Investments In Affiliates

12 Months Ended

Nov. 30, 2022

Investments In Affiliates [Abstract]

INVESTMENTS IN AFFILIATESIncome from unconsolidated operations was $37.8 million, $52.2 million, and $40.8 million in 2022, 2021 and 2020, respectively. Income from unconsolidated operations in 2021 includes a gain on a sale of unconsolidated operations of $13.4 million as described below. Our principal earnings from unconsolidated affiliates are from our 50% interest in McCormick de Mexico, S.A. de C.V. Profit from this joint venture represented 84% of income from unconsolidated operations in 2022, 62% in 2021 and 75% in 2020. The relative impact of McCormick de Mexico, S.A. de C.V. on income from unconsolidated operations in 2021 was impacted by the gain on our sale of an unconsolidated operation.

Summarized annual and year-end information from the financial statements of unconsolidated affiliates representing 100% of the businesses follows:


(millions)	2022		2021		2020
Net sales	$	998.1	$	925.1	$	870.3
Gross profit	338.1		328.8		318.0
Net income	86.5		95.8		93.7
Current assets	$	494.8	$	464.2	$	421.7
Noncurrent assets	109.7		105.8		126.2
Current liabilities	257.7		218.5		192.3
Noncurrent liabilities	8.4		9.0		12.2

Royalty income from unconsolidated affiliates was $27.3 million, $22.8 million and $19.5 million for 2022, 2021 and 2020, respectively.

Sale of Unconsolidated Operation

On March 1, 2021, we sold our 26% interest in Eastern Condiments Private Ltd (Eastern) for $65.4 million in cash, net of transaction expenses of $1.4 million. Eastern was accounted for as an equity method investment with our proportionate share of earnings, prior to the sale, reflected in Income from unconsolidated operations before income taxes in our consolidated income statement. The sale of Eastern resulted in a gain of $13.4 million, net of tax of $5.7 million. That gain is included in Income from unconsolidated operations before income taxes in our consolidated income statement. That gain also reflects a write-off of $1.4 million of foreign currency translation adjustment, a component of Accumulated other comprehensive loss.