{
 "company": "McCormick",
 "ticker": "MKC",
 "sector": "packaged-food",
 "fiscalYearEnd": null,
 "revenueUsdM": 6840.3,
 "normalizedSga": {
  "pctRevenue": 13.29,
  "peerCount": 25,
  "peerMedianPctRevenue": 10.9,
  "peerLeanQuartilePctRevenue": 8.4,
  "peers": [
   {
    "ticker": "KHC",
    "name": "KHC",
    "normalizedSgaPctRevenue": 9.04
   },
   {
    "ticker": "CAG",
    "name": "CAG",
    "normalizedSgaPctRevenue": 8.49
   },
   {
    "ticker": "GIS",
    "name": "GIS",
    "normalizedSgaPctRevenue": 10.9
   },
   {
    "ticker": "CPB",
    "name": "CPB",
    "normalizedSgaPctRevenue": 10.52
   },
   {
    "ticker": "K",
    "name": "K",
    "normalizedSgaPctRevenue": 13.77
   },
   {
    "ticker": "SJM",
    "name": "SJM",
    "normalizedSgaPctRevenue": 11.16
   },
   {
    "ticker": "POST",
    "name": "POST",
    "normalizedSgaPctRevenue": 8.02
   },
   {
    "ticker": "HSY",
    "name": "HSY",
    "normalizedSgaPctRevenue": 14.32
   },
   {
    "ticker": "HRL",
    "name": "HRL",
    "normalizedSgaPctRevenue": 5.69
   },
   {
    "ticker": "MDLZ",
    "name": "MDLZ",
    "normalizedSgaPctRevenue": 12.37
   },
   {
    "ticker": "LANC",
    "name": "LANC",
    "normalizedSgaPctRevenue": 8.39
   },
   {
    "ticker": "BGS",
    "name": "BGS",
    "normalizedSgaPctRevenue": 8.69
   },
   {
    "ticker": "FLO",
    "name": "FLO",
    "normalizedSgaPctRevenue": 23.94
   },
   {
    "ticker": "THS",
    "name": "THS",
    "normalizedSgaPctRevenue": 6.33
   },
   {
    "ticker": "HAIN",
    "name": "HAIN",
    "normalizedSgaPctRevenue": 14.17
   },
   {
    "ticker": "KLG",
    "name": "KLG",
    "normalizedSgaPctRevenue": 12.85
   },
   {
    "ticker": "TR",
    "name": "TR",
    "normalizedSgaPctRevenue": 10.81
   },
   {
    "ticker": "IFF",
    "name": "IFF",
    "normalizedSgaPctRevenue": 13.41
   },
   {
    "ticker": "ADM",
    "name": "ADM",
    "normalizedSgaPctRevenue": 4.03
   },
   {
    "ticker": "INGR",
    "name": "INGR",
    "normalizedSgaPctRevenue": 9.67
   },
   {
    "ticker": "KDP",
    "name": "KDP",
    "normalizedSgaPctRevenue": 14.47
   },
   {
    "ticker": "TSN",
    "name": "TSN",
    "normalizedSgaPctRevenue": 3.03
   },
   {
    "ticker": "AGRO",
    "name": "AGRO",
    "normalizedSgaPctRevenue": 14.09
   },
   {
    "ticker": "CLX",
    "name": "CLX",
    "normalizedSgaPctRevenue": 13.11
   }
  ],
  "definition": "Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A."
 },
 "disclosedLines": [
  {
   "key": "advertising",
   "label": "Advertising",
   "pctRevenue": 3.29,
   "companiesDisclosing": 21,
   "peersDisclosing": [
    {
     "ticker": "KHC",
     "pctRevenue": 4.3
    },
    {
     "ticker": "CAG",
     "pctRevenue": 2.27
    },
    {
     "ticker": "GIS",
     "pctRevenue": 4.35
    },
    {
     "ticker": "CPB",
     "pctRevenue": 3.9
    },
    {
     "ticker": "K",
     "pctRevenue": 4.93
    },
    {
     "ticker": "SJM",
     "pctRevenue": 2.07
    },
    {
     "ticker": "POST",
     "pctRevenue": 1.82
    },
    {
     "ticker": "HSY",
     "pctRevenue": 5.23
    },
    {
     "ticker": "HRL",
     "pctRevenue": 1.22
    },
    {
     "ticker": "MDLZ",
     "pctRevenue": 4.29
    },
    {
     "ticker": "LANC",
     "pctRevenue": 2.0
    },
    {
     "ticker": "BGS",
     "pctRevenue": 0.23
    },
    {
     "ticker": "FLO",
     "pctRevenue": 1.77
    },
    {
     "ticker": "THS",
     "pctRevenue": 0.04
    },
    {
     "ticker": "HAIN",
     "pctRevenue": 2.02
    },
    {
     "ticker": "KLG",
     "pctRevenue": 7.75
    },
    {
     "ticker": "TR",
     "pctRevenue": 0.79
    },
    {
     "ticker": "KDP",
     "pctRevenue": 3.79
    },
    {
     "ticker": "TSN",
     "pctRevenue": 0.45
    },
    {
     "ticker": "CLX",
     "pctRevenue": 10.84
    }
   ],
   "note": "A brand-investment choice; advertising sits outside the normalized SG&A line, so it does not explain the Exhibit 2 gap."
  },
  {
   "key": "research_dev",
   "label": "R&D",
   "pctRevenue": 1.55,
   "companiesDisclosing": 22,
   "peersDisclosing": [
    {
     "ticker": "KHC",
     "pctRevenue": 0.67
    },
    {
     "ticker": "CAG",
     "pctRevenue": 0.52
    },
    {
     "ticker": "GIS",
     "pctRevenue": 1.32
    },
    {
     "ticker": "K",
     "pctRevenue": 0.9
    },
    {
     "ticker": "SJM",
     "pctRevenue": 0.6
    },
    {
     "ticker": "POST",
     "pctRevenue": 0.39
    },
    {
     "ticker": "HSY",
     "pctRevenue": 0.43
    },
    {
     "ticker": "HRL",
     "pctRevenue": 0.29
    },
    {
     "ticker": "MDLZ",
     "pctRevenue": 1.04
    },
    {
     "ticker": "LANC",
     "pctRevenue": 1.0
    },
    {
     "ticker": "FLO",
     "pctRevenue": 0.18
    },
    {
     "ticker": "THS",
     "pctRevenue": 0.41
    },
    {
     "ticker": "HAIN",
     "pctRevenue": 0.33
    },
    {
     "ticker": "KLG",
     "pctRevenue": 0.89
    },
    {
     "ticker": "ADM",
     "pctRevenue": 0.31
    },
    {
     "ticker": "INGR",
     "pctRevenue": 0.98
    },
    {
     "ticker": "KDP",
     "pctRevenue": 0.42
    },
    {
     "ticker": "TSN",
     "pctRevenue": 0.23
    },
    {
     "ticker": "CPB",
     "pctRevenue": 0.98
    },
    {
     "ticker": "IFF",
     "pctRevenue": 6.37
    },
    {
     "ticker": "CLX",
     "pctRevenue": 1.7
    }
   ],
   "note": "Heavier than the peer norm."
  },
  {
   "key": "stock_comp",
   "label": "Stock-based comp",
   "pctRevenue": 0.68,
   "companiesDisclosing": 24,
   "peersDisclosing": [
    {
     "ticker": "KHC",
     "pctRevenue": 0.38
    },
    {
     "ticker": "CAG",
     "pctRevenue": 0.36
    },
    {
     "ticker": "GIS",
     "pctRevenue": 0.47
    },
    {
     "ticker": "CPB",
     "pctRevenue": 0.56
    },
    {
     "ticker": "K",
     "pctRevenue": 0.75
    },
    {
     "ticker": "SJM",
     "pctRevenue": 0.34
    },
    {
     "ticker": "POST",
     "pctRevenue": 1.0
    },
    {
     "ticker": "HSY",
     "pctRevenue": 0.56
    },
    {
     "ticker": "HRL",
     "pctRevenue": 0.21
    },
    {
     "ticker": "MDLZ",
     "pctRevenue": 0.3
    },
    {
     "ticker": "LANC",
     "pctRevenue": 0.47
    },
    {
     "ticker": "BGS",
     "pctRevenue": 0.73
    },
    {
     "ticker": "FLO",
     "pctRevenue": 0.61
    },
    {
     "ticker": "THS",
     "pctRevenue": 0.57
    },
    {
     "ticker": "HAIN",
     "pctRevenue": 0.52
    },
    {
     "ticker": "KLG",
     "pctRevenue": 0.59
    },
    {
     "ticker": "IFF",
     "pctRevenue": 0.81
    },
    {
     "ticker": "ADM",
     "pctRevenue": 0.1
    },
    {
     "ticker": "INGR",
     "pctRevenue": 0.55
    },
    {
     "ticker": "KDP",
     "pctRevenue": 0.58
    },
    {
     "ticker": "TSN",
     "pctRevenue": 0.18
    },
    {
     "ticker": "AGRO",
     "pctRevenue": 1.04
    },
    {
     "ticker": "CLX",
     "pctRevenue": 1.14
    }
   ],
   "note": "Above the peer median; equity compensation adds to the overhead load."
  },
  {
   "key": "restructuring",
   "label": "Restructuring",
   "pctRevenue": 0.34,
   "companiesDisclosing": 19,
   "peersDisclosing": [
    {
     "ticker": "CAG",
     "pctRevenue": 0.78
    },
    {
     "ticker": "CPB",
     "pctRevenue": 0.23
    },
    {
     "ticker": "SJM",
     "pctRevenue": 0.24
    },
    {
     "ticker": "POST",
     "pctRevenue": 0.12
    },
    {
     "ticker": "HSY",
     "pctRevenue": 0.51
    },
    {
     "ticker": "HRL",
     "pctRevenue": 0.11
    },
    {
     "ticker": "MDLZ",
     "pctRevenue": 0.22
    },
    {
     "ticker": "LANC",
     "pctRevenue": 0.27
    },
    {
     "ticker": "FLO",
     "pctRevenue": 0.12
    },
    {
     "ticker": "THS",
     "pctRevenue": 0.85
    },
    {
     "ticker": "HAIN",
     "pctRevenue": 1.65
    },
    {
     "ticker": "KLG",
     "pctRevenue": 1.96
    },
    {
     "ticker": "IFF",
     "pctRevenue": 0.64
    },
    {
     "ticker": "ADM",
     "pctRevenue": 0.35
    },
    {
     "ticker": "INGR",
     "pctRevenue": 0.18
    },
    {
     "ticker": "KDP",
     "pctRevenue": 0.38
    },
    {
     "ticker": "TSN",
     "pctRevenue": 0.03
    },
    {
     "ticker": "CLX",
     "pctRevenue": 0.0
    }
   ],
   "note": "$23M of filed special charges (principally severance) run above the typical peer, counted wherever they sit on the P&L; one-time charges are stripped from the Exhibit 2 number either way."
  }
 ],
 "gapToPeers": {
  "toPeerMedian": {
   "usdM": 163,
   "bps": 239
  },
  "toLeanQuartile": {
   "usdM": 328,
   "bps": 480
  }
 },
 "tsrBridge": [
  {
   "label": "1 year",
   "span": "FY2024 to FY2025",
   "companyTsrPct": -13,
   "peerTsrPct": -13,
   "driverPp": {
    "Revenue growth": -0.4,
    "Gross margin": 23.6,
    "SG&A": -11.8,
    "Multiple": -10.8,
    "Other": -0.7
   }
  },
  {
   "label": "3 years",
   "span": "FY2022 to FY2025",
   "companyTsrPct": -17,
   "peerTsrPct": -22,
   "driverPp": {
    "Revenue growth": -2,
    "Gross margin": 36.2,
    "SG&A": -5.1,
    "Multiple": -25.8,
    "Other": 2.3
   }
  },
  {
   "label": "5 years",
   "span": "FY2020 to FY2025",
   "companyTsrPct": -22,
   "peerTsrPct": -8,
   "driverPp": {
    "Revenue growth": -2.9,
    "Gross margin": 24,
    "SG&A": -5.5,
    "Multiple": -26.7,
    "Other": -2.7
   }
  },
  {
   "label": "10 years",
   "span": "FY2016 to FY2025",
   "companyTsrPct": 72,
   "peerTsrPct": 20,
   "driverPp": {
    "Revenue growth": 19.7,
    "Gross margin": 35.3,
    "SG&A": -31.6,
    "Multiple": 50.3,
    "Other": -21.6
   }
  }
 ],
 "recentQuarter": null,
 "sources": [
  "10-K and 10-Q filings (US GAAP)",
  "XBRL company facts",
  "earnings releases"
 ],
 "urls": {
  "briefing": "https://sgabenchmarking.com/r/MKC",
  "json": "https://sgabenchmarking.com/r/MKC.json",
  "industryBenchmarks": "https://sgabenchmarking.com/catalog.json"
 },
 "publisher": "SG&A Benchmarking, https://sgabenchmarking.com"
}