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Investments In Affiliates
 12 Months Ended
Nov. 30, 2025
Investments In Affiliates [Abstract]  
Investments In Affiliates INVESTMENTS IN AFFILIATES
Income from unconsolidated operations was $72.2 million, $74.2 million, and $56.4 million in 2025, 2024, and 2023, respectively. Our principal earnings from unconsolidated affiliates are from our 50% interest in McCormick de Mexico. Profit from this joint venture represented 93% of income from unconsolidated operations in 2025 and 95% in both 2024 and 2023.
Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows:
(millions)202520242023
Net sales$1,233.3 $1,281.5 $1,193.2 
Gross profit504.9 519.3 446.9 
Net income157.6 162.8 124.3 
Current assets$565.2 $497.4 $522.1 
Noncurrent assets134.4 112.7 122.4 
Current liabilities352.1 304.4 336.5 
Noncurrent liabilities8.4 6.9 7.6 
Royalty income from unconsolidated affiliates was $35.6 million, $37.0 million, and $35.1 million for 2025, 2024, and 2023, respectively.
On January 2, 2026, we acquired an additional 25% ownership interest in McCormick de Mexico from Grupo Herdez, for a purchase price of $750 million, which increases our ownership to a 75% controlling interest. We believe the acquisition creates opportunities for further growth in the Mexican market and provides a strategic platform for further expansion in Latin America. McCormick de Mexico is a prominent food company in Mexico, with a broad portfolio, including mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands.