Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.22.0.1
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
(In Millions)
Pre-tax
Amount		 Tax Benefit
(Expense)		 After-tax
Amount
As of December 31, 2021:
Pension and OPEB $ 669  $ (120) $ 549 
Foreign currency translation adjustments 1  —  1 
Derivative financial instruments 89  (21) 68 
$ 759  $ (141) $ 618 
As of December 31, 2020:
Pension and OPEB $ (221) $ 86  $ (135)
Foreign currency translation adjustments 3  —  3 
Derivative financial instruments (1) —  (1)
$ (219) $ 86  $ (133)
As of December 31, 2019:
Pension and OPEB $ (454) $ 138  $ (316)
Derivative financial instruments (4) 1  (3)
$ (458) $ 139  $ (319)
The following table reflects 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, 2018 $ (281) $ —  $ (3) $ (284)
Other comprehensive loss before reclassifications (57) —  (2) (59)
Net loss reclassified from AOCI 22  —  2  24 
December 31, 2019 (316) —  (3) (319)
Other comprehensive income (loss) before reclassifications 163  3  (6) 160 
Net loss reclassified from AOCI 18  —  8  26 
December 31, 2020 (135) 3  (1) (133)
Other comprehensive income (loss) before reclassifications 675  (2) 117  790 
Net loss (gain) reclassified from AOCI 9  —  (48) (39)
December 31, 2021 $ 549  $ 1  $ 68  $ 618 
Reclassification out of Accumulated Other Comprehensive Income
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 (Gain)/Loss
Reclassified into Income,
Net of Tax		 Affected Line Item in the Statement of Consolidated Operations
Year Ended December 31,
2021 2020 2019
Changes in pension and OPEB:
Prior service costs1
$ (1) $ (1) $ (1) Net periodic benefit credits (costs) other than service cost component
Net actuarial loss1
35  30  29  Net periodic benefit credits (costs) other than service cost component
Settlements1
(22) (6) —  Net periodic benefit credits (costs) other than service cost component
Total before taxes 12  23  28 
Income tax benefit (3) (5) (6) Income tax benefit (expense)
Net of taxes $ 9  $ 18  $ 22 
Changes in derivative financial instruments:
Commodity contracts $ (61) $ 10  $ 3  Cost of goods sold
Income tax expense (benefit) 13  (2) (1) Income tax benefit (expense)
Net of taxes $ (48) $ 8  $ 2 
Total reclassifications for the period, net of tax $ (39) $ 26  $ 24 
1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.