Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

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

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

 
(3.1
)
 
$
(458.0
)
 
$
139.2

 
$
(318.8
)
As of December 31, 2018:
 
 
 
 
 
Postretirement benefit liability
$
(408.1
)
 
$
127.0

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

 
(2.8
)
 
$
(411.6
)
 
$
127.7

 
$
(283.9
)
As of December 31, 2017:
 
 
 
 
 
Postretirement benefit liability
$
(387.3
)
 
$
123.4

 
$
(263.9
)
Foreign currency translation adjustments
225.4

 
—

 
225.4

Unrealized net loss on derivative financial instruments
(0.5
)
 
—

 
(0.5
)
 
$
(162.4
)
 
$
123.4

 
$
(39.0
)

The following table reflects 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
January 1, 2017
$
(260.6
)
 
$
239.3

 
$
—

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

 
—

 
—

 
26.5

December 31, 2017
(263.9
)
 
225.4

 
(0.5
)

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

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

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

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

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

 
—

 
2.0

 
24.1

December 31, 2019
$
(315.7
)
 
$
—

 
$
(3.1
)
 
$
(318.8
)
ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS)
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 Consolidated Operations
 
 
Year Ended
December 31, 2019
 
Year Ended
December 31, 2018
 
Year Ended
December 31, 2017
 
 
Amortization of pension and OPEB liability:
 
 
 
 
 
 
 
 
Prior service costs1
 
$
(0.7
)
 
$
(0.8
)
 
$
(0.4
)
 
Other non-operating income
Net actuarial loss1
 
28.6

 
26.2

 
26.9

 
Other non-operating income
Curtailments1
 
0.1

 
0.3

 
—

 
Other non-operating income
 
 
28.0

 
25.7

 
26.5

 
Total before taxes
Income tax expense
 
(5.9
)
 
—

 
—

 
Income tax benefit (expense)
 
 
$
22.1

 
$
25.7

 
$
26.5

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

 
$
(228.1
)
 
$
—

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

 
$
(228.1
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Changes in derivative financial instruments:
 
 
 
 
 
 
 
 
Commodity contracts
 
$
2.5

 
$
(1.7
)
 
$
—

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

 
—

 
Income tax benefit (expense)
 
 
$
2.0

 
$
(1.7
)
 
$
—

 
Net of taxes
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
24.1

 
$
(204.1
)
 
$
26.5

 
 
 
 
 
 
 
 
 
 
 
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.
2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information.