0000063754-24-000064 | 10-Q | XBRL Viewer

Employee Benefit and Retirement Plans

9 Months Ended

Aug. 31, 2024

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, 2024 and 2023 (in millions):


	United States pension				International pension				Other postretirement benefits
	2024		2023		2024		2023		2024		2023

Service cost	$	0.3	$	0.5	$	0.1	$	0.2	$	0.2	$	0.4
Interest costs	9.4		9.0		2.6		2.5		0.6		0.7
Expected return on plan assets	(9.9)		(10.6)		(4.0)		(3.9)		—		—
Amortization of prior service costs	0.2		0.2		0.1		—		—		(0.1)
Amortization of net actuarial losses (gains)	(0.1)		0.1		(0.1)		—		(0.7)		(0.6)

Total (income) expense	$	(0.1)	$	(0.8)	$	(1.3)	$	(1.2)	$	0.1	$	0.4

The following table presents the components of our pension (income) and other postretirement benefits expense for the nine months ended August 31, 2024 and 2023 (in millions):


	United States pension				International pension				Other postretirement benefits
	2024		2023		2024		2023		2024		2023

Service cost	$	1.1	$	1.5	$	0.4	$	0.5	$	0.6	$	1.0
Interest costs	28.0		27.1		7.9		7.3		1.8		1.9
Expected return on plan assets	(29.7)		(31.8)		(12.0)		(11.3)		—		—
Amortization of prior service costs	0.4		0.4		0.1		0.1		(0.2)		(0.3)
Amortization of net actuarial losses (gains)	(0.3)		0.2		(0.2)		(0.1)		(2.0)		(1.6)

Total (income) expense	$	(0.5)	$	(2.6)	$	(3.8)	$	(3.5)	$	0.2	$	1.0

During the nine months ended August 31, 2024 and 2023, we contributed $5.2 million and $7.4 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2023 were $9.2 million.

All of the amounts in the tables above for pension (income) and other postretirement benefits expense, other than service cost, were included in other income, net within our consolidated income statements. The net aggregate amount of pension and other postretirement benefits income, excluding service cost components, was $(1.9) million and $(2.7) million for the three months ended August 31, 2024 and 2023, respectively. For the nine months ended August 31, 2024 and 2023, the net aggregate amount of pension and other postretirement benefits income, excluding service cost components was $(6.2) million and $(8.1) million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments

9 Months Ended

Aug. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCING ARRANGEMENTS AND FINANCIAL INSTRUMENTS

In August 2024, we entered into a 364-day $500 million revolving credit facility which will expire in August 2025 (the 364-day facility). The current pricing for the 364-day facility, on a fully drawn basis, is SOFR + 1.23%. The pricing of the 364-day facility is based on a credit rating grid that contains a fully drawn maximum pricing of the 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 five-year $1.5 billion revolving credit facility (the five-year facility). We do not expect that this covenant would limit our access to the 364-day facility or the five-year facility for the foreseeable future.

During the three months ended August 31, 2024, we repaid our $700.0 million 3.15% notes due in August 2024.

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

Foreign currency exchange risk. We are potentially exposed to foreign currency fluctuations affecting net investments in subsidiaries, transactions (both third-party and intercompany) and earnings denominated in foreign currencies. We assess foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contract and currency swaps with highly-rated financial institutions to reduce fluctuations in the long or short currency positions.

The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of August 31, 2024 and November 30, 2023 (in millions):


	August 31, 2024		November 30, 2023
Fair value hedges	$	864.8	$	765.4
Cash flow hedge	245.9		235.0
Total	$	1,110.7	$	1,000.4

All of these contracts were designated as hedges of foreign currency denominated assets or liabilities or hedges of anticipated purchases denominated in a foreign currency. Hedge ineffectiveness was not material. All foreign currency exchange contracts outstanding at August 31, 2024 have durations of less than 15 months, including $252.7 million of notional contracts that have an initial duration of less than one month and are used to hedge short-term cash flow funding.

Contracts which are designated as hedges of foreign currency denominated assets are considered fair value hedges. These foreign currency exchange contracts manage both exposure to currency fluctuations in certain intercompany loans between subsidiaries as well as currency exposure to third-party non-functional currency assets or liabilities. Gains and losses from contracts that are designated as hedges of assets, liabilities or firm commitments are recognized through income, offsetting the change in fair value of the hedged item. Contracts which are designated as hedges of anticipated purchases denominated in a foreign currency (generally purchases of inventory in U.S. dollars by operating units outside the U.S.) are considered cash flow hedges. The gains and losses on these contracts are deferred in accumulated other comprehensive income until the hedged item is recognized in cost of goods sold, at which time the net amount deferred in accumulated other comprehensive income is also recognized in cost of goods sold.

We also utilize cross currency interest rate swap contracts that are designated as net investment hedges. Gains or losses on net investment hedges, exclusive of interest accruals, are included in foreign currency translation adjustments in accumulated other comprehensive loss. We exclude the interest accruals on cross-currency interest rate swap contracts from the assessment and measurement of hedge effectiveness. We recognize the interest accruals on cross-currency interest rate swap contracts within interest expense.

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

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


	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2024
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	600.0	$	36.0
Foreign exchange contracts	Other current assets	367.3		2.4		Other accrued liabilities	743.4		16.7
Cross currency contracts	Other current assets / Other long-term assets	486.8		18.6		Other accrued liabilities / Other long-term liabilities	497.0		5.9
Total				$	21.0				$	58.6
As of November 30, 2023
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	600.0	$	52.8
Foreign exchange contracts	Other current assets	161.3		2.5		Other accrued liabilities	839.1		16.0
Cross currency contracts	Other current assets / Other long-term assets	719.6		24.6		Other long-term liabilities	238.9		7.5
Total				$	27.1				$	76.3

The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three and nine months ended August 31, 2024 and 2023 (in millions):


Fair Value Hedges

Derivative	Income statement location	Expense (income)
		Three months ended August 31, 2024		Three months ended August 31, 2023		Nine months ended August 31, 2024		Nine months ended August 31, 2023

Interest rate contracts	Interest expense	$	5.2	$	4.9	$	15.4	$	12.6


	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2024		2023		Hedged item		2024		2023
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	(5.5)	$	(12.4)	Intercompany loans	Other income, net	$	4.6	$	10.0
Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	(12.2)	$	(18.1)	Intercompany loans	Other income, net	$	8.5	$	17.1

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, 2024 and 2023.


Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2024		2023			2024		2023
Three months ended August 31,
Interest rate contracts	$	—	$	—	Interest expense	$	(0.2)	$	—
Foreign exchange contracts	(0.3)		0.7		Cost of goods sold	0.4		(0.4)
Total	$	(0.3)	$	0.7		$	0.2	$	(0.4)
Nine months ended August 31,
Interest rate contracts	$	—	$	(2.6)	Interest expense	$	(0.5)	$	0.2
Foreign exchange contracts	(0.6)		(1.7)		Cost of goods sold	1.9		0.9
Total	$	(0.6)	$	(4.3)		$	1.4	$	1.1

As of August 31, 2024, the net amount of accumulated other comprehensive loss associated with all cash flow and settled interest rate cash flow hedge derivatives expected to be reclassified in the next 12 months is $0.8 million as a decrease to earnings.


Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2024		2023			2024		2023
Three months ended August 31,
Cross currency contracts	$	(9.4)	$	(8.0)	Interest expense	$	2.4	$	2.7
Nine months ended August 31,
Cross currency contracts	$	(4.4)	$	(17.6)	Interest expense	$	7.0	$	8.9

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.

We maintain a nonrecourse accounts receivable sale program whereby certain eligible U.S. receivables are sold to a third-party financial institution in exchange for cash. The program provides us with an additional means for managing liquidity. Under the terms of the arrangement, we act as the collecting agent on behalf of the financial institution. We account for the transfer of receivables as a sale at the point control is transferred through derecognition of the receivable on our condensed consolidated balance sheet. The outstanding amounts of receivables sold under this program were $21.1 million and $19.6 million as of August 31, 2024, and November 30, 2023, respectively. As collecting agent on the sold receivables, we had $3.3 million and $1.6 million of cash collected that was not yet remitted to the third-party financial institution as of August 31, 2024, and November 30, 2023, respectively. The incremental costs of selling receivables under this arrangement were insignificant for the three months and nine months ended August 31, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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+ Details

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2024	Aug. 31, 2024	Aug. 31, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Amount of accumulated other comprehensive income expected to be reclassified to earnings in next 12 months	$ 0.8	$ 0.8	$ 0.8
Accounts Receivable, Amount Sold			21.1	$ 19.6
Accounts Receivable, Amount Collected and Not Yet Remitted			3.3	$ 1.6
Three Point One Five Notes Due On Two Thousand Twenty Four \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.15%
Extinguishment of debt, amount		$ 700.0
Revolving Credit Facility \| Credit Facility Expiring August 2025
Debt Instrument [Line Items]
Debt instrument, term	364 days
Credit facility	$ 500.0	500.0	$ 500.0
Debt instrument, basis spread on variable rate	1.23%
Revolving Credit Facility \| Credit Facility Expiring August 2025 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.60%
Revolving Credit Facility \| Credit Facility Expiring June 2026
Debt Instrument [Line Items]
Debt instrument, term			5 years
Credit facility	$ 1,500.0	1,500.0	$ 1,500.0
Foreign exchange contracts \| Cash Flow Hedges \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Investment foreign currency, contract, foreign currency amount	$ 252.7	$ 252.7	$ 252.7

Business Segments

9 Months Ended

Aug. 31, 2024

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

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

We measure segment performance based on operating income excluding special charges, as this activity is managed separately from the business segments.

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


	Consumer		Flavor Solutions		Total
			(in millions)
Three months ended August 31, 2024
Net sales	$	937.4	$	742.4	$	1,679.8
Operating income excluding special charges	186.8		101.6		288.4
Income from unconsolidated operations	17.1		0.8		17.9

Three months ended August 31, 2023
Net sales	$	937.1	$	747.6	$	1,684.7
Operating income excluding special charges	173.3		77.8		251.1
Income from unconsolidated operations	11.9		1.5		13.4

Nine months ended August 31, 2024
Net sales	$	2,763.4	$	2,162.3	$	4,925.7
Operating income excluding special charges	512.4		249.6		762.0
Income from unconsolidated operations	54.7		1.3		56.0

Nine months ended August 31, 2023
Net sales	$	2,758.7	$	2,150.7	$	4,909.4
Operating income excluding special charges	500.3		212.6		712.9
Income from unconsolidated operations	36.5		1.2		37.7

A reconciliation of operating income excluding special charges to operating income is as follows (in millions):


	Consumer		Flavor Solutions		Total
Three months ended August 31, 2024
Operating income excluding special charges	$	186.8	$	101.6	$	288.4
Less: Special charges	0.5		1.4		1.9


Operating income	$	186.3	$	100.2	$	286.5

Three months ended August 31, 2023
Operating income excluding special charges	$	173.3	$	77.8	$	251.1
Less: Special charges	2.2		3.9		6.1

Operating income	$	171.1	$	73.9	$	245.0

Nine months ended August 31, 2024
Operating income excluding special charges	$	512.4	$	249.6	$	762.0
Less: Special charges	3.8		4.1		7.9


Operating income	$	508.6	$	245.5	$	754.1

Nine months ended August 31, 2023
Operating income excluding special charges	$	500.3	$	212.6	$	712.9
Less: Special charges	29.6		17.5		47.1


Operating income	$	470.7	$	195.1	$	665.8

Total segment operating income as disclosed in the preceding table represents our consolidated operating income. The reconciliation of that operating income to income from consolidated operations before income taxes, which includes interest expense and other income, net is presented on the consolidated income statement.

The following table sets forth our net sales, by geographic area, for the three and nine months ended August 31, 2024 and 2023 (in millions):


	Americas		EMEA		APAC		Total

Three months ended August 31, 2024	$	1,209.3	$	295.4	$	175.1	$	1,679.8
Three months ended August 31, 2023	1,203.3		304.4		177.0		1,684.7

Nine months ended August 31, 2024	3,492.7		909.4		523.6		4,925.7
Nine months ended August 31, 2023	3,475.8		899.0		534.6		4,909.4

- Definition

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

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+ Details

Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of August 31, 2024 and November 30, 2023 (in millions):


	August 31, 2024		November 30, 2023
Fair value hedges	$	864.8	$	765.4
Cash flow hedge	245.9		235.0
Total	$	1,110.7	$	1,000.4

Fair values of derivative instruments on balance sheet

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


	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2024
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	600.0	$	36.0
Foreign exchange contracts	Other current assets	367.3		2.4		Other accrued liabilities	743.4		16.7
Cross currency contracts	Other current assets / Other long-term assets	486.8		18.6		Other accrued liabilities / Other long-term liabilities	497.0		5.9
Total				$	21.0				$	58.6
As of November 30, 2023
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	600.0	$	52.8
Foreign exchange contracts	Other current assets	161.3		2.5		Other accrued liabilities	839.1		16.0
Cross currency contracts	Other current assets / Other long-term assets	719.6		24.6		Other long-term liabilities	238.9		7.5
Total				$	27.1				$	76.3

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


Fair Value Hedges

Derivative	Income statement location	Expense (income)
		Three months ended August 31, 2024		Three months ended August 31, 2023		Nine months ended August 31, 2024		Nine months ended August 31, 2023

Interest rate contracts	Interest expense	$	5.2	$	4.9	$	15.4	$	12.6


	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2024		2023		Hedged item		2024		2023
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	(5.5)	$	(12.4)	Intercompany loans	Other income, net	$	4.6	$	10.0
Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	(12.2)	$	(18.1)	Intercompany loans	Other income, net	$	8.5	$	17.1


Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2024		2023			2024		2023
Three months ended August 31,
Interest rate contracts	$	—	$	—	Interest expense	$	(0.2)	$	—
Foreign exchange contracts	(0.3)		0.7		Cost of goods sold	0.4		(0.4)
Total	$	(0.3)	$	0.7		$	0.2	$	(0.4)
Nine months ended August 31,
Interest rate contracts	$	—	$	(2.6)	Interest expense	$	(0.5)	$	0.2
Foreign exchange contracts	(0.6)		(1.7)		Cost of goods sold	1.9		0.9
Total	$	(0.6)	$	(4.3)		$	1.4	$	1.1


Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2024		2023			2024		2023
Three months ended August 31,
Cross currency contracts	$	(9.4)	$	(8.0)	Interest expense	$	2.4	$	2.7
Nine months ended August 31,
Cross currency contracts	$	(4.4)	$	(17.6)	Interest expense	$	7.0	$	8.9

Special Charges And Transaction And Integration Expenses

9 Months Ended

Aug. 31, 2024

Special Charges [Abstract]

Special Charges And Transaction And Integration Expenses

SPECIAL CHARGES

In our consolidated income statement, we include a separate line item captioned "Special charges" in arriving at our consolidated operating income. Special charges consist of expenses, including related impairment charges, associated with certain actions undertaken to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee, comprised of our senior management, including our President and Chief Executive Officer. Expenses associated with any approved action are classified as special charges upon recognition and monitored on an on-going basis through completion. Certain ancillary expenses related to these actions approved by our Management Committee do not qualify for accrual upon approval but are included as special charges as incurred during the course of the actions.

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

The following is a summary of special charges recognized in the three and nine months ended August 31, 2024 and 2023

(in millions):


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Employee severance and related benefits	$	—	$	1.1	$	3.1	$	32.9
Other costs
Cash	1.9		4.4		4.8		12.4
Non-Cash	—		0.6		—		1.8
Total special charges	$	1.9	$	6.1	7.9		47.1

During the three months ended August 31, 2024, we recorded $1.9 million of special charges, consisting principally of $0.7 million associated with our Global Operating Effectiveness (GOE) program, as more fully described below, and $1.2 million associated with the transition of a manufacturing facility in Europe, Middle East, and Africa (EMEA), as more fully described below.

During the nine months ended August 31, 2024, we recorded $7.9 million of special charges, consisting principally of $5.3 million associated with our GOE program, as more fully described below, and $2.6 million associated with the transition of a manufacturing facility in EMEA, as more fully described below.

During the three months ended August 31, 2023, we recorded $6.1 million of special charges, consisting principally of $3.6 million associated with our GOE program, as more fully described below, $1.7 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $0.8 million in the Americas region.

During the nine months ended August 31, 2023, we recorded $47.1 million of special charges, consisting principally of $37.0 million associated with our GOE program, as more fully described below, $3.9 million associated with the transition of a manufacturing facility in EMEA, as more fully described below, and streamlining actions of $5.3 million in the Americas region and $0.9 million in the EMEA region.

In 2022, our Management Committee approved the GOE program, which is expected to eliminate costs associated with our supply chain operations, as well as across the remainder of the organization. The GOE program included a voluntary retirement plan, which included enhanced separation benefits to certain U.S. employees aged 55 years or older with at least ten years of service to the company. This voluntary retirement plan commenced in November 2022, and participants were required to submit their notifications by December 30, 2022. The GOE program also includes other employee separation actions as other related costs within the program. The total costs incurred under the GOE program were approximately $48 million as of November 30, 2023. Special charges recognized during the three months ended August 31, 2024, under our GOE program included $0.7 million in severance and related benefits costs. Special charges recognized during the nine months ended August 31, 2024, under our GOE program included $4.6 million in severance and related benefits costs and $0.7 million of third-party expenses and other costs. Special charges recognized during the three months ended August 31, 2023, under our GOE program included $0.9 million in severance and related benefits costs and $2.7 million of third-party expenses and other costs. Special

charges recognized during the nine months ended August 31, 2023, under our GOE program included $12.4 million in severance and related benefits costs and $4.9 million of third-party expenses and other costs.

In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology. We expect to execute these changes to our supply chain operations and improve profitability, from a combination of lower headcount and non-headcount costs, by consolidating our operations into a scalable platform while expanding our capacity. We expect the cost of the initiative to approximate $40 million—to be recognized as special charges in our consolidated income statement through 2024. Of that $40 million, we expect the costs to include employee severance and related benefits, non-cash accelerated depreciation, equipment relocation costs, decommissioning and other property related lease exit costs, all directly related to the initiative. The total costs incurred under this program were approximately $36 million as of November 30, 2023. During the three months ended August 31, 2024, we recognized a reversal of $0.7 million associated with severance and related benefits costs and $1.9 million in third-party expenses and other costs. During the nine months ended August 31, 2024, we recognized a reversal of $1.5 million associated with severance and related benefits costs and $4.1 million in third-party expenses and other costs. During the three months ended August 31, 2023, we recognized $0.4 million in accelerated depreciation and $1.3 million in third-party expenses and other costs. During the nine months ended August 31, 2023, we recognized $1.2 million in accelerated depreciation and $2.7 million in third-party expenses and other costs.

As of August 31, 2024, accruals associated with special charges of $4.2 million are included in other accrued liabilities in our consolidated balance sheet.

The following is a breakdown by business segment of special charges for the three and nine months ended August 31, 2024 and 2023 (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Consumer segment	$	0.5	$	2.2	$	3.8	$	29.6
Flavor solutions segment	1.4		3.9		4.1		17.5
Total special charges	$	1.9	$	6.1	$	7.9	$	47.1

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

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Operating activities
Net income	$ 573.3	$ 461.3
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	157.5	150.4
Stock-based compensation	39.9	51.1
Deferred income tax expense (benefit)	(37.2)	1.7
Income from unconsolidated operations	(56.0)	(37.7)
Trade accounts receivable	(72.2)	(22.9)
Inventories	(108.9)	139.7
Trade accounts payable	112.3	(90.4)
Other assets and liabilities	(202.1)	(43.6)
Dividends from unconsolidated affiliates	56.6	50.5
Net cash flow provided by operating activities	463.2	660.1
Investing activities
Capital expenditures (including software)	(189.3)	(187.2)
Other investing activities	0.2	2.4
Net cash flow used in investing activities	(189.1)	(184.8)
Financing activities
Short-term borrowings, net	908.6	(850.0)
Long-term debt borrowings	0.0	496.4
Payment of debt issuance costs	0.0	(1.1)
Long-term debt repayments	(752.8)	(12.7)
Proceeds from exercised stock options	12.8	15.9
Taxes withheld and paid on employee stock awards	(8.9)	(10.8)
Common stock acquired by purchase	(29.0)	(26.7)
Dividends paid	(338.3)	(313.8)
Other financing activities	1.7	1.6
Net cash flow used in financing activities	(205.9)	(701.2)
Effect of exchange rate changes on cash and cash equivalents	(34.0)	46.6
Increase (decrease) in cash and cash equivalents	34.2	(179.3)
Cash and cash equivalents at beginning of period	166.6	334.0
Cash and cash equivalents at end of period	$ 200.8	$ 154.7

Capital Stock and Earnings Per Share - Additional Information (Details) - November 2019 $ in Millions	Aug. 31, 2024 USD ($)
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 472.5
Stock repurchase program, authorized amount	$ 600.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Financial Instruments - Foreign Currency Exchange Contracts (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	$ 1,110.7	$ 1,000.4
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	864.8	765.4
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency derivatives	$ 245.9	$ 235.0

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, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Earnings Per Share, Basic and Diluted EPS [Abstract]
Anti-dilutive securities	3.6	1.8	3.4	1.8

Fair Value Measurements

9 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

At August 31, 2024 and November 30, 2023, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions):


			August 31, 2024
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	200.8	$	200.8	$	—
Insurance contracts	124.7		—		124.7
Bonds and other long-term investments	5.6		5.6		—

Foreign currency derivatives	2.4		—		2.4
Cross currency contracts	18.6		—		18.6
Total	$	352.1	$	206.4	$	145.7
Liabilities
Foreign currency derivatives	$	16.7	$	—	$	16.7
Interest rate derivatives	36.0		—		36.0
Cross currency contracts	5.9		—		5.9
Total	$	58.6	$	—	$	58.6


			November 30, 2023
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	166.6	$	166.6	$	—
Insurance contracts	114.7		—		114.7
Bonds and other long-term investments	0.3		0.3		—

Foreign currency derivatives	2.5		—		2.5
Cross currency contracts	24.6		—		24.6
Total	$	308.7	$	166.9	$	141.8
Liabilities
Foreign currency derivatives	$	16.0	$	—	$	16.0
Interest rate derivatives	52.8		—		52.8
Cross currency contracts	7.5		—		7.5
Total	$	76.3	$	—	$	76.3

At August 31, 2024 and November 30, 2023, the carrying amounts of interest rate derivatives, foreign currency derivatives, cross currency contracts, insurance contracts, and bond and other long-term investments were equal to their respective fair values. Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, receivables, short-term borrowings and trade accounts payable approximate fair value. Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value.

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

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


	August 31, 2024		November 30, 2023
Carrying amount	$	3,407.3	$	4,139.2


Level 1 valuation techniques	$	3,141.0	$	3,682.0
Level 2 valuation techniques	116.1		159.0
Total fair value	$	3,257.1	$	3,841.0

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

Business Segments - Additional Information (Detail)	9 Months Ended
Business Segments - Additional Information (Detail)	Aug. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Aug. 31, 2024
Accounting Policies [Abstract]
Accounting and disclosure charges	Accounting Pronouncement Partially Adopted In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations, that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll-forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. We adopted the new standard's requirements to disclose the key terms of the programs and information about obligations outstanding as of November 30, 2023. The standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. The partial adoption of this standard did not have a material impact on our consolidated financial statements, nor do we expect the adoption of the future disclosure requirements to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements — Pending Adoption In November 2023, the FASB issued ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for our annual period ending November 30, 2025 and our interim periods during the fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.

Stock-Based Compensation - Summary of LTPP awards (Details) - Performance Shares - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	474	451
Granted, Number of Shares	192	167
Vested, Number of Shares	(181)	(176)
Forfeited, Number of Shares	(17)	(18)
Outstanding at end of period, Number of Shares	468	424
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 94.34	$ 106.32
Granted, Weighted-Average Grant-Date Fair Value	66.49	89.00
Vested, Weighted-Average Grant-Date Fair Value	98.30	86.14
Forfeited, Weighted-Average Grant-Date Fair Value	84.71	93.18
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 81.63	$ 93.68

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustment	$ (302.6)		$ (305.7)
Unrealized gain (loss) on foreign currency exchange contracts	(1.9)		0.8
Unamortized value of settled interest rate swaps	(2.3)		(2.7)
Pension and other postretirement costs	(83.6)		(81.0)
Accumulated other comprehensive loss	(390.4)		$ (388.6)
Increase in foreign currency translation adjustment	3.1
Cross currency contracts \| Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 4.4	$ 17.6

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,679.8	$ 1,684.7	$ 4,925.7	$ 4,909.4
Cost of goods sold	1,029.9	1,061.9	3,056.9	3,108.2
Gross profit	649.9	622.8	1,868.8	1,801.2
Selling, general and administrative expense	361.5	371.7	1,106.8	1,088.3
Special charges	1.9	6.1	7.9	47.1
Operating income	286.5	245.0	754.1	665.8
Interest expense	53.5	52.7	156.7	155.5
Other income, net	13.2	7.1	36.7	30.7
Income from consolidated operations before income taxes	246.2	199.4	634.1	541.0
Income tax expense	41.0	42.7	116.8	117.4
Net income from consolidated operations	205.2	156.7	517.3	423.6
Income from unconsolidated operations	17.9	13.4	56.0	37.7
Net income	$ 223.1	$ 170.1	$ 573.3	$ 461.3
Earnings per share - basic (usd per share)	$ 0.83	$ 0.63	$ 2.13	$ 1.72
Earnings per share - diluted (usd per share)	$ 0.83	$ 0.63	$ 2.13	$ 1.71
Average shares outstanding - basic (shares)	268.6	268.4	268.5	268.4
Average shares outstanding - diluted (shares)	269.7	270.1	269.6	269.8
Cash dividends paid per common share (usd per share)	$ 0.42	$ 0.39	$ 1.26	$ 1.17
Cash dividends declared per common share (usd per share)	$ 0.42	$ 0.39	$ 0.84	$ 0.78

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, tax credit, amount	$ 16.3	$ 3.3	$ 34.9	$ 10.1
Tax benefits from the reversal of certain reserves and uncertainties, associated with the expiration of statutes of limitations	5.5	0.8	6.8	2.0
Income tax benefit related to a tax settlement	5.5		5.5	1.2
Unrecognized tax benefits, reduction resulting from state tax matter	8.3		6.4
Adjustment to tax accrual, tax benefit	1.5	1.5	1.5	1.5
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	$ 4.6		4.6	3.2
Change in deferred tax assets valuation allowance resulting from international legal entity reorganization, amount			$ 19.4
Tax benefits from the reversal of certain reserves and uncertainties		2.2		2.2
Shares issued, tax benefit		0.6		1.0
Foreign withholding tax expense		$ 1.9		1.9
Tax benefits related to the revaluation of deferred taxes				$ 0.8

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
ASSETS
Cash and cash equivalents	$ 200.8	$ 166.6
Trade accounts receivable, net of allowances	660.9	587.5
Inventories, net
Finished products	645.0	570.0
Raw materials and work-in-process	597.6	556.5
Total inventory	1,242.6	1,126.5
Prepaid expenses and other current assets	140.0	121.0
Total current assets	2,244.3	2,001.6
Property, plant and equipment, net	1,399.5	1,324.7
Goodwill	5,277.7	5,260.1
Intangible assets, net	3,332.7	3,356.7
Other long-term assets	950.7	919.2
Total assets	13,204.9	12,862.3
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,180.7	272.2
Current portion of long-term debt	64.2	799.3
Trade accounts payable	1,227.8	1,119.3
Other accrued liabilities	671.6	908.1
Total current liabilities	3,144.3	3,098.9
Long-term debt	3,343.1	3,339.9
Deferred taxes	836.2	861.2
Other long-term liabilities	430.3	478.8
Total liabilities	7,753.9	7,778.8
Shareholders’ equity
Retained earnings	3,577.2	3,249.7
Accumulated other comprehensive loss	(390.4)	(388.6)
Total McCormick shareholders' equity	5,421.5	5,060.7
Non-controlling interests	29.5	22.8
Total shareholders’ equity	5,451.0	5,083.5
Total liabilities and shareholders’ equity	13,204.9	12,862.3
Common stock
Shareholders’ equity
Common stock	594.4	597.1
Common stock non-voting
Shareholders’ equity
Common stock	$ 1,640.3	$ 1,602.5

Stock-Based Compensation (Tables)

9 Months Ended

Aug. 31, 2024

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

Stock Based Compensation in Selling, General and Administrative Expense

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


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Stock-based compensation expense	$	8.8	$	12.6	$	39.9	$	51.1

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


	2024	2023
Risk-free interest rates	4.1% - 5.5%	3.5% - 4.9%
Dividend yield	2.3%	1.9%
Expected volatility	22.8%	21.8%
Expected lives (in years)	7.1	7.3

Summary of Option Activity

The following is a summary of our stock option activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	5.3	$	70.43	4.8	$	67.08
Granted	1.2	72.88		0.9	81.79
Exercised	(0.3)	41.83		(0.4)	47.85
Forfeited	(0.1)	84.04		—	—
Outstanding at end of the period	6.1	$	72.06	5.3	$	70.43
Exercisable at end of the period	4.4	$	69.64	3.9	$	64.29

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, 2024 and 2023:


	2024			2023
(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	494	$	76.94	480	$	77.62
Granted	278	72.67		243	78.33
Vested	(192)	84.69		(225)	78.16
Forfeited	(25)	80.06		(19)	85.58
Outstanding at end of period	555	$	71.97	479	$	77.38

Schedule of Share Based Compensation, Performance Shares, Activity

The following is a summary of our LTPP activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(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	474	$	94.34	451	$	106.32
Granted	192	66.49		167	89.00
Vested	(181)	98.30		(176)	86.14
Forfeited	(17)	84.71		(18)	93.18
Outstanding at end of period	468	$	81.63	424	$	93.68

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, 2024 and 2023:


	2024			2023
(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	2,055	$	9.40	2,107	$	9.40


Forfeited	—	—		(52)	9.40
Outstanding at end of period	2,055	$	9.40	2,055	$	9.40

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Employee Benefit And Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Retirement Benefits [Abstract]
Payment for pension benefits			$ 5.2	$ 7.4	$ 9.2
Pension and other postretirement benefits (income), excluding service cost components	$ (1.9)	$ (2.7)	$ (6.2)	$ (8.1)

Accumulated Other Comprehensive Loss

9 Months Ended

Aug. 31, 2024

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

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


	August 31, 2024		November 30, 2023
Foreign currency translation adjustment (1)	$	(302.6)	$	(305.7)
Unrealized gain (loss) on foreign currency exchange contracts	(1.9)		0.8

Unamortized value of settled interest rate swaps	(2.3)		(2.7)
Pension and other postretirement costs	(83.6)		(81.0)
Accumulated other comprehensive loss	$	(390.4)	$	(388.6)

(1)During the nine months ended August 31, 2024, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $3.1 million, inclusive of $4.4 million of unrealized losses 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, 2024		August 31, 2023		August 31, 2024		August 31, 2023
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	0.2	$	—	$	0.5	$	(0.2)	Interest expense

Foreign exchange contracts	(0.4)		0.4		(1.9)		(0.9)		Cost of goods sold
Total before tax	(0.2)		0.4		(1.4)		(1.1)
Tax effect	—		(0.1)		0.3		0.3		Income tax expense
Net, after tax	$	(0.2)	$	0.3	$	(1.1)	$	(0.8)

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (1)	$	0.3	$	0.1	$	0.3	$	0.2	Other income, net
Amortization of net actuarial (gains)(1)	$	(0.9)	$	(0.5)	(2.5)		(1.5)		Other income, net
Total before tax	(0.6)		(0.4)		(2.2)		(1.3)
Tax effect	0.1		0.1		0.5		0.3		Income tax expense
Net, after tax	$	(0.5)	$	(0.3)	$	(1.7)	$	(1.0)

(1)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).

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	May 31, 2024 shares	Aug. 31, 2024 USD ($) award_type $ / shares shares	Aug. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation award types \| award_type		4
Intrinsic value for all options outstanding		$ 68.9
Intrinsic value for exercisable options		62.1
Total Intrinsic Value of all options exercised		$ 8.4	$ 11.1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) \| shares	380	1,200	900
Weighted-average grant-date fair value of an option granted (usd per share) \| $ / shares		$ 17.63	$ 19.35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock and Earnings Per Share (Tables)

9 Months Ended

Aug. 31, 2024

Earnings Per Share, Basic and Diluted EPS [Abstract]

Reconciliation of average shares outstanding

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Average shares outstanding – basic	268.6	268.4	268.5	268.4
Effect of dilutive securities:
Stock options/RSUs/LTPP	1.1	1.7	1.1	1.4
Average shares outstanding – diluted	269.7	270.1	269.6	269.8

Anti-dilutive securities not considered in earnings per share calculation

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Anti-dilutive securities	3.6	1.8	3.4	1.8

Common stock activity

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	0.7	0.7
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.3	0.1	0.5	0.5

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, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ 53.5	$ 52.7	$ 156.7	$ 155.5
Cost of goods sold	1,029.9	1,061.9	3,056.9	3,108.2
Other income, net	13.2	7.1	36.7	30.7
Income tax expense	41.0	42.7	116.8	117.4
Net income	223.1	170.1	573.3	461.3
Reclassification out of Accumulated Other Comprehensive Income \| (Gains)/losses on cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(0.2)	0.4	(1.4)	(1.1)
Income tax expense	0.0	(0.1)	0.3	0.3
Net income	(0.2)	0.3	(1.1)	(0.8)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of pension and postretirement benefit adjustments:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(0.6)	(0.4)	(2.2)	(1.3)
Other income, net	(0.9)	(0.5)	(2.5)	(1.5)
Income tax expense	0.1	0.1	0.5	0.3
Net income	(0.5)	(0.3)	(1.7)	(1.0)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of pension and postretirement benefit adjustments: \| United States pension
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income, net	0.3	0.1	0.3	0.2
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	0.2	0.0	0.5	(0.2)
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	$ (0.4)	$ 0.4	$ (1.9)	$ (0.9)

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, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
United States pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.5	$ 1.1	$ 1.5
Interest costs	9.4	9.0	28.0	27.1
Expected return on plan assets	(9.9)	(10.6)	(29.7)	(31.8)
Amortization of prior service costs	0.2	0.2	0.4	0.4
Amortization of net actuarial losses (gains)	(0.1)	0.1	(0.3)	0.2
Total pension expense	(0.1)	(0.8)	(0.5)	(2.6)
International pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2	0.4	0.5
Interest costs	2.6	2.5	7.9	7.3
Expected return on plan assets	(4.0)	(3.9)	(12.0)	(11.3)
Amortization of prior service costs	0.1	0.0	0.1	0.1
Amortization of net actuarial losses (gains)	(0.1)	0.0	(0.2)	(0.1)
Total pension expense	(1.3)	(1.2)	(3.8)	(3.5)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.4	0.6	1.0
Interest costs	0.6	0.7	1.8	1.9
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 (gains)	(0.7)	(0.6)	(2.0)	(1.6)
Other Postretirement Benefits Cost (Reversal of Cost)	$ 0.1	$ 0.4	$ 0.2	$ 1.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Pay vs Performance Disclosure
Net income	$ 223.1	$ 170.1	$ 573.3	$ 461.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-Based Compensation - Range of Assumptions for Various Stock Compensation Plans (Details)	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rates, minimum	4.10%	3.50%
Risk-free interest rates, maximum	5.50%	4.90%
Dividend yield	2.30%	1.90%
Expected volatility	22.80%	21.80%
Expected lives (in years)	7 years 1 month 6 days	7 years 3 months 18 days

Stock-Based Compensation - Summary of Price-Vested Stock Options Activity (Details) - Price Vested Stock Options - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	2,055	2,107
Forfeited, Number of Shares	0	(52)
Outstanding at end of period, Number of Shares	2,055	2,055
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40
Forfeited, Weighted-Average Grant-Date Fair Value	0	9.40
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 9.40	$ 9.40

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, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Interest expense \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Interest income (expense)	$ 5.2	$ 4.9	$ 15.4	$ 12.6
Other income, net \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	(5.5)	(12.4)	(12.2)	(18.1)
Other income, net \| Intercompany loans
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ 4.6	$ 10.0	$ 8.5	$ 17.1

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Aug. 31, 2024

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

Schedule of accumulated other comprehensive income (loss)

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


	August 31, 2024		November 30, 2023
Foreign currency translation adjustment (1)	$	(302.6)	$	(305.7)
Unrealized gain (loss) on foreign currency exchange contracts	(1.9)		0.8

Unamortized value of settled interest rate swaps	(2.3)		(2.7)
Pension and other postretirement costs	(83.6)		(81.0)
Accumulated other comprehensive loss	$	(390.4)	$	(388.6)

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, 2024		August 31, 2023		August 31, 2024		August 31, 2023
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	0.2	$	—	$	0.5	$	(0.2)	Interest expense

Foreign exchange contracts	(0.4)		0.4		(1.9)		(0.9)		Cost of goods sold
Total before tax	(0.2)		0.4		(1.4)		(1.1)
Tax effect	—		(0.1)		0.3		0.3		Income tax expense
Net, after tax	$	(0.2)	$	0.3	$	(1.1)	$	(0.8)

Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (1)	$	0.3	$	0.1	$	0.3	$	0.2	Other income, net
Amortization of net actuarial (gains)(1)	$	(0.9)	$	(0.5)	(2.5)		(1.5)		Other income, net
Total before tax	(0.6)		(0.4)		(2.2)		(1.3)
Tax effect	0.1		0.1		0.5		0.3		Income tax expense
Net, after tax	$	(0.5)	$	(0.3)	$	(1.7)	$	(1.0)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 223.1	$ 170.1	$ 573.3	$ 461.3
Net income attributable to non-controlling interest	2.1	0.7	6.0	3.5
Other comprehensive income (loss):
Unrealized components of pension and other postretirement plans	(1.6)	(0.6)	(2.8)	(2.5)
Currency translation adjustments	(5.0)	28.8	(0.4)	85.8
Change in derivative financial instruments	0.7	8.4	(3.1)	(5.4)
Tax benefit	3.7	1.2	5.2	7.4
Total other comprehensive income (loss), net of tax	(2.2)	37.8	(1.1)	85.3
Comprehensive income	$ 223.0	$ 208.6	$ 578.2	$ 550.1

Fair Value Measurements (Tables)

9 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on recurring basis

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


			August 31, 2024
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	200.8	$	200.8	$	—
Insurance contracts	124.7		—		124.7
Bonds and other long-term investments	5.6		5.6		—

Foreign currency derivatives	2.4		—		2.4
Cross currency contracts	18.6		—		18.6
Total	$	352.1	$	206.4	$	145.7
Liabilities
Foreign currency derivatives	$	16.7	$	—	$	16.7
Interest rate derivatives	36.0		—		36.0
Cross currency contracts	5.9		—		5.9
Total	$	58.6	$	—	$	58.6


			November 30, 2023
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	166.6	$	166.6	$	—
Insurance contracts	114.7		—		114.7
Bonds and other long-term investments	0.3		0.3		—

Foreign currency derivatives	2.5		—		2.5
Cross currency contracts	24.6		—		24.6
Total	$	308.7	$	166.9	$	141.8
Liabilities
Foreign currency derivatives	$	16.0	$	—	$	16.0
Interest rate derivatives	52.8		—		52.8
Cross currency contracts	7.5		—		7.5
Total	$	76.3	$	—	$	76.3

Fair Value, by Balance Sheet Grouping

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


	August 31, 2024		November 30, 2023
Carrying amount	$	3,407.3	$	4,139.2


Level 1 valuation techniques	$	3,141.0	$	3,682.0
Level 2 valuation techniques	116.1		159.0
Total fair value	$	3,257.1	$	3,841.0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - $ / shares shares in Thousands	3 Months Ended	9 Months Ended
	May 31, 2024	Aug. 31, 2024	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, Number of Shares		5,300	4,800
Granted (in shares)	380	1,200	900
Exercised, Number of Shares		(300)	(400)
Forfeited (in shares)		(100)	0
Outstanding at end of period, Number of Shares		6,100	5,300
Excercisable at end of the period, Number of Shares		4,400	3,900
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period, Weighted-Average Exercise Price		$ 70.43	$ 67.08
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		72.88	81.79
Exercised, Weighted-Average Exercise Price		41.83	47.85
Forfeited (in usd per share)		84.04	0
Outstanding at end of period, Weighted-Average Exercise Price		72.06	70.43
Exercisable at end of the period, Weighted-Average Exercise Price		$ 69.64	$ 64.29

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares	494	480
Granted, Number of Shares	278	243
Vested, Number of Shares	(192)	(225)
Forfeited, Number of Shares	(25)	(19)
Outstanding at end of period, Number of Shares	555	479
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, Weighted-Average Grant-Date Fair Value	$ 76.94	$ 77.62
Granted, Weighted-Average Grant-Date Fair Value	72.67	78.33
Vested, Weighted-Average Grant-Date Fair Value	84.69	78.16
Forfeited, Weighted-Average Grant-Date Fair Value	80.06	85.58
Outstanding at end of period, Weighted-Average Grant-Date Fair Value	$ 71.97	$ 77.38

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests	Common stock non-voting Common stock
Balance, Shares at Nov. 30, 2022		17.4				250.6
Balance, Value at Nov. 30, 2022	$ 4,699.2	$ 2,138.6	$ 3,022.5	$ (480.6)	$ 18.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	461.3		461.3
Net income attributable to non-controlling interest	3.5				3.5
Other comprehensive income (loss), net of tax	85.3			86.7	(1.4)
Dividends	(209.3)		(209.3)
Stock-based compensation	51.1	$ 51.1
Shares purchased and retired (in shares)		(0.5)				0.0
Shares purchased and retired	(38.5)	$ (15.7)	(22.8)
Shares issued (in shares)		0.7				0.0
Shares issued	17.5	$ 17.5
Equal exchange, shares		(0.6)				0.6
Balance, Shares at Aug. 31, 2023		17.0				251.2
Balance, Value at Aug. 31, 2023	5,070.1	$ 2,191.5	3,251.7	(393.9)	20.8
Balance, Shares at May. 31, 2023		17.2				251.0
Balance, Value at May. 31, 2023	4,956.9	$ 2,177.1	3,191.4	(431.5)	19.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	170.1		170.1
Net income attributable to non-controlling interest	0.7				0.7
Other comprehensive income (loss), net of tax	37.8			37.6	0.2
Dividends	(104.7)		(104.7)
Stock-based compensation	12.6	$ 12.6
Shares purchased and retired (in shares)		(0.1)				0.0
Shares purchased and retired	(8.1)	$ (3.0)	(5.1)
Shares issued (in shares)		0.1				0.0
Shares issued	4.8	$ 4.8
Equal exchange, shares		(0.2)				0.2
Balance, Shares at Aug. 31, 2023		17.0				251.2
Balance, Value at Aug. 31, 2023	5,070.1	$ 2,191.5	3,251.7	(393.9)	20.8
Balance, Shares at Nov. 30, 2023		16.8				251.3
Balance, Value at Nov. 30, 2023	5,083.5	$ 2,199.6	3,249.7	(388.6)	22.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	573.3		573.3
Net income attributable to non-controlling interest	6.0				6.0
Other comprehensive income (loss), net of tax	(1.1)			(1.8)	0.7
Dividends	(225.6)		(225.6)
Stock-based compensation	39.9	$ 39.9
Shares purchased and retired (in shares)		(0.5)				0.0
Shares purchased and retired	(38.9)	$ (18.7)	(20.2)
Shares issued (in shares)		0.7				0.0
Shares issued	13.9	$ 13.9
Equal exchange, shares		(0.8)				0.8
Balance, Shares at Aug. 31, 2024		16.2				252.1
Balance, Value at Aug. 31, 2024	5,451.0	$ 2,234.7	3,577.2	(390.4)	29.5
Balance, Shares at May. 31, 2024		16.6				251.9
Balance, Value at May. 31, 2024	5,354.2	$ 2,234.7	3,480.3	(387.6)	26.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	223.1		223.1
Net income attributable to non-controlling interest	2.1				2.1
Other comprehensive income (loss), net of tax	(2.2)			(2.8)	0.6
Dividends	(112.9)		(112.9)
Stock-based compensation	8.8	$ 8.8
Shares purchased and retired (in shares)		(0.3)				0.0
Shares purchased and retired	(24.6)	$ (11.3)	(13.3)
Shares issued (in shares)		0.1				0.0
Shares issued	2.5	$ 2.5
Equal exchange, shares		(0.2)				0.2
Balance, Shares at Aug. 31, 2024		16.2				252.1
Balance, Value at Aug. 31, 2024	$ 5,451.0	$ 2,234.7	$ 3,577.2	$ (390.4)	$ 29.5

Accounting Policies	9 Months Ended
Accounting Policies	Aug. 31, 2024
Accounting Policies [Abstract]
Accounting Policies	ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. The results of consolidated operations for the nine-month period ended August 31, 2024 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations have been lower in the first half of the fiscal year and higher in the second half of the fiscal year. The historical increase in net sales, net income and cash flow from operations in the second half of the year has largely been due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. For further information, refer to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended November 30, 2023. Accounts Payable - Supplier Finance Program As more fully described in our Annual Report on Form 10-K for the year ended November 30, 2023, we participate in a Supply Chain Financing program (SCF) with several global financial institutions (SCF Banks). Under the SCF, qualifying suppliers may elect to sell their receivables from us to an SCF Bank, enabling participating suppliers to negotiate their receivables sales arrangements directly with the respective SCF Bank. We are not party to those agreements and have no economic interest in a supplier’s decision to sell a receivable. All outstanding amounts related to suppliers participating in the SCF are recorded within the line entitled Trade accounts payable in our condensed consolidated balance sheets, and the associated payments are included in operating activities within our consolidated statements of cash flows. As of August 31, 2024 and November 30, 2023, the amounts due to suppliers participating in the SCF and included in trade accounts payable were approximately $394.8 million and $300.5 million, respectively. Accounting Pronouncement Partially Adopted In September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations, that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll-forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. We adopted the new standard's requirements to disclose the key terms of the programs and information about obligations outstanding as of November 30, 2023. The standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. The partial adoption of this standard did not have a material impact on our consolidated financial statements, nor do we expect the adoption of the future disclosure requirements to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements — Pending Adoption In November 2023, the FASB issued ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for our annual period ending November 30, 2025 and our interim periods during the fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.

Special Charges And Transaction And Integration Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023	Nov. 30, 2022
Special Charges [Line Items]
Special charges	$ 1.9	$ 6.1	$ 7.9	$ 47.1
Accrued Liabilities
Special Charges [Line Items]
Special Charges, Reserve			4.2
total special charges
Special Charges [Line Items]
Special charges					$ 48.0
Consumer
Special Charges [Line Items]
Special charges	0.5	2.2	3.8	29.6
Flavor Solutions
Special Charges [Line Items]
Special charges	1.4	3.9	4.1	17.5
Employee severance and related benefits
Special Charges [Line Items]
Special charges	0.0	1.1	3.1	32.9
Employee severance and related benefits \| UNITED STATES
Special Charges [Line Items]
Special charges			4.6
Special charges cash
Special Charges [Line Items]
Special charges	1.9	4.4	4.8	12.4
Special charges non-cash
Special Charges [Line Items]
Special charges	0.0	0.6	0.0	1.8
Total
Special Charges [Line Items]
Special charges	1.9	6.1	7.9	47.1
Total special charges before gain	1.9	6.1	7.9	47.1
Total \| Consumer
Special Charges [Line Items]
Special charges	0.5	2.2	3.8	29.6
Total \| Flavor Solutions
Special Charges [Line Items]
Special charges	1.4	3.9	4.1	17.5
GOE Program
Special Charges [Line Items]
Special charges	0.7	3.6	5.3	37.0
GOE Program \| Manufacturing Facility
Special Charges [Line Items]
Severance costs	0.7	0.9		12.4
Other restructuring costs		2.7	0.7	4.9
EMEA
Special Charges [Line Items]
Special charges	(0.7)		(1.5)	0.9
EMEA \| Manufacturing Facility
Special Charges [Line Items]
Special charges	1.2	1.7	2.6	3.9	$ 36.0
Other restructuring costs	$ 1.9	1.3	$ 4.1	2.7
Special charges forecasted cost						$ 40.0
Restructuring and related cost, accelerated depreciation		0.4		1.2
Americas
Special Charges [Line Items]
Special charges		$ 0.8		$ 5.3

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Supply Chain Financing Program
Supplier Finance Program [Line Items]
Trade accounts payable	$ 394.8	$ 300.5

Capital Stock and Earnings Per Share

9 Months Ended

Aug. 31, 2024

Earnings Per Share, Basic and Diluted EPS [Abstract]

Capital Stock and Earnings Per Share

CAPITAL STOCK AND EARNINGS PER SHARE

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Average shares outstanding – basic	268.6	268.4	268.5	268.4
Effect of dilutive securities:
Stock options/RSUs/LTPP	1.1	1.7	1.1	1.4
Average shares outstanding – diluted	269.7	270.1	269.6	269.8

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Anti-dilutive securities	3.6	1.8	3.4	1.8

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


	Three months ended August 31,		Nine months ended August 31,
	2024	2023	2024	2023
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	0.7	0.7
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, and LTPP	0.3	0.1	0.5	0.5

As of August 31, 2024, $472.5 million remained of the $600 million share repurchase program authorization approved by our Board of Directors in November 2019.

Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Detail) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,679.8	$ 1,684.7	$ 4,925.7	$ 4,909.4
Operating income excluding special charges	288.4	251.1	762.0	712.9
Income from unconsolidated operations	17.9	13.4	56.0	37.7
Less: Special charges	1.9	6.1	7.9	47.1
Operating income	286.5	245.0	754.1	665.8
Consumer
Segment Reporting Information [Line Items]
Revenues	937.4	937.1	2,763.4	2,758.7
Operating income excluding special charges	186.8	173.3	512.4	500.3
Income from unconsolidated operations	17.1	11.9	54.7	36.5
Less: Special charges	0.5	2.2	3.8	29.6
Operating income	186.3	171.1	508.6	470.7
Flavor Solutions
Segment Reporting Information [Line Items]
Revenues	742.4	747.6	2,162.3	2,150.7
Operating income excluding special charges	101.6	77.8	249.6	212.6
Income from unconsolidated operations	0.8	1.5	1.3	1.2
Less: Special charges	1.4	3.9	4.1	17.5
Operating income	100.2	73.9	245.5	195.1
Americas
Segment Reporting Information [Line Items]
Revenues	1,209.3	1,203.3	3,492.7	3,475.8
EMEA
Segment Reporting Information [Line Items]
Revenues	295.4	304.4	909.4	899.0
APAC
Segment Reporting Information [Line Items]
Revenues	$ 175.1	$ 177.0	$ 523.6	$ 534.6

Stock-based Compensation

9 Months Ended

Aug. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

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


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Stock-based compensation expense	$	8.8	$	12.6	$	39.9	$	51.1

Our 2024 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2023 annual grant. Additionally, during the first quarter, approximately 380,000 stock option shares were granted.

The weighted-average grant-date fair value of each stock option granted in 2024 was $17.63 and in 2023 was $19.35, each as calculated under a lattice pricing model. Substantially all of the stock options and RSUs granted in 2024 and 2023 vest ratably over a three-year period or, if earlier, upon the retirement eligibility date of the holder. The fair values of stock option grants in the stated periods were computed using the following assumptions for our various stock compensation plans:


	2024	2023
Risk-free interest rates	4.1% - 5.5%	3.5% - 4.9%
Dividend yield	2.3%	1.9%
Expected volatility	22.8%	21.8%
Expected lives (in years)	7.1	7.3

The following is a summary of our stock option activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(shares in millions)	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	5.3	$	70.43	4.8	$	67.08
Granted	1.2	72.88		0.9	81.79
Exercised	(0.3)	41.83		(0.4)	47.85
Forfeited	(0.1)	84.04		—	—
Outstanding at end of the period	6.1	$	72.06	5.3	$	70.43
Exercisable at end of the period	4.4	$	69.64	3.9	$	64.29

As of August 31, 2024, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $68.9 million and for options currently exercisable was $62.1 million. The total intrinsic value of all options exercised during the nine months ended August 31, 2024 and 2023 was $8.4 million and $11.1 million, respectively.

The following is a summary of our RSU activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(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	494	$	76.94	480	$	77.62
Granted	278	72.67		243	78.33
Vested	(192)	84.69		(225)	78.16
Forfeited	(25)	80.06		(19)	85.58
Outstanding at end of period	555	$	71.97	479	$	77.38

The following is a summary of our price-vested stock options activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(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	2,055	$	9.40	2,107	$	9.40


Forfeited	—	—		(52)	9.40
Outstanding at end of period	2,055	$	9.40	2,055	$	9.40

The following is a summary of our LTPP activity for the nine months ended August 31, 2024 and 2023:


	2024			2023
(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	474	$	94.34	451	$	106.32
Granted	192	66.49		167	89.00
Vested	(181)	98.30		(176)	86.14
Forfeited	(17)	84.71		(18)	93.18
Outstanding at end of period	468	$	81.63	424	$	93.68

Special Charges And Transaction And Integration Expenses (Tables)

9 Months Ended

Aug. 31, 2024

Special Charges [Abstract]

Special Charges Summary

The following is a summary of special charges recognized in the three and nine months ended August 31, 2024 and 2023

(in millions):


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Employee severance and related benefits	$	—	$	1.1	$	3.1	$	32.9
Other costs
Cash	1.9		4.4		4.8		12.4
Non-Cash	—		0.6		—		1.8
Total special charges	$	1.9	$	6.1	7.9		47.1

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, 2024 and 2023 (in millions):


	Three months ended August 31,				Nine months ended August 31,
	2024		2023		2024		2023
Consumer segment	$	0.5	$	2.2	$	3.8	$	29.6
Flavor solutions segment	1.4		3.9		4.1		17.5
Total special charges	$	1.9	$	6.1	$	7.9	$	47.1

Financial Instruments - Fair Value of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets, Fair Value	$ 21.0	$ 27.1
Total derivative liabilities, Fair Value	58.6	76.3
Interest rate contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	0.0	0.0
Interest rate contracts \| Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	600.0	600.0
Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	367.3	161.3
Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	743.4	839.1
Cross currency contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Notional Amount	486.8	719.6
Cross currency contracts \| Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Notional Amount	497.0	238.9
Fair Value, Measurements, Recurring \| Interest rate contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	0.0	0.0
Fair Value, Measurements, Recurring \| Interest rate contracts \| Other accrued liabilities / Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate contracts, Fair Value	36.0	52.8
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Other current assets / Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	2.4	2.5
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Other accrued liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	16.7	16.0
Fair Value, Measurements, Recurring \| Cross currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency contracts	18.6	24.6
Cross currency contracts	$ 5.9	$ 7.5

Financial Instruments - Impact of Cash Flow Hedges on Other Comprehensive Income, Accumulated Other Comprehensive Income and Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ (0.3)	$ 0.7	$ (0.6)	$ (4.3)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	0.2	(0.4)	1.4	1.1
Cash Flow Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			0.0	(2.6)
Cash Flow Hedges \| Interest rate contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	0.0	0.0
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	(0.2)	0.0	(0.5)	0.2
Cash Flow Hedges \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			(0.6)	(1.7)
Cash Flow Hedges \| Foreign exchange contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	(0.3)	0.7
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	0.4	(0.4)	1.9	0.9
Net Investment Hedges \| Cross currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI			(4.4)	(17.6)
Net Investment Hedges \| Cross currency contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	(9.4)	(8.0)
Gain (loss) reclassified from AOCI / Gain (loss) excluded from the assessment of hedge effectiveness	$ 2.4	$ 2.7	$ 7.0	$ 8.9

Capital Stock and Earnings Per Share - Reconciliation of Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Earnings Per Share, Basic and Diluted EPS [Abstract]
Average shares outstanding - basic (shares)	268.6	268.4	268.5	268.4
Effect of dilutive securities: [Abstract]
Stock options/RSUs/LTPP	1.1	1.7	1.1	1.4
Average shares outstanding – diluted (shares)	269.7	270.1	269.6	269.8

Capital Stock and Earnings Per Share - Common Stock Activity (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Stock Options And Restricted Stock Units
Employee Stock Purchase Plan [Line Items]
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.1	0.1	0.7	0.7
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	0.3	0.1	0.5	0.5

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Income Taxes	9 Months Ended
Income Taxes	Aug. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax expense for the three months ended August 31, 2024 included $16.3 million of net discrete tax benefits consisting principally of the following: (i) $5.5 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations, (ii) $5.5 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the effective settlement from conclusion of a tax examination, (iii) $8.3 million of tax benefits resulting from state tax matters, and related deferred taxes, (iv) $1.5 million of tax benefits resulting from an adjustment to a prior year tax accrual, and related deferred taxes, based on the final returns filed, and (v) $4.6 million of tax expense associated with the adjustment of a valuation allowance due to changes in judgment about the realizability of the deferred tax asset. Income tax expense for the nine months ended August 31, 2024 included $34.9 million of net discrete tax benefits consisting principally of the following: (i) $19.4 million of tax benefits associated with the recognition of a deferred tax asset related to an international legal entity reorganization, (ii) $6.8 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations, (iii) $5.5 million of tax benefit from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the effective settlement from conclusion of a tax examination, (iv) $6.4 million of tax benefits resulting from state tax matters, and related deferred taxes, (v) $1.5 million of tax benefits resulting from an adjustment to a prior year tax accrual, and related deferred taxes, based on the final returns filed, and (vi) $4.6 million of tax expense associated with the adjustment of a valuation allowance due to changes in judgment about the realizability of the deferred tax asset. Income tax expense for the three months ended August 31, 2023 included $3.3 million of net discrete tax benefits consisting principally of the following: (i) $2.2 million of tax benefits from the net reversal of certain prior year reserves for unrecognized tax benefits and related interest in non-U.S. jurisdictions, (ii) $0.8 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in non-U.S. jurisdictions, (iii) $0.6 million of excess tax benefits associated with stock-based compensation, (iv) $1.5 million of tax benefits resulting from an adjustment to a prior year tax accrual, and related deferred taxes, based on the final returns filed, and (v) $1.9 million of tax expense related to certain unremitted prior year earnings. Income tax expense for the nine months ended August 31, 2023 included $10.1 million of net discrete tax benefits consisting principally of the following: (i) $3.2 million of tax benefits associated with the adjustment of a valuation allowance due to changes in judgment about the realizability of the deferred tax asset, (ii) $2.2 million of tax benefits from the net reversal of certain prior reserves for unrecognized tax benefits and related interest in non-U.S. jurisdictions, (iii) $2.0 million of tax benefits from the reversal of certain reserves for unrecognized tax benefits and related interest associated with the expiration of statutes of limitations in non-U.S. jurisdictions, (iv) $1.2 million of tax benefit related to a tax settlement, (v) $0.8 million of tax benefits related to the revaluation of deferred taxes resulting from changes in tax rates, (vi) $1.0 million of excess tax benefits associated with stock-based compensation, (vii) $1.5 million of tax benefits resulting from an adjustment to a prior year tax accrual, and related deferred taxes, based on the final returns filed, and (viii) $1.9 million of tax expense related to certain unremitted prior year earnings. Other than the discrete tax benefits previously mentioned above and additions for current year tax positions, there were no significant changes to unrecognized tax benefits during the nine months ended August 31, 2024. As of August 31, 2024, 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Selling, General and Administrative Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 8.8	$ 12.6	$ 39.9	$ 51.1

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Assets
Cash and cash equivalents at fair value	$ 200.8	$ 166.6
Liabilities
Long-term debt	3,407.3	4,139.2
Long-term debt, fair value	3,257.1	3,841.0
Level 1
Liabilities
Long-term debt, fair value	3,141.0	3,682.0
Level 2
Liabilities
Long-term debt, fair value	116.1	159.0
Fair Value, Measurements, Recurring
Assets
Cash and cash equivalents at fair value	200.8	166.6
Insurance contracts	124.7	114.7
Bonds and other long-term investments	5.6	0.3
Total	352.1	308.7
Liabilities
Total	58.6	76.3
Fair Value, Measurements, Recurring \| Level 1
Assets
Cash and cash equivalents	200.8	166.6
Insurance contracts	0.0	0.0
Bonds and other long-term investments	5.6	0.3
Foreign currency derivatives	0.0	0.0
Cross currency contracts	0.0	0.0
Total	206.4	166.9
Liabilities
Foreign currency derivatives	0.0	0.0
Interest rate derivatives	0.0	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	124.7	114.7
Bonds and other long-term investments	0.0	0.0
Foreign currency derivatives	2.4	2.5
Cross currency contracts	18.6	24.6
Total	145.7	141.8
Liabilities
Foreign currency derivatives	16.7	16.0
Interest rate derivatives	36.0	52.8
Cross currency contracts	5.9	7.5
Total	58.6	76.3
Interest rate contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring
Assets
Interest rate contracts, Fair Value	0.0	0.0
Foreign exchange contracts \| Other current assets / Other long-term assets \| Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	2.4	2.5
Foreign exchange contracts \| Other accrued liabilities \| Fair Value, Measurements, Recurring
Assets
Foreign currency derivatives	16.7	16.0
Cross currency contracts \| Fair Value, Measurements, Recurring
Assets
Cross currency contracts	18.6	24.6
Liabilities
Cross currency contracts	$ 5.9	$ 7.5

Employee Benefit and Retirement Plans (Tables)

9 Months Ended

Aug. 31, 2024

Retirement Benefits [Abstract]

Schedule of defined benefit plans disclosures

The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended August 31, 2024 and 2023 (in millions):


	United States pension				International pension				Other postretirement benefits
	2024		2023		2024		2023		2024		2023

Service cost	$	0.3	$	0.5	$	0.1	$	0.2	$	0.2	$	0.4
Interest costs	9.4		9.0		2.6		2.5		0.6		0.7
Expected return on plan assets	(9.9)		(10.6)		(4.0)		(3.9)		—		—
Amortization of prior service costs	0.2		0.2		0.1		—		—		(0.1)
Amortization of net actuarial losses (gains)	(0.1)		0.1		(0.1)		—		(0.7)		(0.6)

Total (income) expense	$	(0.1)	$	(0.8)	$	(1.3)	$	(1.2)	$	0.1	$	0.4

The following table presents the components of our pension (income) and other postretirement benefits expense for the nine months ended August 31, 2024 and 2023 (in millions):


	United States pension				International pension				Other postretirement benefits
	2024		2023		2024		2023		2024		2023

Service cost	$	1.1	$	1.5	$	0.4	$	0.5	$	0.6	$	1.0
Interest costs	28.0		27.1		7.9		7.3		1.8		1.9
Expected return on plan assets	(29.7)		(31.8)		(12.0)		(11.3)		—		—
Amortization of prior service costs	0.4		0.4		0.1		0.1		(0.2)		(0.3)
Amortization of net actuarial losses (gains)	(0.3)		0.2		(0.2)		(0.1)		(2.0)		(1.6)

Total (income) expense	$	(0.5)	$	(2.6)	$	(3.8)	$	(3.5)	$	0.2	$	1.0

Business Segments (Tables)

9 Months Ended

Aug. 31, 2024

Segment Reporting [Abstract]

Business segments


	Consumer		Flavor Solutions		Total
			(in millions)
Three months ended August 31, 2024
Net sales	$	937.4	$	742.4	$	1,679.8
Operating income excluding special charges	186.8		101.6		288.4
Income from unconsolidated operations	17.1		0.8		17.9

Three months ended August 31, 2023
Net sales	$	937.1	$	747.6	$	1,684.7
Operating income excluding special charges	173.3		77.8		251.1
Income from unconsolidated operations	11.9		1.5		13.4

Nine months ended August 31, 2024
Net sales	$	2,763.4	$	2,162.3	$	4,925.7
Operating income excluding special charges	512.4		249.6		762.0
Income from unconsolidated operations	54.7		1.3		56.0

Nine months ended August 31, 2023
Net sales	$	2,758.7	$	2,150.7	$	4,909.4
Operating income excluding special charges	500.3		212.6		712.9
Income from unconsolidated operations	36.5		1.2		37.7

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of operating income excluding special charges to operating income is as follows (in millions):


	Consumer		Flavor Solutions		Total
Three months ended August 31, 2024
Operating income excluding special charges	$	186.8	$	101.6	$	288.4
Less: Special charges	0.5		1.4		1.9


Operating income	$	186.3	$	100.2	$	286.5

Three months ended August 31, 2023
Operating income excluding special charges	$	173.3	$	77.8	$	251.1
Less: Special charges	2.2		3.9		6.1

Operating income	$	171.1	$	73.9	$	245.0

Nine months ended August 31, 2024
Operating income excluding special charges	$	512.4	$	249.6	$	762.0
Less: Special charges	3.8		4.1		7.9


Operating income	$	508.6	$	245.5	$	754.1

Nine months ended August 31, 2023
Operating income excluding special charges	$	500.3	$	212.6	$	712.9
Less: Special charges	29.6		17.5		47.1


Operating income	$	470.7	$	195.1	$	665.8

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, 2024 and 2023 (in millions):


	Americas		EMEA		APAC		Total

Three months ended August 31, 2024	$	1,209.3	$	295.4	$	175.1	$	1,679.8
Three months ended August 31, 2023	1,203.3		304.4		177.0		1,684.7

Nine months ended August 31, 2024	3,492.7		909.4		523.6		4,925.7
Nine months ended August 31, 2023	3,475.8		899.0		534.6		4,909.4

Document and Entity Information	9 Months Ended
Document and Entity Information	Aug. 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2024
Document Transition Report	false
Entity File Number	001-14920
Entity Registrant Name	McCORMICK & COMPANY, INCORPORATED
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-0408290
Entity Address, Address Line One	24 Schilling Road, Suite 1,
Entity Address, City or Town	Hunt Valley,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21031
City Area Code	410
Local Phone Number	771-7301
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000063754
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	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	16,165,577
Common stock non-voting
Document Information [Line Items]
Title of 12(b) Security	Common Stock Non-Voting, Par Value $0.01 per share
Trading Symbol	MKC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	252,191,469