Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

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, 2020	$	(539.5)	$	(173.9)	$	(397.7)	$	(56.7)	$	(1,167.8)
Foreign currency translation adjustments	(85.6)		—		(1.2)		—		(86.8)
Cumulative translation adjustment reclassified from other comprehensive income (loss)(1)	7.5		—		—		—		7.5
Gain (loss) recognized on net investment hedges	76.5		—		—		—		76.5
Unrealized gain (loss) recognized on derivative instruments	—		51.1		—		—		51.1
Derivative instrument activity reclassified from other comprehensive income (loss)	—		7.5		—		—		7.5
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)	—		—		158.6		—		158.6
Pension and other postretirement activity reclassified from other comprehensive 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)
Cumulative translation adjustment reclassified from other comprehensive income (loss)(1)	12.1		—		—		—		12.1
Gain (loss) recognized on net investment hedges	53.2		—		—		—		53.2
Unrealized gain (loss) recognized on derivative instruments	—		209.7		—		—		209.7
Derivative instrument activity reclassified from other comprehensive income (loss)	—		12.9		—		—		12.9
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)	—		—		(78.2)		—		(78.2)
Pension and other postretirement activity reclassified from other comprehensive 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)
Foreign currency translation adjustments	113.5		—		—		—		113.5
Cumulative translation adjustment reclassified from other comprehensive income (loss)(2)	(0.7)		—		—		—		(0.7)
Gain (loss) recognized on net investment hedges	(26.5)		—		—		—		(26.5)
Unrealized gain (loss) recognized on derivative instruments	—		(3.6)		—		—		(3.6)
Derivative instrument activity reclassified from other comprehensive income (loss)	—		1.3		—		—		1.3
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)	—		—		(8.5)		—		(8.5)
Pension and other postretirement activity reclassified from other comprehensive income (loss)	—		—		(15.0)		—		(15.0)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		15.4		15.4
Tax benefit (expense)	10.9		0.7		5.9		(4.2)		13.3
As of December 31, 2023	$	(778.0)	$	30.6	$	(352.7)	$	(16.2)	$	(1,116.3)

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

(2)As a result of the sale of our interest in Truss, the associated cumulative foreign currency translation adjustment was reclassified from AOCI. The impact of the cumulative foreign currency translation adjustment was recorded in other operating income (expense), net, as a component of the loss on sale when the entity was disposed during the third quarter of 2023.

Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income

Reclassifications from AOCI

	For the years ended
	December 31, 2023		December 31, 2022		December 31, 2021
	Reclassifications from AOCI						Locations of Reclassifications
	(In millions)
Gain/(loss) on cash flow hedges
Forward starting interest rate swaps	$	(5.2)	$	(14.3)	$	(4.8)	Interest expense, net
Foreign currency forwards	4.9		1.8		(3.5)		Cost of goods sold
Foreign currency forwards	(1.0)		(0.4)		0.8		Other non-operating income (expense), net
Total income (loss) reclassified, before tax	(1.3)		(12.9)		(7.5)
Income tax benefit (expense)	0.4		3.5		2.0
Net income (loss) reclassified, net of tax	$	(0.9)	$	(9.4)	$	(5.5)
Amortization of defined benefit pension and other postretirement benefit plan items
Prior service benefit (cost)	$	0.4	$	0.4	$	0.3	Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement	14.6		1.7		(7.4)		Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	15.0		2.1		(7.1)
Income tax benefit (expense)	(3.8)		(0.5)		1.7
Net income (loss) reclassified, net of tax	$	11.2	$	1.6	$	(5.4)
Other reclassifications from AOCI
Cumulative translation adjustment resulting from sale of disposal groups	$	0.7	$	(12.1)	$	(7.5)	Other operating income (expense), net
Net income (loss) reclassified, net of tax	$	0.7	$	(12.1)	$	(7.5)
Total income (loss) reclassified, net of tax	$	11.0	$	(19.9)	$	(18.4)