ 0.43 | $ 0.43 | $ 0 | $ 0.83 | $ 0.40 | $ 0.40 | $ 0 | $ 1.76 | $ 1.63 | $ 1.51 |
Supplemental Financial Statem90
Supplemental Financial Statement Data (Supplemental Income Statement, Balance Sheet And Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Supplemental Financial Statement Data [Abstract] | |||
Finished products | $ 336.3 | $ 319.9 | |
Raw materials and work-in-process | 420 | 390.9 | |
Inventories, total | 756.3 | 710.8 | |
Prepaid expenses | 23.6 | 22.4 | |
Other current assets | 58.3 | 56.4 | |
Total prepaid and other current asset | 81.9 | 78.8 | |
Land and improvements | 62.4 | 62.7 | |
Buildings | 402.9 | 360.1 | |
Machinery and equipment | 730.1 | 725.9 | |
Software | 317.8 | 310.2 | |
Construction-in-progress | 117 | 72.4 | |
Accumulated depreciation | (960.8) | (912.9) | |
Property, plant and equipment, total | 669.4 | 618.4 | |
Investments in affiliates | 134.6 | 150.6 | |
Long-term investments | 116.2 | 112.6 | |
Prepaid allowances | 16.7 | 20.7 | |
Other assets | 80.9 | 81.5 | |
Investments and other assets, total | 348.4 | 365.4 | |
Payroll and employee benefits | 161.5 | 129.5 | |
Sales allowances | 125 | 114.8 | |
Other | 292.2 | 239.4 | |
Other accrued liabilities, total | 578.7 | 483.7 | |
Pension | 231.1 | 192.8 | |
Postretirement benefits | 88.4 | 86.1 | |
Deferred taxes | 79.9 | 100.4 | |
Unrecognized tax benefits | 49.7 | 47.6 | |
Other | 72 | 68.8 | |
Other long-term liabilities, total | 521.1 | 495.7 | |
Depreciation | 71.2 | 71.5 | $ 67.7 |
Software amortization | 17.1 | 18.1 | 20 |
Interest paid | 57.5 | 52.2 | 50 |
Income taxes paid | $ 151 | $ 111.5 | $ 129 |
Selected Quarterly Data (Schedu
Selected Quarterly Data (Scheduled Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Selected Quarterly Data [Line Items] | |||||||||||
Net sales | $ 1,227 | $ 1,091 | $ 1,063.3 | $ 1,030.2 | $ 1,201.9 | $ 1,059.9 | $ 1,024.1 | $ 1,010.4 | $ 4,411.5 | $ 4,296.3 | $ 4,243.2 |
Gross profit | 540 | 453.9 | 432.8 | 405 | 521.7 | 421.9 | 404 | 389.7 | 1,831.7 | 1,737.3 | 1,730.2 |
Operating income | 219.1 | 167.8 | 125 | 129.1 | 212.2 | 138.7 | 103.8 | 93.7 | 641 | 548.4 | 603 |
Net income | $ 157.4 | $ 127.7 | $ 93.8 | $ 93.4 | $ 149.2 | $ 97.6 | $ 84.3 | $ 70.5 | $ 472.3 | $ 401.6 | $ 437.9 |
Basic earnings per share | $ 1.25 | $ 1.01 | $ 0.74 | $ 0.73 | $ 1.17 | $ 0.76 | $ 0.66 | $ 0.55 | $ 3.73 | $ 3.14 | $ 3.37 |
Diluted earnings per share | 1.24 | 1 | 0.73 | 0.73 | 1.16 | 0.76 | 0.65 | 0.55 | 3.69 | 3.11 | 3.34 |
Dividends paid per share (usd per share) | 0.43 | 0.43 | 0.43 | 0.43 | 0.40 | 0.40 | 0.40 | 0.40 | 1.72 | 1.60 | 1.48 |
Common Stock, Dividends, Per Share, Declared | $ 0.90 | $ 0.43 | $ 0.43 | $ 0 | $ 0.83 | $ 0.40 | $ 0.40 | $ 0 | $ 1.76 | $ 1.63 | $ 1.51 |
Special charges | $ 6.2 | $ 4.3 | $ 3.9 | $ 1.6 | $ 3 | $ 15.1 | $ 19 | $ 28.4 | $ 15.7 | $ 61.5 | $ 5.2 |
After tax impact of special charges | 3.7 | $ 3.4 | $ 2.7 | $ 1.3 | 3 | 12.1 | $ 12.9 | $ 19.9 | |||
Gross profit impact of special charges | $ 0.3 | $ 0.6 | $ 3.4 | ||||||||
EPS impact of Special charges - Basic | $ 0.16 | ||||||||||
EPS impact of Special charges - Diluted | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.09 | $ 0.10 | 0.15 | |||
Common Stock [Member] | |||||||||||
Selected Quarterly Data [Line Items] | |||||||||||
Common Stock, Market price, High | 102.01 | 107.05 | 100.06 | 94.10 | 86.04 | 84.89 | 79.53 | 76.37 | |||
Common Stock, Market price, Low | 91.06 | 96.92 | 91.32 | 79.53 | 77.70 | 76.13 | 68.29 | 71.45 | |||
Common Stock Non-Voting [Member] | |||||||||||
Selected Quarterly Data [Line Items] | |||||||||||
Common Stock, Market price, High | 101.98 | 107.07 | 100.71 | 94.10 | 86.03 | 85.20 | 79.61 | 76.78 | |||
Common Stock, Market price, Low | $ 91.08 | $ 97.18 | $ 91.39 | $ 79.78 | $ 77.61 | $ 76.02 | $ 71.98 | $ 71.39 |
Subsequent Events (Details)
Subsequent Events (Details) - 12 months ended Nov. 30, 2016 - Giotti [Member] € in Millions, $ in Millions | EUR (€) | USD ($) |
Subsequent Event [Line Items] | ||
Consideration transferred | $ | $ 125.5 | |
Approximate annual net sales | € | € 53 |
Valuation And Qualifying Acco93
Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 22.6 | $ 25.8 | $ 25.3 |
Charged to Costs and Expenses | 4.2 | 10.6 | 4.1 |
Charged to Other Accounts | 0 | (3.3) | (2.3) |
Deductions | (12.1) | (10.5) | (1.3) |
Balance at End of Period | 14.7 | 22.6 | 25.8 |
Allowance For Doubtful Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 8 | 4 | 4.1 |
Charged to Costs and Expenses | 0.7 | 4.9 | 1.1 |
Charged to Other Accounts | 0 | (0.1) | (0.9) |
Deductions | (4.5) | (0.8) | (0.3) |
Balance at End of Period | 4.2 | 8 | 4 |
Valuation Allowance On Net Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 14.6 | 21.8 | 21.2 |
Charged to Costs and Expenses | 3.5 | 5.7 | 3 |
Charged to Other Accounts | 0 | (3.2) | (1.4) |
Deductions | (7.6) | (9.7) | (1) |
Balance at End of Period | $ 10.5 | $ 14.6 | $ 21.8 |