ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract] Ìý
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
March 31,
(In millions) 2024 2023
Foreign Currency Translation
Beginning balance $ —Ìý $ (1)
Other comprehensive loss before reclassifications (1) —Ìý
Ending balance $ (1) $ (1)
Derivative Instruments
Beginning balance $ (170) $ (16)
Other comprehensive loss before reclassifications (33) (177)
Income tax 8Ìý 44Ìý
Other comprehensive loss before reclassifications, net of tax (25) (133)
Losses (gains) reclassified from AOCI to net loss1
59Ìý (25)
Income tax expense (benefit)2
(14) 6Ìý
Net losses (gains) reclassified from AOCI to net loss 45Ìý (19)
Ending balance $ (150) $ (168)
Pension and OPEB
Beginning balance $ 1,827Ìý $ 1,847Ìý
Gains reclassified from AOCI to net loss3
(38) (35)
Income tax expense2
10Ìý 8Ìý
Net gains reclassified from AOCI to net loss (28) (27)
Ending balance $ 1,799Ìý $ 1,820Ìý
Total AOCI Ending Balance $ 1,648Ìý $ 1,651Ìý
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit 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.