Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of components of share-based compensation expense

	Three Months Ended
	March 31, 2018			March 31, 2017
	(In millions)
Pretax compensation expense	$	14.8		$	15.5
Tax benefit	(1.6		)	(5.3		)
After-tax compensation expense	$	13.2		$	10.2

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

	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, 2017	1.0		$95.80	0.4		$89.57
Granted	0.4		$74.20	0.2		$78.30
Vested	(0.3	)	$91.55	(0.1	)	$75.10
Forfeited	—		$—	—		$—
Non-vested as of March 31, 2018	1.1		$89.93	0.5		$86.95

The weighted-average fair value per unit for the non-vested PSUs is $86.76 as of March 31, 2018.

Schedule of stock options and SOSARs outstanding and the activity for the period

	Stock options and SOSARs
	Awards	Weighted-average exercise price per share	Weighted-average remaining contractual life (years)	Aggregate intrinsic value
	(In millions, except per share amounts and years)
Outstanding as of December 31, 2017	1.5	$63.60	4.6	$	31.3
Granted	0.2	$78.79
Exercised	(0.1)	$47.96
Forfeited	—	$—
Outstanding as of March 31, 2018	1.6	$66.80	5.0	$	20.3
Expected to vest as of March 31, 2018	0.4	$85.39	9.0	$	—
Exercisable as of March 31, 2018	1.2	$61.32	3.9	$	20.3

Schedule of share-based compensation weighted average assumptions

The fair value of each option granted in the first quarter of 2018 and 2017 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	Three Months Ended
	March 31, 2018	March 31, 2017
Risk-free interest rate	2.65%	2.04%
Dividend yield	2.08%	1.64%
Volatility range	22.36%-24.14%	22.40%-22.88%
Weighted-average volatility	22.81%	22.52%
Expected term (years)	5.3	5.1
Weighted-average fair market value	$15.44	$18.66

Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions

The fair value of the market metric for each PSU granted in the first quarter of 2018 and 2017 was 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:

	Three Months Ended
	March 31, 2018	March 31, 2017
Risk-free interest rate	2.34%	1.59%
Dividend yield	2.08%	1.64%
Volatility range	13.03%-81.87%	13.71%-80.59%
Weighted-average volatility	22.76%	24.24%
Expected term (years)	2.8	2.8
Weighted-average fair market value	$78.30	$97.13