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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] 听
Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders鈥� 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听31, 2021:
Pension and OPEB $ 669听 $ (120) $ 549听
Foreign currency translation adjustments 1听 鈥�听 1听
Derivative financial instruments 89听 (21) 68听
$ 759听 $ (141) $ 618听
As of December听31, 2020:
Pension and OPEB $ (221) $ 86听 $ (135)
Foreign currency translation adjustments 3听 鈥斕� 3听
Derivative financial instruments (1) 鈥斕� (1)
$ (219) $ 86听 $ (133)
As of December听31, 2019:
Pension and OPEB $ (454) $ 138听 $ (316)
Derivative financial instruments (4) 1听 (3)
$ (458) $ 139听 $ (319)
The following table reflects the changes in Accumulated other comprehensive income (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 Income (Loss)
December 31, 2018 $ (281) $ 鈥斕� $ (3) $ (284)
Other comprehensive loss before reclassifications (57) 鈥斕� (2) (59)
Net loss reclassified from AOCI 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 AOCI 18听 鈥斕� 8听 26听
December 31, 2020 (135) 3听 (1) (133)
Other comprehensive income (loss) before reclassifications 675听 (2) 117听 790听
Net loss (gain) reclassified from AOCI 9听 鈥斕� (48) (39)
December 31, 2021 $ 549听 $ 1听 $ 68听 $ 618听
Reclassification out of Accumulated Other Comprehensive Income
The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders鈥� 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听 30听 29听 Net periodic benefit credits (costs) other than service cost component
Settlements1
(22) (6) 鈥斕� Net periodic benefit credits (costs) other than service cost component
Total before taxes 12听 23听 28听
Income tax benefit (3) (5) (6) Income tax benefit (expense)
Net of taxes $ 9听 $ 18听 $ 22听
Changes in derivative financial instruments:
Commodity contracts $ (61) $ 10听 $ 3听 Cost of goods sold
Income tax expense (benefit) 13听 (2) (1) Income tax benefit (expense)
Net of taxes $ (48) $ 8听 $ 2听
Total reclassifications for the period, net of tax $ (39) $ 26听 $ 24听
1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.