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Share-Based Payments (Tables)
 3 Months Ended
Mar. 31, 2017
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 for the three months ended March 31, 2017, and March 31, 2016:
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
 
(In millions)
Pretax compensation expense
$
15.5

 
$
6.7

Tax benefit
(5.3
)
 
(1.9
)
After-tax compensation expense
$
10.2

 
$
4.8
Schedule of non-vested RSUs, DSUs, PUs and PSUs outstanding and the activity for the period
The following table represents non-vested RSUs, DSUs and PSUs as of March 31, 2017, and the activity during the three months ended March 31, 2017:
 
RSUs and DSUs
 
PSUs
 
Units
 
Weighted-average
grant date 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, 2016
0.8

 
$87.01
 
0.5

 
$81.67
Granted
0.3

 
$92.00
 
0.2

 
$97.13
Vested
(0.3
)
 
$76.67
 
(0.2
)
 
$57.29
Converted(1)
0.3

 
$106.17
 
(0.1
)
 
$106.17
Forfeited
—

 
$—
 
—

 
$—
Non-vested as of March 31, 2017
1.1

 
$95.21
 
0.4

 
$89.44
(1)
During the three months ended March 31, 2017, the MillerCoors 2016 PSU replacement awards were converted to RSUs under the Incentive Compensation Plan based on the achievement of the performance metric during the one year performance period ended December 31, 2016. These awards cliff vest at the end of a three year service period in the first quarter of 2019.
The weighted-average fair value per unit for the non-vested PSUs is $103.82 as of March 31, 2017.
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, 2017, and the activity during the three months ended March 31, 2017:
 
Awards
 
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, 2016
1.5
 
$59.79
 
5.4
 
$
58.2

Granted
0.2
 
$96.77
 
 
 
 
Exercised
(0.1)
 
$54.81
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of March 31, 2017
1.6
 
$63.88
 
5.9
 
$
51.4

Expected to vest at March 31, 2017
0.4
 
$89.67
 
9.2
 
$
2.3

Exercisable at March 31, 2017
1.2
 
$56.28
 
4.9
 
$
49.0
Schedule of share-based compensation weighted average assumptions
The fair value of each option granted in the first quarter of 2017 and 2016 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, 2017
 
March 31, 2016
Risk-free interest rate
2.04%
 
1.40%
Dividend yield
1.64%
 
1.81%
Volatility range
22.40%-22.88%
 
23.16%-24.64%
Weighted-average volatility
22.52%
 
23.53%
Expected term (years)
5.1
 
5.2
Weighted-average fair market value
$18.66
 
$16.65
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 2017 and 2016 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Risk-free interest rate
1.59%
 
1.04%
Dividend yield
1.64%
 
1.81%
Volatility range
13.71%-80.59%
 
14.10%-77.11%
Weighted-average volatility
24.24%
 
23.68%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$97.13
 
$90.49