FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended November 30, 1993
Commission file number 0-748
McCORMICK & COMPANY, INCORPORATED
(Exact name of registrant as specified in its charter)
Maryland 52-0408290
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
18 Loveton Circle
Sparks, Maryland 21152
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (410) 771-7301
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which
registered
Not Applicable Not Applicable
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, No Par Value Common Stock Non-Voting,
No Par Value
(Title of Class) (Title of Class)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K [ X ]
Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable
date.
Aggregate market value of the voting stock held by
nonaffiliates of the registrant $202,359,567
The aggregate market value indicated above was calculated as
follows: The number of shares of voting stock held by nonaffiliates
of the registrant as of January 31, 1994 was 8,894,926. This number
excludes shares held by the McCormick Profit Sharing Plan and
PAYSOP and its Trustees, the McCormick Pension Plan and its
Trustees, and the directors and officers of the registrant, who may
or may not be affiliates. This number was then multiplied by the
closing price of the stock as of January 31, 1994, $22.75.
CLASS NUMBER OF SHARES DATE
OUTSTANDING
Common Stock 13,530,457 1/31/94
Common Stock Non-Voting 67,602,346 1/31/94
DOCUMENTS INCORPORATED BY REFERENCE
DOCUMENT PART OF FORM 10-K INTO
WHICH INCORPORATED
Registrant's 1993 Annual Report
to Stockholders Part I, Part II, Part IV
Registrant's Proxy Statement
dated 2/16/94 Part III, Part IV
Items 1 through 3: Not required; see Item 4, below.
Item 4. Financial Statements and Exhibits.
a) i) Report of Independent Auditors.................. 1
ii) Statement of Financial Condition................ 3
iii) Statement of Changes in Plan Equity............. 4
iv) Notes to Financial Statements................... 5
v) Schedule II - Allocation of Plan Equity to
Investment Programs............................. 10
vi) Schedule III - Allocation of Changes in Plan
Equity to Investment Programs................... 16
vii) Supplemental Schedules
Item 27a - Schedule of Assets Held for
Investment Purposes........................... 25
Item 27d - Schedule of Reportable Transactions.. 26
b) Exhibits: Independent Auditors' Consent Letter as to
Incorporation of their Report on the Plan's
Financial Statements.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons who administer the
Plan) have duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
THE McCORMICK PROFIT SHARING PLAN
AND PAYSOP
DATE: By:/s/Karen D. Weatherholtz
Karen D. Weatherholtz
Vice President-Human Relations
and Plan Administrator
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 (Fee Required)
Commission File Number 0-748
For the fiscal year ended November 30, 1993
THE McCORMICK PROFIT SHARING PLAN AND PAYSOP
(Full title of the Plan)
McCORMICK & COMPANY, INCORPORATED
(Name of issuer of the securities held pursuant to the Plan)
18 Loveton Circle
Sparks, Maryland 21152
(address of principal executive office)
Audited Financial Statements and Supplemental Schedules
The McCormick Profit Sharing Plan and PAYSOP
November 30, 1993
with Report of Independent Auditors
The McCormick Profit Sharing Plan and PAYSOP
Audited Financial Statements and Supplemental Schedules
November 30, 1993
Contents
Report of Independent Auditors ............................... 1
Audited Financial Statements
Statements of Financial Condition............................. 3
Statements of Changes in Plan Equity.......................... 4
Notes to Financial Statements................................. 5
Schedule II--Allocation of Plan Equity to Investment Programs. 10
Schedule III--Allocation of Changes in Plan Equity to
Investment Programs........................................ 16
Supplemental Schedules
Item 27a--Schedule of Assets Held for Investment Purposes..... 25
Item 27d--Schedule of Reportable Transactions................. 26
Report of Independent Auditors
To the Investment Committee
McCormick & Company, Incorporated
We have audited the accompanying statements of financial condition
of the McCormick Profit Sharing Plan and PAYSOP as of November 30,
1993 and 1992, and the related statements of changes in plan equity
for each of the three years in the period ended November 30, 1993.
We have also audited the schedules of allocation of plan equity to
investment programs as of November 30, 1993 and 1992 and allocation
of changes in plan equity to investment programs for each of the
three years in the period ended November 30, 1993. These financial
statements and schedules are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial condition of the
McCormick Profit Sharing Plan and PAYSOP at November 30, 1993 and
1992, and the changes in plan equity for each of the three years in
the period ended November 30, 1993, in conformity with generally
accepted accounting principles. Furthermore, it is our opinion that
the schedules referred to above present fairly the information set
forth therein in compliance with the applicable accounting
regulations of the Securities and Exchange Commission.
-1-
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes as of
November 30, 1993, and reportable transactions for the year then
ended, are presented for purposes of complying with the Department
of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974, and are not a
required part of the financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in
our audit of the 1993 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1993
financial statements taken as a whole.
May 18, l994 ERNST & YOUNG
Baltimore, MD
-2-
The McCormick Profit Sharing Plan and PAYSOP
Statements of Financial Condition
November 30
1993 1992
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
--common stock $113,374,707 $131,855,674
Unaffiliated issuers:
Temporary investments 19,711,204 5,032,283
Fixed income fund 10,736,183
Mutual funds 2,075,771
Participant loans 2,344,381 1,844,724
Total investments 135,430,292 151,544,635
Receivables:
Accrued interest and dividends 58,611 10,686
Employee contributions 24,635
Employer contributions 4,812,557 4,292,403
Total receivables 4,871,168 4,327,724
Cash 7,879 470
140,309,339 155,872,829
Liabilities
Administrative expenses payable 18,225 11,446
Withdrawals payable 480,899 1,584,753
499,124 1,596,199
Plan equity $139,810,215 $154,276,630
See accompanying notes.
-3-
The McCormick Profit Sharing Plan and PAYSOP
Statements of Changes in Plan Equity
Year ended November 30
1993 1992 1991
Additions
Employer contributions $ 6,512,133 $ 5,668,619 $ 4,906,801
Employee contributions 8,414,243 7,361,346 6,491 092
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 2,070,382 1,716,028 1,198,536
Mutual funds 138,528 112,504 117,457
Interest income 954,826 790,554 1,008,808
Other receipts 292 - -
18,090,404 15,649,051 13,722,694
Deductions
Participant withdrawals 8,338,081 9,611,394 6,225,848
Administrative expenses 368,741 198,606 175,573
Other disbursements 1,390 - -
8,708,212 9,810,000 6,401,421
Net realized gain on investments 4,231,911 5,640,037 3,014,027
Net unrealized (depreciation)
appreciation of investments (28,080,518) 30,204,380 36,095,358
Net (decrease) increase (14,466,415) 41,683,468 46,430,658
Plan equity at beginning of year 154,276,630 112,593,162 66,162,504
Plan equity at end of year $139,810,215 $154,276,630 $112,593,162
See accompanying notes.
-4-
The McCormick Profit Sharing Plan and PAYSOP
Notes to Financial Statements
1. Significant Accounting Policies
The financial statements of The McCormick Profit Sharing Plan and
PAYSOP (the Plan) are prepared on the accrual basis of accounting.
Valuation of Securities
Investments are stated at aggregate current value. Securities
traded on a national securities exchange or included on the NASDAQ
National Market List are valued at the last reported sales price on
the last business day of the year. Investments for which no sale
was reported on that date are valued at the last reported bid
price.
The change in the difference between current value and the cost of
investments is reflected in the statement of changes in plan equity
as net unrealized appreciation or depreciation of investments.
The net realized gain or loss on investments is the difference
between the proceeds received and the average cost of investments
sold. Expenses relating to the purchase or sale of investments are
added to the cost or deducted from the proceeds.
Administrative Expenses
McCormick & Company, Incorporated (the Company) has deducted
$306,261 in 1993, $197,700 in 1992 and $134,887 in 1991 from the
Profit Sharing contributions to offset a portion of the
administrative costs incurred on behalf of the Plan. Direct
expenses are paid by the Plan.
Reclassification
Certain prior year information has been reclassified to conform
with the current year presentation.
2. Description of the Plan
The following description of the Plan provides only general
information. Further information about the Plan agreement, eligible
employees, the vesting provisions and investment alternatives are
contained in the pamphlet Profit Sharing Plus and in Registration
Statement No. 33-33724 on Form S-8 filed with the Securities and
Exchange Commission on March 2, 1990. Copies of these documents are
available from McCormick Corporate Human Relations.
-5-
The McCormick Profit Sharing Plan and PAYSOP
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
The Plan is a defined contribution plan sponsored by McCormick &
Company, Incorporated which incorporates a 401(k) savings and
investment option and a Payroll Based Stock Ownership Plan
(PAYSOP).
The Company and participating subsidiaries make contributions to
the Plan in such amounts as may be authorized by the Board of
Directors. Company contributions are allocated to each
participant's account based upon the participant's compensation and
length of service. The Company has not made PAYSOP contributions
since the elimination of the PAYSOP tax credit in the Tax Reform
Act of 1986.
Participating employees can make elective pretax contributions to
the Plan through regular payroll deductions. If a participating
employee authorizes elective contributions, the contributions may
not be less than 1% of his or her taxable cash compensation and may
be up to a maximum of 15%. The Company and participating
subsidiaries will make a matching contribution at a rate of $.20
for each $ 1.00 of the participant's elective contribution to the
McCormick Stock Fund. The matching contribution is not made on
elective contributions in excess of 10% of taxable cash
compensation.
A participant's elective contributions are invested as directed by
the participant in the McCormick Stock Fund, the Interest Income
Fund or a combination of the two. These two options, plus a third
option, the Balanced Equity Fund, are available for the Company's
Profit Sharing contributions.
In general participant withdrawals are subject to a 10% excise tax
for withdrawals prior to the participant reaching retirement.
Participants are permitted to take loans against their contribu-
tions to the Plan. The maximum of any loan cannot exceed one-half
of the employee's account balance or $50,000 less the highest
outstanding unpaid loan balance during the prior twelve months,
whichever is less. The Company's Investment Committee determines
the interest rate for loans based on current market rates. Loan
repayments plus interest are made by employees through monthly
payroll deductions over loan terms of up to five years. Longer
loan terms are available for loans taken to purchase, construct,
re-construct or substantially rehabilitate a primary home for
someone in the employee's immediate family.
-6-
The McCormick Profit Sharing Plan and PAYSOP
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
With the exception of the PAYSOP program, the Company intends to
continue the Plan indefinitely. The Company reserves the right to
terminate the Plan, or to reduce or cease contributions at any
time, if its Board of Directors determines that business, financial
or other good causes make it necessary to do so, or to amend the
Plan at any time and in any respect provided, however, that any
such action will not deprive any participant or beneficiary under
the Plan of any vested right.
3. Income Tax Status
The Internal Revenue Service has ruled that the Plan qualifies
under Section 401 of the Internal Revenue Code (IRC) and is,
therefore, not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the
IRC to maintain its qualification. The Plan administrator is not
aware of any course of action or series of events that has occurred
that might adversely affect the Plan's qualified status. Under the
Plan, participants are not subject to federal income tax on Company
contributions and income of the Plan until amounts are distributed
to them.
4. Investments
During 1993, 1992 and 1991 the Plan's investments (including
investments bought, sold, or held throughout the year)
(depreciated) appreciated in fair value by ($23,848,607),
$35,844,417 and $39,109,385, respectively, as follows:
Net
(Depreciation) Fair Value
Appreciation at End
During Year of Year
Year ended November 30, 1993
Fair value as determined by
quoted market prices:
McCormick & Company, Incorporated:
Common stock, voting ($24,203,890) $112,909,707
Common stock, nonvoting (4,205) 465,000
Unaffiliated issuers:
Temporary investments - 19,711,204
Fixed income funds 178,015 -
Mutual funds 181,473 -
Participant loans - 2,344,381
Total ($23,848,607) $135,430,292
-7-
The McCormick Profit Sharing Plan and PAYSOP
Notes to Financial Statements (continued)
4. Investments (continued)
Net
Appreciation Fair Value
(Depreciation) at End
During Year of Year
Year ended November 30, 1992
Fair value as determined by
quoted market prices:
McCormick & Company, Incorporated
common stock, voting $35,557,146 $131,855,674
Unaffiliated issuers:
Temporary investments - 5,032,283
Fixed income funds 123,883 10,736,183
Mutual funds 163,388 2,075,771
Participant loans - 1,844,724
Total $35,844,417 $151,544,635
Year ended November 30, 1991
Fair value as determined by
quoted market prices:
McCormick & Company, Incorporated
common stock, voting $38,863,771 $ 91,377,471
Unaffiliated issuers:
Temporary investments - 7,389,706
Fixed income funds - 8,012,014
Mutual funds 245,614 1,301,093
Participant loans - 1,048,465
Total $39,109,385 $109,128,749
The fair value of individual investments that represent 5% or more
of the Plan's net assets are as follows:
November 30
1993 1992
Norwest Short Term Investment Fund $ 19,711,204 $ 2,683,365
McCormick & Company, Incorporated
common stock, voting 112,909,707 131,855,674
5. Transactions With Parties-in-Interest
Fees paid during the year for legal, accounting and other services
rendered by parties-in-interest were based on customary and
reasonable rates for such services.
-8-
The McCormick Profit Sharing Plan and PAYSOP
Notes to Financial Statements (continued)
6. Reconciliation of Form 5500 to Audited Financial Statements
The following represents a summary of the differences between the Form 5500
for the year ended November 30, 1993, and the accompanying financial
statements:
Amount per
Form 5500 Accompanying
Line Amount per Financial
Number Description Form 5500 Statements Difference
32b (l)(A) Interest--Interest $ 751,766 $ 954,826 $ (203,060)
bearing cash
32b (1)(F) Interest--Other 133,415 - 133,415
loans
32b (2)(B) Dividends--Common 2,070,382 2,070,382 -
stock
N/A Dividends--Mutual - 138,528 (138,528)
funds
32b (4)(C) Net gain (loss) on (507,941) 4,231,911 (4,739,852)
sale of assets
32b (5) Unrealized (depre- (23,522,138) (28,080,518) 4,558,380
ciation) apprecia-
tion
32b (10) Registered invest- 389,645 - 389,645
ment companies
$(20,684,871) $(20,684,871) $ -
The differences result from the classification of investments, and the
basis for determining cost, as required for financial statement purposes
(historical cost) differing from the classification required in the Form
5500 (market value at the beginning of the Plan year).
7. Subsequent Events
The quoted market value of the McCormick & Company, Incorporated common
stock held by the Plan decreased in value from $23.25 per share as of
November 30, 1993, to $21.75 per share as of May 18, 1994, resulting in a
decrease of $7,314,486 from the market value of the assets held at
November 30, 1993.
On December 1, 1993 the Plan established new investment funds for the
contributions not invested in McCormick & Company, Inc. common stock.
In anticipation of transferring the existing assets to the new funds,
all prior investments in the Interest Income and Balanced Equity funds
were liquidated in November 1993. The proceeds were held in temporary
investments at November 30, 1993.
-9-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1993
McCormick Interest
Total Stock Fund Income Fund
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $113,374,707 $93,581,689 $ -
Unaffiliated issuers:
Temporary investments 19,711,204 182,957 14,063,777
Participant loans 2,344,381 - -
Employer contributions receivable 4,812,557 - -
Accrued interest and dividends
receivable 58,611 2,502 28,872
Cash 7,879 1 4
140,309,339 93,767,149 14,092,653
Liabilities
Administrative expenses payable 18,225 4,681 11,015
Withdrawals payable 480,899 274,861 52,200
499,124 279,542 63,215
Plan equity $139,810,215 $93,487,607 $14,029,438
-10-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1993
Balanced
Equity
Fund PAYSOP RIT Trust
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $ - $4,953,682 $14,839,336
Unaffiliated issuers:
Temporary investments 5,461,641 700 2,129
Participant loans - - -
Employer contributions receivable - - -
Accrued interest and dividends
receivable 11,660 - 1
Cash 867 6,914 92
5,474,168 4,961,296 14,841,558
Liabilities
Administrative expenses payable 1,831 - 698
Withdrawals payable 11,297 14,746 127,795
13,128 14,746 128,493
Plan equity $5,461,040 $4,946,550 $14,713,065
-11-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1993
Loans Unallocated
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $ - $ -
Unaffiliated issuers:
Temporary investments - -
Participant loans 2,344,381 -
Employer contributions receivable - 4,812,557
Accrued interest and dividends
receivable 15,576 -
Cash 1 -
2,359,958 4,812,557
Liabilities
Administrative expenses payable - -
Withdrawals payable - -
- -
Plan equity $2,359,958 $4,812,557
-12-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1992
McCormick Interest
Total Stock Fund Income Fund
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $131,855,674 $104,912,505 $ -
Unaffiliated issuers:
Temporary investments 5,032,283 74,555 1,551,655
Fixed income fund 10,736,183 - 10,736,183
Mutual funds 2,075,771 - -
Participant loans 1,844,724 - -
Employee contributions receivable 24,635 - 268
Employer contributions receivable 4,292,403 - -
Accrued interest and dividends
receivable 10,686 249 4,674
Cash 470 - -
155,872,829 104,987,309 12,292,780
Liabilities
Administrative expenses payable 11,446 2,739 5,801
Withdrawals payable 1,584,753 1,089,416 142,448
TOTAL 1,596,199 1,092,155 148,249
Plan equity $154,276,630 $103,895,154 $12,144,531
-13-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1992
Balanced
Equity
Fund PAYSOP RIT Trust
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $ - $6,523,263 $20,419,906
Unaffiliated issuers:
Temporary investments 3,390,657 - 15,416
Fixed income fund - - -
Mutual funds 2,075,771 - -
Participant loans - - -
Employee contributions receivable - - 24,367
Employer contributions receivable - - -
Accrued interest and dividends
receivable 5,700 - 63
Cash - 470 -
5,472,128 6,523,733 20,459,752
Liabilities
Administrative expenses payable 2,246 - 660
Withdrawals payable 20,222 327,264 5,403
TOTAL 22,468 327,264 6,063
Plan equity $5,449,660 $6,196,469 $20,453,689
-14-
The McCormick Profit Sharing Plan and PAYSOP
Schedule II--Allocation of Plan Equity to Investment Programs
November 30, 1992
Loans Unallocated
Assets
Investments:
Securities--at market value:
McCormick & Company, Incorporated
common stock $ - $ -
Unaffiliated issuers:
Temporary investments - -
Fixed income fund - -
Mutual funds - -
Participant loans 1,844,724 -
Employee contributions receivable - -
Employer contributions receivable - 4,292,403
Accrued interest and dividends
receivable - -
Cash - -
1,844,724 4,292,403
Liabilities
Administrative expenses payable - -
Withdrawals payable - -
TOTAL - -
Plan equity $1,844,724 $4,292,403
-15-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs
Year Ended November 30, 1993
McCormick Interest
Total Stock Fund Income Fund
Additions
Employer contributions $ 6,512,133 $ 1,393,315 $ -
Employee contributions 8,414,243 7,349,700 1,064,543
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 2,070,382 1,675,307 -
Mutual funds 138,528 - -
Interest income 954,826 22,026 728,885
Other receipts 292 - 292
18,090,404 10,440,348 1,793,720
Interfund transfers - 2,934,963 905,489
Deductions
Participant withdrawals 8,338,081 4,362,874 943,017
Administrative expenses 368,741 7,829 49,302
Other disbursements 1,390 1,390 -
8,708,212 4,372,093 992,319
Net realized gain on investment 4,231,911 1,589,177 253,209
Net unrealized depreciation of
investments (28,080,518) (20,999,942) (75,192)
Net (decrease) increase (14,466,415) (10,407,547) 1,884,907
Plan equity at beginning of year 154,276,630 103,895,154 12,144,531
Plan equity at end of year $139,810,215 $ 93,487,607 $14,029,438
-16-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs
Year Ended November 30, 1993
Balanced
Equity
Fund PAYSOP RIT Trust
Additions
Employer contributions $ - $ - $ -
Employee contributions - - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - 95,079 299,996
Mutual funds 138,528 - -
Interest income 69,645 49 806
Other receipts - - -
208,173 95,128 300,802
Interfund transfers 71,750 (1,618) -
Deductions
Participant withdrawals 446,172 201,697 2,384,321
Administrative expenses 3,843 419 1,087
Other disbursements - - -
450,015 202,116 2,385,408
Net realized gain on investment 400,770 257,790 1,730,965
Net unrealized depreciation of
investments (219,298) (1,399,103) (5,386,983)
Net (decrease) increase 11,380 (1,249,919) (5,740,624)
Plan equity at beginning of year 5,449,660 6,196,469 20,453,689
Plan equity at end of year $5,461,040 $4,946,550 $14,713,065
-17-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs
Year Ended November 30, 1993
Loans Unallocated
Additions
Employer contributions $ - $5,118,818
Employee contributions - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - -
Mutual funds - -
Interest income 133,415 -
Other receipts - -
133,415 5,118,818
Interfund transfers 381,819 (4,292,403)
Deductions
Participant withdrawals - -
Administrative expenses - 306,261
Other disbursements - -
- 306,261
Net realized gain on investment - -
Net unrealized depreciation of
investments - -
Net (decrease) increase 515,234 520,154
Plan equity at beginning of year 1,844,724 4,292,403
Plan equity at end of year $2,359,958 $4,812,557
-18-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--(continued)
Year Ended November 30, 1992
McCormick Interest
Total Stock Fund Income Fund
Additions
Employer contributions $ 5,668,619 $ 1,171,899 $ -
Employee contributions 7,361,346 6,311,969 1,049,377
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,716,028 1,349,921 -
Mutual funds 112,504 - -
Interest income 790,554 1,853 671,134
15,649,051 8,835,642 1,720,511
Interfund transfers - 2,260,771 (229,834)
Deductions
Participant withdrawals 9,611,394 6,067,872 1,639,135
Administrative expenses 198,606 - (3,242)
9,810,000 6,067,872 1,635,893
Net realized gain on investment 5,640,037 4,121,550 51,267
Net unrealized appreciation of
investments 30,204,380 23,815,747 72,616
Net increase (decrease) 41,683,468 32,965,838 (21,333)
Plan equity at beginning of year 112,593,162 70,929,316 12,165,864
Plan equity at end of year $154,276,630 $103,895,154 $12,144,531
-19-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--(continued)
Year Ended November 30, 1992
Balanced
Equity
Fund PAYSOP
Additions
Employer contributions $ - $ -
Employee contributions - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - 86,175
Mutual funds 112,504 -
Interest income 117,567 -
230,071 86,175
Interfund transfers 932,952 -
Deductions
Participant withdrawals 282,630 327,264
Administrative expenses 4,148 -
286,778 327,264
Net realized gain on investment 24,508 170,834
Net unrealized appreciation of
investments 138,880 1,616,123
Net increase (decrease) 1,039,633 1,545,868
Plan equity at beginning of year 4,410,027 4,650,601
Plan equity at end of year $5,449,660 $6,196,469
-20-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--(continued)
Year Ended November 30, 1992
RIT Trust Unallocated
Additions
Employer contributions $ - $4,496,720
Employee contributions - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 279,932 -
Mutual funds - -
Interest income - -
279,932 4,496,720
Interfund transfers (31) (2,963,858)
Deductions
Participant withdrawals 1,294,493 -
Administrative expenses - 197,700
1,294,493 197,700
Net realized gain on investment 1,271,878 -
Net unrealized appreciation of
investments 4,561,014 -
Net increase (decrease) 4,818,300 1,335,162
Plan equity at beginning of year 15,635,389 4,801,965
Plan equity at end of year $20,453,689 $6,137,127
-21-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--Continued
Year Ended November 30, 1991
McCormick Interest
Total Stock Fund Income Fund
Additions
Employer contributions $ 4,906,801 $ 1,005,801 $ -
Employee contributions 6,491,092 5,360,720 1,130,372
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,198,536 917,350 -
Mutual funds 117,457 - -
Interest income 1,008,808 24,474 829,952
13,722,694 7,308,345 1,960,324
Interfund transfers - 1,475,966 818,173
Deductions
Participant withdrawals 6,225,848 3,964,308 891,860
Administrative expenses 175,573 1,686 33,187
6,401,421 3,965,994 925,047
Net realized gain on investment 3,014,027 2,191,555 -
Net unrealized appreciation of
investments 36,095,358 27,413,770 -
Net increase (decrease) 46,430,658 34,423,642 1,853,450
Plan equity at beginning of year 66,162,504 36,505,674 10,312,414
Plan equity at end of year $112,593,162 $70,929,316 $12,165,864
-22-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--Continued
Year Ended November 30, 1991
Balanced
Equity
Fund PAYSOP
Additions
Employer contributions $ - $ -
Employee contributions - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - 65,212
Mutual funds 117,457 -
Interest income 152,707 -
270,164 65,212
Interfund transfers 574,593 -
Deductions
Participant withdrawals 383,504 229,674
Administrative expenses 5,743 -
389,247 229,674
Net realized gain on investment 31,892 72,262
Net unrealized appreciation of
investments 213,722 2,062,746
Net increase (decrease) 701,124 1,970,546
Plan equity at beginning of year 3,708,903 2,680,055
Plan equity at end of year $4,410,027 $4,650,601
-23-
The McCormick Profit Sharing Plan and PAYSOP
Schedule III--Allocation of Changes in Plan Equity to Investment
Programs--Continued
Year Ended November 30, 1991
RIT Unallocated
Trust
Additions
Employer contributions $ - $3,901,000
Employee contributions - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 215,974 -
Mutual funds - -
Interest income 1,675 -
217,649 3,901,000
Interfund transfers 3,000 (2,871,732)
Deductions
Participant withdrawals 756,502 -
Administrative expenses 70 134,887
756,572 134,887
Net realized gain on investment 718,318 -
Net unrealized appreciation of
investments 6,405,120 -
Net increase (decrease) 6,587,515 894,381
Plan equity at beginning of year 9,047,874 3,907,584
Plan equity at end of year $15,635,389 $4,801,965
-24-
SUPPLEMENTAL SCHEDULES
The McCormick Profit Sharing Plan and PAYSOP
Item 27a - Schedule of Assets Held for Investment Purposes
November 30, 1993
Shares Cost Market
Description Held Value Value
Temporary investments:
Norwest Short Term
Investment Fund 19,711,204 $19,711,204 $ 19,711,204
McCormick & Company,
Incorporated:
Common stock, voting 4,856,332 50,855,366 112,909,707
Common stock, nonvoting 20,000 469,205 465,000
Participant loans (average 2,344,381 2,344,381
interest rate of 7%)
$73,380,156 $135,430,292
-25-
The McCormick Profit Sharing Plan and PAYSOP
Item 27d--Schedule of Reportable Transactions
Year ended November 30, 1993
Category (iii)--series of security transactions in excess of 5% of plan assets
Purchase Selling Cost of Current Net Gain
Price Price Security Value or (Loss)
Norwest Short
Term Investment
Fund $41,349,729 $26,529,491 $26,529,491 $67,879,220 -
# of Trades 412 205 617
McCormick & Company,
Incorporated common
stock, Voting 9,218,573 5,319,208 6,186,523 14,537,781 ($867,315)
# of Trades 28 42 70
There were no category (i), (ii) or (iv) reportable transactions during the year ended November 30, 1993.
-26-
Exhibit--Consent of Independent Auditors
We consent to the incorporation by reference in the following
Registration Statements of McCormick & Company, Incorporated and
subsidiaries and in the related Prospectuses (if applicable) of
our report dated May 18, 1994, with respect to the financial
statements and supplemental schedules of The McCormick Profit
Sharing Plan and PAYSOP for the year ended November 30, 1993
included under Item 14., Exhibits, Financial Statement Schedules,
and Reports on Form 8-K in this Form 10-K/A, No. 1.
Form Registration Number Date Filed
S-3 33-66614 7/27/93
S-8 33-59842 3/19/93
S-3 33-40920 5/29/91
S-8 33-33724 3/02/90
S-8 33-33725 3/02/90
S-3 33-32712 12/01/89
S-8 33-24660 10/07/88
S-8 33-24658 9/15/88
S-8 2-96166 3/01/85
ERNST & YOUNG
May 18, 1994
