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Case Study: XBRL at McCormick & Company

Source: Financial Executives International TV

McCormick & Company
Kenneth Kelly, Jr., SVP & Controller

Runtime: 6:46

Key Takeaways:

  1. McCormick & Company is a leader in the manufacture, marketing and distribution of spices, seasonings, specialty foods and flavors. Annual sales are approximately $3 billion.
  2. McCormick elected to do a preliminary voluntary filing to identify potential XBRL issues as early as possible.
  3. Along with a vendor, the internal XBRL project team consisted of the controller, assistant controller, manager of external reporting and director of investor relations.
  4. Key XBRL Learnings:
    • For many companies, preparing the prime financial statements for XBRL is not labor-intensive and does not require a large time commitment.
    • Don’t abdicate responsibility. You have to be actively involved in the process.
    • Fully understand and vet all tagging decisions to ensure you select the tags that are most appropriate.
    • If you outsource, understand what the vendor did and did not do and why.

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