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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

v3.21.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract] Ìý
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in Accumulated other comprehensive 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 Loss
December 31, 2020 $ (135) $ 3Ìý $ (1) $ (133)
Other comprehensive income (loss) before reclassifications —Ìý (1) 8Ìý 7Ìý
Net (gain) loss reclassified from accumulated other comprehensive loss 7Ìý —Ìý (1) 6Ìý
March 31, 2021 $ (128) $ 2Ìý $ 6Ìý $ (120)
(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 accumulated other comprehensive loss 6Ìý —Ìý 2Ìý 8Ìý
March 31, 2020 $ (310) $ (1) $ (6) $ (317)
Details of Accumulated Other Comprehensive Income (Loss) Components
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
(In Millions)
Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Three Months Ended
March 31,
2021 2020
Amortization of pension and OPEB liability:
Net actuarial loss $ 9Ìý $ 7Ìý Other non-operating income
Income tax benefit (2) (1) Income tax benefit (expense)
Net of taxes $ 7Ìý $ 6Ìý
Changes in derivative financial instruments:
Commodity contracts $ (1) $ 3Ìý Cost of goods sold
Income tax benefit —Ìý (1) Income tax benefit (expense)
Net of taxes $ (1) $ 2Ìý
Total reclassifications for the period, net of tax $ 6Ìý $ 8Ìý