$MKC
MCCORMICK & CO INC

2023 Q3 Form 10-Q Financial Statement

#000006375423000045 Filed on October 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $1.685B
YoY Change 5.58%
Cost Of Revenue $1.062B
YoY Change 3.21%
Gross Profit $622.8M
YoY Change 9.9%
Gross Profit Margin 36.97%
Selling, General & Admin $371.7M
YoY Change 13.29%
% of Gross Profit 59.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.80M
YoY Change 7.6%
% of Gross Profit 8.64%
Operating Expenses $371.7M
YoY Change 13.29%
Operating Profit $245.0M
YoY Change 4.17%
Interest Expense $52.70M
YoY Change 39.05%
% of Operating Profit 21.51%
Other Income/Expense, Net $7.100M
YoY Change -90.83%
Pretax Income $199.4M
YoY Change -27.41%
Income Tax $42.70M
% Of Pretax Income 21.41%
Net Earnings $170.1M
YoY Change -23.69%
Net Earnings / Revenue 10.1%
Basic Earnings Per Share $0.63
Diluted Earnings Per Share $0.63
COMMON SHARES
Basic Shares Outstanding 268.4M shares
Diluted Shares Outstanding 270.1M shares

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.0M
YoY Change -54.93%
Cash & Equivalents $154.7M
Short-Term Investments
Other Short-Term Assets $123.0M
YoY Change -0.49%
Inventory $1.226B
Prepaid Expenses
Receivables $624.5M
Other Receivables $0.00
Total Short-Term Assets $2.128B
YoY Change -11.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.286B
YoY Change 12.87%
Goodwill $5.252B
YoY Change 0.82%
Intangibles $3.364B
YoY Change -0.95%
Long-Term Investments
YoY Change
Other Assets $960.0M
YoY Change 22.64%
Total Long-Term Assets $10.86B
YoY Change 3.18%
TOTAL ASSETS
Total Short-Term Assets $2.128B
Total Long-Term Assets $10.86B
Total Assets $12.99B
YoY Change 0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100B
YoY Change -3.8%
Accrued Expenses $679.0M
YoY Change 25.76%
Deferred Revenue
YoY Change
Short-Term Debt $387.0M
YoY Change -73.06%
Long-Term Debt Due $1.005B
YoY Change 4777.67%
Total Short-Term Liabilities $3.171B
YoY Change 0.97%
LONG-TERM LIABILITIES
Long-Term Debt $3.385B
YoY Change -13.3%
Other Long-Term Liabilities $499.2M
YoY Change 5.58%
Total Long-Term Liabilities $3.885B
YoY Change -11.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.171B
Total Long-Term Liabilities $3.885B
Total Liabilities $7.920B
YoY Change -4.97%
SHAREHOLDERS EQUITY
Retained Earnings $3.252B
YoY Change 6.67%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.049B
YoY Change
Total Liabilities & Shareholders Equity $12.99B
YoY Change 0.38%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income $170.1M
YoY Change -23.69%
Depreciation, Depletion And Amortization $53.80M
YoY Change 7.6%
Cash From Operating Activities $265.9M
YoY Change 177.85%
INVESTING ACTIVITIES
Capital Expenditures $68.60M
YoY Change -205.21%
Acquisitions
YoY Change
Other Investing Activities -$100.0K
YoY Change -100.1%
Cash From Investing Activities -$68.70M
YoY Change -303.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -183.1M
YoY Change 99.02%
NET CHANGE
Cash From Operating Activities 265.9M
Cash From Investing Activities -68.70M
Cash From Financing Activities -183.1M
Net Change In Cash 14.10M
YoY Change -62.3%
FREE CASH FLOW
Cash From Operating Activities $265.9M
Capital Expenditures $68.60M
Free Cash Flow $197.3M
YoY Change 22.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
MCCORMICK & CO INC
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dei Entity Interactive Data Current
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dei Entity Filer Category
EntityFilerCategory
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ACCOUNTING POLICIES<div style="margin-top:9pt"><span style="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 style="margin-top:9pt"><span style="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 (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. </span></div><div style="margin-top:9pt"><span style="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 nine-month period ended August 31, 2023 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. </span></div><div style="margin-top:9pt"><span style="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, 2022.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Accounting Pronouncements Recently Adopted</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In 2022, we adopted the FASB issued ASU No. 2022-06: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> which deferred the sunset date of Topic 848 which provides optional expedients for a limited time for accounting for transactions affected by the London Interbank Offered Rate (LIBOR) being discontinued. Arrangements that were entered into in 2022, including our fixed to variable interest rate swaps expiring in April 2030, and cross-currency interest rate swaps expiring in April 2030, do not use LIBOR as a reference rate. During the first quarter of 2023 we amended our interest rate swaps expiring in November 2025 and August 2027, and the cross currency and interest rate swaps expiring in August 2027 to no longer use LIBOR. Also, in March 2023 we amended our five-year revolving credit facility expiring in July 2026 to no longer use LIBOR. Our adoption of this standard was completed in the second quarter of 2023. There was no material impact to our consolidated financial statements. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Recently Issued Accounting Pronouncements — Pending Adoption</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In September 2022, the FASB issued ASU No. 2022-04: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> that requires entities that use supplier finance programs in connection with the purchase of goods and services to enhance the transparency of these programs by disclosing 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. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year ending November 30, 2024. The new standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. Early adoption is permitted. We do not believe the adoption of this new standard will have a material impact on our consolidated financial statements.</span></div>
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2200000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
599300000 usd
CY2023Q3 us-gaap Revenues
Revenues
1684700000 usd
CY2022Q3 us-gaap Revenues
Revenues
1595600000 usd
us-gaap Revenues
Revenues
4909400000 usd
us-gaap Revenues
Revenues
4654800000 usd
CY2023Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 usd
CY2022Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
49600000 usd
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 usd
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
49600000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
18700000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
18700000 usd
CY2023Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-2700000 usd
CY2022Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-2400000 usd
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-8000000.0 usd
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-7500000 usd
CY2023Q3 us-gaap Interest Income Other
InterestIncomeOther
9400000 usd
CY2022Q3 us-gaap Interest Income Other
InterestIncomeOther
4800000 usd
us-gaap Interest Income Other
InterestIncomeOther
26400000 usd
us-gaap Interest Income Other
InterestIncomeOther
11700000 usd
CY2023Q3 mkc Other Transaction And Integration Income Expense
OtherTransactionAndIntegrationIncomeExpense
-5000000.0 usd
CY2022Q3 mkc Other Transaction And Integration Income Expense
OtherTransactionAndIntegrationIncomeExpense
1900000 usd
mkc Other Transaction And Integration Income Expense
OtherTransactionAndIntegrationIncomeExpense
-3700000 usd
mkc Other Transaction And Integration Income Expense
OtherTransactionAndIntegrationIncomeExpense
2400000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7100000 usd
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
77400000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
30700000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
89900000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
18700000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
mkc-20230831_cal.xml Edgar Link unprocessable
mkc-20230831_lab.xml Edgar Link unprocessable
0000063754-23-000045-index-headers.html Edgar Link pending
0000063754-23-000045-index.html Edgar Link pending
0000063754-23-000045.txt Edgar Link pending
0000063754-23-000045-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mkc-08312023xex311.htm Edgar Link pending
mkc-08312023xex312.htm Edgar Link pending
mkc-08312023xex321.htm Edgar Link pending
mkc-08312023xex322.htm Edgar Link pending
mkc-20230831.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
mkc-20230831.xsd Edgar Link pending
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mkc-20230831_def.xml Edgar Link unprocessable
mkc-20230831_pre.xml Edgar Link unprocessable
mkc-20230831_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending