UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) | | Maryland | | 52-0408290 | | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 Maryland 52-0408290 (State or other jurisdiction of incorporation or organization) 24 Schilling Road, Suite 1, Hunt Valle ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or other ...

Financial Performance - Net sales for the three months ended February 28, 2021, increased to $1,481.5 million, up 22.2% from $1,212.0 million in the same period of 2020[11] - Gross profit rose to $577.5 million, representing a 23% increase compared to $469.9 million in the prior year[11] - Operating income improved to $236.3 million, a 21.6% increase from $194.2 million year-over-year[11] - Net income for the period was $161.8 million, up 11.5% from $144.7 million in the same quarter of 2020[11] - Earnings per share (diluted) increased to $0.60, compared to $0.54 in the previous year, reflecting an 11.1% growth[11] - The consumer segment generated net sales of $946.8 million, while the flavor solutions segment contributed $534.7 million, indicating strong performance across both segments[90] - Operating income for the same period was $236.3 million, compared to $194.2 million in 2020, reflecting an increase of 21.7%[11] - The company reported a net income of $161.8 million for the three months ended February 28, 2021, up from $144.7 million in the same period of 2020, an increase of 11.0%[13] - Operating income excluding special charges and transaction and integration expenses for the three months ended February 28, 2021, was $262.5 million, compared to $195.2 million for the same period in 2020, reflecting a 34.4% increase[90] Cash Flow and Assets - Cash and cash equivalents decreased to $256.1 million from $423.6 million at the end of the previous quarter[17] - Total assets increased to $12,685.1 million, up from $12,089.7 million as of November 30, 2020[16] - The company reported a net cash flow used in operating activities of $(32.2) million, compared to $44.8 million in the same period last year[17] - The company made an acquisition of businesses totaling $(706.6) million during the period, significantly impacting cash flow from investing activities[18] - Total current liabilities decreased to $2,423.7 million from $3,046.5 million, a reduction of 20.4%[16] - Long-term debt increased to $4,739.2 million from $3,753.8 million, an increase of 26.3%[16] - Shareholders' equity rose to $4,164.7 million as of February 28, 2021, compared to $3,940.0 million as of November 30, 2020, an increase of 5.7%[16] Acquisitions - The acquisition of Cholula Hot Sauce was completed for approximately $803.0 million, with annual sales at the time of acquisition around $96 million[35] - The acquisition of FONA International, LLC was completed for approximately $706.6 million, with annual sales at the time of acquisition around $114 million[37] - Transaction and integration expenses related to the Cholula and FONA acquisitions are expected to total approximately $35 million and $30 million, respectively[42] - During the three months ended February 28, 2021, transaction and integration expenses related to the acquisitions amounted to $25.1 million[43] - Goodwill increased by $389.6 million due to the acquisition of FONA, with total goodwill for the consumer segment reaching $3,727.6 million and for the flavor solutions segment $1,669.4 million as of February 28, 2021[51] COVID-19 Impact - The company anticipates that the balance of at-home versus away-from-home food demand will be a significant factor influencing fiscal 2021 performance due to COVID-19[28] - The impact of COVID-19 on the consumer segment resulted in a significant increase in at-home consumption, while the flavor solutions segment faced decreased demand from certain customers[27] Expenses and Charges - Special charges recognized in the three months ended February 28, 2021 totaled $1.1 million, compared to $1.0 million in the same period of 2020[45] - Stock-based compensation expense rose to $14.2 million for the three months ended February 28, 2021, up from $6.4 million in the same period of 2020[73] - The company incurred transaction and integration expenses of $18.8 million during the three months ended February 28, 2021, which were excluded from operating income calculations[11] - Transaction-related expenses included in cost of goods sold for the three months ended February 28, 2021, were $6.3 million, compared to the previous year's $0[90] Financial Instruments and Derivatives - As of February 28, 2021, the company had foreign currency exchange contracts totaling $558.9 million, up from $383.8 million at November 30, 2020, all designated as hedges[55] - The notional value of cross currency interest rate swap contracts as of February 28, 2021, was $250 million, with contracts expiring in August 2027[58] - The company had outstanding interest rate swap contracts for a notional amount of $350 million, including contracts with a notional value of $100 million expiring in November 2025[60] - The total fair value of asset derivatives as of February 28, 2021, was $34.1 million, while liability derivatives totaled $34.5 million[63] - For the three months ended February 28, 2021, interest rate contracts recognized an income expense of $2.0 million, compared to $0.5 million for the same period in 2020[65] - The company recorded a loss of $2.1 million on foreign exchange contracts for the three months ended February 28, 2021[65] Tax and Pension - Income taxes for the three months ended February 28, 2021, included a net discrete tax expense of $5.3 million, primarily due to deferred state tax expenses related to the acquisition of FONA[77] - The total pension expense for the three months ended February 28, 2021, was $0 million, compared to an expense of $0.1 million for the same period in 2020[71] - The company contributed $2.3 million to pension plans during the three months ended February 28, 2021, compared to $1.9 million in the same period of 2020[71] - Total contributions to pension plans in fiscal year 2020 were $11.9 million[71]

Acquisitions - McCormick completed the acquisition of FONA International for approximately $710 million, with FONA's annual sales at the time of acquisition being about $114 million[12]. - The company acquired Cholula Hot Sauce for approximately $803 million, with Cholula's annual sales at the time being around $96 million[13]. - The ongoing integration of acquired businesses, such as Cholula and FONA, is expected to impact operational results and financial performance[42]. - The company has completed nine acquisitions since 2015, which are expected to account for approximately one-third of sales growth over time[129]. Financial Performance - For the fiscal year 2020, net sales increased to $5,601.3 million, up from $5,347.4 million in 2019, representing a growth of 4.7%[111]. - Operating income for 2020 was $999.5 million, compared to $957.7 million in 2019, reflecting an increase of 4.0%[111]. - Net income for 2020 was $747.4 million, an increase from $702.7 million in 2019, marking a growth of 6.4%[111]. - The company declared common dividends of $1.27 per share in 2020, up from $1.17 per share in 2019, indicating a 8.5% increase[111]. - The company aims for long-term annual growth objectives of 4% to 6% in sales, 7% to 9% in adjusted operating income, and 9% to 11% in adjusted earnings per share[115]. - Adjusted operating income for the year ended November 30, 2020, was $1,018.8 million, representing a 4.1% increase compared to the prior year[202]. - Adjusted net income for the year ended November 30, 2020, was $762.7 million, reflecting a 6.3% increase year-over-year[202]. - Earnings per share—diluted for the year ended November 30, 2020, was $2.83, up from $2.68 in the previous year, marking a 5.6% increase[202]. Market Segments - In 2020, the consumer segment contributed approximately 64% of consolidated net sales and 77% of consolidated operating income, while the flavor solutions segment contributed about 36% of consolidated net sales and 23% of consolidated operating income[15]. - The consumer segment's sales are primarily driven by spices, herbs, and seasonings, which account for about half of the segment's sales[17]. - The consumer segment's net sales grew by 10.0% in 2020, with segment operating income reaching $780.9 million, reflecting a margin of 21.7%[161]. - Flavor solutions segment net sales decreased by 3.5% in 2020 compared to 2019, with a 2.4% decline on a constant currency basis[167]. Sales and Customer Dependency - Approximately 12% of consolidated sales in 2020 came from Wal-Mart Stores, Inc., while PepsiCo, Inc. accounted for about 11% of consolidated sales[24]. - Approximately 23% of consolidated sales in 2020 were generated from two large customers, highlighting the risk of dependency on major clients[56]. - The company anticipates continued impacts from the COVID-19 pandemic on operations and supply chains, with potential disruptions affecting financial results[46]. Operational Challenges - Seasonal factors lead to lower sales and income in the first two quarters, with significant increases in the fourth quarter due to holiday demand[29]. - The company faces challenges from increased private label competition and changing consumer preferences, which could affect market share[50]. - Supply chain disruptions and procurement issues may negatively impact the availability of key raw materials, affecting production capabilities[59]. - Fluctuations in raw material prices, particularly for dairy, pepper, and vanilla, pose significant risks to the company's financial condition and operating results[57]. - Climate change may negatively impact the availability and pricing of raw materials essential for the company's products[75]. Cost Management and Efficiency - The company has implemented a Comprehensive Continuous Improvement (CCI) program aimed at enhancing productivity and cost savings[1]. - The company recorded $113.0 million in cost savings from its CCI program in 2020, which helped offset increased conversion costs and COVID-19 related expenses[136]. - The company anticipates approximately $110 million in CCI-led cost savings for 2021, similar to the $113 million realized in 2020[141]. Debt and Financial Position - The company incurred approximately $4.9 billion in total indebtedness as of November 30, 2020, following the acquisition of Cholula, and an additional $710 million for the acquisition of FONA[79]. - The company has total outstanding variable rate debt of approximately $950 million at a weighted-average interest rate of approximately 0.3%[76]. - The uncertainty surrounding the phase-out of LIBOR may increase the cost of the company's variable rate debt, impacting financial position and operating results[82]. - The leverage ratio, defined as net debt to adjusted EBITDA, is a key metric for evaluating financial leverage, with expectations to comply with financial covenants for the foreseeable future[210]. Tax and Regulatory Environment - The effective tax rate is projected to rise to approximately 24% in 2021, compared to 19.8% in 2020[142]. - The effective tax rate can be affected by changes in tax legislation and the global mix of earnings[94]. - The company is subject to numerous laws and regulations that could increase compliance costs and adversely affect financial condition[89]. Employee and Operational Safety - The company implemented measures to ensure employee safety and product integrity during the pandemic, including pre-shift temperature checks and work-from-home arrangements[120]. - The company has approximately 13,000 full-time employees worldwide as of November 30, 2020[33]. Cybersecurity and Information Security - The company has experienced cybersecurity threats and incidents, although none have been material to date[86]. - The company maintains an information security program to address risks to its information technology systems and data[86]. - The company relies on third-party vendors for cloud-based services, which increases operational complexity and vulnerability[88]. Stock Performance - The market price of the common stock at the close of business on December 31, 2020, was $95.57 per share for Common Stock and $95.60 per share for Common Stock Non-Voting[106]. - The closing price of non-voting shares at the end of 2020 was $93.49, up from $84.63 at the end of 2019, reflecting a growth of 10.9%[111]. - As of November 30, 2020, approximately $585 million remained of a $600 million share repurchase authorization approved in November 2019[109].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14920 McCORMICK & COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) Maryland 52-0408290 (State or other ju ...