Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in Accumulated other comprehensive income (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 Income (Loss)
December 31, 2020 $ (135) $ 3  $ (1) $ (133)
Other comprehensive income (loss) before reclassifications —  (1) 8  7 
Net (income) loss reclassified from AOCI 7  —  (1) 6 
March 31, 2021 $ (128) $ 2  $ 6  $ (120)
Other comprehensive income before reclassifications —  —  51  51 
Net (income) loss reclassified from AOCI 7  —  (4) 3 
June 30, 2021 $ (121) $ 2  $ 53  $ (66)
Other comprehensive income before reclassifications —  —  93  93 
Net (income) loss reclassified from AOCI 6  —  (10) (4)
September 30, 2021 $ (115) $ 2  $ 136  $ 23 
(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) $ —  $ (3) $ (319)
Other comprehensive loss before reclassifications —  (1) (5) (6)
Net loss reclassified from AOCI 6  —  2  8 
March 31, 2020 $ (310) $ (1) $ (6) $ (317)
Other comprehensive income before reclassifications —  1  1  2 
Net loss reclassified from AOCI 6  —  3  9 
June 30, 2020 $ (304) $ —  $ (2) $ (306)
Other comprehensive income before reclassifications —  2  12  14 
Net loss reclassified from AOCI 6  —  4  10 
September 30, 2020 $ (298) $ 2  $ 14  $ (282)
Details of Accumulated Other Comprehensive Income (Loss) Components
The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders’ equity:
(In Millions)
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,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Changes in pension and OPEB:
Prior service credits $ (1) $ —  $ (1) $ (1) Net periodic benefit credits other than service cost component
Net actuarial loss 9  8  27  23  Net periodic benefit credits other than service cost component
8  8  26  22  Total before taxes
Income tax benefit (2) (2) (6) (4) Income tax benefit (expense)
Net of taxes $ 6  $ 6  $ 20  $ 18 
Changes in derivative financial instruments:
Commodity contracts $ (13) $ 4  $ (19) $ 11  Cost of goods sold
Income tax (benefit) expense 3  —  4  (2) Income tax benefit (expense)
Net of taxes $ (10) $ 4  $ (15) $ 9 
Total reclassifications for the period, net of tax $ (4) $ 10  $ 5  $ 27