0001308179-24-000026 | DEF 14A | XBRL Viewer

Cover	12 Months Ended
Nov. 30, 2023
Cover [Abstract]
Document Type	DEF 14A
Entity Registrant Name	MCCORMICK & CO INC
Entity Central Index Key	0000063754
Amendment Flag	false

Valuation Assumptions (Details) - $ / shares	12 Months Ended
Valuation Assumptions (Details) - $ / shares	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2021
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Price	$ 64.83	$ 85.18	$ 85.54
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Price	$ 85.73	$ 98.28	$ 93.64
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Financial Metric Multiplier	200.00%	200.00%	200.00%
Volatility, Minimum	24.10%	21.80%	15.90%
Volatility, Maximum	25.30%	26.90%	29.30%
Risk-Free Interest Rate, Minimum	4.60%	4.30%	0.20%
Risk-Free Interest Rate, Maximum	5.00%	4.60%	0.50%
Performance Stock Units [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
TSR Realized Performance (Percentile)	29	24	43
Performance Stock Units [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
TSR Realized Performance (Percentile)	42	42	44
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility, Minimum	22.30%	21.80%	20.70%
Volatility, Maximum	24.40%	23.50%	22.80%
Risk-Free Interest Rate, Minimum	3.40%	2.30%	1.30%
Risk-Free Interest Rate, Maximum	4.30%	3.70%	1.60%
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life	4 years	3 years 8 months 12 days	2 years 8 months 12 days
Strike Price	$ 69.31	$ 69.31	$ 52.98
Dividend Yield	1.80%	1.50%	1.50%
Share-Based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life	7 years 9 months 18 days	7 years 8 months 12 days	7 years 8 months 12 days
Strike Price	$ 97.26	$ 97.26	$ 89.16
Dividend Yield	2.60%	1.80%	1.70%
Price-Vested Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-Free Interest Rate, Minimum	4.30%	3.70%	0.10%
Risk-Free Interest Rate, Maximum	5.60%	4.70%	1.50%
Dividend Yield	2.60%	1.80%	1.70%
Volatility	24.70%	23.00%	21.00%
Price-Vested Stock Options [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life	3 years 8 months 12 days	4 years 2 months 12 days	5 years
Price-Vested Stock Options [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life	4 years 4 months 24 days	4 years 8 months 12 days	5 years 6 months

Pay vs Performance Disclosure - USD ($)

12 Months Ended

Nov. 30, 2023

Nov. 30, 2022

Nov. 30, 2021

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

Pay Versus Performance

The tables and related disclosure below shows (i) the “total compensation” of our principal executive officers (“PEOs”) and our other Named Executive Officers (“NEOs”) as presented in the Summary Compensation Table (“SCT”), (ii) the compensation actually paid (“CAP”) (as defined by the SEC in Item 402(v) of Regulation S-K under the Exchange Act) to our PEOs and our other Named Executive Officers, (iii) certain financial performance measures for the years shown in the table and (iv) the relationship of CAP to those financial performance measures. For purpose of this discussion, individuals holding the role of CEO for all or part of the year are identified as our PEO; any other NEO not reported as a PEO in a given year are referred to as our “Non-PEO NEOs.”

This disclosure has been prepared in accordance with Item 402(v) of Regulation S-K under the Exchange Act and does not necessarily reflect value actually realized by the executives or how our Compensation and Human Capital Committee evaluates compensation decisions in light of company or individual performance. For discussion of how our Compensation and Human Capital Committee seeks to align pay with performance when making compensation decisions, please review the “Compensation Discussion and Analysis” beginning on page 28.

	Summary Compensation Table Total for PEO 1 ($)^(1,2)	Summary Compensation Table Total for PEO 2 ($)^(1,3)	Compensation Actually Paid to PEO 1 ($)^(1,2)	Compensation Actually Paid to PEO 2 ($)^(1,3)	Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($)^(1,2)	Average Compensation Actually Paid to Non-PEO Named Executive Officers^(1,3)	Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for PEO 1 ($)^(1,2)	Summary Compensation Table Total for PEO 2 ($)^(1,3)	Compensation Actually Paid to PEO 1 ($)^(1,2)	Compensation Actually Paid to PEO 2 ($)^(1,3)			Total Shareholder Return⁽⁴⁾	Peer Group Total Shareholder Return⁽⁵⁾	Net Income (millions)⁽⁶⁾	Net Sales (millions)⁽⁷⁾
2023	12,602,133	5,213,172	3,371,205	2,570,129	3,203,326	1,527,322	73.08	110.54	680.6	6,662.2
2022	10,426,035	—	12,878,229	—	2,797,114	3,330,052	94.13	125.43	682.0	6,350.5
2021	12,718,656	—	11,236,619	—	3,654,687	2,867,886	93.23	102.80	755.3	6,317.9


(2)

(4)
(5)
(6)
(7)


(1)	Our PEOs and Non-PEO NEOs included in these columns reflect the following individuals:

Year	PEO 1	PEO 2	Non-PEO NEOs
2023	Lawrence E. Kurzius	Brendan M. Foley	Michael R. Smith, Sarah J. Piper, Jeffrey D. Schwartz, and Malcolm Swift
2022	Lawrence E. Kurzius	N/A	Brendan Foley, Michael R. Smith, Jeffrey D. Schwartz, and Malcolm Swift
2021	Lawrence E. Kurzius	N/A	Brendan Foley, Michael R. Smith, Jeffrey D. Schwartz, and Malcolm Swift

(2)

Amounts reflect the total compensation reported in the “Total” column of the Summary Compensation Table (“SCT”) for each corresponding year. Amounts presented for Non-PEO NEOs are averages for the entire group in each respective year

(3)

CAP has been calculated based on the requirements and methodology set forth in the applicable SEC rules (Item 402(v) of Regulation S-K). The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when, or at which intrinsic value they will actually vest. To calculate CAP the following amounts were deducted from and added to the total compensation number shown in the SCT:

	2023						2022				2021
Adjustments	PEO 1		PEO 2		Other NEOs		PEO		Other NEOs		PEO		Other NEOs
Summary Compensation Table Total	12,602,133		5,213,172		3,203,326		10,426,035		2,797,114		12,718,656		3,654,687
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year	(8,600,100	)	(2,400,038	)	(1,637,543	)	(8,600,079	)	(1,875,060	)	(8,100,060	)	(1,775,028	)
(Minus): Change in Pension Value and Nonqualified Deferred Compensation Earnings	0		0		0		0		0		0		(17,929	)
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year	8,529,636		2,380,372		1,713,878		11,452,002		2,471,456		10,632,565		2,330,001
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock Awards Granted in Prior Fiscal Years	(7,061,003	)	(2,132,749	)	(1,403,651	)	(823,463	)	(157,121	)	(4,595,379	)	(1,457,737	)
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year	0		0		0		0		0		0		0
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year	(2,099,461	)	(490,628	)	(348,688	)	423,734		93,663		580,837		133,892
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year	0		0		0		0		0		0		0

	2023			2022		2021
Adjustments	PEO 1	PEO 2	Other NEOs	PEO	Other NEOs	PEO	Other NEOs
Plus: Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation	0	0	0	0	0	0	0
Compensation Actually Paid	3,371,205	2,570,129	1,527,322	12,878,229	3,330,052	11,236,619	2,867,886

For purposes of the above adjustments, the fair value of equity awards on the applicable date were determined in accordance with FASB’s ASC Topic 718, using valuation methodologies that are generally consistent with those used to determine the grant-date fair value for accounting purposes.

The table below contains ranges of assumptions used in the valuation of outstanding equity awards for the relevant fiscal year(s). For more information, please see the notes to our financial statements in our Annual Report on Form 10-K and the footnotes to the SCT of this proxy statement.

	Fiscal Year 2023	Fiscal Year 2022	Fiscal Year 2021
Restricted Stock Units
Stock Price	$64.83 - $85.73	$85.18 - $98.28	$85.54 - $93.64
Performance Stock Units
Financial Metric Multiplier	200%	200%	200%
TSR Realized Performance (Percentile)	29P - 42P	24P - 42P	43P - 44P
Volatility	24.1% - 25.3%	21.8% - 26.9%	15.9% - 29.3%
Risk-Free Interest Rate	4.6% - 5.0%	4.3% - 4.6%	0.2% - 0.5%
Stock Options
Expected Life	4.0 - 7.8 years	3.7 - 7.7 years	2.7 - 7.7 years
Strike Price	$69.31 - $97.26	$69.31 - $97.26	$52.98 - $89.16
Volatility	22.3% - 24.4%	21.8% - 23.5%	20.7% - 22.8%
Dividend Yield	1.8% - 2.6%	1.5% - 1.8%	1.5% - 1.7%
Risk-Free Interest Rate	3.4% - 4.3%	2.3% - 3.7%	1.3% - 1.6%
Price-Vested Stock Options
Expected Life	3.7 - 4.4 years	4.2 - 4.7 years	5.0 - 5.5 years
Volatility	24.7%	23.0%	21.0%
Dividend Yield	2.6%	1.8%	1.7%
Risk-Free Interest Rate	4.3% - 5.6%	3.7% - 4.7%	0.1% - 1.5%


(4)	Total Shareholder Return (TSR) represents the cumulative return on a fixed investment of $100 in the Company’s common stock, for the period beginning on the last trading day of fiscal year 2020 through the end of the applicable fiscal year, assuming reinvestment of dividends.
(5)	Peer Group TSR represents the cumulative return on a fixed investment of $100 in the S&P 500 Packaged Foods & Meats Sub Industry Index for the period beginning on the last trading day of fiscal year 2020 through the end of the applicable fiscal year, assuming reinvestment of dividends. This is the industry index used for comparative purposes on the total return chart included in our Form 10-K.
(6)	The dollar amounts reported represent the GAAP net income reflected in the Company’s audited financial statements for the applicable year.
(7)	Net Sales is reflected for each respective fiscal year and was selected as the Company’s most important financial performance measure used to link CAP to PEOs and Non-PEO NEOs.

Company Selected Measure Name

Net Sales

Named Executive Officers, Footnote [Text Block]


(1)	Our PEOs and Non-PEO NEOs included in these columns reflect the following individuals:

Year	PEO 1	PEO 2	Non-PEO NEOs
2023	Lawrence E. Kurzius	Brendan M. Foley	Michael R. Smith, Sarah J. Piper, Jeffrey D. Schwartz, and Malcolm Swift
2022	Lawrence E. Kurzius	N/A	Brendan Foley, Michael R. Smith, Jeffrey D. Schwartz, and Malcolm Swift
2021	Lawrence E. Kurzius	N/A	Brendan Foley, Michael R. Smith, Jeffrey D. Schwartz, and Malcolm Swift

PEO Total Compensation Amount

$ 10,426,035

$ 12,718,656

PEO Actually Paid Compensation Amount

12,878,229

11,236,619

Adjustment To PEO Compensation, Footnote [Text Block]

	2023						2022				2021
Adjustments	PEO 1		PEO 2		Other NEOs		PEO		Other NEOs		PEO		Other NEOs
Summary Compensation Table Total	12,602,133		5,213,172		3,203,326		10,426,035		2,797,114		12,718,656		3,654,687
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year	(8,600,100	)	(2,400,038	)	(1,637,543	)	(8,600,079	)	(1,875,060	)	(8,100,060	)	(1,775,028	)
(Minus): Change in Pension Value and Nonqualified Deferred Compensation Earnings	0		0		0		0		0		0		(17,929	)
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year	8,529,636		2,380,372		1,713,878		11,452,002		2,471,456		10,632,565		2,330,001
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock Awards Granted in Prior Fiscal Years	(7,061,003	)	(2,132,749	)	(1,403,651	)	(823,463	)	(157,121	)	(4,595,379	)	(1,457,737	)
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year	0		0		0		0		0		0		0
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year	(2,099,461	)	(490,628	)	(348,688	)	423,734		93,663		580,837		133,892
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year	0		0		0		0		0		0		0

	2023			2022		2021
Adjustments	PEO 1	PEO 2	Other NEOs	PEO	Other NEOs	PEO	Other NEOs
Plus: Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation	0	0	0	0	0	0	0
Compensation Actually Paid	3,371,205	2,570,129	1,527,322	12,878,229	3,330,052	11,236,619	2,867,886

Non-PEO NEO Average Total Compensation Amount

^[1]

$ 3,203,326

2,797,114

3,654,687

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,527,322

3,330,052

2,867,886

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

	2023						2022				2021
Adjustments	PEO 1		PEO 2		Other NEOs		PEO		Other NEOs		PEO		Other NEOs
Summary Compensation Table Total	12,602,133		5,213,172		3,203,326		10,426,035		2,797,114		12,718,656		3,654,687
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year	(8,600,100	)	(2,400,038	)	(1,637,543	)	(8,600,079	)	(1,875,060	)	(8,100,060	)	(1,775,028	)
(Minus): Change in Pension Value and Nonqualified Deferred Compensation Earnings	0		0		0		0		0		0		(17,929	)
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year	8,529,636		2,380,372		1,713,878		11,452,002		2,471,456		10,632,565		2,330,001
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock Awards Granted in Prior Fiscal Years	(7,061,003	)	(2,132,749	)	(1,403,651	)	(823,463	)	(157,121	)	(4,595,379	)	(1,457,737	)
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year	0		0		0		0		0		0		0
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year	(2,099,461	)	(490,628	)	(348,688	)	423,734		93,663		580,837		133,892
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year	0		0		0		0		0		0		0

	2023			2022		2021
Adjustments	PEO 1	PEO 2	Other NEOs	PEO	Other NEOs	PEO	Other NEOs
Plus: Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation	0	0	0	0	0	0	0
Compensation Actually Paid	3,371,205	2,570,129	1,527,322	12,878,229	3,330,052	11,236,619	2,867,886

Equity Valuation Assumption Difference, Footnote [Text Block]

	Fiscal Year 2023	Fiscal Year 2022	Fiscal Year 2021
Restricted Stock Units
Stock Price	$64.83 - $85.73	$85.18 - $98.28	$85.54 - $93.64
Performance Stock Units
Financial Metric Multiplier	200%	200%	200%
TSR Realized Performance (Percentile)	29P - 42P	24P - 42P	43P - 44P
Volatility	24.1% - 25.3%	21.8% - 26.9%	15.9% - 29.3%
Risk-Free Interest Rate	4.6% - 5.0%	4.3% - 4.6%	0.2% - 0.5%
Stock Options
Expected Life	4.0 - 7.8 years	3.7 - 7.7 years	2.7 - 7.7 years
Strike Price	$69.31 - $97.26	$69.31 - $97.26	$52.98 - $89.16
Volatility	22.3% - 24.4%	21.8% - 23.5%	20.7% - 22.8%
Dividend Yield	1.8% - 2.6%	1.5% - 1.8%	1.5% - 1.7%
Risk-Free Interest Rate	3.4% - 4.3%	2.3% - 3.7%	1.3% - 1.6%
Price-Vested Stock Options
Expected Life	3.7 - 4.4 years	4.2 - 4.7 years	5.0 - 5.5 years
Volatility	24.7%	23.0%	21.0%
Dividend Yield	2.6%	1.8%	1.7%
Risk-Free Interest Rate	4.3% - 5.6%	3.7% - 4.7%	0.1% - 1.5%

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

The following chart illustrates the relationship between CAP for our PEO and the average CAP for our Non-PEO NEOs against the Company’s TSR, as well as the relationship between our TSR and the TSR of our peer group:

CAP vs. TSR

Compensation Actually Paid vs. Net Income [Text Block]

The following chart illustrates the relationship between CAP for our PEOs and the average CAP for our Non-PEO NEOs against our net income:

CAP vs. Net Income

Compensation Actually Paid vs. Company Selected Measure [Text Block]

The following chart illustrates the relationship between CAP for our PEOs and the average CAP for our Non-PEO NEOs against our Net Sales:

CAP vs. Net Sales

Tabular List [Table Text Block]

Financial Performance Measures

The following is an unranked list of the financial performance measures we consider most important performance measures used to link CAP for our Non-PEO NEOs to performance for the most recently completed fiscal year. Further information on our performance measures is described in our Compensation Discussion & Analysis beginning on page 28.

	•	Net Sales
	•	Adjusted Net Sales Growth
	•	Adjusted EPS
	•	Gross Profit
	•	Stock Price
	•	Total Shareholder Return

Total Shareholder Return Amount

^[2]

$ 73.08

94.13

93.23

Peer Group Total Shareholder Return Amount

^[3]

110.54

125.43

102.80

Net Income (Loss) Attributable to Parent

^[4]

$ 680,600,000

$ 682,000,000.0

$ 755,300,000

Company Selected Measure Amount

^[5]

6,662,200,000

6,350,500,000

6,317,900,000

Measure [Axis]: 1

Pay vs Performance Disclosure [Table]

Measure Name

Net Sales

Measure [Axis]: 2

Pay vs Performance Disclosure [Table]

Measure Name

Adjusted Net Sales Growth

Measure [Axis]: 3

Pay vs Performance Disclosure [Table]

Measure Name

Adjusted EPS

Measure [Axis]: 4

Pay vs Performance Disclosure [Table]

Measure Name

Gross Profit

Measure [Axis]: 5

Pay vs Performance Disclosure [Table]

Measure Name

Stock Price

Measure [Axis]: 6

Pay vs Performance Disclosure [Table]

Measure Name

Total Shareholder Return

Non-PEO NEO [Member] | (Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year

Print Document View Excel Document
Cover Cover Notes to Financial Statements Pay vs Performance Disclosure Notes Details Valuation Assumptions (Details) All Reports