Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of components of share-based compensation expense

	For the years ended
	December 31, 2019			December 31, 2018			December 31, 2017
	(In millions)
Pretax share-based compensation expense(1)	$	8.5		$	42.6		$	58.3
Tax benefit	(1.6		)	(6.9		)	(11.1		)
After-tax share-based compensation expense	$	6.9		$	35.7		$	47.2

(1)

The decrease in share-based compensation expense in 2019 was primarily driven by the reversal of cumulative compensation expense previously recognized for our 2018 and 2017 PSU awards as the achievement of the performance conditions are no longer deemed probable for the respective performance periods, as well as the impacts of the reversal of expense associated with forfeitures related to the revitalization plan initiated in 2019. Additionally, our share-based compensation expense in 2018 and 2017 also includes expense associated with replacement awards issued in connection with the Acquisition.

Schedule of non-vested RSUs, PSUs and DSUs outstanding and the activity for the period

	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, 2018	1.0	$88.53	0.5	$86.85
Granted	0.5	$55.05	0.3	$53.31
Vested	(0.4)	$98.91	(0.1)	$88.01
Forfeited	(0.1)	$71.54	(0.1)	$72.53
Non-vested as of December 31, 2019	1.0	$68.18	0.6	$70.37

Schedule of stock options outstanding and the activity for the period

	Stock options
	Awards	Weighted- average exercise price	Weighted- average remaining contractual life (years)	Aggregate intrinsic value
	(In millions, except per share amounts and years)
Outstanding as of December 31, 2018	1.3	$70.56	5.2	$	4.3
Granted	0.4	$60.87
Exercised	(0.1)	$43.86
Forfeited	—	—
Outstanding as of December 31, 2019	1.6	$68.77	3.8	$	3.1
Expected to vest as of December 31, 2019	0.3	$67.27	8.8	$	—
Exercisable as of December 31, 2019	1.3	$69.09	2.8	$	3.1

Schedule of share-based compensation weighted average assumptions

The fair value of each option granted in 2019, 2018 and 2017 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	For the years ended
	December 31, 2019	December 31, 2018	December 31, 2017
Risk-free interest rate	2.46%	2.65%	2.04%
Dividend yield	4.16%	2.08%	1.64%
Volatility range	24.46% - 24.60%	22.36% - 24.14%	22.40% - 22.88%
Weighted-average volatility	24.48%	22.81%	22.52%
Expected term (years)	5.3	5.3	5.1
Weighted-average fair value	$9.20	$15.44	$18.66

Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions

The fair value of the market metric for each PSU granted in 2019, 2018 and 2017 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:

	For the years ended
	December 31, 2019	December 31, 2018	December 31, 2017
Risk-free interest rate	2.49%	2.34%	1.59%
Dividend yield	4.17%	2.08%	1.64%
Volatility range	13.82% - 42.46%	13.03% - 81.87%	13.71% - 80.59%
Weighted-average volatility	24.97%	22.76%	24.24%
Expected term (years)	2.8	2.8	2.8
Weighted-average fair market value	$53.31	$78.30	$97.13