Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		 Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Foreign Currency Translation
Beginning balance $ (1) $ 1  $ (1) $ 1 
Other comprehensive loss before reclassifications —  (2) —  (2)
Ending balance $ (1) $ (1) $ (1) $ (1)
Derivative Instruments
Beginning balance $ (168) $ 164  $ (16) $ 68 
Other comprehensive income (loss) before reclassifications (31) (30) (208) 138 
Income tax 7  8  51  (31)
Other comprehensive income (loss) before reclassifications, net of tax (24) (22) (157) 107 
Losses (gains) reclassified from AOCI to net income1
55  (42) 30  (84)
Income tax expense (benefit)2
(13) 9  (7) 18 
Net losses (gains) reclassified from AOCI to net income 42  (33) 23  (66)
Ending balance $ (150) $ 109  $ (150) $ 109 
Pension and OPEB
Beginning balance $ 1,820  $ 550  $ 1,847  $ 549 
Losses (gains) reclassified from AOCI to net income3
(36) —  (71) 1 
Income tax expense2
10  —  18  — 
Net losses (gains) reclassified from AOCI to net income (26) —  (53) 1 
Ending balance $ 1,794  $ 550  $ 1,794  $ 550 
Total AOCI Ending Balance $ 1,643  $ 658  $ 1,643  $ 658 
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax 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.