Investments In Affiliates

12 Months Ended

Nov. 30, 2019

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)	2019		2018		2017
Net sales	$	863.0	$	807.9	$	775.4
Gross profit	316.2		290.5		278.5
Net income	90.5		78.9		75.5
Current assets	$	426.3	$	342.1	$	315.4
Noncurrent assets	134.0		129.9		127.6
Current liabilities	223.8		172.1		146.9
Noncurrent liabilities	9.2		10.0		13.6

Our share of undistributed earnings of unconsolidated affiliates was $150.6 million at November 30, 2019. Royalty income from unconsolidated affiliates was $19.0 million, $18.5 million and $17.5 million for 2019, 2018 and 2017, 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 72% of income from unconsolidated operations in 2019, 76% in 2018 and 74% in 2017.

As of November 30, 2019, undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities would not be material.