Investments In Affiliates

12 Months Ended

Nov. 30, 2023

Investments In Affiliates [Abstract]

INVESTMENTS IN AFFILIATES

Income from unconsolidated operations was $56.4 million, $37.8 million, and $52.2 million in 2023, 2022 and 2021, respectively. Income from unconsolidated operations in 2021 includes a gain on a sale of unconsolidated operations of $13.4 million as described below. Our principal earnings from unconsolidated affiliates are from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 95% of income from unconsolidated operations in 2023, 84% in 2022 and 62% in 2021. The relative impact of McCormick de Mexico, S.A. de C.V. on income from unconsolidated operations in 2021 was impacted by the gain on our sale of an unconsolidated operation.

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


(millions)	2023		2022		2021
Net sales	$	1,193.2	$	998.1	$	925.1
Gross profit	446.9		338.1		328.8
Net income	124.3		86.5		95.8
Current assets	$	522.1	$	494.8	$	464.2
Noncurrent assets	122.4		109.7		105.8
Current liabilities	336.5		257.7		218.5
Noncurrent liabilities	7.6		8.4		9.0

Royalty income from unconsolidated affiliates was $35.1 million, $27.3 million and $22.8 million for 2023, 2022 and 2021, respectively.

Sale of Unconsolidated Operation

On March 1, 2021, we sold our 26% interest in Eastern Condiments Private Ltd (Eastern) for $65.4 million in cash, net of transaction expenses of $1.4 million. Eastern was accounted for as an equity method investment with our proportionate share of earnings, prior to the sale, reflected in Income from unconsolidated operations before income taxes in our consolidated income statement. The sale of Eastern resulted in a gain of $13.4 million, net of tax of $5.7 million. That gain is included in Income from unconsolidated operations before income taxes in our consolidated income statement. That gain also reflects a write-off of $1.4 million of foreign currency translation adjustment, a component of Accumulated other comprehensive loss.