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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