Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of the Components 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, 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 (loss)	—		(0.5)		—		—		(0.5)
Net change in pension and other postretirement benefit assets and liabilities	—		—		(52.9)		—		(52.9)
Pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss)	—		—		(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(1)	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 (loss)	—		7.5		—		—		7.5
Net change in pension and other postretirement benefit assets and liabilities	—		—		158.6		—		158.6
Pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss)	—		—		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)
Foreign currency translation adjustments	(356.1)		—		1.2		—		(354.9)
Reclassification of cumulative translation adjustment (1)	12.1		—		—		—		12.1
Gain (loss) on net investment hedges	53.2		—		—		—		53.2
Unrealized gain (loss) on derivative instruments	—		209.7		—		—		209.7
Reclassification of derivative (gain) loss to income (loss)	—		12.9		—		—		12.9
Net change in pension and other postretirement benefit assets and liabilities	—		—		(78.2)		—		(78.2)
Pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss)	—		—		(2.1)		—		(2.1)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		18.7		18.7
Tax benefit (expense)	(25.7)		(59.4)		19.1		(4.9)		(70.9)
As of December 31, 2022	$	(875.2)	$	32.2	$	(335.1)	$	(27.4)	$	(1,205.5)

(1)As a result of the sale of a disposal group within our India business for the year ended December 31, 2021, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within other operating income (expense), net. As a result of the completion of the sale of our non-operating India entity during 2022, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within other operating income (expense), net.

Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income

Reclassifications from AOCI to income

	For the years ended
	December 31, 2022		December 31, 2021		December 31, 2020
	Reclassifications from AOCI						Location of gain (loss) recognized in income
	(In millions)
Gain/(loss) on cash flow hedges
Forward starting interest rate swaps	$	(14.3)	$	(4.8)	$	(2.9)	Interest expense, net
Foreign currency forwards	1.8		(3.5)		4.6		Cost of goods sold
Foreign currency forwards	(0.4)		0.8		(1.2)		Other non-operating income (expense), net
Total income (loss) reclassified, before tax	(12.9)		(7.5)		0.5
Income tax benefit (expense)	3.5		2.0		(0.1)
Net income (loss) reclassified, net of tax	$	(9.4)	$	(5.5)	$	0.4
Amortization of defined benefit pension and other postretirement benefit plan items
Prior service benefit (cost)	$	0.4	$	0.3	$	0.4	Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement	1.7		(7.4)		7.2		Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	2.1		(7.1)		7.6
Income tax benefit (expense)	(0.5)		1.7		(2.4)
Net income (loss) reclassified, net of tax	$	1.6	$	(5.4)	$	5.2
Other reclassifications from AOCI to Income
India cumulative translation adjustment resulting from sale of disposal group	$	(12.1)	$	(7.5)	$	—	Other operating income (expense), net
Net income (loss) reclassified, net of tax	$	(12.1)	$	(7.5)	$	—
Total income (loss) reclassified, net of tax	$	(19.9)	$	(18.4)	$	5.6