<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended NOVEMBER 30, 1999 Commission file number 0-748
----------------- -----
MCCORMICK & COMPANY, INCORPORATED
---------------------------------
Maryland 52-0408290
(State of incorporation) (IRS Employer Identification No.)
18 Loveton Circle Sparks, Maryland 21152
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (410) 771-7301
Securities registered pursuant to Section 12(b) of the Act: Not applicable
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, NO PAR VALUE COMMON STOCK NON-VOTING, NO PAR VALUE
-------------------------- -------------------------------------
(Title of Class) (Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES /X/ NO / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /X/
The aggregate market value of the voting stock held by non-affiliates of the
registrant at January 31, 2000. $166,065,781
------------
The aggregate market value of the non-voting stock held by non-affiliates of the
registrant at January 31, 2000. $1,578,781,634
--------------
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
CLASS NUMBER OF SHARES OUTSTANDING DATE
----- ---------------------------- ----
Common Stock 9,116,850 January 31, 2000
Common Stock Non-Voting 60,079,720 January 31, 2000
<PAGE>
DOCUMENTS INCORPORATED BY REFERENCE
<TABLE>
<CAPTION>
DOCUMENT PART OF 10-K INTO WHICH INCORPORATED
-------- ------------------------------------
<S> <C>
Registrant's 1999 Annual Report to Stockholders Part I, Part II, Part IV
Registrant's Proxy Statement dated February 15, 2000. Part III
</TABLE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 (Fee Required)
Commission File Number 0-748
For the fiscal year ended November 30, 1999
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
McCORMICK & COMPANY, INCORPORATED
18 Loveton Circle
Sparks, Maryland 21152
Items 1 through 3: Not required; see Item 4, below.
Item 4. Financial Statements and Exhibits.
a) i) Report of Independent Auditors ........................... 1
ii) Statements of Financial Condition ........................ 2
iii) Statements of Changes in Plan Equity ..................... 3
iv) Notes to Financial Statements ............................ 4
b) Exhibits: Independent Auditors' Consent Letter as to Incorporation of
their Report on the Plan's Financial Statements.
SIGNATURES
The Plan pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
THE McCORMICK PROFIT SHARING PLAN
DATE: 5/23/00 By: /s/ Karen D. Weatherholtz
-------------------------------------------
Karen D. Weatherholtz
Senior Vice President - Human Relations
and Plan Administrator
<PAGE>
AUDITED FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
THE McCORMICK PROFIT
SHARING PLAN
YEARS ENDED NOVEMBER 30, 1999 AND 1998
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Years ended November 30, 1999 and 1998
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors ...............................................1
Audited Financial Statements
Statements of Financial Condition.............................................2
Statements of Changes in Plan Equity .........................................3
Notes to Financial Statements.................................................4
Supplemental Schedules
Line 27a--Schedule of Assets Held for Investment Purposes....................22
Line 27d--Schedule of Reportable Transactions................................23
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Investment Committee
McCormick & Company, Incorporated
We have audited the accompanying statements of financial condition of the
McCormick Profit Sharing Plan as of November 30, 1999 and 1998, and the related
statements of changes in plan equity for each of the three years in the period
ended November 30, 1999. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial condition of the McCormick Profit Sharing
Plan at November 30, 1999 and 1998, and the changes in plan equity for each of
the three years in the period ended November 30, 1999, in conformity with
accounting principles generally accepted in the United States.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of November 30, 1999, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules have
been subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole.
April 28, 2000
1
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
NOVEMBER 30
1999 1998
--------------------------------
<S> <C> <C>
ASSETS
Investments:
Securities--at market value:
McCormick & Company, Incorporated -
Common stock $ 78,507,473 $ 83,969,458
Unaffiliated issuers:
Temporary investments 938,541 654,239
Mutual funds 170,474,671 142,658,319
Participant loans 4,536,238 4,034,839
--------------------------------
Total investments 254,456,923 231,316,855
Receivables:
Accrued interest and dividends 103,055 97,631
Employer contributions 3,748,797 2,028,832
Due from funds for securities sold, net 374,401 -
--------------------------------
Total receivables 4,226,253 2,126,463
Cash 288 1
--------------------------------
258,683,464 233,443,319
--------------------------------
LIABILITIES
Cash overdrafts 779 173
--------------------------------
Plan equity $ 258,682,685 $ 233,443,146
================================
</TABLE>
SEE ACCOMPANYING NOTES.
2
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN PLAN EQUITY
<TABLE>
<CAPTION>
YEAR ENDED NOVEMBER 30
1999 1998 1997
--------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
Employer contributions $ 5,998,346 $ 4,128,276 $ 4,511,700
Employee contributions 11,841,578 10,495,721 8,981,750
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,675,773 1,589,823 1,646,897
Mutual funds 10,493,875 8,012,978 4,387,254
Interest income 440,129 509,848 308,864
Transfers (out) in, net (63,109) 143,917 458,999
--------------------------------------------------------
30,386,592 24,880,563 20,295,464
--------------------------------------------------------
DEDUCTIONS
Participant withdrawals 14,370,337 14,258,480 12,867,963
Administrative expenses 265,790 294,609 295,958
--------------------------------------------------------
14,636,127 14,553,089 13,163,921
--------------------------------------------------------
Net realized gain on investments 13,340,091 8,047,602 12,096,189
Net unrealized (depreciation)
appreciation of investments (3,851,017) 22,625,690 8,175,110
--------------------------------------------------------
Net increase 25,239,539 41,000,766 27,402,842
Plan equity at beginning of year 233,443,146 192,442,380 165,039,538
--------------------------------------------------------
Plan equity at end of year $258,682,685 $233,443,146 $192,442,380
========================================================
</TABLE>
SEE ACCOMPANYING NOTES.
3
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The financial statements of The McCormick Profit Sharing Plan (the Plan) are
prepared on the accrual basis of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires Plan management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Actual amounts could differ from these estimates.
VALUATION OF SECURITIES
Investments are stated at aggregate current value. Securities traded on a
national securities exchange or included on the NASDAQ National Market List are
valued at the last reported sales price on the last business day of the plan
year. Investments for which no sale was reported on that date are valued at the
last reported bid price.
The change in the difference between current value and the cost of investments
is reflected in the statement of changes in plan equity as net unrealized
appreciation or depreciation of investments.
The net realized gain or loss on disposal of investments is the difference
between the proceeds received and the average cost of investments sold. Expenses
relating to the purchase or sale of investments are added to the cost or
deducted from the proceeds.
ADMINISTRATIVE EXPENSES
McCormick & Company, Incorporated (the "Company") has deducted $239,517,
$267,265 and $243,412 in 1999, 1998 and 1997, respectively, from the cash
deposit of its contributions to the Plan to offset a portion of the
administrative costs incurred on behalf of the Plan. These expenses are included
in administrative expenses in the Statement of Changes in Plan Equity. Direct
expenses are paid by the Plan.
4
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NEW ACCOUNTING PRONOUNCEMENTS
The AICPA has recently issued Statement of Position 99-3 "Accounting for and
Reporting of Certain Defined Contribution Benefit Plan Investments and Other
Disclosure Matters." The Plan will be required to adopt the provisions of this
statement during the year ended November 30, 2000. While the new standard will
substantially alter certain disclosures and supplemental schedules, it is not
expected to have a material impact on plan equity.
2. DESCRIPTION OF THE PLAN
The following description of the Plan provides only general information.
Further information about the Plan agreement, eligible employees, the vesting
provisions and investment alternatives are contained in the Summary Plan
Description and in Registration Statement No. 33-33724 on Form S-8 filed with
the Securities and Exchange Commission on March 2, 1990. Copies of these
documents are available from McCormick Corporate Human Relations.
The Plan is a defined contribution plan sponsored by McCormick & Company,
Incorporated which incorporates a 401(k) savings and investment option.
Participating employees can make elective pretax contributions to the Plan
through regular payroll deductions. If an employee authorizes elective
contributions, the contributions may not be less than 1% of his or her taxable
cash compensation and may be up to a maximum of 15%. The Company and
participating subsidiaries will make a matching contribution at a rate of $.20
for each $1.00 of the participant's elective contributions to the Plan
regardless of the participant's investment election. The matching contribution
is not made on elective contributions in excess of 10% of compensation.
The Company and participating subsidiaries may also make additional
contributions to the Plan for amounts authorized by the Board of Directors.
Company contributions are allocated to each participant's account based upon the
participant's compensation and length of service.
Participants are immediately vested in their contributions and related earnings.
Participants are also immediately vested in the Company contribution portion and
related earnings of their accounts once these amounts have been deposited
into their accounts. Company contributions other than matching contributions
can not be withdrawn under the early withdrawl provisions until three years
after they are deposited into a participant's account.
5
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. DESCRIPTION OF THE PLAN (CONTINUED)
As of November 30, 1999, the following investment funds were available:
McCORMICK STOCK FUND - This fund invests in the common stock of McCormick
& Company, Inc., the Plan sponsor.
BALANCED FUND - The balanced fund seeks conservation of capital, current
income and long-term growth of capital and income by investing in stocks,
bonds, and other fixed-income securities. This fund invests in the
American Balanced Fund.
SMALL CAP VALUE FUND - This fund seeks long-term growth of capital
through investments in small companies which have low debt, strong growth
prospects and are potentially undervalued. This fund invests in the T.
Rowe Price Small Cap Value Fund.
INTERNATIONAL GROWTH FUND - This international fund seeks long-term
growth of capital by investing in companies based outside the United
States. This fund invests in the American Europacific Growth Fund.
THE BOND FUND - The bond fund seeks to provide as high a level of current
income as is consistent with preservation of capital. This fund invests
in the Bond Fund of America.
GROWTH & INCOME PORTFOLIO FUND - This growth and income fund seeks high
total return through a combination of current income and capital
appreciation. The fund invests mainly in securities of companies that pay
current dividends and offer potential growth of earnings. However, the
fund may buy securities that are not currently paying dividends but offer
prospects for either capital appreciation or future income. Securities
may be of foreign and domestic issuers. The fund diversifies investments
among a variety of industries. This fund invests in the Fidelity Growth &
Income Portfolio Fund.
MONEY MARKET FUND - As a money market fund, this fund is managed to
maintain a stable $1 share price (although it is not guaranteed). The
value of the fund's shares is neither insured nor guaranteed by the U.S.
Government. This fund invests in the T. Rowe Price Prime Reserve Fund.
6
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. DESCRIPTION OF THE PLAN (CONTINUED)
LONG-TERM CAPITAL APPRECIATION FUND - This long-term capital appreciation
fund seeks capital appreciation by making a profit on invested capital
over the long term. The fund invests in common stocks, and securities
convertible to common stock, issued by companies operating in the U.S.
and/or abroad. Investments are made in large corporations as well as
smaller, lesser known companies. The fund also diversifies investments
among a variety of industries and sectors within the market. This fund
invests in the Fidelity Magellan Fund.
Participants' elective contributions and the Company's contributions are
invested in the Plan's investment funds as directed by the participant.
In general, participant withdrawals are subject to a 10% excise tax for early
withdrawals prior to the participant reaching retirement.
Participants are permitted to take loans against their contributions to the
Plan. The maximum of any loan cannot exceed one-half of the participant's
contributed account balance or $50,000 less the highest outstanding unpaid loan
balance during the prior twelve months, whichever is less. The Company's
Investment Committee determines the interest rate for loans based on current
market rates. Loan repayments, interest, plus maintenance fees are made by
participants through payroll deductions over loan terms of up to five years.
Longer loan terms are available for loans taken to purchase, construct,
re-construct or substantially rehabilitate a primary home for the participant or
the participant's immediate family.
The Company intends to continue the Plan indefinitely. The Company reserves the
right to terminate the Plan, or to reduce or cease contributions at any time, if
its Board of Directors determines that business, financial or other good causes
make it necessary to do so, or to amend the Plan at any time and in any respect
provided, however, that any such action will not deprive any participant or
beneficiary under the Plan of any vested right.
7
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated March 12, 1996 stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code and, therefore, the related trust is exempt from
taxation. Once qualified, the Plan is required to operate in conformity with the
Code to maintain its qualification. The Plan Administrator believes the Plan is
being operated in compliance with the applicable requirements of the Code and,
therefore, believes that the Plan is qualified and the related trust is tax
exempt. Under the Plan, participants are not subject to federal income tax on
contributions or the income of the Plan until amounts are disbursed to them.
4. INVESTMENTS
During 1999, 1998 and 1997, the Plan's investments (including investments
bought, sold, or held throughout the year) appreciated in fair value by
$9,489,074, $30,673,292 and $20,271,299, respectively, as follows:
<TABLE>
<CAPTION>
NET
APPRECIATION/ FAIR VALUE
(DEPRECIATION) AT END
DURING YEAR OF YEAR
------------------------------------
<S> <C> <C>
Year ended November 30, 1999
Fair value as determined by quoted market prices:
McCormick & Company, Incorporated--
Common stock $ (3,680,122) $ 78,507,473
Unaffiliated issuers:
Temporary investments - 938,541
Mutual funds 13,169,196 170,474,671
Participant loans - 4,536,238
------------------------------------
Total $ 9,489,074 $ 254,456,923
====================================
</TABLE>
8
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
NET FAIR VALUE
APPRECIATION AT END
DURING YEAR OF YEAR
----------------------------------
<S> <C> <C>
Year ended November 30, 1998
Fair value as determined by quoted market prices:
McCormick & Company, Incorporated--
Common stock $ 18,170,293 $ 83,969,458
Unaffiliated issuers:
Temporary investments - 654,239
Mutual funds 12,502,999 142,658,319
Participant loans - 4,034,839
----------------------------------
Total $ 30,673,292 $231,316,855
==================================
<CAPTION>
NET FAIR VALUE
APPRECIATION AT END
DURING YEAR OF YEAR
-----------------------------------
<S> <C> <C>
Year ended November 30, 1997
Fair value as determined by quoted market prices:
McCormick & Company, Incorporated--
Common stock $ 4,997,458 $ 68,129,676
Unaffiliated issuers:
Temporary investments - 797,012
Mutual funds 15,273,841 117,594,801
Participant loans - 3,248,582
-----------------------------------
Total $ 20,271,299 $189,770,071
===================================
</TABLE>
9
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of the Plan's
net assets are as follows:
<TABLE>
<CAPTION>
NOVEMBER 30
1999 1998
----------------------------
<S> <C> <C>
McCormick & Company, Incorporated -- Common stock $78,507,473 $83,969,458
Fidelity Investments Mutual Funds:
Long-Term Capital Appreciation Fund (Magellan Fund) 69,601,294 49,530,418
Growth & Income Portfolio Fund 61,236,920 59,694,313
</TABLE>
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
Fees paid during the year for legal, accounting and other services rendered by
parties-in-interest were based on customary and reasonable rates for such
services.
6. RECONCILIATION OF FORM 5500 TO AUDITED FINANCIAL STATEMENTS
The following represents a summary of the differences between the Form 5500 for
the year ended November 30, 1999, and the accompanying financial statements:
<TABLE>
<CAPTION>
AMOUNT PER
FORM 5500 ACCOMPANYING
LINE AMOUNT PER FINANCIAL
NUMBER DESCRIPTION FORM 5500 STATEMENTS DIFFERENCE
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
32b(1)(A) Interest--Interest bearing cash $ 53,010 $ 440,129 $ (387,119)
32b(1)(F) Interest--Other loans 382,081 - 382,081
N/A Dividends--Mutual funds - 10,493,875 (10,493,875)
32b(4)(C) Net gain on sale of assets (364,158) 13,340,091 (13,704,249)
32b(5) Unrealized appreciation (3,315,964) (3,851,017) 535,053
32b(10) Registered investment companies 23,668,109 - 23,668,109
-------------------------------------------------
$20,423,078 $20,423,078 $ -
=================================================
</TABLE>
10
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
6. RECONCILIATION OF FORM 5500 TO AUDITED FINANCIAL STATEMENTS (CONTINUED)
The differences result from the classification of investments and the cost basis
used for determining realized and unrealized gains for financial statement
purposes differing from those required in the Form 5500.
11
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
7. ALLOCATION OF PLAN EQUITY TO INVESTMENT PROGRAMS
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
McCORMICK BALANCED VALUE GROWTH
TOTAL STOCK FUND FUND FUND FUND
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
Securities--at market value:
McCormick & Company,
Incorporated Common stock $ 78,507,473 $ 78,507,473 $ - $ - $ -
Unaffiliated issuers:
Temporary investments 938,541 938,541 - - -
Mutual funds 170,474,671 - 3,805,706 5,848,065 9,641,849
Participant loans 4,536,238 - - - -
Employer contributions receivable 3,748,797 - - - -
Accrued interest and dividends
Receivable 103,055 4,457 - - -
Due from (to) funds for securities
sold, net 374,401 (159,994) 8,551 42,003 (32,258)
Cash 288 - 35 2 -
----------------------------------------------------------------------------
258,683,464 79,290,477 3,814,292 5,890,070 9,609,591
----------------------------------------------------------------------------
LIABILITIES
Cash overdrafts 779 - - - -
----------------------------------------------------------------------------
Plan equity $ 258,682,685 $ 79,290,477 $ 3,814,292 $ 5,890,070 $ 9,609,591
============================================================================
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
GROWTH & LONG-TERM
INCOME MONEY CAPITAL
PORTFOLIO MARKET APPRECIATION
BOND FUND FUND FUND FUND LOANS UNALLOCATED
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Securities--at market value:
McCormick & Company,
Incorporated Common stock $ - $ - $ - $ - $ - $ -
Unaffiliated issuers:
Temporary investments - - - - - -
Mutual funds 7,670,699 61,236,920 12,670,138 69,601,294 - -
Participant loans - - - - 4,536,238 -
Employer contributions receivable - - - - - 3,748,797
Accrued interest and dividends
Receivable 45,607 - 52,991 - - -
Due from (to) funds for securities
sold, net (22,425) (19,026) (72,761) 630,311 - -
Cash 24 227 - - - -
-------------------------------------------------------------------------------------------
7,693,905 61,218,121 12,650,368 70,231,605 4,536,238 3,748,797
-------------------------------------------------------------------------------------------
LIABILITIES
Cash overdrafts - - 348 431 - -
-------------------------------------------------------------------------------------------
Plan equity $ 7,693,905 $ 61,218,121 $ 12,650,020 $ 70,231,174 $ 4,536,238 $ 3,748,797
===========================================================================================
</TABLE>
13
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
7. ALLOCATION OF PLAN EQUITY TO INVESTMENT PROGRAMS (CONTINUED)
NOVEMBER 30, 1998
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
McCORMICK BALANCED VALUE GROWTH
TOTAL STOCK FUND FUND FUND FUND
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
Securities--at market value:
McCormick & Company,
Incorporated Common stock $ 83,969,458 $ 83,969,458 $ - $ - $ -
Unaffiliated issuers:
Temporary investments 654,239 654,239 - - -
Mutual funds 142,658,319 - 3,630,206 7,911,035 3,902,475
Participant loans 4,034,839 - - - -
Employer contributions receivable 2,028,832 - - - -
Accrued interest and dividends
receivable 97,631 4,071 - - -
Cash 1 - - - 1
------------------------------------------------------------------------
233,443,319 84,627,768 3,630,206 7,911,035 3,902,476
------------------------------------------------------------------------
LIABILITIES
Cash overdrafts 173 - - - -
------------------------------------------------------------------------
Plan equity $233,443,146 $ 84,627,768 $ 3,630,206 $ 7,911,035 $ 3,902,476
========================================================================
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
GROWTH & LONG-TERM
INCOME MONEY CAPITAL
PORTFOLIO MARKET APPRECIATION
BOND FUND FUND FUND FUND LOANS UNALLOCATED
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Securities--at market value:
McCormick & Company,
Incorporated Common stock $ - $ - $ - $ - $ - $ -
Unaffiliated issuers:
Temporary investments - - - - - -
Mutual funds 8,153,195 59,694,313 9,836,677 49,530,418 - -
Participant loans - - - - 4,034,839 -
Employer contributions receivable - - - - - 2,028,832
Accrued interest and dividends
receivable 88,288 - 5,272 - - -
Cash - - - - - -
---------------------------------------------------------------------------------------
8,241,483 59,694,313 9,841,949 49,530,418 4,034,839 2,028,832
---------------------------------------------------------------------------------------
LIABILITIES
Cash overdrafts 39 - 103 - 31 -
---------------------------------------------------------------------------------------
Plan equity $ 8,241,444 $ 59,694,313 $ 9,841,846 $ 49,530,418 $ 4,034,808 $ 2,028,832
=======================================================================================
</TABLE>
15
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8. ALLOCATION OF CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS
YEAR ENDED NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
McCORMICK BALANCED VALUE GROWTH
TOTAL STOCK FUND FUND FUND FUND
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 5,998,346 $ 520,642 $ 46,365 $ 117,263 $ 59,818
Employee contributions 11,841,578 2,912,290 327,453 710,615 369,646
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,675,773 1,675,773 - - -
Mutual funds 10,493,875 - 373,131 578,238 171,086
Interest income 440,129 53,010 - - -
Transfers out, net (63,109) - - - -
---------------------------------------------------------------------------------
30,386,592 5,161,715 746,949 1,406,116 600,550
---------------------------------------------------------------------------------
Interfund transfers - (2,238,792) (15,838) (2,548,849) 3,345,492
DEDUCTIONS
Participant withdrawals 14,370,337 4,574,902 266,840 227,207 228,381
Administrative expenses 265,790 5,190 1,305 106 5
---------------------------------------------------------------------------------
14,636,127 4,580,092 268,145 227,313 228,386
---------------------------------------------------------------------------------
Net realized gain (loss) on
Investments 13,340,091 5,124,709 8,712 (651,627) 216,337
Net unrealized (depreciation)
appreciation of investments (3,851,017) (8,804,831) (287,592) 708 1,773,122
---------------------------------------------------------------------------------
Net increase (decrease) 25,239,539 (5,337,291) 184,086 (2,020,965) 5,707,115
Plan equity at beginning of year 233,443,146 84,627,768 3,630,206 7,911,035 3,902,476
---------------------------------------------------------------------------------
Plan equity at end of year $ 258,682,685 $ 79,290,477 $ 3,814,292 $ 5,890,070 $ 9,609,591
=================================================================================
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
GROWTH & LONG-TERM
INCOME MONEY CAPITAL
PORTFOLIO MARKET APPRECIATION
BOND FUND FUND FUND FUND LOANS UNALLOCATED
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 88,918 $ 541,875 $ 110,396 $ 524,755 $ - $ 3,988,314
Employee contributions 520,590 3,230,381 681,496 3,089,107 - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - - - - - -
Mutual funds 638,888 4,417,423 516,699 3,798,410 - -
Interest income (42,681) - 47,719 - 382,081 -
Transfers out, net - - - - - (63,109)
-----------------------------------------------------------------------------------------------
1,205,715 8,189,679 1,356,310 7,412,272 382,081 3,925,205
-----------------------------------------------------------------------------------------------
Interfund transfers (689,146) (5,580,574) 2,897,767 6,461,978 333,685 (1,965,723)
DEDUCTIONS
Participant withdrawals 644,367 3,697,882 1,439,496 3,076,926 214,336 -
Administrative expenses 4,085 6,754 6,407 2,421 - 239,517
-----------------------------------------------------------------------------------------------
648,452 3,704,636 1,445,903 3,079,347 214,336 239,517
-----------------------------------------------------------------------------------------------
Net realized gain (loss) on
Investments (63,659) 4,833,632 - 3,871,987 - -
Net unrealized (depreciation)
appreciation of investments (351,997) (2,214,293) - 6,033,866 - -
-----------------------------------------------------------------------------------------------
Net increase (decrease) (547,539) 1,523,808 2,808,174 20,700,756 501,430 1,719,965
Plan equity at beginning of year 8,241,444 59,694,313 9,841,846 49,530,418 4,034,808 2,028,832
-----------------------------------------------------------------------------------------------
Plan equity at end of year $ 7,693,905 $ 61,218,121 $ 12,650,020 $ 70,231,174 $ 4,536,238 $ 3,748,797
===============================================================================================
</TABLE>
17
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8. ALLOCATION OF CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS (CONTINUED)
YEAR ENDED NOVEMBER 30, 1998
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
McCORMICK BALANCED VALUE GROWTH
TOTAL STOCK FUND FUND FUND FUND
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 4,128,276 $ 512,342 $ 37,700 $ 140,079 $ 52,394
Employee contributions 10,495,721 2,762,986 214,130 777,527 303,101
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,589,823 1,589,823 - - -
Mutual funds 8,012,978 - 339,616 652,616 241,531
Interest income 509,848 62,419 - - 31,734
Transfers in, net 143,917 - - - -
---------------------------------------------------------------------------
24,880,563 4,927,570 591,446 1,570,222 628,760
---------------------------------------------------------------------------
Interfund transfers - (1,800,463) 349,388 (1,469,501) (10,298)
DEDUCTIONS
Participant withdrawals 14,258,480 5,594,315 163,597 177,645 52,608
Administrative expenses 294,609 5,696 1,037 185 22
---------------------------------------------------------------------------
14,553,089 5,600,011 164,634 177,830 52,630
---------------------------------------------------------------------------
Net realized gain (loss) on
investments 8,047,602 4,228,110 18,384 47,898 (36,602)
Net unrealized appreciation
(depreciation) of investments 22,625,690 13,942,183 (6,932) (2,045,747) 125,180
---------------------------------------------------------------------------
Net increase (decrease) 41,000,766 15,697,389 787,652 (2,074,958) 654,410
Plan equity at beginning of year 192,442,380 68,930,379 2,842,554 9,985,993 3,248,066
---------------------------------------------------------------------------
Plan equity at end of year $233,443,146 $ 84,627,768 $ 3,630,206 $ 7,911,035 $ 3,902,476
===========================================================================
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
GROWTH & LONG-TERM
INCOME MONEY CAPITAL
PORTFOLIO MARKET APPRECIATION
BOND FUND FUND FUND FUND LOANS UNALLOCATED
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 91,119 $ 513,755 $ 94,664 $ 463,942 $ - $ 2,222,281
Employee contributions 500,385 2,880,323 487,264 2,570,005 - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - - - - - -
Mutual funds 605,850 2,885,859 367,554 2,919,952 - -
Interest income 88,288 - 5,272 - 322,135 -
Transfers in, net - - - - - 143,917
----------------------------------------------------------------------------------------
1,285,642 6,279,937 954,754 5,953,899 322,135 2,366,198
----------------------------------------------------------------------------------------
Interfund transfers 63,099 973,487 3,286,639 391,943 837,300 (2,621,594)
DEDUCTIONS
Participant withdrawals 783,071 3,043,436 1,031,596 3,039,161 373,051 -
Administrative expenses 3,309 7,096 6,708 3,191 100 267,265
----------------------------------------------------------------------------------------
786,380 3,050,532 1,038,304 3,042,352 373,151 267,265
----------------------------------------------------------------------------------------
Net realized gain (loss) on
investments (2,879) 2,426,057 - 1,366,634 - -
Net unrealized appreciation
(depreciation) of investments (176,615) 5,942,815 - 4,844,806 - -
----------------------------------------------------------------------------------------
Net increase (decrease) 382,867 12,571,764 3,203,089 9,514,930 786,284 (522,661)
Plan equity at beginning of year 7,858,577 47,122,549 6,638,757 40,015,488 3,248,524 2,551,493
----------------------------------------------------------------------------------------
Plan equity at end of year $ 8,241,444 $ 59,694,313 $ 9,841,846 $ 49,530,418 $ 4,034,808 $ 2,028,832
========================================================================================
</TABLE>
19
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8. ALLOCATION OF CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS (CONTINUED)
YEAR ENDED NOVEMBER 30, 1997
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
McCORMICK BALANCED VALUE GROWTH
TOTAL STOCK FUND FUND FUND FUND
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 4,511,700 $ 449,193 $ 19,092 $ 72,521 $ 32,520
Employee contributions 8,981,750 2,540,813 115,459 439,533 200,087
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated 1,646,897 1,646,897 - - -
Mutual funds 4,387,254 - 146,604 159,501 132,501
Interest income 308,864 25,316 66 193 97
Transfers in, net 458,999 - - - -
-------------------------------------------------------------------------
20,295,464 4,662,219 281,221 671,748 365,205
-------------------------------------------------------------------------
Interfund transfers - (7,631,045) 1,281,433 6,191,855 1,971,271
DEDUCTIONS
Participant withdrawals 12,867,963 5,983,418 70,313 144,718 73,626
Administrative expenses 295,958 8,970 723 93 -
-------------------------------------------------------------------------
13,163,921 5,992,388 71,036 144,811 73,626
-------------------------------------------------------------------------
Net realized gain on investments 12,096,189 8,928,753 42,152 162,106 38,439
Net unrealized appreciation
(depreciation) of investments 8,175,110 (3,931,295) 164,108 1,332,019 (12,913)
-------------------------------------------------------------------------
Net increase (decrease) 27,402,842 (3,963,756) 1,697,878 8,212,917 2,288,376
Plan equity at beginning of year 165,039,538 72,894,135 1,144,676 1,773,076 959,690
-------------------------------------------------------------------------
Plan equity at end of year $192,442,380 $ 68,930,379 $ 2,842,554 $ 9,985,993 $ 3,248,066
=========================================================================
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
GROWTH & LONG-TERM
INCOME MONEY CAPITAL
PORTFOLIO MARKET APPRECIATION
BOND FUND FUND FUND FUND LOANS UNALLOCATED
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Employer contributions $ 84,914 $ 397,414 $ 73,587 $ 402,402 $ - $ 2,980,057
Employee contributions 483,941 2,402,311 408,593 2,391,013 - -
Earnings from investments:
Dividends:
McCormick & Company,
Incorporated - - - - - -
Mutual funds 505,645 1,990,406 312,116 1,140,481 - -
Interest income 1,327 1,837 2,228 56 277,744 -
Transfers in, net (36,091) 109,784 (22,436) 21,253 236,629 149,860
------------------------------------------------------------------------------------------
1,039,736 4,901,752 774,088 3,955,205 514,373 3,129,917
------------------------------------------------------------------------------------------
Interfund transfers 105,749 2,102,562 813,652 (3,788,908) 538,465 (1,585,034)
DEDUCTIONS
Participant withdrawals 465,954 2,622,694 735,109 2,251,127 521,004 -
Administrative expenses 8,739 14,240 11,622 8,159 - 243,412
------------------------------------------------------------------------------------------
474,693 2,636,934 746,731 2,259,286 521,004 243,412
------------------------------------------------------------------------------------------
Net realized gain on investments 6,750 1,781,832 - 1,136,157 - -
Net unrealized appreciation
(depreciation) of investments 37,754 5,575,573 - 5,009,864 - -
------------------------------------------------------------------------------------------
Net increase (decrease) 715,296 11,724,785 841,009 4,053,032 531,834 1,301,471
Plan equity at beginning of year 7,143,281 35,397,764 5,797,748 35,962,456 2,716,690 1,250,022
------------------------------------------------------------------------------------------
Plan equity at end of year $ 7,858,577 $ 47,122,549 $ 6,638,757 $ 40,015,488 $ 3,248,524 $ 2,551,493
==========================================================================================
</TABLE>
21
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES COST MARKET
DESCRIPTION HELD VALUE VALUE
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Temporary investments:
Norwest Short Term Investment Fund 938,541 $ 938,541 $ 938,541
McCormick & Company, Incorporated:
Common stock 2,448,576 41,573,927 78,507,473
Mutual Funds Investments:
American Balanced Fund 244,897 3,911,788 3,805,706
T. Rowe Price Small Cap Value Fund 313,569 6,523,972 5,848,065
American EuroPacific International Fund 246,154 7,740,977 9,641,849
Bond Fund of America 590,963 8,080,411 7,670,699
Fidelity Growth & Income Fund 1,339,097 43,597,256 61,236,920
T. Rowe Price Prime Reserve - Money Market Fund 12,670,137 12,670,136 12,670,138
Fidelity Long-Term Capital Appreciation Fund
(Magellan Fund) 527,283 49,805,534 69,601,294
Participant loans (average interest rate of 9%) - 4,536,238
----------------------------------------------
$ 174,842,542 $ 254,456,923
==============================================
</TABLE>
22
<PAGE>
THE McCORMICK PROFIT SHARING PLAN
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED NOVEMBER 30, 1999
<TABLE>
<CAPTION>
C. D. F. G. H. I.
PURCHASE SELLING EXPENSES COST OF CURRENT NET GAIN
B. DESCRIPTION OF SECURITY PRICE PRICE INCURRED SECURITY VALUE OR (LOSS)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (iii) Series of
transactions in excess of 5%
of plan assets
Norwest Short-Term Investment Fund $22,161,608 $21,877,308 $ - $21,877,308 $44,038,916 $ -
Fidelity Magellan Fund Inc 20,825,989 9,708,825 - 6,950,848 30,534,814 2,757,977
Fidelity Growth & Income Portfolio 13,235,996 14,432,686 - 9,599,048 27,668,682 4,833,638
T. Rowe Price Prime Reserve Fund 14,926,924 11,877,080 - 11,877,080 26,804,004 -
</TABLE>
There were no category (i), (ii) or (iv) reportable transaction during the year
ended November 30, 1999.
23
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the following Registration
Statements of McCormick & Company, Incorporated and subsidiaries and in the
related Prospectuses (if applicable) of our report dated April 28, 2000, with
respect to the financial statements and supplemental schedules of the McCormick
Profit Sharing Plan for the year ended November 30, 1999 included under Item
14., EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K in this
Form 10-K/A, No.1.
<TABLE>
<CAPTION>
FORM REGISTRATION NUMBER DATE FILED
-------- ------------------- ----------
<S> <C> <C> <C>
S-8 333-93231 12/21/99
S-8 333-74963 3/24/99
S-3 333-47611 3/9/98
S-8 33-23727 3/21/97
S-8 33-58197 3/23/95
S-3 33-66614 7/27/93
S-3 33-40920 5/29/91 **
S-8 33-33724 3/02/90
S-3 33-32712 12/21/89
S-3 33-24660 3/16/89
S-8 33-24658 9/15/88
S-3 33-24659 9/15/88
</TABLE>
** Includes amendment filed 6/18/91.
Baltimore, Maryland
May 30, 2000
