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Annual report [Section 13 and 15(d), not S-K Item 405]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract] Ìý
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) 2024 2023 2022
Foreign Currency Translation
Beginning balance $ —Ìý $ (1) $ 1Ìý
Other comprehensive income (loss) before reclassifications (70) 1Ìý (2)
Ending balance $ (70) $ —Ìý $ (1)
Derivative Instruments
Beginning balance $ (170) $ (16) $ 68Ìý
Other comprehensive income (loss) before reclassifications (41) (345) 146Ìý
Income tax 10Ìý 81Ìý (33)
Other comprehensive income (loss) before reclassifications, net of tax (31) (264) 113Ìý
Losses (gains) reclassified from AOCI to net income1
195Ìý 144Ìý (256)
Income tax expense (benefit)2
(47) (34) 59Ìý
Net losses (gains) reclassified from AOCI to net income 148Ìý 110Ìý (197)
Ending balance $ (53) $ (170) $ (16)
Pension and OPEB
Beginning balance $ 1,827Ìý $ 1,847Ìý $ 549Ìý
Other comprehensive income (loss) before reclassifications4
(68) 115Ìý 1,759Ìý
Income tax 17Ìý (39) (434)
Other comprehensive income (loss) before reclassifications, net of tax (51) 76Ìý 1,325Ìý
Gains reclassified from AOCI to net income3
(154) (145) (36)
Income tax expense2
38Ìý 49Ìý 9Ìý
Net gains reclassified from AOCI to net income (116) (96) (27)
Ending balance $ 1,660Ìý $ 1,827Ìý $ 1,847Ìý
Total AOCI Ending Balance $ 1,537Ìý $ 1,657Ìý $ 1,830Ìý
1 Amounts recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax benefit (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.