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NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity:
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(In Millions) |
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Postretirement Benefit Liability,
net of tax |
|
Foreign Currency Translation |
|
Derivative Financial Instruments, net of tax |
|
Accumulated Other Comprehensive Income (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 AOCI |
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 AOCI |
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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| Other comprehensive income before reclassifications |
—
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|
—
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|
93
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|
93
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| Net (income) loss reclassified from AOCI |
6
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|
|
—
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(10) |
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(4) |
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| September 30, 2021 |
$ |
(115) |
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|
$ |
2
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$ |
136
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$ |
23
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(In Millions) |
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Postretirement Benefit Liability, net of tax |
|
Foreign
Currency Translation |
|
Derivative Financial Instruments,
net of tax
|
|
Accumulated Other Comprehensive Loss |
| December 31, 2019 |
$ |
(316) |
|
|
$ |
— |
|
|
$ |
(3) |
|
|
$ |
(319) |
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| Other comprehensive loss before reclassifications |
— |
|
|
(1) |
|
|
(5) |
|
|
(6) |
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| Net loss reclassified from AOCI |
6 |
|
|
— |
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|
2 |
|
|
8 |
|
| March 31, 2020 |
$ |
(310) |
|
|
$ |
(1) |
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|
$ |
(6) |
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|
$ |
(317) |
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| Other comprehensive income before reclassifications |
— |
|
|
1 |
|
|
1 |
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|
2 |
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| Net loss reclassified from AOCI |
6 |
|
|
— |
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|
3 |
|
|
9 |
|
| June 30, 2020 |
$ |
(304) |
|
|
$ |
— |
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|
$ |
(2) |
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|
$ |
(306) |
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| Other comprehensive income before reclassifications |
— |
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|
2 |
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|
12 |
|
|
14 |
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| Net loss reclassified from AOCI |
6 |
|
|
— |
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|
4 |
|
|
10 |
|
| September 30, 2020 |
$ |
(298) |
|
|
$ |
2 |
|
|
$ |
14 |
|
|
$ |
(282) |
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The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders’ equity:
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(In Millions) |
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| Details about Accumulated Other Comprehensive Income (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
September 30, |
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Nine Months Ended
September 30, |
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|
2021 |
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2020 |
|
2021 |
|
2020 |
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| Changes in pension and OPEB: |
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| Prior service credits |
|
$ |
(1) |
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|
$ |
— |
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|
$ |
(1) |
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|
$ |
(1) |
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Net periodic benefit credits other than service cost component |
| Net actuarial loss |
|
9
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|
8 |
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|
27
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|
23 |
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Net periodic benefit credits other than service cost component |
|
|
8
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|
8 |
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|
26
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|
22 |
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Total before taxes |
| Income tax benefit |
|
(2) |
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|
(2) |
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|
(6) |
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|
(4) |
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Income tax benefit (expense) |
| Net of taxes |
|
$ |
6
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$ |
6 |
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|
$ |
20
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$ |
18 |
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| Changes in derivative financial instruments: |
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| Commodity contracts |
|
$ |
(13) |
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$ |
4 |
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|
$ |
(19) |
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$ |
11 |
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|
Cost of goods sold |
| Income tax (benefit) expense |
|
3
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|
|
— |
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|
4
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|
(2) |
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Income tax benefit (expense) |
| Net of taxes |
|
$ |
(10) |
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$ |
4 |
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$ |
(15) |
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$ |
9 |
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| Total reclassifications for the period, net of tax |
|
$ |
(4) |
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|
$ |
10 |
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|
$ |
5
|
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$ |
27 |
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