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The components of Accumulated other comprehensive income (loss) within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
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(In Millions) |
|
Pre-tax
Amount |
|
Tax Benefit
(Expense) |
|
After-tax
Amount |
| As of December 31, 2021: |
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|
|
| Pension and OPEB |
$ |
669
|
|
|
$ |
(120) |
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|
$ |
549
|
|
| Foreign currency translation adjustments |
1
|
|
|
—
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|
|
1
|
|
| Derivative financial instruments |
89
|
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|
(21) |
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|
68
|
|
|
$ |
759
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|
$ |
(141) |
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|
$ |
618
|
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| As of December 31, 2020: |
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|
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| Pension and OPEB |
$ |
(221) |
|
|
$ |
86 |
|
|
$ |
(135) |
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| Foreign currency translation adjustments |
3 |
|
|
— |
|
|
3 |
|
| Derivative financial instruments |
(1) |
|
|
— |
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|
(1) |
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|
$ |
(219) |
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|
$ |
86 |
|
|
$ |
(133) |
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| As of December 31, 2019: |
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| Pension and OPEB |
$ |
(454) |
|
|
$ |
138 |
|
|
$ |
(316) |
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| Derivative financial instruments |
(4) |
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|
1 |
|
|
(3) |
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|
$ |
(458) |
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|
$ |
139 |
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|
$ |
(319) |
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The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity:
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(In Millions) |
|
Postretirement Benefit Liability,
net of tax |
|
Foreign Currency Translation |
|
Derivative Financial Instruments,
net of tax |
|
Accumulated Other Comprehensive Income (Loss) |
| December 31, 2018 |
$ |
(281) |
|
|
$ |
— |
|
|
$ |
(3) |
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|
$ |
(284) |
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| Other comprehensive loss before reclassifications |
(57) |
|
|
— |
|
|
(2) |
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|
(59) |
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| Net loss reclassified from AOCI |
22 |
|
|
— |
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|
2 |
|
|
24 |
|
| December 31, 2019 |
(316) |
|
|
— |
|
|
(3) |
|
|
(319) |
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| Other comprehensive income (loss) before reclassifications |
163 |
|
|
3 |
|
|
(6) |
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|
160 |
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| Net loss reclassified from AOCI |
18 |
|
|
— |
|
|
8 |
|
|
26 |
|
| December 31, 2020 |
(135) |
|
|
3 |
|
|
(1) |
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|
(133) |
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| Other comprehensive income (loss) before reclassifications |
675 |
|
|
(2) |
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|
117 |
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|
790 |
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| Net loss (gain) reclassified from AOCI |
9 |
|
|
— |
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|
(48) |
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|
(39) |
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| December 31, 2021 |
$ |
549 |
|
|
$ |
1 |
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|
$ |
68 |
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|
$ |
618 |
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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 (Gain)/Loss
Reclassified into Income,
Net of Tax |
|
Affected Line Item in the Statement of Consolidated Operations |
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2019 |
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| Changes in pension and OPEB: |
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Prior service costs1
|
|
$ |
(1) |
|
|
$ |
(1) |
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|
$ |
(1) |
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Net periodic benefit credits (costs) other than service cost component |
Net actuarial loss1
|
|
35
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|
30 |
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|
29 |
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|
Net periodic benefit credits (costs) other than service cost component |
Settlements1
|
|
(22) |
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|
(6) |
|
|
— |
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Net periodic benefit credits (costs) other than service cost component |
| Total before taxes |
|
12
|
|
|
23 |
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|
28 |
|
|
|
| Income tax benefit |
|
(3) |
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|
(5) |
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|
(6) |
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Income tax benefit (expense) |
| Net of taxes |
|
$ |
9
|
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|
$ |
18 |
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$ |
22 |
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| Changes in derivative financial instruments: |
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| Commodity contracts |
|
$ |
(61) |
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|
$ |
10 |
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|
$ |
3 |
|
|
Cost of goods sold |
| Income tax expense (benefit) |
|
13
|
|
|
(2) |
|
|
(1) |
|
|
Income tax benefit (expense) |
| Net of taxes |
|
$ |
(48) |
|
|
$ |
8 |
|
|
$ |
2 |
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| Total reclassifications for the period, net of tax |
|
$ |
(39) |
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|
$ |
26
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$ |
24
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1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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