Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.21.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Accumulated 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 (gain) loss reclassified from accumulated other comprehensive loss 7  —  (1) 6 
March 31, 2021 $ (128) $ 2  $ 6  $ (120)
(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 6  —  2  8 
March 31, 2020 $ (310) $ (1) $ (6) $ (317)
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 (Gain)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Three Months Ended
March 31,
2021 2020
Amortization of pension and OPEB liability:
Net actuarial loss $ 9  $ 7  Other non-operating income
Income tax benefit (2) (1) Income tax benefit (expense)
Net of taxes $ 7  $ 6 
Changes in derivative financial instruments:
Commodity contracts $ (1) $ 3  Cost of goods sold
Income tax benefit —  (1) Income tax benefit (expense)
Net of taxes $ (1) $ 2 
Total reclassifications for the period, net of tax $ 6  $ 8