Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of components of share-based compensation expense

The following table presents the pre-tax and after-tax share-based compensation expense.

	For the years ended
	December 31, 2024		December 31, 2023		December 31, 2022
	(In millions)
Pre-tax share-based compensation expense	$	43.1	$	44.9	$	33.6
Tax benefit	(8.5)		(7.8)		(5.9)
After-tax share-based compensation expense	$	34.6	$	37.1	$	27.7

Schedule of non-vested RSUs, PSUs and DSUs outstanding and the activity for the period

The following table presents the activity for RSUs, DSUs and PSUs. PSUs are presented at the target number of shares until vesting or cancellation occurs based on final performance attainment.

	RSUs and DSUs		PSUs
	Units	Weighted-average grant date fair value per unit	Units	Weighted-average grant date fair value per unit
	(In millions, except per unit amounts)
Non-vested as of December 31, 2023	1.3	$51.26	0.9	$56.75
Granted	0.4	$61.89	0.2	$64.83
Vested	(0.4)	$47.01	(0.5)	$48.56
Forfeited	(0.1)	$55.06	—	$61.90
Adjustment for performance results achieved	—	$—	0.2	$54.04
Non-vested as of December 31, 2024	1.2	$56.21	0.8	$63.34

Schedule of stock options outstanding and the activity for the period

The following table presents the activity for stock options.

	Stock options
	Awards	Weighted- average exercise price per unit	Weighted- average remaining contractual life (years)	Aggregate intrinsic value
	(In millions, except per share amounts and years)
Outstanding as of December 31, 2023	1.5	$57.25	6.1	$	11.7
Granted	0.8	$62.34
Exercised	(0.2)	$52.14
Forfeited	—	$59.49
Outstanding as of December 31, 2024	2.1	$59.39	6.8	$	6.1
Expected to vest as of December 31, 2024	0.9	$60.13	8.8	$	0.9
Exercisable as of December 31, 2024	1.1	$58.64	5.0	$	5.2

Schedule of share-based compensation weighted-average assumptions

The fair value of each stock option granted during the years ended December 31, 2024, 2023 and 2022 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	For the years ended
	December 31, 2024	December 31, 2023	December 31, 2022
Risk-free interest rate	4.09%	4.05%	1.88%
Dividend yield	2.82%	3.04%	2.86%
Volatility range	23.35% - 31.39%	22.62% - 32.04%	30.91% - 33.85%
Weighted-average volatility	28.92%	29.69%	31.65%
Expected term (years)	6.2	5.6	5.7
Weighted-average fair value	$16.13	$13.38	$12.16

Schedule of share-based payment award, performance share units, valuation assumptions

The fair values of each PSU granted during the year ended December 31, 2024 and the fair value of the market metric for each PSU granted during the years ended December 31, 2023 and 2022 were determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions.

	For the years ended
	December 31, 2024	December 31, 2023	December 31, 2022
Risk-free interest rate	4.32%	4.42%	1.58%
Volatility range	15.88% - 66.30%	17.19% - 35.87%	22.65% - 45.30%
Weighted-average volatility	25.38%	32.58%	35.93%
Expected term (years)	2.8	2.8	2.8
Weighted-average fair market value	$64.83	$62.31	$62.98