Investments In Affiliates

12 Months Ended

Nov. 30, 2017

Investments In Affiliates [Abstract]

Investments In Affiliates

 INVESTMENTS IN AFFILIATES

Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows:

(millions)	2017		2016		2015
Net sales	$	775.4	$	767.6	$	777.3
Gross profit	278.5		245.6		286.1
Net income	75.5		66.4		76.6
Current assets	$	315.4	$	315.6	$	326.0
Noncurrent assets	127.6		113.0		114.6
Current liabilities	146.9		146.2		161.5
Noncurrent liabilities	13.6		9.1		8.1

Our share of undistributed earnings of unconsolidated affiliates was $126.3 million at November 30, 2017. Royalty income from unconsolidated affiliates was $17.5 million, $16.1 million and $17.8 million for 2017, 2016 and 2015, respectively.

Our principal earnings from unconsolidated affiliates is from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 74% of income from unconsolidated operations in 2017, 83% in 2016 and 89% in 2015.

As of November 30, 2017, $114.0 million of our consolidated retained earnings represents undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities.