Investments In Affiliates

12 Months Ended

Nov. 30, 2015

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)	2015		2014		2013
Net sales	$	777.3	$	766.6	$	761.4
Gross profit	286.1		275.7		256.9
Net income	76.6		67.5		53.8
Current assets	$	326.0	$	320.1	$	288.9
Noncurrent assets	114.6		123.6		128.4
Current liabilities	161.5		137.2		141.0
Noncurrent liabilities	8.1		6.3		7.2

Our share of undistributed earnings of unconsolidated affiliates was $114.1 million at November 30, 2015. Royalty income from unconsolidated affiliates was $17.8 million, $18.7 million and $18.4 million for 2015, 2014 and 2013, 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 89% of income from unconsolidated operations in 2015, 91% in 2014 and 78% in 2013.

As of November 30, 2015, $112.8 million of our consolidated retained earnings represents undistributed earnings of investments in unconsolidated affiliates.