0000063754-22-000044 | 10-Q | XBRL Viewer

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Document and Entity Information	9 Months Ended
Document and Entity Information	Aug. 31, 2022 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2022
Document Transition Report	false
Entity File Number	001-14920
Entity Registrant Name	MCCORMICK & CO INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-0408290
Entity Address, Address Line One	24 Schilling Road, Suite 1,
Entity Address, City or Town	Hunt Valley,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21031
City Area Code	410
Local Phone Number	771-7301
Entity 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	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	MKC.V
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	17,606,187
Common stock non-voting
Document Information [Line Items]
Title of 12(b) Security	Common Stock Non-Voting, Par Value $0.01 per share
Trading Symbol	MKC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	250,600,835

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Net sales	$ 1,595.6	$ 1,549.4	$ 4,654.8	$ 4,587.6
Cost of goods sold	1,028.9	949.8	3,004.7	2,795.9
Gross profit	566.7	599.6	1,650.1	1,791.7
Selling, general and administrative expense	328.1	327.3	1,010.6	1,005.2
Transaction and integration expenses	0.0	1.3	2.2	27.0
Special charges	3.4	5.8	38.0	20.6
Operating income	235.2	265.2	599.3	738.9
Interest expense	37.9	33.9	104.7	103.3
Other income, net	77.4	3.5	89.9	12.0
Income from consolidated operations before income taxes	274.7	234.8	584.5	647.6
Income tax expense	59.3	31.5	115.4	135.5
Net income from consolidated operations	215.4	203.3	469.1	512.1
Income from unconsolidated operations	7.5	9.1	27.2	45.8
Net income	$ 222.9	$ 212.4	$ 496.3	$ 557.9
Earnings per share - basic (usd per share)	$ 0.83	$ 0.79	$ 1.85	$ 2.09
Earnings per share - diluted (usd per share)	$ 0.82	$ 0.79	$ 1.83	$ 2.07
Average shares outstanding - basic (shares)	268.3	267.4	268.1	267.2
Average shares outstanding - diluted (shares)	270.2	270.0	270.4	270.0
Common stock
Cash dividends paid per common share (usd per share)	$ 0.37	$ 0.34	$ 1.11	$ 1.02
Common Stock, Dividends, Per Share, Declared	$ 0.37	$ 0.34	$ 0.74	$ 0.68

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 222.9	$ 212.4	$ 496.3	$ 557.9
Net income attributable to non-controlling interest	1.5	0.7	5.2	3.5
Other comprehensive income (loss):
Unrealized components of pension and other postretirement plans	4.5	5.8	10.5	8.4
Currency translation adjustments	(114.9)	(78.4)	(162.2)	21.5
Change in derivative financial instruments	(22.1)	2.5	4.7	3.1
Deferred taxes	(3.9)	(2.8)	(18.8)	1.4
Comprehensive income	(136.4)	(72.9)	(165.8)	34.4
Comprehensive income	$ 88.0	$ 140.2	$ 335.7	$ 595.8

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
ASSETS
Cash and cash equivalents	$ 343.9	$ 351.7
Trade accounts receivable, net of allowances	565.8	549.5
Inventories, net
Finished products	668.8	556.2
Raw materials and work-in-process	710.7	626.1
Total inventory	1,379.5	1,182.3
Prepaid expenses and other current assets	123.6	112.3
Total current assets	2,412.8	2,195.8
Property, plant and equipment, net	1,139.1	1,140.3
Goodwill	5,209.7	5,335.8
Intangible assets, net	3,396.6	3,452.5
Other long-term assets	782.8	781.4
Total assets	12,941.0	12,905.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,436.4	539.1
Current portion of long-term debt	20.6	770.3
Trade accounts payable	1,143.5	1,064.2
Other accrued liabilities	539.9	850.2
Total current liabilities	3,140.4	3,223.8
Long-term debt	3,904.8	3,973.3
Deferred taxes	816.3	792.3
Other long-term liabilities	472.8	490.9
Total liabilities	8,334.3	8,480.3
Shareholders’ equity
Retained earnings	3,048.4	2,782.4
Accumulated other comprehensive loss	(590.0)	(426.5)
Total McCormick shareholders' equity	4,589.3	4,411.0
Non-controlling interests	17.4	14.5
Total shareholders’ equity	4,606.7	4,425.5
Total liabilities and shareholders’ equity	12,941.0	12,905.8
Common stock
Shareholders’ equity
Common stock	564.3	530.0
Common stock non-voting
Shareholders’ equity
Common stock	$ 1,566.6	$ 1,525.1

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Operating activities
Net income	$ 496.3	$ 557.9
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	148.2	139.1
Stock-based compensation	49.1	54.2
Gain on Disposition of Intangible Assets	(13.6)	0.0
Gain on sale of business	(49.6)	0.0
Asset Impairment Charges	10.0	6.5
Amortization of inventory fair value adjustments associated with acquisitions	0.0	6.3
Income from unconsolidated operations	(27.2)	(45.8)
Trade accounts receivable	(43.6)	1.3
Inventories	(238.5)	(156.5)
Trade accounts payable	100.8	(16.7)
Other assets and liabilities	(209.6)	(195.2)
Dividends from unconsolidated affiliates	27.8	21.8
Net cash flow provided by operating activities	250.1	372.9
Investing activities
Acquisition of businesses (net of cash acquired)	0.0	(706.4)
Proceeds from sale of business	95.2	0.0
Proceeds from sale of unconsolidated operation	0.0	65.4
Proceeds from Sale of Intangible Assets	13.6	0.0
Capital expenditures (including software)	(166.8)	(189.9)
Other investing activities	2.5	0.3
Net cash flow used in investing activities	(55.5)	(830.6)
Financing activities
Short-term borrowings, net	898.1	(118.9)
Long-term debt borrowings	0.0	1,001.5
Payment of debt issuance costs	0.0	(1.9)
Long-term debt repayments	(768.7)	(255.3)
Proceeds from exercised stock options	39.9	10.5
Taxes withheld and paid on employee stock awards	(19.4)	(13.3)
Common stock acquired by purchase	(26.1)	(3.2)
Dividends paid	(297.5)	(272.4)
Net cash flow (used in) provided by financing activities	(173.7)	347.0
Effect of exchange rate changes on cash and cash equivalents	(28.7)	(0.3)
Decrease in cash and cash equivalents	(7.8)	(111.0)
Cash and cash equivalents at beginning of period	351.7	423.6
Cash and cash equivalents at end of period	$ 343.9	$ 312.6

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests	Common stock non-voting Common stock
Balance, Shares at Nov. 30, 2020		18.0				248.9
Balance, Value at Nov. 30, 2020	$ 3,940.0	$ 1,981.3	$ 2,415.6	$ (470.8)	$ 13.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	557.9		557.9
Net income attributable to non-controlling interest	3.5				3.5
Other comprehensive loss, net of tax	34.4			35.2	(0.8)
Dividends	(181.7)		(181.7)
Stock-based compensation	54.2	$ 54.2
Shares purchased and retired (in shares)		(0.2)				0.0
Shares purchased and retired	(17.1)	$ (5.3)	(11.8)
Shares issued (in shares)		0.6				0.0
Shares issued	11.9	$ 11.9
Equal exchange, shares		(0.4)				0.4
Balance, Shares at Aug. 31, 2021		18.0				249.3
Balance, Value at Aug. 31, 2021	4,403.1	$ 2,042.1	2,780.0	(435.6)	16.6
Balance, Shares at May. 31, 2021		18.1				249.2
Balance, Value at May. 31, 2021	4,340.8	$ 2,027.1	2,660.5	(362.3)	15.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	212.4		212.4
Net income attributable to non-controlling interest	0.7				0.7
Other comprehensive loss, net of tax	(72.9)			(73.3)	0.4
Dividends	(90.9)		(90.9)
Stock-based compensation	11.6	$ 11.6
Shares purchased and retired (in shares)		(0.1)				0.0
Shares purchased and retired	(2.9)	$ (0.9)	(2.0)
Shares issued (in shares)		0.1				0.0
Shares issued	4.3	$ 4.3
Equal exchange, shares		(0.1)				0.1
Balance, Shares at Aug. 31, 2021		18.0				249.3
Balance, Value at Aug. 31, 2021	4,403.1	$ 2,042.1	2,780.0	(435.6)	16.6
Balance, Shares at Nov. 30, 2021		17.8				249.5
Balance, Value at Nov. 30, 2021	4,425.5	$ 2,055.1	2,782.4	(426.5)	14.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	496.3		496.3
Net income attributable to non-controlling interest	5.2				5.2
Other comprehensive loss, net of tax	(165.8)			(163.5)	(2.3)
Dividends	(198.4)		(198.4)
Stock-based compensation	49.1	$ 49.1
Shares purchased and retired (in shares)		(0.5)				0.0
Shares purchased and retired	(46.8)	$ (14.9)	(31.9)
Shares issued (in shares)		1.3				0.1
Shares issued	41.6	$ 41.6
Equal exchange, shares		(1.0)				1.0
Balance, Shares at Aug. 31, 2022		17.6				250.6
Balance, Value at Aug. 31, 2022	4,606.7	$ 2,130.9	3,048.4	(590.0)	17.4
Balance, Shares at May. 31, 2022		17.8				250.5
Balance, Value at May. 31, 2022	4,615.1	$ 2,119.2	2,933.6	(454.6)	16.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	222.9		222.9
Net income attributable to non-controlling interest	1.5				1.5
Other comprehensive loss, net of tax	(136.4)			(135.4)	(1.0)
Dividends	(99.2)		(99.2)
Stock-based compensation	12.2	$ 12.2
Shares purchased and retired (in shares)		(0.2)				0.0
Shares purchased and retired	(13.7)	$ (4.8)	(8.9)
Shares issued (in shares)		0.1				0.0
Shares issued	4.3	$ 4.3
Equal exchange, shares		(0.1)				0.1
Balance, Shares at Aug. 31, 2022		17.6				250.6
Balance, Value at Aug. 31, 2022	$ 4,606.7	$ 2,130.9	$ 3,048.4	$ (590.0)	$ 17.4

Accounting Policies	9 Months Ended
Accounting Policies	Aug. 31, 2022
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. The results of consolidated operations for the nine-month period ended August 31, 2022 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, 2021. Accounting Pronouncements Adopted in 2022 In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard was adopted effective December 1, 2021. There was no material impact to our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. Arrangements that were entered into during the nine months ended August 31, 2022, including our new revolving credit facility expiring in July 2023 and cross-currency interest rate swaps expiring in April 2030, no longer use LIBOR as a reference rate. However, LIBOR continues to be the reference rate for our variable rate debt, including our revolving credit facility expiring in July 2026, interest rate swaps, and the cross-currency interest rate swaps expiring in August 2027. The phase out of LIBOR reference rates will occur at different dates and began on January 1, 2022. Our adoption of this new standard occurred during the three months ended February 28, 2022, in conjunction with the first phase-out of a LIBOR reference rate. There was no material impact to our consolidated financial statements during the nine months ended August 31, 2022, nor do we expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. Recently Issued Accounting Pronouncements — Pending Adoption In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year ending November 30, 2024. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. Early adoption is permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements.

Special Charges And Transaction And Integration Expenses

9 Months Ended

Aug. 31, 2022

Special Charges [Abstract]

Special Charges And Transaction And Integration Expenses

SPECIAL CHARGES AND TRANSACTION AND INTEGRATION EXPENSESSpecial Charges

In our consolidated income statement, we include a separate line item captioned "Special charges" in arriving at our consolidated operating income. Special charges consist of expenses, including related impairment charges, associated with certain actions undertaken to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee, comprised of our senior management, including our Chairman and Chief Executive Officer. Upon presentation of any such proposed action (generally including details with respect to estimated costs, which typically consist principally of employee severance and related benefits, together with ancillary costs associated with the action that may include a non-cash component, such as an asset impairment, or a component which relates to inventory adjustments that are included in cost of goods sold; impacted employees or operations; expected timing; and expected savings) to the Management Committee and the Committee’s advance approval, expenses associated with the approved action are classified as special charges upon recognition and monitored on an on-going basis through completion. Certain ancillary expenses related to these actions approved by our Management Committee do not qualify for accrual upon approval but are included as special charges as incurred during the course of the actions.

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

The following is a summary of special charges recognized in the three and nine months ended August 31, 2022 and 2021

(in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Employee severance and related benefits	$	1.9	$	2.8	$	23.6	$	7.6
Other costs
Cash	0.9		3.0		6.9		6.5
Non-Cash	0.6		—		21.1		6.5
Total special charges	3.4		5.8		51.6		20.6
Gain on sale of exited brand	—		—		(13.6)		—
Total	$	3.4	$	5.8	$	38.0	$	20.6

During the three months ended August 31, 2022, we recorded $3.4 million of special charges. Those special charges principally consisted of $1.0 million associated with the transition of a manufacturing facility in Europe, Middle East, and Africa (EMEA), as more fully described below, $0.8 million associated with the exit of our consumer business in Russia, as more fully described below, and streamlining actions of $0.4 million in the Americas region, and $1.2 million in the EMEA region.

During the nine months ended August 31, 2022, we recorded $38.0 million of net special charges. Those special charges consisted principally of $23.0 million associated with the exit of our consumer business in Russia, as more fully described below, $18.4 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $5.7 million in the Americas region, and $5.5 million in the EMEA region. These charges were offset by a $13.6 million gain, on the sale of our Kohinoor brand discussed below as well as a reversal of $2.2 million of estimated costs associated with the exit of our rice product line in India upon settlement of a supply agreement related to that product line.

In the second quarter of 2022, our Management Committee approved the exit of our consumer business in Russia. As a result, in the second quarter of 2022 we recognized $22.2 million of special charges. These special charges included a non-cash impairment charge of $10.0 million associated with the Kamis brand name to reduce its carrying value to its estimated fair value, $2.5 million of employee severance and $1.8 million of other related exit costs directly associated with the exit plan that we anticipated will be paid in the next twelve months, and a non-cash $7.9 million reclassification of the cumulative translation adjustment previously reflected in accumulated other comprehensive income (loss) to earnings associated with the exit of our business in Russia. During the three months ended August 31, 2022, we recorded an additional $0.8 million of employee severance charges.

In the first quarter of 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology. We expect to execute these changes to our supply chain operations and improve profitability, from a combination of lower headcount and non-headcount costs, by consolidating our operations into a scalable platform while expanding our capacity. We expect the cost of the initiative to approximate $30 million—to be recognized as special charges in our consolidated income statement through 2023. Of that $30 million, we expect the costs to include employee severance and related benefits, non-cash accelerated depreciation, decommissioning and other property related lease exit costs, all directly

related to the initiative. During the three months ended August 31, 2022, we recorded $0.6 million in accelerated depreciation and $0.4 million in third party expenses and other costs. During the nine months ended August 31, 2022, we recorded $12.5 million in severance and related benefits costs, $3.3 million in accelerated depreciation and $2.6 million in third party expenses and other costs.

We exited our Kohinoor rice product line in India in the fourth quarter of fiscal 2021. During the nine months ended August 31, 2022, we sold the Kohinoor brand name for $13.6 million, net of costs associated with the sale of $1.4 million, and reflected the gain of $13.6 million associated with this sale within special charges.

During the three months ended August 31, 2021, we recorded $5.8 million of special charges, consisting principally of streamlining actions of $1.8 million in the Americas region, $1.7 million in the EMEA region, $0.8 million in the Asia Pacific (APAC) region, and $0.7 million associated with our GE initiative as more fully described below.

During the nine months ended August 31, 2021, we recorded $20.6 million of special charges, consisting principally of streamlining actions of $7.0 million in the Americas region, $3.0 million in the EMEA region, $0.8 million in the APAC region, and $0.7 million associated with our GE initiative, together with a non-cash asset impairment charge of $6.5 million associated with an administrative site that will be exited in conjunction with our decision to employ a hybrid work environment.

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.

While we are continuing to fully develop the details of our GE operating model, we expect the cost of the GE initiative—to be recognized as special charges in our consolidated income statement over its 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 the 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 this initiative. We have spent a cumulative total of $40.7 million on this initiative through August 31, 2022.

As of August 31, 2022, reserves associated with special charges, which are expected to be paid during the next twelve months, are included in trade accounts payable and other accrued liabilities in our consolidated balance sheet.

The following is a breakdown by business segment of special charges for the three and nine months ended August 31, 2022 and 2021 (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Consumer segment	$	1.8	$	3.5	$	16.1	$	13.1
Flavor solutions segment	1.6		2.3		21.9		7.5
Total special charges	$	3.4	$	5.8	$	38.0	$	20.6

Transaction and Integration Expenses

The following are the transaction and integration expenses recognized during the three and nine months ended August 31, 2022 and 2021 relating to the acquisitions of Cholula Hot Sauce ("Cholula") and FONA International, LLC ("FONA") (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Transaction-related expenses included in cost of goods sold	$	—	$	—	$	—	$	6.3
Other transaction expenses	—		—		—		13.8
Integration expenses	—		1.3		2.2		13.2
Total transaction and integration expenses	$	—	$	1.3	$	2.2	$	33.3

We expect integration expenses related to our acquisition of FONA to total approximately $2.2 million in fiscal 2022.

Financial Instruments

9 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCING ARRANGEMENTS AND FINANCIAL INSTRUMENTS

During the three months ended August 31, 2022, we entered into a 364-day $500 million revolving credit facility, which will expire in July 2023. The current pricing for the credit facility, on a fully drawn basis, is SOFR + 1.23%. The pricing of the credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to SOFR + 1.60%. The provisions of this revolving credit facility restrict subsidiary indebtedness and require us to maintain a minimum interest coverage ratio, consistent with our $1.5 billion five-year revolving credit facility. We do not expect that this covenant would limit our access to this revolving credit facility for the foreseeable future.

Also during the three months ended August 31, 2022, we repaid our $750 million, 2.70% notes due in August 2022.

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. For the three and nine months ended August 31, 2022 and 2021, hedge ineffectiveness was not material. We are not a party to master netting arrangements, and we do not offset the fair value of derivative contracts with the same counterparty in our financial statement disclosures. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines.

Foreign currency exchange risk. We are potentially exposed to foreign currency fluctuations affecting net investments in subsidiaries, transactions (both third-party and intercompany) and earnings denominated in foreign currencies. We assess foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contract and currency swaps with highly-rated financial institutions to reduce fluctuations in the long or short currency positions. 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 August 31, 2022, we had foreign currency exchange contracts to purchase or sell $539.5 million of foreign currencies as compared to $583.6 million at November 30, 2021. All of these contracts were designated as hedges of anticipated purchases denominated in a foreign currency or hedges of foreign currency denominated assets or liabilities. Hedges of foreign currency denominated assets and liabilities include foreign currency exchange contracts with a notional value of $381.1 million at August 31, 2022. These foreign currency exchange contracts manage both exposure to currency fluctuations in certain intercompany loans between subsidiaries as well as currency exposure to third-party non-functional currency assets or liabilities. All foreign exchange contracts outstanding at August 31, 2022 have durations of less than 18 months, including $151.9 million of notional contracts that have durations of less than one month and are used to hedge short-term cash flow funding.

We also utilize cross currency interest rate swap contracts that are designated as net investment hedges. Any gains or losses on net investment hedges are included in foreign currency translation adjustments in accumulated other comprehensive loss.

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

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


	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2022
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	30.8
Foreign exchange contracts	Other current assets	316.3		14.9		Other accrued liabilities	223.2		2.3
Cross currency contracts	Other current assets / Other long-term assets	439.6		57.5		Other long-term liabilities	443.2		7.7
Total				$	72.4				$	40.8
As of November 30, 2021
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	23.1	Other long-term liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	380.8		8.3		Other accrued liabilities	202.8		2.8
Cross currency contracts	Other current assets / Other long-term assets	251.0		4.4		Other long-term liabilities	257.5		8.0
Total				$	35.8				$	10.8

In the first quarter of 2022, we entered into $250 million notional value interest rate swap contracts where we receive interest at 2.50% and pay a variable rate of interest based on USD SOFR plus 0.684%, which expire in April 2030, and are designated as fair value hedges of the changes in fair value of $250 million of the $500 million 2.50% term notes due in 2030. The fair value of these interest rate swap contracts is offset by a corresponding increase or decrease in the value of the hedged debt. Also during the first quarter of 2022, we entered into cross currency interest rate swap contracts of (i) $250 million notional value to receive $250 million at USD SOFR plus 0.684% and pay £184.1 million at GBP SONIA plus 0.5740% and (ii) £184.1 million notional value to receive £184.1 million at GBP SONIA plus 0.574% and pay €219.2 million at Euro ESTR plus 0.667%, both of which expire in April 2030. In conjunction with the phase-out of LIBOR, during the first quarter of 2022 we amended our previously existing cross currency swaps which expire in August 2027 such that, effective February 15, 2022, we now pay and receive at GBP SONIA plus 0.859% (previously GBP LIBOR plus 0.740%).

The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three- and nine-months ended August 31, 2022 and 2021 (in millions):


Fair Value Hedges

Derivative	Income statement location	Income (expense)
		Three months ended August 31, 2022		Three months ended August 31, 2021		Nine months ended August 31, 2022		Nine months ended August 31, 2021

Interest rate contracts	Interest expense	$	0.6	$	2.1	$	5.4	$	6.1


	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2022		2021		Hedged item		2022		2021
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	3.6	$	5.6	Intercompany loans	Other income, net	$	(3.2)	$	(5.4)


Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	6.9	$	(0.3)	Intercompany loans	Other income, net	$	(6.1)	$	1.1

The gains (losses) recognized on fair value hedges relating to currency exposure on third-party non-functional currency assets or liabilities were not material during the three and nine months ended August 31, 2022 and 2021.


Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2022		2021			2022		2021
Three months ended August 31,
Interest rate contracts	$	1.8	$	—	Interest expense/ Other income, net	$	18.8	$	0.2
Foreign exchange contracts	2.8		1.5		Cost of goods sold	0.7		(0.3)
Total	$	4.6	$	1.5		$	19.5	$	(0.1)
Nine months ended August 31,
Interest rate contracts	$	18.7	$	0.3	Interest expense/ Other income, net	$	19.1	$	0.4
Foreign exchange contracts	5.2		(0.9)		Cost of goods sold	0.7		(0.6)
Total	$	23.9	$	(0.6)		$	19.8	$	(0.2)

During the three months ended May 31, 2022, we entered into treasury lock arrangements with a notional amount totaling $200 million in order to manage our interest rate risk associated with the anticipated issuance of at least $200 million of fixed rate debt by August 2022. These treasury locks had a maturity date of August 12, 2022 and an average fixed rate of 1.89%. We designated these treasury lock arrangements as cash flow hedges with any unrealized gain, prior to settlement, recognized in accumulated other comprehensive income. During the three months ended August 31, 2022, we settled the $200 million notional treasury locks upon determining we would not issue fixed rate debt but rather enter into the previously described $500 million 364-day revolving credit facility. The proceeds received upon settlement of these treasury lock arrangements were $18.7 million and were recognized in Other income, net in our Condensed consolidated income statements for the three and nine months ended August 31, 2022.

For all cash flow and settled interest rate fair value hedge derivatives, the net amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months is $3.6 million as an increase to earnings.


Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2022		2021			2022		2021
Three months ended August 31,
Cross currency contracts	$	29.7	$	8.4	Interest expense	$	2.4	$	0.4
Nine months ended August 31,
Cross currency contracts	$	51.8	$	4.9	Interest expense	$	4.1	$	1.1

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

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

At August 31, 2022 and November 30, 2021, 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):


			August 31, 2022
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	343.9	$	343.9	$	—
Insurance contracts	109.1		—		109.1
Bonds and other long-term investments	6.8		6.8		—

Foreign currency derivatives	14.9		—		14.9
Cross currency contracts	57.5		—		57.5
Total	$	532.2	$	350.7	$	181.5
Liabilities
Foreign currency derivatives	$	2.3	$	—	$	2.3
Interest rate derivatives	30.8		—		30.8
Cross currency contracts	7.7		—		7.7
Total	$	40.8	$	—	$	40.8


			November 30, 2021
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	351.7	$	351.7	$	—
Insurance contracts	132.2		—		132.2
Bonds and other long-term investments	5.1		5.1		—
Interest rate derivatives	23.1		—		23.1
Foreign currency derivatives	8.3		—		8.3
Cross currency contracts	4.4		—		4.4
Total	$	524.8	$	356.8	$	168.0
Liabilities
Foreign currency derivatives	$	2.8	$	—	$	2.8

Cross currency contracts	8.0		—		8.0
Total	$	10.8	$	—	$	10.8

At August 31, 2022 and November 30, 2021, the carrying amounts of interest rate derivatives, foreign currency derivatives, cross currency contracts, insurance contracts, and bond and other long-term investments were equal to their respective fair values. Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, receivables, short-term borrowings and trade accounts payable approximate fair value. Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value.

Insurance contracts, bonds, and other long-term investments are comprised of fixed income and equity securities held for certain non-qualified U.S. employee benefit plans and are stated at fair value on the balance sheet. The fair values of insurance contracts are based upon the underlying values of the securities in which they are invested and are from quoted market prices from various stock and bond exchanges for similar type assets. The fair values of bonds and other long-term investments are based on quoted market prices from various stock and bond exchanges. The fair values for interest rate derivatives, foreign currency derivatives, and cross currency contracts are based on values for similar instruments using models with market-based inputs.

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


	August 31, 2022		November 30, 2021
Carrying amount	$	3,925.4	$	4,743.6


Level 1 valuation techniques	$	3,496.2	$	4,722.3
Level 2 valuation techniques	178.9		199.2
Total fair value	$	3,675.1	$	4,921.5

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

Employee Benefit and Retirement Plans

9 Months Ended

Aug. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit and Retirement Plans

EMPLOYEE BENEFIT AND RETIREMENT PLANS

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

The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended August 31, 2022 and 2021 (in millions):


	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021

Service cost	$	0.9	$	0.9	$	0.2	$	0.3	$	0.4	$	0.5
Interest costs	6.5		6.5		1.7		1.8		0.4		0.4
Expected return on plan assets	(10.7)		(10.3)		(3.1)		(3.5)		—		—
Amortization of prior service costs	0.2		0.2		—		—		—		(0.1)
Amortization of net actuarial losses	2.2		2.7		0.3		0.6		(0.1)		—
Settlement loss	—		—		0.2		0.2		—		—
Total (income) expense	$	(0.9)	$	—	$	(0.7)	$	(0.6)	$	0.7	$	0.8

The following table presents the components of our pension (income) and other postretirement benefits expense for the nine months ended August 31, 2022 and 2021 (in millions):


	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021

Service cost	$	2.7	$	2.8	$	0.6	$	0.8	$	1.3	$	1.5
Interest costs	19.7		19.5		5.3		5.3		1.2		1.2
Expected return on plan assets	(32.1)		(30.9)		(9.4)		(10.5)		—		—
Amortization of prior service costs	0.4		0.4		0.1		0.1		(0.2)		(0.3)
Amortization of net actuarial losses	6.5		8.2		1.0		1.7		(0.2)		—
Settlement loss	—		—		0.2		0.6		—		—
Total (income) expense	$	(2.8)	$	—	$	(2.2)	$	(2.0)	$	2.1	$	2.4

During the nine months ended August 31, 2022 and 2021, we contributed $9.9 million and $7.5 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2021 were $15.0 million.

All of the amounts in the tables above for pension (income) and other postretirement benefits expense, other than service cost, were included in other income, net within our consolidated income statements. The net aggregate amount of pension and other postretirement benefits (income), excluding service cost components, was $(2.4) million and $(1.5) million for the three months ended August 31, 2022 and 2021, respectively. For the nine months ended August 31, 2022 and 2021, the net aggregate amount of pension and other postretirement benefits income was $(7.5) million and $(4.7) million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

Stock-based Compensation

9 Months Ended

Aug. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

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


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Stock-based compensation expense	$	12.2	$	11.6	$	49.1	$	54.2

Our 2022 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2021 annual grant. The weighted-average grant-date fair value of each stock option granted in 2022 was $22.08 and in 2021 was $18.36 as calculated under a lattice pricing model. Substantially all of the stock options and RSUs granted in 2022 and 2021 vest ratably over a three-year period or, if earlier, upon the retirement eligibility date of the holder. The fair values of stock option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:


	2022	2021
Risk-free interest rates	0.2 - 2.5%	0.0 - 1.8%
Dividend yield	1.5%	1.5%
Expected volatility	21.2%	21.3%
Expected lives (in years)	7.6	7.9

The following is a summary of our stock option activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	5.0	$	59.71	4.5	$	53.56
Granted	0.7	96.92		0.8	89.16
Exercised	(0.8)	47.40		(0.2)	48.60
Outstanding at end of the period	4.9	$	67.13	5.1	$	59.44
Exercisable at end of the period	3.5	$	57.97	3.7	$	51.19

As of August 31, 2022, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $95.9 million and for options currently exercisable was $93.4 million. The total intrinsic value of all options exercised during the nine months ended August 31, 2022 and 2021 was $40.2 million and $7.3 million, respectively.

The following is a summary of our RSU activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(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	563	$	69.52	714	$	61.74
Granted	208	94.21		219	86.86
Vested	(251)	71.90		(284)	62.31
Forfeited	(30)	84.27		(28)	75.02
Outstanding at end of period	490	$	77.86	621	$	69.75

The following is a summary of our price-vested stock options activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(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	2,193	$	9.40	2,482	$	9.40
Granted	—	—		15	9.66

Forfeited	(62)	9.40		(245)	9.42
Outstanding at end of period	2,131	$	9.40	2,252	$	9.40

The following is a summary of our LTPP activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(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	497	$	83.74	382	$	71.20
Granted	151	95.00		141	98.30
Vested	(251)	75.26		(124)	51.73
Forfeited	(4)	95.29		(23)	89.44
Outstanding at end of period	393	$	93.40	376	$	86.73

Income Taxes	9 Months Ended
Income Taxes	Aug. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax expense for the three months ended August 31, 2022 included $3.8 million of net discrete tax expense consisting principally of the following: (i) $11.6 million of tax expense related to the sale of a business, (ii) $1.4 million of net tax benefits related to the revaluation of deferred taxes resulting from enacted legislation, (iii) $4.7 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations and (iv) $1.3 million of tax benefits resulting from an adjustment to a prior year tax accrual based on the final return filed. Income tax expense for the nine months ended August 31, 2022 included $15.5 million of net discrete tax benefits consisting principally of the following: (i) $9.0 million of excess tax benefits associated with stock-based compensation, (ii) $4.1 million of net tax benefits associated with an adjustment of valuation allowances due to changes in judgment about the realizability of deferred tax assets, (iii) $3.9 million of tax benefits related to the revaluation of deferred taxes resulting from enacted legislation, (iv) $2.3 million of tax benefits related to the sale of an asset associated with a previously exited line of business, (v) $6.2 million of tax benefits from the resolution of tax uncertainties, including the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations, (vi) $1.3 million of tax benefits resulting from an adjustment to a prior year tax accrual based on the final return filed, and (vii) $11.6 million of tax expense related to the sale of a business. Income tax expense for the three months ended August 31, 2021 included $22.9 million of net discrete tax benefits consisting principally of the following: (i) $13.3 million of tax benefits due to the partial release of certain reserves for an unrecognized tax benefit and related interest in a non-U.S. jurisdiction based on a change in our assessment of the technical merits of that position associated with the availability of new information, (ii) $4.3 million of tax benefits from the resolution of other tax uncertainties, including the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations, (iii) $2.4 million of tax benefits related to the revaluation of deferred taxes resulting from enacted legislation, (iv) $1.1 million of tax benefits resulting from an adjustment to a prior year tax accrual based on the final return filed, and (v) $1.0 million of tax benefits resulting from a refinement of deferred state taxes directly related to our December 2020 acquisition of FONA. Income tax expense for the nine months ended August 31, 2021 included $22.9 million of net discrete tax benefits consisting primarily of the following: (i) $13.3 million of tax benefits due to the partial release of certain reserves for an unrecognized tax benefit and related interest in a non-U.S. jurisdiction based on a change in our assessment of the technical merits of that position associated with the availability of new information, (ii) $9.2 million of tax benefits from the resolution of other tax uncertainties, including the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations, (iii) $10.4 million of deferred state tax expense directly related to our December 2020 acquisition of FONA, (iv) $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, (v) $2.2 million of excess tax benefits associated with share-based compensation, (vi) $2.5 million of tax benefits related to the revaluation of deferred taxes resulting from enacted legislation, and (vii) $1.1 million of tax benefits resulting from an adjustment to a prior year tax accrual based on the final return filed. Other than the discrete tax benefits previously mentioned and additions for current year tax positions, there were no significant changes to unrecognized tax benefits during the nine months ended August 31, 2022. As of August 31, 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Capital Stock and Earnings Per Share

9 Months Ended

Aug. 31, 2022

Earnings Per Share, Basic and Diluted [Abstract]

Capital Stock and Earnings Per Share

CAPITAL STOCK AND EARNINGS PER SHARE

The following table sets forth the reconciliation of average shares outstanding (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Average shares outstanding – basic	268.3	267.4	268.1	267.2
Effect of dilutive securities:
Stock options/RSUs/LTPP	1.9	2.6	2.3	2.8
Average shares outstanding – diluted	270.2	270.0	270.4	270.0

The following table sets forth the stock options and RSUs that were not considered in our earnings per share calculation since they were anti-dilutive (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Anti-dilutive securities	1.6	0.8	0.7	0.6

The following table sets forth common stock activity (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	1.4	0.6
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.2	0.1	0.5	0.2

As of August 31, 2022, $549.9 million remained of the $600 million share repurchase program authorization approved by our Board of Directors in November 2019.

Accumulated Other Comprehensive Loss

9 Months Ended

Aug. 31, 2022

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table sets forth the components of accumulated other comprehensive loss, net of tax, where applicable (in millions):


	August 31, 2022		November 30, 2021
Foreign currency translation adjustment (1)	$	(409.7)	$	(233.3)
Unrealized gain on foreign currency exchange contracts	5.0		0.6

Unamortized value of settled interest rate swaps	(0.5)		(0.2)
Pension and other postretirement costs	(184.8)		(193.6)
Accumulated other comprehensive loss	$	(590.0)	$	(426.5)

(1)During the nine months ended August 31, 2022, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $176.4 million, net of $51.8 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 3.

The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions):


	Three months ended				Nine months ended				Affected Line Items in the Condensed Consolidated Income Statement
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.2)	$	(0.4)	$	(0.4)	Interest expense
Treasury lock contracts(1)	(18.7)		—		(18.7)		—		Other income, net
Foreign exchange contracts	(0.7)		0.3		(0.7)		0.6		Cost of goods sold
Total before tax	(19.5)		0.1		(19.8)		0.2
Tax effect	4.9		—		5.0		—		Income tax expense
Net, after tax	$	(14.6)	$	0.1	$	(14.8)	$	0.2

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (credit) (2)	$	0.2	$	0.1	$	0.3	$	0.2	Other income, net
Amortization of net actuarial losses (2)	2.6		3.5		7.5		10.5		Other income, net
Total before tax	2.8		3.6		7.8		10.7
Tax effect	(0.6)		(0.8)		(1.8)		(2.5)		Income tax expense
Net, after tax	$	2.2	$	2.8	$	6.0	$	8.2

(1)The settlement of these treasury locks is further described in note 3.

(2)This accumulated other comprehensive income (loss) component is included in the computation of total pension (income) and other postretirement benefits expense (refer to note 5 for additional details). Amortization of net actuarial losses includes settlement losses.

Business Segments

9 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We operate in two business segments: consumer and flavor solutions. The consumer and flavor solutions segments manufacture, market and distribute spices, herbs, seasoning mixes, condiments and other flavorful products throughout the world. Our consumer segment sells to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce under the “McCormick” brand and a variety of brands around the world, including “French’s”, “Frank’s RedHot”, “OLD BAY”, “Lawry’s”, “Zatarain’s”, “Simply Asia”, “Thai Kitchen”, “Ducros”, “Vahine”, “Cholula”, “Schwartz”, “Club House”, “Kamis”, “DaQiao”, “La Drogheria”, “Stubb's”, and “Gourmet Garden”. Our flavor solutions segment sells to food manufacturers and the foodservice industry both directly and indirectly through distributors, with the exception of our 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, including the recent acquisitions of Cholula and FONA from our measure of segment performance as these expenses are similarly managed separately from the business segments. These transaction and integration expenses excluded from our segment performance measure include the amortization of the acquisition-date fair value adjustment of inventories that is included in cost of goods sold, costs directly associated with that acquisition and costs associated with integrating the businesses.

Although the segments are managed separately due to their distinct distribution channels and marketing strategies, manufacturing and warehousing are often integrated to maximize cost efficiencies. We do not segregate jointly utilized assets by individual segment for 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 August 31, 2022
Net sales	$	927.9	$	667.7	$	1,595.6
Operating income excluding special charges and transaction and integration expenses	183.7		54.9		238.6
Income from unconsolidated operations	6.6		0.9		7.5

Three months ended August 31, 2021
Net sales	$	921.9	$	627.5	$	1,549.4
Operating income excluding special charges and transaction and integration expenses	187.8		84.5		272.3
Income from unconsolidated operations	6.7		2.4		9.1

Nine months ended August 31, 2022
Net sales	$	2,720.1	$	1,934.7	$	4,654.8
Operating income excluding special charges and transaction and integration expenses	475.5		164.0		639.5
Income from unconsolidated operations	23.4		3.8		27.2

Nine months ended August 31, 2021
Net sales	$	2,813.9	$	1,773.7	$	4,587.6
Operating income excluding special charges and transaction and integration expenses	554.5		238.3		792.8
Income from unconsolidated operations	39.7		6.1		45.8

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


	Consumer		Flavor Solutions		Total
Three months ended August 31, 2022
Operating income excluding special charges and transaction and integration expenses	$	183.7	$	54.9	$	238.6
Less: Special charges	1.8		1.6		3.4


Operating income	$	181.9	$	53.3	$	235.2

Three months ended August 31, 2021
Operating income excluding special charges and transaction and integration expenses	$	187.8	$	84.5	$	272.3
Less: Special charges	3.5		2.3		5.8
Less: Transaction and integration expenses	0.2		1.1		1.3
Operating income	$	184.1	$	81.1	$	265.2

Nine months ended August 31, 2022
Operating income excluding special charges and transaction and integration expenses	$	475.5	$	164.0	$	639.5
Less: Special charges	16.1		21.9		38.0

Less: Transaction and integration expenses	—		2.2		2.2
Operating income	$	459.4	$	139.9	$	599.3

Nine months ended August 31, 2021
Operating income excluding special charges and transaction and integration expenses	$	554.5	$	238.3	$	792.8
Less: Special charges	13.1		7.5		20.6
Less: Transaction-related expenses included in cost of goods sold	4.0		2.3		6.3
Less: Other transaction and integration expenses	7.5		19.5		27.0
Operating income	$	529.9	$	209.0	$	738.9

The following table sets forth our net sales, by geographic area, for the three and nine months ended August 31, 2022 and 2021 (in millions):


	Americas		EMEA		Asia/Pacific		Total

Three months ended August 31, 2022	$	1,141.7	$	262.9	$	191.0	$	1,595.6
Three months ended August 31, 2021	1,084.5		283.4		181.5		1,549.4

Nine months ended August 31, 2022	3,266.8		841.2		546.8		4,654.8
Nine months ended August 31, 2021	3,130.7		890.7		566.2		4,587.6

- 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.

+ References

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-Publisher FASB
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+ Details

Other Income, Net

9 Months Ended

Aug. 31, 2022

Other Income and Expenses [Abstract]

Interest and Other Income

OTHER INCOME, NETThe following is a summary of Other income, net (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Gain on sale of business	$	49.6	$	—	$	49.6	$	—
Gain on settlement of treasury locks (1)	18.7		—		18.7		—
Pension and other postretirement benefit income	2.4		1.5		7.5		4.7
Interest income	4.8		2.4		11.7		6.5
Other	1.9		(0.4)		2.4		0.8
Total other income, net	$	77.4	$	3.5	$	89.9	$	12.0

(1)The gain on the settlement of these treasury locks is further described in note 3.

On August 3, 2022, we sold the Kitchen Basics business for $95.2 million in cash, net of transaction expenses of $3.8 million. Assets disposed of principally included inventory, intangible assets ($6.3 million) and goodwill ($21.5 million). The sale of Kitchen Basics resulted in a pre-tax gain of $49.6 million.

Sale of Unconsolidated Operations	9 Months Ended
Sale of Unconsolidated Operations	Aug. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Sale of Unconsolidated Operations	SALE OF UNCONSOLIDATED OPERATIONSOn March 1, 2021, we sold our 26% interest in Eastern Condiments Private Ltd (Eastern) for $65.4 million in cash, net of transaction expenses of $1.4 million. Eastern was accounted for as an equity method investment with our proportionate share of earnings, prior to the sale, reflected in Income from unconsolidated operations in our consolidated income statement. The sale of Eastern resulted in a gain of $13.4 million, net of tax of $5.7 million. That gain is included in Income from unconsolidated operations in our consolidated income statement. That gain also reflects a write-off of $1.4 million of foreign currency translation adjustment, a component of accumulated other comprehensive income.

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Aug. 31, 2022
Accounting Policies [Abstract]
Accounting and disclosure charges	Accounting Pronouncements Adopted in 2022 In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The new standard was adopted effective December 1, 2021. There was no material impact to our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides optional expedients for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. These optional expedients can be applied from March 2020 through December 31, 2022. Arrangements that were entered into during the nine months ended August 31, 2022, including our new revolving credit facility expiring in July 2023 and cross-currency interest rate swaps expiring in April 2030, no longer use LIBOR as a reference rate. However, LIBOR continues to be the reference rate for our variable rate debt, including our revolving credit facility expiring in July 2026, interest rate swaps, and the cross-currency interest rate swaps expiring in August 2027. The phase out of LIBOR reference rates will occur at different dates and began on January 1, 2022. Our adoption of this new standard occurred during the three months ended February 28, 2022, in conjunction with the first phase-out of a LIBOR reference rate. There was no material impact to our consolidated financial statements during the nine months ended August 31, 2022, nor do we expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. Recently Issued Accounting Pronouncements — Pending Adoption In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year ending November 30, 2024. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. Early adoption is permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements.

Special Charges And Transaction And Integration Expenses (Tables)

9 Months Ended

Aug. 31, 2022

Special Charges [Abstract]

Special Charges Summary

The following is a summary of special charges recognized in the three and nine months ended August 31, 2022 and 2021

(in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Employee severance and related benefits	$	1.9	$	2.8	$	23.6	$	7.6
Other costs
Cash	0.9		3.0		6.9		6.5
Non-Cash	0.6		—		21.1		6.5
Total special charges	3.4		5.8		51.6		20.6
Gain on sale of exited brand	—		—		(13.6)		—
Total	$	3.4	$	5.8	$	38.0	$	20.6

Special Charges Summary by Segment

The following is a breakdown by business segment of special charges for the three and nine months ended August 31, 2022 and 2021 (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Consumer segment	$	1.8	$	3.5	$	16.1	$	13.1
Flavor solutions segment	1.6		2.3		21.9		7.5
Total special charges	$	3.4	$	5.8	$	38.0	$	20.6

Business Combination, Separately Recognized Transactions


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Transaction-related expenses included in cost of goods sold	$	—	$	—	$	—	$	6.3
Other transaction expenses	—		—		—		13.8
Integration expenses	—		1.3		2.2		13.2
Total transaction and integration expenses	$	—	$	1.3	$	2.2	$	33.3

Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2022

Fair values of derivative instruments on balance sheet

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


	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2022
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	30.8
Foreign exchange contracts	Other current assets	316.3		14.9		Other accrued liabilities	223.2		2.3
Cross currency contracts	Other current assets / Other long-term assets	439.6		57.5		Other long-term liabilities	443.2		7.7
Total				$	72.4				$	40.8
As of November 30, 2021
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	23.1	Other long-term liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	380.8		8.3		Other accrued liabilities	202.8		2.8
Cross currency contracts	Other current assets / Other long-term assets	251.0		4.4		Other long-term liabilities	257.5		8.0
Total				$	35.8				$	10.8

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


Fair Value Hedges

Derivative	Income statement location	Income (expense)
		Three months ended August 31, 2022		Three months ended August 31, 2021		Nine months ended August 31, 2022		Nine months ended August 31, 2021

Interest rate contracts	Interest expense	$	0.6	$	2.1	$	5.4	$	6.1


	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2022		2021		Hedged item		2022		2021
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	3.6	$	5.6	Intercompany loans	Other income, net	$	(3.2)	$	(5.4)


Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	6.9	$	(0.3)	Intercompany loans	Other income, net	$	(6.1)	$	1.1


Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2022		2021			2022		2021
Three months ended August 31,
Interest rate contracts	$	1.8	$	—	Interest expense/ Other income, net	$	18.8	$	0.2
Foreign exchange contracts	2.8		1.5		Cost of goods sold	0.7		(0.3)
Total	$	4.6	$	1.5		$	19.5	$	(0.1)
Nine months ended August 31,
Interest rate contracts	$	18.7	$	0.3	Interest expense/ Other income, net	$	19.1	$	0.4
Foreign exchange contracts	5.2		(0.9)		Cost of goods sold	0.7		(0.6)
Total	$	23.9	$	(0.6)		$	19.8	$	(0.2)


Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2022		2021			2022		2021
Three months ended August 31,
Cross currency contracts	$	29.7	$	8.4	Interest expense	$	2.4	$	0.4
Nine months ended August 31,
Cross currency contracts	$	51.8	$	4.9	Interest expense	$	4.1	$	1.1

Fair Value Measurements (Tables)

9 Months Ended

Aug. 31, 2022

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):


			August 31, 2022
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	343.9	$	343.9	$	—
Insurance contracts	109.1		—		109.1
Bonds and other long-term investments	6.8		6.8		—

Foreign currency derivatives	14.9		—		14.9
Cross currency contracts	57.5		—		57.5
Total	$	532.2	$	350.7	$	181.5
Liabilities
Foreign currency derivatives	$	2.3	$	—	$	2.3
Interest rate derivatives	30.8		—		30.8
Cross currency contracts	7.7		—		7.7
Total	$	40.8	$	—	$	40.8


			November 30, 2021
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	351.7	$	351.7	$	—
Insurance contracts	132.2		—		132.2
Bonds and other long-term investments	5.1		5.1		—
Interest rate derivatives	23.1		—		23.1
Foreign currency derivatives	8.3		—		8.3
Cross currency contracts	4.4		—		4.4
Total	$	524.8	$	356.8	$	168.0
Liabilities
Foreign currency derivatives	$	2.8	$	—	$	2.8

Cross currency contracts	8.0		—		8.0
Total	$	10.8	$	—	$	10.8

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):


	August 31, 2022		November 30, 2021
Carrying amount	$	3,925.4	$	4,743.6


Level 1 valuation techniques	$	3,496.2	$	4,722.3
Level 2 valuation techniques	178.9		199.2
Total fair value	$	3,675.1	$	4,921.5

Employee Benefit and Retirement Plans (Tables)

9 Months Ended

Aug. 31, 2022

Retirement Benefits [Abstract]

Schedule of defined benefit plans disclosures

The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended August 31, 2022 and 2021 (in millions):


	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021

Service cost	$	0.9	$	0.9	$	0.2	$	0.3	$	0.4	$	0.5
Interest costs	6.5		6.5		1.7		1.8		0.4		0.4
Expected return on plan assets	(10.7)		(10.3)		(3.1)		(3.5)		—		—
Amortization of prior service costs	0.2		0.2		—		—		—		(0.1)
Amortization of net actuarial losses	2.2		2.7		0.3		0.6		(0.1)		—
Settlement loss	—		—		0.2		0.2		—		—
Total (income) expense	$	(0.9)	$	—	$	(0.7)	$	(0.6)	$	0.7	$	0.8

The following table presents the components of our pension (income) and other postretirement benefits expense for the nine months ended August 31, 2022 and 2021 (in millions):


	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021

Service cost	$	2.7	$	2.8	$	0.6	$	0.8	$	1.3	$	1.5
Interest costs	19.7		19.5		5.3		5.3		1.2		1.2
Expected return on plan assets	(32.1)		(30.9)		(9.4)		(10.5)		—		—
Amortization of prior service costs	0.4		0.4		0.1		0.1		(0.2)		(0.3)
Amortization of net actuarial losses	6.5		8.2		1.0		1.7		(0.2)		—
Settlement loss	—		—		0.2		0.6		—		—
Total (income) expense	$	(2.8)	$	—	$	(2.2)	$	(2.0)	$	2.1	$	2.4

Stock-Based Compensation (Tables)

9 Months Ended

Aug. 31, 2022

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

Stock Based Compensation in Selling, General and Administrative Expense

The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Stock-based compensation expense	$	12.2	$	11.6	$	49.1	$	54.2

The fair values of stock option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:


	2022	2021
Risk-free interest rates	0.2 - 2.5%	0.0 - 1.8%
Dividend yield	1.5%	1.5%
Expected volatility	21.2%	21.3%
Expected lives (in years)	7.6	7.9

Summary of Option Activity

The following is a summary of our stock option activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	5.0	$	59.71	4.5	$	53.56
Granted	0.7	96.92		0.8	89.16
Exercised	(0.8)	47.40		(0.2)	48.60
Outstanding at end of the period	4.9	$	67.13	5.1	$	59.44
Exercisable at end of the period	3.5	$	57.97	3.7	$	51.19

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

The following is a summary of our RSU activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(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	563	$	69.52	714	$	61.74
Granted	208	94.21		219	86.86
Vested	(251)	71.90		(284)	62.31
Forfeited	(30)	84.27		(28)	75.02
Outstanding at end of period	490	$	77.86	621	$	69.75

Schedule of Share Based Compensation, Performance Shares, Activity

The following is a summary of our LTPP activity for the nine months ended August 31, 2022 and 2021:


	2022			2021
(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	497	$	83.74	382	$	71.20
Granted	151	95.00		141	98.30
Vested	(251)	75.26		(124)	51.73
Forfeited	(4)	95.29		(23)	89.44
Outstanding at end of period	393	$	93.40	376	$	86.73

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 nine months ended August 31, 2022 and 2021:


	2022			2021
(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	2,193	$	9.40	2,482	$	9.40
Granted	—	—		15	9.66

Forfeited	(62)	9.40		(245)	9.42
Outstanding at end of period	2,131	$	9.40	2,252	$	9.40

Capital Stock and Earnings Per Share (Tables)

9 Months Ended

Aug. 31, 2022

Earnings Per Share, Basic and Diluted [Abstract]

Reconciliation of average shares outstanding

The following table sets forth the reconciliation of average shares outstanding (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Average shares outstanding – basic	268.3	267.4	268.1	267.2
Effect of dilutive securities:
Stock options/RSUs/LTPP	1.9	2.6	2.3	2.8
Average shares outstanding – diluted	270.2	270.0	270.4	270.0

Anti-dilutive securities not considered in earnings per share calculation

The following table sets forth the stock options and RSUs that were not considered in our earnings per share calculation since they were anti-dilutive (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Anti-dilutive securities	1.6	0.8	0.7	0.6

Common stock activity

The following table sets forth common stock activity (in millions):


	Three months ended August 31,		Nine months ended August 31,
	2022	2021	2022	2021
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	1.4	0.6
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.2	0.1	0.5	0.2

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Aug. 31, 2022

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

Schedule of accumulated other comprehensive income (loss)

The following table sets forth the components of accumulated other comprehensive loss, net of tax, where applicable (in millions):


	August 31, 2022		November 30, 2021
Foreign currency translation adjustment (1)	$	(409.7)	$	(233.3)
Unrealized gain on foreign currency exchange contracts	5.0		0.6

Unamortized value of settled interest rate swaps	(0.5)		(0.2)
Pension and other postretirement costs	(184.8)		(193.6)
Accumulated other comprehensive loss	$	(590.0)	$	(426.5)

Reclassification out of Accumulated Other Comprehensive Income

The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions):


	Three months ended				Nine months ended				Affected Line Items in the Condensed Consolidated Income Statement
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.2)	$	(0.4)	$	(0.4)	Interest expense
Treasury lock contracts(1)	(18.7)		—		(18.7)		—		Other income, net
Foreign exchange contracts	(0.7)		0.3		(0.7)		0.6		Cost of goods sold
Total before tax	(19.5)		0.1		(19.8)		0.2
Tax effect	4.9		—		5.0		—		Income tax expense
Net, after tax	$	(14.6)	$	0.1	$	(14.8)	$	0.2

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (credit) (2)	$	0.2	$	0.1	$	0.3	$	0.2	Other income, net
Amortization of net actuarial losses (2)	2.6		3.5		7.5		10.5		Other income, net
Total before tax	2.8		3.6		7.8		10.7
Tax effect	(0.6)		(0.8)		(1.8)		(2.5)		Income tax expense
Net, after tax	$	2.2	$	2.8	$	6.0	$	8.2

(1)The settlement of these treasury locks is further described in note 3.

Business Segments (Tables)

9 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Business segments


	Consumer		Flavor Solutions		Total
			(in millions)
Three months ended August 31, 2022
Net sales	$	927.9	$	667.7	$	1,595.6
Operating income excluding special charges and transaction and integration expenses	183.7		54.9		238.6
Income from unconsolidated operations	6.6		0.9		7.5

Three months ended August 31, 2021
Net sales	$	921.9	$	627.5	$	1,549.4
Operating income excluding special charges and transaction and integration expenses	187.8		84.5		272.3
Income from unconsolidated operations	6.7		2.4		9.1

Nine months ended August 31, 2022
Net sales	$	2,720.1	$	1,934.7	$	4,654.8
Operating income excluding special charges and transaction and integration expenses	475.5		164.0		639.5
Income from unconsolidated operations	23.4		3.8		27.2

Nine months ended August 31, 2021
Net sales	$	2,813.9	$	1,773.7	$	4,587.6
Operating income excluding special charges and transaction and integration expenses	554.5		238.3		792.8
Income from unconsolidated operations	39.7		6.1		45.8

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Consumer		Flavor Solutions		Total
Three months ended August 31, 2022
Operating income excluding special charges and transaction and integration expenses	$	183.7	$	54.9	$	238.6
Less: Special charges	1.8		1.6		3.4


Operating income	$	181.9	$	53.3	$	235.2

Three months ended August 31, 2021
Operating income excluding special charges and transaction and integration expenses	$	187.8	$	84.5	$	272.3
Less: Special charges	3.5		2.3		5.8
Less: Transaction and integration expenses	0.2		1.1		1.3
Operating income	$	184.1	$	81.1	$	265.2

Nine months ended August 31, 2022
Operating income excluding special charges and transaction and integration expenses	$	475.5	$	164.0	$	639.5
Less: Special charges	16.1		21.9		38.0

Less: Transaction and integration expenses	—		2.2		2.2
Operating income	$	459.4	$	139.9	$	599.3

Nine months ended August 31, 2021
Operating income excluding special charges and transaction and integration expenses	$	554.5	$	238.3	$	792.8
Less: Special charges	13.1		7.5		20.6
Less: Transaction-related expenses included in cost of goods sold	4.0		2.3		6.3
Less: Other transaction and integration expenses	7.5		19.5		27.0
Operating income	$	529.9	$	209.0	$	738.9

Schedule of Disclosure on Geographic Areas

The following table sets forth our net sales, by geographic area, for the three and nine months ended August 31, 2022 and 2021 (in millions):


	Americas		EMEA		Asia/Pacific		Total

Three months ended August 31, 2022	$	1,141.7	$	262.9	$	191.0	$	1,595.6
Three months ended August 31, 2021	1,084.5		283.4		181.5		1,549.4

Nine months ended August 31, 2022	3,266.8		841.2		546.8		4,654.8
Nine months ended August 31, 2021	3,130.7		890.7		566.2		4,587.6

Other Income, Net (Tables)

9 Months Ended

Aug. 31, 2022

Other Income and Expenses [Abstract]

Interest and Other Income

The following is a summary of Other income, net (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2022		2021		2022		2021
Gain on sale of business	$	49.6	$	—	$	49.6	$	—
Gain on settlement of treasury locks (1)	18.7		—		18.7		—
Pension and other postretirement benefit income	2.4		1.5		7.5		4.7
Interest income	4.8		2.4		11.7		6.5
Other	1.9		(0.4)		2.4		0.8
Total other income, net	$	77.4	$	3.5	$	89.9	$	12.0

(1)The gain on the settlement of these treasury locks is further described in note 3.

Special Charges And Transaction And Integration Expenses (Details) - USD ($)	3 Months Ended			9 Months Ended		69 Months Ended
	Aug. 31, 2022	May 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022
Special Charges [Line Items]
Special charges	$ (3,400,000)		$ (5,800,000)	$ (38,000,000.0)	$ (20,600,000)
Transaction and integration expenses	0		1,300,000	2,200,000	27,000,000.0
Integration expenses	0		1,300,000	2,200,000	13,200,000
Total transaction and integration expenses	0		1,300,000	2,200,000	33,300,000
Estimated future integration costs				2,200,000
Gain on Disposition of Intangible Assets				(13,600,000)	0
Asset Impairment Charges				10,000,000.0	6,500,000
Cost of goods sold
Special Charges [Line Items]
Transaction and integration expenses	0		0	0	6,300,000
Other transaction expenses
Special Charges [Line Items]
Transaction and integration expenses	0		0	0	13,800,000
Total
Special Charges [Line Items]
Gain on Disposition of Intangible Assets	0		0	(13,600,000)	0
Expenses of Sale	1,400,000
Consumer
Special Charges [Line Items]
Special charges	(1,800,000)		(3,500,000)	(16,100,000)	(13,100,000)
Transaction and integration expenses			200,000	0	7,500,000
Consumer \| Cost of goods sold
Special Charges [Line Items]
Transaction and integration expenses					4,000,000.0
Flavor Solutions
Special Charges [Line Items]
Special charges	(1,600,000)		(2,300,000)	(21,900,000)	(7,500,000)
Transaction and integration expenses			1,100,000	2,200,000	19,500,000
Flavor Solutions \| Cost of goods sold
Special Charges [Line Items]
Transaction and integration expenses					2,300,000
Employee severance and related benefits
Special Charges [Line Items]
Special charges	(1,900,000)		(2,800,000)	(23,600,000)	(7,600,000)
Total
Special Charges [Line Items]
Special charges	(3,400,000)		(5,800,000)	(38,000,000.0)	(20,600,000)
Total special charges before gain	3,400,000		5,800,000	51,600,000	20,600,000
Total \| Consumer
Special Charges [Line Items]
Special charges	(1,800,000)		(3,500,000)	(16,100,000)	(13,100,000)
Total \| Flavor Solutions
Special Charges [Line Items]
Special charges	(1,600,000)		(2,300,000)	(21,900,000)	(7,500,000)
EMEA
Special Charges [Line Items]
Special charges	(1,200,000)		(1,700,000)	(5,500,000)	(3,000,000)
EMEA \| Manufacturing Facility
Special Charges [Line Items]
Special charges	(1,000,000)			(18,400,000)
Special charges forecasted cost				30,000,000
Severance costs				12,500,000
Restructuring and related cost, accelerated depreciation	600,000			3,300,000
Other restructuring costs	400,000			2,600,000
Americas
Special Charges [Line Items]
Special charges	(400,000)		(1,800,000)	(5,700,000)	(7,000,000)
GE_Project
Special Charges [Line Items]
Special charges			(700,000)		(700,000)
Special Charges cash paid						$ 40,700,000
GE_Project \| Minimum
Special Charges [Line Items]
Special charges				(60,000,000)
GE_Project \| Maximum
Special Charges [Line Items]
Special charges				(65,000,000)
RUSSIA
Special Charges [Line Items]
Special charges		$ (22,200,000)		(23,000,000)
Severance costs	800,000	2,500,000
Other restructuring costs		1,800,000
Asset Impairment Charges		10,000,000
Investment Company, Realized and Unrealized Loss on Investment and Foreign Currency		$ 7,900,000
total special charges
Special Charges [Line Items]
Special Charges Impairment					6,500,000
INDIA
Special Charges [Line Items]
Special charges				(2,200,000)
Special charges cash
Special Charges [Line Items]
Special charges	(900,000)		(3,000,000.0)	(6,900,000)	(6,500,000)
Special charges non-cash
Special Charges [Line Items]
Special charges	$ (600,000)		0	$ (21,100,000)	(6,500,000)
APAC
Special Charges [Line Items]
Special charges			$ (800,000)		$ (800,000)

Financial Instruments - Additional Information (Details)	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 GBP (£)	Feb. 28, 2022 EUR (€)	Nov. 30, 2021 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 750,000,000		$ 750,000,000
Stated note interest rate	2.70%		2.70%
Investment foreign currency, contract, foreign currency amount	$ 539,500,000		$ 539,500,000					$ 583,600,000
Maximum time frame for foreign exchange contracts, months			18 months
Total derivative assets, Fair Value	72,400,000		$ 72,400,000					$ 35,800,000
Gain of settlement on treasury locks	18,700,000	$ 0	18,700,000	$ 0
Amount of accumulated other comprehensive income expected to be reclassified to earnings in next 12 months	3,600,000		3,600,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit	$ 500,000,000		500,000,000
Debt Instrument, Basis Spread on Variable Rate	1.23%
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000,000		1,500,000,000
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.60%
2.5% Notes due April 2030
Debt Instrument [Line Items]
Stated note interest rate					2.50%	2.50%	2.50%
Short-term Contract with Customer
Debt Instrument [Line Items]
Investment foreign currency, contract, foreign currency amount	$ 151,900,000		151,900,000
Fair Value Hedges \| Foreign exchange contracts
Debt Instrument [Line Items]
Derivative, notional amount	381,100,000		381,100,000
Net Investment Hedges \| 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 \| £						£ 184,100,000
Net Investment Hedges \| Cross currency contract II
Debt Instrument [Line Items]
Derivative, notional amount \| £						184,100,000
Total derivative assets, Fair Value \| £						£ 184,100,000
Derivative, collateral, obligation to return cash \| €							€ 219,200,000
Interest Rate Swap \| Treasury Lock
Debt Instrument [Line Items]
Derivative, notional amount	$ 200,000,000		$ 200,000,000		$ 250,000,000
Derivative, fixed interest rate	1.89%		1.89%
Notes payable	$ 200,000,000		$ 200,000,000
Interest Rate Swap \| Treasury Lock \| 2.5% Notes due April 2030
Debt Instrument [Line Items]
Derivative, fixed interest rate					2.50%	2.50%	2.50%
Derivative, basis spread on variable rate					0.684%	0.684%	0.684%
Interest Rate Swap 3.25% \| Treasury Lock \| 2.5% Notes due April 2030
Debt Instrument [Line Items]
Derivative, notional amount					$ 250,000,000
Notes payable					$ 500,000,000
Great Britain SONIA \| Net Investment Hedges \| Cross currency contracts
Debt Instrument [Line Items]
Derivative, variable interest rate					0.859%	0.859%	0.859%
Great Britain SONIA \| Interest Rate Swap 3.40% \| Treasury Lock
Debt Instrument [Line Items]
Derivative, basis spread on variable rate					0.574%	0.574%	0.574%
EURO ESTR \| Net Investment Hedges \| Cross currency contract II
Debt Instrument [Line Items]
Derivative, variable interest rate					0.667%	0.667%	0.667%
Great Britain LIBOR \| Net Investment Hedges \| Cross currency contracts
Debt Instrument [Line Items]
Derivative, variable interest rate					0.74%	0.74%	0.74%

Financial Instruments - Fair Value of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets, Fair Value	$ 72.4	$ 35.8
Total derivative liabilities, Fair Value	40.8	10.8
Interest rate contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	0.0	350.0
Interest rate contracts \| Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	600.0	0.0
Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	316.3	380.8
Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	223.2	202.8
Cross currency contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	439.6	251.0
Cross currency contracts \| Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	443.2	257.5
Fair Value, Measurements, Recurring \| Interest rate contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	0.0	23.1
Fair Value, Measurements, Recurring \| Interest rate contracts \| Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	30.8	0.0
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	14.9	8.3
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	2.3	2.8
Fair Value, Measurements, Recurring \| Cross currency contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency contracts	57.5	4.4
Fair Value, Measurements, Recurring \| Cross currency contracts \| Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency contracts	$ 7.7	$ 8.0

Financial Instruments - Impact of Fair Value Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - Fair Value Hedges - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Interest expense \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Interest income (expense)	$ 0.6	$ 2.1	$ 5.4	$ 6.1
Other income, net \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	3.6	5.6	6.9	(0.3)
Other income, net \| Intercompany loans
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ (3.2)	$ (5.4)	$ (6.1)	$ 1.1

Financial Instruments - Impact of Cash Flow Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 4,600,000	$ 1,500,000	$ 23,900,000	$ (600,000)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	19,500,000	(100,000)	19,800,000	(200,000)
Cash Flow Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			18,700,000	300,000
Cash Flow Hedges \| Interest rate contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	1,800,000	0
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	18,800,000	200,000	19,100,000	400,000
Cash Flow Hedges \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			5,200,000	(900,000)
Cash Flow Hedges \| Foreign exchange contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	2,800,000	1,500,000
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	700,000	(300,000)	700,000	(600,000)
Net Investment Hedges \| Cross currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			51,800,000	4,900,000
Net Investment Hedges \| Cross currency contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	29,700,000	8,400,000
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	$ 2,400,000	$ 400,000	$ 4,100,000	$ 1,100,000

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Assets
Cash and cash equivalents at fair value	$ 343.9	$ 351.7
Liabilities
Long-term debt	3,925.4	4,743.6
Long-term debt, fair value	3,675.1	4,921.5
Level 1
Liabilities
Long-term debt, fair value	3,496.2	4,722.3
Level 2
Liabilities
Long-term debt, fair value	178.9	199.2
Fair Value, Measurements, Recurring
Assets
Cash and cash equivalents at fair value	343.9	351.7
Insurance contracts	109.1	132.2
Bonds and other long-term investments	6.8	5.1
Total	532.2	524.8
Liabilities
Total	40.8	10.8
Fair Value, Measurements, Recurring \| Level 1
Assets
Cash and cash equivalents	343.9	351.7
Insurance contracts	0.0	0.0
Bonds and other long-term investments	6.8	5.1
Interest rate derivatives		0.0
Foreign currency derivatives	0.0	0.0
Total	350.7	356.8
Liabilities
Foreign currency derivatives	0.0	0.0
Interest rate derivatives	0.0
Cross currency contracts	0.0	0.0
Total	0.0	0.0
Fair Value, Measurements, Recurring \| Level 2
Assets
Cash and cash equivalents	0.0	0.0
Insurance contracts	109.1	132.2
Bonds and other long-term investments	0.0	0.0
Interest rate derivatives		23.1
Foreign currency derivatives	14.9	8.3
Total	181.5	168.0
Liabilities
Foreign currency derivatives	2.3	2.8
Interest rate derivatives	30.8
Cross currency contracts	7.7	8.0
Total	40.8	10.8
Assets \| Fair Value, Measurements, Recurring \| Level 1
Assets
Cross currency contracts	0.0	0.0
Assets \| Fair Value, Measurements, Recurring \| Level 2
Assets
Cross currency contracts	57.5	4.4
Interest rate contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring
Assets
Interest rate contracts, Fair Value	0.0	23.1
Foreign exchange contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	14.9	8.3
Foreign exchange contracts \| Other accrued liabilities \| Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	2.3	2.8
Cross currency contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring
Assets
Cross currency contracts	$ 57.5	4.4
Cross currency contracts \| Liability \| Fair Value, Measurements, Recurring
Liabilities
Cross currency contracts		$ 8.0

Employee Benefit And Retirement Plans - Components of Pension Expense of Defined benefit plans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
United States pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.9	$ 0.9	$ 2.7	$ 2.8
Interest costs	6.5	6.5	19.7	19.5
Expected return on plan assets	(10.7)	(10.3)	(32.1)	(30.9)
Amortization of prior service costs	0.2	0.2	0.4	0.4
Amortization of net actuarial losses	2.2	2.7	6.5	8.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Loss Due to Settlement	0.0	0.0	0.0	0.0
Total pension expense	(0.9)	0.0	(2.8)	0.0
International pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.3	0.6	0.8
Interest costs	1.7	1.8	5.3	5.3
Expected return on plan assets	(3.1)	(3.5)	(9.4)	(10.5)
Amortization of prior service costs	0.0	0.0	0.1	0.1
Amortization of net actuarial losses	0.3	0.6	1.0	1.7
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Loss Due to Settlement	0.2	0.2	0.2	0.6
Total pension expense	(0.7)	(0.6)	(2.2)	(2.0)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.5	1.3	1.5
Interest costs	0.4	0.4	1.2	1.2
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service costs	0.0	(0.1)	(0.2)	(0.3)
Amortization of net actuarial losses	(0.1)	0.0	(0.2)	0.0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Loss Due to Settlement	0.0	0.0	0.0	0.0
Other Postretirement Benefits Cost (Reversal of Cost)	$ 0.7	$ 0.8	$ 2.1	$ 2.4

Employee Benefit And Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Retirement Benefits [Abstract]
Payment for pension benefits			$ 9.9	$ 7.5	$ 15.0
Pension and other postretirement benefits (income), excluding service cost components	$ (2.4)	$ (1.5)	$ (7.5)	$ (4.7)

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Aug. 31, 2022 USD ($) award_type $ / shares	Aug. 31, 2021 USD ($) $ / shares
Share-based Payment Arrangement [Abstract]
Number of stock-based compensation award types \| award_type	4
Intrinsic value for all options outstanding	$ 95.9
Intrinsic value for exercisable options	93.4
Total Intrinsic Value of all options exercised	$ 40.2	$ 7.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value \| $ / shares	$ 22.08	$ 18.36

Stock-Based Compensation - Selling, General and Administrative Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Share-based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 12.2	$ 11.6	$ 49.1	$ 54.2

Stock-Based Compensation - Range of Assumptions for Various Stock Compensation Plans (Details)	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	0.20%	0.00%
Risk-free interest rates	2.50%	1.80%
Dividend yield	1.50%	1.50%
Expected volatility	21.20%	21.30%
Expected lives (in years)	7 years 7 months 6 days	7 years 10 months 24 days

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - $ / shares shares in Millions	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, Number of Shares	5.0	4.5
Exercised, Number of Shares	(0.8)	(0.2)
Outstanding at end of period, Number of Shares	4.9	5.1
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 96.92	$ 89.16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0.7	0.8
Excercisable at end of the period, Number of Shares	3.5	3.7
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	$ 59.71	$ 53.56
Exercised, Weighted-Average Exercise Price	47.40	48.60
Outstanding at end of period, Weighted-Average Exercise Price	67.13	59.44
Exercisable at end of the period, Weighted-Average Exercise Price	$ 57.97	$ 51.19

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
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	563	714
Granted, Number of Shares	208	219
Vested, Number of Shares	(251)	(284)
Forfeited, Number of Shares	(30)	(28)
Outstanding at end of period, Number of Shares	490	621
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	$ 69.52	$ 61.74
Granted, Weighted-Average Grant-Date Fair Value	94.21	86.86
Vested, Weighted-Average Grant-Date Fair Value	71.90	62.31
Forfeited, Weighted-Average Grant-Date Fair Value	84.27	75.02
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 77.86	$ 69.75

Stock-Based Compensation - Summary of Price-Vested Stock Options Activity (Details) - Price Vested Stock Options - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	2,193	2,482
Granted, Number of Shares	0	15
Forfeited, Number of Shares	(62)	(245)
Outstanding at end of period, Number of Shares	2,131	2,252
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40
Granted, Weighted-Average Grant-Date Fair Value	0	9.66
Forfeited, Weighted-Average Grant-Date Fair Value	9.40	9.42
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40

Stock-Based Compensation - Summary of LTPP awards (Details) - Performance Shares - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
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	497	382
Granted, Number of Shares	151	141
Vested, Number of Shares	(251)	(124)
Forfeited, Number of Shares	(4)	(23)
Outstanding at end of period, Number of Shares	393	376
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	$ 83.74	$ 71.20
Granted, Weighted-Average Grant-Date Fair Value	95.00	98.30
Vested, Weighted-Average Grant-Date Fair Value	75.26	51.73
Forfeited, Weighted-Average Grant-Date Fair Value	95.29	89.44
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 93.40	$ 86.73

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, tax credit, amount	$ 3.8	$ 22.9	$ 15.5	$ 22.9
Tax expense relating to the sale of a business	11.6		11.6
Tax benefits related to the revaluation of deferred taxes	1.4	2.4	3.9	2.5
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	4.7	4.3	6.2	9.2
Effective Income Tax Rate Reconciliation, Tax Benefit Resulting From Adjustment, Amount	$ 1.3	1.1	1.3	1.1
Shares issued, tax benefit			9.0	2.2
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount			4.1	4.5
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount			$ 2.3
Unrecognized Tax Benefits Due To The Partial Release Of Certain Reserves		13.3		13.3
Unrecognized tax benefits, decrease resulting from acquisition		$ 1.0		$ 10.4

Capital Stock and Earnings Per Share - Reconciliation of Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Average shares outstanding - basic (shares)	268.3	267.4	268.1	267.2
Effect of dilutive securities: [Abstract]
Stock options/RSUs/LTPP	1.9	2.6	2.3	2.8
Average shares outstanding – diluted (shares)	270.2	270.0	270.4	270.0

Capital Stock and Earnings Per Share - Antidilutive Securities not Considered in Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Anti-dilutive securities	1.6	0.8	0.7	0.6

Capital Stock and Earnings Per Share - Common Stock Activity (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Stock Options And Restricted Stock Units
Employee Stock Purchase Plan [Line Items]
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	1.4	0.6
McCormick Share Repurchases
Employee Stock Purchase Plan [Line Items]
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.2	0.1	0.5	0.2

Capital Stock and Earnings Per Share - Additional Information (Details) - November 2019 $ in Millions	Aug. 31, 2022 USD ($)
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 549.9
Stock repurchase program, authorized amount	$ 600.0

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustment	$ (409.7)		$ (233.3)
Unrealized gain on foreign currency exchange contracts	5.0		0.6
Unamortized value of settled interest rate swaps	(0.5)		(0.2)
Pension and other postretirement costs	(184.8)		(193.6)
Accumulated other comprehensive loss	(590.0)		$ (426.5)
Decrease in foreign currency translation adjustment	(176.4)
Cross currency contracts \| Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 51.8	$ 4.9

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Into Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ 37.9	$ 33.9	$ 104.7	$ 103.3
(Gain) loss on treasury lock contracts	(18.7)	0.0	(18.7)	0.0
Cost of goods sold	1,028.9	949.8	3,004.7	2,795.9
Income tax expense	59.3	31.5	115.4	135.5
Net income	222.9	212.4	496.3	557.9
Amortization adjustment from AOCI, pension and other postretirement benefit plans, for net prior service cost (credit), before tax	0.2	0.1	0.3	0.2
Other income, net	77.4	3.5	89.9	12.0
Reclassification out of Accumulated Other Comprehensive Income \| (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(19.5)	0.1	(19.8)	0.2
Income tax expense	4.9	0.0	5.0	0.0
Net income	(14.6)	0.1	(14.8)	0.2
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of pension and postretirement benefit adjustments:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	2.8	3.6	7.8	10.7
Income tax expense	(0.6)	(0.8)	(1.8)	(2.5)
Net income	2.2	2.8	6.0	8.2
Other income, net	2.6	3.5	7.5	10.5
Interest rate contracts \| Reclassification out of Accumulated Other Comprehensive Income \| (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	(0.1)	(0.2)	(0.4)	(0.4)
Foreign exchange contracts \| Reclassification out of Accumulated Other Comprehensive Income \| (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold	$ (0.7)	$ 0.3	$ (0.7)	$ 0.6

Business Segments - Additional Information (Detail)	9 Months Ended
Business Segments - Additional Information (Detail)	Aug. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Detail) - USD ($) $ in Millions	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,595.6	$ 1,549.4	$ 4,654.8	$ 4,587.6
Operating income excluding special charges and transaction and integration expenses	238.6	272.3	639.5	792.8
Income from unconsolidated operations	7.5	9.1	27.2	45.8
Less: Special charges	3.4	5.8	38.0	20.6
Transaction and integration expenses	0.0	1.3	2.2	27.0
Operating income	235.2	265.2	599.3	738.9
Cost of goods sold
Segment Reporting Information [Line Items]
Transaction and integration expenses	0.0	0.0	0.0	6.3
Consumer
Segment Reporting Information [Line Items]
Revenues	927.9	921.9	2,720.1	2,813.9
Operating income excluding special charges and transaction and integration expenses	183.7	187.8	475.5	554.5
Income from unconsolidated operations	6.6	6.7	23.4	39.7
Less: Special charges	1.8	3.5	16.1	13.1
Transaction and integration expenses		0.2	0.0	7.5
Operating income	181.9	184.1	459.4	529.9
Consumer \| Cost of goods sold
Segment Reporting Information [Line Items]
Transaction and integration expenses				4.0
Flavor Solutions
Segment Reporting Information [Line Items]
Revenues	667.7	627.5	1,934.7	1,773.7
Operating income excluding special charges and transaction and integration expenses	54.9	84.5	164.0	238.3
Income from unconsolidated operations	0.9	2.4	3.8	6.1
Less: Special charges	1.6	2.3	21.9	7.5
Transaction and integration expenses		1.1	2.2	19.5
Operating income	53.3	81.1	139.9	209.0
Flavor Solutions \| Cost of goods sold
Segment Reporting Information [Line Items]
Transaction and integration expenses				2.3
Americas
Segment Reporting Information [Line Items]
Revenues	1,141.7	1,084.5	3,266.8	3,130.7
EMEA
Segment Reporting Information [Line Items]
Revenues	262.9	283.4	841.2	890.7
Asia/Pacific
Segment Reporting Information [Line Items]
Revenues	$ 191.0	$ 181.5	$ 546.8	$ 566.2

Other Income, Net - Summary of Other Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Other Income and Expenses [Abstract]
Gain on sale of business	$ 49.6	$ 0.0	$ 49.6	$ 0.0
Gain of settlement on treasury locks	18.7	0.0	18.7	0.0
Pension and other postretirement benefit income	2.4	1.5	7.5	4.7
Interest income	4.8	2.4	11.7	6.5
Other	1.9	(0.4)	2.4	0.8
Total other income, net	$ 77.4	$ 3.5	$ 89.9	$ 12.0

Other Income, Net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 03, 2022	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business				$ 95.2	$ 0.0
Goodwill		$ 5,209.7		5,209.7		$ 5,335.8
Gain on sale of business		$ 49.6	$ 0.0	$ 49.6	$ 0.0
Kitchen Basics
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 95.2
Transaction expenses	3.8
Other Intangible Assets, Net	6.3
Goodwill	21.5
Gain on sale of business	$ 49.6

Sale of Unconsolidated Operations (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Business Acquisition [Line Items]
Proceeds from sale of unconsolidated operation		$ 0.0	$ 65.4
Eastern
Business Acquisition [Line Items]
Proceeds from sale of unconsolidated operation	$ 65.4
Transaction costs	1.4		$ 1.4
Gain on sale of investments	13.4
Income taxes on sale of investment	5.7
Other comprehensive income (loss), foreign currency transaction and translation reclassification adjustment from AOCI, realized upon sale or liquidation, before Tax	$ 1.4
Eastern \| Eastern
Business Acquisition [Line Items]
Equity method investment, ownership percentage	26.00%		26.00%