Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021		December 31, 2020
	(In millions)
Pre-tax share-based compensation expense	$	33.6	$	32.1	$	24.2
Tax benefit	(5.9)		(5.5)		(4.3)
After-tax share-based compensation expense	$	27.7	$	26.6	$	19.9

Schedule of non-vested RSUs, PSUs and DSUs 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, 2021	1.3	$49.23	0.8	$49.47
Granted	0.5	$52.03	0.3	$62.98
Vested	(0.4)	$53.91	—	$—
Forfeited	(0.1)	$49.14	—	$—
Adjustment for performance results achieved	—	$—	(0.2)	$51.80
Non-vested as of December 31, 2022	1.3	$49.07	0.9	$53.54

Schedule of stock options outstanding and the activity for the period

	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, 2021	1.9	$63.15	4.8	$	0.6
Granted	0.3	$52.18
Exercised	(0.1)	$44.12
Expired	(0.6)	$75.38
Outstanding as of December 31, 2022	1.5	$57.14	6.6	$	2.1
Expected to vest as of December 31, 2022	0.6	$49.49	8.1	$	1.4
Exercisable as of December 31, 2022	0.9	$62.43	5.5	$	0.7

Schedule of share-based compensation weighted-average assumptions

The fair value of each option granted in 2022, 2021 and 2020 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, 2022	December 31, 2021	December 31, 2020
Risk-free interest rate	1.88%	0.79%	0.91%
Dividend yield	2.86%	3.11%	4.40%
Volatility range	30.91% - 33.85%	30.84% - 42.44%	25.09% - 26.31%
Weighted-average volatility	31.65%	33.74%	25.40%
Expected term (years)	5.7	5.6	5.5
Weighted-average fair value	$12.16	$10.06	$6.70

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

The fair values of the market metric for each PSU granted in 2022, 2021 and 2020 and the performance metric for each PSU granted in 2021 and 2020 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.

	For the years ended
	December 31, 2022	December 31, 2021	December 31, 2020
Risk-free interest rate	1.58%	0.24%	0.84%
Volatility range	22.65% - 45.30%	23.00% - 44.71%	15.21% - 45.75%
Weighted-average volatility	35.93%	35.46%	26.02%
Expected term (years)	2.8	2.8	2.8
Weighted-average fair market value	$62.98	$45.71	$52.60