ÐÇ¿Õ´«Ã½

Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.19.3.a.u2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
12 Months Ended
Dec. 31, 2019
Equity [Abstract] Ìý
Comprehensive Income (Loss) Note [Text Block]
NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of Accumulated other comprehensive loss within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
Ìý
(In Millions)
Ìý
Pre-tax
Amount
Ìý
Tax
Benefit
Ìý
After-tax
Amount
As of DecemberÌý31, 2019:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(454.1
)
Ìý
$
138.4

Ìý
$
(315.7
)
Unrealized net loss on derivative financial instruments
(3.9
)
Ìý
0.8

Ìý
(3.1
)
Ìý
$
(458.0
)
Ìý
$
139.2

Ìý
$
(318.8
)
As of DecemberÌý31, 2018:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(408.1
)
Ìý
$
127.0

Ìý
$
(281.1
)
Unrealized net loss on derivative financial instruments
(3.5
)
Ìý
0.7

Ìý
(2.8
)
Ìý
$
(411.6
)
Ìý
$
127.7

Ìý
$
(283.9
)
As of DecemberÌý31, 2017:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(387.3
)
Ìý
$
123.4

Ìý
$
(263.9
)
Foreign currency translation adjustments
225.4

Ìý
—

Ìý
225.4

Unrealized net loss on derivative financial instruments
(0.5
)
Ìý
—

Ìý
(0.5
)
Ìý
$
(162.4
)
Ìý
$
123.4

Ìý
$
(39.0
)

The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity:
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability,
net of tax
Ìý
Foreign Currency Translation
Ìý
Derivative Financial Instruments,
net of tax
Ìý
Accumulated Other Comprehensive Loss
January 1, 2017
$
(260.6
)
Ìý
$
239.3

Ìý
$
—

Ìý
$
(21.3
)
Other comprehensive loss before reclassifications
(29.8
)
Ìý
(13.9
)
Ìý
(0.5
)
Ìý
(44.2
)
Net loss reclassified from accumulated other comprehensive loss
26.5

Ìý
—

Ìý
—

Ìý
26.5

December 31, 2017
(263.9
)
Ìý
225.4

Ìý
(0.5
)

(39.0
)
Other comprehensive income (loss) before reclassifications
(42.9
)
Ìý
2.7

Ìý
(0.6
)
Ìý
(40.8
)
Net loss (gain) reclassified from accumulated other comprehensive loss
25.7

Ìý
(228.1
)
Ìý
(1.7
)
Ìý
(204.1
)
December 31, 2018
(281.1
)
Ìý
—

Ìý
(2.8
)
Ìý
(283.9
)
Other comprehensive loss before reclassifications
(56.7
)
Ìý
—

Ìý
(2.3
)
Ìý
(59.0
)
Net loss reclassified from accumulated other comprehensive loss
22.1

Ìý
—

Ìý
2.0

Ìý
24.1

December 31, 2019
$
(315.7
)
Ìý
$
—

Ìý
$
(3.1
)
Ìý
$
(318.8
)
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Details about Accumulated Other Comprehensive Loss Components
Ìý
Amount of (Gain)/Loss
Reclassified into Income, Net of Tax
Ìý
Affected Line Item in the Statement of Consolidated Operations
Ìý
Ìý
Year Ended
December 31, 2019
Ìý
Year Ended
December 31, 2018
Ìý
Year Ended
December 31, 2017
Ìý
Ìý
Amortization of pension and OPEB liability:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Prior service costs1
Ìý
$
(0.7
)
Ìý
$
(0.8
)
Ìý
$
(0.4
)
Ìý
Other non-operating income
Net actuarial loss1
Ìý
28.6

Ìý
26.2

Ìý
26.9

Ìý
Other non-operating income
Curtailments1
Ìý
0.1

Ìý
0.3

Ìý
—

Ìý
Other non-operating income
Ìý
Ìý
28.0

Ìý
25.7

Ìý
26.5

Ìý
Total before taxes
Income tax expense
Ìý
(5.9
)
Ìý
—

Ìý
—

Ìý
Income tax benefit (expense)
Ìý
Ìý
$
22.1

Ìý
$
25.7

Ìý
$
26.5

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Changes in foreign currency translation:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Gain on foreign currency translation2
Ìý
$
—

Ìý
$
(228.1
)
Ìý
$
—

Ìý
Income (loss) from discontinued operations, net of tax
Ìý
Ìý
$
—

Ìý
$
(228.1
)
Ìý
$
—

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Changes in derivative financial instruments:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Commodity contracts
Ìý
$
2.5

Ìý
$
(1.7
)
Ìý
$
—

Ìý
Cost of goods sold and operating expenses
Income tax expense
Ìý
(0.5
)
Ìý
—

Ìý
—

Ìý
Income tax benefit (expense)
Ìý
Ìý
$
2.0

Ìý
$
(1.7
)
Ìý
$
—

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Total reclassifications for the period
Ìý
$
24.1

Ìý
$
(204.1
)
Ìý
$
26.5

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2ÌýRepresents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information.