The components of Accumulated other comprehensive loss within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
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(In Millions) |
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Pre-tax Amount |
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Tax Benefit |
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After-tax Amount |
As of DecemberÌý31, 2020: |
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Postretirement benefit liability |
$ |
(221) |
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$ |
86Ìý
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$ |
(135) |
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Foreign currency translation adjustments |
3Ìý
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—Ìý
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3Ìý
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Unrealized net loss on derivative financial instruments |
(1) |
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—Ìý
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(1) |
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$ |
(219) |
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$ |
86Ìý
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$ |
(133) |
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As of DecemberÌý31, 2019: |
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Postretirement benefit liability |
$ |
(454) |
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$ |
138Ìý |
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$ |
(316) |
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Unrealized net loss on derivative financial instruments |
(4) |
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1Ìý |
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(3) |
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$ |
(458) |
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$ |
139Ìý |
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$ |
(319) |
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As of DecemberÌý31, 2018: |
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Postretirement benefit liability |
$ |
(408) |
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$ |
127Ìý |
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$ |
(281) |
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Unrealized net loss on derivative financial instruments |
(4) |
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1Ìý |
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(3) |
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$ |
(412) |
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$ |
128Ìý |
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$ |
(284) |
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The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity:
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(In Millions) |
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Postretirement Benefit Liability, net of tax |
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Foreign Currency Translation |
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Derivative Financial Instruments, net of tax |
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Accumulated Other Comprehensive Loss |
December 31, 2017 |
$ |
(264) |
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$ |
225Ìý |
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$ |
—Ìý |
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$ |
(39) |
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Other comprehensive income (loss) before reclassifications |
(43) |
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3Ìý |
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(1) |
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(41) |
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Net loss (gain) reclassified from accumulated other comprehensive loss |
26Ìý |
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(228) |
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(2) |
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(204) |
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December 31, 2018 |
(281) |
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—Ìý |
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(3) |
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(284) |
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Other comprehensive loss before reclassifications |
(57) |
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—Ìý |
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(2) |
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(59) |
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Net loss reclassified from accumulated other comprehensive loss |
22Ìý |
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—Ìý |
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2Ìý |
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24Ìý |
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December 31, 2019 |
(316) |
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—Ìý |
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(3) |
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(319) |
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Other comprehensive income (loss) before reclassifications |
163Ìý |
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3Ìý |
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(6) |
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160Ìý |
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Net loss reclassified from accumulated other comprehensive loss |
18Ìý |
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—Ìý |
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8Ìý |
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26Ìý |
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December 31, 2020 |
$ |
(135) |
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$ |
3Ìý |
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$ |
(1) |
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$ |
(133) |
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The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
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(In Millions) |
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Details about Accumulated Other Comprehensive Loss Components |
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Amount of (Gain)/Loss Reclassified into Income, Net of Tax |
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Affected Line Item in the Statement of Consolidated Operations |
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
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Amortization of pension and OPEB liability: |
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Prior service costs1
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$ |
(1) |
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$ |
(1) |
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$ |
(1) |
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Other non-operating income |
Net actuarial loss1
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30Ìý
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29Ìý |
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27Ìý |
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Other non-operating income |
Settlements1
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(6) |
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—Ìý |
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—Ìý |
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Other non-operating income |
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23Ìý
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28Ìý |
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26Ìý |
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Total before taxes |
Income tax expense |
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(5) |
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(6) |
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—Ìý |
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Income tax benefit (expense) |
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$ |
18Ìý
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$ |
22Ìý |
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$ |
26Ìý |
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Net of taxes |
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Changes in foreign currency translation: |
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Gain on foreign currency translation2
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$ |
—Ìý
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$ |
—Ìý |
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$ |
(228) |
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Income (loss) from discontinued operations, net of tax |
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Changes in derivative financial instruments: |
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Commodity contracts |
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$ |
10Ìý
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$ |
3Ìý |
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$ |
(2) |
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Cost of goods sold |
Income tax expense |
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(2) |
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(1) |
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—Ìý |
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Income tax benefit (expense) |
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$ |
8Ìý
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$ |
2Ìý |
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$ |
(2) |
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Net of taxes |
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Total reclassifications for the period, net of tax |
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$ |
26Ìý
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$ |
24Ìý
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$ |
(204) |
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1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets.
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