XML 33 R38.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Employee Benefit And Retirement Plans (Tables) | 12 Months Ended
--- | ---
Nov. 30, 2019
Retirement Benefits, Description [Abstract] |
Significant Assumptions Used To Determine Benefit Obligations | The significant assumptions used to determine benefit obligations are as follows as of November 30:
| United States | International
| 2019 | 2018 | 2019 | 2018
Discount rate—funded plan | 3.4 | % | 4.7 | % | 2.2 | % | 3.3 | %
Discount rate—unfunded plan | 3.3 | % | 4.6 | % | — |  | — |
Salary scale | — |  | — |  | 2.9 | % | 3.0-3.5% |
The significant assumptions used to determine pension expense for the years ended November 30 are as follows:
| United States | International
| 2019 | 2018 | 2017 | 2019 | 2018 | 2017
Discount rate—funded plan | 4.7 | % | 4.0 | % | 4.6 | % | 3.3 | % | 2.9 | % | 3.2 | %
Discount rate—unfunded plan | 4.6 | % | 3.9 | % | 4.5 | % | — |  | — |  | — |
Salary scale | — | % | 3.8 | % | 3.8 | % | 3.4 | % | 3.5 | % | 3.4 | %
Expected return on plan assets | 7.0 | % | 7.3 | % | 7.3 | % | 5.5 | % | 5.6 | % | 5.5 | %
Components Of Defined Benefit Plans | Our pension expense for the years ended November 30 was as follows:
| United States | International
(millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017
Service cost | $ | 2.1 |  | $ | 17.0 |  | $ | 14.8 |  | $ | 3.6 |  | $ | 4.3 |  | $ | 6.2 |
Interest costs | 34.4 |  | 31.6 |  | 31.7 |  | 9.5 |  | 9.2 |  | 10.4 |
Expected return on plan assets | (42.5 | ) | (43.4 | ) | (41.4 | ) | (16.4 | ) | (16.6 | ) | (15.3 | )
Amortization of prior service costs | 0.5 |  | — |  | — |  | 0.2 |  | 0.1 |  | 0.7 |
Amortization of net actuarial loss | 2.3 |  | 9.9 |  | 5.8 |  | 1.2 |  | 2.8 |  | 4.1 |
Settlement/curtailment loss | — |  | — |  | — |  | — |  | 0.5 |  | 0.6 |
| $ | (3.2 | ) | $ | 15.1 |  | $ | 10.9 |  | $ | (1.9 | ) | $ | 0.3 |  | $ | 6.7 |
Our other postretirement benefit (income) expense for the years ended November 30 follows:
(millions) | 2019 | 2018 | 2017
Service cost | $ | 1.8 |  | $ | 2.0 |  | $ | 2.6 |
Interest costs | 2.7 |  | 2.4 |  | 3.3 |
Amortization of prior service credits | (8.7 | ) | (8.6 | ) | (2.3 | )
Amortization of actuarial gains | (0.9 | ) | (0.1 | ) | (0.2 | )
Postretirement benefit (income) expense | $ | (5.1 | ) | $ | (4.3 | ) | $ | 3.4 |
Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans | A rollforward of the benefit obligation, fair value of plan assets and a reconciliation of the pension plans’ funded status as of November 30, the measurement date, follows:
| United States | International
(millions) | 2019 | 2018 | 2019 | 2018
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year | $ | 752.6 |  | $ | 813.7 |  | $ | 292.9 |  | $ | 341.5 |
Service cost | 2.1 |  | 17.0 |  | 3.6 |  | 4.3 |
Interest costs | 34.4 |  | 31.6 |  | 9.5 |  | 9.2 |
Employee contributions | — |  | — |  | 0.8 |  | 0.7 |
Plan amendments | — |  | 5.2 |  | (0.2 | ) | 3.4 |
Plan curtailments | — |  | — |  | — |  | (17.5 | )
Actuarial (gain) loss | 134.6 |  | (76.2 | ) | 51.8 |  | (20.2 | )
Benefits paid | (38.9 | ) | (36.3 | ) | (14.7 | ) | (13.2 | )
Business combinations | — |  | (2.4 | ) | — |  | — |
Expenses paid | — |  | — |  | (0.3 | ) | (0.7 | )
Foreign currency impact | — |  | — |  | 2.2 |  | (14.6 | )
Benefit obligation at end of year | $ | 884.8 |  | $ | 752.6 |  | $ | 345.6 |  | $ | 292.9 |
Change in fair value of plan assets: |  |  |  |
Fair value of plan assets at beginning of year | $ | 640.4 |  | $ | 654.2 |  | $ | 306.5 |  | $ | 331.3 |
Actual return on plan assets | 62.2 |  | 13.6 |  | 42.7 |  | (0.7 | )
Employer contributions | 8.2 |  | 8.9 |  | 3.2 |  | 4.6 |
Employee contributions | — |  | — |  | 0.8 |  | 0.7 |
Benefits paid | (38.9 | ) | (36.3 | ) | (14.7 | ) | (13.2 | )
Expenses paid | — |  | — |  | (0.3 | ) | (0.7 | )
Foreign currency impact | — |  | — |  | 2.7 |  | (15.5 | )
Fair value of plan assets at end of year | $ | 671.9 |  | $ | 640.4 |  | $ | 340.9 |  | $ | 306.5 |
Funded status | $ | (212.9 | ) | $ | (112.2 | ) | $ | (4.7 | ) | $ | 13.6 |
Pension plans in which accumulated benefit obligation exceeded plan assets |  |  |  |
Projected benefit obligation | $ | 884.8 |  | $ | 752.6 |  | $ | 103.9 |  | $ | 19.1 |
Accumulated benefit obligation | 874.8 |  | 746.9 |  | 100.4 |  | 16.1 |
Fair value of plan assets | 671.9 |  | 640.4 |  | 83.6 |  | 1.5 |
Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow:
(millions) | 2019 | 2018
Change in benefit obligation: |  |
Benefit obligation at beginning of year | $ | 62.9 |  | $ | 70.9 |
Service cost | 1.8 |  | 2.0 |
Interest costs | 2.7 |  | 2.4 |
Employee contributions | 0.3 |  | 0.4 |
Plan amendments | (0.4 | ) | — |
Other plan assumptions | (1.0 | ) | (0.1 | )
Discount rate change | 7.6 |  | (4.5 | )
Actuarial (gain) loss | (2.5 | ) | (3.0 | )
Benefits paid | (4.2 | ) | (5.2 | )
Benefit obligation at end of year | $ | 67.2 |  | $ | 62.9 |
Change in fair value of plan assets: |  |
Fair value of plan assets at beginning of year | $ | — |  | $ | — |
Employer contributions | 3.9 |  | 4.8 |
Employee contributions | 0.3 |  | 0.4 |
Benefits paid | (4.2 | ) | (5.2 | )
Fair value of plan assets at end of year | $ | — |  | $ | — |
Other postretirement benefit liability | $ | 67.2 |  | $ | 62.9 |
Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans | Amounts recorded in the balance sheet for all defined benefit pension plans as of November 30 consist of the following:
| United States | International
(millions) | 2019 | 2018 | 2019 | 2018
Non-current pension asset | $ | — |  | $ | — |  | $ | 15.6 |  | $ | 31.2 |
Accrued pension liability | 212.9 |  | 112.2 |  | 20.3 |  | 17.6 |
Deferred income tax assets | 58.5 |  | 32.7 |  | 13.3 |  | 8.8 |
Accumulated other comprehensive loss | 183.9 |  | 97.7 |  | 60.1 |  | 40.1 |
Allocations Of Pension Plan Assets | The allocations of U.S. pension plan assets as of November 30, by asset category, were as follows:
| Actual | 2019
Asset Category | 2019 | 2018 | Target
Equity securities | 63.3 | % | 65.8 | % | 59.0 | %
Fixed income securities | 21.5 | % | 20.5 | % | 23.2 | %
Other | 15.2 | % | 13.7 | % | 17.8 | %
Total | 100.0 | % | 100.0 | % | 100.0 | %
The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows:
| Actual | 2019
Asset Category | 2019 | 2018 | Target
Equity securities | 50.4 | % | 52.1 | % | 53.0 | %
Fixed income securities | 48.9 | % | 47.8 | % | 47.0 | %
Other | 0.7 | % | 0.1 | % | — | %
Total | 100.0 | % | 100.0 | % | 100.0 | %
Fair Value Of Pension Plan Assets | The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30 for the United States and international plans:
As of November 30, 2019 | United States
(millions) | Total fair value | Level 1 | Level 2
Cash and cash equivalents | $ | 15.3 |  | $ | 15.3 |  | $ | — |
Equity securities: |  |  |
U.S. equity securities(a) | 276.5 |  | 148.5 |  | 128.0 |
International equity securities(b) | 145.5 |  | 134.2 |  | 11.3 |
Fixed income securities: |  |  |
U.S. government/corporate bonds(c) | 51.2 |  | 49.1 |  | 2.1 |
High yield bonds(d) | 40.1 |  | — |  | 40.1 |
International/government/corporate bonds(e) | 26.8 |  | 26.8 |  | — |
Insurance contracts(f) | 1.1 |  | — |  | 1.1 |
Other types of investments: |  |  |
Real estate (g) | 25.9 |  | 22.0 |  | 3.9 |
Natural resources (h) | 12.0 |  | — |  | 12.0 |
Total | $ | 594.4 |  | $ | 395.9 |  | $ | 198.5 |
Investments measured at net asset value(i) |  |  |
Hedge funds(j) | 49.3 |  |  |
Private equity funds(k) | 3.2 |  |  |
Private debt funds(l) | 25.0 |  |  |
Total investments | $ | 671.9 |  |  |
As of November 30, 2019 | International
(millions) | Total fair value | Level 1 | Level 2
Cash and cash equivalents | $ | 2.5 |  | $ | 2.5 |  | $ | — |
International equity securities(b) | 171.6 |  | — |  | 171.6 |
Fixed income securities: |  |  |
International/government/corporate bonds(e) | 144.7 |  | — |  | 144.7 |
Insurance contracts(f) | 22.1 |  | — |  | 22.1 |
Total investments | $ | 340.9 |  | $ | 2.5 |  | $ | 338.4 |
As of November 30, 2018 | United States
(millions) | Total fair value | Level 1 | Level 2
Cash and cash equivalents | $ | 16.0 |  | $ | 16.0 |  | $ | — |
Equity securities: |  |  |
U.S. equity securities(a) | 283.2 |  | 149.6 |  | 133.6 |
International equity securities(b) | 132.7 |  | 126.1 |  | 6.6 |
Fixed income securities: |  |  |
U.S./government/ corporate bonds(c) | 46.2 |  | 44.1 |  | 2.1 |
High yield bonds(d) | 36.7 |  | — |  | 36.7 |
International/government/ corporate bonds(e) | 27.4 |  | 27.4 |  | — |
Insurance contracts(f) | 1.1 |  | — |  | 1.1 |
Other types of investments: |  |  |
Real estate (g) | 22.3 |  | 18.7 |  | 3.6 |
Natural resources (h) | 12.6 |  | — |  | 12.6 |
Total | $ | 578.2 |  | $ | 381.9 |  | $ | 196.3 |
Investments measured at net asset value(i) |  |  |
Hedge funds(j) | 36.7 |  |  |
Private equity funds(k) | 5.6 |  |  |
Private debt funds(l) | 19.9 |  |  |
Total investments | $ | 640.4 |  |  |
As of November 30, 2018 |  | International |
(millions) | Total fair value | Level 1 | Level 2
Cash and cash equivalents | $ | 2.0 |  | $ | 2.0 |  | $ | — |
International equity securities(b) | 159.5 |  | — |  | 159.5 |
Fixed income securities: |  |  |
International/government/corporate bonds(e) | 125.2 |  | — |  | 125.2 |
Insurance contracts(f) | 19.8 |  | — |  | 19.8 |
Total investments | $ | 306.5 |  | $ | 2.0 |  | $ | 304.5 |
(a) | This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices.
(b) | This category comprises international equity funds with varying benchmark indices.
(c) | This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index.
(d) | This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index.
(e) | This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices.
(f) | This category comprises insurance contracts, the majority of which have a guaranteed investment return.
(g) | This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index.
(h) | This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index.
(i) | Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.
(j) | This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months.
(k) | This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years.
(l) This category comprises limited partnerships funds investing in senior loans, mezzanine and distressed debt. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years.
Schedule of Expected Benefit Payments | Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. and International plans for the next 10 fiscal years will be as follows:
(millions) | United States | International
2020 | $ | 41.4 |  | $ | 14.1 |
2021 | 41.6 |  | 14.2 |
2022 | 43.1 |  | 14.4 |
2023 | 44.8 |  | 15.4 |
2024 | 46.7 |  | 15.3 |
2025-2029 | 243.8 |  | 77.3 |
Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows:
(millions) | Retiree medical | Retiree life insurance | Total
2020 | $ | 3.7 |  | $ | 1.4 |  | $ | 5.1 |
2021 | 3.7 |  | 1.4 |  | 5.1 |
2022 | 3.7 |  | 1.4 |  | 5.1 |
2023 | 3.7 |  | 1.4 |  | 5.1 |
2024 | 3.7 |  | 1.4 |  | 5.1 |
2025-2029 | 18.0 |  | 6.5 |  | 24.5 |

X
- Definition Schedule of pension plan assets measured at fair value [Table Text Block] + References No definition available. + Details
Name: | mkc_ScheduleOfPensionPlanAssetsMeasuredAtFairValueTableTextBlock
Namespace Prefix: | mkc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_GeneralDiscussionOfPensionAndOtherPostretirementBenefitsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=112275985&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration