Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023	$	(778.0)	$	30.6	$	(352.7)	$	(16.2)	$	(1,116.3)
Foreign currency translation adjustments	(15.4)		—		—		—		(15.4)
Cumulative translation adjustment reclassified from noncontrolling interest to accumulated other comprehensive income (loss)(1)	(3.5)		—		—		—		(3.5)
Gain (loss) recognized on net investment hedges	(7.6)		—		—		—		(7.6)
Unrealized gain (loss) recognized on derivative instruments	—		1.6		—		—		1.6
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)(2)	—		—		19.5		—		19.5
Pension and other postretirement activity reclassified from other comprehensive income (loss)(3)	—		—		26.8		—		26.8
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		0.5		0.5
Tax benefit (expense)	—		(0.3)		(12.2)		(0.2)		(12.7)
As of September 30, 2024	$	(804.5)	$	31.9	$	(318.6)	$	(15.9)	$	(1,107.1)

(1)Our partner in the CBPL U.K. partnership agreement exercised a put option in March 2024 which triggered the NCI to become mandatorily redeemable and require reclassification to accounts payable and other current liabilities in the unaudited condensed consolidated balance sheets. The cumulative translation adjustment recorded on the mandatorily redeemable NCI was reclassified to AOCI. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."

(2)On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. As a result, on September 30, 2024, we remeasured both pension plans and recorded the offset to AOCI.

(3)In connection with the purchase of annuity contracts for two of our Canadian pension plans as described above, we recorded a total settlement loss of $34.0 million