Investments In Affiliates

12 Months Ended

Nov. 30, 2016

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)	2016		2015		2014
Net sales	$	767.6	$	777.3	$	766.6
Gross profit	245.6		286.1		275.7
Net income	66.4		76.6		67.5
Current assets	$	315.6	$	326.0	$	320.1
Noncurrent assets	113.0		114.6		123.6
Current liabilities	146.2		161.5		137.2
Noncurrent liabilities	9.1		8.1		6.3

Our share of undistributed earnings of unconsolidated affiliates was $95.8 million at November 30, 2016. Royalty income from unconsolidated affiliates was $16.1 million, $17.8 million and $18.7 million for 2016, 2015 and 2014, 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 83% of income from unconsolidated operations in 2016, 89% in 2015 and 91% in 2014.

As of November 30, 2016, $102.3 million of our consolidated retained earnings represents undistributed earnings of investments in unconsolidated affiliates for which we have not provided deferred income tax liabilities.