$MKC
MCCORMICK & CO INC

2024 Q3 Form 10-Q Financial Statement

#000006375424000064 Filed on October 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $1.680B $1.685B
YoY Change -0.29% 5.58%
Cost Of Revenue $1.030B $1.062B
YoY Change -3.01% 3.21%
Gross Profit $649.9M $622.8M
YoY Change 4.35% 9.9%
Gross Profit Margin 38.69% 36.97%
Selling, General & Admin $361.5M $371.7M
YoY Change -2.74% 13.29%
% of Gross Profit 55.62% 59.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.60M $53.80M
YoY Change 1.49% 7.6%
% of Gross Profit 8.4% 8.64%
Operating Expenses $361.5M $371.7M
YoY Change -2.74% 13.29%
Operating Profit $286.5M $245.0M
YoY Change 16.94% 4.17%
Interest Expense $53.50M $52.70M
YoY Change 1.52% 39.05%
% of Operating Profit 18.67% 21.51%
Other Income/Expense, Net $13.20M $7.100M
YoY Change 85.92% -90.83%
Pretax Income $246.2M $199.4M
YoY Change 23.47% -27.41%
Income Tax $41.00M $42.70M
% Of Pretax Income 16.65% 21.41%
Net Earnings $223.1M $170.1M
YoY Change 31.16% -23.69%
Net Earnings / Revenue 13.28% 10.1%
Basic Earnings Per Share $0.83 $0.63
Diluted Earnings Per Share $0.83 $0.63
COMMON SHARES
Basic Shares Outstanding 268.6M shares 268.4M shares
Diluted Shares Outstanding 269.7M shares 270.1M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.8M $155.0M
YoY Change 29.55% -54.93%
Cash & Equivalents $200.8M $154.7M
Short-Term Investments
Other Short-Term Assets $140.0M $123.0M
YoY Change 13.82% -0.49%
Inventory $1.243B $1.226B
Prepaid Expenses
Receivables $660.9M $624.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.244B $2.128B
YoY Change 5.49% -11.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.400B $1.286B
YoY Change 8.85% 12.87%
Goodwill $5.278B $5.252B
YoY Change 0.48% 0.82%
Intangibles $3.333B $3.364B
YoY Change -0.94% -0.95%
Long-Term Investments
YoY Change
Other Assets $950.7M $960.0M
YoY Change -0.97% 22.64%
Total Long-Term Assets $10.96B $10.86B
YoY Change 0.9% 3.18%
TOTAL ASSETS
Total Short-Term Assets $2.244B $2.128B
Total Long-Term Assets $10.96B $10.86B
Total Assets $13.20B $12.99B
YoY Change 1.65% 0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.228B $1.100B
YoY Change 11.62% -3.8%
Accrued Expenses $671.6M $679.0M
YoY Change -1.09% 25.76%
Deferred Revenue
YoY Change
Short-Term Debt $1.181B $387.0M
YoY Change 205.09% -73.06%
Long-Term Debt Due $64.20M $1.005B
YoY Change -93.61% 4777.67%
Total Short-Term Liabilities $3.144B $3.171B
YoY Change -0.84% 0.97%
LONG-TERM LIABILITIES
Long-Term Debt $3.343B $3.385B
YoY Change -1.25% -13.3%
Other Long-Term Liabilities $430.3M $499.2M
YoY Change -13.8% 5.58%
Total Long-Term Liabilities $3.773B $3.885B
YoY Change -2.86% -11.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.144B $3.171B
Total Long-Term Liabilities $3.773B $3.885B
Total Liabilities $7.754B $7.920B
YoY Change -2.1% -4.97%
SHAREHOLDERS EQUITY
Retained Earnings $3.577B $3.252B
YoY Change 10.01% 6.67%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.422B $5.049B
YoY Change
Total Liabilities & Shareholders Equity $13.20B $12.99B
YoY Change 1.65% 0.38%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $223.1M $170.1M
YoY Change 31.16% -23.69%
Depreciation, Depletion And Amortization $54.60M $53.80M
YoY Change 1.49% 7.6%
Cash From Operating Activities $161.7M $265.9M
YoY Change -39.19% 177.85%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $68.60M
YoY Change -13.99% -205.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0% -100.1%
Cash From Investing Activities -$59.00M -$68.70M
YoY Change -14.12% -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 -33.70M -183.1M
YoY Change -81.59% 99.02%
NET CHANGE
Cash From Operating Activities 161.7M 265.9M
Cash From Investing Activities -59.00M -68.70M
Cash From Financing Activities -33.70M -183.1M
Net Change In Cash 69.00M 14.10M
YoY Change 389.36% -62.3%
FREE CASH FLOW
Cash From Operating Activities $161.7M $265.9M
Capital Expenditures $59.00M $68.60M
Free Cash Flow $102.7M $197.3M
YoY Change -47.95% 22.62%

Facts In Submission

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28.5pt">ACCOUNTING POLICIES</span><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:115%">The results of consolidated operations for the nine-month period ended August 31, 2024 are not necessarily indicative of the results to be expected for the full year. Historically, our net sales, net income and cash flow from operations have been lower in the first half of the fiscal year and higher in the second half of the fiscal year. The historical increase in net sales, net income and cash flow from operations in the second half of the year has largely been due to the consumer business cycle in the U.S., where customers typically purchase more products in the fourth quarter due to the Thanksgiving and Christmas holiday seasons. </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, 2023.</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">Accounts Payable - Supplier Finance Program</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As more fully described in our Annual Report on Form 10-K for the year ended November 30, 2023, we participate in a Supply Chain Financing program (SCF) with several global financial institutions (SCF Banks). Under the SCF, qualifying suppliers may elect to sell their receivables from us to an SCF Bank, enabling participating suppliers to negotiate their receivables sales arrangements directly with the respective SCF Bank. We are not party to those agreements and have no economic interest in a supplier’s decision to sell a receivable. </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%">All outstanding amounts related to suppliers participating in the SCF are recorded within the line entitled Trade accounts payable in our condensed consolidated balance sheets, and the associated payments are included in operating activities within our consolidated statements of cash flows. As of August 31, 2024 and November 30, 2023, the amounts due to suppliers participating in the SCF and included in trade accounts payable were approximately $394.8 million and $300.5 million, respectively.</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 Pronouncement Partially 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 September 2022, the FASB issued ASU No. 2022-04: Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations, that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll-forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. We adopted the new standard's requirements to disclose the key terms of the programs and information about obligations outstanding as of November 30, 2023. The standard’s requirement to disclose a roll-forward of obligations outstanding will be effective for our fiscal year ending November 30, 2025. The partial adoption of this standard did not have a material impact on our consolidated financial statements, nor do we expect the adoption of the future disclosure requirements to have a material impact on our consolidated financial statements.</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 November 2023, the FASB issued ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for our annual period ending November 30, 2025 and our interim periods during the fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.</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 December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements </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%">related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending November 30, 2026. The guidance does not affect recognition or measurement in our consolidated financial statements.</span></div>
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CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269700000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
270100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3600000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1800000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3400000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1800000 shares
CY2024Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2024Q3 mkc Accumulative Other Comprehensive Income Loss Unrealized Gain Loss On Foreign Currency Translation
AccumulativeOtherComprehensiveIncomeLossUnrealizedGainLossOnForeignCurrencyTranslation
1900000 usd
CY2023Q4 mkc Accumulative Other Comprehensive Income Loss Unrealized Gain Loss On Foreign Currency Translation
AccumulativeOtherComprehensiveIncomeLossUnrealizedGainLossOnForeignCurrencyTranslation
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CY2024Q3 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
2300000 usd
CY2023Q4 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
2700000 usd
CY2024Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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81000000.0 usd
CY2024Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
3100000 usd
us-gaap Number Of Operating Segments
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2 segment
CY2024Q3 us-gaap Revenues
Revenues
1679800000 usd
CY2024Q3 mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
OperatingIncomeExcludingSpecialChargesAndTransactionAndIntegrationExpenses
288400000 usd
CY2024Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17900000 usd
CY2023Q3 us-gaap Revenues
Revenues
1684700000 usd
CY2023Q3 mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
OperatingIncomeExcludingSpecialChargesAndTransactionAndIntegrationExpenses
251100000 usd
CY2023Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13400000 usd
us-gaap Revenues
Revenues
4925700000 usd
mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
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us-gaap Income Loss From Equity Method Investments
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us-gaap Revenues
Revenues
4909400000 usd
mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
37700000 usd
CY2024Q3 mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
OperatingIncomeExcludingSpecialChargesAndTransactionAndIntegrationExpenses
288400000 usd
CY2024Q3 mkc Special Charges
SpecialCharges
1900000 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
286500000 usd
CY2023Q3 mkc Operating Income Excluding Special Charges And Transaction And Integration Expenses
OperatingIncomeExcludingSpecialChargesAndTransactionAndIntegrationExpenses
251100000 usd
CY2023Q3 mkc Special Charges
SpecialCharges
6100000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
245000000.0 usd
mkc Special Charges
SpecialCharges
7900000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
754100000 usd
mkc Special Charges
SpecialCharges
47100000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
665800000 usd
CY2024Q3 us-gaap Revenues
Revenues
1679800000 usd
CY2023Q3 us-gaap Revenues
Revenues
1684700000 usd
us-gaap Revenues
Revenues
4925700000 usd
us-gaap Revenues
Revenues
4909400000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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