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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.24.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		 Nine Months Ended
September 30,
(In millions) 2024 2023 2024 2023
Foreign Currency Translation
Beginning balance $ (1) $ (1) $ —Ìý $ (1)
Other comprehensive gain before reclassifications 1Ìý —Ìý —Ìý —Ìý
Ending balance $ —Ìý $ (1) $ —Ìý $ (1)
Derivative Instruments
Beginning balance $ (103) $ (150) $ (170) $ (16)
Other comprehensive loss before reclassifications (36) (21) (67) (229)
Income tax benefit 9Ìý 5Ìý 17Ìý 56Ìý
Other comprehensive loss before reclassifications, net of tax (27) (16) (50) (173)
Losses reclassified from AOCI to net income (loss)1
38Ìý 63Ìý 158Ìý 93Ìý
Income tax benefit2
(9) (16) (39) (23)
Net losses reclassified from AOCI to net income (loss) 29Ìý 47Ìý 119Ìý 70Ìý
Ending balance $ (101) $ (119) $ (101) $ (119)
Pension and OPEB
Beginning balance $ 1,770Ìý $ 1,794Ìý $ 1,827Ìý $ 1,847Ìý
Gains reclassified from AOCI to net income (loss)3
(37) (35) (114) (106)
Income tax expense2
8Ìý 8Ìý 28Ìý 26Ìý
Net gains reclassified from AOCI to net income (loss) (29) (27) (86) (80)
Ending balance $ 1,741Ìý $ 1,767Ìý $ 1,741Ìý $ 1,767Ìý
Total AOCI Ending Balance $ 1,640Ìý $ 1,647Ìý $ 1,640Ìý $ 1,647Ìý
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.