Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

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, 2017	$	(408.5)	$	(13.5)	$	(378.5)	$	(59.5)	$	(860.0)
Foreign currency translation adjustments	(411.6)		—		(0.6)		—		(412.2)
Reclassification of cumulative translation adjustment to income (1)	6.0		—		—		—		6.0
Gain (loss) on net investment hedges	106.4		—		—		—		106.4
Unrealized gain (loss) on derivative instruments	—		14.5		—		—		14.5
Reclassification of derivative (gain) loss to income	—		3.4		—		—		3.4
Pension and other postretirement benefit adjustments	—		—		55.4		—		55.4
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement	—		—		6.5		—		6.5
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		(1.0)		(1.0)
Tax benefit (expense)	(51.0)		(4.7)		(13.5)		0.2		(69.0)
As of December 31, 2018	$	(758.7)	$	(0.3)	$	(330.7)	$	(60.3)	$	(1,150.0)
Foreign currency translation adjustments	129.3		—		(2.5)		—		126.8
Gain (loss) on net investment hedges	50.3		—		—		—		50.3
Unrealized gain (loss) on derivative instruments	—		(111.3)		—		—		(111.3)
Reclassification of derivative (gain) loss to income	—		0.6		—		—		0.6
Pension and other postretirement benefit adjustments	—		—		(43.7)		—		(43.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement	—		—		26.5		—		26.5
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		(14.4)		(14.4)
Tax benefit (expense)	(0.1)		27.0		(2.9)		3.8		27.8
Net period other comprehensive income (loss)	179.5		(83.7)		(22.6)		(10.6)		62.6
Reclassification of stranded tax effects (2)	(73.3)		(3.8)		2.3		—		(74.8)
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	—		(0.5)		—		—		(0.5)
Pension and other postretirement benefit adjustments	—		—		(52.9)		—		(52.9)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	—		—		(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)

(1)As a result of exiting our China business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items, net upon substantial liquidation. See Note 7, "Special Items" for further details.

(2)Represents the one-time reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the U.S. federal corporate income tax rate as part of the 2017 Tax Act. This reclassification occurred on January 1, 2019 upon adoption of the associated FASB authoritative guidance.

Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income

Reclassifications from AOCI to income:

	For the years ended
	December 31, 2020		December 31, 2019		December 31, 2018
	Reclassifications from AOCI						Location of gain (loss) recognized in income
	(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps	$	(2.9)	$	(3.0)	$	(3.0)	Interest expense, net
Foreign currency forwards	4.6		3.1		(0.2)		Cost of goods sold
Foreign currency forwards	(1.2)		(0.7)		(0.2)		Other income (expense), net
Total income (loss) reclassified, before tax	0.5		(0.6)		(3.4)
Income tax benefit (expense)	(0.1)		0.1		0.9
Net income (loss) reclassified, net of tax	$	0.4	$	(0.5)	$	(2.5)
Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)	$	0.4	$	(0.4)	$	(0.5)	Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement	7.2		(26.1)		(6.0)		Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	7.6		(26.5)		(6.5)
Income tax benefit (expense)	(2.4)		6.8		1.6
Net income (loss) reclassified, net of tax	$	5.2	$	(19.7)	$	(4.9)
Other reclassifications from AOCI to Income:
China cumulative translation adjustment resulting from substantial liquidation	$	—	$	—	$	(6.0)	Special items, net
Income tax benefit (expense)	—		—		—
Net income (loss) reclassified, net of tax	$	—	$	—	$	(6.0)
Total income (loss) reclassified, net of tax	$	5.6	$	(20.2)	$	(13.4)