Investments In Affiliates

12 Months Ended

Nov. 30, 2018

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)	2018		2017		2016
Net sales	$	807.9	$	775.4	$	767.6
Gross profit	290.5		278.5		245.6
Net income	78.9		75.5		66.4
Current assets	$	342.1	$	315.4	$	315.6
Noncurrent assets	129.9		127.6		113.0
Current liabilities	172.1		146.9		146.2
Noncurrent liabilities	10.0		13.6		9.1

Our share of undistributed earnings of unconsolidated affiliates was $142.1 million at November 30, 2018. Royalty income from unconsolidated affiliates was $18.5 million, $17.5 million and $16.1 million for 2018, 2017 and 2016, 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 76% of income from unconsolidated operations in 2018, 74% in 2017 and 83% in 2016.

As of November 30, 2018, undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities would not be material.