|
The components of Accumulated other comprehensive loss within Cliffs shareholders鈥� equity and related tax effects allocated to each are shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Pre-tax
Amount |
|
Tax
Benefit |
|
After-tax
Amount |
| As of December听31, 2020: |
|
|
|
|
|
| Postretirement benefit liability |
$ |
(221) |
|
|
$ |
86听
|
|
|
$ |
(135) |
|
| Foreign currency translation adjustments |
3听
|
|
|
鈥�听
|
|
|
3听
|
|
| Unrealized net loss on derivative financial instruments |
(1) |
|
|
鈥�听
|
|
|
(1) |
|
|
$ |
(219) |
|
|
$ |
86听
|
|
|
$ |
(133) |
|
| As of December听31, 2019: |
|
|
|
|
|
| Postretirement benefit liability |
$ |
(454) |
|
|
$ |
138听 |
|
|
$ |
(316) |
|
| Unrealized net loss on derivative financial instruments |
(4) |
|
|
1听 |
|
|
(3) |
|
|
$ |
(458) |
|
|
$ |
139听 |
|
|
$ |
(319) |
|
| As of December听31, 2018: |
|
|
|
|
|
| Postretirement benefit liability |
$ |
(408) |
|
|
$ |
127听 |
|
|
$ |
(281) |
|
| Unrealized net loss on derivative financial instruments |
(4) |
|
|
1听 |
|
|
(3) |
|
|
$ |
(412) |
|
|
$ |
128听 |
|
|
$ |
(284) |
|
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders鈥� 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) |
|
|
$ |
225听 |
|
|
$ |
鈥斕� |
|
|
$ |
(39) |
|
| Other comprehensive income (loss) before reclassifications |
(43) |
|
|
3听 |
|
|
(1) |
|
|
(41) |
|
| Net loss (gain) reclassified from accumulated other comprehensive loss |
26听 |
|
|
(228) |
|
|
(2) |
|
|
(204) |
|
| December 31, 2018 |
(281) |
|
|
鈥斕� |
|
|
(3) |
|
|
(284) |
|
| Other comprehensive loss before reclassifications |
(57) |
|
|
鈥斕� |
|
|
(2) |
|
|
(59) |
|
| Net loss reclassified from accumulated other comprehensive loss |
22听 |
|
|
鈥斕� |
|
|
2听 |
|
|
24听 |
|
| December 31, 2019 |
(316) |
|
|
鈥斕� |
|
|
(3) |
|
|
(319) |
|
| Other comprehensive income (loss) before reclassifications |
163听 |
|
|
3听 |
|
|
(6) |
|
|
160听 |
|
| Net loss reclassified from accumulated other comprehensive loss |
18听 |
|
|
鈥斕� |
|
|
8听 |
|
|
26听 |
|
| December 31, 2020 |
$ |
(135) |
|
|
$ |
3听 |
|
|
$ |
(1) |
|
|
$ |
(133) |
|
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders鈥� 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
|
|
30听
|
|
|
29听 |
|
|
27听 |
|
|
Other non-operating income |
Settlements1
|
|
(6) |
|
|
鈥斕� |
|
|
鈥斕� |
|
|
Other non-operating income |
|
|
23听
|
|
|
28听 |
|
|
26听 |
|
|
Total before taxes |
| Income tax expense |
|
(5) |
|
|
(6) |
|
|
鈥斕� |
|
|
Income tax benefit (expense) |
|
|
$ |
18听
|
|
|
$ |
22听 |
|
|
$ |
26听 |
|
|
Net of taxes |
|
|
|
|
|
|
|
|
|
| Changes in foreign currency translation: |
|
|
|
|
|
|
|
|
Gain on foreign currency translation2
|
|
$ |
鈥�听
|
|
|
$ |
鈥斕� |
|
|
$ |
(228) |
|
|
Income (loss) from discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
| Changes in derivative financial instruments: |
|
|
|
|
|
|
|
|
| Commodity contracts |
|
$ |
10听
|
|
|
$ |
3听 |
|
|
$ |
(2) |
|
|
Cost of goods sold |
| Income tax expense |
|
(2) |
|
|
(1) |
|
|
鈥斕� |
|
|
Income tax benefit (expense) |
|
|
$ |
8听
|
|
|
$ |
2听 |
|
|
$ |
(2) |
|
|
Net of taxes |
|
|
|
|
|
|
|
|
|
| Total reclassifications for the period, net of tax |
|
$ |
26听
|
|
|
$ |
24听
|
|
|
$ |
(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.
|
|