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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract] Ìý
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
September 30,		 Nine Months Ended
September 30,
(In millions) 2023 2022 2023 2022
Foreign Currency Translation
Beginning balance $ (1) $ (1) $ (1) $ 1Ìý
Other comprehensive loss before reclassifications —Ìý (2) —Ìý (4)
Ending balance $ (1) $ (3) $ (1) $ (3)
Derivative Instruments
Beginning balance $ (150) $ 109Ìý $ (16) $ 68Ìý
Other comprehensive income (loss) before reclassifications (21) 154Ìý (229) 292Ìý
Income tax 5Ìý (38) 56Ìý (69)
Other comprehensive income (loss) before reclassifications, net of tax (16) 116Ìý (173) 223Ìý
Losses (gains) reclassified from AOCI to net income1
63Ìý (74) 93Ìý (158)
Income tax expense (benefit)2
(16) 19Ìý (23) 37Ìý
Net losses (gains) reclassified from AOCI to net income 47Ìý (55) 70Ìý (121)
Ending balance $ (119) $ 170Ìý $ (119) $ 170Ìý
Pension and OPEB
Beginning balance $ 1,794Ìý $ 550Ìý $ 1,847Ìý $ 549Ìý
Other comprehensive income before reclassifications —Ìý 119Ìý —Ìý 119Ìý
Income tax —Ìý (28) —Ìý (28)
Other comprehensive income before reclassifications, net of tax —Ìý 91Ìý —Ìý 91Ìý
Losses (gains) reclassified from AOCI to net income3
(35) 3Ìý (106) 4Ìý
Income tax expense (benefit)2
8Ìý (1) 26Ìý (1)
Net losses (gains) reclassified from AOCI to net income (27) 2Ìý (80) 3Ìý
Ending balance $ 1,767Ìý $ 643Ìý $ 1,767Ìý $ 643Ìý
Total AOCI Ending Balance $ 1,647Ìý $ 810Ìý $ 1,647Ìý $ 810Ìý
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.