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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

v3.21.2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
6 Months Ended
Jun. 30, 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 (income) loss reclassified from accumulated other comprehensive loss 7Ìý —Ìý (1) 6Ìý
March 31, 2021 $ (128) $ 2Ìý $ 6Ìý $ (120)
Other comprehensive income before reclassifications —Ìý —Ìý 51Ìý 51Ìý
Net (income) loss reclassified from accumulated other comprehensive loss 7Ìý —Ìý (4) 3Ìý
June 30, 2021 $ (121) $ 2Ìý $ 53Ìý $ (66)
(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)
Other comprehensive income before reclassifications —Ìý 1Ìý 1Ìý 2Ìý
Net loss reclassified from accumulated other comprehensive loss 6Ìý —Ìý 3Ìý 9Ìý
June 30, 2020 $ (304) $ —Ìý $ (2) $ (306)
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 (Income)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Changes in pension and OPEB:
Prior service credits $ —Ìý $ (1) $ —Ìý $ (1) Net periodic benefit credits other than service cost component
Net actuarial loss 9Ìý 8Ìý 18Ìý 15Ìý Net periodic benefit credits other than service cost component
9Ìý 7Ìý 18Ìý 14Ìý Total before taxes
Income tax benefit (2) (1) (4) (2) Income tax benefit (expense)
Net of taxes $ 7Ìý $ 6Ìý $ 14Ìý $ 12Ìý
Changes in derivative financial instruments:
Commodity contracts $ (5) $ 4Ìý $ (6) $ 7Ìý Cost of goods sold
Income tax (benefit) expense 1Ìý (1) 1Ìý (2) Income tax benefit (expense)
Net of taxes $ (4) $ 3Ìý $ (5) $ 5Ìý
Total reclassifications for the period, net of tax $ 3Ìý $ 9Ìý $ 9Ìý $ 17Ìý