ÐÇ¿Õ´«Ã½

Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.22.0.1
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract] Ìý
Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
(In Millions)
Pre-tax
Amount		 Tax Benefit
(Expense)		 After-tax
Amount
As of DecemberÌý31, 2021:
Pension and OPEB $ 669Ìý $ (120) $ 549Ìý
Foreign currency translation adjustments 1Ìý —Ìý 1Ìý
Derivative financial instruments 89Ìý (21) 68Ìý
$ 759Ìý $ (141) $ 618Ìý
As of DecemberÌý31, 2020:
Pension and OPEB $ (221) $ 86Ìý $ (135)
Foreign currency translation adjustments 3Ìý —Ìý 3Ìý
Derivative financial instruments (1) —Ìý (1)
$ (219) $ 86Ìý $ (133)
As of DecemberÌý31, 2019:
Pension and OPEB $ (454) $ 138Ìý $ (316)
Derivative financial instruments (4) 1Ìý (3)
$ (458) $ 139Ìý $ (319)
The following table reflects 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, 2018 $ (281) $ —Ìý $ (3) $ (284)
Other comprehensive loss before reclassifications (57) —Ìý (2) (59)
Net loss reclassified from AOCI 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 AOCI 18Ìý —Ìý 8Ìý 26Ìý
December 31, 2020 (135) 3Ìý (1) (133)
Other comprehensive income (loss) before reclassifications 675Ìý (2) 117Ìý 790Ìý
Net loss (gain) reclassified from AOCI 9Ìý —Ìý (48) (39)
December 31, 2021 $ 549Ìý $ 1Ìý $ 68Ìý $ 618Ìý
Reclassification out of Accumulated Other Comprehensive Income
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 (Gain)/Loss
Reclassified into Income,
Net of Tax		 Affected Line Item in the Statement of Consolidated Operations
Year Ended December 31,
2021 2020 2019
Changes in pension and OPEB:
Prior service costs1
$ (1) $ (1) $ (1) Net periodic benefit credits (costs) other than service cost component
Net actuarial loss1
35Ìý 30Ìý 29Ìý Net periodic benefit credits (costs) other than service cost component
Settlements1
(22) (6) —Ìý Net periodic benefit credits (costs) other than service cost component
Total before taxes 12Ìý 23Ìý 28Ìý
Income tax benefit (3) (5) (6) Income tax benefit (expense)
Net of taxes $ 9Ìý $ 18Ìý $ 22Ìý
Changes in derivative financial instruments:
Commodity contracts $ (61) $ 10Ìý $ 3Ìý Cost of goods sold
Income tax expense (benefit) 13Ìý (2) (1) Income tax benefit (expense)
Net of taxes $ (48) $ 8Ìý $ 2Ìý
Total reclassifications for the period, net of tax $ (39) $ 26Ìý $ 24Ìý
1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.