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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract] Ìý
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables reflect the changes in Accumulated other comprehensive income (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 Income (Loss)
December 31, 2020 $ (135) $ 3Ìý $ (1) $ (133)
Other comprehensive income (loss) before reclassifications —Ìý (1) 8Ìý 7Ìý
Net (income) loss reclassified from AOCI 7Ìý —Ìý (1) 6Ìý
March 31, 2021 $ (128) $ 2Ìý $ 6Ìý $ (120)
Other comprehensive income before reclassifications —Ìý —Ìý 51Ìý 51Ìý
Net (income) loss reclassified from AOCI 7Ìý —Ìý (4) 3Ìý
June 30, 2021 $ (121) $ 2Ìý $ 53Ìý $ (66)
Other comprehensive income before reclassifications —Ìý —Ìý 93Ìý 93Ìý
Net (income) loss reclassified from AOCI 6Ìý —Ìý (10) (4)
September 30, 2021 $ (115) $ 2Ìý $ 136Ìý $ 23Ìý
(In Millions)
Postretirement Benefit Liability, net of tax Foreign
Currency Translation
Derivative Financial Instruments,
net of tax
 Accumulated Other Comprehensive Loss
December 31, 2019 $ (316) $ —Ìý $ (3) $ (319)
Other comprehensive loss before reclassifications —Ìý (1) (5) (6)
Net loss reclassified from AOCI 6Ìý —Ìý 2Ìý 8Ìý
March 31, 2020 $ (310) $ (1) $ (6) $ (317)
Other comprehensive income before reclassifications —Ìý 1Ìý 1Ìý 2Ìý
Net loss reclassified from AOCI 6Ìý —Ìý 3Ìý 9Ìý
June 30, 2020 $ (304) $ —Ìý $ (2) $ (306)
Other comprehensive income before reclassifications —Ìý 2Ìý 12Ìý 14Ìý
Net loss reclassified from AOCI 6Ìý —Ìý 4Ìý 10Ìý
September 30, 2020 $ (298) $ 2Ìý $ 14Ìý $ (282)
The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders’ equity:
(In Millions)
Details about Accumulated Other Comprehensive Income (Loss) Components Amount of (Income)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Changes in pension and OPEB:
Prior service credits $ (1) $ —Ìý $ (1) $ (1) Net periodic benefit credits other than service cost component
Net actuarial loss 9Ìý 8Ìý 27Ìý 23Ìý Net periodic benefit credits other than service cost component
8Ìý 8Ìý 26Ìý 22Ìý Total before taxes
Income tax benefit (2) (2) (6) (4) Income tax benefit (expense)
Net of taxes $ 6Ìý $ 6Ìý $ 20Ìý $ 18Ìý
Changes in derivative financial instruments:
Commodity contracts $ (13) $ 4Ìý $ (19) $ 11Ìý Cost of goods sold
Income tax (benefit) expense 3Ìý —Ìý 4Ìý (2) Income tax benefit (expense)
Net of taxes $ (10) $ 4Ìý $ (15) $ 9Ìý
Total reclassifications for the period, net of tax $ (4) $ 10Ìý $ 5Ìý $ 27Ìý