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NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of Accumulated other comprehensive loss within Cliffs shareholders鈥� equity 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, 2019: |
听 |
听 |
听 |
听 |
听 |
Postretirement benefit liability |
$ |
(454.1 |
) |
听 |
$ |
138.4 |
|
听 |
$ |
(315.7 |
) |
Unrealized net loss on derivative financial instruments |
(3.9 |
) |
听 |
0.8 |
|
听 |
(3.1 |
) |
听 |
$ |
(458.0 |
) |
听 |
$ |
139.2 |
|
听 |
$ |
(318.8 |
) |
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 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders鈥� equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
听 |
(In Millions) |
听 |
Postretirement Benefit Liability,
net of tax
|
听 |
Foreign Currency Translation |
听 |
Derivative Financial Instruments,
net of tax
|
听 |
Accumulated Other Comprehensive Loss |
January 1, 2017 |
$ |
(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 |
|
December 31, 2017 |
(263.9 |
) |
听 |
225.4 |
|
听 |
(0.5 |
) |
|
(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 |
) |
December 31, 2018 |
(281.1 |
) |
听 |
鈥� |
|
听 |
(2.8 |
) |
听 |
(283.9 |
) |
Other comprehensive loss before reclassifications |
(56.7 |
) |
听 |
鈥� |
|
听 |
(2.3 |
) |
听 |
(59.0 |
) |
Net loss reclassified from accumulated other comprehensive loss |
22.1 |
|
听 |
鈥� |
|
听 |
2.0 |
|
听 |
24.1 |
|
December 31, 2019 |
$ |
(315.7 |
) |
听 |
$ |
鈥� |
|
听 |
$ |
(3.1 |
) |
听 |
$ |
(318.8 |
) |
The following table reflects the details about Accumulated other comprehensive loss components reclassified from 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, Net of Tax
|
听 |
Affected Line Item in the Statement of Consolidated Operations |
听 |
听 |
Year Ended
December 31, 2019 |
听 |
Year Ended
December 31, 2018 |
听 |
Year Ended
December 31, 2017
|
听 |
听 |
Amortization of pension and OPEB liability: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
Prior service costs1
|
听 |
$ |
(0.7 |
) |
听 |
$ |
(0.8 |
) |
听 |
$ |
(0.4 |
) |
听 |
Other non-operating income |
Net actuarial loss1
|
听 |
28.6 |
|
听 |
26.2 |
|
听 |
26.9 |
|
听 |
Other non-operating income |
Curtailments1
|
听 |
0.1 |
|
听 |
0.3 |
|
听 |
鈥� |
|
听 |
Other non-operating income |
听 |
听 |
28.0 |
|
听 |
25.7 |
|
听 |
26.5 |
|
听 |
Total before taxes |
Income tax expense |
听 |
(5.9 |
) |
听 |
鈥� |
|
听 |
鈥� |
|
听 |
Income tax benefit (expense) |
听 |
听 |
$ |
22.1 |
|
听 |
$ |
25.7 |
|
听 |
$ |
26.5 |
|
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 |
Gain on foreign currency translation2
|
听 |
$ |
鈥� |
|
听 |
$ |
(228.1 |
) |
听 |
$ |
鈥� |
|
听 |
Income (loss) from discontinued operations, net of tax |
听 |
听 |
$ |
鈥� |
|
听 |
$ |
(228.1 |
) |
听 |
$ |
鈥� |
|
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
Changes in derivative financial instruments: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
Commodity contracts |
听 |
$ |
2.5 |
|
听 |
$ |
(1.7 |
) |
听 |
$ |
鈥� |
|
听 |
Cost of goods sold and operating expenses |
Income tax expense |
听 |
(0.5 |
) |
听 |
鈥� |
|
听 |
鈥� |
|
听 |
Income tax benefit (expense) |
听 |
听 |
$ |
2.0 |
|
听 |
$ |
(1.7 |
) |
听 |
$ |
鈥� |
|
听 |
Net of taxes |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
Total reclassifications for the period |
听 |
$ |
24.1 |
|
听 |
$ |
(204.1 |
) |
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.
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2听Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information.
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