ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

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 December 31, 2021:
Pension and OPEB	$	669	$	(120)	$	549
Foreign currency translation adjustments	1		—		1
Derivative financial instruments	89		(21)		68
	$	759	$	(141)	$	618
As of December 31, 2020:
Pension and OPEB	$	(221)	$	86	$	(135)
Foreign currency translation adjustments	3		—		3
Derivative financial instruments	(1)		—		(1)
	$	(219)	$	86	$	(133)
As of December 31, 2019:
Pension and OPEB	$	(454)	$	138	$	(316)
Derivative financial instruments	(4)		1		(3)
	$	(458)	$	139	$	(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	22		—		2		24
December 31, 2019	(316)		—		(3)		(319)
Other comprehensive income (loss) before reclassifications	163		3		(6)		160
Net loss reclassified from AOCI	18		—		8		26
December 31, 2020	(135)		3		(1)		(133)
Other comprehensive income (loss) before reclassifications	675		(2)		117		790
Net loss (gain) reclassified from AOCI	9		—		(48)		(39)
December 31, 2021	$	549	$	1	$	68	$	618

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	35		30		29		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	12		23		28
Income tax benefit	(3)		(5)		(6)		Income tax benefit (expense)
Net of taxes	$	9	$	18	$	22
Changes in derivative financial instruments:
Commodity contracts	$	(61)	$	10	$	3	Cost of goods sold
Income tax expense (benefit)	13		(2)		(1)		Income tax benefit (expense)
Net of taxes	$	(48)	$	8	$	2
Total reclassifications for the period, net of tax	$	(39)	$	26	$	24
1 See NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.