Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2018 | May 31, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 13,249,735,964 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 9,545,617 | ||
Entity Public Float | 1,000,702,694 | ||
Common Stock Non-Voting [Member] | |||
Entity Common Stock, Shares Outstanding | 122,602,644 | ||
Entity Public Float | $ 12,249,033,270 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 5,408.9 | $ 4,834.1 | $ 4,411.5 |
Cost of Goods and Services Sold | 3,037.3 | 2,823.9 | 2,579.8 |
Gross profit | 2,371.6 | 2,010.2 | 1,831.7 |
Selling, general and administrative expense | 1,429.5 | 1,244.8 | 1,175 |
Transaction and integration expenses (related to RB Foods acquisition) | 22.5 | 40.8 | 0 |
Special charges | 16.3 | 22.2 | 15.7 |
Operating income | 903.3 | 702.4 | 641 |
Interest expense | 174.6 | 95.7 | 56 |
Other debt costs | 0 | 15.4 | 0 |
Other income, net | 12.6 | 3.5 | 4.2 |
Income from consolidated operations before income taxes | 741.3 | 594.8 | 589.2 |
Income tax (benefit) expense | (157.3) | 151.3 | 153 |
Net income from consolidated operations | 898.6 | 443.5 | 436.2 |
Income from unconsolidated operations | 34.8 | 33.9 | 36.1 |
Net income | $ 933.4 | $ 477.4 | $ 472.3 |
Earnings per share–basic (usd per share) | $ 7.10 | $ 3.77 | $ 3.73 |
Earnings per share–diluted (usd per share) | $ 7 | $ 3.72 | $ 3.69 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 933.4 | $ 477.4 | $ 472.3 |
Net loss attributable to non-controlling interest | 3.3 | 1.6 | (1.3) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 72.6 | 103.2 | (28.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (119.8) | 174.6 | (94.6) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 2.3 | (12.5) | 4.1 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (17.2) | (30.8) | 8.9 |
Other comprehensive income (loss), net of tax | (62.1) | 234.5 | (110.1) |
Comprehensive income | $ 874.6 | $ 713.5 | $ 360.9 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Assets | ||
Cash and cash equivalents | $ 96.6 | $ 186.8 |
Trade accounts receivable, less allowances of $6.4 for 2018 and $6.6 for 2017 | 518.1 | 555.1 |
Inventories | 786.3 | 793.3 |
Prepaid expenses and other current assets | 78.9 | 81.8 |
Total current assets | 1,479.9 | 1,617 |
Property, plant and equipment, net | 985.1 | 809.1 |
Goodwill | 4,527.9 | 4,490.1 |
Intangible assets, net | 2,873.3 | 3,071.1 |
Investments and other assets | 390.2 | 398.5 |
Total assets | 10,256.4 | 10,385.8 |
Liabilities | ||
Short-term borrowings | 560 | 257.6 |
Current portion of long-term debt | 83.5 | 325.6 |
Trade accounts payable | 710 | 639.9 |
Other accrued liabilities | 648.2 | 724.2 |
Total current liabilities | 2,001.7 | 1,947.3 |
Long-term debt | 4,052.9 | 4,443.9 |
Deferred taxes | 706.5 | 1,094.5 |
Other long-term liabilities | 313.1 | 329.2 |
Total liabilities | 7,074.2 | 7,814.9 |
Shareholders’ equity | ||
Retained earnings | 1,760.2 | 1,166.5 |
Accumulated other comprehensive loss | (359.9) | (279.5) |
Non-controlling interests | 11.3 | 11 |
Total shareholders’ equity | 3,182.2 | 2,570.9 |
Total liabilities and shareholders’ equity | 10,256.4 | 10,385.8 |
Common Stock [Member] | ||
Shareholders’ equity | ||
Common stock | 400.2 | 378.2 |
Common Stock Non-Voting [Member] | ||
Shareholders’ equity | ||
Common stock | $ 1,370.4 | $ 1,294.7 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Trade accounts receivable, allowances | $ 6.4 | $ 6.6 |
Common Stock [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320,000,000 | 320,000,000 |
Common stock, shares issued | 9,600,000 | 10,000,000 |
Common stock, shares outstanding | 9,600,000 | 10,000,000 |
Common Stock Non-Voting [Member] | ||
Common stock, par value (usd per share) | ||
Common stock, shares authorized | 320,000,000 | 320,000,000 |
Common stock, shares issued | 122,500,000 | 121,000,000 |
Common stock, shares outstanding | 122,500,000 | 121,000,000 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Operating activities | |||
Net income | $ 933.4 | $ 477.4 | $ 472.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 150.7 | 125.2 | 108.7 |
Stock-based compensation | 25.6 | 23.9 | 25.6 |
Noncash income tax benefit (related to enactment of the U.S. Tax Act) | (309.4) | 0 | 0 |
Special charges and transaction and integration expenses | 3 | 19.1 | 7.2 |
Amortization of inventory fair value adjustment associated with acquisition of RB Foods | 0 | 20.9 | 0 |
(Gain) loss on sale of assets | (5.4) | 1.3 | 1.5 |
Deferred income tax expense (benefit) | 40.1 | 24.1 | (40) |
Income from unconsolidated operations | (34.8) | (33.9) | (36.1) |
Settlement of forward-starting interest rate swaps | 0 | (2.9) | 0 |
Changes in operating assets and liabilities (net of effect of businesses acquired): | |||
Trade accounts receivable | 19.8 | (13) | (21) |
Inventories | (10) | 44.6 | (39) |
Trade accounts payable | 72.8 | 98.2 | 47 |
Other assets and liabilities | (91.8) | 6.8 | 94.5 |
Dividends received from unconsolidated affiliates | 27.2 | 23.6 | 37.4 |
Net cash provided by operating activities | 821.2 | 815.3 | 658.1 |
Investing activities | |||
Acquisitions of businesses (net of cash acquired) | (4.2) | (4,327.4) | (120.6) |
Proceeds from exit of consolidated joint venture (net of cash paid of $0.9) | 0 | 0 | 4.2 |
Capital expenditures | (169.1) | (182.4) | (153.8) |
Proceeds from sale of property, plant and equipment | 12.3 | 1.1 | 1.7 |
Proceeds from insurance | 2.5 | 0.4 | 1.4 |
Net cash used in investing activities | (158.5) | (4,508.3) | (267.1) |
Financing activities | |||
Short-term borrowings, net | 305.5 | (134.6) | 251.7 |
Long-term debt borrowings | 25.9 | 3,989.6 | 6 |
Payment of debt issuance costs | 0 | (7.7) | 0 |
Long-term debt repayments | (797.9) | (272.7) | (202) |
Proceeds from exercised stock options | 78.2 | 29.5 | 36.8 |
Taxes withheld and paid on employee stock awards | (11.6) | (5.8) | (3.5) |
Payment of contingent consideration | (2.5) | (19.7) | 0 |
Purchase of minority interest | (13) | (1.2) | 0 |
Issuance of common stock non-voting (net of issuance costs of $0.9) | 0 | 554 | 0 |
Common stock acquired by purchase | (62.3) | (137.8) | (242.7) |
Dividends paid | (273.4) | (237.6) | (217.8) |
Net cash provided by (used in) financing activities | (751.1) | 3,756 | (371.5) |
Effect of exchange rate changes on cash and cash equivalents | (1.8) | 5.4 | (13.7) |
(Decrease) increase in cash and cash equivalents | (90.2) | 68.4 | 5.8 |
Cash and cash equivalents at beginning of year | 186.8 | 118.4 | 112.6 |
Cash and cash equivalents at end of year | $ 96.6 | $ 186.8 | $ 118.4 |
Consolidated Cash Flow Statem_2
Consolidated Cash Flow Statement (Parenthetical) $ in Millions | 12 Months Ended |
Nov. 30, 2017USD ($) | |
Statement of Cash Flows [Abstract] | |
Payment of costs related to issuance of common stock | $ 0.9 |
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] | RB Foods [Member]Common Stock Non-Voting [Member]Common Stock [Member] |
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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 472.3 | 472.3 | |||||
Net loss attributable to non-controlling interest | (1.3) | (1.3) | |||||
Other comprehensive income (loss), net of tax | (110.1) | (108.3) | (1.8) | ||||
Dividends | (222) | (222) | |||||
Dividends attributable to non-controlling interest | (0.6) | (0.6) | |||||
Stock-based compensation | 25.6 | $ 25.6 | |||||
Issuance of common stock non-voting (net of issuance costs of $0.9) | 0 | ||||||
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, Shares | 0.6 | 0.1 | |||||
Shares issued, 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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 477.4 | 477.4 | |||||
Net loss attributable to non-controlling interest | 1.6 | 1.6 | |||||
Other comprehensive income (loss), net of tax | 234.5 | 234.9 | (0.4) | ||||
Dividends | (247) | (247) | |||||
Dividends attributable to non-controlling interest | 0 | 0 | |||||
Buyout of minority interest | 0.6 | ||||||
Stock-based compensation | 23.9 | 23.9 | |||||
Issuance of common stock non-voting (net of issuance costs of $0.9) | 554 | $ 554 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1.1) | 1.7 | |||||
Shares purchased and retired, Shares | (0.4) | (1.1) | |||||
Shares purchased and retired, Value | (145.1) | $ (23.8) | (121.3) | ||||
Stock Issued During Period, Shares, New Issues | 0.7 | 0.1 | 6.4 | ||||
Shares issued, Value | 34.6 | $ 34.6 | |||||
Equal exchange, shares | (1.7) | 1.7 | |||||
Equal exchange, amount | 0 | ||||||
Balance, Shares at Nov. 30, 2017 | 10 | 121 | |||||
Balance, Value at Nov. 30, 2017 | 2,570.9 | $ 1,672.9 | 1,166.5 | (279.5) | 11 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 933.4 | 933.4 | |||||
Net loss attributable to non-controlling interest | 3.3 | 3.3 | |||||
Other comprehensive income (loss), net of tax | (62.1) | (59.5) | (2.6) | ||||
Dividends | (280.5) | (280.5) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 20.9 | 20.9 | (20.9) | ||||
Dividends attributable to non-controlling interest | 0 | 0 | |||||
Buyout of minority interest | (12.4) | ||||||
Stock-based compensation | 25.6 | $ 25.6 | |||||
Issuance of common stock non-voting (net of issuance costs of $0.9) | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (12.8) | (0.4) | |||||
Shares purchased and retired, Shares | (0.3) | (0.4) | |||||
Shares purchased and retired, Value | (84.5) | $ (16.8) | (67.7) | ||||
Stock Issued During Period, Shares, New Issues | 1.7 | 0.1 | |||||
Shares issued, Value | 88.9 | $ 88.9 | |||||
Equal exchange, shares | (1.8) | 1.8 | |||||
Equal exchange, amount | 0 | ||||||
Balance, Shares at Nov. 30, 2018 | 9.6 | 122.5 | |||||
Balance, Value at Nov. 30, 2018 | $ 3,182.2 | $ 1,770.6 | $ 1,760.2 | $ (359.9) | $ 11.3 |
Consolidated Statement Of Sha_2
Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Shares issued, tax benefit | $ 8.1 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2018 | |
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 their 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 income statement on the line entitled “Income from unconsolidated operations.” Use of Estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined 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. Assets leased under capital leases are depreciated over the shorter of the lease term or their useful lives unless it is reasonable certain that we will obtain ownership by the end of the lease term. Repairs and maintenance costs are expensed as incurred. Computer Software We capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. 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 $13.2 million , $12.8 million and $21.8 million of software development costs during 2018, 2017 and 2016, respectively. 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 Asset Impairment Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss would be calculated based on the excess of the asset’s carrying value over its estimated fair value. 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 $173.7 million , $111.0 million and $91.2 million for 2018 , 2017 and 2016 , 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 $69.4 million , $66.1 million and $61.0 million for 2018 , 2017 and 2016 , respectively. Brand Marketing Support Total brand marketing support costs, which are included in selling, general and administrative expense in the income statement, were $324.8 million , $276.3 million and $252.2 million for 2018 , 2017 and 2016 , 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 $147.2 million , $117.8 million and $102.9 million for 2018 , 2017 and 2016 , 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. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. During fiscal years 2018 and 2017 we made significant changes to our employee benefit and retirement plans as discussed in note 10. 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 and postretirement benefit plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. Those unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. Accounting Pronouncements Adopted in 2018 In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220) — Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Pub.L. 115-97 "An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018", ( referred to herein as the "U.S. Tax Act") enacted in December 2017. We early adopted this new accounting pronouncement effective December 1, 2017. The adoption resulted in a reclassification of $20.9 million from accumulated other comprehensive income to retained earnings in 2018. In July 2015, the FASB issued ASU 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. We adopted ASU No. 2015-11 effective December 1, 2017. The adoption of this new accounting pronouncement did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements — Pending Adoption Recently issued accounting pronouncements to be adopted in fiscal year 2019: In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) , which supersedes previously existing revenue recognition guidance. Under this new guidance, companies will apply a principles-based five-step model to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration for which the company expects to be entitled to in exchange for those goods or services. The model encompasses the following steps: (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. The new revenue recognition guidance allows companies to account for shipping and handling activities that occur before and after the customer has obtained control of a product as fulfillment activities rather than as a promised service. We intend to apply this accounting policy election. In addition, the new revenue guidance requires that customer payments be accounted for as a reduction in the transaction price unless the payment to a customer is in exchange for a distinct good or service. The adoption of this standard will not have an effect on the timing of our revenue recognition. This new standard will be effective beginning in fiscal year 2019 and may be applied using a full retrospective method or a modified retrospective transition method. We will adopt ASU No 2014-09 using the full retrospective method on December 1, 2018, the first day of our fiscal year 2019. Upon adoption of the new ASU in fiscal 2019, we plan to make the following changes to our revenue recognition accounting policy and disclosure practices. We will classify shipping and handling expenses as a component of cost of goods sold rather than our current practice of recording these costs as a component of selling, general and administrative expense. Also, we will classify all payments to direct and indirect customers, including certain trade funds used for cooperative advertising and displays, as a reduction of revenue. Currently, certain of those payments are presented as brand marketing support costs and included as a component of selling, general and administrative expense. While there will be no effect on operating income, net income, or basic and diluted earnings per share upon our adoption of ASU No. 2014-09 in 2019, we currently estimate the following income statement reclassifications to our historical results as a result of that adoption: (i) a reduction in annual net sales by approximately $100 million to $110 million for each of the years ended November 30, 2018, 2017 and 2016; (ii) an increase in cost of goods sold by $173.7 million , $111.0 million , and $91.2 million in the years ended November 30, 2018, 2017 and 2016, respectively; and (iii) a decrease in selling, general and administrative expense by an amount ranging from $273.7 million to $283.7 million for the year ended November 30, 2018; from $211.0 million to $221.0 million for the year ended November 30, 2017; and from $191.2 million to $201.2 million for the year ended November 30, 2016. In March 2017, the FASB issued ASU No. 2017-07 Compensation — Retirement Benefits (Topic 715) — Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This guidance revises how employers that sponsor defined benefit pension and other postretirement plans present the net periodic benefit cost in their income statement and requires that the service cost component of net periodic benefit cost be presented in the same income statement line items as other employee compensation costs from services rendered during the period. Of the components of net periodic benefit cost, only the service cost component will be eligible for asset capitalization. The other components of the net periodic benefit cost must be presented separately from the line items that include the service cost and outside of any subtotal of operating income on the income statement. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2019 and will be applied on a retrospective basis. Adoption of the new standard will solely impact classification within our Consolidated Statements of Income, with no change to net income or basic and diluted earnings per share. We expect the following annual income statement reclassifications upon our adoption of ASU No. 2017-07 on December 1, 2018, the beginning of our fiscal year 2019: (i) an increase (decrease) in cost of goods sold by $2.7 million , $1.5 million and $(1.2) million for the years ended November 30, 2018, 2017 and 2016, respectively; (ii) an increase (decrease) in selling, general and administrative expense by $9.6 million , $1.2 million and $(7.2) million for the years ended November 30, 2018, 2017 and 2016, respectively; (iii) an increase (decrease) in operating income by $(12.3) million , $(2.7) million , and $8.4 million for the years ended November 30, 2018, 2017, and 2016, respectively; and (iv) an increase (decrease) in income included in the income statement caption "Other income (expense), net" by $12.2 million , $2.6 million , and $(8.4) million for the years ended November 30, 2018, 2017 and 2016, respectively. In August 2017, the FASB issued ASU No. 2017-12 Derivatives and Hedging (Topic 815) — Targeted Improvements to Accounting for Hedging Activities. This guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2020. Early adoption is permitted in any interim period or fiscal year before the effective date for all entities. We expect to adopt this guidance effective December 1, 2018. We currently do not expect this guidance to have a material impact on our financial statements. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory . The ASU eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the tax expense from the intercompany sale of assets, other than inventory, and associated changes to deferred taxes will be recognized when the sale occurs even though the pre-tax effects of the transaction have not been recognized. This new standard will be effective beginning in fiscal year 2019 and is required to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of December 1, 2018, the first day of our fiscal year 2019. We expect the cumulative-effect adjustment upon adoption to be immaterial. The on-going effect of the adoption of the standard will depend on the nature and amount of future transactions. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805) - Clarifying the Definition of a Business. This guidance changes the definition of a business to assist entities in evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in Accounting Standards Codification (ASC 606) Revenue from Contracts with Customers. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2019. We currently cannot estimate the impact that adoption of this ASU will have on our financial statements and related disclosures as its application is dependent on the facts and circumstances of individual transactions. In August 2018, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-10532 Disclosure Update and Simplification , to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. Among other changes, the amendments eliminated the annual requirement to disclose the high and low trading prices of our common stock. In addition, the amendments provide that disclosure requirements related to the analysis of shareholders' equity are expanded for interim financial statements. An analysis of the changes in each caption of shareholders' equity presented in the balance sheet must be provided in a note or separate statement, as well as the amount of dividends per share for each class of shares. This rule was effective on November 5, 2018; and the expanded interim disclosure requirements for changes in shareholders' equity will be effective for us for our quarterly reporting in the year ending November 30, 2019. Recently issued accounting pronouncements to be adopted in fiscal years 2020 or 2021: In January 2017, the FASB issued ASU No. 2017-04 Intangibles — Goodwill and Other Topics (Topic 350) — Simplifying the Test for Goodwill Impairment. This guidance eliminates the requirement to calculate the implied fair value of goodwill of a reporting unit to measure a goodwill impairment charge. Instead, a company will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2021. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates after January 1, 2017. While we are still evaluating the timing of adoption, we currently do not expect this guidance to have a material impact on our financial statements. In February 2016, the FASB issued ASU 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 principally relate to: (i) certain real estate, including that related to a number of administrative, distribution and manufacturing locations, and, beginning in May 2018, to our new headquarters building; (ii) certain machinery and equipment, including a corporate airplane and automobiles; and (iii) certain software. The new guidance in ASU No. 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for virtually all 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). In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2020. We intend to adopt the requirements of the new standard via a cumulative-effect adjustment without restating prior periods. Based on our assessment to date, we expect that the adoption of ASU 2016-02 will not have a material effect on our results of operations but will result in an increase in lease-related assets and liabilities recognized in our Consolidated Balance Sheets. We are unable to quantify the amount of that increase at this time. |
Acquisitions
Acquisitions | 12 Months Ended |
Nov. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisitions are part of our strategy to increase sales and profits. Acquisition of RB Foods On August 17, 2017, we completed the acquisition of Reckitt Benckiser's Food Division ("RB Foods") from Reckitt Benckiser Group plc. The purchase price was approximately $4.21 billion , net of acquired cash of $24.3 million . In December 2017, we paid $4.2 million associated with the final working capital adjustment. The acquisition was funded through our issuance of approximately 6.35 million shares of common stock non-voting (see note 13) and through new borrowings comprised of senior unsecured notes and pre-payable term loans (see note 6). The acquired market-leading brands of RB Foods include French’s ® , Frank’s RedHot ® and Cattlemen’s ® , which are a natural strategic fit with our robust global branded flavor portfolio. We believe that these additions move us to a leading position in the attractive U.S. Condiments category and provide significant international growth opportunities for our consumer and flavor solutions segments. At the time of the acquisition, annual sales of RB Foods were approximately $570 million . The transaction was accounted for under the acquisition method of accounting and, accordingly, the results of RB Foods’ operations are included in our consolidated financial statements as a component of our consumer and flavor solutions segments from the date of acquisition. The purchase price of RB Foods was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We estimated the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, and estimates made by management. During 2018, we completed the final valuation of the RB Foods acquisition which resulted in the following fair value allocations, net of cash acquired, summarized in the table below (in millions): Trade accounts receivable $ 36.9 Inventories 67.1 Property, plant and equipment 38.5 Goodwill 2,648.5 Intangible assets 2,430.0 Other assets 4.4 Trade accounts payable (65.8 ) Other accrued liabilities (35.0 ) Deferred taxes (893.9 ) Other long-term liabilities (20.8 ) Total $ 4,209.9 The impact of revising the fair value estimate of the RB Foods acquisition during 2018 decreased indefinite-lived brand names and trademarks by $155.0 million , decreased definite-lived intangible assets by $10.0 million , decreased deferred taxes by $60.9 million , increased other assets and liabilities, net, by $1.9 million and increased goodwill by $102.2 million . These revisions were primarily associated with finalizing the fair value estimate for the acquired intangible assets as well as the related deferred tax effects. The valuation of the acquired net assets of RB Foods includes $2,320.0 million allocated to indefinite-lived brand assets and $110.0 million allocated to definite-lived intangible assets with a weighted-average life of 15 years . We valued brand names and trademarks using the relief from royalty method, an income approach. For customer relationships, we used the distributor method, a variation of the excess earnings method that uses distributor-based inputs for margins and contributory asset charges. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each indefinite-lived or definite-lived intangible asset (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), the royalty rates, the discount rates that appropriately reflect the risks inherent in each future cash flow stream, the assessment of each asset’s life cycle, and competitive trends, as well as other factors. We determined the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management plans, and market comparables. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $20.9 million that was recognized in cost of goods sold in 2017 as the related inventory was sold. Raw materials and packaging inventory was valued using the replacement cost approach. The fair value of property, plant and equipment was determined using a combination of the income approach, the market approach and the cost approach, which is based on current replacement and/or reproduction cost of the asset as new, less depreciation attributable to physical, functional, and economic factors. Deferred income tax assets and liabilities represented the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases all computed using tax rates in effect as of the acquisition date. We used carrying values to value trade receivables and payables, as well as certain other current and non-current assets and liabilities, as we determined that they represented the fair value of those items. As a result of the acquisition, we recognized a total of $2,648.5 million of goodwill. That goodwill, 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 consumer and flavor solutions customers for value-added flavor solutions, and our supply chain capabilities, as well as expected synergies from the combined operations and assembled workforce. Total transaction and integration expenses related to the RB Foods acquisition were $99.6 million , of which $59.8 million and $39.8 million represented transaction expenses and integration expenses, respectively. These costs primarily consist of the amortization of the acquisition-date fair value adjustment of inventories in the amount of $20.9 million that is included in cost of goods sold for 2017; outside advisory, service and consulting costs; employee-related costs; and other costs related to the acquisition, including the costs of $15.4 million related to the bridge financing commitment that was included in other debt costs for 2017. The following are the transaction and integration expenses related to the RB Foods acquisition that we have recorded for the years ended November 30 (in millions): 2018 2017 Transaction expenses included in cost of goods sold $ — $ 20.9 Transaction expenses included in other debt costs — 15.4 Other transaction expenses 0.3 23.2 Integration expenses 22.2 17.6 Total $ 22.5 $ 77.1 The incremental impact to our sales from RB Foods was $190.1 million for 2017. The impact of RB Foods on our 2017 consolidated income before taxes, including the effect of the transaction and integration expenses previously noted, and financing costs was a loss of approximately $42 million . The following unaudited pro forma information presents consolidated financial information as if RB Foods had been acquired at the beginning of fiscal 2016. Interest expense has been adjusted to reflect the debt issued to finance the acquisition as though that debt had been outstanding at December 1, 2015. The pro forma results reflect amortization expense of approximately $7.3 million , relating to definite-lived intangible assets recorded based upon third-party valuations. The pro forma results for 2016 also include transaction and integration costs of $40.8 million , $20.9 million of amortization of the acquisition-date fair value adjustment of inventories, and $15.4 million associated with the bridge financing commitment, all assuming that the acquisition had occurred as of December 1, 2015. The pro forma results for 2017 exclude the previously noted items, as they have been included, on a pro forma basis, in the results for 2016. The pro forma adjustments previously noted have been adjusted for the applicable income tax impact. Basic and diluted shares outstanding have been adjusted to reflect the issuance of 6.35 million shares of our common stock non-voting to partially finance the acquisition. (in millions, except per share data) Year ended November 30, 2017 2016 (Unaudited) Net sales $ 5,209.0 $ 4,969.3 Net income 548.7 465.5 Earnings per share – basic $ 4.19 $ 3.50 Earnings per share – diluted 4.14 3.46 These unaudited pro forma consolidated results are not adjusted for changes in the business that will take place subsequent to our acquisition, including, but not limited to, additional transaction and integration costs that have or may be incurred. Accordingly, the above unaudited pro forma results are not necessarily indicative of the results that actually would have occurred if the acquisition had been completed as of December 1, 2015, nor are they indicative of future consolidated results. Other Acquisitions On September 21, 2018, we purchased the remaining 10% ownership interest in our Shanghai subsidiary for a cash payment of $12.7 million In conjunction with our purchase of this remaining 10% minority interest, we have eliminated the minority interest in Shanghai and recorded an adjustment of $12.4 million to retained earnings in our consolidated balance sheet. The $12.7 million payment is reflected in the financing activities section of our consolidated cash flow statement for 2018. On May 5, 2017, we purchased the remaining 15% ownership interest in our joint venture, Kohinoor Specialty Foods India Private Limited (Kohinoor) in India for a cash payment of $1.5 million , of which $1.2 million was paid in 2017 and the balance was paid in 2018. In September 2011, when we originally entered this joint venture, we invested $113.0 million for an 85% interest in Kohinoor. In conjunction with our purchase of the 15% minority interest in 2017, we have eliminated the minority interest in Kohinoor and recorded an adjustment of $0.6 million to retained earnings in our consolidated balance sheet. The $0.3 million and $1.2 million payments are reflected in the financing activities section of our consolidated cash flow statement for 2018 and 2017, respectively. 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 purchase price of $123.8 million (net of cash acquired of $1.2 million ). 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 flavor solutions segment, including additional expertise in flavoring health and nutrition products. Giotti has been included in our flavor solutions segment since its acquisition. 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. Gourmet Garden has been included in our consumer segment since its acquisition. While this business has a flavor solutions component, the flavor solutions component was not material to its overall business in 2016. Beginning in 2017, the flavor solutions component of Gourmet Garden has been reflected as a component of our flavor solutions segment. In 2017, Giotti added $66.5 million and Gourmet Garden added $27.3 million to our sales for the year and first four months of fiscal 2017, respectively. Due to financing, acquisition and integration costs, the aggregate incremental operating income contributed by Giotti and Gourmet Garden was not significant to our overall results for 2017. Pro forma financial information for our other 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, 2018 | |
Special Charges [Abstract] | |
Special Charges | 3. SPECIAL CHARGES In our consolidated income statement, we include a separate line item captioned “special charges” in arriving at our consolidated operating income. Special charges consist of expenses, including related impairment charges, associated with certain actions undertaken to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee, comprised of our senior management, including our Chairman, 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. In 2018, we also included in special charges, as approved by our Management Committee, expense associated with a one-time payment, made to eligible U.S. hourly employees, to distribute a portion of the non-recurring net income tax benefit recognized in connection with the enactment of the U.S. Tax Act and as more fully described in note 12. The following is a summary of special charges recognized for the years ended November 30 (in millions): 2018 2017 2016 Special charges included in cost of goods sold $ — $ — $ 0.3 Other special charges in the income statement (1) 16.3 22.2 15.7 Total special charges $ 16.3 $ 22.2 $ 16.0 (1) Included in special charges for 2018 and 2017 are non-cash fixed asset impairment charges of $3.0 million and $0.5 million , respectively. Included in special charges for 2016 is a non-cash goodwill impairment charge of $2.6 million recognized upon the exit of a consolidated joint venture. The following is a summary of special charges by business segments for the years ended November 30 (in millions): 2018 2017 2016 Consumer segment $ 10.0 $ 15.3 $ 9.2 Flavor solutions segment 6.3 6.9 6.8 Total special charges $ 16.3 $ 22.2 $ 16.0 We continue to evaluate changes to our organization structure to reduce fixed costs, simplify or improve processes, and improve our competitiveness. During 2018, we recorded $16.3 million of special charges, consisting primarily of: (i) $11.5 million related to our global enablement initiative, as more fully described below; (ii) a one-time payment, in the aggregate amount of $2.2 million made to certain U.S. hourly employees to distribute a portion of the non-recurring net income tax benefit recognized in connection with the enactment of the U.S. Tax Act; (iii) $1.0 million related to employee severance benefits and other costs directly associated with the relocation of one of our Chinese manufacturing facilities; and (iv) $1.6 million related to employee severance benefits and other costs related to the transfer of certain manufacturing operations in our Asia/Pacific region to a new facility under construction in Thailand. Of the $11.5 million in special charges recognized in 2018 related to our GE initiative, $7.5 million related to third party expenses, $3.0 million represented a non-cash asset impairment charge, and $1.0 million related to employee severance benefits. That non-cash asset impairment charge was related to the write-off of certain software assets that are incompatible with our future move, approved in 2018, to a new global enterprise resource planning (ERP) platform to facilitate planned actions under our GE initiative to align and simplify our end-to-end processes to support our future growth. Of the $16.3 million in special charges recorded during 2018, approximately $12.3 million were paid in cash and $3.0 million represented a non-cash asset impairment, with the remaining accrual expected to be paid in early 2019. During 2017, we recorded $22.2 million of special charges, consisting primarily of (i) $12.7 million related to third party expenses incurred associated with our evaluation of changes relating to our global enablement initiative, which is described below; (ii) $2.8 million related to employee severance benefits and other costs directly associated with the relocation of one of our Chinese manufacturing facilities; (iii) $2.5 million for severance and other exit costs associated with our Europe, Middle East, and Africa (EMEA) region’s closure of its manufacturing plant in Portugal in mid-2017; and (iv) $1.7 million related to employee severance benefits and other costs associated with action related to the transfer of certain manufacturing operations in our Asia/Pacific region to a new facility under construction in Thailand. During 2017, our Management Committee approved a multi-year initiative during which we expect to execute significant changes to our global processes, capabilities and operating model to provide a scalable platform for future growth. We expect this initiative to enable us to accelerate our ability to work globally and cross-functionally by aligning and simplifying processes throughout McCormick, in part building upon our current shared services foundation and expanding the end-to-end processes presently under that foundation. We expect this initiative, which we refer to as Global Enablement (GE), to enable this scalable platform for future growth while reducing costs, enabling faster decision making, increasing agility and creating capacity within our organization. While we are continuing to fully develop the details of our GE operating model, we expect the cost of the GE initiative—to be recognized as “Special charges” in our consolidated income statement over its multi-year course—to range from approximately $55 million to $65 million . Of that $55 million to $65 million , we estimate that approximately half will be attributable to each employee severance and related benefit payments and cash payments associated with related costs of GE implementation and transition, including outside consulting and other costs directly related to the initiative. We incurred $11.5 million and $12.7 million of special charges associated with our GE initiative during 2018 and 2017, respectively. The GE initiative is expected to generate annual savings, ranging from approximately $30 million to $40 million , once all actions are implemented. 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 EMEA region, which began in 2015; (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 employee 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; (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. The remainder principally related to other streamlining actions in 2016, as approved by our Management Committee, in our operations in North America, EMEA and Asia/Pacific. In 2016, we exited our consolidated joint venture in South Africa 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. In 2016, our Management Committee approved a plan, to construct a new manufacturing facility in Thailand to replace two leased manufacturing facilities in Singapore and Thailand for our Asia/Pacific region. In 2018, we opened the new manufacturing facility in Thailand, exited the leased manufacturing facility in Singapore and expect to exit the leased Thai facility in 2019. We recorded $1.8 million of special charges in 2016 principally related to severance and other related costs associated with employees located at the former leased facility in Singapore. As of November 30, 2018, 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, 2018 | |
Goodwill And Intangible Assets [Abstract ] | |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table displays intangible assets as of November 30: 2018 2017 (millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Definite-lived intangible assets $ 311.3 $ 84.9 $ 329.1 $ 66.5 Indefinite-lived intangible assets: Goodwill 4,527.9 — 4,490.1 — Brand names and trademarks 2,646.9 — 2,808.5 — 7,174.8 — 7,298.6 — Total goodwill and intangible assets $ 7,486.1 $ 84.9 $ 7,627.7 $ 66.5 Intangible asset amortization expense was $20.6 million , $16.3 million and $11.3 million for 2018 , 2017 and 2016 , respectively. At November 30, 2018 , definite-lived intangible assets had a weighted-average remaining life of approximately 11 years. The changes in the carrying amount of goodwill by segment for the years ended November 30 were as follows: 2018 2017 (millions) Consumer Flavor Solutions Consumer Flavor Solutions Beginning of year $ 3,385.4 $ 1,104.7 $ 1,608.3 $ 163.1 Changes in preliminary purchase price allocation 68.1 34.1 (7.1 ) — Increases in goodwill from acquisitions — — 1,697.5 929.3 Foreign currency fluctuations (54.6 ) (9.8 ) 86.7 12.3 End of year $ 3,398.9 $ 1,129.0 $ 3,385.4 $ 1,104.7 Our valuation of the acquired net assets of RB Foods resulted in the allocation of $1,765.6 million and $882.9 million of goodwill to the consumer and flavor solutions segment, respectively. Our valuation of the acquired net assets of Giotti in 2017 resulted in the allocation of $80.5 million of goodwill to the flavor solutions segment. |
Investments In Affiliates
Investments In Affiliates | 12 Months Ended |
Nov. 30, 2018 | |
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) 2018 2017 2016 Net sales $ 807.9 $ 775.4 $ 767.6 Gross profit 290.5 278.5 245.6 Net income 78.9 75.5 66.4 Current assets $ 342.1 $ 315.4 $ 315.6 Noncurrent assets 129.9 127.6 113.0 Current liabilities 172.1 146.9 146.2 Noncurrent liabilities 10.0 13.6 9.1 Our share of undistributed earnings of unconsolidated affiliates was $142.1 million at November 30, 2018 . Royalty income from unconsolidated affiliates was $18.5 million , $17.5 million and $16.1 million for 2018 , 2017 and 2016 , 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 76% of income from unconsolidated operations in 2018, 74% in 2017 and 83% in 2016. As of November 30, 2018, undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities would not be material. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Nov. 30, 2018 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS Our outstanding debt, including capital leases, was as follows at November 30: (millions) 2018 2017 Short-term borrowings Commercial paper $ 509.9 $ 219.4 Other 50.1 38.2 $ 560.0 $ 257.6 Weighted-average interest rate of short-term borrowings at year-end 2.9 % 2.3 % Long-term debt 5.75% notes due 12/15/2017 $ — $ 250.0 Term loan due 8/17/2020 (1) 130.0 500.0 3.90% notes due 7/8/2021 (2) 250.0 250.0 2.70% notes due 8/15/2022 750.0 750.0 Term loan due 8/17/2022 (1) 556.3 731.3 3.50% notes due 8/19/2023 (3) 250.0 250.0 3.15% notes due 8/15/2024 700.0 700.0 3.25% notes due 11/15/2025 (4) 250.0 250.0 3.40% notes due 8/15/2027 (5) 750.0 750.0 4.20% notes due 8/15/2047 300.0 300.0 7.63%–8.12% notes due 2024 55.0 55.0 Other, including capital leases 180.5 19.6 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (35.4 ) (36.4 ) 4,136.4 4,769.5 Less current portion 83.5 325.6 $ 4,052.9 $ 4,443.9 (1) The term loans are prepayable in whole or in part. Also, the term loan due in 2022 requires quarterly principal payments of 2.5% of the initial principal amount. (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, 2018 was 3.84% ). (5) Interest rate swaps, settled upon the issuance of these notes in 2017, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44% . Maturities of long-term debt, including capital leases, during the fiscal years subsequent to November 30, 2018 are as follows (in millions): 2019 $ 83.5 2020 219.9 2021 340.4 2022 1,101.7 2023 257.7 Thereafter 2,168.6 In connection with our acquisition of RB Foods, we entered into a Term Loan Agreement (“Term Loan”) in August 2017. The Term Loan provide for three -year and five -year senior unsecured term loans, each for $750 million . The net proceeds received from the issuance of the Term Loan was $1,498.3 million . The three -year loan is payable at maturity. The five -year loan is payable in equal quarterly installments in an amount of 2.5% of the initial principal amount, with the remaining unpaid balance due at maturity. The three -year and five -year loans are each prepayable in whole or in part. In 2018 and 2017, we repaid $370.0 million and $250.0 million , respectively, of the three-year loan. In 2018, we repaid $175.0 million of the five-year loan, which included required quarterly principal installments of $75.0 million . In 2017, we repaid $18.8 million of the five-year loan. The three -year and five -year loans currently bear interest at LIBOR plus 1.125% and LIBOR plus 1.25% , respectively. The interest rates are based on our credit rating with the maximum potential interest rates of LIBOR plus 1.625% and LIBOR plus 1.75% for the three -year loan and five -year loan, respectively. The provisions of our outstanding $1.0 billion revolving credit facility and the Term Loan restrict subsidiary indebtedness and require us to maintain certain minimum and maximum financial ratios for interest expense coverage and our leverage ratio. The applicable leverage ratio is reduced annually. As of November 30, 2018, our capacity under the revolving credit facility is not affected by these covenants. We do not expect that these covenants would limit our access to our revolving credit facility for the foreseeable future; however, the leverage ratio could restrict our ability to utilize this facility. In August 2017, we issued an aggregate amount of $2.5 billion of senior unsecured notes. These notes are due as follows: $750.0 million due August 15, 2022, $700.0 million due August 15, 2024, $750.0 million due August 15, 2027 and $300.0 million due August 15, 2047 with stated fixed interest rates of 2.70% , 3.15% , 3.40% and 4.20% , respectively. Interest is payable semiannually in arrears in August and February of each year. The net proceeds received from the issuance of these notes were $2,479.3 million . The net proceeds from this issuance were used to partially fund our acquisition of RB Foods. In addition, we used a portion of these proceeds to repay our $250 million , 5.75% notes that matured on December 15, 2017. Other debt costs of $15.4 million for the year ended November 30, 2017 represents the financing fees related to a bridge loan commitment, obtained in connection with our acquisition of RB Foods, that expired undrawn. 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. We have a five -year $1.0 billion revolving credit facility, which will expire in August 2022. The current pricing for the credit facility, on a fully drawn basis, is LIBOR plus 1.25% . The pricing of the credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to LIBOR plus 1.75% . This credit facility supports our commercial paper program and, after $509.9 million was used to support issued commercial paper, we have $490.1 million of capacity at November 30, 2018. In addition, we have several uncommitted lines totaling $237.3 million , which have a total unused capacity at November 30, 2018 of $149.9 million . These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and commitment fees were $1.3 million and $0.8 million for 2018 and 2017, respectively. In 2018, we consolidated our Corporate staff and certain non-manufacturing U.S. employees into our new headquarters building in Hunt Valley, Maryland. The 15-year lease for that building requires monthly lease payments of approximately $0.9 million beginning in April 2019. 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. Upon commencement of fit-out in the second quarter of 2018, we obtained access to the building, which resulted in the lease commencement date for accounting purposes. We have recognized this lease as a capital lease, with the leased asset of $133.4 million included in property, plant and equipment, net, and the lease obligation in the amount of $138.6 million included in long-term debt as of November 30, 2018. During 2018, we recognized amortization expense of $5.2 million related to the leased asset. Rental expense under operating leases (primarily buildings and equipment) was $58.5 million in 2018 , $46.5 million in 2017 and $41.6 million in 2016 . Future annual fixed rental payments under operating leases for the years ended November 30 are as follows (in millions): 2019 $ 42.9 2020 32.9 2021 24.3 2022 18.7 2023 12.6 Thereafter 22.4 At November 30, 2018 , we had guarantees outstanding of $0.6 million with terms of one year or less. At both November 30, 2018 and 2017 , we had outstanding letters of credit of $7.3 million . 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 $13.7 million at November 30, 2018 . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Nov. 30, 2018 | |
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. At November 30, 2018, we had foreign currency exchange contracts to purchase or sell $494.9 million of foreign currencies as compared to $405.9 million at November 30, 2017. 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. 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 that are designated as hedges of assets, liabilities or firm commitments are recognized through income, offsetting the change in fair value of the hedged item. We also enter into fair value foreign currency exchange contracts to manage exposure to currency fluctuations in certain intercompany loans between subsidiaries. The notional value of these contracts was $402.0 million and $281.9 million at November 30, 2018 and 2017, respectively. During fiscal years 2018, 2017 and 2016, we recognized a $2.9 million loss, a $12.8 million gain and a $3.5 million loss, respectively, on the change in fair value of these contracts, which was offset by a $2.7 million gain, a $14.1 million loss and a $3.1 million gain, respectively, on the change in the currency component of the underlying loans. All of the losses and the gains for both fiscal years were recognized in our consolidated income statement as other income, net. At November 30, 2018, we had $160.6 million of notional contracts that have durations of less than seven days that are used to hedge short-term cash flow funding. At November 30, 2018, 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. We have outstanding interest rate swap contracts 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% . These swaps, which expire in November 2025, are designated 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. The following tables disclose the derivative instruments on our balance sheet, all of which are all recorded at fair value: As of November 30, 2018: (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 $ 6.4 Foreign exchange contracts Other current assets 199.5 4.4 Other accrued liabilities 295.4 6.4 Total $ 4.4 $ 12.8 As of November 30, 2017: (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 $ 2.5 Foreign exchange contracts Other current assets 326.3 12.7 Other accrued liabilities 79.6 4.7 Total $ 12.7 $ 7.2 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, 2018 , 2017 and 2016 : Fair value hedges (millions) Income statement location Income (expense) Derivative 2018 2017 2016 Interest rate contracts Interest expense $ (0.1 ) $ 0.9 $ 1.6 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2018 2017 2016 Hedged Item 2018 2017 2016 Foreign exchange contracts Other income, net $ (2.9 ) $ 12.8 $ (3.5 ) Intercompany loans Other income, net $ 2.7 $ (14.1 ) $ 3.1 Cash flow hedges (millions) Gain (loss) recognized in OCI Income statement location Gain (loss) reclassified from AOCI Derivative 2018 2017 2016 2018 2017 2016 Interest rate contracts $ — $ (2.9 ) $ — Interest expense $ 0.5 $ (0.4 ) $ (0.3 ) Foreign exchange contracts 2.6 (7.3 ) 4.4 Cost of goods sold (3.3 ) 1.2 3.7 Total $ 2.6 $ (10.2 ) $ 4.4 $ (2.8 ) $ 0.8 $ 3.4 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 $1.8 million increase to earnings. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments as of November 30 were as follows: 2018 2017 (millions) Carrying amount Fair value Carrying amount Fair value Long-term investments $ 120.8 $ 120.8 $ 127.0 $ 127.0 Long-term debt (including current portion) 4,136.4 4,039.4 4,769.5 4,858.5 Derivatives related to: Interest rates (liabilities) 6.4 6.4 2.5 2.5 Foreign currency (assets) 4.4 4.4 12.7 12.7 Foreign currency (liabilities) 6.4 6.4 4.7 4.7 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. At November 30, 2018, the fair value of long-term debt includes $3,172.7 million and $866.7 million determined using Level 1 and Level 2 valuation techniques, respectively. At November 30, 2017, the fair value of long-term debt includes $3,615.2 million and $1,243.3 million determined using Level 1 and Level 2 valuation techniques, respectively. The fair value for Level 2 long-term debt is determined by using quoted prices for similar debt instruments. 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 $73.7 million and $78.4 million at November 30, 2018 and 2017 , respectively. Concentrations of Credit Risk We are potentially exposed to concentrations of credit risk with trade accounts receivable and financial instruments. The customers of our consumer segment are predominantly food retailers and food wholesalers. Consolidations in these industries have created larger customers. In addition, competition has increased with the growth in alternative channels including mass merchandisers, dollar stores, warehouse clubs, discount chains and e-commerce. This has caused some customers to be less profitable and increased our exposure to credit risk. We generally have a large and diverse customer base which limits our concentration of credit risk. At November 30, 2018, we did not have amounts due from any single customer that exceed 10% of consolidated trade accounts receivable. Current credit markets are highly volatile and some of our customers and counterparties are highly leveraged. We continue to closely monitor the credit worthiness of our customers and counterparties and generally do not require collateral. We believe that the allowance for doubtful accounts properly recognized trade receivables at realizable value. We consider nonperformance credit risk for other financial instruments to be insignificant. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Nov. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | FAIR VALUE MEASUREMENTS Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect management’s own assumptions. Our population of assets and liabilities subject to fair value measurements on a recurring basis are as follows: Fair value measurements using fair value hierarchy as of November 30, 2018 (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 96.6 $ 96.6 $ — Insurance contracts 118.0 — 118.0 Bonds and other long-term investments 2.8 2.8 — Foreign currency derivatives 4.4 — 4.4 Total $ 221.8 $ 99.4 $ 122.4 Liabilities: Interest rate derivatives $ 6.4 $ — $ 6.4 Foreign currency derivatives 6.4 — 6.4 Total $ 12.8 $ — $ 12.8 Fair value measurements using fair value hierarchy as of November 30, 2017 (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 186.8 $ 186.8 $ — Insurance contracts 119.5 — 119.5 Bonds and other long-term investments 7.5 7.5 — Foreign currency derivatives 12.7 — 12.7 Total $ 326.5 $ 194.3 $ 132.2 Liabilities: Interest rate derivatives $ 2.5 $ — $ 2.5 Foreign currency derivatives 4.7 — 4.7 Total $ 7.2 $ — $ 7.2 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. At November 30, 2018 and 2017, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Nov. 30, 2018 | |
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, as of November 30 (in millions): 2018 2017 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment $ (241.6 ) $ (124.4 ) Unrealized loss on foreign currency exchange contracts (1.1 ) (3.6 ) Unamortized value of settled interest rate swaps 0.6 0.8 Pension and other postretirement costs (117.8 ) (152.3 ) $ (359.9 ) $ (279.5 ) In conjunction with the adoption of ASU No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220) — Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, we reclassified $20.9 million of other comprehensive income, primarily associated with pension and other postretirement plans, from accumulated other comprehensive income to retained earnings effective December 1, 2017. The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the years ended November 30: (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2018 2017 2016 (Gains)/losses on cash flow hedges: Interest rate derivatives $ (0.5 ) $ 0.4 $ 0.3 Interest expense Foreign exchange contracts 3.3 (1.2 ) (3.7 ) Cost of goods sold Total before taxes 2.8 (0.8 ) (3.4 ) Tax effect (0.6 ) 0.2 0.9 Income taxes Net, after tax $ 2.2 $ (0.6 ) $ (2.5 ) Amortization of pension and postretirement benefit adjustments: Amortization of prior service (credits) costs (1) $ (8.5 ) $ (1.6 ) $ 0.3 SG&A expense/ Cost of goods sold Amortization of net actuarial losses (1) 12.6 9.7 16.7 SG&A expense/ Cost of goods sold Total before taxes 4.1 8.1 17.0 Tax effect (1.0 ) (2.8 ) (5.8 ) Income taxes Net, after tax $ 3.1 $ 5.3 $ 11.2 (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, 2018 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit And Retirement Plans | EMPLOYEE BENEFIT AND RETIREMENT PLANS We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. During fiscal years 2018 and 2017, we made the following significant changes to our employee benefit and retirement plans: 2018 • On December 1, 2017, our Management Committee approved the freezing of benefits under our pension plans in Canada. The effective date of this freeze is November 30, 2019. Although those plans will be frozen, employees who are participants in the plans 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 plans. 2017 • On December 1, 2016, our 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 was December 31, 2016. Although the U.K. plan has been frozen, employees who are participants in that plan retained 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, our 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 was November 30, 2018. Employees who are participants in that plan retained 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 was January 31, 2017. Executives who are participants in the SERP as of the date of the freeze, including certain named executive officers, retained benefits accumulated up to that date, based on credited service and eligible earnings, in accordance with the SERP’s terms. As a result of these changes, we remeasured pension assets and benefit obligations as of the dates of the approvals indicated above and (i) in fiscal year 2018, we reduced the Canadian plan benefit obligations by $17.5 million ; and (ii) in fiscal year 2017, we reduced the U.S. and U.K. plan benefit obligations by $69.9 million and $7.8 million , respectively. These remeasurements resulted in non-cash, pre-tax net actuarial gains of $17.5 million and $77.7 million for fiscal years 2018 and 2017, respectively. These net actuarial gains consist principally of curtailment gains of $18.0 million and $76.7 million , which are included in our Consolidated Statement of Comprehensive Income for 2018 and 2017, respectively, as a component of Other comprehensive income (loss) on the line entitled Unrealized components of pension plans. Deferred taxes associated with these actuarial gains, together with other unrealized components of pension plans recognized during 2018 and 2017, are also included in that statement as a component of Other comprehensive income (loss). Included in accumulated other comprehensive loss at November 30, 2018 was $153.1 million ( $117.8 million net of tax) related to net unrecognized actuarial losses of $160.5 million and unrecognized prior service cost credits of $7.4 million that have not yet been recognized in net periodic pension or postretirement benefit cost. We expect to recognize $5.1 million ( $3.9 million net of tax) in net periodic pension and postretirement benefit credits during 2019 related to the amortization of actuarial losses of $2.8 million and the amortization of prior service cost credits of $(7.9) million . Defined Benefit Pension Plans The significant assumptions used to determine benefit obligations are as follows as of November 30: United States International 2018 2017 2018 2017 Discount rate—funded plan 4.7 % 4.0 % 3.3 % 3.0 % Discount rate—unfunded plan 4.6 % 3.9 % — — Salary scale — 3.8 % 3.0-3.5% 3.0-3.5% The significant assumptions used to determine pension expense for the years ended November 30 are as follows: United States International 2018 2017 2016 2018 2017 2016 Discount rate—funded plan 4.0 % 4.6 % 4.7 % 2.9 % 3.2 % 3.9 % Discount rate—unfunded plan 3.9 % 4.5 % 4.7 % — — — Salary scale 3.8 % 3.8 % 3.8 % 3.5 % 3.4 % 3.5 % Expected return on plan assets 7.3 % 7.3 % 7.5 % 5.6 % 5.5 % 6.0 % 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 for the years ended November 30 was as follows: United States International (millions) 2018 2017 2016 2018 2017 2016 Service cost $ 17.0 $ 14.8 $ 21.5 $ 4.3 $ 6.2 $ 7.1 Interest costs 31.6 31.7 33.3 9.2 10.4 11.3 Expected return on plan assets (43.4 ) (41.4 ) (40.8 ) (16.6 ) (15.3 ) (16.2 ) Amortization of prior service costs — — — 0.1 0.7 0.3 Amortization of net actuarial loss 9.9 5.8 12.6 2.8 4.1 4.1 Settlement/curtailment loss — — — 0.5 0.6 — $ 15.1 $ 10.9 $ 26.6 $ 0.3 $ 6.7 $ 6.6 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) 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 813.7 $ 757.0 $ 341.5 $ 324.9 Service cost 17.0 14.8 4.3 6.2 Interest costs 31.6 31.7 9.2 10.4 Employee contributions — — 0.7 0.7 Plan amendments 5.2 — 3.4 0.3 Plan curtailments — (68.9 ) (17.5 ) (7.8 ) Plan settlements — — — (3.1 ) Actuarial (gain) loss (76.2 ) 65.6 (20.2 ) 3.3 Benefits paid (36.3 ) (35.2 ) (13.2 ) (15.3 ) Business combinations (2.4 ) 48.7 — — Expenses paid — — (0.7 ) (0.4 ) Foreign currency impact — — (14.6 ) 22.3 Benefit obligation at end of year $ 752.6 $ 813.7 $ 292.9 $ 341.5 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 654.2 $ 558.9 $ 331.3 $ 289.1 Actual return on plan assets 13.6 90.9 (0.7 ) 31.5 Employer contributions 8.9 11.4 4.6 7.3 Employee contributions — — 0.7 0.7 Plan settlements — — — (3.1 ) Benefits paid (36.3 ) (35.2 ) (13.2 ) (15.3 ) Business combinations — 28.2 — — Expenses paid — — (0.7 ) (0.4 ) Foreign currency impact — — (15.5 ) 21.5 Fair value of plan assets at end of year $ 640.4 $ 654.2 $ 306.5 $ 331.3 Funded status $ (112.2 ) $ (159.5 ) $ 13.6 $ (10.2 ) Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 752.6 $ 813.7 $ 19.1 $ 20.9 Accumulated benefit obligation 746.9 797.6 16.1 16.7 Fair value of plan assets 640.4 654.2 1.5 1.6 Included in the U.S. in the preceding table is a benefit obligation of $94.9 million and $105.4 million for 2018 and 2017 , respectively, related to the SERP. Those amounts also represent the accumulated benefit obligation related to the SERP. The assets related to this plan, which totaled $82.8 million and $89.2 million as of November 30, 2018 and 2017 , respectively, are held in a rabbi trust and accordingly have not been included in the preceding table. As part of our acquisition of RB Foods in August 2017, we assumed a defined benefit pension plan that covers eligible union employees of the Reckitt Benckiser food business (the "RB Foods Union Pension Plan"). The related plan assets and benefit obligation of the RB Foods Union Pension Plan are included in the U.S. in the preceding table. As noted in the preceding table, at the acquisition date, the funded status of that plan was $(20.5) million , representing a benefit obligation of $48.7 million less the fair value of plan assets of $28.2 million . At the date of acquisition, based upon a preliminary valuation, the accumulated benefit obligation was $40.9 million . During 2018, we finalized the purchase accounting valuation for this plan which improved the funded status of this plan by $2.4 million , to $(18.1) million at the date of acquisition. Plan assets consist of a mix of equities, fixed income funds and real estate funds. During 2018 and 2017, we made contributions of $2.5 million and $5.0 million , respectively, to the RB Foods Union Pension Plan. Amounts recorded in the balance sheet for all defined benefit pension plans as of November 30 consist of the following: United States International (millions) 2018 2017 2018 2017 Non-current pension asset $ — $ — $ 31.2 $ 22.5 Accrued pension liability 112.2 159.5 17.6 32.7 Deferred income tax assets 32.7 69.4 8.8 14.2 Accumulated other comprehensive loss 97.7 112.1 40.1 57.4 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 $746.9 million and $797.6 million as of November 30, 2018 and 2017 , respectively. The accumulated benefit obligation for the international pension plans was $286.8 million and $317.2 million as of November 30, 2018 and 2017 , 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, by asset category, were as follows: Actual 2018 Asset Category 2018 2017 Target Equity securities 65.8 % 69.3 % 59.0 % Fixed income securities 20.5 % 18.6 % 23.2 % Other 13.7 % 12.1 % 17.8 % Total 100.0 % 100.0 % 100.0 % The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows: Actual 2018 Asset Category 2018 2017 Target Equity securities 52.1 % 53.8 % 53.0 % Fixed income securities 47.8 % 46.1 % 47.0 % Other 0.1 % 0.1 % — % 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 for the United States and international plans: As of November 30, 2018 United States (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 16.0 $ 16.0 $ — Equity securities: U.S. equity securities (a) 283.2 149.6 133.6 International equity securities (b) 132.7 126.1 6.6 Fixed income securities: U.S. government/corporate bonds (c) 46.2 44.1 2.1 High yield bonds (d) 36.7 — 36.7 International/government/corporate bonds (e) 27.4 27.4 — Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 22.3 18.7 3.6 Natural resources (h) 12.6 — 12.6 Total $ 578.2 $ 381.9 $ 196.3 Investments measured at net asset value (i) Hedge funds (j) 36.7 Private equity funds (k) 5.6 Private debt funds (l) 19.9 Total investments $ 640.4 As of November 30, 2018 International (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 2.0 $ 2.0 $ — International equity securities (b) 159.5 — 159.5 Fixed income securities: U.S./government/ corporate bonds (c) 125.2 — 125.2 Insurance contracts (f) 19.8 — 19.8 Total investments $ 306.5 $ 2.0 $ 304.5 As of November 30, 2017 United States (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 6.4 $ 6.4 $ — Equity securities: U.S. equity securities (a) 305.1 144.2 160.9 International equity securities (b) 144.8 144.8 — Fixed income securities: U.S./government/ corporate bonds (c) 45.3 45.3 — High yield bonds (d) 35.6 — 35.6 International/government/ corporate bonds (e) 27.1 27.1 — Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 19.8 18.3 1.5 Natural resources (h) 11.4 — 11.4 Total $ 596.6 $ 386.1 $ 210.5 Investments measured at net asset value (i) Hedge funds (j) 41.5 Private equity funds (k) 3.2 Private debt funds (l) 12.9 Total investments $ 654.2 As of November 30, 2017 International (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 0.3 $ 0.3 $ — International equity securities (b) 178.2 — 178.2 Fixed income securities: U.S./government/ corporate bonds (c) 131.6 — 131.6 Insurance contracts (f) 21.2 — 21.2 Total investments $ 331.3 $ 0.3 $ 331.0 (a) This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. (b) This category comprises international equity funds with varying benchmark indices. (c) This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. (d) This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. (e) This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. (f) This category comprises insurance contracts, the majority of which have a guaranteed investment return. (g) This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (h) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. (i) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. (j) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months. (k) This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. (l) This category comprises limited partnerships funds investing in senior loans, mezzanine and distressed debt. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. For the plans’ hedge funds, private equity funds and private debt funds, we engage an independent advisor to compare the funds’ returns to other funds with similar strategies. Each fund is required to have an annual audit by an independent accountant, which is provided to the independent advisor. This provides a basis of comparability relative to similar assets. Equity securities in the U.S. pension plans included McCormick stock with a fair value of $57.2 million ( 0.4 million shares and 8.9% of total U.S. pension plan assets) and $39.0 million ( 0.4 million shares and 6.0% of total U.S. pension plan assets) at November 30, 2018 and 2017 , respectively. Dividends paid on these shares were $0.8 million and $0.7 million in 2018 and in 2017 , respectively. Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. and International plans for the next 10 fiscal years will be as follows: (millions) United States International 2019 $ 38.8 $ 12.7 2020 38.9 12.4 2021 40.6 13.1 2022 43.4 13.1 2023 44.1 14.1 2024-2028 240.4 69.9 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 of 3% of the participant's salary for U.S. employees not covered by the defined benefit plan. Some of our smaller U.S. subsidiaries sponsor separate 401(k) retirement plans. We also sponsor a non-qualified defined contribution retirement plan. Our contributions charged to expense under all U.S. defined contribution retirement plans were $15.5 million , $12.2 million and $10.4 million in 2018 , 2017 and 2016 , respectively. At the participant’s election, 401(k) retirement plans held 1.8 million shares of McCormick stock, with a fair value of $266.4 million , at November 30, 2018 . Dividends paid on these shares in 2018 and 2017 were $3.9 million and $3.8 million , respectively. 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. During 2017, we made the following changes to our postretirement medical and life insurance benefits impacting certain U.S. employees: • On August 23, 2017, our Management Committee approved changes to our postretirement medical benefits plan for eligible U.S. employees and retirees (employees hired after December 31, 2008 are not eligible for the subsidy). These changes included consolidating benefits providers and simplifying and reducing our subsidy for postretirement medical benefits. The effective date of the change in our subsidy was January 1, 2018. • On August 23, 2017, our Management Committee approved the elimination of life insurance benefits under our other postretirement benefit plan to eligible U.S. active employees (that life insurance benefit was available to U.S. employees hired on or prior to December 31, 2008). The effective date of this plan amendment was January 1, 2018, unless an employee committed to their retirement date by December 31, 2017 and retired on or before December 31, 2018. As a result of these changes, we remeasured the other postretirement benefit obligation as of August 23, 2017, resulting in a reduction of the other postretirement benefit obligation of $27.1 million . These remeasurements resulted in an aggregate non-cash, pre-tax net prior service cost credit of $27.1 million , which is included in our Consolidated Statement of Comprehensive Income for 2017, as a component of Other comprehensive income (loss) on the line entitled Unrealized components of pension and other postretirement plans. Deferred taxes associated with these aggregate prior service cost credits, together with other unrealized components of pension plans recognized during 2017, are also included in that statement as a component of Other comprehensive income (loss). Our other postretirement benefit expense for the years ended November 30 follows: (millions) 2018 2017 2016 Service cost $ 2.0 $ 2.6 $ 2.7 Interest costs 2.4 3.3 3.8 Amortization of prior service credits (8.6 ) (2.3 ) — Amortization of actuarial gains (0.1 ) (0.2 ) — Postretirement benefit expense $ (4.3 ) $ 3.4 $ 6.5 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) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 70.9 $ 95.5 Service cost 2.0 2.6 Interest costs 2.4 3.3 Employee contributions 0.4 3.2 Plan amendments — (27.1 ) Demographic assumptions change — 2.4 Other plan assumptions (0.1 ) — Discount rate change (4.5 ) 3.7 Actuarial (gain) loss (3.0 ) (3.5 ) Benefits paid (5.2 ) (9.2 ) Benefit obligation at end of year $ 62.9 $ 70.9 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 4.8 6.0 Employee contributions 0.4 3.2 Benefits paid (5.2 ) (9.2 ) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 62.9 $ 70.9 Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree medical Retiree life insurance Total 2019 $ 4.1 $ 1.3 $ 5.4 2020 4.1 1.3 5.4 2021 4.1 1.3 5.4 2022 4.1 1.3 5.4 2023 4.0 1.3 5.3 2024-2028 19.2 6.4 25.6 The assumed discount rate in determining the benefit obligation was 4.5% and 3.6% for 2018 and 2017 , respectively. For 2018, the assumed annual rate of increase in the cost of covered health care benefits is 7.3% ( 8.0% last year). It is assumed to decrease gradually to 4.5% in the year 2028 ( 4.5% 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 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Nov. 30, 2018 | |
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 2018 , 2017 and 2016 was $25.6 million , $23.9 million and $25.6 million , respectively. Total unrecognized stock-based compensation expense related to our RSUs and stock options at November 30, 2018 was $31.7 million and the weighted-average period over which this will be recognized is 1.6 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, 2018, we have 3.2 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, if earlier, upon the retirement eligibility date of the holder. 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) 2018 2017 2016 Shares Weighted- average price Shares Weighted- average price Shares Weighted- average price Beginning of year 267 $ 86.47 267 $ 80.08 270 $ 71.03 Granted 278 112.72 131 94.63 105 96.59 Vested (113 ) 88.15 (118 ) 80.62 (94 ) 72.21 Forfeited (9 ) 96.53 (13 ) 90.85 (14 ) 82.10 Outstanding—end of year 423 $ 103.05 267 $ 86.47 267 $ 80.08 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, if earlier, upon the retirement-eligibility dates of the holders and are exercisable over a 10 -year period. Upon exercise of the option, shares are issued from our authorized and unissued shares. The fair value of the options is estimated with a lattice option pricing model which uses the assumptions in the following table. We believe the lattice model provides an appropriate estimate of fair value of our options as it allows for a range of possible outcomes over an option term and can be adjusted for changes in certain assumptions over time. Expected volatilities are based primarily on the historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is an output of the option pricing model and estimates the period of time that options are expected to remain unexercised. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense is calculated based on the fair value of the options on the date of grant. 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 $20.30 , $17.61 and $17.50 in 2018 , 2017 and 2016 , respectively. These fair values were computed using the following range of assumptions for the years ended November 30: 2018 2017 2016 Risk-free interest rates 1.7 - 2.9% 0.9 - 2.4% 0.5 - 1.9% Dividend yield 2.0 % 1.9 % 1.7 % Expected volatility 18.4% 18.7% 18.7% Expected lives 7.6 years 7.6 years 7.6 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) 2018 2017 2016 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Beginning of year 4.8 $ 71.91 4.9 $ 66.00 4.8 $ 59.20 Granted 0.4 105.95 0.6 98.07 0.7 99.92 Exercised (1.6 ) 55.28 (0.7 ) 50.63 (0.6 ) 51.26 Outstanding—end of year 3.6 82.60 4.8 71.91 4.9 66.00 Exercisable—end of year 2.8 $ 76.54 3.8 $ 65.34 3.4 $ 56.97 As of November 30, 2018 , the intrinsic value (the difference between the exercise price and the market price) for all options currently outstanding was $244.4 million and for options currently exercisable was $202.2 million . At November 30, 2018, 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, 2018 , 2017 and 2016 was $108.0 million , $31.4 million and $25.4 million , respectively. A summary of our stock options outstanding and exercisable at November 30, 2018 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 - $55.00 0.4 2.9 $ 50.66 0.4 2.9 $ 50.66 $55.01 - $81.00 1.6 5.4 73.18 1.6 5.4 73.18 $81.01 - $107.00 1.6 8.2 100.67 0.8 7.7 99.41 3.6 5.6 $ 82.60 2.8 4.6 $ 76.54 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) 2018 2017 2016 Shares Weighted- average price Shares Weighted- average price Shares Weighted- Beginning of year 220 $ 84.31 201 $ 78.10 192 $ 70.94 Granted 86 101.90 78 89.96 108 86.40 Vested (60 ) 74.02 (43 ) 69.04 (18 ) 64.74 Performance adjustment (26 ) 86.40 (16 ) 74.02 (41 ) 69.04 Forfeited (2 ) 97.41 — — (40 ) 81.78 Outstanding—end of year 218 $ 83.55 220 $ 84.31 201 $ 78.10 |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes for the years ended November 30 consists of the following: (millions) 2018 2017 2016 Income taxes Current Federal $ 92.9 $ 67.1 $ 127.7 State 11.0 6.2 15.1 International 78.7 53.9 50.2 182.6 127.2 193.0 Deferred Federal (340.3 ) 23.8 (29.6 ) State 1.5 0.9 (2.4 ) International (1.1 ) (0.6 ) (8.0 ) (339.9 ) 24.1 (40.0 ) Total income tax (benefit) expense $ (157.3 ) $ 151.3 $ 153.0 In December 2017, President Trump signed into law Pub.L. 115-97, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (this legislation is referred to herein as the “U.S. Tax Act”). The U.S. Tax Act provides for significant changes in the U.S. Internal Revenue Code of 1986, as amended. Certain provisions of the U.S. Tax Act were effective during our fiscal year ended November 30, 2018 with all provisions of the U.S. Tax Act effective as of the beginning of our fiscal year ending November 30, 2019. The U.S. Tax Act contains provisions with separate effective dates but is generally effective for taxable years beginning after December 31, 2017. Beginning on January 1, 2018, the U.S. Tax Act lowered the U.S. corporate income tax rate from 35% to 21% on our U.S. earnings from that date and beyond. The revaluation of our U.S. deferred tax assets and liabilities to the 21% corporate tax rate has reduced our net U.S. deferred income tax liability by $380.0 million and is reflected as a reduction in our income tax expense in our results for the year ended November 30, 2018. The U.S. Tax Act imposes a one-time transition tax on post-1986 earnings of non-U.S. affiliates that have not been repatriated for purposes of U.S. federal income tax, with those earnings taxed at rates of 15.5% for earnings reflected by cash and cash equivalent items and 8% for other assets. We estimate this transition tax to be $75.3 million . In addition to this transition tax, we have incurred additional foreign withholding taxes, net of a U.S. foreign tax credit, of $7.9 million associated with previously unremitted prior year earnings of certain foreign subsidiaries that were no longer considered indefinitely reinvested at January 1, 2018, and were subsequently distributed during fiscal 2018, as well as a $4.7 million reduction in our fiscal 2018 income taxes as a consequence of the transition tax, both of which we have recognized as a component of our income tax expense for the year ended November 30, 2018 for a net transition tax impact of $78.5 million . The cash tax effects of the transition tax, reduced by the utilization of $12.0 million of foreign tax credits carried forward from the prior year as well as other items, of $49.1 million can be remitted in installments over an eight-year period and we intend to do so. The components of income from consolidated operations before income taxes for the years ended November 30 follow: (millions) 2018 2017 2016 Pretax income United States $ 492.2 $ 382.1 $ 383.3 International 249.1 212.7 205.9 $ 741.3 $ 594.8 $ 589.2 A reconciliation of the U.S. federal statutory rate with the effective tax rate for the years ended November 30 follows: 2018 2017 2016 Federal statutory tax rate 22.2 % 35.0 % 35.0 % State income taxes, net of federal benefits 1.5 0.8 1.4 International tax at different effective rates 0.4 (4.8 ) (6.7 ) U.S. tax on remitted and unremitted earnings 0.6 0.4 0.4 Stock compensation expense (2.9 ) (1.6 ) — U.S. manufacturing deduction (0.8 ) (1.8 ) (2.2 ) Changes in prior year tax contingencies (0.8 ) (2.1 ) (1.8 ) U.S. Tax Act (40.7 ) — — Other, net (0.7 ) (0.5 ) (0.1 ) Total (21.2 )% 25.4 % 26.0 % Deferred tax assets and liabilities are comprised of the following as of November 30: (millions) 2018 2017 Deferred tax assets Employee benefit liabilities $ 82.7 $ 146.8 Other accrued liabilities 40.0 51.7 Inventory 8.0 12.4 Tax loss and credit carryforwards 57.2 50.2 Other 44.2 18.7 Valuation allowance (32.9 ) (26.0 ) 199.2 253.8 Deferred tax liabilities Depreciation 77.8 52.3 Intangible assets 782.8 1,246.0 Other 5.3 6.1 865.9 1,304.4 Net deferred tax liability $ (666.7 ) $ (1,050.6 ) At November 30, 2018 , our non-U.S. subsidiaries have tax loss carryforwards of $195.9 million . Of these carryforwards, $2.5 million expire in 2019, $6.4 million from 2020 through 2021, $54.1 million from 2022 through 2035 and $132.9 million may be carried forward indefinitely. At November 30, 2018, our non-U.S. subsidiaries have capital loss carryforwards of $28.2 million . All of these carryforwards may be carried forward indefinitely. 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 $6.9 million net increase in the valuation allowance from November 30, 2017 to November 30, 2018 was mainly due to subsidiaries' net operating and capital losses which may not be realized in future periods. Historically, we have not provided deferred income taxes on the cumulative undistributed earnings of our international subsidiaries. During fiscal 2018, we determined that previously undistributed earnings of certain international subsidiaries no longer met the requirements of indefinite reinvestment and therefore recognized $7.9 million of income tax expense in fiscal 2018. Our intent is to continue to reinvest the remaining undistributed earnings of our international subsidiaries indefinitely. While federal income tax expense has been recognized as a result of the U.S. Tax Act, we have not provided any additional deferred taxes with respect to items such as foreign withholding taxes, state income tax or foreign exchange gain or loss. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested international earnings. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30: (millions) 2018 2017 2016 Balance at beginning of year $ 39.1 $ 58.3 $ 56.5 Additions for current year tax positions 6.5 7.3 10.3 Additions for prior year tax positions 0.3 0.9 2.4 Reductions for prior year tax positions (6.9 ) (8.4 ) — Settlements — (18.1 ) — Statute expirations (9.1 ) (2.1 ) (10.0 ) Foreign currency translation (2.0 ) 1.2 (0.9 ) Balance at November 30 $ 27.9 $ 39.1 $ 58.3 As of November 30, 2018, if recognized $27.5 million of the unrecognized tax benefits of $27.9 million would affect the effective rate. We record interest and penalties on income taxes in income tax expense. We recognized interest and penalty expense of $0.1 million , $0.4 million and $1.2 million in 2018, 2017 and 2016, respectively. As of November 30, 2018 and 2017 , we had accrued $5.1 million and $5.3 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, 2018 that could decrease in the next 12 months as a result of various statute expirations, audit closures and/or tax settlements would not be material. We file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. The open years subject to tax audits vary depending on the tax jurisdictions. In the U.S federal jurisdiction, we are no longer subject to income tax audits by taxing authorities for years before 2015. In other major jurisdictions, we are no longer subject to income tax audits by taxing authorities for years before 2011. We are under normal recurring tax audits in the U.S. and in several jurisdictions outside the U.S. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our reserves for uncertain tax positions are adequate to cover existing risks and exposures. |
Capital Stock, Earnings Per Sha
Capital Stock, Earnings Per Share And Stock Issuance | 12 Months Ended |
Nov. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE AND STOCK ISSUANCE 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. During 2017, we issued approximately 6.35 million shares of our common stock non-voting in connection with our acquisition of RB Foods (see note 2), which included approximately 0.8 million shares from the exercise of the underwriters' option to purchase additional shares. The net proceeds from this issuance, after the underwriting discount and related expenses, was $554.0 million . The reconciliation of shares outstanding used in the calculation of basic and diluted earnings per share for the years ended November 30 follows: (millions) 2018 2017 2016 Average shares outstanding—basic 131.5 126.8 126.6 Effect of dilutive securities: Stock options/RSUs/LTPP 1.7 1.6 1.4 Average shares outstanding—diluted 133.2 128.4 128.0 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) 2018 2017 2016 Antidilutive securities 0.2 1.1 0.5 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Nov. 30, 2018 | |
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, 2018 and 2017 , no material reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. However, we 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, 2018 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Business Segments And Geographic Areas | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS Business Segments We operate in two business segments: consumer and flavor solutions. The consumer and flavor solutions segments manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce under the “McCormick” brand and a variety of brands around the world, including “French's,” “Frank's RedHot,” “Lawry’s,” “Zatarain’s,” “Simply Asia,” “Thai Kitchen,” “Ducros,” “Vahiné,” “Schwartz,” “Club House,” “Kamis,” “Kohinoor,” "DaQiao," "Drogheria & Alimentari," "Stubb's" and "Gourmet Garden." Our flavor solutions 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. Historically we have measured segment performance based on operating income excluding special charges as this activity is managed separately from the business segments. Beginning in 2017, we also exclude transaction and integration expenses related to our acquisition of RB Foods from our measure of segment performance as these expenses are similarly managed separately from the business segments. These transaction and integration expenses excluded from our segment performance measure include the amortization of the acquisition-date fair value adjustment of inventories that is included in cost of goods sold, costs directly associated with that acquisition and costs associated with integrating the RB Foods business. 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. We have a large number of customers for our products. Sales to one of our consumer segment customers, Wal-Mart Stores, Inc., accounted for approximately 11% of consolidated sales in 2018 , 2017 and 2016 . Sales to one of our flavor solutions segment customers, PepsiCo, Inc., accounted for approximately 10% of consolidated sales in 2018 and approximately 11% in both 2017 and 2016 . Accounting policies for measuring segment operating income and assets are consistent with those described in note 1. Because of integrated manufacturing for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Inter-segment sales are not material. Corporate assets include cash, deferred taxes, investments and certain fixed assets. Business Segment Results (millions) Consumer Flavor Solutions Total segments Corporate & other Total 2018 Net sales $ 3,318.0 $ 2,090.9 $ 5,408.9 $ — $ 5,408.9 Operating income excluding special charges and transaction and integration expenses 644.9 297.2 942.1 — 942.1 Income from unconsolidated operations 29.5 5.3 34.8 — 34.8 Assets — — 10,015.8 240.6 10,256.4 Capital expenditures — — 126.3 42.8 169.1 Depreciation and amortization — — 115.0 35.7 150.7 2017 Net sales $ 2,970.1 $ 1,864.0 $ 4,834.1 $ — $ 4,834.1 Operating income excluding special charges and transaction and integration expenses 564.2 222.1 786.3 — 786.3 Income from unconsolidated operations 28.9 5.0 33.9 — 33.9 Assets — — 10,036.7 349.1 10,385.8 Capital expenditures — — 153.6 28.8 182.4 Depreciation and amortization — — 99.8 25.4 125.2 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 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 A reconciliation of operating income excluding special charges, and for 2018 and 2017, transaction and integration expenses, to operating income for 2018, 2017 and 2016 is as follows: (millions) Consumer Flavor Solutions Total 2018 Operating income excluding special charges and transaction and integration expenses $ 644.9 $ 297.2 $ 942.1 Less: Special charges 10.0 6.3 16.3 Less: Transaction and integration expenses 15.0 7.5 22.5 Operating income $ 619.9 $ 283.4 $ 903.3 2017 Operating income excluding special charges and transaction and integration expenses $ 564.2 $ 222.1 $ 786.3 Less: Special charges 15.3 6.9 22.2 Less: Transaction and integration expenses included in cost of goods sold 13.6 7.3 20.9 Less: Other transaction and integration expenses 27.1 13.7 40.8 Operating income $ 508.2 $ 194.2 $ 702.4 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 Geographic Areas We have net sales and long-lived assets in the following geographic areas: (millions) United States EMEA Other countries Total 2018 Net sales $ 3,266.9 $ 1,021.1 $ 1,120.9 $ 5,408.9 Long-lived assets 6,449.7 1,060.0 876.6 8,386.3 2017 Net sales $ 2,859.6 $ 951.6 $ 1,022.9 $ 4,834.1 Long-lived assets 6,357.9 1,129.1 883.3 8,370.3 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 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, 2018 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Financial Statement Data | SUPPLEMENTAL FINANCIAL STATEMENT DATA Supplemental income statement, balance sheet and cash flow information follow: (millions) 2018 2017 Inventories Finished products $ 406.1 $ 398.1 Raw materials and work-in-process 380.2 395.2 $ 786.3 $ 793.3 Prepaid expenses $ 27.2 $ 32.4 Other current assets 51.7 49.4 $ 78.9 $ 81.8 Property, plant and equipment Land and improvements $ 62.6 $ 63.2 Buildings (including capital lease) 626.2 488.3 Machinery and equipment 926.5 882.0 Software 336.9 332.5 Construction-in-progress 114.3 99.9 Accumulated depreciation (1,081.4 ) (1,056.8 ) $ 985.1 $ 809.1 Investments and other assets Investments in affiliates $ 167.2 $ 163.6 Long-term investments 120.8 127.0 Other assets 102.2 107.9 $ 390.2 $ 398.5 Other accrued liabilities Payroll and employee benefits $ 176.5 $ 181.3 Sales allowances 142.1 146.6 Other 329.6 396.3 $ 648.2 $ 724.2 Other long-term liabilities Pension $ 123.1 $ 169.5 Postretirement benefits 58.5 65.8 Unrecognized tax benefits 31.0 28.9 Other 100.5 65.0 $ 313.1 $ 329.2 (millions) 2018 2017 2016 Depreciation $ 104.8 $ 85.2 $ 71.2 Software amortization 14.0 14.5 17.1 Interest paid 179.8 72.1 57.5 Income taxes paid 154.6 155.6 151.0 Dividends paid per share were $2.08 in 2018 , $1.88 in 2017 and $1.72 in 2016 . Dividends declared per share were $2.13 in 2018, and $1.93 in 2017, and $1.76 in 2016. |
Selected Quarterly Data
Selected Quarterly Data | 12 Months Ended |
Nov. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data | SELECTED QUARTERLY DATA (UNAUDITED) (millions except per share data) First Second Third Fourth 2018 Net sales $ 1,237.1 $ 1,327.3 $ 1,345.3 $ 1,499.2 Gross profit 520.0 575.2 594.9 681.5 Operating income 183.7 191.7 233.0 294.9 Net income 422.6 123.3 173.5 214.0 Basic earnings per share 3.22 0.94 1.32 1.62 Diluted earnings per share 3.18 0.93 1.30 1.60 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.52 0.52 0.52 0.52 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.52 0.52 1.09 2017 Net sales $ 1,043.7 $ 1,114.3 $ 1,185.2 $ 1,490.9 Gross profit 413.0 444.6 484.4 668.2 Operating income 134.2 132.6 168.7 266.9 Net income 93.5 100.0 108.2 175.7 Basic earnings per share 0.75 0.80 0.86 1.34 Diluted earnings per share 0.74 0.79 0.85 1.32 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.47 0.47 0.47 0.47 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.47 0.47 0.99 Operating income for the first quarter of 2018 included $2.2 million of special charges, with an after-tax impact of $1.6 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the first quarter of 2018 included $8.7 million of transaction and integration expenses, with an after-tax impact of $6.9 million and a per share impact of $0.05 for both basic and diluted earnings per share. Net income for the first quarter of 2018 included $297.9 million of non-recurring income tax benefit, with a per share impact of $2.27 and $2.24 for basic and diluted earnings per share, respectively. Operating income for the second quarter of 2018 included $8.4 million of special charges, with an after-tax impact of $6.5 million and a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the second quarter of 2018 included $7.8 million of transaction and integration expenses, with an after-tax impact of $6.1 million and a per share impact of $0.05 and $0.04 for basic and diluted earnings per share, respectively. Operating income for the third quarter of 2018 included $3.3 million of special charges, with an after-tax impact of $2.5 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2018 included $5.6 million of transaction and integration expenses, with an after-tax impact of $4.3 million and a per share impact of $0.04 for both basic and diluted earnings per share. Net income for the third quarter of 2018 included $10.3 million of non-recurring income tax benefit, with a per share impact of $0.08 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $2.4 million of special charges, with an after-tax impact of $1.9 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $0.4 million of transaction and integration expenses, with an after-tax impact of $0.3 million . Net income for the fourth quarter of 2018 included $6.7 million of non-recurring income tax expense, with a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the first quarter of 2017 included $3.6 million of special charges, with an after-tax impact of $2.5 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the second quarter of 2017 included $4.7 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 third quarter of 2017 included $4.7 million of special charges, with an after-tax impact of $3.2 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the third quarter of 2017 included $30.4 million of transaction and integration expenses, including $5.9 million reflected in gross profit. Net income for the third quarter of 2017 also included a pre-tax charge of $15.4 million reflected in other debt costs. For the third quarter of 2017, the after-tax impact of transaction and integration expenses and other debt costs was $31.1 million and a per share impact of $0.25 and $0.24 for basic and diluted earnings per share, respectively. Operating income for the fourth quarter of 2017 included $9.2 million of special charges, with an after-tax impact of $6.7 million and a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2017 included $31.3 million of transaction and integration expenses, including $15.0 million reflected in gross profit, with an after-tax impact of $22.4 million and a per share impact of $0.17 for both basic and diluted earnings per share. See notes 2 and 3 for details with respect to the transaction and integration expenses and actions undertaken in connection with these special charges, respectively. See note 12 for details regarding the non-recurring income tax benefits. Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Nov. 30, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Supplemental Financial Schedule II Consolidated McCORMICK & COMPANY, INCORPORATED VALUATION AND QUALIFYING ACCOUNTS (IN MILLIONS) Column A Column B Column C Additions Column D Column E Description Balance at 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, 2018: Allowance for doubtful receivables $ 6.6 $ 1.1 $ (0.6 ) $ (0.7 ) $ 6.4 Valuation allowance on net deferred tax assets 26.0 11.1 (2.2 ) (2.0 ) 32.9 $ 32.6 $ 12.2 $ (2.8 ) $ (2.7 ) $ 39.3 Deducted from asset accounts: Year ended November 30, 2017: Allowance for doubtful receivables $ 4.2 $ 2.6 $ 0.3 $ (0.5 ) $ 6.6 Valuation allowance on net deferred tax assets 10.5 15.1 1.8 (1.4 ) 26.0 $ 14.7 $ 17.7 $ 2.1 $ (1.9 ) $ 32.6 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 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Nov. 30, 2018 | |
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 their 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 income statement on the line entitled “Income from unconsolidated operations.” |
Use Of Estimates | Use of Estimates Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined 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. Assets leased under capital leases are depreciated over the shorter of the lease term or their useful lives unless it is reasonable certain that we will obtain ownership by the end of the lease term. Repairs and maintenance costs are expensed as incurred. Computer Software We capitalize costs of software developed or obtained for internal use. Capitalized software development costs include only (1) direct costs paid to others for materials and services to develop or buy the software, (2) payroll and payroll-related costs for employees who work directly on the software development project and (3) interest costs while developing the software. Capitalization of these costs stops when the project is substantially complete and ready for use. 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 $13.2 million , $12.8 million and $21.8 million of software development costs during 2018, 2017 and 2016, respectively. |
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 Asset Impairment Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if an impairment exists. If an impairment is determined to exist, the loss would be calculated based on the excess of the asset’s carrying value over its estimated fair value. |
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 $173.7 million , $111.0 million and $91.2 million for 2018 , 2017 and 2016 , 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 $69.4 million , $66.1 million and $61.0 million for 2018 , 2017 and 2016 , 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 $324.8 million , $276.3 million and $252.2 million for 2018 , 2017 and 2016 , 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 $147.2 million , $117.8 million and $102.9 million for 2018 , 2017 and 2016 , respectively. |
Pension and Other Postretirement Plans, Policy | Employee Benefit and Retirement Plans We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. During fiscal years 2018 and 2017 we made significant changes to our employee benefit and retirement plans as discussed in note 10. 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 and postretirement benefit plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. Those unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following are the transaction and integration expenses related to the RB Foods acquisition that we have recorded for the years ended November 30 (in millions): 2018 2017 Transaction expenses included in cost of goods sold $ — $ 20.9 Transaction expenses included in other debt costs — 15.4 Other transaction expenses 0.3 23.2 Integration expenses 22.2 17.6 Total $ 22.5 $ 77.1 During 2018, we completed the final valuation of the RB Foods acquisition which resulted in the following fair value allocations, net of cash acquired, summarized in the table below (in millions): Trade accounts receivable $ 36.9 Inventories 67.1 Property, plant and equipment 38.5 Goodwill 2,648.5 Intangible assets 2,430.0 Other assets 4.4 Trade accounts payable (65.8 ) Other accrued liabilities (35.0 ) Deferred taxes (893.9 ) Other long-term liabilities (20.8 ) Total $ 4,209.9 |
Business Acquisition, Pro Forma Information | (in millions, except per share data) Year ended November 30, 2017 2016 (Unaudited) Net sales $ 5,209.0 $ 4,969.3 Net income 548.7 465.5 Earnings per share – basic $ 4.19 $ 3.50 Earnings per share – diluted 4.14 3.46 |
Special Charges Special Charg_2
Special Charges Special Charges (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Special Charges [Abstract] | |
Special Charges Summary | The following is a summary of special charges recognized for the years ended November 30 (in millions): 2018 2017 2016 Special charges included in cost of goods sold $ — $ — $ 0.3 Other special charges in the income statement (1) 16.3 22.2 15.7 Total special charges $ 16.3 $ 22.2 $ 16.0 (1) Included in special charges for 2018 and 2017 are non-cash fixed asset impairment charges of $3.0 million and $0.5 million , respectively. Included in special charges for 2016 is a non-cash goodwill impairment charge of $2.6 million recognized upon the exit of a consolidated joint venture. |
Special Charges Summary by Segment | The following is a summary of special charges by business segments for the years ended November 30 (in millions): 2018 2017 2016 Consumer segment $ 10.0 $ 15.3 $ 9.2 Flavor solutions segment 6.3 6.9 6.8 Total special charges $ 16.3 $ 22.2 $ 16.0 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Goodwill And Intangible Assets [Abstract ] | |
Schedule Of Amortized And Non-Amortized Intangible Assets | The following table displays intangible assets as of November 30: 2018 2017 (millions) Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Definite-lived intangible assets $ 311.3 $ 84.9 $ 329.1 $ 66.5 Indefinite-lived intangible assets: Goodwill 4,527.9 — 4,490.1 — Brand names and trademarks 2,646.9 — 2,808.5 — 7,174.8 — 7,298.6 — Total goodwill and intangible assets $ 7,486.1 $ 84.9 $ 7,627.7 $ 66.5 |
Changes In The Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill by segment for the years ended November 30 were as follows: 2018 2017 (millions) Consumer Flavor Solutions Consumer Flavor Solutions Beginning of year $ 3,385.4 $ 1,104.7 $ 1,608.3 $ 163.1 Changes in preliminary purchase price allocation 68.1 34.1 (7.1 ) — Increases in goodwill from acquisitions — — 1,697.5 929.3 Foreign currency fluctuations (54.6 ) (9.8 ) 86.7 12.3 End of year $ 3,398.9 $ 1,129.0 $ 3,385.4 $ 1,104.7 Our valuation of the acquired net assets of RB Foods resulted in the allocation of $1,765.6 million and $882.9 million of goodwill to the consumer and flavor solutions segment, respectively. Our valuation of the acquired net assets of Giotti in 2017 resulted in the allocation of $80.5 million of goodwill to the flavor solutions segment. |
Investments In Affiliates (Tabl
Investments In Affiliates (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
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) 2018 2017 2016 Net sales $ 807.9 $ 775.4 $ 767.6 Gross profit 290.5 278.5 245.6 Net income 78.9 75.5 66.4 Current assets $ 342.1 $ 315.4 $ 315.6 Noncurrent assets 129.9 127.6 113.0 Current liabilities 172.1 146.9 146.2 Noncurrent liabilities 10.0 13.6 9.1 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Financing Arrangements [Abstract] | |
Components Of Outstanding Debt | Our outstanding debt, including capital leases, was as follows at November 30: (millions) 2018 2017 Short-term borrowings Commercial paper $ 509.9 $ 219.4 Other 50.1 38.2 $ 560.0 $ 257.6 Weighted-average interest rate of short-term borrowings at year-end 2.9 % 2.3 % Long-term debt 5.75% notes due 12/15/2017 $ — $ 250.0 Term loan due 8/17/2020 (1) 130.0 500.0 3.90% notes due 7/8/2021 (2) 250.0 250.0 2.70% notes due 8/15/2022 750.0 750.0 Term loan due 8/17/2022 (1) 556.3 731.3 3.50% notes due 8/19/2023 (3) 250.0 250.0 3.15% notes due 8/15/2024 700.0 700.0 3.25% notes due 11/15/2025 (4) 250.0 250.0 3.40% notes due 8/15/2027 (5) 750.0 750.0 4.20% notes due 8/15/2047 300.0 300.0 7.63%–8.12% notes due 2024 55.0 55.0 Other, including capital leases 180.5 19.6 Unamortized discounts, premiums, debt issuance costs and fair value adjustments (35.4 ) (36.4 ) 4,136.4 4,769.5 Less current portion 83.5 325.6 $ 4,052.9 $ 4,443.9 (1) The term loans are prepayable in whole or in part. Also, the term loan due in 2022 requires quarterly principal payments of 2.5% of the initial principal amount. (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, 2018 was 3.84% ). (5) Interest rate swaps, settled upon the issuance of these notes in 2017, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44% . |
Maturities Of Long-Term Debt | Maturities of long-term debt, including capital leases, during the fiscal years subsequent to November 30, 2018 are as follows (in millions): 2019 $ 83.5 2020 219.9 2021 340.4 2022 1,101.7 2023 257.7 Thereafter 2,168.6 |
Rental Expense Under Operating Leases | Future annual fixed rental payments under operating leases for the years ended November 30 are as follows (in millions): 2019 $ 42.9 2020 32.9 2021 24.3 2022 18.7 2023 12.6 Thereafter 22.4 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Derivative Instrument Detail [Abstract] | |
Fair Values Of Derivative Instruments | The following tables disclose the derivative instruments on our balance sheet, all of which are all recorded at fair value: As of November 30, 2018: (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 $ 6.4 Foreign exchange contracts Other current assets 199.5 4.4 Other accrued liabilities 295.4 6.4 Total $ 4.4 $ 12.8 As of November 30, 2017: (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 $ 2.5 Foreign exchange contracts Other current assets 326.3 12.7 Other accrued liabilities 79.6 4.7 Total $ 12.7 $ 7.2 |
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, 2018 , 2017 and 2016 : Fair value hedges (millions) Income statement location Income (expense) Derivative 2018 2017 2016 Interest rate contracts Interest expense $ (0.1 ) $ 0.9 $ 1.6 Income statement location Gain (loss) recognized in income Income statement location Gain (loss) recognized in income Derivative 2018 2017 2016 Hedged Item 2018 2017 2016 Foreign exchange contracts Other income, net $ (2.9 ) $ 12.8 $ (3.5 ) Intercompany loans Other income, net $ 2.7 $ (14.1 ) $ 3.1 Cash flow hedges (millions) Gain (loss) recognized in OCI Income statement location Gain (loss) reclassified from AOCI Derivative 2018 2017 2016 2018 2017 2016 Interest rate contracts $ — $ (2.9 ) $ — Interest expense $ 0.5 $ (0.4 ) $ (0.3 ) Foreign exchange contracts 2.6 (7.3 ) 4.4 Cost of goods sold (3.3 ) 1.2 3.7 Total $ 2.6 $ (10.2 ) $ 4.4 $ (2.8 ) $ 0.8 $ 3.4 |
Carrying Amount And Fair Value Of Financial Instruments | The carrying amount and fair value of financial instruments as of November 30 were as follows: 2018 2017 (millions) Carrying amount Fair value Carrying amount Fair value Long-term investments $ 120.8 $ 120.8 $ 127.0 $ 127.0 Long-term debt (including current portion) 4,136.4 4,039.4 4,769.5 4,858.5 Derivatives related to: Interest rates (liabilities) 6.4 6.4 2.5 2.5 Foreign currency (assets) 4.4 4.4 12.7 12.7 Foreign currency (liabilities) 6.4 6.4 4.7 4.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | Our population of assets and liabilities subject to fair value measurements on a recurring basis are as follows: Fair value measurements using fair value hierarchy as of November 30, 2018 (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 96.6 $ 96.6 $ — Insurance contracts 118.0 — 118.0 Bonds and other long-term investments 2.8 2.8 — Foreign currency derivatives 4.4 — 4.4 Total $ 221.8 $ 99.4 $ 122.4 Liabilities: Interest rate derivatives $ 6.4 $ — $ 6.4 Foreign currency derivatives 6.4 — 6.4 Total $ 12.8 $ — $ 12.8 Fair value measurements using fair value hierarchy as of November 30, 2017 (millions) Fair value Level 1 Level 2 Assets: Cash and cash equivalents $ 186.8 $ 186.8 $ — Insurance contracts 119.5 — 119.5 Bonds and other long-term investments 7.5 7.5 — Foreign currency derivatives 12.7 — 12.7 Total $ 326.5 $ 194.3 $ 132.2 Liabilities: Interest rate derivatives $ 2.5 $ — $ 2.5 Foreign currency derivatives 4.7 — 4.7 Total $ 7.2 $ — $ 7.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
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, as of November 30 (in millions): 2018 2017 Accumulated other comprehensive loss, net of tax where applicable Foreign currency translation adjustment $ (241.6 ) $ (124.4 ) Unrealized loss on foreign currency exchange contracts (1.1 ) (3.6 ) Unamortized value of settled interest rate swaps 0.6 0.8 Pension and other postretirement costs (117.8 ) (152.3 ) $ (359.9 ) $ (279.5 ) |
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: (millions) Affected line items in the consolidated income statement Accumulated other comprehensive income (loss) components 2018 2017 2016 (Gains)/losses on cash flow hedges: Interest rate derivatives $ (0.5 ) $ 0.4 $ 0.3 Interest expense Foreign exchange contracts 3.3 (1.2 ) (3.7 ) Cost of goods sold Total before taxes 2.8 (0.8 ) (3.4 ) Tax effect (0.6 ) 0.2 0.9 Income taxes Net, after tax $ 2.2 $ (0.6 ) $ (2.5 ) Amortization of pension and postretirement benefit adjustments: Amortization of prior service (credits) costs (1) $ (8.5 ) $ (1.6 ) $ 0.3 SG&A expense/ Cost of goods sold Amortization of net actuarial losses (1) 12.6 9.7 16.7 SG&A expense/ Cost of goods sold Total before taxes 4.1 8.1 17.0 Tax effect (1.0 ) (2.8 ) (5.8 ) Income taxes Net, after tax $ 3.1 $ 5.3 $ 11.2 (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 Retireme_2
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Retirement Benefits, Description [Abstract] | |
Significant Assumptions Used To Determine Benefit Obligations | The significant assumptions used to determine benefit obligations are as follows as of November 30: United States International 2018 2017 2018 2017 Discount rate—funded plan 4.7 % 4.0 % 3.3 % 3.0 % Discount rate—unfunded plan 4.6 % 3.9 % — — Salary scale — 3.8 % 3.0-3.5% 3.0-3.5% The significant assumptions used to determine pension expense for the years ended November 30 are as follows: United States International 2018 2017 2016 2018 2017 2016 Discount rate—funded plan 4.0 % 4.6 % 4.7 % 2.9 % 3.2 % 3.9 % Discount rate—unfunded plan 3.9 % 4.5 % 4.7 % — — — Salary scale 3.8 % 3.8 % 3.8 % 3.5 % 3.4 % 3.5 % Expected return on plan assets 7.3 % 7.3 % 7.5 % 5.6 % 5.5 % 6.0 % |
Components Of Defined Benefit Plans | Our pension expense for the years ended November 30 was as follows: United States International (millions) 2018 2017 2016 2018 2017 2016 Service cost $ 17.0 $ 14.8 $ 21.5 $ 4.3 $ 6.2 $ 7.1 Interest costs 31.6 31.7 33.3 9.2 10.4 11.3 Expected return on plan assets (43.4 ) (41.4 ) (40.8 ) (16.6 ) (15.3 ) (16.2 ) Amortization of prior service costs — — — 0.1 0.7 0.3 Amortization of net actuarial loss 9.9 5.8 12.6 2.8 4.1 4.1 Settlement/curtailment loss — — — 0.5 0.6 — $ 15.1 $ 10.9 $ 26.6 $ 0.3 $ 6.7 $ 6.6 Our other postretirement benefit expense for the years ended November 30 follows: (millions) 2018 2017 2016 Service cost $ 2.0 $ 2.6 $ 2.7 Interest costs 2.4 3.3 3.8 Amortization of prior service credits (8.6 ) (2.3 ) — Amortization of actuarial gains (0.1 ) (0.2 ) — Postretirement benefit expense $ (4.3 ) $ 3.4 $ 6.5 |
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) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 70.9 $ 95.5 Service cost 2.0 2.6 Interest costs 2.4 3.3 Employee contributions 0.4 3.2 Plan amendments — (27.1 ) Demographic assumptions change — 2.4 Other plan assumptions (0.1 ) — Discount rate change (4.5 ) 3.7 Actuarial (gain) loss (3.0 ) (3.5 ) Benefits paid (5.2 ) (9.2 ) Benefit obligation at end of year $ 62.9 $ 70.9 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 4.8 6.0 Employee contributions 0.4 3.2 Benefits paid (5.2 ) (9.2 ) Fair value of plan assets at end of year $ — $ — Other postretirement benefit liability $ 62.9 $ 70.9 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) 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 813.7 $ 757.0 $ 341.5 $ 324.9 Service cost 17.0 14.8 4.3 6.2 Interest costs 31.6 31.7 9.2 10.4 Employee contributions — — 0.7 0.7 Plan amendments 5.2 — 3.4 0.3 Plan curtailments — (68.9 ) (17.5 ) (7.8 ) Plan settlements — — — (3.1 ) Actuarial (gain) loss (76.2 ) 65.6 (20.2 ) 3.3 Benefits paid (36.3 ) (35.2 ) (13.2 ) (15.3 ) Business combinations (2.4 ) 48.7 — — Expenses paid — — (0.7 ) (0.4 ) Foreign currency impact — — (14.6 ) 22.3 Benefit obligation at end of year $ 752.6 $ 813.7 $ 292.9 $ 341.5 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 654.2 $ 558.9 $ 331.3 $ 289.1 Actual return on plan assets 13.6 90.9 (0.7 ) 31.5 Employer contributions 8.9 11.4 4.6 7.3 Employee contributions — — 0.7 0.7 Plan settlements — — — (3.1 ) Benefits paid (36.3 ) (35.2 ) (13.2 ) (15.3 ) Business combinations — 28.2 — — Expenses paid — — (0.7 ) (0.4 ) Foreign currency impact — — (15.5 ) 21.5 Fair value of plan assets at end of year $ 640.4 $ 654.2 $ 306.5 $ 331.3 Funded status $ (112.2 ) $ (159.5 ) $ 13.6 $ (10.2 ) Pension plans in which accumulated benefit obligation exceeded plan assets Projected benefit obligation $ 752.6 $ 813.7 $ 19.1 $ 20.9 Accumulated benefit obligation 746.9 797.6 16.1 16.7 Fair value of plan assets 640.4 654.2 1.5 1.6 |
Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans | Amounts recorded in the balance sheet for all defined benefit pension plans as of November 30 consist of the following: United States International (millions) 2018 2017 2018 2017 Non-current pension asset $ — $ — $ 31.2 $ 22.5 Accrued pension liability 112.2 159.5 17.6 32.7 Deferred income tax assets 32.7 69.4 8.8 14.2 Accumulated other comprehensive loss 97.7 112.1 40.1 57.4 |
Allocations Of Pension Plan Assets | The allocations of U.S. pension plan assets as of November 30, by asset category, were as follows: Actual 2018 Asset Category 2018 2017 Target Equity securities 65.8 % 69.3 % 59.0 % Fixed income securities 20.5 % 18.6 % 23.2 % Other 13.7 % 12.1 % 17.8 % Total 100.0 % 100.0 % 100.0 % The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows: Actual 2018 Asset Category 2018 2017 Target Equity securities 52.1 % 53.8 % 53.0 % Fixed income securities 47.8 % 46.1 % 47.0 % Other 0.1 % 0.1 % — % Total 100.0 % 100.0 % 100.0 % |
Fair Value Of Pension Plan Assets | The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30 for the United States and international plans: As of November 30, 2018 United States (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 16.0 $ 16.0 $ — Equity securities: U.S. equity securities (a) 283.2 149.6 133.6 International equity securities (b) 132.7 126.1 6.6 Fixed income securities: U.S. government/corporate bonds (c) 46.2 44.1 2.1 High yield bonds (d) 36.7 — 36.7 International/government/corporate bonds (e) 27.4 27.4 — Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 22.3 18.7 3.6 Natural resources (h) 12.6 — 12.6 Total $ 578.2 $ 381.9 $ 196.3 Investments measured at net asset value (i) Hedge funds (j) 36.7 Private equity funds (k) 5.6 Private debt funds (l) 19.9 Total investments $ 640.4 As of November 30, 2018 International (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 2.0 $ 2.0 $ — International equity securities (b) 159.5 — 159.5 Fixed income securities: U.S./government/ corporate bonds (c) 125.2 — 125.2 Insurance contracts (f) 19.8 — 19.8 Total investments $ 306.5 $ 2.0 $ 304.5 As of November 30, 2017 United States (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 6.4 $ 6.4 $ — Equity securities: U.S. equity securities (a) 305.1 144.2 160.9 International equity securities (b) 144.8 144.8 — Fixed income securities: U.S./government/ corporate bonds (c) 45.3 45.3 — High yield bonds (d) 35.6 — 35.6 International/government/ corporate bonds (e) 27.1 27.1 — Insurance contracts (f) 1.1 — 1.1 Other types of investments: Real estate (g) 19.8 18.3 1.5 Natural resources (h) 11.4 — 11.4 Total $ 596.6 $ 386.1 $ 210.5 Investments measured at net asset value (i) Hedge funds (j) 41.5 Private equity funds (k) 3.2 Private debt funds (l) 12.9 Total investments $ 654.2 As of November 30, 2017 International (millions) Total fair value Level 1 Level 2 Cash and cash equivalents $ 0.3 $ 0.3 $ — International equity securities (b) 178.2 — 178.2 Fixed income securities: U.S./government/ corporate bonds (c) 131.6 — 131.6 Insurance contracts (f) 21.2 — 21.2 Total investments $ 331.3 $ 0.3 $ 331.0 (a) This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices. (b) This category comprises international equity funds with varying benchmark indices. (c) This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index. (d) This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index. (e) This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices. (f) This category comprises insurance contracts, the majority of which have a guaranteed investment return. (g) This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. (h) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. (i) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. (j) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months. (k) This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. (l) This category comprises limited partnerships funds investing in senior loans, mezzanine and distressed debt. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years. |
Schedule of Expected Benefit Payments | Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. and International plans for the next 10 fiscal years will be as follows: (millions) United States International 2019 $ 38.8 $ 12.7 2020 38.9 12.4 2021 40.6 13.1 2022 43.4 13.1 2023 44.1 14.1 2024-2028 240.4 69.9 Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows: (millions) Retiree medical Retiree life insurance Total 2019 $ 4.1 $ 1.3 $ 5.4 2020 4.1 1.3 5.4 2021 4.1 1.3 5.4 2022 4.1 1.3 5.4 2023 4.0 1.3 5.3 2024-2028 19.2 6.4 25.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Share-based Compensation [Abstract] | |
Summary Of RSU Activity | A summary of our RSU activity for the years ended November 30 follows: (shares in thousands) 2018 2017 2016 Shares Weighted- average price Shares Weighted- average price Shares Weighted- average price Beginning of year 267 $ 86.47 267 $ 80.08 270 $ 71.03 Granted 278 112.72 131 94.63 105 96.59 Vested (113 ) 88.15 (118 ) 80.62 (94 ) 72.21 Forfeited (9 ) 96.53 (13 ) 90.85 (14 ) 82.10 Outstanding—end of year 423 $ 103.05 267 $ 86.47 267 $ 80.08 |
Assumptions Of Stock Compensation Plans | These fair values were computed using the following range of assumptions for the years ended November 30: 2018 2017 2016 Risk-free interest rates 1.7 - 2.9% 0.9 - 2.4% 0.5 - 1.9% Dividend yield 2.0 % 1.9 % 1.7 % Expected volatility 18.4% 18.7% 18.7% Expected lives 7.6 years 7.6 years 7.6 years |
Summary Of Stock Option Activity | A summary of our stock option activity for the years ended November 30 follows: (shares in millions) 2018 2017 2016 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Beginning of year 4.8 $ 71.91 4.9 $ 66.00 4.8 $ 59.20 Granted 0.4 105.95 0.6 98.07 0.7 99.92 Exercised (1.6 ) 55.28 (0.7 ) 50.63 (0.6 ) 51.26 Outstanding—end of year 3.6 82.60 4.8 71.91 4.9 66.00 Exercisable—end of year 2.8 $ 76.54 3.8 $ 65.34 3.4 $ 56.97 |
Summary Of Our Stock Options Outstanding And Exercisable | A summary of our stock options outstanding and exercisable at November 30, 2018 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 - $55.00 0.4 2.9 $ 50.66 0.4 2.9 $ 50.66 $55.01 - $81.00 1.6 5.4 73.18 1.6 5.4 73.18 $81.01 - $107.00 1.6 8.2 100.67 0.8 7.7 99.41 3.6 5.6 $ 82.60 2.8 4.6 $ 76.54 |
Schedule of Long-term Performance Plan Activity | A summary of the LTPP award activity for the years ended November 30 follows: (shares in thousands) 2018 2017 2016 Shares Weighted- average price Shares Weighted- average price Shares Weighted- Beginning of year 220 $ 84.31 201 $ 78.10 192 $ 70.94 Granted 86 101.90 78 89.96 108 86.40 Vested (60 ) 74.02 (43 ) 69.04 (18 ) 64.74 Performance adjustment (26 ) 86.40 (16 ) 74.02 (41 ) 69.04 Forfeited (2 ) 97.41 — — (40 ) 81.78 Outstanding—end of year 218 $ 83.55 220 $ 84.31 201 $ 78.10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes for the years ended November 30 consists of the following: (millions) 2018 2017 2016 Income taxes Current Federal $ 92.9 $ 67.1 $ 127.7 State 11.0 6.2 15.1 International 78.7 53.9 50.2 182.6 127.2 193.0 Deferred Federal (340.3 ) 23.8 (29.6 ) State 1.5 0.9 (2.4 ) International (1.1 ) (0.6 ) (8.0 ) (339.9 ) 24.1 (40.0 ) Total income tax (benefit) expense $ (157.3 ) $ 151.3 $ 153.0 |
Components Of Income From Consolidated Operations Before Income Taxes | The components of income from consolidated operations before income taxes for the years ended November 30 follow: (millions) 2018 2017 2016 Pretax income United States $ 492.2 $ 382.1 $ 383.3 International 249.1 212.7 205.9 $ 741.3 $ 594.8 $ 589.2 |
Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate | A reconciliation of the U.S. federal statutory rate with the effective tax rate for the years ended November 30 follows: 2018 2017 2016 Federal statutory tax rate 22.2 % 35.0 % 35.0 % State income taxes, net of federal benefits 1.5 0.8 1.4 International tax at different effective rates 0.4 (4.8 ) (6.7 ) U.S. tax on remitted and unremitted earnings 0.6 0.4 0.4 Stock compensation expense (2.9 ) (1.6 ) — U.S. manufacturing deduction (0.8 ) (1.8 ) (2.2 ) Changes in prior year tax contingencies (0.8 ) (2.1 ) (1.8 ) U.S. Tax Act (40.7 ) — — Other, net (0.7 ) (0.5 ) (0.1 ) Total (21.2 )% 25.4 % 26.0 % |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities are comprised of the following as of November 30: (millions) 2018 2017 Deferred tax assets Employee benefit liabilities $ 82.7 $ 146.8 Other accrued liabilities 40.0 51.7 Inventory 8.0 12.4 Tax loss and credit carryforwards 57.2 50.2 Other 44.2 18.7 Valuation allowance (32.9 ) (26.0 ) 199.2 253.8 Deferred tax liabilities Depreciation 77.8 52.3 Intangible assets 782.8 1,246.0 Other 5.3 6.1 865.9 1,304.4 Net deferred tax liability $ (666.7 ) $ (1,050.6 ) |
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) 2018 2017 2016 Balance at beginning of year $ 39.1 $ 58.3 $ 56.5 Additions for current year tax positions 6.5 7.3 10.3 Additions for prior year tax positions 0.3 0.9 2.4 Reductions for prior year tax positions (6.9 ) (8.4 ) — Settlements — (18.1 ) — Statute expirations (9.1 ) (2.1 ) (10.0 ) Foreign currency translation (2.0 ) 1.2 (0.9 ) Balance at November 30 $ 27.9 $ 39.1 $ 58.3 |
Capital Stock, Earnings Per S_2
Capital Stock, Earnings Per Share And Stock Issuance (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
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) 2018 2017 2016 Average shares outstanding—basic 131.5 126.8 126.6 Effect of dilutive securities: Stock options/RSUs/LTPP 1.7 1.6 1.4 Average shares outstanding—diluted 133.2 128.4 128.0 |
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) 2018 2017 2016 Antidilutive securities 0.2 1.1 0.5 |
Business Segments And Geograp_2
Business Segments And Geographic Areas (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Schedule Of Segment Reporting Information | (millions) Consumer Flavor Solutions Total segments Corporate & other Total 2018 Net sales $ 3,318.0 $ 2,090.9 $ 5,408.9 $ — $ 5,408.9 Operating income excluding special charges and transaction and integration expenses 644.9 297.2 942.1 — 942.1 Income from unconsolidated operations 29.5 5.3 34.8 — 34.8 Assets — — 10,015.8 240.6 10,256.4 Capital expenditures — — 126.3 42.8 169.1 Depreciation and amortization — — 115.0 35.7 150.7 2017 Net sales $ 2,970.1 $ 1,864.0 $ 4,834.1 $ — $ 4,834.1 Operating income excluding special charges and transaction and integration expenses 564.2 222.1 786.3 — 786.3 Income from unconsolidated operations 28.9 5.0 33.9 — 33.9 Assets — — 10,036.7 349.1 10,385.8 Capital expenditures — — 153.6 28.8 182.4 Depreciation and amortization — — 99.8 25.4 125.2 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 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 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of operating income excluding special charges, and for 2018 and 2017, transaction and integration expenses, to operating income for 2018, 2017 and 2016 is as follows: (millions) Consumer Flavor Solutions Total 2018 Operating income excluding special charges and transaction and integration expenses $ 644.9 $ 297.2 $ 942.1 Less: Special charges 10.0 6.3 16.3 Less: Transaction and integration expenses 15.0 7.5 22.5 Operating income $ 619.9 $ 283.4 $ 903.3 2017 Operating income excluding special charges and transaction and integration expenses $ 564.2 $ 222.1 $ 786.3 Less: Special charges 15.3 6.9 22.2 Less: Transaction and integration expenses included in cost of goods sold 13.6 7.3 20.9 Less: Other transaction and integration expenses 27.1 13.7 40.8 Operating income $ 508.2 $ 194.2 $ 702.4 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 |
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 2018 Net sales $ 3,266.9 $ 1,021.1 $ 1,120.9 $ 5,408.9 Long-lived assets 6,449.7 1,060.0 876.6 8,386.3 2017 Net sales $ 2,859.6 $ 951.6 $ 1,022.9 $ 4,834.1 Long-lived assets 6,357.9 1,129.1 883.3 8,370.3 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 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Income Statement, Balance Sheet And Cash Flow Information | Supplemental income statement, balance sheet and cash flow information follow: (millions) 2018 2017 Inventories Finished products $ 406.1 $ 398.1 Raw materials and work-in-process 380.2 395.2 $ 786.3 $ 793.3 Prepaid expenses $ 27.2 $ 32.4 Other current assets 51.7 49.4 $ 78.9 $ 81.8 Property, plant and equipment Land and improvements $ 62.6 $ 63.2 Buildings (including capital lease) 626.2 488.3 Machinery and equipment 926.5 882.0 Software 336.9 332.5 Construction-in-progress 114.3 99.9 Accumulated depreciation (1,081.4 ) (1,056.8 ) $ 985.1 $ 809.1 Investments and other assets Investments in affiliates $ 167.2 $ 163.6 Long-term investments 120.8 127.0 Other assets 102.2 107.9 $ 390.2 $ 398.5 Other accrued liabilities Payroll and employee benefits $ 176.5 $ 181.3 Sales allowances 142.1 146.6 Other 329.6 396.3 $ 648.2 $ 724.2 Other long-term liabilities Pension $ 123.1 $ 169.5 Postretirement benefits 58.5 65.8 Unrecognized tax benefits 31.0 28.9 Other 100.5 65.0 $ 313.1 $ 329.2 (millions) 2018 2017 2016 Depreciation $ 104.8 $ 85.2 $ 71.2 Software amortization 14.0 14.5 17.1 Interest paid 179.8 72.1 57.5 Income taxes paid 154.6 155.6 151.0 |
Selected Quarterly Data (Tables
Selected Quarterly Data (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Scheduled Of Quarterly Financial Information | (millions except per share data) First Second Third Fourth 2018 Net sales $ 1,237.1 $ 1,327.3 $ 1,345.3 $ 1,499.2 Gross profit 520.0 575.2 594.9 681.5 Operating income 183.7 191.7 233.0 294.9 Net income 422.6 123.3 173.5 214.0 Basic earnings per share 3.22 0.94 1.32 1.62 Diluted earnings per share 3.18 0.93 1.30 1.60 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.52 0.52 0.52 0.52 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.52 0.52 1.09 2017 Net sales $ 1,043.7 $ 1,114.3 $ 1,185.2 $ 1,490.9 Gross profit 413.0 444.6 484.4 668.2 Operating income 134.2 132.6 168.7 266.9 Net income 93.5 100.0 108.2 175.7 Basic earnings per share 0.75 0.80 0.86 1.34 Diluted earnings per share 0.74 0.79 0.85 1.32 Dividends paid per share— Common Stock and Common Stock Non-Voting 0.47 0.47 0.47 0.47 Dividends declared per share— Common Stock and Common Stock Non-Voting — 0.47 0.47 0.99 Operating income for the first quarter of 2018 included $2.2 million of special charges, with an after-tax impact of $1.6 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the first quarter of 2018 included $8.7 million of transaction and integration expenses, with an after-tax impact of $6.9 million and a per share impact of $0.05 for both basic and diluted earnings per share. Net income for the first quarter of 2018 included $297.9 million of non-recurring income tax benefit, with a per share impact of $2.27 and $2.24 for basic and diluted earnings per share, respectively. Operating income for the second quarter of 2018 included $8.4 million of special charges, with an after-tax impact of $6.5 million and a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the second quarter of 2018 included $7.8 million of transaction and integration expenses, with an after-tax impact of $6.1 million and a per share impact of $0.05 and $0.04 for basic and diluted earnings per share, respectively. Operating income for the third quarter of 2018 included $3.3 million of special charges, with an after-tax impact of $2.5 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2018 included $5.6 million of transaction and integration expenses, with an after-tax impact of $4.3 million and a per share impact of $0.04 for both basic and diluted earnings per share. Net income for the third quarter of 2018 included $10.3 million of non-recurring income tax benefit, with a per share impact of $0.08 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $2.4 million of special charges, with an after-tax impact of $1.9 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $0.4 million of transaction and integration expenses, with an after-tax impact of $0.3 million . Net income for the fourth quarter of 2018 included $6.7 million of non-recurring income tax expense, with a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the first quarter of 2017 included $3.6 million of special charges, with an after-tax impact of $2.5 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the second quarter of 2017 included $4.7 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 third quarter of 2017 included $4.7 million of special charges, with an after-tax impact of $3.2 million and a per share impact of $0.03 for both basic and diluted earnings per share. Operating income for the third quarter of 2017 included $30.4 million of transaction and integration expenses, including $5.9 million reflected in gross profit. Net income for the third quarter of 2017 also included a pre-tax charge of $15.4 million reflected in other debt costs. For the third quarter of 2017, the after-tax impact of transaction and integration expenses and other debt costs was $31.1 million and a per share impact of $0.25 and $0.24 for basic and diluted earnings per share, respectively. Operating income for the fourth quarter of 2017 included $9.2 million of special charges, with an after-tax impact of $6.7 million and a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2017 included $31.3 million of transaction and integration expenses, including $15.0 million reflected in gross profit, with an after-tax impact of $22.4 million and a per share impact of $0.17 for both basic and diluted earnings per share. See notes 2 and 3 for details with respect to the transaction and integration expenses and actions undertaken in connection with these special charges, respectively. See note 12 for details regarding the non-recurring income tax benefits. Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Useful life | 11 years | ||||||||||
Capitalized software | $ 13.2 | $ 12.8 | $ 13.2 | $ 12.8 | $ 21.8 | ||||||
Shipping and transportation costs | 173.7 | 111 | 91.2 | ||||||||
Research and development expense | 69.4 | 66.1 | 61 | ||||||||
Marketing and Advertising Expense | 324.8 | 276.3 | 252.2 | ||||||||
Advertising expense | 147.2 | 117.8 | 102.9 | ||||||||
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to retained earnings | 20.9 | ||||||||||
Decrease of annual net sales | (1,499.2) | $ (1,345.3) | $ (1,327.3) | $ (1,237.1) | (1,490.9) | $ (1,185.2) | $ (1,114.3) | $ (1,043.7) | (5,408.9) | (4,834.1) | (4,411.5) |
Increase (decrease) in cost of goods sold | 3,037.3 | 2,823.9 | 2,579.8 | ||||||||
Increase (decrease) in selling, general and administrative expense | 1,429.5 | 1,244.8 | 1,175 | ||||||||
Increase (decrease) in operating income | $ 294.9 | $ 233 | $ 191.7 | $ 183.7 | $ 266.9 | $ 168.7 | $ 132.6 | $ 134.2 | 903.3 | 702.4 | 641 |
Increase (decrease) of other income (expense), net | $ 12.6 | 3.5 | 4.2 | ||||||||
Minimum [Member] | Headquarters building [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives (in years) | 20 years | ||||||||||
Minimum [Member] | Machinery, Equipment And Computer Software [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives (in years) | 3 years | ||||||||||
Minimum [Member] | Software [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Maximum [Member] | Headquarters building [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives (in years) | 50 years | ||||||||||
Maximum [Member] | Machinery, Equipment And Computer Software [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives (in years) | 12 years | ||||||||||
Maximum [Member] | Software [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Useful life | 8 years | ||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Increase (decrease) in cost of goods sold | $ 173.7 | 111 | 91.2 | ||||||||
Accounting Standards Update 2014-09 [Member] | Minimum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Decrease of annual net sales | 100 | ||||||||||
Increase (decrease) in selling, general and administrative expense | (273.7) | (211) | (191.2) | ||||||||
Accounting Standards Update 2014-09 [Member] | Maximum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Decrease of annual net sales | 110 | ||||||||||
Increase (decrease) in selling, general and administrative expense | (283.7) | (221) | (201.2) | ||||||||
Accounting Standards Update 2017-07 [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Increase (decrease) in cost of goods sold | 2.7 | 1.5 | (1.2) | ||||||||
Increase (decrease) in selling, general and administrative expense | 9.6 | 1.2 | (7.2) | ||||||||
Increase (decrease) in operating income | (12.3) | (2.7) | 8.4 | ||||||||
Increase (decrease) of other income (expense), net | $ 12.2 | $ 2.6 | $ (8.4) |
Acquisitions Acquisitions (Narr
Acquisitions Acquisitions (Narrative) (Details) shares in Thousands, € in Millions, $ in Millions, $ in Millions | Aug. 17, 2017shares | Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2011USD ($) | Aug. 31, 2017USD ($) | Nov. 30, 2018USD ($)shares | Nov. 30, 2017EUR (€) | Nov. 30, 2017USD ($) | Aug. 17, 2017USD ($) | Nov. 30, 2016AUD ($) | Nov. 30, 2016USD ($) | Nov. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Transaction expenses included in cost of goods sold | $ 15 | $ 5.9 | |||||||||||||
Useful life | 11 years | ||||||||||||||
Goodwill | $ 4,527.9 | 4,490.1 | $ 4,527.9 | $ 4,490.1 | $ 4,527.9 | ||||||||||
Other debt costs | 0 | 15.4 | $ 0 | ||||||||||||
Total | 0.4 | $ 5.6 | $ 7.8 | $ 8.7 | $ 31.3 | $ 30.4 | 22.5 | ||||||||
Intangible asset amortization expense | 20.6 | 16.3 | 11.3 | ||||||||||||
Purchase of minority interest | 13 | 1.2 | 0 | ||||||||||||
Payments of contingent consideration | 2.5 | 19.7 | 0 | ||||||||||||
Reckitt Benckiser's Food Division [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Changes in preliminary purchase price allocation | 102.2 | ||||||||||||||
Working capital adjustments | 4.2 | ||||||||||||||
Net sales | 5,209 | $ 570 | 4,969.3 | ||||||||||||
Transaction expenses included in cost of goods sold | 20.9 | 20.9 | |||||||||||||
Indefinite-lived brand assets | 2,320 | 2,320 | 2,320 | ||||||||||||
Definite-lived intangible assets | 110 | $ 110 | 110 | ||||||||||||
Useful life | 15 years | ||||||||||||||
Goodwill | 2,648.5 | $ 2,648.5 | 2,648.5 | ||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 0.3 | 23.2 | 59.8 | ||||||||||||
Business Combination, Integration Related Costs | 22.2 | 17.6 | 39.8 | ||||||||||||
Other debt costs | 15.4 | 15.4 | |||||||||||||
Revenue from acquisition | 190.1 | ||||||||||||||
Total | 22.5 | 77.1 | 99.6 | ||||||||||||
Earnings or loss of acquiree since acquisition date, actual | 42 | ||||||||||||||
Amortization and depreciation | 7.3 | ||||||||||||||
Finite-lived intangible assets, purchase accounting adjustments | 10 | ||||||||||||||
Deferred Tax Assets, Goodwill and Intangible Assets | $ 60.9 | 60.9 | $ 60.9 | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, tangible assets | 1.9 | ||||||||||||||
Payments to acquire businesses, net of cash acquired | 4,210 | ||||||||||||||
Cash acquired from acquisition | $ 24.3 | ||||||||||||||
Indefinite-lived intangible assets, purchase accounting adjustments | $ 155 | ||||||||||||||
Reckitt Benckiser's Food Division [Member] | Common Class A [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity issued to fund acquisition (in shares) | shares | 6,350 | 6,350 | |||||||||||||
Reckitt Benckiser's Food Division [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total | 40.8 | ||||||||||||||
Shanghai [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership interest | 10.00% | 10.00% | 10.00% | ||||||||||||
Buyout of minority interest | $ 12.4 | ||||||||||||||
Purchase of minority interest | 12.7 | ||||||||||||||
Kohinoor Specialty Foods [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership interest | 15.00% | 15.00% | |||||||||||||
Buyout of minority interest | $ 0.6 | ||||||||||||||
Payments to acquire businesses, net of cash acquired | 1.5 | ||||||||||||||
Purchase of minority interest | $ 0.3 | 1.2 | |||||||||||||
Consideration transferred | $ 113 | ||||||||||||||
Giotti [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Net sales | € | € 53 | ||||||||||||||
Goodwill | $ 80.5 | 80.5 | |||||||||||||
Revenue from acquisition | 66.5 | ||||||||||||||
Payments to acquire businesses, net of cash acquired | 123.8 | ||||||||||||||
Cash acquired from acquisition | 1.2 | ||||||||||||||
Gourmet Garden [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Net sales | $ 70 | ||||||||||||||
Revenue from acquisition | $ 27.3 | ||||||||||||||
Payments to acquire businesses, net of cash acquired | 116.2 | ||||||||||||||
Cash acquired from acquisition | $ 3.3 |
Acquisitions (Fair Value of Acq
Acquisitions (Fair Value of Acquisition and Costs Incurred) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||
Goodwill | $ 4,527.9 | $ 4,490.1 | $ 4,527.9 | $ 4,490.1 | $ 4,527.9 | |||||
Business Combination, Separately Recognized Transactions [Abstract] | ||||||||||
Transaction expenses included in cost of goods sold | 15 | $ 5.9 | ||||||||
Transaction expenses included in other debt costs | 15.4 | |||||||||
Total | 0.4 | $ 5.6 | $ 7.8 | $ 8.7 | $ 31.3 | $ 30.4 | 22.5 | |||
Reckitt Benckiser's Food Division [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||
Trade accounts receivable | 36.9 | 36.9 | 36.9 | |||||||
Inventories | 67.1 | 67.1 | 67.1 | |||||||
Property, plant and equipment | 38.5 | 38.5 | 38.5 | |||||||
Goodwill | 2,648.5 | 2,648.5 | 2,648.5 | |||||||
Intangible assets | 2,430 | 2,430 | 2,430 | |||||||
Other assets | 4.4 | 4.4 | 4.4 | |||||||
Trade accounts payable | 65.8 | 65.8 | 65.8 | |||||||
Other accrued liabilities | 35 | 35 | 35 | |||||||
Deferred taxes | 893.9 | 893.9 | 893.9 | |||||||
Other long-term liabilities | 20.8 | 20.8 | 20.8 | |||||||
Total | $ 4,209.9 | 4,209.9 | 4,209.9 | |||||||
Business Combination, Separately Recognized Transactions [Abstract] | ||||||||||
Transaction expenses included in cost of goods sold | 20.9 | $ 20.9 | ||||||||
Transaction expenses included in other debt costs | 15.4 | |||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 0.3 | 23.2 | 59.8 | |||||||
Business Combination, Integration Related Costs | 22.2 | 17.6 | 39.8 | |||||||
Total | $ 22.5 | $ 77.1 | $ 99.6 |
Acquisitions (Unaudited Proform
Acquisitions (Unaudited Proforma Combined Historical Results) (Details) - Reckitt Benckiser's Food Division [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 30, 2017 | Aug. 17, 2017 | Nov. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 5,209 | $ 570 | $ 4,969.3 |
Net income | $ 548.7 | $ 465.5 | |
Earnings per share – basic (in dollars per share) | $ 4.19 | $ 3.50 | |
Earnings per share – diluted (in dollars per share) | $ 4.14 | $ 3.46 |
Special Charges Special Charg_3
Special Charges Special Charges (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Aug. 31, 2017USD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2016USD ($)facility | |
Special Charges [Line Items] | |||||||||||
Special charges | $ 2.4 | $ 3.3 | $ 8.4 | $ 2.2 | $ 9.2 | $ 4.7 | $ 3.6 | $ 4.7 | $ 16.3 | $ 22.2 | $ 15.7 |
Special charges impairment | (3) | ||||||||||
Non-cash goodwill impairment charge | 2.6 | ||||||||||
Special charges cash paid | (12.3) | ||||||||||
Proceeds from divestiture of interest in joint venture | 5.1 | ||||||||||
Cash paid on exit of joint venture | 0.9 | ||||||||||
Cost of Goods, Total [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 0 | 0 | 0.3 | ||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 16.3 | 22.2 | 15.7 | ||||||||
total special charges [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 16.3 | 22.2 | 16 | ||||||||
GE_Project [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
GE Employee Severance Special Charges | 1 | ||||||||||
Special charges cash paid | (7.5) | ||||||||||
Consumer [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 10 | 15.3 | 8.9 | ||||||||
Consumer [Member] | total special charges [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 10 | 15.3 | 9.2 | ||||||||
Flavor Solutions [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 6.3 | 6.9 | 6.8 | ||||||||
Flavor Solutions [Member] | total special charges [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 6.3 | 6.9 | 6.8 | ||||||||
North America [Member] | total special charges [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 1.7 | ||||||||||
EMEA | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 5.7 | ||||||||||
EMEA | Other exit costs [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges impairment | (0.5) | ||||||||||
EMEA | Corporate Joint Venture [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 2.8 | ||||||||||
INDIA | total special charges [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 1.9 | ||||||||||
Asia Pacific [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 1.6 | 1.7 | $ 1.8 | ||||||||
Number of facilities subject to exit | facility | 2 | ||||||||||
Global [Member] | Other exit costs [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges impairment | (3) | ||||||||||
Global [Member] | GE_Project [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 11.5 | 12.7 | |||||||||
UNITED STATES | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 2.2 | ||||||||||
CHINA | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 1 | 2.8 | |||||||||
PORTUGAL | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 2.5 | ||||||||||
Minimum [Member] | GE_Project [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 55 | ||||||||||
Expected cost savings special charges | 30 | ||||||||||
Maximum [Member] | GE_Project [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Special charges | 65 | ||||||||||
Expected cost savings special charges | 40 | ||||||||||
Brand Names [Member] | |||||||||||
Special Charges [Line Items] | |||||||||||
Indefinite-lived intangible assets | $ 2,646.9 | $ 2,808.5 | $ 2,646.9 | $ 2,808.5 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Goodwill [Line Items] | |||
Goodwill | $ 4,527.9 | $ 4,490.1 | |
Intangible asset amortization expense | $ 20.6 | 16.3 | $ 11.3 |
Amortizable intangible assets average remaining life, in years | 11 years | ||
Consumer Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 3,398.9 | 3,385.4 | 1,608.3 |
Flavor Solutions Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,129 | 1,104.7 | $ 163.1 |
Reckitt Benckiser's Food Division [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 2,648.5 | ||
Amortizable intangible assets average remaining life, in years | 15 years | ||
Reckitt Benckiser's Food Division [Member] | Consumer Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 1,765.6 | ||
Reckitt Benckiser's Food Division [Member] | Flavor Solutions Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 882.9 | ||
Giotti [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 80.5 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Amortized And Non-Amortized Intangible Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | $ 311.3 | $ 329.1 | |
Finite-lived intangible assets, Accumulated amortization | 84.9 | 66.5 | |
Goodwill | 4,527.9 | 4,490.1 | |
Indefinite-lived intangible assets, total | 7,174.8 | 7,298.6 | |
Total goodwill and intangible assets, Gross carrying amount | 7,486.1 | 7,627.7 | |
Total goodwill and intangible assets, Accumulated amortization | 84.9 | 66.5 | |
Goodwill [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 4,527.9 | 4,490.1 | |
Brand Names [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 2,646.9 | 2,808.5 | |
Reckitt Benckiser's Food Division [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived brand assets | 2,320 | ||
Goodwill | 2,648.5 | ||
Definite-lived intangible assets | 110 | ||
Giotti [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 80.5 | ||
Consumer Segment [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 3,398.9 | 3,385.4 | $ 1,608.3 |
Consumer Segment [Member] | Reckitt Benckiser's Food Division [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 1,765.6 | ||
Flavor Solutions Segment [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 1,129 | $ 1,104.7 | $ 163.1 |
Flavor Solutions Segment [Member] | Reckitt Benckiser's Food Division [Member] | |||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 882.9 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Goodwill [Roll Forward] | |||
Beginning of year | $ 4,490.1 | ||
Non-cash goodwill impairment charge | $ (2.6) | ||
End of year | 4,527.9 | $ 4,490.1 | |
Consumer Segment [Member] | |||
Goodwill [Roll Forward] | |||
Beginning of year | 3,385.4 | 1,608.3 | |
Changes in preliminary purchase price allocation | 68.1 | (7.1) | |
Increases in goodwill from acquisitions | 0 | 1,697.5 | |
Foreign currency fluctuations | (54.6) | 86.7 | |
End of year | 3,398.9 | 3,385.4 | 1,608.3 |
Flavor Solutions Segment [Member] | |||
Goodwill [Roll Forward] | |||
Beginning of year | 1,104.7 | 163.1 | |
Changes in preliminary purchase price allocation | 34.1 | 0 | |
Increases in goodwill from acquisitions | 0 | 929.3 | |
Foreign currency fluctuations | (9.8) | 12.3 | |
End of year | $ 1,129 | $ 1,104.7 | $ 163.1 |
Investments In Affiliates (Narr
Investments In Affiliates (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
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 | $ 142.1 | ||
Royalty Income, Nonoperating | $ 18.5 | $ 17.5 | $ 16.1 |
Percent of income from unconsolidated operations from joint ventures | 76.00% | 74.00% | 83.00% |
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, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Investments in and Advances to Affiliates [Line Items] | |||
Net sales | $ 807.9 | $ 775.4 | $ 767.6 |
Gross profit | 290.5 | 278.5 | 245.6 |
Net income | 78.9 | 75.5 | 66.4 |
Current assets | 342.1 | 315.4 | 315.6 |
Noncurrent assets | 129.9 | 127.6 | 113 |
Current liabilities | 172.1 | 146.9 | 146.2 |
Noncurrent liabilities | $ 10 | $ 13.6 | $ 9.1 |
Financing Arrangements (Compone
Financing Arrangements (Components Of Outstanding Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Aug. 17, 2017 | |
Schedule of Short Term and Long Term Debt [Line Items] | |||
Commercial paper | $ 509.9 | $ 219.4 | |
Other | 50.1 | 38.2 | |
Short-term borrowings, total | $ 560 | $ 257.6 | |
Weighted-average interest rate of short-term borrowings at year-end | 2.90% | 2.30% | |
Other | $ 180.5 | $ 19.6 | |
Unamortized discounts and fair value adjustments | (35.4) | (36.4) | |
Long-term debt | 4,136.4 | 4,769.5 | |
Less current portion | (83.5) | (325.6) | |
Long-term debt, excluding current maturities | 4,052.9 | 4,443.9 | |
Notes Payable, Other Payables [Member] | 5.75% Notes Due 2017 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 0 | $ 250 | |
Stated Note interest rate | 5.75% | 5.75% | |
Notes Payable, Other Payables [Member] | 3.90% Notes Due 2021 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | $ 250 | |
Stated Note interest rate | 3.90% | ||
Notes Payable, Other Payables [Member] | Two Point Seven Zero Notes Due Two Thousand Twenty Two [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 750 | 750 | |
Stated Note interest rate | 2.70% | ||
Notes Payable, Other Payables [Member] | 3.50% Notes Due 2023 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | 250 | |
Stated Note interest rate | 3.50% | ||
Notes Payable, Other Payables [Member] | Three Point One Five Notes Due On Two Thousand Twenty Four [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 700 | 700 | |
Stated Note interest rate | 3.15% | ||
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | 250 | |
Weighted average fixed rate | 3.45% | ||
Stated Note interest rate | 3.25% | ||
Debt Instrument Basis Spread Increase On Variable Rate | 1.22% | ||
Debt Instrument, effective interest rate | 3.84% | ||
Notes Payable, Other Payables [Member] | Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 750 | 750 | |
Weighted average fixed rate | 3.44% | ||
Stated Note interest rate | 3.40% | ||
Notes Payable, Other Payables [Member] | Four Point Two Zero Notes Due Two Thousand Forty Seven [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 300 | 300 | |
Stated Note interest rate | 4.20% | ||
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 | |
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] | August 2013 [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Notes outstanding | $ 250 | ||
Weighted average fixed rate | 3.30% | ||
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 | ||
Bridge Loan [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Quarterly installment payments, percentage | 2.50% | ||
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Long-term debt | $ 130 | 500 | |
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty Two [Member] | |||
Schedule of Short Term and Long Term Debt [Line Items] | |||
Long-term debt | $ 556.3 | $ 731.3 | $ 750 |
Stated Note interest rate | 2.70% | ||
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% | ||
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% |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | Aug. 17, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Debt Instrument [Line Items] | ||||
Other debt costs | $ 0 | $ 15.4 | $ 0 | |
Long-term debt | 4,136.4 | 4,769.5 | ||
Proceeds from issuance of debt | 1,498.3 | |||
Proceeds from issuance of senior long-term debt | 2,479.3 | |||
Net proceeds from issuance of notes | 25.9 | 3,989.6 | 6 | |
Rental expense under operating leases | 58.5 | 46.5 | 41.6 | |
Guarantees outstanding | 0.6 | |||
Letter Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Total unused capacity | 13.7 | |||
Outstanding letters of credit | 7.3 | |||
Notes Payable, Other Payables [Member] | 5.75% Notes Due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 0 | $ 250 | ||
Stated Note interest rate | 5.75% | 5.75% | ||
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, effective interest rate | 3.84% | |||
Notes outstanding | $ 250 | $ 250 | ||
Stated Note interest rate | 3.25% | |||
Weighted average fixed rate | 3.45% | |||
Notes Payable, Other Payables [Member] | August 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 250 | |||
Weighted average fixed rate | 3.30% | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 490.1 | |||
Maximum borrowing capacity | 237.3 | |||
Total unused capacity | 149.9 | |||
Committed credit facilities, fee | 1.3 | 0.8 | ||
Commercial Paper Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 509.9 | |||
Bridge Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Quarterly installment payments, percentage | 2.50% | |||
Bridge Loan [Member] | Term Loan Due Two Thousand Forty Seven [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 300 | |||
Stated Note interest rate | 4.20% | |||
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 556.3 | 731.3 | |
Annual principal payment | $ 175 | 18.8 | ||
Stated Note interest rate | 2.70% | |||
Debt instrument, term | 5 years | |||
Bridge Loan [Member] | Twenty Seventeen Term Loan One [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | |||
Basis spread on variable rate | 1.125% | |||
Bridge Loan [Member] | Twenty Seventeen Term Loan Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 130 | 500 | ||
Annual principal payment | 370 | 250 | ||
Debt instrument, term | 3 years | |||
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 700 | |||
Stated Note interest rate | 3.15% | |||
Bridge Loan [Member] | Term Loan Due Two Thousand Twenty Seven [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | |||
Stated Note interest rate | 3.40% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | $ 2,500 | |||
Headquarters building [Member] | ||||
Debt Instrument [Line Items] | ||||
Rental expense under operating leases | 0.9 | |||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 133.4 | |||
Amortization | 138.6 | |||
Capital Leases, Income Statement, Amortization Expense | 5.2 | |||
Interest Rate Swap [Member] | Notes Payable, Other Payables [Member] | 5.20% Notes Due 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes outstanding | 100 | |||
Reckitt Benckiser's Food Division [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments to acquire businesses, net of cash acquired | 4,210 | |||
Other debt costs | $ 15.4 | $ 15.4 | ||
Minimum [Member] | Bridge Loan [Member] | Term Loan Due Two Thousand Twenty Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Annual principal payment | $ 75 | |||
Maximum [Member] | Bridge Loan [Member] | Twenty Seventeen Term Loan One [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.625% | |||
Maximum [Member] | Bridge Loan [Member] | Twenty Seventeen Term Loan Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Revolving Credit Facility [Member] | Credit Facility Expiring August 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 1,000 | |||
Basis spread on variable rate | 1.25% | |||
Debt instrument, term | 5 years | |||
Revolving Credit Facility [Member] | Maximum [Member] | Credit Facility Expiring August 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% |
Financing Arrangements (Maturit
Financing Arrangements (Maturities Of Long-Term Debt) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Financing Arrangements [Abstract] | ||
Current portion of long-term debt | $ 83.5 | $ 325.6 |
2,020 | 219.9 | |
2,021 | 340.4 | |
2,022 | 1,101.7 | |
2,023 | 257.7 | |
Thereafter | $ 2,168.6 |
Financing Arrangements (Rental
Financing Arrangements (Rental Expense Under Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Debt Instrument [Line Items] | |||
2,019 | $ 42.9 | ||
2,020 | 32.9 | ||
2,021 | 24.3 | ||
2,022 | 18.7 | ||
2,023 | 12.6 | ||
Thereafter | 22.4 | ||
Rental expense under operating leases | 58.5 | $ 46.5 | $ 41.6 |
Headquarters building [Member] | |||
Debt Instrument [Line Items] | |||
Rental expense under operating leases | $ 0.9 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Derivative [Line Items] | ||||
Long-term debt | $ 4,136,400,000 | $ 4,769,500,000 | ||
Increase (Decrease) in Financial Instruments Used in Operating Activities | 0 | 2,900,000 | $ 0 | |
Other comprehensive income (loss) expected to be reclassified in income in next 12 months | 1,800,000 | |||
Cost of long-term investments | 73,700,000 | 78,400,000 | ||
Fair Value, Concentration of Risk, Accounts Receivable | 0.10 | |||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Foreign currency to purchase or sell | $ 494,900,000 | $ 405,900,000 | ||
Maximum time frame for short-term foreign exchange contracts | 12 months | |||
Derivative, Notional Amount | $ 160,600,000 | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 100,000,000 | |||
Interest on interest rate swap contracts | 3.25% | 3.25% | ||
Derivative Instrument Basis Spread Increase On Variable Rate | 1.22% | |||
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 | |||
3.25% Notes Due 2025 [Member] | ||||
Derivative [Line Items] | ||||
Medium-term notes due | $ 250,000,000 | |||
Notes Payable, Other Payables [Member] | 3.25% Notes Due 2025 [Member] | ||||
Derivative [Line Items] | ||||
Stated Note interest rate | 3.25% | |||
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 402,000,000 | $ 281,900,000 | ||
Fair Value Hedges [Member] | Other Income [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), Realized | (2,900,000) | 12,800,000 | $ (3,500,000) | |
Fair Value Hedges [Member] | Other Income [Member] | Loans Payable [Member] | ||||
Derivative [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), Realized | 2,700,000 | (14,100,000) | $ 3,100,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt | 3,172,700,000 | 3,615,200,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt | $ 866,700,000 | $ 1,243,300,000 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Asset Derivatives | $ 4.4 | $ 12.7 | ||
Fair Value of Liability Derivatives | 12.8 | 7.2 | ||
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $ 100 | |||
Derivative, Fixed Interest Rate | 3.25% | 3.25% | ||
Foreign Exchange Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 160.6 | |||
Foreign Exchange Contracts [Member] | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Notional Amount | 199.5 | 326.3 | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.4 | 12.7 | ||
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total notional amount of interest rate swap contracts | 295.4 | 79.6 | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 6.4 | 4.7 | ||
Interest Rate Contracts [Member] | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Notional Amount | 0 | 0 | ||
Fair Value of Interest rate contracts | 0 | 0 | ||
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 | $ 6.4 | $ 2.5 |
Financial Instruments (Fair V_2
Financial Instruments (Fair Value Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income, net | $ 12.6 | $ 3.5 | $ 4.2 |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 160.6 | ||
Investment Foreign Currency, Contract, Foreign Currency Amount | 494.9 | 405.9 | |
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 402 | 281.9 | |
Fair Value Hedges [Member] | Interest Expense [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | (0.1) | 0.9 | 1.6 |
Fair Value Hedges [Member] | Other Income [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (2.9) | 12.8 | (3.5) |
Other income, net | (2.9) | 12.8 | (3.5) |
Fair Value Hedges [Member] | Other Income [Member] | Loans Payable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | 2.7 | (14.1) | 3.1 |
Other income, net | $ 2.7 | $ (14.1) | $ 3.1 |
Financial Instruments (Cash Flo
Financial Instruments (Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | $ 2.6 | $ (10.2) | $ 4.4 |
Gain (loss) reclassified from AOCI | (2.8) | 0.8 | 3.4 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 0 | (2.9) | 0 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | 0.5 | (0.4) | (0.3) |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI | 2.6 | (7.3) | 4.4 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI | (3.3) | 1.2 | $ 3.7 |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 6.4 | 4.7 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $ 4.4 | $ 12.7 |
Financial Instruments (Carrying
Financial Instruments (Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Derivative [Line Items] | ||
Long-term investments, Carrying amount | $ 120.8 | $ 127 |
Long-term investments, Fair value | 120.8 | 127 |
Long-term debt, Carrying amount | 4,136.4 | 4,769.5 |
Long-term debt, Fair value | 4,039.4 | 4,858.5 |
Other Current Assets [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 0 |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 4.4 | 12.7 |
Other Accrued Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Interest rate derivatives | 6.4 | 2.5 |
Other Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 6.4 | 4.7 |
Fair Value, Measurements, Recurring [Member] | ||
Derivative [Line Items] | ||
Interest rate derivatives | 6.4 | 2.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative [Line Items] | ||
Long-term debt, Carrying amount | 3,172.7 | 3,615.2 |
Interest rate derivatives | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative [Line Items] | ||
Long-term debt, Carrying amount | 866.7 | 1,243.3 |
Interest rate derivatives | $ 6.4 | $ 2.5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 96.6 | $ 186.8 |
Insurance contracts | 118 | 119.5 |
Bonds and other long-term investments | 2.8 | 7.5 |
Foreign currency derivatives | 4.4 | 12.7 |
Total | 221.8 | 326.5 |
Foreign currency derivatives | 6.4 | 4.7 |
Interest rate derivatives | 6.4 | 2.5 |
Total | 12.8 | 7.2 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 96.6 | 186.8 |
Insurance contracts | 0 | 0 |
Bonds and other long-term investments | 2.8 | 7.5 |
Foreign currency derivatives | 0 | 0 |
Total | 99.4 | 194.3 |
Foreign currency derivatives | 0 | 0 |
Interest rate derivatives | 0 | |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Insurance contracts | 118 | 119.5 |
Bonds and other long-term investments | 0 | 0 |
Foreign currency derivatives | 4.4 | 12.7 |
Total | 122.4 | 132.2 |
Foreign currency derivatives | 6.4 | 4.7 |
Interest rate derivatives | 6.4 | 2.5 |
Total | $ 12.8 | $ 7.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income-Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 20.9 | ||
Foreign currency translation adjustment | (241.6) | $ (124.4) | |
Unamoritzed value of settled interest rate swaps | 0.6 | 0.8 | |
Pension and other postretirement costs | (117.8) | (152.3) | |
Accumulated other comprehensive loss, net of tax | (359.9) | (279.5) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2.8 | (0.8) | $ (3.4) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (0.6) | 0.2 | 0.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 2.2 | (0.6) | (2.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (8.5) | (1.6) | 0.3 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 12.6 | 9.7 | 16.7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 4.1 | 8.1 | 17 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | (1) | (2.8) | (5.8) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 3.1 | 5.3 | 11.2 |
Foreign Exchange Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (1.1) | (3.6) | |
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 | 3.3 | (1.2) | (3.7) |
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 | $ (0.5) | $ 0.4 | $ 0.3 |
Employee Benefit And Retireme_3
Employee Benefit And Retirement Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 | |
Employee Benefit And Retirement Plans [Line Items] | ||||||
Unrecognized actuarial losses and unrecognized prior service credit, before tax | $ 153.1 | |||||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 117.8 | $ 152.3 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 160.5 | $ 18 | $ 76.7 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 7.4 | |||||
Expected actuarial losses, net of prior service credit, before tax | 5.1 | |||||
Expected actuarial losses, net of prior service credit, net of tax | 3.9 | |||||
Amortization of net actuarial loss | 2.8 | |||||
Amortization of prior service costs credits | (7.9) | |||||
Fair value of plan assets at beginning of year | 0 | 0 | $ 0 | |||
Business combinations | 2.4 | |||||
Dividends paid | $ 273.4 | $ 237.6 | 217.8 | |||
Assumed annual increase in cost of health care benefits | 7.30% | 8.00% | ||||
Ultimate health care cost trend rate | 4.50% | 4.50% | ||||
Ultimate health care cost trend rate, year | 2,028 | 2,027 | ||||
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | $ 17.5 | $ 77.7 | ||||
Defined Contribution Retirement Plans [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Fair value of McCormick stock held in plan assets | $ 266.4 | |||||
Number of shares of McCormick stock held in plan assets | 1.8 | |||||
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% | |||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 3.00% | |||||
Defined Contribution Plan, Cost | $ 15.5 | 12.2 | 10.4 | |||
Dividends paid | 3.9 | 3.8 | ||||
Supplemental Employee Retirement Plan [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Benefit obligation | 94.9 | 105.4 | ||||
Non-current pension asset | 82.8 | 89.2 | ||||
Other Postretirement Benefits [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Benefit obligation | $ 62.9 | $ 70.9 | 95.5 | |||
Age after which employees retire | 55 years | |||||
Minimum number of years in service | 5 years | |||||
Assumed discount rate | 4.50% | 3.60% | ||||
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | $ 27.1 | |||||
Employer contributions | $ 4.8 | 6 | ||||
U.S. Equity Securities [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Fair value of McCormick stock held in plan assets | $ 57.2 | $ 39 | ||||
Number of shares of McCormick stock held in plan assets | 0.4 | 0.4 | ||||
Percentage of pension plan assets in equity securities | 8.90% | 6.00% | ||||
Dividends paid | $ 0.8 | $ 0.7 | ||||
Reckitt Benckiser's Food Division [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Benefit obligation | $ 48.7 | |||||
Fair value of plan assets at beginning of year | 28.2 | |||||
Funded status | (18.1) | (20.5) | ||||
Accumulated benefit obligation | $ 40.9 | |||||
Employer contributions | 2.5 | 5 | ||||
Domestic Plan [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 97.7 | 112.1 | ||||
Benefit obligation | 752.6 | 813.7 | 757 | |||
Fair value of plan assets at beginning of year | 640.4 | 654.2 | 558.9 | |||
Accrued liability related to the plan | 112.2 | 159.5 | ||||
Non-current pension asset | 0 | 0 | ||||
Funded status | (112.2) | (159.5) | ||||
Accumulated benefit obligation | 746.9 | 797.6 | ||||
Business combinations | $ (2.4) | $ 48.7 | ||||
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | ||||
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | $ 69.9 | |||||
Employer contributions | $ 8.9 | 11.4 | ||||
Domestic Plan [Member] | U.S. Equity Securities [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Fair value of plan assets at beginning of year | 283.2 | 305.1 | ||||
Foreign Plan [Member] | ||||||
Employee Benefit And Retirement Plans [Line Items] | ||||||
Unrecognized actuarial losses and unrecognized prior service credit, net of tax | 40.1 | 57.4 | ||||
Benefit obligation | 292.9 | 341.5 | 324.9 | |||
Fair value of plan assets at beginning of year | 306.5 | 331.3 | $ 289.1 | |||
Accrued liability related to the plan | 17.6 | 32.7 | ||||
Non-current pension asset | 31.2 | 22.5 | ||||
Funded status | 13.6 | (10.2) | ||||
Accumulated benefit obligation | $ 286.8 | $ 317.2 | ||||
Percentage of pension plan assets in equity securities | 100.00% | 100.00% | ||||
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | $ 17.5 | $ 7.8 | ||||
Employer contributions | $ 4.6 | $ 7.3 |
Employee Benefit And Retireme_4
Employee Benefit And Retirement Plans (Significant Assumptions Used To Determine Benefit Obligations) (Details) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 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 | 7.30% | 7.30% | 7.50% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.50% | 3.40% | 3.50% |
Expected return on plan assets | 5.60% | 5.50% | 6.00% |
Foreign Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Foreign Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Funded Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.70% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.60% | 4.70% |
Funded Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.30% | 3.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.90% | 3.20% | 3.90% |
Unfunded Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.60% | 3.90% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 4.50% | 4.70% |
Unfunded Plan [Member] | Foreign 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% |
Employee Benefit And Retireme_5
Employee Benefit And Retirement Plans (Components Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2 | $ 2.6 | $ 2.7 |
Interest costs | 2.4 | 3.3 | 3.8 |
Amortization of prior service costs | (8.6) | (2.3) | 0 |
Amortization of net actuarial loss | (0.1) | (0.2) | 0 |
Total expense | (4.3) | 3.4 | 6.5 |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 17 | 14.8 | 21.5 |
Interest costs | 31.6 | 31.7 | 33.3 |
Expected return on plan assets | (43.4) | (41.4) | (40.8) |
Amortization of prior service costs | 0 | 0 | 0 |
Amortization of net actuarial loss | 9.9 | 5.8 | 12.6 |
Settlement/curtailment loss | 0 | 0 | 0 |
Total expense | 15.1 | 10.9 | 26.6 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4.3 | 6.2 | 7.1 |
Interest costs | 9.2 | 10.4 | 11.3 |
Expected return on plan assets | (16.6) | (15.3) | (16.2) |
Amortization of prior service costs | 0.1 | 0.7 | 0.3 |
Amortization of net actuarial loss | 2.8 | 4.1 | 4.1 |
Settlement/curtailment loss | 0.5 | 0.6 | 0 |
Total expense | $ 0.3 | $ 6.7 | $ 6.6 |
Employee Benefit And Retireme_6
Employee Benefit And Retirement Plans (Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Change in benefit obligation: | |||
Employee contributions | $ 0.4 | $ 3.2 | |
Business combinations | 2.4 | ||
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 70.9 | 95.5 | |
Service cost | 2 | 2.6 | 2.7 |
Interest costs | 2.4 | 3.3 | 3.8 |
Employee contributions | 0.4 | 3.2 | |
Plan amendments | 0 | (27.1) | |
Demographic assumptions change | 0 | 2.4 | |
Other plan assumptions | (0.1) | 0 | |
Discount rate change | (4.5) | 3.7 | |
Actuarial (gain) loss | (3) | (3.5) | |
Benefits paid | (5.2) | (9.2) | |
Benefit obligation at end of year | 62.9 | 70.9 | 95.5 |
Change in fair value of plan assets: | |||
Employer contributions | 4.8 | 6 | |
Other postretirement benefit liability | 62.9 | 70.9 | |
Domestic Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 813.7 | 757 | |
Service cost | 17 | 14.8 | 21.5 |
Interest costs | 31.6 | 31.7 | 33.3 |
Plan amendments | 5.2 | ||
Plan curtailments | 0 | (68.9) | |
Actuarial (gain) loss | (76.2) | 65.6 | |
Benefits paid | (36.3) | (35.2) | |
Business combinations | (2.4) | 48.7 | |
Benefit obligation at end of year | 752.6 | 813.7 | 757 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 654.2 | 558.9 | |
Actual return on plan assets | 13.6 | 90.9 | |
Employer contributions | 8.9 | 11.4 | |
Business combinations | 0 | 28.2 | |
Fair value of plan assets at end of year | 640.4 | 654.2 | 558.9 |
Funded status | (112.2) | (159.5) | |
Projected benefit obligation | 752.6 | 813.7 | |
Accumulated benefit obligation | 746.9 | 797.6 | |
Fair value of plan assets | 640.4 | 654.2 | |
Foreign Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 341.5 | 324.9 | |
Service cost | 4.3 | 6.2 | 7.1 |
Interest costs | 9.2 | 10.4 | 11.3 |
Employee contributions | 0.7 | 0.7 | |
Plan amendments | 3.4 | 0.3 | |
Plan curtailments | (17.5) | (7.8) | |
Plan settlements | 0 | (3.1) | |
Actuarial (gain) loss | (20.2) | 3.3 | |
Benefits paid | (13.2) | (15.3) | |
Expenses paid | (0.7) | (0.4) | |
Foreign currency impact | (14.6) | 22.3 | |
Benefit obligation at end of year | 292.9 | 341.5 | 324.9 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 331.3 | 289.1 | |
Actual return on plan assets | (0.7) | 31.5 | |
Employer contributions | 4.6 | 7.3 | |
Plan settlements | 0 | (3.1) | |
Expenses paid | 0 | (3.1) | |
Foreign currency impact | (15.5) | 21.5 | |
Fair value of plan assets at end of year | 306.5 | 331.3 | $ 289.1 |
Funded status | 13.6 | (10.2) | |
Projected benefit obligation | 19.1 | 20.9 | |
Accumulated benefit obligation | 16.1 | 16.7 | |
Fair value of plan assets | $ 1.5 | $ 1.6 |
Employee Benefit And Retireme_7
Employee Benefit And Retirement Plans (Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss | $ 117.8 | $ 152.3 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current pension asset | 31.2 | 22.5 |
Accrued pension liability | 17.6 | 32.7 |
Deferred income tax assets | 8.8 | 14.2 |
Accumulated other comprehensive loss | 40.1 | 57.4 |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current pension asset | 0 | 0 |
Accrued pension liability | 112.2 | 159.5 |
Deferred income tax assets | 32.7 | 69.4 |
Accumulated other comprehensive loss | $ 97.7 | $ 112.1 |
Employee Benefit And Retireme_8
Employee Benefit And Retirement Plans (Allocations Of Pension Plan Assets) (Details) | Nov. 30, 2018 | Nov. 30, 2017 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
Foreign Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 52.10% | 53.80% |
Equity securities, Target | 53.00% | |
Foreign Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 47.80% | 46.10% |
Equity securities, Target | 47.00% | |
Foreign Plan [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 0.10% | 0.10% |
Equity securities, Target | 0.00% | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 100.00% | 100.00% |
Equity securities, Target | 100.00% | |
Domestic Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 65.80% | 69.30% |
Equity securities, Target | 59.00% | |
Domestic Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 20.50% | 18.60% |
Equity securities, Target | 23.20% | |
Domestic Plan [Member] | Other Plan Asset Categories [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities, Actual | 13.70% | 12.10% |
Equity securities, Target | 17.80% |
Employee Benefit And Retireme_9
Employee Benefit And Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 0 | $ 0 | $ 0 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 306.5 | 331.3 | 289.1 |
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2 | 0.3 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 304.5 | 331 | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2 | 0.3 | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2 | 0.3 | |
Foreign Plan [Member] | International Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 159.5 | 178.2 | |
Foreign Plan [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 159.5 | 178.2 | |
Foreign Plan [Member] | U.S./Government/Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 125.2 | 131.6 | |
Foreign Plan [Member] | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 125.2 | 131.6 | |
Foreign Plan [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 19.8 | 21.2 | |
Foreign Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 19.8 | 21.2 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 640.4 | 654.2 | $ 558.9 |
Fair value, excluding investments at net asset value | 578.2 | 596.6 | |
Domestic Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value, excluding investments at net asset value | 381.9 | 386.1 | |
Domestic Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value, excluding investments at net asset value | 196.3 | 210.5 | |
Domestic Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 16 | 6.4 | |
Domestic Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 16 | 6.4 | |
Domestic Plan [Member] | U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 283.2 | 305.1 | |
Domestic Plan [Member] | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 149.6 | 144.2 | |
Domestic Plan [Member] | U.S. Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 133.6 | 160.9 | |
Domestic Plan [Member] | International Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 132.7 | 144.8 | |
Domestic Plan [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 126.1 | 144.8 | |
Domestic Plan [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 6.6 | ||
Domestic Plan [Member] | U.S./Government/Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 46.2 | 45.3 | |
Domestic Plan [Member] | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 44.1 | 45.3 | |
Domestic Plan [Member] | U.S./Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2.1 | ||
Domestic Plan [Member] | High Yield Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 36.7 | 35.6 | |
Domestic Plan [Member] | High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 36.7 | 35.6 | |
Domestic Plan [Member] | International/Government/Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 27.4 | 27.1 | |
Domestic Plan [Member] | International/Government/Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 27.4 | 27.1 | |
Domestic Plan [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.1 | 1.1 | |
Domestic Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1.1 | 1.1 | |
Domestic Plan [Member] | Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 22.3 | 19.8 | |
Domestic Plan [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 18.7 | 18.3 | |
Domestic Plan [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 3.6 | 1.5 | |
Domestic Plan [Member] | Other Nonrenewable Natural Resources [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 12.6 | 11.4 | |
Domestic Plan [Member] | Other Nonrenewable Natural Resources [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 12.6 | 11.4 | |
Domestic Plan [Member] | Hedge Fund Of Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments measured at net asset value | 36.7 | 41.5 | |
Domestic Plan [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments measured at net asset value | 5.6 | 3.2 | |
Domestic Plan [Member] | Private Placement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments measured at net asset value | $ 19.9 | $ 12.9 |
Employee Benefit And Retirem_10
Employee Benefit And Retirement Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Nov. 30, 2018USD ($) |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 5.4 |
2,020 | 5.4 |
2,021 | 5.4 |
2,022 | 5.4 |
2,023 | 5.3 |
2024-2028 | 25.6 |
Retiree Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 4.1 |
2,020 | 4.1 |
2,021 | 4.1 |
2,022 | 4.1 |
2,023 | 4 |
2024-2028 | 19.2 |
Retiree Life Insurance [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1.3 |
2,020 | 1.3 |
2,021 | 1.3 |
2,022 | 1.3 |
2,023 | 1.3 |
2024-2028 | 6.4 |
Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 38.8 |
2,020 | 38.9 |
2,021 | 40.6 |
2,022 | 43.4 |
2,023 | 44.1 |
2024-2028 | 240.4 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 12.7 |
2,020 | 12.4 |
2,021 | 13.1 |
2,022 | 13.1 |
2,023 | 14.1 |
2024-2028 | $ 69.9 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2018USD ($)award_type$ / sharesshares | Nov. 30, 2017USD ($)$ / shares | Nov. 30, 2016USD ($)$ / 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 | $ 23.9 | $ 25.6 |
Unrecognized stock-based compensation expense | $ 31.7 | ||
Weighted average period for unrecognized stock-based compensation to be recognized | 1 year 7 months | ||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 3.2 | ||
Intrinsic value of options outstanding | $ 244.4 | ||
Intrinsic value for exercisable options | 202.2 | ||
Total intrinsic value for all options exercised | $ 108 | $ 31.4 | $ 25.4 |
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 | $ 20.30 | $ 17.61 | $ 17.50 |
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, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
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 | (26) | (16) | (41) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 86.40 | $ 74.02 | $ 69.04 |
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 | 267 | 267 | 270 |
Granted, Shares | 278 | 131 | 105 |
Vested, Shares | (113) | (118) | (94) |
Forfeited, Shares | (9) | (13) | (14) |
Outstanding at end of year, Shares | 423 | 267 | 267 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 86.47 | $ 80.08 | $ 71.03 |
Granted, Weighted-average price (usd per share) | 112.72 | 94.63 | 96.59 |
Vested, Weighted-average price (usd per share) | 88.15 | 80.62 | 72.21 |
Forfeited, Weighted-average price (usd per share) | 96.53 | 90.85 | 82.10 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 103.05 | $ 86.47 | $ 80.08 |
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 | 220 | 201 | 192 |
Granted, Shares | 86 | 78 | 108 |
Vested, Shares | (60) | (43) | (18) |
Forfeited, Shares | (2) | 0 | (40) |
Outstanding at end of year, Shares | 218 | 220 | 201 |
Outstanding at beginning of year, Weighted-average price (usd per share) | $ 84.31 | $ 78.10 | $ 70.94 |
Granted, Weighted-average price (usd per share) | 101.90 | 89.96 | 86.40 |
Vested, Weighted-average price (usd per share) | 74.02 | 69.04 | 64.74 |
Forfeited, Weighted-average price (usd per share) | 97.41 | 0 | 81.78 |
Outstanding at end of year, Weighted-average price (usd per share) | $ 83.55 | $ 84.31 | $ 78.10 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions Of Stock Compensation Plans) (Details) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Share-based Compensation [Abstract] | |||
Risk free interest rate, minimum | 1.70% | 0.90% | 0.50% |
Risk free interest rate, maximum | 2.90% | 2.40% | 1.90% |
Dividend yield | 2.00% | 1.90% | 1.70% |
Expected volatility rate, minimum | 18.40% | 18.70% | 18.70% |
Expected volatility rate, maximum | 18.40% | 18.70% | 18.70% |
Expected lives | 7 years 7 months | 7 years 7 months | 7 years 7 months |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - Stock Options [Member] - $ / shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at Beginning of year, Shares | 4.8 | 4.9 | 4.8 |
Granted, Shares | 0.4 | 0.6 | 0.7 |
Exercised, Shares | (1.6) | (0.7) | (0.6) |
Outstanding at End of year, Shares | 3.6 | 4.8 | 4.9 |
Exercisable at end of year, Number of Shares | 2.8 | 3.8 | 3.4 |
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) | $ 71.91 | $ 66 | $ 59.20 |
Granted, Weighted-average exercise price (usd per share) | 105.95 | 98.07 | 99.92 |
Exercised, Weighted-average exercise price (usd per share) | 55.28 | 50.63 | 51.26 |
Outstanding at end of year, Weighted-average exercise price (usd per share) | 82.60 | 71.91 | 66 |
Exercisable at end of year, Weighted-average exercise price (usd per share) | $ 76.54 | $ 65.34 | $ 56.97 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of Our Stock Options Outstanding And Exercisable) (Details) shares in Millions | 12 Months Ended |
Nov. 30, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Shares | shares | 3.6 |
Options outstanding, Weighted-average remaining life (yrs) | 5 years 7 months |
Options outstanding, Weighted-average exercise price (usd per share) | $ 82.60 |
Options exercisable, Shares | shares | 2.8 |
Options exercisable, Weighted-average remaining life (yrs) | 4 years 7 months |
Options exercisable, Weighted-average exercise price (usd per share) | $ 76.54 |
$29.00-$55.00 [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 | $ 55 |
Options outstanding, Shares | shares | 0.4 |
Options outstanding, Weighted-average remaining life (yrs) | 2 years 11 months |
Options outstanding, Weighted-average exercise price (usd per share) | $ 50.66 |
Options exercisable, Shares | shares | 0.4 |
Options exercisable, Weighted-average remaining life (yrs) | 2 years 11 months |
Options exercisable, Weighted-average exercise price (usd per share) | $ 50.66 |
$55.01-$81.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | 55.01 |
Range of exercise price, upper limit | $ 81 |
Options outstanding, Shares | shares | 1.6 |
Options outstanding, Weighted-average remaining life (yrs) | 5 years 5 months |
Options outstanding, Weighted-average exercise price (usd per share) | $ 73.18 |
Options exercisable, Shares | shares | 1.6 |
Options exercisable, Weighted-average remaining life (yrs) | 5 years 5 months |
Options exercisable, Weighted-average exercise price (usd per share) | $ 73.18 |
$81.01-$107.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower limit | 81.01 |
Range of exercise price, upper limit | $ 107 |
Options outstanding, Shares | shares | 1.6 |
Options outstanding, Weighted-average remaining life (yrs) | 8 years 2 months |
Options outstanding, Weighted-average exercise price (usd per share) | $ 100.67 |
Options exercisable, Shares | shares | 0.8 |
Options exercisable, Weighted-average remaining life (yrs) | 7 years 8 months |
Options exercisable, Weighted-average exercise price (usd per share) | $ 99.41 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.20% | 35.00% | 35.00% | |
U.S. Tax Act tax rate | 21.00% | |||
Current, Federal | $ 92.9 | $ 67.1 | $ 127.7 | |
Non-U.S. subsidiaries tax loss carryforwards | 195.9 | |||
Tax loss carryforwards expiring through 2019 | 2.5 | |||
Tax loss carryforwards expiring from 2020 through 2021 | 6.4 | |||
Tax Loss Carryforwards expiring from 2022 Through 2035 | 54.1 | |||
Tax loss carryforwards indefinitely | 132.9 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 28.2 | |||
Tax credit carryforwards | 57.2 | 50.2 | ||
Net increase in the valuation allowance | 6.9 | |||
Unrecognized tax benefits | 27.9 | 39.1 | 58.3 | $ 56.5 |
Statute expirations | 9.1 | 2.1 | 10 | |
Interest and penalty (income) / expense | 0.1 | 0.4 | 1.2 | |
Interest and penalties accrued | 5.1 | 5.3 | ||
Tax benefits that would impact effective tax rate | 27.5 | |||
Deferred, Federal | 340.3 | $ (23.8) | $ 29.6 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 380 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 15.50% | |||
U.S. Tax Act, Incomplete Accounting, Transition Tax | $ 75.3 | |||
U.S. Tax Act, Incomplete Accounting, Withholding Tax on Repatriation Earnings | 7.9 | |||
U.S. Tax Act, Incomplete Accounting, Changes in Transition Tax | 4.7 | |||
U.S. Tax Act, Incomplete Accounting, Repatriation and Withholding Tax Impact | 78.5 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 12 | |||
U.S. Tax Act, Incomplete Accounting, Transition Tax, remitted over 8 years | $ 49.1 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 92.9 | $ 67.1 | $ 127.7 |
Current, State | 11 | 6.2 | 15.1 |
Current, International | 78.7 | 53.9 | 50.2 |
Current Income Taxes, Total | 182.6 | 127.2 | 193 |
Deferred, Federal | (340.3) | 23.8 | (29.6) |
Deferred, State | 1.5 | 0.9 | (2.4) |
Deferred, International | (1.1) | (0.6) | (8) |
Deferred Income Taxes, Total | (339.9) | 24.1 | (40) |
Total income taxes | $ (157.3) | $ 151.3 | $ 153 |
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, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 492.2 | $ 382.1 | $ 383.3 |
International | 249.1 | 212.7 | 205.9 |
Income from consolidated operations before income taxes | $ 741.3 | $ 594.8 | $ 589.2 |
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, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.20% | 35.00% | 35.00% |
State income taxes, net of federal benefits | 1.50% | 0.80% | 1.40% |
International tax at different effective rates | 0.40% | (4.80%) | (6.70%) |
U.S. tax on remitted and unremitted earnings | 0.60% | 0.40% | 0.40% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | (2.90%) | (1.60%) | 0.00% |
U.S. manufacturing deduction | (0.80%) | (1.80%) | (2.20%) |
Changes in prior year tax contingencies | (0.80%) | (2.10%) | (1.80%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (40.70%) | 0.00% | 0.00% |
Other, net | (0.70%) | (0.50%) | (0.10%) |
Total | (21.20%) | 25.40% | 26.00% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Nov. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $ 82.7 | $ 146.8 |
Deferred tax assets, Other accrued liabilities | 40 | 51.7 |
Deferred tax assets, Inventory | 8 | 12.4 |
Tax credit carryforwards | 57.2 | 50.2 |
Deferred tax assets, Other | 44.2 | 18.7 |
Deferred tax assets, Valuation allowance | (32.9) | (26) |
Deferred tax assets, total | 199.2 | 253.8 |
Deferred tax liabilities, Depreciation | 77.8 | 52.3 |
Deferred tax liabilities, Intangible assets | 782.8 | 1,246 |
Deferred tax liabilities, Other | 5.3 | 6.1 |
Deferred Tax Liabilities, Gross | 865.9 | 1,304.4 |
Deferred tax liabilities, total | $ (666.7) | $ (1,050.6) |
Income Taxes (Activity Related
Income Taxes (Activity Related To Our Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 39.1 | $ 58.3 | $ 56.5 |
Additions for current year tax positions | 6.5 | 7.3 | 10.3 |
Additions for prior year tax positions | 0.3 | 0.9 | 2.4 |
Reductions for prior year tax positions | (6.9) | (8.4) | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 18.1 | 0 |
Statute expirations | (9.1) | (2.1) | (10) |
Foreign currency translation | (2) | 1.2 | (0.9) |
Balance at end of year | $ 27.9 | $ 39.1 | $ 58.3 |
Capital Stock, Earnings Per S_3
Capital Stock, Earnings Per Share And Stock Issuance Capital Stock, Earnings Per Share And Stock Issuance (Details) - USD ($) $ in Millions | Aug. 11, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Class of Stock [Line Items] | ||||
Maximum percentage of votes a holder of shares of Common Stock may cast out of the votes entitled to be cast by all holders of shares of Common Stock | 10.00% | |||
Stock repurchase program, authorized amount | $ 0 | $ 554 | $ 0 | |
Minimum [Member] | ||||
Class of Stock [Line Items] | ||||
Minimum percentage a holder must acquire of each class of common stock not to be subject to our redemption rights | 90.00% | |||
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% | |||
RB Foods [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 6,350,000 | |||
Stock repurchase program, authorized amount | $ 554 | |||
Over-Allotment Option [Member] | RB Foods [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 800,000 |
Capital Stock, Earnings Per S_4
Capital Stock, Earnings Per Share And Stock Issuance (Reconciliation Of Average Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |||
Average shares outstanding-basic | 131.5 | 126.8 | 126.6 |
Stock options/RSUs | 1.7 | 1.6 | 1.4 |
Average shares outstanding-diluted | 133.2 | 128.4 | 128 |
Capital Stock, Earnings Per S_5
Capital Stock, Earnings Per Share And Stock Issuance (Schedule Of Antidilutive Securities) (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities | 0.2 | 1.1 | 0.5 |
Business Segments And Geograp_3
Business Segments And Geographic Areas (Narrative) (Details) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Flavor Solutions [Member] | PepsiCo, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of consolidated sales | 10.00% | 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 Geograp_4
Business Segments And Geographic Areas (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Aug. 31, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 1,499.2 | $ 1,345.3 | $ 1,327.3 | $ 1,237.1 | $ 1,490.9 | $ 1,185.2 | $ 1,114.3 | $ 1,043.7 | $ 5,408.9 | $ 4,834.1 | $ 4,411.5 | |
Operating income excluding special charges | 942.1 | 786.3 | 657 | |||||||||
Income from unconsolidated operations | 34.8 | 33.9 | 36.1 | |||||||||
Assets | 10,256.4 | 10,385.8 | 10,256.4 | 10,385.8 | 4,635.9 | |||||||
Capital expenditures | 169.1 | 182.4 | 153.8 | |||||||||
Depreciation and amortization | 150.7 | 125.2 | 108.7 | |||||||||
Special charges | 2.4 | 3.3 | 8.4 | 2.2 | 9.2 | 4.7 | 3.6 | $ 4.7 | 16.3 | 22.2 | 15.7 | |
Transaction and integration expenses | 0.4 | 5.6 | 7.8 | 8.7 | 31.3 | $ 30.4 | 22.5 | |||||
Other transaction and integration expenses | 40.8 | |||||||||||
Operating income | 294.9 | $ 233 | $ 191.7 | $ 183.7 | 266.9 | $ 168.7 | $ 132.6 | $ 134.2 | 903.3 | 702.4 | 641 | |
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,408.9 | 4,834.1 | 4,411.5 | |||||||||
Operating income excluding special charges | 942.1 | 786.3 | 657 | |||||||||
Income from unconsolidated operations | 34.8 | 33.9 | 36.1 | |||||||||
Assets | 10,015.8 | 10,036.7 | 10,015.8 | 10,036.7 | 4,387.8 | |||||||
Capital expenditures | 126.3 | 153.6 | 120.1 | |||||||||
Depreciation and amortization | 115 | 99.8 | 71.7 | |||||||||
Corporate And Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | $ 240.6 | $ 349.1 | 240.6 | 349.1 | 248.1 | |||||||
Capital expenditures | 42.8 | 28.8 | 33.7 | |||||||||
Depreciation and amortization | 35.7 | 25.4 | 37 | |||||||||
Consumer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income excluding special charges | 644.9 | 564.2 | 490.8 | |||||||||
Special charges | 10 | 15.3 | 8.9 | |||||||||
Transaction and integration expenses | 15 | |||||||||||
Other transaction and integration expenses | 27.1 | |||||||||||
Operating income | 619.9 | 508.2 | 481.6 | |||||||||
Consumer [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,318 | 2,970.1 | 2,753.2 | |||||||||
Operating income excluding special charges | 644.9 | 564.2 | 490.8 | |||||||||
Income from unconsolidated operations | 29.5 | 28.9 | 30.7 | |||||||||
Flavor Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income excluding special charges | 297.2 | 222.1 | 166.2 | |||||||||
Special charges | 6.3 | 6.9 | 6.8 | |||||||||
Transaction and integration expenses | 7.5 | |||||||||||
Other transaction and integration expenses | 13.7 | |||||||||||
Operating income | 283.4 | 194.2 | 159.4 | |||||||||
Flavor Solutions [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,090.9 | 1,864 | 1,658.3 | |||||||||
Operating income excluding special charges | 297.2 | 222.1 | 166.2 | |||||||||
Income from unconsolidated operations | $ 5.3 | 5 | 5.4 | |||||||||
Cost of Sales [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 0.3 | |||||||||||
Transaction and integration expenses | 20.9 | |||||||||||
Cost of Sales [Member] | Consumer [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | 0.3 | |||||||||||
Transaction and integration expenses | 13.6 | |||||||||||
Cost of Sales [Member] | Flavor Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Special charges | $ 0 | |||||||||||
Transaction and integration expenses | $ 7.3 |
Business Segments And Geograp_5
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, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,499.2 | $ 1,345.3 | $ 1,327.3 | $ 1,237.1 | $ 1,490.9 | $ 1,185.2 | $ 1,114.3 | $ 1,043.7 | $ 5,408.9 | $ 4,834.1 | $ 4,411.5 |
Long-lived assets | 8,386.3 | 8,370.3 | 8,386.3 | 8,370.3 | 2,865.7 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,266.9 | 2,859.6 | 2,565.3 | ||||||||
Long-lived assets | 6,449.7 | 6,357.9 | 6,449.7 | 6,357.9 | 1,499.9 | ||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,021.1 | 951.6 | 896 | ||||||||
Long-lived assets | 1,060 | 1,129.1 | 1,060 | 1,129.1 | 846.5 | ||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,120.9 | 1,022.9 | 950.2 | ||||||||
Long-lived assets | $ 876.6 | $ 883.3 | $ 876.6 | $ 883.3 | $ 519.3 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Supplemental Income Statement, Balance Sheet And Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Inventories | |||
Finished products | $ 406.1 | $ 398.1 | |
Raw materials and work-in-process | 380.2 | 395.2 | |
Total inventories | 786.3 | 793.3 | |
Prepaid expenses | 27.2 | 32.4 | |
Other current assets | 51.7 | 49.4 | |
Total prepaid and other current asset | 78.9 | 81.8 | |
Property, Plant and Equipment, Net [Abstract] | |||
Land and improvements | 62.6 | 63.2 | |
Buildings (including capital lease) | 626.2 | 488.3 | |
Machinery and equipment | 926.5 | 882 | |
Software | 336.9 | 332.5 | |
Construction-in-progress | 114.3 | 99.9 | |
Accumulated depreciation | (1,081.4) | (1,056.8) | |
Property, plant and equipment, total | 985.1 | 809.1 | |
Investments and other assets | |||
Investments in affiliates | 167.2 | 163.6 | |
Long-term investments | 120.8 | 127 | |
Other Assets | 102.2 | 107.9 | |
Investments and other assets, total | 390.2 | 398.5 | |
Other accrued liabilities | |||
Payroll and employee benefits | 176.5 | 181.3 | |
Sales allowances | 142.1 | 146.6 | |
Other | 329.6 | 396.3 | |
Other accrued liabilities, total | 648.2 | 724.2 | |
Other Long-term Debt [Abstract] | |||
Pension | 123.1 | 169.5 | |
Postretirement benefits | 58.5 | 65.8 | |
Unrecognized tax benefits | 31 | 28.9 | |
Other | 100.5 | 65 | |
Other long-term liabilities, total | 313.1 | 329.2 | |
Depreciation | 104.8 | 85.2 | $ 71.2 |
Software amortization | 14 | 14.5 | 17.1 |
Interest paid | 179.8 | 72.1 | 57.5 |
Income taxes paid | $ 154.6 | $ 155.6 | $ 151 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Narrative) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Supplemental Financial Statement Data [Abstract] | |||||||||||
Dividends paid per share (usd per share) | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | $ 2.08 | $ 1.88 | $ 1.72 |
Common Stock, Dividends, Per Share, Declared | $ 1.09 | $ 0.52 | $ 0.52 | $ 0 | $ 0.99 | $ 0.47 | $ 0.47 | $ 0 | $ 2.13 | $ 1.93 | $ 1.76 |
Selected Quarterly Data (Schedu
Selected Quarterly Data (Scheduled Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Aug. 31, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Class of Stock [Line Items] | ||||||||||||
After tax impact transaction and integration expenses | $ 0.3 | $ 4.3 | $ 6.1 | $ 6.9 | $ 22.4 | $ 31.1 | ||||||
EPS Impact of Transaction and Integration Expenses - Basic | $ 0.05 | $ 0.25 | ||||||||||
EPS Impact of Transaction and Integration Expenses - Diluted | $ 0.04 | $ 0.04 | $ 0.05 | $ 0.17 | $ 0.24 | |||||||
Noncash income tax benefit (related to enactment of the U.S. Tax Act) | $ (6.7) | $ 10.3 | $ 297.9 | $ (309.4) | $ 0 | $ 0 | ||||||
EPS Impact of U.S. Tax Act, Provisional Income Tax Expense (Benefit) - Basic | $ 2.27 | |||||||||||
EPS Impact of U.S. Tax Act, Provisional Income Tax Expense (Benefit) - Diluted | $ (0.05) | $ (0.08) | $ (2.24) | |||||||||
Revenues | $ 1,499.2 | $ 1,345.3 | $ 1,327.3 | $ 1,237.1 | $ 1,490.9 | $ 1,185.2 | $ 1,114.3 | $ 1,043.7 | 5,408.9 | 4,834.1 | 4,411.5 | |
Gross profit | 681.5 | 594.9 | 575.2 | 520 | 668.2 | 484.4 | 444.6 | 413 | 2,371.6 | 2,010.2 | 1,831.7 | |
Operating income | 294.9 | 233 | 191.7 | 183.7 | 266.9 | 168.7 | 132.6 | 134.2 | 903.3 | 702.4 | 641 | |
Net income | $ 214 | $ 173.5 | $ 123.3 | $ 422.6 | $ 175.7 | $ 108.2 | $ 100 | $ 93.5 | $ 933.4 | $ 477.4 | $ 472.3 | |
Basic earnings per share | $ 1.62 | $ 1.32 | $ 0.94 | $ 3.22 | $ 1.34 | $ 0.86 | $ 0.80 | $ 0.75 | $ 7.10 | $ 3.77 | $ 3.73 | |
Diluted earnings per share | 1.60 | 1.30 | 0.93 | 3.18 | 1.32 | 0.85 | 0.79 | 0.74 | 7 | 3.72 | 3.69 | |
Dividends paid per share (usd per share) | 0.52 | 0.52 | 0.52 | 0.52 | 0.47 | 0.47 | 0.47 | 0.47 | 2.08 | 1.88 | 1.72 | |
Common Stock, Dividends, Per Share, Declared | $ 1.09 | $ 0.52 | $ 0.52 | $ 0 | $ 0.99 | $ 0.47 | $ 0.47 | $ 0 | $ 2.13 | $ 1.93 | $ 1.76 | |
Special charges | $ 2.4 | $ 3.3 | $ 8.4 | $ 2.2 | $ 9.2 | $ 4.7 | $ 3.6 | $ 4.7 | $ 16.3 | $ 22.2 | $ 15.7 | |
After tax impact of special charges | $ 1.9 | $ 2.5 | $ 6.5 | $ 1.6 | $ 6.7 | $ 3.4 | $ 2.5 | $ 3.2 | ||||
EPS impact of Special charges - Diluted | $ 0.02 | $ 0.02 | $ 0.05 | $ 0.01 | $ 0.05 | $ 0.03 | $ 0.02 | $ 0.03 | ||||
Transaction and integration expenses | $ 0.4 | $ 5.6 | $ 7.8 | $ 8.7 | $ 31.3 | $ 30.4 | $ 22.5 | |||||
Transaction expenses included in cost of goods sold | $ 15 | 5.9 | ||||||||||
Transaction expenses included in other debt costs | $ 15.4 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 32.6 | $ 14.7 | $ 22.6 |
Charged to Costs and Expenses | 12.2 | 17.7 | 4.2 |
Charged to Other Accounts | (2.8) | 2.1 | 0 |
Deductions | (2.7) | (1.9) | (12.1) |
Balance at End of Period | 39.3 | 32.6 | 14.7 |
Allowance For Doubtful Receivables [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 6.6 | 4.2 | 8 |
Charged to Costs and Expenses | 1.1 | 2.6 | 0.7 |
Charged to Other Accounts | (0.6) | 0.3 | 0 |
Deductions | (0.7) | (0.5) | (4.5) |
Balance at End of Period | 6.4 | 6.6 | 4.2 |
Valuation Allowance On Net Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 26 | 10.5 | 14.6 |
Charged to Costs and Expenses | 11.1 | 15.1 | 3.5 |
Charged to Other Accounts | (2.2) | 1.8 | 0 |
Deductions | (2) | (1.4) | (7.6) |
Balance at End of Period | $ 32.9 | $ 26 | $ 10.5 |