Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

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

Schedule of 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, 2021	$	(558.7)	$	(131.0)	$	(275.1)	$	(41.2)	$	(1,006.0)
Foreign currency translation adjustments	(610.2)		—		—		—		(610.2)
Reclassification of cumulative translation adjustment to income (loss)(1)	12.1		—		—		—		12.1
Gain (loss) on net investment hedges	125.4		—		—		—		125.4
Unrealized gain (loss) on derivative instruments	—		210.8		—		—		210.8
Reclassification of derivative (gain) loss to income (loss)	—		13.2		—		—		13.2
Pension and other post retirement benefit adjustments(2)	—		—		(58.5)		—		(58.5)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income (loss) and settlement	—		—		(9.0)		—		(9.0)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)(3)	—		—		—		14.4		14.4
Tax benefit (expense)	(47.5)		(60.2)		16.8		(3.8)		(94.7)
As of September 30, 2022	$	(1,078.9)	$	32.8	$	(325.8)	$	(30.6)	$	(1,402.5)

(1)As a result of the sale of our non-operating India entity, the associated cumulative foreign currency translation adjustment was reclassified from AOCI. The impact of the cumulative foreign currency translation adjustment was

recorded in special items, net, as a component of the loss on sale when the entity was classified as held for sale during the fourth quarter of 2021.

(2)We purchased an annuity contract for our U.S. pension plan using plan assets and settled approximately $340 million of U.S. qualified pension plan liabilities. During the third quarter of 2022, at the annuity purchase date, we remeasured our pension plan reducing our pension asset with the offset to AOCI.

(3)As a result of plan amendments to pension plans held by our equity method investments and the subsequent remeasurement of those pension plans, we recorded our proportionate share of the associated AOCI impacts in the second quarter of 2022.