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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.20.4
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract] Ìý
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The components of Accumulated other comprehensive loss within Cliffs shareholders� equity and related tax effects allocated to each are shown below:
(In Millions)
Pre-tax
Amount		 Tax
Benefit		 After-tax
Amount
As of DecemberÌý31, 2020:
Postretirement benefit liability $ (221) $ 86Ìý $ (135)
Foreign currency translation adjustments 3Ìý â€�Ìý 3Ìý
Unrealized net loss on derivative financial instruments (1) â€�Ìý (1)
$ (219) $ 86Ìý $ (133)
As of DecemberÌý31, 2019:
Postretirement benefit liability $ (454) $ 138Ìý $ (316)
Unrealized net loss on derivative financial instruments (4) 1Ìý (3)
$ (458) $ 139Ìý $ (319)
As of DecemberÌý31, 2018:
Postretirement benefit liability $ (408) $ 127Ìý $ (281)
Unrealized net loss on derivative financial instruments (4) 1Ìý (3)
$ (412) $ 128Ìý $ (284)
The following table reflects the changes in Accumulated other comprehensive 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 Loss
December 31, 2017 $ (264) $ 225Ìý $ —Ì� $ (39)
Other comprehensive income (loss) before reclassifications (43) 3Ìý (1) (41)
Net loss (gain) reclassified from accumulated other comprehensive loss 26Ìý (228) (2) (204)
December 31, 2018 (281) —� (3) (284)
Other comprehensive loss before reclassifications (57) —� (2) (59)
Net loss reclassified from accumulated other comprehensive loss 22Ìý —Ì� 2Ìý 24Ìý
December 31, 2019 (316) —� (3) (319)
Other comprehensive income (loss) before reclassifications 163Ìý 3Ìý (6) 160Ìý
Net loss reclassified from accumulated other comprehensive loss 18Ìý —Ì� 8Ìý 26Ìý
December 31, 2020 $ (135) $ 3Ìý $ (1) $ (133)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders� equity:
(In Millions)
Details about Accumulated Other Comprehensive 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,
2020 2019 2018
Amortization of pension and OPEB liability:
Prior service costs1
$ (1) $ (1) $ (1) Other non-operating income
Net actuarial loss1
30Ìý 29Ìý 27Ìý Other non-operating income
Settlements1
(6) —� —� Other non-operating income
23Ìý 28Ìý 26Ìý Total before taxes
Income tax expense (5) (6) —� Income tax benefit (expense)
$ 18Ìý $ 22Ìý $ 26Ìý Net of taxes
Changes in foreign currency translation:
Gain on foreign currency translation2
$ â€�Ìý $ —Ì� $ (228) Income (loss) from discontinued operations, net of tax
Changes in derivative financial instruments:
Commodity contracts $ 10Ìý $ 3Ìý $ (2) Cost of goods sold
Income tax expense (2) (1) —� Income tax benefit (expense)
$ 8Ìý $ 2Ìý $ (2) Net of taxes
Total reclassifications for the period, net of tax $ 26Ìý $ 24Ìý $ (204)
1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets.