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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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$ |
3
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$ |
(1) |
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$ |
(133) |
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| Other comprehensive income (loss) before reclassifications |
—
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(1) |
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8
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7
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| Net (income) loss reclassified from accumulated other comprehensive loss |
7
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—
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(1) |
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6
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| March 31, 2021 |
$ |
(128) |
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$ |
2
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$ |
6
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$ |
(120) |
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| Other comprehensive income before reclassifications |
—
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—
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51
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51
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| Net (income) loss reclassified from accumulated other comprehensive loss |
7
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—
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(4) |
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3
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| June 30, 2021 |
$ |
(121) |
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$ |
2
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$ |
53
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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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$ |
— |
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$ |
(3) |
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$ |
(319) |
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| Other comprehensive loss before reclassifications |
— |
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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 |
6 |
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— |
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2 |
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8 |
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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 |
— |
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|
1 |
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1 |
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2 |
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| Net loss reclassified from accumulated other comprehensive loss |
6 |
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— |
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3 |
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9 |
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| June 30, 2020 |
$ |
(304) |
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$ |
— |
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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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$ |
—
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$ |
(1) |
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$ |
—
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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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9
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8 |
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18
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15 |
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Net periodic benefit credits other than service cost component |
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9
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7 |
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18
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14 |
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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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$ |
7
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$ |
6 |
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$ |
14
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$ |
12 |
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| Changes in derivative financial instruments: |
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| Commodity contracts |
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$ |
(5) |
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$ |
4 |
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$ |
(6) |
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$ |
7 |
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Cost of goods sold |
| Income tax (benefit) expense |
|
1
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(1) |
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1
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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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$ |
3 |
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$ |
(5) |
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$ |
5 |
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| Total reclassifications for the period, net of tax |
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$ |
3
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$ |
9 |
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$ |
9
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$ |
17 |
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