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NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables reflect the changes in Accumulated other comprehensive 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 Loss |
| 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 |
—Ìý
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(1) |
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8Ìý
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7Ìý
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| Net (income) loss reclassified from accumulated other comprehensive loss |
7Ìý
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—Ìý
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(1) |
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6Ìý
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| March 31, 2021 |
$ |
(128) |
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$ |
2Ìý
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$ |
6Ìý
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$ |
(120) |
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| Other comprehensive income before reclassifications |
—Ìý
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—Ìý
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51Ìý
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51Ìý
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| Net (income) loss reclassified from accumulated other comprehensive loss |
7Ìý
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—Ìý
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(4) |
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3Ìý
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| June 30, 2021 |
$ |
(121) |
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$ |
2Ìý
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$ |
53Ìý
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$ |
(66) |
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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 Loss |
| 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 loss before reclassifications |
—Ìý |
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(1) |
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(5) |
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(6) |
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| Net loss reclassified from accumulated other comprehensive loss |
6Ìý |
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—Ìý |
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2Ìý |
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8Ìý |
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| March 31, 2020 |
$ |
(310) |
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$ |
(1) |
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$ |
(6) |
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$ |
(317) |
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| Other comprehensive income before reclassifications |
—Ìý |
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1Ìý |
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1Ìý |
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2Ìý |
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| Net loss reclassified from accumulated other comprehensive loss |
6Ìý |
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—Ìý |
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3Ìý |
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9Ìý |
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| June 30, 2020 |
$ |
(304) |
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$ |
—Ìý |
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$ |
(2) |
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$ |
(306) |
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The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
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(In Millions) |
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| Details about Accumulated Other Comprehensive Loss Components |
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Amount of (Income)/Loss Reclassified into Income, Net of Tax |
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Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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| Changes in pension and OPEB: |
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| Prior service credits |
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$ |
—Ìý
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$ |
(1) |
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$ |
—Ìý
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$ |
(1) |
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Net periodic benefit credits other than service cost component |
| Net actuarial loss |
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9Ìý
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8Ìý |
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18Ìý
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15Ìý |
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Net periodic benefit credits other than service cost component |
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9Ìý
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7Ìý |
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18Ìý
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14Ìý |
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Total before taxes |
| Income tax benefit |
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(2) |
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(1) |
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(4) |
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(2) |
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Income tax benefit (expense) |
| Net of taxes |
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$ |
7Ìý
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$ |
6Ìý |
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$ |
14Ìý
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$ |
12Ìý |
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| Changes in derivative financial instruments: |
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| Commodity contracts |
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$ |
(5) |
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$ |
4Ìý |
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$ |
(6) |
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$ |
7Ìý |
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Cost of goods sold |
| Income tax (benefit) expense |
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1Ìý
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(1) |
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1Ìý
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(2) |
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Income tax benefit (expense) |
| Net of taxes |
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$ |
(4) |
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$ |
3Ìý |
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$ |
(5) |
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$ |
5Ìý |
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| Total reclassifications for the period, net of tax |
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$ |
3Ìý
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$ |
9Ìý |
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$ |
9Ìý
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$ |
17Ìý |
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