2020 Q2 Form 10-Q Financial Statement

#000006375420000119 Filed on June 25, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.401B $1.302B
YoY Change 7.62% 0.05%
Cost Of Revenue $821.6M $793.4M
YoY Change 3.55% -0.31%
Gross Profit $579.5M $508.5M
YoY Change 13.96% 0.61%
Gross Profit Margin 41.36% 39.06%
Selling, General & Admin $319.2M $293.3M
YoY Change 8.83% -2.43%
% of Gross Profit 55.08% 57.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.60M $38.70M
YoY Change 2.33% 3.2%
% of Gross Profit 6.83% 7.61%
Operating Expenses $319.2M $293.3M
YoY Change 8.83% -2.43%
Operating Profit $257.4M $208.1M
YoY Change 23.69% 10.34%
Interest Expense $34.40M $42.40M
YoY Change -18.87% -4.07%
% of Operating Profit 13.36% 20.37%
Other Income/Expense, Net $3.100M $6.300M
YoY Change -50.79% 36.96%
Pretax Income $226.1M $172.0M
YoY Change 31.45% 15.44%
Income Tax $40.40M $32.10M
% Of Pretax Income 17.87% 18.66%
Net Earnings $195.9M $149.4M
YoY Change 31.12% 21.17%
Net Earnings / Revenue 13.98% 11.48%
Basic Earnings Per Share $0.74 $0.56
Diluted Earnings Per Share $0.73 $0.56
COMMON SHARES
Basic Shares Outstanding 266.2M shares 132.3M shares
Diluted Shares Outstanding 268.5M shares 133.9M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.0M $139.0M
YoY Change 33.09% -31.53%
Cash & Equivalents $185.0M $139.4M
Short-Term Investments
Other Short-Term Assets $105.0M $88.00M
YoY Change 19.32% -2.22%
Inventory $831.0M $817.0M
Prepaid Expenses
Receivables $494.3M $429.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.616B $1.473B
YoY Change 9.68% -5.82%
LONG-TERM ASSETS
Property, Plant & Equipment $927.0M $917.4M
YoY Change 1.05% -3.2%
Goodwill $4.484B $4.511B
YoY Change -0.6% -1.44%
Intangibles $2.834B $2.860B
YoY Change -0.92% -1.14%
Long-Term Investments
YoY Change
Other Assets $588.0M $430.0M
YoY Change 36.74% 6.97%
Total Long-Term Assets $8.960B $8.764B
YoY Change 2.25% -0.63%
TOTAL ASSETS
Total Short-Term Assets $1.616B $1.473B
Total Long-Term Assets $8.960B $8.764B
Total Assets $10.58B $10.24B
YoY Change 3.32% -1.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $857.0M $707.0M
YoY Change 21.22% 13.3%
Accrued Expenses $549.0M $449.0M
YoY Change 22.27% -12.48%
Deferred Revenue
YoY Change
Short-Term Debt $84.50M $605.7M
YoY Change -86.05% -2.85%
Long-Term Debt Due $88.90M $87.50M
YoY Change 1.6% 15.89%
Total Short-Term Liabilities $1.582B $1.860B
YoY Change -14.93% 0.73%
LONG-TERM LIABILITIES
Long-Term Debt $4.114B $3.978B
YoY Change 3.42% -10.74%
Other Long-Term Liabilities $516.6M $310.1M
YoY Change 66.59% -18.54%
Total Long-Term Liabilities $4.630B $4.288B
YoY Change 7.99% -11.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.582B $1.860B
Total Long-Term Liabilities $4.630B $4.288B
Total Liabilities $6.914B $6.854B
YoY Change 0.87% -6.66%
SHAREHOLDERS EQUITY
Retained Earnings $2.289B $1.919B
YoY Change 19.29% 17.59%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.650B $3.371B
YoY Change
Total Liabilities & Shareholders Equity $10.58B $10.24B
YoY Change 3.32% -1.42%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $195.9M $149.4M
YoY Change 31.12% 21.17%
Depreciation, Depletion And Amortization $39.60M $38.70M
YoY Change 2.33% 3.2%
Cash From Operating Activities $310.7M $210.6M
YoY Change 47.53% -17.54%
INVESTING ACTIVITIES
Capital Expenditures -$48.60M -$28.70M
YoY Change 69.34% 0.35%
Acquisitions
YoY Change
Other Investing Activities $1.700M $0.00
YoY Change -100.0%
Cash From Investing Activities -$46.90M -$28.70M
YoY Change 63.41% 2.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -237.6M -141.3M
YoY Change 68.15% -29.63%
NET CHANGE
Cash From Operating Activities 310.7M 210.6M
Cash From Investing Activities -46.90M -28.70M
Cash From Financing Activities -237.6M -141.3M
Net Change In Cash 26.20M 40.60M
YoY Change -35.47% 52.63%
FREE CASH FLOW
Cash From Operating Activities $310.7M $210.6M
Capital Expenditures -$48.60M -$28.70M
Free Cash Flow $359.3M $239.3M
YoY Change 50.15% -15.74%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntityRegistrantName
MCCORMICK & CO INC
dei Entity Central Index Key
EntityCentralIndexKey
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dei Current Fiscal Year End Date
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dei Document Period End Date
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dei Document Quarterly Report
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dei Entity Incorporation State Country Code
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ACCOUNTING POLICIES<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Basis of Presentation</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position and the results of operations for the interim periods presented. The consolidated balance sheet as of May 31, 2019 includes a reclassification of $44.6 million of capitalized software from property, plant and equipment, net, to other long-term assets to conform to our current presentation.</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The results of consolidated operations for the six-month period ended May 31, 2020 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations have been lower in the first half of the fiscal year and higher in the second half. The historical increase in net sales, net income and cash flow from operations in the second half of the year has largely been due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. </span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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, 2019.</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Impact of COVID-19</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On March 11, 2020, the World Health Organization designated a new coronavirus (“COVID-19”) as a global pandemic. Governments around the world have mandated orders to slow the transmission of the virus. Actions taken to slow the transmission of the virus, include shelter-in-place orders, quarantines, significant restrictions on travel, as well as work restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic effects of the pandemic has introduced significant volatility in the financial markets.</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We are partnering with our customers to react to consumer demand changes associated with COVID-19. The effects of COVID-19 on consumer behavior have, on a net basis, favorably impacted the operating results of our consumer segment and unfavorably impacted the operating results of our flavor solutions segment in the three months and six months ended May 31, 2020. The impact of COVID-19 on our consumer segment during those periods resulted in a significant increase in at-home consumption, and related demand, for our products. The unfavorable impact on our flavor solutions segment during the same periods was principally attributable to sharply decreased demand from certain customers that were affected by government mandates related to COVID-19 in many of our markets. Those measures required closures of dine-in restaurants or restricted operations of those restaurants to carry-out or delivery only and also restricted operations of quick service restaurants to drive-through pick-up or delivery. Those negative demand impacts in our flavor solutions segment were partially offset by increased at-home consumption from certain customers in our flavor solutions segment that use our products to flavor their own brands for at-home consumption.</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Accounting Pronouncements Adopted in 2020</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">As more fully described in note 1 of notes to consolidated financial statements included in our Form 10-K for the year ended November 30, 2019, we were required to adopt the new accounting standard for leases, Accounting Standards Codification Topic 842 </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%;">Leases</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;"> (ASC 842), as of December 1, 2019 and we elected to do so using a modified retrospective transition method. That modified retrospective transition method allowed us to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to retained earnings in the opening balance sheet in the period of adoption without restating prior periods. ASC 842 revised prior practice related to accounting for leases under Accounting Standards Codification Topic 840 </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%;">Leases</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;"> (ASC 840) for both lessees and lessors and requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. Under ASC 842, the lease liability is equal to the present value of lease payments, and the right-of-use asset is based on the lease liability, subject to adjustments, such as for deferred rent and initial direct costs. For income statement purposes, ASC 842 retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to prior accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to prior accounting by lessees for capital leases under ASC 840). </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">We elected the package of practical expedients permitted under the transition guidance, which, among other things, allows us to carry forward the historical lease classification. In addition, we made accounting policy elections to combine the lease and non-lease components for all asset categories other than real estate. We also made elections to exclude from balance sheet reporting those leases with initial terms of 12 months or less ("short-term leases"). </span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">Adoption of the new standard resulted in the recording of operating lease ROU assets and lease liabilities of $136.5 million and $140.0 million, respectively, with the difference due to prepaid and deferred rents that were reclassified to the ROU asset value. No cumulative-effect adjustment to opening retained earnings was required as of December 1, 2019. The standard did not materially affect our consolidated net income or cash flows for the three- and six-month periods ended May 31, 2020. See note 4 for further details.</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Recently Issued Accounting Pronouncements — Pending Adoption</span></div><div style="margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In January 2017, the FASB issued ASU No. 2017-04 </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Intangibles</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">—</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Goodwill and Other Topics (Topic 350)</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">—</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Simplifying the Test for Goodwill Impairment. </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">This guidance eliminates the requirement to calculate the implied fair value of goodwill of a reporting unit to measure a goodwill impairment charge. Instead, a company will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The new standard will be effective for the first quarter of our fiscal year ending November 30, 2021. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates after January 1, 2017. While we are still evaluating the timing of adoption, we currently do not expect this guidance to have a material impact on our financial statements.</span></div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Financial Instruments</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">—</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span>, which institutes a new model for recognizing credit losses on financial instruments that are not measured at fair value. The ASU is effective for the first quarter of our fiscal year ending November 30, 2021, and we anticipate that it will primarily impact our credit losses recognized for trade accounts receivable. While we are currently evaluating the effect that ASU No. 2016-13 will have on our consolidated financial statements, we do not expect this guidance to have a material impact.
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35800000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17300000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
11400000 USD
CY2020Q2 mkc Liability Payments Due Year Four
LiabilityPaymentsDueYearFour
28700000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
11500000 USD
CY2020Q2 mkc Liability Payments Due Year Five
LiabilityPaymentsDueYearFive
22500000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
33400000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
125900000 USD
CY2020Q2 mkc Liability Payments Due After Year Five
LiabilityPaymentsDueAfterYearFive
159300000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
137900000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
177300000 USD
CY2020Q2 mkc Liability Payments Due
LiabilityPaymentsDue
315200000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7400000 USD
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
41200000 USD
CY2020Q2 mkc Liability Payment Undiscounted Excess Amount
LiabilityPaymentUndiscountedExcessAmount
48600000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
130500000 USD
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
136100000 USD
CY2020Q2 mkc Lease Liability
LeaseLiability
266600000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
19000000.0 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2300000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3400000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8500000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
185000000.0 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
4202500000 USD
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
4065000000.0 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
3723500000 USD
CY2020Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
4459100000 USD
CY2019Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
4131800000 USD
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3859000000.0 USD
CY2020Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
4459100000 USD
CY2019Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
4131800000 USD
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3859000000.0 USD
us-gaap Pension Contributions
PensionContributions
4400000 USD
us-gaap Pension Contributions
PensionContributions
4500000 USD
CY2019 us-gaap Pension Contributions
PensionContributions
11400000 USD
mkc Number Of Stock Based Compensation Award Types
NumberOfStockBasedCompensationAwardTypes
3 award_type
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
20700000 USD
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
16100000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
27100000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22800000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
26.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
27.51
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.228
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.174
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y6M
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
185500000 USD
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
160000000.0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
59600000 USD
CY2020Q2 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
16500000 USD
CY2020Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9300000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3200000 USD
us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
26900000 USD
us-gaap Income Tax Reconciliation Disposition Of Assets
IncomeTaxReconciliationDispositionOfAssets
9900000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9300000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3400000 USD
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
1400000 USD
CY2019Q2 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
11300000 USD
us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
28900000 USD
us-gaap Income Tax Reconciliation Disposition Of Assets
IncomeTaxReconciliationDispositionOfAssets
16200000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133100000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132300000 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1200000 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134300000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133900000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2020Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
611100000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-1900000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-349900000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-263000000.0 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-266500000 USD
CY2020Q2 mkc Accumulative Other Comprehensive Income Loss Unrealized Gain Loss On Foreign Currency Translation
AccumulativeOtherComprehensiveIncomeLossUnrealizedGainLossOnForeignCurrencyTranslation
-1100000 USD
CY2019Q2 mkc Accumulative Other Comprehensive Income Loss Unrealized Gain Loss On Foreign Currency Translation
AccumulativeOtherComprehensiveIncomeLossUnrealizedGainLossOnForeignCurrencyTranslation
800000 USD
CY2019Q4 mkc Accumulative Other Comprehensive Income Loss Unrealized Gain Loss On Foreign Currency Translation
AccumulativeOtherComprehensiveIncomeLossUnrealizedGainLossOnForeignCurrencyTranslation
0 USD
CY2020Q2 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
-100000 USD
CY2019Q2 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
-400000 USD
CY2019Q4 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
-300000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
229000000.0 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
119300000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
234000000.0 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-577700000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-382700000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-500200000 USD
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
83400000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
200000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-200000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-300000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-600000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
0 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
100000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
100000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
200000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-200000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-200000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-500000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-1100000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-2100000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-4000000.0 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
2900000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
700000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
5300000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
1400000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
1800000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
-1200000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
3200000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
-2600000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-400000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
300000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-700000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
600000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
1400000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-900000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
2500000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-2000000.0 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q2 us-gaap Revenues
Revenues
1401100000 USD
CY2020Q2 mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
260300000 USD
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10200000 USD
CY2019Q2 us-gaap Revenues
Revenues
1301900000 USD
CY2019Q2 mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
215200000 USD
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9500000 USD
us-gaap Revenues
Revenues
2613100000 USD
mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
455500000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
20600000 USD
us-gaap Revenues
Revenues
2533400000 USD
mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
414200000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
19600000 USD
CY2020Q2 mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
260300000 USD
CY2020Q2 mkc Special Charges
SpecialCharges
2900000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
257400000 USD
CY2019Q2 mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
215200000 USD
CY2019Q2 mkc Special Charges
SpecialCharges
7100000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
208100000 USD
mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
455500000 USD
mkc Special Charges
SpecialCharges
3900000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
451600000 USD
mkc Operatingincomeexcludingspecialcharges
Operatingincomeexcludingspecialcharges
414200000 USD
mkc Special Charges
SpecialCharges
9200000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
405000000.0 USD
CY2020Q2 us-gaap Revenues
Revenues
1401100000 USD
us-gaap Revenues
Revenues
2613100000 USD
CY2019Q2 us-gaap Revenues
Revenues
1301900000 USD
us-gaap Revenues
Revenues
2533400000 USD
CY2020Q2 mkc Special Charges
SpecialCharges
2900000 USD
CY2019Q2 mkc Special Charges
SpecialCharges
7100000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40400000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32100000 USD
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.46
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12

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