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Share-Based Payments (Tables)
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of components of share-based compensation expense
The following table summarizes share-based compensation expense:
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
 
(In millions)
Pretax compensation expense
$
3.2

 
$
8.3

Tax benefit
(0.8
)
 
(2.7
)
After-tax compensation expense
$
2.4

 
$
5.6
Schedule of non-vested RSUs, DSUs, PUs and PSUs outstanding and the activity for the period
The following table represents non-vested RSUs, DSUs, PUs and PSUs as of March 31, 2015, and the activity during the three months ended March 31, 2015:
 
RSUs and DSUs
 
PUs
 
PSUs
 
Units
 
Weighted-average
grant date fair value
per unit
 
Units
 
Weighted-average
fair value
per unit
 
Units
 
Weighted-average
grant date fair value
per unit
 
(In millions, except per unit amounts)
Non-vested as of December 31, 2014
0.7

 
$47.75
 
0.5

 
$3.22
 
0.4

 
$50.49
Granted
0.2

 
$70.10
 
—

 
$—
 
0.1

 
$74.42
Vested
(0.2
)
 
$43.18
 
(0.5
)
 
$2.89
 
—

 
$—
Forfeited
—

 
$—
 
—

 
$—
 
—

 
$—
Non-vested as of March 31, 2015
0.7

 
$53.81
 
—

 
$—
 
0.5

 
$57.02
The weighted-average fair value per unit for the non-vested PSUs is $62.47 as of March 31, 2015.
Schedule of stock options and SOSARs outstanding and the activity for the period
The following table represents the summary of stock options and stock-only stock appreciation rights ("SOSARs") outstanding as of March 31, 2015, and the activity during the three months ended March 31, 2015:
 
Shares outstanding
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining contractual life
(years)
 
Aggregate
intrinsic value
 
(In millions, except per share amounts and years)
Outstanding as of December 31, 2014
2.2
 
$45.33
 
5.0
 
$
64.6

Granted
0.1
 
$74.81
 
 
 
 
Exercised
(0.6)
 
$44.89
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of March 31, 2015
1.7
 
$47.87
 
5.0
 
$
44.7

Exercisable at March 31, 2015
1.4
 
$45.06
 
4.3
 
$
42.2
Schedule of share-based compensation weighted average assumptions
The fair value of each option granted in the first quarter of 2015 and 2014 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
Risk-free interest rate
1.70%
 
2.29%
Dividend yield
2.20%
 
2.57%
Volatility range
21.65%-29.90%
 
22.66%-26.57%
Weighted-average volatility
23.71%
 
25.59%
Expected term (years)
5.7
 
7.5
Weighted-average fair market value
$13.98
 
$12.78
Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions
The fair value of the market metric for each PSU granted in the first quarter of 2015 and 2014 was determined on the date of grant using a Monte Carlo model to simulate total shareholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
Risk-free interest rate
1.06%
 
0.72%
Dividend yield
2.20%
 
2.57%
Volatility range
12.73%-62.28%
 
12.45%-72.41%
Weighted-average volatility
21.53%
 
21.72%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$74.42
 
$58.69