Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.21.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables reflect the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity:
(In Millions)
Postretirement Benefit Liability,
net of tax
Foreign Currency Translation Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Loss
December 31, 2020 $ (135) $ 3  $ (1) $ (133)
Other comprehensive income (loss) before reclassifications   (1) 8  7 
Net (income) loss reclassified from accumulated other comprehensive loss 7    (1) 6 
March 31, 2021 $ (128) $ 2  $ 6  $ (120)
Other comprehensive income before reclassifications     51  51 
Net (income) loss reclassified from accumulated other comprehensive loss 7    (4) 3 
June 30, 2021 $ (121) $ 2  $ 53  $ (66)
(In Millions)
Postretirement Benefit Liability, net of tax Foreign
Currency Translation
Derivative Financial Instruments,
net of tax
Accumulated Other Comprehensive Loss
December 31, 2019 $ (316) $ —  $ (3) $ (319)
Other comprehensive loss before reclassifications —  (1) (5) (6)
Net loss reclassified from accumulated other comprehensive loss — 
March 31, 2020 $ (310) $ (1) $ (6) $ (317)
Other comprehensive income before reclassifications — 
Net loss reclassified from accumulated other comprehensive loss — 
June 30, 2020 $ (304) $ —  $ (2) $ (306)
The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity:
(In Millions)
Details about Accumulated Other Comprehensive Loss Components Amount of (Income)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Changes in pension and OPEB:
Prior service credits $   $ (1) $   $ (1) Net periodic benefit credits other than service cost component
Net actuarial loss 9  18  15  Net periodic benefit credits other than service cost component
9  18  14  Total before taxes
Income tax benefit (2) (1) (4) (2) Income tax benefit (expense)
Net of taxes $ 7  $ $ 14  $ 12 
Changes in derivative financial instruments:
Commodity contracts $ (5) $ $ (6) $ Cost of goods sold
Income tax (benefit) expense 1  (1) 1  (2) Income tax benefit (expense)
Net of taxes $ (4) $ $ (5) $
Total reclassifications for the period, net of tax $ 3  $ $ 9  $ 17