Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:
Three Months Ended
March 31,
(In millions) 2023 2022
Foreign Currency Translation
Beginning balance $ (1) $ 1 
Other comprehensive loss before reclassifications —  — 
Ending balance $ (1) $ 1 
Derivative Instruments
Beginning balance $ (16) $ 68 
Other comprehensive income (loss) before reclassifications (177) 168 
Income tax 44  (39)
Other comprehensive income (loss) before reclassifications, net of tax (133) 129 
Gains reclassified from AOCI to net income (loss)1
(25) (42)
Income tax expense2
6  9 
Net gains reclassified from AOCI to net income (loss) (19) (33)
Ending balance $ (168) $ 164 
Pension and OPEB
Beginning balance $ 1,847  $ 549 
Losses (gains) reclassified from AOCI to net income (loss)3
(35) 1 
Income tax expense2
8  — 
Net losses (gains) reclassified from AOCI to net income (loss) (27) 1 
Ending balance $ 1,820  $ 550 
Total AOCI Ending Balance $ 1,651  $ 715 
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit (expense) in the Statements of Unaudited Condensed Consolidated Operations.
3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.