Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.24.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of 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:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Foreign Currency Translation
Beginning balance $ (1) $ (1) $ —  $ (1)
Other comprehensive loss before reclassifications —  —  (1) — 
Ending balance $ (1) $ (1) $ (1) $ (1)
Derivative Instruments
Beginning balance $ (150) $ (168) $ (170) $ (16)
Other comprehensive gain (loss) before reclassifications 2  (31) (31) (208)
Income tax benefit —  7  8  51 
Other comprehensive gain (loss) before reclassifications, net of tax 2  (24) (23) (157)
Losses reclassified from AOCI to net income (loss)1
61  55  120  30 
Income tax benefit2
(16) (13) (30) (7)
Net losses reclassified from AOCI to net income (loss) 45  42  90  23 
Ending balance $ (103) $ (150) $ (103) $ (150)
Pension and OPEB
Beginning balance $ 1,799  $ 1,820  $ 1,827  $ 1,847 
Gains reclassified from AOCI to net income (loss)3
(39) (36) (77) (71)
Income tax expense2
10  10  20  18 
Net gains reclassified from AOCI to net income (loss) (29) (26) (57) (53)
Ending balance $ 1,770  $ 1,794  $ 1,770  $ 1,794 
Total AOCI Ending Balance $ 1,666  $ 1,643  $ 1,666  $ 1,643 
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.