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The components of Accumulated other comprehensive income (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
(Expense) |
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After-tax
Amount |
| As of DecemberÌý31, 2021: |
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| Pension and OPEB |
$ |
669Ìý
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$ |
(120) |
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$ |
549Ìý
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| Foreign currency translation adjustments |
1Ìý
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|
—Ìý
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1Ìý
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| Derivative financial instruments |
89Ìý
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(21) |
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68Ìý
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$ |
759Ìý
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$ |
(141) |
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$ |
618Ìý
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| As of DecemberÌý31, 2020: |
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| Pension and OPEB |
$ |
(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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| 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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| Pension and OPEB |
$ |
(454) |
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$ |
138Ìý |
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$ |
(316) |
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| 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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The following table reflects the changes in Accumulated other comprehensive income (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 Income (Loss) |
| 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 AOCI |
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 AOCI |
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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| Other comprehensive income (loss) before reclassifications |
675Ìý |
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(2) |
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117Ìý |
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790Ìý |
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| Net loss (gain) reclassified from AOCI |
9Ìý |
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—Ìý |
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(48) |
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(39) |
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| December 31, 2021 |
$ |
549Ìý |
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$ |
1Ìý |
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$ |
68Ìý |
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$ |
618Ìý |
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The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders’ equity:
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(In Millions) |
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| Details about Accumulated Other Comprehensive Income (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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2021 |
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2020 |
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2019 |
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| Changes in pension and OPEB: |
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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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Net periodic benefit credits (costs) other than service cost component |
Net actuarial loss1
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35Ìý
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30Ìý |
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29Ìý |
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Net periodic benefit credits (costs) other than service cost component |
Settlements1
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(22) |
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(6) |
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—Ìý |
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Net periodic benefit credits (costs) other than service cost component |
| Total before taxes |
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12Ìý
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23Ìý |
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28Ìý |
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| Income tax benefit |
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(3) |
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(5) |
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(6) |
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Income tax benefit (expense) |
| Net of taxes |
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$ |
9Ìý
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$ |
18Ìý |
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$ |
22Ìý |
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| Changes in derivative financial instruments: |
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| Commodity contracts |
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$ |
(61) |
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$ |
10Ìý |
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$ |
3Ìý |
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Cost of goods sold |
| Income tax expense (benefit) |
|
13Ìý
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(2) |
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|
(1) |
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Income tax benefit (expense) |
| Net of taxes |
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$ |
(48) |
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$ |
8Ìý |
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$ |
2Ìý |
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| Total reclassifications for the period, net of tax |
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$ |
(39) |
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$ |
26Ìý
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$ |
24Ìý
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1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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