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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.20.4
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract] Ìý
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The components of Accumulated other comprehensive loss within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
(In Millions)
Pre-tax
Amount		 Tax
Benefit		 After-tax
Amount
As of DecemberÌý31, 2020:
Postretirement benefit liability $ (221) $ 86Ìý $ (135)
Foreign currency translation adjustments 3Ìý —Ìý 3Ìý
Unrealized net loss on derivative financial instruments (1) —Ìý (1)
$ (219) $ 86Ìý $ (133)
As of DecemberÌý31, 2019:
Postretirement benefit liability $ (454) $ 138Ìý $ (316)
Unrealized net loss on derivative financial instruments (4) 1Ìý (3)
$ (458) $ 139Ìý $ (319)
As of DecemberÌý31, 2018:
Postretirement benefit liability $ (408) $ 127Ìý $ (281)
Unrealized net loss on derivative financial instruments (4) 1Ìý (3)
$ (412) $ 128Ìý $ (284)
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity:
(In Millions)
Postretirement Benefit Liability,
net of tax		 Foreign Currency Translation Derivative Financial Instruments,
net of tax		 Accumulated Other Comprehensive Loss
December 31, 2017 $ (264) $ 225Ìý $ —Ìý $ (39)
Other comprehensive income (loss) before reclassifications (43) 3Ìý (1) (41)
Net loss (gain) reclassified from accumulated other comprehensive loss 26Ìý (228) (2) (204)
December 31, 2018 (281) —Ìý (3) (284)
Other comprehensive loss before reclassifications (57) —Ìý (2) (59)
Net loss reclassified from accumulated other comprehensive loss 22Ìý —Ìý 2Ìý 24Ìý
December 31, 2019 (316) —Ìý (3) (319)
Other comprehensive income (loss) before reclassifications 163Ìý 3Ìý (6) 160Ìý
Net loss reclassified from accumulated other comprehensive loss 18Ìý —Ìý 8Ìý 26Ìý
December 31, 2020 $ (135) $ 3Ìý $ (1) $ (133)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
(In Millions)
Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss
Reclassified into Income, Net of Tax		 Affected Line Item in the Statement of Consolidated Operations
Year Ended December 31,
2020 2019 2018
Amortization of pension and OPEB liability:
Prior service costs1
$ (1) $ (1) $ (1) Other non-operating income
Net actuarial loss1
30Ìý 29Ìý 27Ìý Other non-operating income
Settlements1
(6) —Ìý —Ìý Other non-operating income
23Ìý 28Ìý 26Ìý Total before taxes
Income tax expense (5) (6) —Ìý Income tax benefit (expense)
$ 18Ìý $ 22Ìý $ 26Ìý Net of taxes
Changes in foreign currency translation:
Gain on foreign currency translation2
$ —Ìý $ —Ìý $ (228) Income (loss) from discontinued operations, net of tax
Changes in derivative financial instruments:
Commodity contracts $ 10Ìý $ 3Ìý $ (2) Cost of goods sold
Income tax expense (2) (1) —Ìý Income tax benefit (expense)
$ 8Ìý $ 2Ìý $ (2) Net of taxes
Total reclassifications for the period, net of tax $ 26Ìý $ 24Ìý $ (204)
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.
2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets.