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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.10.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2018
Equity [Abstract] 听
Comprehensive Income (Loss) Note [Text Block]
NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of Accumulated other comprehensive loss within Cliffs shareholders鈥� equity (deficit) and related tax effects allocated to each are shown below:
听
(In Millions)
听
Pre-tax
Amount
听
Tax
Benefit
听
After-tax
Amount
As of December听31, 2018:
听
听
听
听
听
Postretirement benefit liability
$
(408.1
)
听
$
127.0

听
$
(281.1
)
Unrealized net loss on derivative financial instruments
(3.5
)
听
0.7

听
(2.8
)
听
$
(411.6
)
听
$
127.7

听
$
(283.9
)
As of December听31, 2017:
听
听
听
听
听
Postretirement benefit liability
$
(387.3
)
听
$
123.4

听
$
(263.9
)
Foreign currency translation adjustments
225.4

听
鈥�

听
225.4

Unrealized net loss on derivative financial instruments
(0.5
)
听
鈥�

听
(0.5
)
听
$
(162.4
)
听
$
123.4

听
$
(39.0
)
As of December听31, 2016:
听
听
听
听
听
Postretirement benefit liability
$
(384.0
)
听
$
123.4

听
$
(260.6
)
Foreign currency translation adjustments
239.3

听
鈥�

听
239.3

听
$
(144.7
)
听
$
123.4

听
$
(21.3
)

The following tables reflect the changes in Accumulated other comprehensive loss related to Cliffs shareholders鈥� equity (deficit) for December听31, 2018, 2017 and 2016:
听
(In Millions)
听
Postretirement Benefit Liability, net of tax
听
Unrealized Net Gain (Loss) on Foreign Currency Translation
听
Net Unrealized Loss on Derivative Financial Instruments, net of tax
听
Accumulated Other Comprehensive Loss
Balance December 31, 2017
$
(263.9
)
听
$
225.4

听
$
(0.5
)
听
$
(39.0
)
Other comprehensive income (loss) before reclassifications
(42.9
)
听
2.7

听
(0.6
)
听
(40.8
)
Net loss (gain) reclassified from accumulated other comprehensive loss
25.7

听
(228.1
)
听
(1.7
)
听
(204.1
)
Balance December 31, 2018
$
(281.1
)
听
$
鈥�

听
$
(2.8
)
听
$
(283.9
)
听
(In Millions)
听
Postretirement Benefit Liability, net of tax
听
Unrealized Net Gain (Loss) on Foreign Currency Translation
听
Net Unrealized Loss on Derivative Financial Instruments, net of tax
听
Accumulated Other Comprehensive Loss
Balance December 31, 2016
$
(260.6
)
听
$
239.3

听
$
鈥�

听
$
(21.3
)
Other comprehensive loss before reclassifications
(29.8
)
听
(13.9
)
听
(0.5
)
听
(44.2
)
Net loss reclassified from accumulated other comprehensive loss
26.5

听
鈥�

听
鈥�

听
26.5

Balance December 31, 2017
$
(263.9
)
听
$
225.4

听
$
(0.5
)
听
$
(39.0
)
听
(In Millions)
听
Postretirement Benefit Liability, net of tax
听
Unrealized Net Gain (Loss) on Securities, net of tax
听
Unrealized Net Gain on Foreign Currency Translation
听
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
听
Accumulated Other Comprehensive Loss
Balance December 31, 2015
$
(241.4
)
听
$
0.1

听
$
220.7

听
$
2.6

听
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(44.8
)
听
(0.1
)
听
18.4

听
(3.3
)
听
(29.8
)
Net loss reclassified from accumulated other comprehensive loss
25.6

听
鈥�

听
0.2

听
0.7

听
26.5

Balance December 31, 2016
$
(260.6
)
听
$
鈥�

听
$
239.3

听
$
鈥�

听
$
(21.3
)

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders鈥� equity:
听
听
(In Millions)
听
听
Details about Accumulated Other Comprehensive Loss Components
听
Amount of (Gain)/Loss Reclassified into Income
听
Affected Line Item in the Statement of Consolidated Operations
听
听
Year Ended
December 31, 2018
听
Year Ended
December 31, 2017
听
Year Ended
December 31, 2016
听
听
Amortization of pension and postretirement benefit liability:
听
听
听
听
听
听
听
听
Prior service costs1
听
$
(0.8
)
听
$
(0.4
)
听
$
(1.5
)
听
Other non-operating income
Net actuarial loss1
听
26.2

听
26.9

听
27.1

听
Other non-operating income
Curtailments1
听
0.3

听
鈥�

听
鈥�

听
Other non-operating income
听
听
$
25.7

听
$
26.5

听
$
25.6

听
Net of taxes
听
听
听
听
听
听
听
听
听
Changes in foreign currency translation:
听
听
听
听
听
听
听
听
Unrealized gain on dissolution of entity
听
$
鈥�

听
$
鈥�

听
$
0.2

听
Other non-operating income
Gain on foreign currency translation2
听
(228.1
)
听
鈥�

听
鈥�

听
Income from discontinued operations, net of tax
听
听
$
(228.1
)
听
$
鈥�

听
$
0.2

听
Net of taxes
听
听
听
听
听
听
听
听
听
Unrealized gain (loss) on derivative financial instruments:
听
听
听
听
听
听
听
听
Treasury lock
听
$
鈥�

听
$
鈥�

听
$
1.2

听
Gain (loss) on extinguishment/restructuring of debt
Commodity contracts
听
(1.7
)
听
鈥�

听
鈥�

听
Cost of goods sold and operating expenses
听
听
(1.7
)
听
鈥�

听
1.2

听
Total before taxes
Income tax expense
听
鈥�

听
鈥�

听
(0.5
)
听
Income tax benefit
听
听
$
(1.7
)
听
$
鈥�

听
$
0.7

听
Net of taxes
听
听
听
听
听
听
听
听
听
Total reclassifications for the period
听
$
(204.1
)
听
$
26.5

听
$
26.5

听
听
听
听
听
听
听
听
听
听
听
1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2听Represents Australian accumulated currency translation adjustments due to the liquidation of substantially all of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information.