List of documents filed as part of this Report.
1. Consolidated Financial Statements
The Consolidated Financial Statements for McCormick & Company, Incorporated and related notes, together with the Report of Management, and the Reports of Ernst & Young LLP dated January 26, 2023, are included herein in Part II, Item 8.
2. Consolidated Financial Statement Schedule
Supplemental Financial Schedule:
II–Valuation and Qualifying Accounts
Schedules other than that listed above are omitted because of the absence of the conditions under which they are required or because the information called for is included in the consolidated financial statements or notes thereto.
3. Exhibits required to be filed by Item 601 of Regulation S-K
The information called for by this item is incorporated herein by reference from the Exhibit Index included in this Report.
EXHIBIT INDEX
The following exhibits are attached or incorporated herein by reference:
| | | | | | | | | | | |
|---|
| | | | | | Exhibit Number | | | Description | | |
| (3) | | | (i) | | | Articles of Incorporation and By-Laws | | | | | |
| | | | | | | | | | | |
| | | | | | Restatement of Charter of McCormick & Company, Incorporated dated April 16, 1990 | | | Incorporated by reference from Exhibit 4 of Registration Form S-8, Registration No. 33-39582 as filed with the Securities and Exchange Commission on March 25, 1991. | | |
| | | | | | | | | | | |
| | | | | | Articles of Amendment to Charter of McCormick & Company, Incorporated dated April 1, 1992 | | | Incorporated by reference from Exhibit 4 of Registration Form S-8, Registration Statement No. 33-59842 as filed with the Securities and Exchange Commission on March 19, 1993. | | |
| | | | | | | | | | | |
| | | | | | Articles of Amendment to Charter of McCormick & Company, Incorporated dated March 27, 2003 | | | Incorporated by reference from Exhibit 4 of Registration Form S-8, Registration Statement No. 333-104084 as filed with the Securities and Exchange Commission on March 28, 2003. | | |
| | | | | | | | | | | |
| | | | | | Articles of Amendment to Charter of McCormick & Company, Incorporated dated April 2, 2021 | | | Incorporated by reference from Exhibit 3(i) of McCormick's Form 10-Q for the quarter ended May 31, 2021, File No. 1-14920, as filed with the Securities and Exchange Commission on July 1, 2021. | | |
| | | | | | | | | | | |
| | | (ii) | | | By-Laws | | | | | |
| | | | | | | | | | | |
| | | | | | By-Laws of McCormick & Company, Incorporated Amended and Restated on November 26, 2019 | | | Incorporated by reference from Exhibit 99.1 of McCormick's Form 8-K dated November 26 2019, File No. 1-14920, as filed with the Securities and Exchange Commission on November 26, 2019. | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|---|
| | | | | | Exhibit Number | | | Description | | |
| (4) | | | | | | Instruments defining the rights of security holders, including indentures | | | | | |
| | | | | | | | | | | |
| | | (i) | | | See Exhibit 3 (Restatement of Charter and By-Laws) | | | | | |
| | | | | | | | | | | |
| | | (ii) | | | Summary of Certain Exchange Rights, incorporated by reference from Exhibit 4.1 of McCormick’s Form 10-Q for the quarter ended August 31, 2001, File No. 1-14920, as filed with the Securities and Exchange Commission on October 12, 2001. | | | | | |
| | | | | | | | | | | |
| | | (iii) | | | Indenture dated July 8, 2011 between McCormick and U.S. Bank National Association, incorporated by reference from Exhibit 4.1 of McCormick’s Form 8-K dated July 5, 2011, File No. 1-14920, as filed with the Securities and Exchange Commission on July 8, 2011. | | | | | |
| | | | | | | | | | | |
| | | (iv) | | | Form of 3.50% notes due 2023, incorporated by reference from Exhibit 4.2 of McCormick’s Form 8-K dated August 14, 2013, File No. 1-14920, as filed with the Securities and Exchange Commission on August 19, 2013. | | | | | |
| | | | | | | | | | | |
| | | (v) | | | Form of 3.15% notes due 2024, incorporated by reference from Exhibit 4.3 of McCormick’s Form 8-K dated August 7, 2017, File No. 1-14920, as filed with the Securities and Exchange Commission on August 11, 2017. | | | | | |
| | | | | | | | | | | |
| | | (vi) | | | Form of 3.25% notes due 2025, incorporated by reference from Exhibit 4.2 of McCormick’s Form 8-K dated November 3, 2015, File No. 1-14920, as filed with the Securities and Exchange Commission on November 6, 2015. | | | | | |
| | | | | | | | | | | |
| | | (vii) | | | Form of 3.40% notes due 2027, incorporated by reference from Exhibit 4.4 of McCormick’s Form 8-K dated August 7, 2017, File No. 1-14920, as filed with the Securities and Exchange Commission on August 11, 2017. | | | | | |
| | | | | | | | | | | |
| | | (viii) | | | Form of 4.20% notes due 2047, incorporated by reference from Exhibit 4.5 of McCormick’s Form 8-K dated August 7, 2017, File No. 1-14920, as filed with the Securities and Exchange Commission on August 11, 2017. | | | | | |
| | | (ix) | | | Form of 2.50% Notes due 2030, incorporated by reference from Exhibit 4.2 of McCormick’s Form 8-K dated April 13, 2020, File No. 1-14920, as filed with the Securities and Exchange Commission on April 16, 2020. | | | | | |
| | | (x) | | | Form of 0.90% Notes due 2026, incorporated by reference from Exhibit 4.2 of McCormick’s Form 8-K dated February 11, 2021, File No. 1-14920, as filed with the Securities and Exchange Commission on February 11, 2021. | | | | | |
| | | (xi) | | | Form of 1.85% Notes due 2031, incorporated by reference from Exhibit 4.3 of McCormick’s Form 8-K dated February 11, 2021, File No. 1-14920, as filed with the Securities and Exchange Commission on February 11, 2021. | | | | | |
| | | (xii) | | | Description of Securities of McCormick & Company, Incorporated, incorporated by reference from Exhibit 4(xiii) of McCormick’s Form 10-K for the fiscal year ended November 30, 2021, File No. 1-14920, as filed with the Securities and Exchange Commission on January 27, 2022. | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| (10) | | | | | | Material contracts | | | | | |
| | | | | | | | | | | |
| | | (i) | | | Deferred Compensation Plan, as restated on January 1, 2000, and amended on August 29, 2000, September 5, 2000 and May 16, 2003, in which directors, officers and certain other management employees participate, a copy of which Plan document and amendments was attached as Exhibit 10(viii) of McCormick’s Form 10-Q for the quarter ended August 31, 2003, File No. 1-14920, as filed with the Securities and Exchange Commission on October 14, 2003, and incorporated by reference herein.* | | | | | |
| | | | | | | | | | | |
| | | (ii) | | | 2004 Long-Term Incentive Plan, in which officers and certain other management employees participate, is set forth in Exhibit A of McCormick’s definitive Proxy Statement dated February 17, 2004, File No. 1-14920, as filed with the Securities and Exchange Commission on February 17, 2004, and incorporated by reference herein.* | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|---|
| | | | | | Exhibit Number | | | Description | | |
| | | (iii) | | | Non-Qualified Retirement Savings Plan, with an effective date of February 1, 2017, in which directors, officers and certain other management employees participate, a copy of which Plan document was attached as Exhibit 10(v) of McCormick's Form 10-Q for the quarter ended February 28, 2017, File No. 1-14920, as filed with the Securities and Exchange Commission on March 28, 2017, and incorporated by reference herein.* | | | | | |
| | | | | | | | | | | |
| | | (iv) | | | The 2007 Omnibus Incentive Plan, in which directors, officers and certain other management employees participate, is set forth in Exhibit A of McCormick’s definitive Proxy Statement dated February 20, 2008, File No. 1-14920, as filed with the Securities and Exchange Commission on February 20, 2008, and incorporated by reference herein, as amended by Amendment No. 1 thereto, which Amendment is incorporated by reference from Exhibit 10(xi) of McCormick’s 10-K for the fiscal year ended November 30, 2008, File No. 1-14920, as filed with the Securities and Exchange Commission on January 28, 2009.* | | | | | |
| | | | | | | | | | | |
| | | (v) | | | The Amended and Restated 2013 Omnibus Incentive Plan, in which directors, officers and certain other management employees participate, is incorporated by reference from Exhibit A of McCormick’s definitive Proxy Statement dated February 14, 2019, File No. 1-14920, as filed with the Securities and Exchange Commission on February 14, 2019.* | | | | | |
| | | | | | | | | | | |
| | | (vi) | | | The 2022 Omnibus Incentive Plan, in which directors, officers and certain other management employees participate, is incorporated by reference from Exhibit A of McCormick’s definitive Proxy Statement dated February 17, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on February 17, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (vii) | | | Amendment No. 1 to the 2022 Omnibus Incentive Plan is incorporated by reference from Exhibit 10(vii) of McCormick's Form 10-Q for the quarter ended May 31, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on June 29, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (viii) | | | Form of Long-Term Performance Plan Agreement, incorporated by reference from Exhibit 10(i) of McCormick's Form 8-K/A, as amended, dated March 30, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on April 5, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (ix) | | | Form of Restricted Stock Units Agreement, incorporated by reference from Exhibit 10(ii) of McCormick's Form 8-K/A, as amended, dated March 30, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on April 5, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (x) | | | Form of Restricted Stock Units Agreement for Directors, incorporated by reference from Exhibit 10(iii) of McCormick's Form 8-K/A, as amended, dated March 30, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on April 5, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (xi) | | | Form of Non-Qualified Stock Option Agreement, incorporated by reference from Exhibit 10(iv) of McCormick's Form 8-K/A, as amended, dated March 30, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on April 5, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (xii) | | | Form of Non-Qualified Stock Option Agreement for Directors, incorporated by reference from Exhibit 10(v) of McCormick's Form 8-K/A, as amended, March 30, 2022, File No. 1-14920, as filed with the Securities and Exchange Commission on April 5, 2022.* | | | | | |
| | | | | | | | | | | |
| | | (xiii) | | | Form of Stock Option Agreement for the Value Creation Acceleration Program, incorporated by reference from Exhibit 99.1 of McCormick’s Form 8-K, File No. 1-14920, as filed with the Securities and Exchange Commission on December 3, 2020.* | | | | | |
| | | | | | | | | | | |
| | | (xiv) | | | Form of Indemnification Agreement, incorporated by reference from Exhibit 10(xv) of McCormick’s Form 10-Q for the quarter ended February 28, 2014, File No. 1-14920, as filed with the Securities and Exchange Commission on March 26, 2014.* | | | | | |
| | | | | | | | | | | |
| | | (xv) | | | Employment Agreement between McCormick (UK) Limited and Malcolm Swift, incorporated by reference from Exhibit 10.1 of McCormick’s Form 8-K, File No. 1-14920, as filed with the Securities and Exchange Commission on January 29, 2015.* | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|---|
| | | | | | Exhibit Number | | | Description | | |
| | | (xvi) | | | Severance Plan for Executives, incorporated by reference from Exhibit 10(xix) of McCormick’s Form 10-Q for the quarter ended February 28, 2015, File No. 1-14920, as filed with the Securities and Exchange Commission on March 31, 2015.* | | | | | |
| | | | | | | | | | | |
| (21) | | | | | | Subsidiaries of McCormick | | | Filed herewith | | |
| | | | | | | | | | | |
| (23) | | | | | | Consents of experts and counsel | | | Filed herewith | | |
| | | | | | | | | | | |
| (31) | | | | | | Rule 13a-14(a)/15d-14(a) Certifications | | | Filed herewith | | |
| | | | | | | | | | | |
| | | (i) | | | Certification of Lawrence E. Kurzius, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | | |
| | | | | | | | | | | |
| | | (ii) | | | Certification of Michael R. Smith, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | | |
| | | | | | | | | | | |
| (32) | | | | | | Section 1350 Certifications | | | Filed herewith | | |
| | | | | | | | | | | |
| | | (i) | | | Certification of Lawrence E. Kurzius, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | | | | |
| | | | | | | | | | | |
| | | (ii) | | | Certification of Michael R. Smith, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | | | | |
| | | | | | | | | | | |
| (101) | | | | | | The following financial information from the Annual Report on Form 10-K of McCormick for the year ended November 30, 2022, filed electronically herewith, and formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Income Statements; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Shareholders’ Equity; (v) Consolidated Cash Flow Statements; and (vi) Notes to Consolidated Financial Statements. | | | | | |
| (104) | | | | | | Inline XBRL for the cover page of this Annual Report on Form 10-K of McCormick for the year ended November 30, 2022, filed electronically herewith, included in the Exhibit 101 Inline XBRL Document Set. | | | | | |
| | | | | | | | | | | |
| | | * | | | Management contract or compensatory plan or arrangement. | | | | | |
| | | | | | | | | | | |
| | | | | | McCormick hereby undertakes to furnish to the Securities and Exchange Commission, upon its request, copies of additional instruments of McCormick with respect to long-term debt that involve an amount of securities that do not exceed 10% of the total assets of McCormick and its subsidiaries on a consolidated basis, pursuant to Regulation S-K, Item 601(b)(4)(iii)(A). | | | | | |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, McCormick has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
McCORMICK & COMPANY, INCORPORATED
| | | | | | | | | | | |
|---|
| By: | | | /s/ LAWRENCE E. KURZIUS | | | Chairman & | | | January 26, 2023 | | |
| | | Lawrence E. Kurzius | | | Chief Executive Officer | | | | | |
| Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of McCormick and in the capacities and on the dates indicated. | | | | | | | | | | | |
| Principal Executive Officer: | | | | | | | | | | | |
| | | | | | | | | | | |
| By: | | | /s/ LAWRENCE E. KURZIUS | | | Chairman & | | | January 26, 2023 | | |
| | | Lawrence E. Kurzius | | | Chief Executive Officer | | | | | |
| | | | | | | | | | | |
| Principal Financial Officer: | | | | | | | | | | | |
| | | | | | | | | | | |
| By: | | | /s/ MICHAEL R. SMITH | | | Executive Vice President & Chief | | | January 26, 2023 | | |
| | | Michael R. Smith | | | Financial Officer | | | | | |
| | | | | | | | | | | |
| Principal Accounting Officer: | | | | | | | | | | | |
| | | | | | | | | | | |
| By: | | | /s/ GREGORY P. REPAS | | | Vice President & Controller | | | January 26, 2023 | | |
| | | Gregory P. Repas | | | Principal Accounting Officer | | | | | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons, being a majority of the Board of Directors of McCormick & Company, Incorporated, on the date indicated:
| | | | | | | | |
|---|
| THE BOARD OF DIRECTORS: | | | | | | DATE: | | |
| | | | | | | | |
| /s/ ANNE L. BRAMMAN | | | | | | January 26, 2023 | | |
| Anne L. Bramman | | | | | | | | |
| | | | | | | | |
| /s/ MICHAEL A. CONWAY | | | | | | January 26, 2023 | | |
| Michael A. Conway | | | | | | | | |
| | | | | | | | |
| /s/ FREEMAN A. HRABOWSKI, III | | | | | | January 26, 2023 | | |
| Freeman A. Hrabowski, III | | | | | | | | |
| | | | | | | | |
| /s/ LAWRENCE E. KURZIUS | | | | | | January 26, 2023 | | |
| Lawrence E. Kurzius | | | | | | | | |
| | | | | | | | |
| /s/ PATRICIA LITTLE | | | | | | January 26, 2023 | | |
| Patricia Little | | | | | | | | |
| | | | | | | | |
| /s/ MICHAEL D. MANGAN | | | | | | January 26, 2023 | | |
| Michael D. Mangan | | | | | | | | |
| | | | | | | | |
| /s/ MARITZA G. MONTIEL | | | | | | January 26, 2023 | | |
| Maritza G. Montiel | | | | | | | | |
| | | | | | | | |
| /s/ MARGARET M.V. PRESTON | | | | | | January 26, 2023 | | |
| Margaret M.V. Preston | | | | | | | | |
| | | | | | | | |
| /s/ GARY M. RODKIN | | | | | | January 26, 2023 | | |
| Gary M. Rodkin | | | | | | | | |
| | | | | | | | |
| /s/ JACQUES TAPIERO | | | | | | January 26, 2023 | | |
| Jacques Tapiero | | | | | | | | |
| | | | | | | | |
| /s/ W. ANTHONY VERNON | | | | | | January 26, 2023 | | |
| W. Anthony Vernon | | | | | | | | |
Supplemental Financial Schedule II Consolidated
McCORMICK & COMPANY, INCORPORATED
VALUATION AND QUALIFYING ACCOUNTS
(IN MILLIONS)
| | | | | | | | | | | | | | | | | |
|---|
| Column A | | | Column B | | | Column C Additions | | | | | | Column D | | | Column E | | |
| Description | | | Balance at beginning of period | | | Charged to costs and expenses | | | Charged to other accounts | | | Deductions (1) | | | Balance at end of period | | |
| Deducted from asset accounts: | | | | | | | | | | | | | | | | | |
| Year ended November 30, 2022: | | | | | | | | | | | | | | | | | |
| Allowance for doubtful receivables | | | $ | 5.2 | | $ | 2.2 | | $ | (0.9) | | $ | 0.8 | | $ | 7.3 | |
| Valuation allowance on net deferred tax assets | | | 32.7 | | | 3.2 | | | (1.7) | | | (7.8) | | | 26.4 | | |
| | | $ | 37.9 | | $ | 5.4 | | $ | (2.6) | | $ | (7.0) | | $ | 33.7 | |
| Deducted from asset accounts: | | | | | | | | | | | | | | | | | |
| Year ended November 30, 2021: | | | | | | | | | | | | | | | | | |
| Allowance for doubtful receivables | | | $ | 5.2 | | $ | 1.2 | | $ | (1.1) | | $ | (0.1) | | $ | 5.2 | |
| Valuation allowance on net deferred tax assets | | | 31.5 | | | 6.6 | | | (0.4) | | | (5.0) | | | 32.7 | | |
| | | $ | 36.7 | | $ | 7.8 | | $ | (1.5) | | $ | (5.1) | | $ | 37.9 | |
| Deducted from asset accounts: | | | | | | | | | | | | | | | | | |
| Year ended November 30, 2020: | | | | | | | | | | | | | | | | | |
| Allowance for doubtful receivables | | | $ | 5.6 | | $ | 0.8 | | $ | (1.4) | | $ | 0.2 | | $ | 5.2 | |
| Valuation allowance on net deferred tax assets | | | 32.4 | | | 11.8 | | | (0.1) | | | (12.6) | | | 31.5 | | |
| | | $ | 38.0 | | $ | 12.6 | | $ | (1.5) | | $ | (12.4) | | $ | 36.7 | |
(1) Includes the impact of foreign currency exchange.
filings.tools