Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
December 31,
(In millions) 2023 2022 2021
Foreign Currency Translation
Beginning balance $ (1) $ 1  $ 3 
Other comprehensive income (loss) before reclassifications 1  (2) (2)
Ending balance $ —  $ (1) $ 1 
Derivative Instruments
Beginning balance $ (16) $ 68  $ (1)
Other comprehensive income (loss) before reclassifications (345) 146  151 
Income tax 81  (33) (34)
Other comprehensive income (loss) before reclassifications, net of tax (264) 113  117 
Losses (gains) reclassified from AOCI to net income1
144  (256) (61)
Income tax expense (benefit)2
(34) 59  13 
Net losses (gains) reclassified from AOCI to net income 110  (197) (48)
Ending balance $ (170) $ (16) $ 68 
Pension and OPEB
Beginning balance $ 1,847  $ 549  $ (135)
Other comprehensive income before reclassifications4
115  1,759  878 
Income tax (39) (434) (203)
Other comprehensive income before reclassifications, net of tax 76  1,325  675 
Losses (gains) reclassified from AOCI to net income3
(145) (36) 12 
Income tax expense (benefit)2
49  9  (3)
Net losses (gains) reclassified from AOCI to net income (96) (27) 9 
Ending balance $ 1,827  $ 1,847  $ 549 
Total AOCI Ending Balance $ 1,657  $ 1,830  $ 618 
1 Amounts recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax expense in the Statements of Consolidated Operations.
3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Consolidated Operations.
4 Refer to NOTE 9 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.