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

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

 
(2.8
)
 
$
(411.6
)
 
$
127.7

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

 
$
(263.9
)
Foreign currency translation adjustments
225.4

 
—

 
225.4

Unrealized net loss on derivative financial instruments
(0.5
)
 
—

 
(0.5
)
 
$
(162.4
)
 
$
123.4

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

 
$
(260.6
)
Foreign currency translation adjustments
239.3

 
—

 
239.3

 
$
(144.7
)
 
$
123.4

 
$
(21.3
)

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

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

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

 
(228.1
)
 
(1.7
)
 
(204.1
)
Balance December 31, 2018
$
(281.1
)
 
$
—

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

 
$
—

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

 
—

 
—

 
26.5

Balance December 31, 2017
$
(263.9
)
 
$
225.4

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

 
$
220.7

 
$
2.6

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

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

 
—

 
0.2

 
0.7

 
26.5

Balance December 31, 2016
$
(260.6
)
 
$
—

 
$
239.3

 
$
—

 
$
(21.3
)

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

 
26.9

 
27.1

 
Other non-operating income
Curtailments1
 
0.3

 
—

 
—

 
Other non-operating income
 
 
$
25.7

 
$
26.5

 
$
25.6

 
Net of taxes
 
 
 
 
 
 
 
 
 
Changes in foreign currency translation:
 
 
 
 
 
 
 
 
Unrealized gain on dissolution of entity
 
$
—

 
$
—

 
$
0.2

 
Other non-operating income
Gain on foreign currency translation2
 
(228.1
)
 
—

 
—

 
Income from discontinued operations, net of tax
 
 
$
(228.1
)
 
$
—

 
$
0.2

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

 
$
—

 
$
1.2

 
Gain (loss) on extinguishment/restructuring of debt
Commodity contracts
 
(1.7
)
 
—

 
—

 
Cost of goods sold and operating expenses
 
 
(1.7
)
 
—

 
1.2

 
Total before taxes
Income tax expense
 
—

 
—

 
(0.5
)
 
Income tax benefit
 
 
$
(1.7
)
 
$
—

 
$
0.7

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

 
$
26.5

 
 
 
 
 
 
 
 
 
 
 
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 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.