Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

	MCBC stockholders' equity
	Foreign currency translation adjustments		Gain (loss) on derivative instruments		Pension and postretirement benefit adjustments		Equity method investments		Accumulated other comprehensive income (loss)
	(In millions)
As of December 31, 2018	$	(758.7)	$	(0.3)	$	(330.7)	$	(60.3)	$	(1,150.0)
Foreign currency translation adjustments	129.3		—		(2.5)		—		126.8
Gain (loss) on net investment hedges	50.3		—		—		—		50.3
Unrealized gain (loss) on derivative instruments	—		(111.3)		—		—		(111.3)
Reclassification of derivative (gain) loss to income	—		0.6		—		—		0.6
Pension and other postretirement benefit adjustments	—		—		(43.7)		—		(43.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement	—		—		26.5		—		26.5
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		(14.4)		(14.4)
Tax benefit (expense)	(0.1)		27.0		(2.9)		3.8		27.8
Net period other comprehensive income (loss)	179.5		(83.7)		(22.6)		(10.6)		62.6
Reclassification of stranded tax effects (1)	(73.3)		(3.8)		2.3		—		(74.8)
As of December 31, 2019	$	(652.5)	$	(87.8)	$	(351.0)	$	(70.9)	$	(1,162.2)
Foreign currency translation adjustments	196.0		—		(1.6)		—		194.4
Gain (loss) on net investment hedges	(113.5)		—		—		—		(113.5)
Unrealized gain (loss) on derivative instruments	—		(113.5)		—		—		(113.5)
Reclassification of derivative (gain) loss to income	—		(0.5)		—		—		(0.5)
Pension and other postretirement benefit adjustments	—		—		(52.9)		—		(52.9)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement	—		—		(7.6)		—		(7.6)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		19.4		19.4
Tax benefit (expense)	30.5		27.9		15.4		(5.2)		68.6
As of December 31, 2020	$	(539.5)	$	(173.9)	$	(397.7)	$	(56.7)	$	(1,167.8)
Foreign currency translation adjustments	(85.6)		—		(1.2)		—		(86.8)
Reclassification of cumulative translation adjustment to income (2)	7.5		—		—		—		7.5
Gain (loss) on net investment hedges	76.5		—		—		—		76.5
Unrealized gain (loss) on derivative instruments	—		51.1		—		—		51.1
Reclassification of derivative (gain) loss to income	—		7.5		—		—		7.5
Pension and other postretirement benefit adjustments	—		—		158.6		—		158.6
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement	—		—		7.1		—		7.1
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		20.8		20.8
Tax benefit (expense)	(17.6)		(15.7)		(41.9)		(5.3)		(80.5)
As of December 31, 2021	$	(558.7)	$	(131.0)	$	(275.1)	$	(41.2)	$	(1,006.0)

(1)Represents the one-time reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the U.S. federal corporate income tax rate as part of the 2017 Tax Act. This reclassification occurred on January 1, 2019 upon adoption of the associated FASB authoritative guidance.

(2)As a result of the sale of a disposal group within our India business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items, net.

We have significant levels of net assets denominated in currencies other than the USD due to our operations in foreign countries, and therefore we recognize OCI gains and/or losses when those items are translated to USD. The foreign currency translation losses recognized during 2021 were primarily due to the weakening of the GBP, EUR and certain other currencies of our Europe operations versus the USD. The foreign currency translation adjustment gains during 2020 and 2019 were primarily due to the strengthening of the CAD and GBP versus the USD. Additionally, the 2020 foreign currency translation adjustment gains were further impacted by the strengthening of certain other currencies of our Europe operations versus the USD.

Reclassifications from AOCI to income

	For the years ended
	December 31, 2021		December 31, 2020		December 31, 2019
	Reclassifications from AOCI						Location of gain (loss) recognized in income
	(In millions)
Gain/(loss) on cash flow hedges
Forward starting interest rate swaps	$	(4.8)	$	(2.9)	$	(3.0)	Interest expense, net
Foreign currency forwards	(3.5)		4.6		3.1		Cost of goods sold
Foreign currency forwards	0.8		(1.2)		(0.7)		Other income (expense), net
Total income (loss) reclassified, before tax	(7.5)		0.5		(0.6)
Income tax benefit (expense)	2.0		(0.1)		0.1
Net income (loss) reclassified, net of tax	$	(5.5)	$	0.4	$	(0.5)
Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)	$	0.3	$	0.4	$	(0.4)	Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement	(7.4)		7.2		(26.1)		Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	(7.1)		7.6		(26.5)
Income tax benefit (expense)	1.7		(2.4)		6.8
Net income (loss) reclassified, net of tax	$	(5.4)	$	5.2	$	(19.7)
Other reclassifications from AOCI to Income:
India cumulative translation adjustment resulting from sale of disposal group	$	(7.5)	$	—	$	—	Special items, net
Income tax benefit (expense)	—		—		—
Net income (loss) reclassified, net of tax	$	(7.5)	$	—	$	—
Total income (loss) reclassified, net of tax	$	(18.4)	$	5.6	$	(20.2)