0000063754-21-000071 | 10-Q | XBRL Viewer

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, tax credit, amount		$ (10.4)
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	$ 4.5
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations		1.4
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount		9.9
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount	1.2
Unrecognized Tax Benefits, Decrease Resulting from Acquisition	11.4
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount		$ 1.8
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	$ 5.3

Special Charges

3 Months Ended

Feb. 28, 2021

Special Charges [Abstract]

Special Charges [Text Block]

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 associated with certain actions undertaken by the Company to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee, comprised of our senior management, including our 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 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.

The following is a summary of special charges recognized in the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Employee severance and related benefits	$	0.3	$	0.3
Other costs	0.8		0.7
Total	$	1.1	$	1.0

We continue to evaluate changes to our organization structure to enable us to reduce fixed costs, simplify or improve processes, and improve our competitiveness.

In 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.

We expect the cost of the GE initiative—to be recognized as “Special charges” in our consolidated income statement over its expected multi-year course—to range from approximately $60 million to $65 million. Of that $60 million to $65 million, we estimate that approximately sixty percent will be attributable to cash payments associated with the related costs of GE implementation and transition, including outside consulting and other costs, and approximately forty percent will be attributable to severance and related benefit payments, all directly related to the initiative. While no special charges were incurred relating to our GE initiative during the three months ended February 28, 2021, we have spent a cumulative total of $39.9 million on this initiative through that date.

During the three months ended February 28, 2021, we recorded $1.1 million of special charges consisting of $0.6 million of streamlining actions in EMEA and $0.5 million of streamlining actions in the Americas.

During the three months ended February 29, 2020, we recorded $1.0 million of special charges, all of which related to our GE initiative, including $0.5 million of third-party expenses, $0.3 million related to employee severance and related benefits, and $0.2 million related to other costs.

As of February 28, 2021, reserves associated with special charges, which are expected to be paid during the remainder of fiscal year 2021, are included in accounts payable and other accrued liabilities in our consolidated balance sheet.

The following is a breakdown by business segments of special charges for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Consumer segment	$	0.8	$	0.6
Flavor solutions segment	0.3		0.4
Total special charges	$	1.1	$	1.0

Stock-Based Compensation - Range of Assumptions for Various Stock Compensation Plans (Details)	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	0.00%	0.00%

Business Combinations - Allocation of Fair Value of the FONA Acquisition (Details) - FONA	3 Months Ended
	Feb. 28, 2021 USD ($)
Business Acquisition [Line Items]
Business Combination, Acquired Receivables, Gross Contractual Amount	$ 12,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	10,300,000
Increases in goodwill from acquisitions	389,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	266,000,000.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment	36,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	5,500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(3,600,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(9,900,000)
Payments to Acquire Businesses, Net of Cash Acquired	$ 706,600,000

Business Combinations

3 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

ACQUISITIONS

Acquisitions are part of our strategy to increase sales and profits.

Acquisition of Cholula Hot Sauce

On November 30, 2020, we completed the acquisition of the parent company of Cholula Hot Sauce® (Cholula) from L Catterton. The purchase price was approximately $803.0 million, net of cash acquired, subject to certain customary purchase price adjustments. The acquisition was funded with cash and short-term borrowings. Cholula, a premium Mexican hot sauce brand, is a strong addition to McCormick’s global branded flavor portfolio, which we believe broadens our offerings in the high growth hot sauce category to consumers and foodservice operators and accelerates our condiment growth opportunities with a complementary authentic Mexican flavor hot sauce. At the time of the acquisition, annual sales of Cholula were approximately $96 million. The results of Cholula’s operations have been included in our financial statements as a component of our consumer and flavor solutions segments from the date of acquisition.

The purchase price of Cholula was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition as further described in note 2 of the financial statements in our 2020 Annual Report on Form 10-K for the year ended November 30, 2020. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $4.9 million that was recognized in cost of goods sold during the three months ended February 28, 2021, as the related inventory was sold. During the first quarter of 2021, we adjusted our preliminary purchase accounting associated with the acquired assets and liabilities which increased goodwill by $1.2 million.

Independent valuations of the fair value of acquired assets and liabilities of Cholula, including identified intangible assets and goodwill, remain in process as of February 28, 2021, but will be finalized within the allowable measurement period.

Acquisition of FONA International, LLC

On December 30, 2020, we purchased FONA International, LLC and certain of its affiliates (FONA), a privately held company, for a purchase price of approximately $706.6 million, net of cash acquired, subject to certain customary purchase price adjustments. FONA is a leading manufacturer of clean and natural flavors providing solutions for a diverse customer base across various applications for the food, beverage and nutritional markets. The acquisition of FONA in fiscal 2021 expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities. The acquisition was funded with cash and commercial paper. At the time of the acquisition, annual sales of FONA were approximately $114 million. The results of FONA’s operations have been included in our financial statements as a component of our flavor solutions segments from the date of acquisition.

The purchase price of FONA was preliminarily 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 in-process independent valuations, discounted cash flow analyses, quoted market prices, and estimates made by management, a number of which are subject to finalization. The preliminary allocation, net of cash acquired, of the fair value of the FONA acquisition is summarized in the table below (in millions):


Trade accounts receivable	$	12.4
Inventories	10.3
Goodwill	389.6
Intangible assets	266.0
Property, plant and equipment	36.3
Other assets	5.5
Trade accounts payable	(3.6)
Other accrued liabilities	(9.9)


Total	$	706.6

We determined the preliminary fair value of intangible assets using the following methodologies. We valued the acquired brand names and trademarks and intellectual property using the relief from royalty method, an income approach. We valued the acquired customer relationships using the excess earnings method, an income approach. Some of the more significant assumptions inherent in developing the preliminary valuations included the estimated annual net cash flows for each indefinite-lived or definite-lived intangible asset (including net sales, operating profit margin, and working capital/contributory asset charges), royalty rates, the discount rate that appropriately reflects the risk 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 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. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $1.4 million that was recognized in cost of goods sold during the three months ended February 28, 2021, as the related inventory was sold. Raw materials and packaging inventory was valued using the replacement cost approach.

The preliminary valuation of the acquired net assets of FONA includes $49.0 million allocated to indefinite-lived brand assets, $173.0 million allocated to customer relationships with a weighted-average life of 15 years and $44.0 million allocated to intellectual property with a weighted-average life of 12 years. As a result of the acquisition, we recognized a total of $389.6 million of goodwill. That goodwill 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 customers for value-added flavor solutions, and our supply chain capabilities, as well as expected synergies from the combined operations and assembled workforce. Our aggregate income tax basis in the acquired intangible assets and goodwill approximates their aggregate book value at the acquisition date. The final allocation of the fair value of the acquired net assets of FONA, including the residual amount of goodwill, was not complete as of February 28, 2021, but will be finalized within the allowable measurement period.

Transaction and Integration Expenses Associated with the Cholula and FONA Acquisitions

We expect transaction and integration expenses related to our acquisitions of Cholula and FONA to total approximately $35 million and $30 million, respectively. Of those total transaction and integration expenses, transaction expenses of $12.4 million were incurred in 2020. We incurred an additional $25.1 million of transaction and integration costs related to Cholula and FONA during the three months ended February 28, 2021. We anticipate incurring the remainder of those transaction and integration expenses in the balance of fiscal 2021.

The following are the transaction and integration expenses recognized during the three months ended February 28, 2021 relating to the Cholula and FONA acquisitions (in millions):


	2021
Transaction-related expenses included in cost of goods sold	$	6.3
Other transaction expenses	13.8
Integration expenses	5.0
Total transaction and integration expenses	$	25.1

Document and Entity Information	3 Months Ended
Document and Entity Information	Feb. 28, 2021 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2021
Document Transition Report	false
Entity File Number	001-14920
Entity Registrant Name	MCCORMICK & CO INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-0408290
Entity Address, Address Line One	24 Schilling Road, Suite 1,
Entity Address, City or Town	Hunt Valley,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21031
City Area Code	410
Local Phone Number	771-7301
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000063754
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	MKC-V
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	18,032,535
Nonvoting Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock Non-Voting
Trading Symbol	MKC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	249,002,627

Special Charges (Details) - USD ($) $ in Millions	3 Months Ended
Special Charges (Details) - USD ($) $ in Millions	Feb. 28, 2021	Feb. 29, 2020
Special Charges [Line Items]
Special charges	$ 1.1	$ 1.0
Consumer
Special Charges [Line Items]
Special charges	0.8	0.6
Flavor Solutions
Special Charges [Line Items]
Special charges	0.3	0.4
Employee Severance Charges [Member]
Special Charges [Line Items]
Special charges	0.3	0.3
Other exit costs [Member]
Special Charges [Line Items]
Special charges	0.8	0.7
GE_Project [Member]
Special Charges [Line Items]
Severance Costs		0.3
Other Restructuring Costs		0.2
Business Exit Costs		0.5
Special Charges cash paid	39.9
GE_Project [Member] \| Minimum [Member]
Special Charges [Line Items]
Special charges	60.0
GE_Project [Member] \| Maximum [Member]
Special Charges [Line Items]
Special charges	65.0
total special charges [Member]
Special Charges [Line Items]
Special charges	1.1	1.0
total special charges [Member] \| Consumer
Special Charges [Line Items]
Special charges	0.8	0.6
total special charges [Member] \| Flavor Solutions
Special Charges [Line Items]
Special charges	0.3	$ 0.4
EMEA [Member]
Special Charges [Line Items]
Special charges	0.6
Americas [Member]
Special Charges [Line Items]
Special charges	$ 0.5

Employee Benefit and Retirement Plans (Tables)

3 Months Ended

Feb. 28, 2021

Retirement Benefits [Abstract]

Schedule of defined benefit plans disclosures

The following table presents the components of our pension expense (income) of the defined benefit plans for the three months ended February 28, 2021 and February 29, 2020 (in millions):


	United States				International
	2021		2020		2021		2020
Defined benefit plans
Service cost	$	0.9	$	0.8	$	0.3	$	0.2
Interest costs	6.5		7.3		1.7		1.9
Expected return on plan assets	(10.3)		(10.1)		(3.5)		(3.8)
Amortization of prior service costs	0.1		0.1		—		—
Amortization of net actuarial losses	2.8		2.0		0.6		0.5

Total pension expense (income)	$	—	$	0.1	$	(0.9)	$	(1.2)

Schedule of costs of retirement plans

The following table presents the components of our other postretirement benefits expense (income) for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Other postretirement benefits
Service cost	$	0.5	$	0.5
Interest costs	0.4		0.5
Amortization of prior service credits	(0.1)		(1.1)
Amortization of net actuarial gains	—		(0.1)

Total other postretirement benefits expense (income)	$	0.8	$	(0.2)

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 28, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Based Compensation in Selling, General and Administrative Expense

The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Stock-based compensation expense	$	14.2	$	6.4

Summary of Option Activity

The following is a summary of our stock option activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	4.5	$	53.56	5.2	$	48.09

Exercised	(0.1)	39.30		(0.2)	35.19
Outstanding at end of the period	4.4	$	53.62	5.0	$	48.47
Exercisable at end of the period	3.2	$	47.95	3.6	$	43.73

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

The following is a summary of our RSU activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	714	$	61.74	762	$	57.95
Granted	10	91.85		—	—
Vested	(10)	47.70		(8)	35.01
Forfeited	(6)	65.74		(10)	60.22
Outstanding at end of period	708	$	62.34	744	$	58.20

Schedule of Share Based Compensation, Performance Shares, Activity

The following is a summary of our LTPP activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	382	$	71.20	392	$	57.98
Granted	141	98.30		130	84.37
Vested	(121)	50.95		(88)	44.98
Forfeited	(5)	82.59		(2)	68.48
Outstanding at end of period	397	$	86.89	432	$	68.52

Price Vested Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Activity

The following is a summary of our Price-Vested Stock Options activity for the three months ended February 28, 2021:



(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	2,482	$	9.40
Granted	15	9.66

Forfeited	(13)	9.40
Outstanding at end of period	2,484	$	9.40

Financial Arrangements and Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2021

Fair values of derivative instruments on balance sheet

The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions):



As of February 28, 2021	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	31.2	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	110.8		2.7		Other accrued liabilities	448.1		13.2
Cross currency contracts	Other current assets / Other long-term assets	267.9		0.2		Other long-term liabilities	270.7		21.3
Total				$	34.1				$	34.5

As of November 30, 2020	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	43.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	27.5		1.4		Other accrued liabilities	356.3		8.2
Cross currency contracts	Other current assets / Other long-term assets	—		—		Other long-term liabilities	524.4		18.8
Total				$	44.5				$	27.0

Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement

The following tables disclose the impact of derivative instruments on our other comprehensive income ("OCI"), accumulated other comprehensive income ("AOCI") and our consolidated income statement for the three-month periods ended February 28, 2021 and February 29, 2020 (in millions):

Fair Value Hedges

Derivative

Income statement
location

Income (expense)

Three months ended February 28, 2021

Three months ended February 29, 2020

Interest rate contracts

Interest expense

2.0

0.5

Three months ended

Income statement location

Gain (loss) recognized in income

Income statement location

Gain (loss) recognized in income

Derivative

February 28, 2021

February 29, 2020

Hedged item

February 28, 2021

February 29, 2020

Foreign exchange contracts

Other income, net

(2.1)

(2.2)

Intercompany loans

Other income, net

2.4

2.0


Cash Flow Hedges
Three months ended
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	February 28, 2021		February 29, 2020			February 28, 2021		February 29, 2020
Interest rate contracts	$	0.3	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	(1.6)		0.6		Cost of goods sold	0.3		0.4
Total	$	(1.3)	$	0.6		$	0.4	$	0.5


Net Investment Hedges
Three months ended
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	February 28, 2021		February 29, 2020			February 28, 2021		February 29, 2020
Cross currency contracts	$	(2.0)	$	0.2	Interest expense	$	0.4	$	1.3

Earnings Per Share and Stock Issuances - Reconciliation of Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Average shares outstanding - basic (shares)	267.1	266.0
Effect of dilutive securities: [Abstract]
Stock options/Restricted Stock Units (RSUs)/MTIP	2.8	2.7
Average shares outstanding-diluted	269.9	268.7

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - $ / shares shares in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, Number of Shares	4.5	5.2
Exercised, Number of Shares	0.1	0.2
Outstanding at end of period, Number of Shares	4.4	5.0
Excercisable at end of the period, Number of Shares	3.2	3.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 53.56	$ 48.09
Exercised, Weighted-Average Exercise Price	39.30	35.19
Outstanding at end of period, Weighted-Average Exercise Price	53.62	48.47
Exercisable at end of the period, Weighted-Average Exercise Price	$ 47.95	$ 43.73

Employee Benefit And Retirement Plans - Components of Pension Expense of Defined benefit plans (Detail) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Defined Benefit Plan Disclosure [Line Items]
Other income, net	$ 4.6	$ 5.5
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.9	0.8
Interest costs	6.5	7.3
Expected return on plan assets	(10.3)	(10.1)
Amortization of prior service costs	0.1	0.1
Recognized net actuarial loss	2.8	2.0
Total pension expense	0.0	0.1
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.3	0.2
Interest costs	1.7	1.9
Expected return on plan assets	(3.5)	(3.8)
Amortization of prior service costs	0.0	0.0
Recognized net actuarial loss	0.6	0.5
Total pension expense	(0.9)	(1.2)
Accounting Standards Update 2017-07 [Member]
Defined Benefit Plan Disclosure [Line Items]
Other income, net	$ (1.8)	$ (2.8)

Financial Arrangements and Financial Instruments - Impact of Cash Flow Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) recognized in OCI	$ (1.3)	$ 0.6
Gain or (Loss) reclassified from AOCI	0.4	0.5
Cash Flow Hedging \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) recognized in OCI	0.3	0.0
Cash Flow Hedging \| Interest rate contracts \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) reclassified from AOCI	0.1	0.1
Cash Flow Hedging \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) recognized in OCI	(1.6)	0.6
Cash Flow Hedging \| Foreign exchange contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) reclassified from AOCI	0.3	0.4
Net Investment Hedging \| Cross currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) recognized in OCI	(2.0)	0.2
Net Investment Hedging \| Cross currency contracts \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) reclassified from AOCI	$ 0.4	$ 1.3

Financial Arrangements and Financial Instruments - Additional Information (Details)	3 Months Ended
	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)	Feb. 28, 2021 GBP (£)	Feb. 28, 2021 EUR (€)	Nov. 30, 2020 USD ($)
Debt Instrument [Line Items]
Investment Foreign Currency, Contract, Foreign Currency Amount	$ 558,900,000				$ 383,800,000
Total derivative assets, Fair Value	$ 34,100,000				$ 44,500,000
Maximum time frame for foreign exchange contracts, months	18 months
Amount of accumulated other comprehensive income expected to be reclassified to earnings in next 12 months	$ 1,100,000
Long-term debt borrowings	1,000,400,000	$ 0
Repayments of Commercial Paper	1,443,000,000.0
0.90% Notes due February 2026
Debt Instrument [Line Items]
Notes Payable	$ 500,000,000.0
Stated Note interest rate	0.90%		0.90%	0.90%
Long-term debt borrowings	$ 495,700,000
1.85% Notes due February 2031
Debt Instrument [Line Items]
Notes Payable	$ 500,000,000.0
Stated Note interest rate	1.85%		1.85%	1.85%
Long-term debt borrowings	$ 492,800,000
Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Stated Note interest rate	3.25%		3.25%	3.25%
Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Stated Note interest rate	3.40%		3.40%	3.40%
Short-term Contract with Customer [Member]
Debt Instrument [Line Items]
Investment Foreign Currency, Contract, Foreign Currency Amount	$ 170,300,000
Fair Value Hedging \| Foreign exchange contracts
Debt Instrument [Line Items]
Derivative, Notional Amount	423,000,000.0
Net Investment Hedging \| Cross currency contracts
Debt Instrument [Line Items]
Derivative, Notional Amount	250,000,000
Total derivative assets, Fair Value	250,000,000
Derivative, Collateral, Obligation to Return Cash \| £			£ 194,100,000
Net Investment Hedging \| Cross currency contract II
Debt Instrument [Line Items]
Derivative, Notional Amount \| £			194,100,000
Total derivative assets, Fair Value \| £			£ 194,100,000
Derivative, Collateral, Obligation to Return Cash \| €				€ 221,800,000
Other Income \| Fair Value Hedging \| Foreign exchange contracts
Debt Instrument [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	(2,100,000)	(2,200,000)
Other Income \| Fair Value Hedging \| Loans Payable
Debt Instrument [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	2,400,000	$ 2,000,000.0
Interest Rate Swap \| Treasury Lock [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	350,000,000
Interest Rate Swap \| Treasury Lock [Member] \| Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 100,000,000
Derivative, Fixed Interest Rate	3.25%		3.25%	3.25%
Derivative, Basis Spread on Variable Rate	1.22%		1.22%	1.22%
Interest Rate Swap \| Treasury Lock [Member] \| Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 250,000,000
Notes Payable	750,000,000
Interest Rate Swap 3.40% \| Treasury Lock [Member] \| Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 250,000,000
Derivative, Fixed Interest Rate	3.40%		3.40%	3.40%
Derivative, Basis Spread on Variable Rate	0.685%		0.685%	0.685%
Interest Rate Swap 3.25% \| Treasury Lock [Member] \| Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 100,000,000
Notes Payable	$ 250,000,000
United States LIBOR \| Net Investment Hedging \| Cross currency contracts
Debt Instrument [Line Items]
Derivative, Variable Interest Rate	0.685%		0.685%	0.685%
Great Britain LIBOR \| Net Investment Hedging \| Cross currency contracts
Debt Instrument [Line Items]
Derivative, Variable Interest Rate	0.74%		0.74%	0.74%
Great Britain LIBOR \| Net Investment Hedging \| Cross currency contract II
Debt Instrument [Line Items]
Derivative, Variable Interest Rate	0.74%		0.74%	0.74%
EURIBOR \| Net Investment Hedging \| Cross currency contract II
Debt Instrument [Line Items]
Derivative, Variable Interest Rate	0.808%		0.808%	0.808%

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents at fair value	$ 256.1	$ 423.6
Long-term debt	5,005.1	4,017.7
Long-term debt, fair value	5,274.7	4,357.1
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	5,068.8	4,161.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	205.9	195.8
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents		423.6
Insurance contracts	124.1	126.0
Bonds and other long-term investments	6.2	3.9
Assets, Fair Value Disclosure	420.5	598.0
Liabilities [Abstract]
Total	34.5	27.0
Fair Value, Measurements, Recurring [Member] \| Level 1
Assets [Abstract]
Cash and cash equivalents	256.1	423.6
Insurance contracts	0.0	0.0
Bonds and other long-term investments	6.2	3.9
Interest Rate Derivative Assets, at Fair Value	0.0
Foreign currency derivatives	0.0	0.0
Assets, Fair Value Disclosure	262.3	427.5
Liabilities [Abstract]
Foreign currency derivatives	0.0	0.0
Interest rate derivatives	0.0
Total	0.0	0.0
Fair Value, Measurements, Recurring [Member] \| Level 2
Assets [Abstract]
Cash and cash equivalents	0.0	0.0
Insurance contracts	124.1	126.0
Bonds and other long-term investments	0.0	0.0
Interest Rate Derivative Assets, at Fair Value	31.2	43.1
Foreign currency derivatives	2.7	1.4
Assets, Fair Value Disclosure	158.2	170.5
Liabilities [Abstract]
Foreign currency derivatives	13.2	8.2
Cross currency contracts	21.3	18.8
Total	34.5	27.0
Assets [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2
Liabilities [Abstract]
Cross currency contracts	0.2
Interest rate contracts \| Other accrued liabilities
Assets [Abstract]
Interest rate contracts, Fair Value	0.0
Interest rate contracts \| Other accrued liabilities \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Interest rate contracts, Fair Value		0.0
Foreign exchange contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	2.7	1.4
Foreign exchange contracts \| Other accrued liabilities \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	13.2	8.2
Cross currency contracts \| Assets [Member] \| Fair Value, Measurements, Recurring [Member]
Liabilities [Abstract]
Cross currency contracts	0.2	0.0
Cross currency contracts \| Liability [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net		18.8
Liabilities [Abstract]
Cross currency contracts	$ 21.3	$ 18.8

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020
Current Assets
Cash and cash equivalents	$ 256.1	$ 423.6
Trade accounts receivable, net	515.9	528.5
Inventories, net
Finished products	544.4	499.3
Raw materials and work-in-process	529.0	533.3
Total inventory	1,073.4	1,032.6
Prepaid expenses and other current assets	109.3	98.9
Total current assets	1,954.7	2,083.6
Property, plant and equipment, net	1,070.8	1,028.4
Goodwill	5,397.0	4,986.3
Intangible assets, net	3,500.9	3,239.4
Other long-term assets	761.7	752.0
Total assets	12,685.1	12,089.7
Current Liabilities
Short-term borrowings	594.3	886.7
Current portion of long-term debt	265.9	263.9
Trade accounts payable	967.4	1,032.3
Other accrued liabilities	596.1	863.6
Total current liabilities	2,423.7	3,046.5
Long-term debt	4,739.2	3,753.8
Deferred taxes	739.5	727.2
Other long-term liabilities	618.0	622.2
Total liabilities	8,520.4	8,149.7
Shareholders’ Equity
Retained earnings	2,573.6	2,415.6
Accumulated other comprehensive loss	(422.5)	(470.8)
Non-controlling interests	15.2	13.9
Total shareholders’ equity	4,164.7	3,940.0
Total liabilities and shareholders’ equity	12,685.1	12,089.7
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity Attributable to Parent	4,149.5	3,926.1
Common Stock
Shareholders’ Equity
Common stock	495.4	484.0
Nonvoting Common Stock
Shareholders’ Equity
Common stock	$ 1,503.0	$ 1,497.3

Business Combinations (Tables)

3 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The preliminary allocation, net of cash acquired, of the fair value of the FONA acquisition is summarized in the table below (in millions):


Trade accounts receivable	$	12.4
Inventories	10.3
Goodwill	389.6
Intangible assets	266.0
Property, plant and equipment	36.3
Other assets	5.5
Trade accounts payable	(3.6)
Other accrued liabilities	(9.9)


Total	$	706.6

Business Combination, Separately Recognized Transactions

The following are the transaction and integration expenses recognized during the three months ended February 28, 2021 relating to the Cholula and FONA acquisitions (in millions):


	2021
Transaction-related expenses included in cost of goods sold	$	6.3
Other transaction expenses	13.8
Integration expenses	5.0
Total transaction and integration expenses	$	25.1

Employee Benefit And Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Other income, net	$ 4.6	$ 5.5
Payment for Pension Benefits	2.3	1.9	$ 11.9
Pension and other postretirement costs	295.9		$ 296.3
Accounting Standards Update 2017-07 [Member]
Defined Benefit Plan Disclosure [Line Items]
Other income, net	$ (1.8)	$ (2.8)

Financial Arrangements and Financial Instruments - Fair Value of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets, Fair Value	$ 34.1	$ 44.5
Total derivative liabilities, Fair Value	34.5	27.0
Interest rate contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount		350.0
Interest rate contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	0.0
Derivative Liability, Notional Amount	0.0	0.0
Interest rate contracts \| Other Long-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value		43.1
Derivative Asset, Notional Amount	350.0
Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	110.8	27.5
Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	448.1	356.3
Cross currency contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	270.7	524.4
Cross currency contracts \| Other Long-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	$ 267.9	0.0
Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated Note interest rate	3.25%
Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member] \| Interest Rate Swap \| Treasury Lock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Basis Spread on Variable Rate	1.22%
Derivative, Fixed Interest Rate	3.25%
Three Point Two Five Zero Notes Due On Two Thousand Twenty Five [Member] \| Interest Rate Swap 3.25% \| Treasury Lock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable	$ 250.0
Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated Note interest rate	3.40%
Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member] \| Interest Rate Swap \| Treasury Lock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable	$ 750.0
Three Point Four Zero Notes Due Two Thousand Twenty Seven [Member] \| Interest Rate Swap 3.40% \| Treasury Lock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Basis Spread on Variable Rate	0.685%
Derivative, Fixed Interest Rate	3.40%
Fair Value, Measurements, Recurring [Member] \| Interest rate contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value		0.0
Fair Value, Measurements, Recurring [Member] \| Interest rate contracts \| Other Long-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	$ 31.2
Fair Value, Measurements, Recurring [Member] \| Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	2.7	1.4
Fair Value, Measurements, Recurring [Member] \| Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	13.2	8.2
Fair Value, Measurements, Recurring [Member] \| Cross currency contracts \| Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net		18.8
Cross currency contracts	21.3	18.8
Fair Value, Measurements, Recurring [Member] \| Cross currency contracts \| Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency contracts	$ 0.2	$ 0.0

Stock-Based Compensation (Details) - $ / shares shares in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020	Nov. 30, 2019
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	708	744	714	762
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 62.34	$ 58.20	$ 61.74	$ 57.95
Granted, Number of Shares	10	0
Granted, Weighted-Average Grant-Date Fair Value	$ 91.85	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(6)	(10)
Forfeited, Weighted-Average Grant-Date Fair Value	$ 65.74	$ 60.22
Price Vested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,484		2,482
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 9.40		$ 9.40
Granted, Number of Shares	15
Granted, Weighted-Average Grant-Date Fair Value	$ 9.66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(13)
Forfeited, Weighted-Average Grant-Date Fair Value	$ 9.40

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Feb. 28, 2021
Accounting Policies [Abstract]
Accounting and disclosure charges	Revenue Recognition The following supplements the description of our accounting policies with respect to revenue recognition contained in note 1 of notes to consolidated financial statements included in our Form 10-K for the year ended November 30, 2020: Our revenue arrangements generally include a single performance obligation relating to the fulfillment of a customer order, which in some cases are governed by a master sales agreement, for the purchase of our products. We recognize revenue at a point in time when control of the ordered products passes to the customer, which principally occurs either upon shipment or delivery to the customer or upon pick-up by the customer, depending upon terms included in the particular customer arrangement. Accounting Pronouncements Adopted in 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. This new standard was adopted effective December 1, 2020 and will be applied upon recognition of any future goodwill impairment charge. We do not expect this ASU to have a material impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which instituted a new model for recognizing credit losses on financial instruments that are not measured at fair value. This standard was adopted by the Company on December 1, 2020. As this ASU did not have a material impact on our consolidated financial statements upon adoption, a cumulative-effect adjustment to retained earnings was not necessary. Recently Issued Accounting Pronouncements — Pending Adoption In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard is effective for the first quarter of our fiscal year ending November 30, 2022, and interim periods within those years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationship, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

Stock-based Compensation

3 Months Ended

Feb. 28, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

We have four types of stock-based compensation awards: restricted stock units ("RSUs"), stock options, company stock awarded as part of our long-term performance plan ("LTPP") and, beginning in the fourth quarter of 2020, price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Stock-based compensation expense	$	14.2	$	6.4

Our 2021 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2020 annual grant.

The following is a summary of our stock option activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	4.5	$	53.56	5.2	$	48.09

Exercised	(0.1)	39.30		(0.2)	35.19
Outstanding at end of the period	4.4	$	53.62	5.0	$	48.47
Exercisable at end of the period	3.2	$	47.95	3.6	$	43.73

As of February 28, 2021, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $135.2 million and for options currently exercisable was $115.0 million. The total intrinsic value of all options exercised during the three months ended February 28, 2021 and February 29, 2020 was $2.2 million and $8.6 million, respectively.

The following is a summary of our RSU activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	714	$	61.74	762	$	57.95
Granted	10	91.85		—	—
Vested	(10)	47.70		(8)	35.01
Forfeited	(6)	65.74		(10)	60.22
Outstanding at end of period	708	$	62.34	744	$	58.20

The following is a summary of our Price-Vested Stock Options activity for the three months ended February 28, 2021:



(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	2,482	$	9.40
Granted	15	9.66

Forfeited	(13)	9.40
Outstanding at end of period	2,484	$	9.40

The following is a summary of our LTPP activity for the three months ended February 28, 2021 and February 29, 2020:


	2021			2020
(shares in thousands)	Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period	382	$	71.20	392	$	57.98
Granted	141	98.30		130	84.37
Vested	(121)	50.95		(88)	44.98
Forfeited	(5)	82.59		(2)	68.48
Outstanding at end of period	397	$	86.89	432	$	68.52

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	714	762
Granted, Number of Shares	10	0
Vested, Number of Shares	(10)	(8)
Forfeited, Number of Shares	(6)	(10)
Outstanding at end of period, Number of Shares	708	744
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 61.74	$ 57.95
Granted, Weighted-Average Grant-Date Fair Value	91.85	0
Vested, Weighted-Average Grant-Date Fair Value	47.70	35.01
Forfeited, Weighted-Average Grant-Date Fair Value	65.74	60.22
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 62.34	$ 58.20

Financial Arrangements and Financial Instruments - Impact of Fair Value Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Interest Expense \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Interest income (expense)	$ 2.0	$ 0.5
Other Income \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	(2.1)	(2.2)
Other Income \| Loans Payable
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	$ 2.4	$ 2.0

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Operating activities
Net income	$ 161.8	$ 144.7
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	48.1	41.9
Stock-based compensation	14.2	6.4
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	6.3	0.0
Income from unconsolidated operations	(13.3)	(10.4)
Changes in operating assets and liabilities	(256.3)	(148.9)
Dividends from unconsolidated affiliates	7.0	11.1
Net cash flow (used in) provided by operating activities	(32.2)	44.8
Acquisition of businesses (net of cash acquired)	(706.6)	0.0
Investing activities
Capital expenditures (including software)	(48.6)	(38.5)
Other investing activities	0.0	0.2
Net cash flow used in investing activities	(755.2)	(38.3)
Financing activities
Short-term borrowings, net	(292.4)	125.2
Long-term debt borrowings	1,000.4	0.0
Payment of debt issuance costs	(1.1)
Long-term debt repayments	(1.8)	(20.5)
Proceeds from exercised stock options	3.6	7.7
Taxes withheld and paid on employee stock awards	(5.1)	(3.0)
Common stock acquired by purchase	(0.1)	(19.9)
Dividends paid	(90.8)	(82.4)
Net cash flow provided by financing activities	612.7	7.1
Effect of exchange rate changes on cash and cash equivalents	7.2	1.8
(Decrease) increase in cash and cash equivalents	(167.5)	15.4
Cash and cash equivalents at beginning of period	423.6	155.4
Cash and cash equivalents at end of period	$ 256.1	$ 170.8

Earnings Per Share and Stock Issuances - Common Stock Activity (Details) - shares shares in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Stock Options And Restricted Stock Units
Employee Stock Purchase Plan [Line Items]
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.2	0.2
Share Repurchase Program
Employee Stock Purchase Plan [Line Items]
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, LTPP and employee stock purchase programs	0.1	0.2

Earnings Per Share and Stock Issuances (Tables)

3 Months Ended

Feb. 28, 2021

Earnings Per Share, Basic and Diluted [Abstract]

Reconciliation of average shares outstanding

The following table sets forth the reconciliation of average shares outstanding for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021	2020
Average shares outstanding – basic	267.1	266.0
Effect of dilutive securities:
Stock options/RSUs/LTPP	2.8	2.7
Average shares outstanding – diluted	269.9	268.7

Anti-dilutive securities not considered in earnings per share calculation

The following table sets forth the stock options and RSUs for the three months ended February 28, 2021 and February 29, 2020 that were not considered in our earnings per share calculation since they were anti-dilutive (in millions):



	2021	2020

Anti-dilutive securities	—	0.2

Common stock activity

The following table sets forth the common stock activity for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021	2020
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.2	0.2
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, LTPP and employee stock purchase programs	0.1	0.2

Business Segments (Tables)

3 Months Ended

Feb. 28, 2021

Segment Reporting [Abstract]

Business segments


	Consumer		Flavor Solutions		Total
			(in millions)
Three months ended February 28, 2021
Net sales	$	946.8	$	534.7	$	1,481.5
Operating income excluding special charges and transaction and integration expenses	189.9		72.6		262.5
Income from unconsolidated operations	10.8		2.5		13.3

Three months ended February 29, 2020
Net sales	$	699.5	$	512.5	$	1,212.0
Operating income excluding special charges	119.6		75.6		195.2
Income from unconsolidated operations	7.8		2.6		10.4

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of operating income excluding special charges and, for 2021, transaction and integration expenses, to operating income is as follows (in millions):


	Consumer		Flavor Solutions		Total
Three months ended February 28, 2021
Operating income excluding special charges and transaction and integration expenses	$	189.9	$	72.6	$	262.5
Less: Special charges	0.8		0.3		1.1
Less: Transaction-related expenses included in cost of goods sold	4.0		2.3		6.3
Less: Other transaction and integration expenses	4.2		14.6		18.8
Operating income	$	180.9	$	55.4	$	236.3

Three months ended February 29, 2020
Operating income excluding special charges	$	119.6	$	75.6	$	195.2

Less: Special charges	0.6		0.4		1.0
Operating income	$	119.0	$	75.2	$	194.2

Schedule of Disclosure on Geographic Areas

The following table sets forth our net sales, by geographic area, for the three months ended February 28, 2021 and February 29, 2020 (in millions):


	Americas		EMEA		Asia/Pacific		Total

Three months ended February 28, 2021	$	964.8	$	302.4	$	214.3	$	1,481.5
Three months ended February 29, 2020	819.6		250.3		142.1		1,212.0

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Net sales	$ 1,481.5	$ 1,212.0
Cost of goods sold	904.0	742.1
Gross profit	577.5	469.9
Selling, general and administrative expense	321.3	274.7
Transaction and integration expenses	18.8	0.0
Special charges	1.1	1.0
Operating income	236.3	194.2
Interest expense	33.8	35.3
Other income, net	4.6	5.5
Income from consolidated operations before income taxes	207.1	164.4
Income tax expense	58.6	30.1
Net income from consolidated operations	148.5	134.3
Income from unconsolidated operations	13.3	10.4
Net income	$ 161.8	$ 144.7
Earnings per share - basic (usd per share)	$ 0.61	$ 0.54
Average shares outstanding - basic (shares)	267.1	266.0
Earnings per share - diluted (usd per share)	$ 0.60	$ 0.54
Average shares outstanding - diluted (shares)	269.9	268.7
Common Stock
Cash dividends paid per common share (usd per share)	$ 0.34	$ 0.31

Income Taxes	3 Months Ended
Income Taxes	Feb. 28, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income taxes for the three months ended February 28, 2021 included $5.3 million of net discrete tax expense consisting principally of the following: (i) $11.4 million of deferred state tax expense directly related to our December 2020 acquisition of FONA, (ii) $4.5 million of tax benefits associated with the release of a valuation allowance due to a change in judgment about realizability of deferred tax assets, and (iii) $1.2 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits associated with the resolution of tax uncertainties. Income taxes for the three months ended February 29, 2020 included $10.4 million of net discrete tax benefits consisting principally of the following: (i) $9.9 million of tax benefits associated with an intra-entity asset transfer that occurred during the first quarter, (ii) $1.8 million of excess tax benefits associated with share-based compensation, and (iii) $1.4 million of expense related to the revaluation of deferred tax liabilities resulting from enacted legislation in certain non-U.S. jurisdictions. Other than additions for current year tax positions and the reversal of unrecognized tax benefits noted above, there were no significant changes to unrecognized tax benefits during the three months ended February 28, 2021. As of February 28, 2021, we believe the reasonably possible total amount of unrecognized tax benefits that could increase or decrease in the next 12 months as a result of various statute expirations, audit closures, and/or tax settlements would not be material to our consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Feb. 28, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE LOSSThe following table sets forth the components of accumulated other comprehensive income (loss), net of tax, where applicable (in millions):


	February 28, 2021		November 30, 2020
Foreign currency translation adjustment (1)	$	(124.9)	$	(174.0)
Unrealized gain (loss) on foreign currency exchange contracts	(1.7)		(0.4)

Unamortized value of settled interest rate swaps	—		(0.1)
Pension and other postretirement costs	(295.9)		(296.3)
Accumulated other comprehensive loss	$	(422.5)	$	(470.8)

(1)During the three months ended February 28, 2021, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $49.1 million, including the impact of a $2.0 million increase associated with net investment hedges. These net investment hedges are more fully described in note 5.

The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the three months ended February 28, 2021 and February 29, 2020 (in millions):


					Affected Line Items in the Condensed Consolidated Income Statement
Accumulated Other Comprehensive Income (Loss) Components	2021		2020
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.1)		Interest expense
Foreign exchange contracts	(0.3)		(0.4)			Cost of goods sold
Total before tax	(0.4)		(0.5)
Tax effect	0.1		0.1			Income taxes
Net, after tax	$	(0.3)	$	(0.4)

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (credit) (1)	$	—	$	(1.0)		Other income, net
Amortization of net actuarial losses (1)	3.4		2.4			Other income, net
Total before tax	3.4		1.4
Tax effect	(0.8)		(0.3)			Income taxes
Net, after tax	$	2.6	$	1.1

(1) This accumulated other comprehensive income (loss) component, including settlement losses, is included in the computation of total pension expense and other postretirement benefits expense (refer to note 7 for additional details).

Business Segments - Additional Information (Detail) $ in Millions	3 Months Ended
	Feb. 28, 2021 USD ($) segment	Feb. 29, 2020 USD ($)
Revenues	$ 1,481.5	$ 1,212.0
Number of operating segments \| segment	2
Europe Middle East And Africa [Member]
Revenues	$ 302.4	250.3
Asia Pacific [Member]
Revenues	214.3	142.1
Americas [Member]
Revenues	$ 964.8	$ 819.6

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share and Stock Issuances - Antidilutive Securities not Considered in Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Anti-dilutive securities	0.0	0.2

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($)

3 Months Ended

Feb. 28, 2021

Feb. 29, 2020

Nov. 30, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Foreign currency translation adjustment (1)

$ (124,900,000)

$ (174,000,000.0)

Unrealized gain (loss) on foreign currency exchange contracts

(1,700,000)

(400,000)

Unamortized value of settled interest rate swaps

(100,000)

Pension and other postretirement costs

(295,900,000)

(296,300,000)

Accumulated other comprehensive loss

(422,500,000)

(470,800,000)

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Reclassification adjustment from AOCI on derivatives, before tax

(400,000)

$ (500,000)

Reclassification adjustment from AOCI on derivatives, tax

100,000

Reclassification adjustment from AOCI on derivatives, net of tax

(300,000)

(400,000)

Amortization adjustment from AOCI, pension and other postretirement benefit plans, for net prior service cost (credit), before tax

^[1]

(1,000,000.0)

Reclassification adjustment from AOCI, pension and other postretirement benefit plans, for net gain (loss), before tax

^[1]

3,400,000

2,400,000

Reclassification adjustment from AOCI, pension and other postretirement benefit plans, before tax

3,400,000

1,400,000

Reclassification adjustment from AOCI, pension and other postretirement benefit plans, for net (gain) loss, tax

(800,000)

(300,000)

Reclassification adjustment from AOCI, pension and other postretirement benefit plans, for net (gain) loss, net of tax

2,600,000

1,100,000

Other Comprehensive Income, Other, Net of Tax

49,100,000

Foreign currency translation adjustment (1)

(124,900,000)

$ (174,000,000.0)

Interest rate contracts | Cash Flow Hedging | Interest Expense

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Reclassification adjustment from AOCI on derivatives, before tax

(100,000)

Foreign exchange contracts | Cash Flow Hedging | Cost of Sales

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Reclassification adjustment from AOCI on derivatives, before tax

(300,000)

$ (400,000)

Cross currency contracts

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Foreign currency translation adjustment (1)

2,000,000.0

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Foreign currency translation adjustment (1)

$ 2,000,000.0

[1]	This accumulated other comprehensive income (loss) component, including settlement losses, is included in the computation of total pension expense and other postretirement benefits expense (refer to note 7 for additional details).

Goodwill

3 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure

GOODWILL

The changes in the carrying amount of goodwill by business segment for the three months ended February 28, 2021 are as follows (in millions):


	2021
	Consumer		Flavor Solutions
Beginning of the year	$	3,711.2	$	1,275.1

Increases in goodwill from acquisition	—		389.6
Changes in preliminary purchase price allocation	0.8		0.4
Foreign currency fluctuations	15.6		4.3
Balance as of the end of period	$	3,727.6	$	1,669.4

During the three months ended February 28, 2021, a preliminary valuation of the net assets of FONA acquired in December 2020, resulted in the assignment of $389.6 million of goodwill to the flavor solutions segment. During the three months ended February 28, 2021, we have made changes in the preliminary allocation of the purchase price of Cholula which resulted in an increase in goodwill of $0.8 million to the consumer segment and $0.4 million to the flavor solutions segment.

Earnings Per Share and Stock Issuances

3 Months Ended

Feb. 28, 2021

Earnings Per Share, Basic and Diluted [Abstract]

EARNINGS PER SHARE AND STOCK ISSUANCES

EARNINGS PER SHARE

The following table sets forth the reconciliation of average shares outstanding for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021	2020
Average shares outstanding – basic	267.1	266.0
Effect of dilutive securities:
Stock options/RSUs/LTPP	2.8	2.7
Average shares outstanding – diluted	269.9	268.7



	2021	2020

Anti-dilutive securities	—	0.2

The following table sets forth the common stock activity for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021	2020
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.2	0.2
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, LTPP and employee stock purchase programs	0.1	0.2

As of February 28, 2021, $584.6 million remained of the $600 million share repurchase program authorization approved by our Board of Directors in November 2019.

Consolidated Statement Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-Controlling Interests [Member]	Nonvoting Common Stock Common Stock
Balance, Shares at Nov. 30, 2019		18.6				247.2
Balance, Value at Nov. 30, 2019	$ 3,456.7	$ 1,888.6	$ 2,055.8	$ (500.2)	$ 12.5
Comprehensive income:
Net income	144.7		144.7
Net income attributable to non-controlling interest	0.9				0.9
Other comprehensive income (loss), net of tax	(20.0)			(19.3)	(0.7)
Currency translation adjustments	(20.0)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	6.4	$ 6.4
Shares purchased and retired, Shares		0.0				(0.2)
Shares purchased and retired, Value	(23.3)	$ (2.7)	(20.6)
Equal exchange, shares		(0.3)				0.3
Balance, Shares at Feb. 29, 2020		18.5				247.3
Balance, Value at Feb. 29, 2020	3,574.6	$ 1,901.5	2,179.9	(519.5)	12.7
Comprehensive income:
Stock Issued During Period, Shares, New Issues		0.2				0.0
Stock Issued During Period, Value, New Issues	9.2	$ 9.2
Balance, Shares at Nov. 30, 2020		18.0				248.9
Balance, Value at Nov. 30, 2020	3,940.0	$ 1,981.3	2,415.6	(470.8)	13.9
Comprehensive income:
Net income	161.8		161.8
Net income attributable to non-controlling interest	0.8				0.8
Other comprehensive income (loss), net of tax	48.8			48.3	0.5
Currency translation adjustments	45.7
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	14.2	$ 14.2
Shares purchased and retired, Shares		(0.1)				0.0
Shares purchased and retired, Value	(5.4)	$ (1.6)	(3.8)
Equal exchange, shares		(0.1)				0.1
Balance, Shares at Feb. 28, 2021		18.0				249.0
Balance, Value at Feb. 28, 2021	4,164.7	$ 1,998.4	$ 2,573.6	$ (422.5)	$ 15.2
Comprehensive income:
Stock Issued During Period, Shares, New Issues		0.2				0.0
Stock Issued During Period, Value, New Issues	$ 4.5	$ 4.5

Business Combinations - Additional Information (Details) - USD ($)	3 Months Ended
	Feb. 28, 2021	Nov. 30, 2020
Business Acquisition [Line Items]
Goodwill	$ 5,397,000,000.0	$ 4,986,300,000
Finite-Lived Intangible Asset, Useful Life	12 years
Business Acquisition, Transaction Costs		$ 12,400,000
Total transaction and integration costs	$ 25,100,000
Cholula
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	803,000,000.0
Business Acquisition, Pro Forma Revenue	96,000,000
Goodwill	1,200,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory	4,900,000
Estimated business combination costs	35,000,000
FONA
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	706,600,000
Business Acquisition, Pro Forma Revenue	114,000,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory	1,400,000
Indefinite-lived Intangible Assets Acquired	49,000,000.0
Finite-lived Intangible Assets Acquired	$ 173,000,000.0
Finite-Lived Intangible Asset, Useful Life	15 years
Other Finite-Lived Intangible Assets, Gross	$ 44,000,000.0
Increases in goodwill from acquisitions	389,600,000
Estimated business combination costs	$ 30,000,000

Fair Value Measurements

3 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

At February 28, 2021 and November 30, 2020, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions):


			February 28, 2021
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	256.1	$	256.1	$	—
Insurance contracts	124.1		—		124.1
Bonds and other long-term investments	6.2		6.2		—
Interest rate derivatives	31.2		—		31.2
Foreign currency derivatives	2.7		—		2.7
Cross currency contracts	0.2		—		0.2
Total	$	420.5	$	262.3	$	158.2
Liabilities
Foreign currency derivatives	$	13.2	$	—	$	13.2

Cross currency contracts	21.3		—		21.3
Total	$	34.5	$	—	$	34.5


			November 30, 2020
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	423.6	$	423.6	$	—
Insurance contracts	126.0		—		126.0
Bonds and other long-term investments	3.9		3.9		—
Interest rate derivatives	43.1		—		43.1
Foreign currency derivatives	1.4		—		1.4

Total	$	598.0	$	427.5	$	170.5
Liabilities
Foreign currency derivatives	$	8.2	$	—	$	8.2

Cross currency contracts	18.8		—		18.8
Total	$	27.0	$	—	$	27.0

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. The fair values of insurance contracts are based upon the underlying values of the securities in which they are invested and are from quoted market prices from various stock and bond exchanges for similar-type assets. The fair values of bonds and other long-term investments are based on quoted market prices from various stock and bond exchanges. The fair values for interest rate derivatives, foreign currency derivatives, and cross currency contracts are based on values for similar instruments using models with market-based inputs.

The following table sets forth the carrying amounts and fair values of our long-term debt including the current portion thereof (in millions):


	February 28, 2021		November 30, 2020
Carrying amount	$	5,005.1	$	4,017.7
Fair value	5,274.7		4,357.1

Level 1 valuation techniques	$	5,068.8	$	4,161.3
Level 2 valuation techniques	205.9		195.8
Total fair value	$	5,274.7	$	4,357.1

The fair value for Level 2 long-term debt is determined by using quoted prices for similar debt instruments.

Stock-Based Compensation - Summary of LTPP awards (Details) - Performance Shares - $ / shares shares in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	382	392
Granted, Number of Shares	141	130
Vested, Number of Shares	(121)	(88)
Forfeited, Number of Shares	(5)	(2)
Outstanding at end of period, Number of Shares	397	432
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 71.20	$ 57.98
Granted, Weighted-Average Grant-Date Fair Value	98.30	84.37
Vested, Weighted-Average Grant-Date Fair Value	50.95	44.98
Forfeited, Weighted-Average Grant-Date Fair Value	82.59	68.48
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 86.89	$ 68.52

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 161.8	$ 144.7
Net income attributable to non-controlling interest	0.8	0.9
Other comprehensive income (loss):
Unrealized components of pension and postretirement plans	1.1	2.4
Currency translation adjustments	45.7	(20.0)
Change in derivative financial instruments	(1.0)	(0.7)
Deferred taxes	3.0	(1.7)
Comprehensive income	48.8	(20.0)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 211.4	$ 125.6

Stock-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Feb. 28, 2021 USD ($) award_type	Feb. 29, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation award types \| award_type	4
Intrinsic value for all options outstanding	$ 135.2
Intrinsic value for exercisable options	115.0
Total Intrinsic Value of all options exercised	$ 2.2	$ 8.6

Accounting Policies	3 Months Ended
Accounting Policies	Feb. 28, 2021
Accounting Policies [Abstract]
Accounting Policies	ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. In September 2020, our Board of Directors approved a 2-for-1 stock split in the form of a stock dividend on all shares of the Company's two classes of stock, Common Stock and Common Stock Non-Voting. Trading of the Company's common stock began on a split-adjusted basis on December 1, 2020. All common stock and per-share data have been retroactively adjusted for the impact of the stock split. The results of consolidated operations for the three-month period ended February 28, 2021 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations have been lower in the first half of the fiscal year and higher in the second half. The historical increase in net sales, net income and cash flow from operations in the second half of the year has largely been due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. For further information, refer to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended November 30, 2020. Impact of COVID-19 On March 11, 2020, the World Health Organization designated a new coronavirus (“COVID-19”) as a global pandemic. Governments around the world either recommended or mandated actions to slow the transmission of the virus that included shelter-in-place orders, quarantines, limitation on crowd size, closures of dine-in restaurants and bars, and significant restrictions on travel, as well as work restrictions that prohibited many employees from going to work. Uncertainty with respect to the economic effects of the pandemic has significantly impacted not only our operating results but also the global economy. The extent and nature of government actions varied during the three months ended February 28, 2021 and February 29, 2020, based upon the then-current extent and severity of the COVID-19 pandemic within their respective countries and localities. We are partnering with our customers to react to consumer demand changes associated with COVID-19. The effects of COVID-19 on consumer behavior have, on a net basis, favorably impacted the operating results of our consumer segment and unfavorably impacted the operating results of our flavor solutions segment in the three months ended February 28, 2021. The impact of COVID-19 on our consumer segment during that period resulted in a significant increase in at-home consumption and related demand for our products. The unfavorable impact on our flavor solutions segment during the same period was principally attributable to decreased demand from certain customers that were affected by government mandates related to COVID-19 in many of our markets. Those measures impacting our flavor solutions customers included the following: (i) with respect to dine-in restaurants, closures, limitations on dine-in capacity, or restrictions on the operations of those restaurants to carry-out or delivery only; and (ii) with respect to quick service restaurants, limitations on operations to drive-through pick-up or delivery. Those negative impacts in our flavor solutions segment were partially offset by increased at-home consumption from certain customers in our flavor solutions segment that use our products to flavor their own brands for at-home consumption. The impact of the global COVID-19 pandemic on our consolidated operating results during the three months ended February 29, 2020 was limited, in all material respects, to our operations in China where the Chinese government mandated numerous measures, including closures of businesses, limitations on movements of individuals and goods, and the imposition of other restrictive measures, in its efforts to mitigate the spread of COVID-19 within the country. As the COVID-19 pandemic progresses, we expect the largest factor impacting our fiscal 2021 performance will be the relative balance of at-home versus away-from-home food demand. The pace and shape of the COVID-19 recovery as well as the impact and extent of potential resurgences is not presently known. Revenue Recognition The following supplements the description of our accounting policies with respect to revenue recognition contained in note 1 of notes to consolidated financial statements included in our Form 10-K for the year ended November 30, 2020: Our revenue arrangements generally include a single performance obligation relating to the fulfillment of a customer order, which in some cases are governed by a master sales agreement, for the purchase of our products. We recognize revenue at a point in time when control of the ordered products passes to the customer, which principally occurs either upon shipment or delivery to the customer or upon pick-up by the customer, depending upon terms included in the particular customer arrangement. Accounting Pronouncements Adopted in 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. This new standard was adopted effective December 1, 2020 and will be applied upon recognition of any future goodwill impairment charge. We do not expect this ASU to have a material impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which instituted a new model for recognizing credit losses on financial instruments that are not measured at fair value. This standard was adopted by the Company on December 1, 2020. As this ASU did not have a material impact on our consolidated financial statements upon adoption, a cumulative-effect adjustment to retained earnings was not necessary. Recently Issued Accounting Pronouncements — Pending Adoption In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard is effective for the first quarter of our fiscal year ending November 30, 2022, and interim periods within those years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationship, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

Business Segments

3 Months Ended

Feb. 28, 2021

Segment Reporting [Abstract]

BUSINESS SEGMENTS

We operate in two business segments: consumer and flavor solutions. The consumer and flavor solutions segments manufacture, market and distribute spices, herbs, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce under the “McCormick” brand and a variety of brands around the world, including “French’s”, “Frank’s RedHot”, “OLD BAY”, “Lawry’s”, “Zatarain’s”, “Simply Asia”, “Thai Kitchen”, “Ducros”, “Vahine”, “Cholula”, “Schwartz”, “Club House”, “Kamis”, “Kohinoor”, “DaQiao”, “La Drogheria”, “Stubb's”, and “Gourmet Garden”. Our flavor solutions segment sells to food manufacturers and the foodservice industry both directly and indirectly through distributors, with the exception of our businesses in China and India, where foodservice sales are managed by and reported in our consumer segment.

In each of our segments, we produce and sell many individual products which are similar in composition and nature. With their primary attribute being flavor, we regard the products within each of our segments to be fairly homogenous. It is impracticable to segregate and identify sales and profits for each of these individual product lines.

We measure segment performance based on operating income excluding special charges, as this activity is managed separately from the business segments. We also exclude transaction and integration expenses related to our acquisitions of Cholula and FONA from our measure of segment performance as these expenses are similarly managed separately from the business segments. These transaction and integration expenses excluded from our segment performance measure include the

amortization of the acquisition-date fair value adjustment of inventories that is included in Cost of goods sold, costs directly associated with that acquisition and costs associated with integrating the businesses.

Although the segments are managed separately due to their distinct distribution channels and marketing strategies, manufacturing and warehousing are often integrated to maximize cost efficiencies. We do not segregate jointly utilized assets by individual segment for internal reporting, evaluating performance or allocating capital. Because of manufacturing integration for certain products within the segments, products are not sold from one segment to another but rather inventory is transferred at cost. Intersegment sales are not material.


	Consumer		Flavor Solutions		Total
			(in millions)
Three months ended February 28, 2021
Net sales	$	946.8	$	534.7	$	1,481.5
Operating income excluding special charges and transaction and integration expenses	189.9		72.6		262.5
Income from unconsolidated operations	10.8		2.5		13.3

Three months ended February 29, 2020
Net sales	$	699.5	$	512.5	$	1,212.0
Operating income excluding special charges	119.6		75.6		195.2
Income from unconsolidated operations	7.8		2.6		10.4

A reconciliation of operating income excluding special charges and, for 2021, transaction and integration expenses, to operating income is as follows (in millions):


	Consumer		Flavor Solutions		Total
Three months ended February 28, 2021
Operating income excluding special charges and transaction and integration expenses	$	189.9	$	72.6	$	262.5
Less: Special charges	0.8		0.3		1.1
Less: Transaction-related expenses included in cost of goods sold	4.0		2.3		6.3
Less: Other transaction and integration expenses	4.2		14.6		18.8
Operating income	$	180.9	$	55.4	$	236.3

Three months ended February 29, 2020
Operating income excluding special charges	$	119.6	$	75.6	$	195.2

Less: Special charges	0.6		0.4		1.0
Operating income	$	119.0	$	75.2	$	194.2

The following table sets forth our net sales, by geographic area, for the three months ended February 28, 2021 and February 29, 2020 (in millions):


	Americas		EMEA		Asia/Pacific		Total

Three months ended February 28, 2021	$	964.8	$	302.4	$	214.3	$	1,481.5
Three months ended February 29, 2020	819.6		250.3		142.1		1,212.0

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on recurring basis

Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions):


			February 28, 2021
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	256.1	$	256.1	$	—
Insurance contracts	124.1		—		124.1
Bonds and other long-term investments	6.2		6.2		—
Interest rate derivatives	31.2		—		31.2
Foreign currency derivatives	2.7		—		2.7
Cross currency contracts	0.2		—		0.2
Total	$	420.5	$	262.3	$	158.2
Liabilities
Foreign currency derivatives	$	13.2	$	—	$	13.2

Cross currency contracts	21.3		—		21.3
Total	$	34.5	$	—	$	34.5


			November 30, 2020
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	423.6	$	423.6	$	—
Insurance contracts	126.0		—		126.0
Bonds and other long-term investments	3.9		3.9		—
Interest rate derivatives	43.1		—		43.1
Foreign currency derivatives	1.4		—		1.4

Total	$	598.0	$	427.5	$	170.5
Liabilities
Foreign currency derivatives	$	8.2	$	—	$	8.2

Cross currency contracts	18.8		—		18.8
Total	$	27.0	$	—	$	27.0

Fair Value, by Balance Sheet Grouping

The following table sets forth the carrying amounts and fair values of our long-term debt including the current portion thereof (in millions):


	February 28, 2021		November 30, 2020
Carrying amount	$	5,005.1	$	4,017.7
Fair value	5,274.7		4,357.1

Level 1 valuation techniques	$	5,068.8	$	4,161.3
Level 2 valuation techniques	205.9		195.8
Total fair value	$	5,274.7	$	4,357.1

Employee Benefit and Retirement Plans

3 Months Ended

Feb. 28, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT AND RETIREMENT PLANS

We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We also contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. During fiscal years 2018 and 2017, we made significant changes to our employee benefit and retirement plans that froze the accrual of future benefits under certain defined benefit pension plans in the U.S. and certain foreign locations. Although our defined benefit plans in the U.S., United Kingdom and Canada have been frozen, employees who are participants in the plans retained benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plans.

The following table presents the components of our pension expense (income) of the defined benefit plans for the three months ended February 28, 2021 and February 29, 2020 (in millions):


	United States				International
	2021		2020		2021		2020
Defined benefit plans
Service cost	$	0.9	$	0.8	$	0.3	$	0.2
Interest costs	6.5		7.3		1.7		1.9
Expected return on plan assets	(10.3)		(10.1)		(3.5)		(3.8)
Amortization of prior service costs	0.1		0.1		—		—
Amortization of net actuarial losses	2.8		2.0		0.6		0.5

Total pension expense (income)	$	—	$	0.1	$	(0.9)	$	(1.2)

During the three months ended February 28, 2021 and February 29, 2020, we contributed $2.3 million and $1.9 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2020 were $11.9 million.

The following table presents the components of our other postretirement benefits expense (income) for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Other postretirement benefits
Service cost	$	0.5	$	0.5
Interest costs	0.4		0.5
Amortization of prior service credits	(0.1)		(1.1)
Amortization of net actuarial gains	—		(0.1)

Total other postretirement benefits expense (income)	$	0.8	$	(0.2)

All of the amounts in the tables above for pension expense and other postretirement benefits expense, other than service cost, were included in the income statement caption "Other income, net" within our consolidated income statements. The aggregate amount of pension and other postretirement benefits (income) expenses, excluding service cost components, were $(1.8) million and $(2.8) million for the three months ended February 28, 2021 and February 29, 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Earnings Per Share and Stock Issuances - Additional Information (Details) - November 2019 [Member] $ in Millions	Feb. 28, 2021 USD ($)
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 584.6
Stock repurchase program, authorized amount	$ 600.0

Special Charges (Tables)

3 Months Ended

Feb. 28, 2021

Segment Reporting Information [Line Items]

Special Charges Summary [Table Text Block]

The following is a summary of special charges recognized in the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Employee severance and related benefits	$	0.3	$	0.3
Other costs	0.8		0.7
Total	$	1.1	$	1.0

Special Charges Summary by Segment [Table Text Block]

The following is a breakdown by business segments of special charges for the three months ended February 28, 2021 and February 29, 2020 (in millions):



	2021		2020
Consumer segment	$	0.8	$	0.6
Flavor solutions segment	0.3		0.4
Total special charges	$	1.1	$	1.0

Business Combinations - Transaction and Integration Expenses (Details)	3 Months Ended
	Feb. 28, 2021 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	$ 13,800,000
Business Combination, Integration Related Costs	5,000,000.0
Total transaction and integration costs	25,100,000
Cost of Sales
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	$ 6,300,000

Stock-Based Compensation - Selling, General and Administrative Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total stock-based compensation expense	$ 14.2	$ 6.4

Goodwill - Additional Disclosures (Details) $ in Millions	3 Months Ended
Goodwill - Additional Disclosures (Details) $ in Millions	Feb. 28, 2021 USD ($)
Flavor Solutions Segment
Goodwill [Line Items]
Increases in goodwill from acquisitions	$ 389.6
Changes in preliminary purchase price allocation	0.4
Consumer
Goodwill [Line Items]
Increases in goodwill from acquisitions	0.0
Changes in preliminary purchase price allocation	$ 0.8

Goodwill - Segment Goodwill Rollforward (Details) $ in Millions	3 Months Ended
	Feb. 28, 2021 USD ($)
Goodwill [Line Items]
Beginning of year	$ 4,986.3
Ending of year	5,397.0
Consumer
Goodwill [Line Items]
Beginning of year	3,711.2
Increases in goodwill from acquisitions	0.0
Changes in preliminary purchase price allocation	0.8
Foreign currency fluctuations	15.6
Ending of year	3,727.6
Flavor Solutions Segment
Goodwill [Line Items]
Beginning of year	1,275.1
Increases in goodwill from acquisitions	389.6
Changes in preliminary purchase price allocation	0.4
Foreign currency fluctuations	4.3
Ending of year	$ 1,669.4

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Feb. 28, 2021

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 income (loss), net of tax, where applicable (in millions):


	February 28, 2021		November 30, 2020
Foreign currency translation adjustment (1)	$	(124.9)	$	(174.0)
Unrealized gain (loss) on foreign currency exchange contracts	(1.7)		(0.4)

Unamortized value of settled interest rate swaps	—		(0.1)
Pension and other postretirement costs	(295.9)		(296.3)
Accumulated other comprehensive loss	$	(422.5)	$	(470.8)

Reclassification out of Accumulated Other Comprehensive Income


					Affected Line Items in the Condensed Consolidated Income Statement
Accumulated Other Comprehensive Income (Loss) Components	2021		2020
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.1)		Interest expense
Foreign exchange contracts	(0.3)		(0.4)			Cost of goods sold
Total before tax	(0.4)		(0.5)
Tax effect	0.1		0.1			Income taxes
Net, after tax	$	(0.3)	$	(0.4)

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (credit) (1)	$	—	$	(1.0)		Other income, net
Amortization of net actuarial losses (1)	3.4		2.4			Other income, net
Total before tax	3.4		1.4
Tax effect	(0.8)		(0.3)			Income taxes
Net, after tax	$	2.6	$	1.1

Financial Instruments

3 Months Ended

Feb. 28, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financing Arrangements and Financial Instruments

FINANCING ARRANGEMENTS AND FINANCIAL INSTRUMENTS

In February 2021, we issued $500.0 million of 0.90% notes due February 15, 2026, with cash proceeds received of $495.7 million, net of discounts and underwriters' fees. Also in February 2021, we issued $500.0 million of 1.85% notes due February 15, 2031, with cash proceeds received of $492.8 million, net of discounts and underwriters' fees. Interest is payable semiannually on both of these notes in arrears in February and August of each year. The net proceeds from these issuances were used to pay down short-term borrowings, including a portion of the $1,443.0 million of commercial paper issued to finance our acquisitions of Cholula and FONA, and for general corporate purposes.

We use derivative financial instruments to enhance our ability to manage risk, including foreign currency, net investment and interest rate exposures, which exist as part of our ongoing business operations. We do not enter into contracts for trading purposes, nor are we a party to any leveraged derivative instrument, and all derivatives are designated as hedges. We are not a party to master netting arrangements, and we do not offset the fair value of derivative contracts with the same counterparty in our financial statement disclosures. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines.

Foreign currency exchange risk. We are potentially exposed to foreign currency fluctuations affecting net investments in subsidiaries, transactions (both third-party and intercompany) and earnings denominated in foreign currencies. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contract and currency swaps to reduce fluctuations in the long or short currency positions. Forward contracts are generally less than 18 months duration. Currency swap agreements are established in conjunction with the terms of the underlying debt issues.

At February 28, 2021, we had foreign currency exchange contracts to purchase or sell $558.9 million of foreign currencies as compared to $383.8 million at November 30, 2020. 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. All foreign currency exchange contracts outstanding at February 28, 2021 have durations of less than 18 months, including $170.3 million of notional contracts that have durations of less than seven days and are used to hedge short-term cash flow funding.

Contracts which are designated as hedges of anticipated purchases denominated in a foreign currency (generally purchases of raw materials in U.S. dollars by operating units outside the U.S.) are considered cash flow hedges. The gains and losses on these contracts are deferred in accumulated other comprehensive income until the hedged item is recognized in cost of goods sold, at which time the net amount deferred in accumulated other comprehensive income is also recognized in cost of goods sold. 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 both exposure to currency fluctuations in certain intercompany loans between subsidiaries as well as currency exposure to third-party non-functional currency assets or liabilities. At February 28, 2021, the notional value of these contracts was $423.0 million. Any gains or losses recorded based on both the change in fair value of these contracts and the change in the currency component of the underlying loans are recognized in our consolidated income statement as other income, net.

We also utilize cross currency interest rate swap contracts that are designated as net investment hedges. As of February 28, 2021, we had cross currency interest rate swap contracts of (i) $250 million notional value to receive $250 million at three-month U.S. LIBOR plus 0.685% and pay £194.1 million at three-month GBP LIBOR plus 0.740% and (ii) £194.1 million notional value to receive £194.1 million at three-month GBP LIBOR plus 0.740% and pay €221.8 million at three-month Euro EURIBOR plus 0.808%. These cross currency interest rate swap contracts expire in August 2027. Any gains or losses on net investment hedges are included in foreign currency translation adjustments in accumulated other comprehensive loss.

Interest rate risk. We finance a portion of our operations with both fixed and variable rate debt instruments, principally commercial paper, notes and bank loans. We utilize interest rate swap agreements to minimize worldwide financing costs and to achieve a desired mix of variable and fixed rate debt.

As of February 28, 2021, we have outstanding interest rate swap contracts for a notional amount of $350 million. Those interest rate swap contracts include a $100 million notional value of interest rate swap contracts, where we receive interest at 3.25% and pay a variable rate of interest based on three-month LIBOR plus 1.22%, which expire in November 2025, and 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. We also have $250 million notional interest rate swap contracts where we receive interest at 3.40% and pay a variable rate of interest based on three-month LIBOR plus 0.685%, which expire in August 2027, and are designated as fair value hedges of the changes in fair value of $250 million of the $750 million 3.40% term notes due 2027. Any realized gain or loss on these swap contracts was offset by a corresponding increase or decrease of the value of the hedged debt.

All derivatives are recognized at fair value in the balance sheet and recorded in either other current assets, other long-term assets, other accrued liabilities or other long-term liabilities, depending upon their nature and maturity. Hedge ineffectiveness was not material.

The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions):



As of February 28, 2021	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	31.2	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	110.8		2.7		Other accrued liabilities	448.1		13.2
Cross currency contracts	Other current assets / Other long-term assets	267.9		0.2		Other long-term liabilities	270.7		21.3
Total				$	34.1				$	34.5

As of November 30, 2020	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	43.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	27.5		1.4		Other accrued liabilities	356.3		8.2
Cross currency contracts	Other current assets / Other long-term assets	—		—		Other long-term liabilities	524.4		18.8
Total				$	44.5				$	27.0

Fair Value Hedges

Derivative

Income statement
location

Income (expense)

Three months ended February 28, 2021

Three months ended February 29, 2020

Interest rate contracts

Interest expense

2.0

0.5

Three months ended

Income statement location

Gain (loss) recognized in income

Income statement location

Gain (loss) recognized in income

Derivative

February 28, 2021

February 29, 2020

Hedged item

February 28, 2021

February 29, 2020

Foreign exchange contracts

Other income, net

(2.1)

(2.2)

Intercompany loans

Other income, net

2.4

2.0

The gains (losses) recognized on fair value hedges relating to currency exposure on third-party non-functional currency assets or liabilities were not material during the three-months ended February 28, 2021 and February 29, 2020.


Cash Flow Hedges
Three months ended
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	February 28, 2021		February 29, 2020			February 28, 2021		February 29, 2020
Interest rate contracts	$	0.3	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	(1.6)		0.6		Cost of goods sold	0.3		0.4
Total	$	(1.3)	$	0.6		$	0.4	$	0.5

For all cash flow and settled interest rate fair value hedge derivatives, the net amount of accumulated other comprehensive income (loss) expected to be reclassified in the next 12 months is $1.1 million as a decrease to earnings.


Net Investment Hedges
Three months ended
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	February 28, 2021		February 29, 2020			February 28, 2021		February 29, 2020
Cross currency contracts	$	(2.0)	$	0.2	Interest expense	$	0.4	$	1.3

For all net investment hedges, no amounts have been reclassified out of accumulated other comprehensive income (loss). The amounts noted in the tables above for OCI do not include any adjustments for the impact of deferred income taxes.

Goodwill (Tables)

3 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by business segment for the three months ended February 28, 2021 are as follows (in millions):


	2021
	Consumer		Flavor Solutions
Beginning of the year	$	3,711.2	$	1,275.1

Increases in goodwill from acquisition	—		389.6
Changes in preliminary purchase price allocation	0.8		0.4
Foreign currency fluctuations	15.6		4.3
Balance as of the end of period	$	3,727.6	$	1,669.4

Employee Benefit and Retirement Plans - Components of Other Postretirement Benefit Expenses (Details) - Other Postretirement Benefit Plan - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.5	$ 0.5
Interest costs	0.4	0.5
Amortization of prior service costs	(0.1)	(1.1)
Defined Benefit Plan, Amortization of Gain (Loss)	0.0	0.1
Total other postretirement expense	$ 0.8	$ (0.2)

Business Segments (Detail) - USD ($)	3 Months Ended
Business Segments (Detail) - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,481,500,000	$ 1,212,000,000.0
Operating income	236,300,000	194,200,000
Less: Special charges	1,100,000	1,000,000.0
Operating income excluding special charges	262,500,000	195,200,000
Income from unconsolidated operations	13,300,000	10,400,000
Business Acquisition, Transaction Costs	13,800,000
Transaction and integration expenses	18,800,000	0
Cost of Sales
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs	6,300,000
Consumer
Segment Reporting Information [Line Items]
Revenues	946,800,000	699,500,000
Operating income	180,900,000	119,000,000.0
Less: Special charges	800,000	600,000
Operating income excluding special charges	189,900,000	119,600,000
Income from unconsolidated operations	10,800,000	7,800,000
Business Acquisition, Transaction Costs	4,000,000.0
Transaction and integration expenses	4,200,000
Flavor Solutions
Segment Reporting Information [Line Items]
Revenues	534,700,000	512,500,000
Operating income	55,400,000	75,200,000
Less: Special charges	300,000	400,000
Operating income excluding special charges	72,600,000	75,600,000
Income from unconsolidated operations	2,500,000	2,600,000
Business Acquisition, Transaction Costs	2,300,000
Transaction and integration expenses	14,600,000
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	964,800,000	819,600,000
Europe Middle East And Africa [Member]
Segment Reporting Information [Line Items]
Revenues	302,400,000	250,300,000
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Revenues	$ 214,300,000	$ 142,100,000