McCormick & Company, Incorporated (MKC) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
24 SCHILLING ROAD HUNT VALLEY, MD 21031 |
| State of Incorp. | MD |
| Fiscal Year End | November 30 |
| Industry (SIC) | 209 - Miscellaneous Food Preparations And Kindred (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 11/30/2023 | 11/30/2022 | 11/30/2021 | 11/30/2020 | 11/30/2019 | 11/30/2018 | 11/30/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 334 | 352 | 424 | 155 | 97 | 187 | |||
| Cash and cash equivalents | 334 | 352 | 424 | 155 | 97 | 187 | |||
| Receivables | 574 | 550 | 529 | 503 | 518 | 555 | |||
| Inventory, net of allowances, customer advances and progress billings | 1,340 | 1,182 | 1,033 | 801 | 786 | 793 | |||
| Inventory | 1,340 | 1,182 | 1,033 | 801 | 786 | 793 | |||
| Prepaid expense | 62 | 42 | 38 | 36 | 27 | 32 | |||
| Other current assets | 77 | 71 | 61 | 55 | 52 | 49 | |||
| Total current assets: | 2,387 | 2,196 | 2,084 | 1,550 | 1,480 | 1,617 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 103 | 112 | 121 | ✕ | ✕ | ||||
| Operating lease, right-of-use asset | 219 | 137 | 137 | ✕ | ✕ | ||||
| Property, plant and equipment | 1,198 | 1,140 | 1,028 | 953 | 985 | 809 | |||
| Long-term investments and receivables | 115 | 137 | 130 | 124 | 121 | 127 | |||
| Long-term investments | 115 | 137 | 130 | 124 | 121 | 127 | |||
| Intangible assets, net (including goodwill) | 8,601 | 8,788 | 8,226 | 7,352 | 7,401 | 7,561 | |||
| Goodwill | 5,213 | 5,336 | 4,986 | 4,505 | 4,528 | 4,490 | |||
| Intangible assets, net (excluding goodwill) | 3,388 | 3,453 | 3,239 | 2,847 | 2,873 | 3,071 | |||
| Other undisclosed noncurrent assets | 502 | 395 | 365 | 383 | 269 | 272 | |||
| Total noncurrent assets: | 10,738 | 10,710 | 10,006 | 8,812 | 8,777 | 8,769 | |||
| TOTAL ASSETS: | 13,125 | 12,906 | 12,090 | 10,362 | 10,256 | 10,386 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 1,925 | 1,914 | 1,896 | 1,456 | 1,358 | 1,364 | |||
| Accounts payable | 1,171 | 1,064 | 1,032 | 847 | 710 | 640 | |||
| Accrued liabilities | 754 | 850 | 864 | 609 | 648 | 724 | |||
| Debt | 1,507 | 1,309 | 1,151 | 698 | 644 | 583 | |||
| Total current liabilities: | 3,432 | 3,224 | 3,047 | 2,154 | 2,002 | 1,947 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 3,642 | 3,973 | 3,754 | 3,626 | 4,053 | 4,444 | |||
| Long-term debt, excluding current maturities | 3,642 | 3,973 | 3,754 | 3,626 | 4,053 | 4,444 | |||
| Liabilities, other than long-term debt, including: | 1,351 | 1,283 | 1,349 | 1,125 | 1,020 | 65 | |||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | 698 | 707 | 1,095 | ||
| Deferred income tax liabilities | 866 | 792 | 727 | ✕ | ✕ | ||||
| Other liabilities | 485 | 491 | 622 | 428 | 313 | 329 | |||
| Other undisclosed liabilities, other than long-term debt | (1,359) | ||||||||
| Other undisclosed noncurrent liabilities | 1,359 | ||||||||
| Total noncurrent liabilities: | 4,993 | 5,257 | 5,103 | 4,751 | 5,073 | 5,868 | |||
| Total liabilities: | 8,426 | 8,480 | 8,150 | 6,905 | 7,074 | 7,815 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 4,681 | 4,411 | 3,926 | 3,444 | 1,400 | 887 | |||
| Accumulated other comprehensive loss | (481) | (427) | (471) | (500) | (360) | (280) | |||
| Retained earnings | 3,023 | 2,782 | 2,416 | 2,056 | 1,760 | 1,167 | |||
| Other undisclosed equity, attributable to parent | 2,139 | 2,055 | 1,981 | 1,889 | |||||
| Equity, attributable to noncontrolling interest | 19 | 15 | 14 | 13 | 11 | 11 | |||
| Other undisclosed equity | 1,771 | 1,673 | |||||||
| Total equity: | 4,699 | 4,426 | 3,940 | 3,457 | 3,182 | 2,571 | |||
| TOTAL LIABILITIES AND EQUITY: | 13,125 | 12,906 | 12,090 | 10,362 | 10,256 | 10,386 | |||
Income Statement (P&L) ($ in millions)
| 11/30/2023 | 11/30/2022 | 11/30/2021 | 11/30/2020 | 11/30/2019 | 11/30/2018 | 11/30/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 6,351 | 6,318 | 5,601 | 5,347 | 5,409 | 4,834 | ||
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 4,834 | |
| Cost of revenue (Cost of Goods and Services Sold) | (4,076) | (3,823) | (3,301) | (3,202) | (3,037) | (2,824) | ||
| Gross profit: | 2,275 | 2,495 | 2,300 | 2,145 | 2,372 | 2,010 | ||
| Operating expenses | (1,359) | (1,433) | (1,294) | (1,167) | (1,452) | (1,286) | ||
| Other undisclosed operating loss | (52) | (46) | (7) | (21) | (16) | (22) | ||
| Operating income: | 864 | 1,015 | 1,000 | 958 | 903 | 702 | ||
| Nonoperating income (Other Nonoperating income) | 98 | 17 | 18 | 27 | 13 | 4 | ||
| Interest and debt expense | (149) | (137) | (136) | (165) | (175) | (96) | ||
| Other undisclosed loss from continuing operations before equity method investments, income taxes | (15) | |||||||
| Income from continuing operations before equity method investments, income taxes: | 813 | 896 | 882 | 819 | 741 | 595 | ||
| Income from equity method investments | 38 | 52 | 41 | 41 | 35 | 34 | ||
| Income from continuing operations before income taxes: | 851 | 948 | 922 | 860 | 776 | 629 | ||
| Income tax expense (benefit) | (169) | (193) | (175) | (157) | 157 | (151) | ||
| Income from continuing operations: | 682 | 755 | 747 | 703 | 933 | 477 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | 755 | 747 | 703 | 933 | 477 | |
| Net income: | 682 | 755 | 747 | 703 | 933 | 477 | ||
| Net income attributable to noncontrolling interest | 6 | 8 | 4 | 2 | 3 | 2 | ||
| Other undisclosed net loss attributable to parent | (6) | (8) | (4) | (2) | (3) | (2) | ||
| Net income available to common stockholders, diluted: | 682 | 755 | 747 | 703 | 933 | 477 | ||
Comprehensive Income ($ in millions)
| 11/30/2023 | 11/30/2022 | 11/30/2021 | 11/30/2020 | 11/30/2019 | 11/30/2018 | 11/30/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 682 | 755 | 747 | 703 | 933 | 477 | ||
| Other comprehensive income (loss) | (56) | 37 | 27 | (141) | (62) | 235 | ||
| Comprehensive income: | 626 | 792 | 774 | 562 | 871 | 712 | ||
| Comprehensive income, net of tax, attributable to noncontrolling interest | 6 | 8 | 4 | 2 | 3 | 2 | ||
| Comprehensive income, net of tax, attributable to parent: | 632 | 800 | 778 | 564 | 875 | 714 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.