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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] Ìý
Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders� equity and related tax effects allocated to each are shown below:
(In Millions)
Pre-tax
Amount		 Tax Benefit
(Expense)		 After-tax
Amount
As of DecemberÌý31, 2021:
Pension and OPEB $ 669Ìý $ (120) $ 549Ìý
Foreign currency translation adjustments 1Ìý â€�Ìý 1Ìý
Derivative financial instruments 89Ìý (21) 68Ìý
$ 759Ìý $ (141) $ 618Ìý
As of DecemberÌý31, 2020:
Pension and OPEB $ (221) $ 86Ìý $ (135)
Foreign currency translation adjustments 3Ìý —Ì� 3Ìý
Derivative financial instruments (1) —� (1)
$ (219) $ 86Ìý $ (133)
As of DecemberÌý31, 2019:
Pension and OPEB $ (454) $ 138Ìý $ (316)
Derivative financial instruments (4) 1Ìý (3)
$ (458) $ 139Ìý $ (319)
The following table reflects the changes in Accumulated other comprehensive income (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 Income (Loss)
December 31, 2018 $ (281) $ —� $ (3) $ (284)
Other comprehensive loss before reclassifications (57) —� (2) (59)
Net loss reclassified from AOCI 22Ìý —Ì� 2Ìý 24Ìý
December 31, 2019 (316) —� (3) (319)
Other comprehensive income (loss) before reclassifications 163Ìý 3Ìý (6) 160Ìý
Net loss reclassified from AOCI 18Ìý —Ì� 8Ìý 26Ìý
December 31, 2020 (135) 3Ìý (1) (133)
Other comprehensive income (loss) before reclassifications 675Ìý (2) 117Ìý 790Ìý
Net loss (gain) reclassified from AOCI 9Ìý —Ì� (48) (39)
December 31, 2021 $ 549Ìý $ 1Ìý $ 68Ìý $ 618Ìý
Reclassification out of Accumulated Other Comprehensive Income
The following table reflects the details about Accumulated other comprehensive income (loss) components reclassified from Cliffs shareholders� 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
35Ìý 30Ìý 29Ìý Net periodic benefit credits (costs) other than service cost component
Settlements1
(22) (6) —� Net periodic benefit credits (costs) other than service cost component
Total before taxes 12Ìý 23Ìý 28Ìý
Income tax benefit (3) (5) (6) Income tax benefit (expense)
Net of taxes $ 9Ìý $ 18Ìý $ 22Ìý
Changes in derivative financial instruments:
Commodity contracts $ (61) $ 10Ìý $ 3Ìý Cost of goods sold
Income tax expense (benefit) 13Ìý (2) (1) Income tax benefit (expense)
Net of taxes $ (48) $ 8Ìý $ 2Ìý
Total reclassifications for the period, net of tax $ (39) $ 26Ìý $ 24Ìý
1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.