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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.22.4
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract] Ìý
Components 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:
December 31,
(In millions) 2022 2021 2020
Foreign Currency Translation
Beginning balance $ 1Ìý $ 3Ìý $ —Ìý
Other comprehensive income (loss) before reclassifications (2) (2) 3Ìý
Ending balance $ (1) $ 1Ìý $ 3Ìý
Derivative Instruments
Beginning balance $ 68Ìý $ (1) $ (3)
Other comprehensive income (loss) before reclassifications 146Ìý 151Ìý (7)
Income tax (33) (34) 1Ìý
Other comprehensive income (loss) before reclassifications, net of tax 113Ìý 117Ìý (6)
Losses (gains) reclassified from AOCI to net income1
(256) (61) 10Ìý
Income tax expense (benefit)2
59Ìý 13Ìý (2)
Net losses (gains) reclassified from AOCI to net income (197) (48) 8Ìý
Ending balance $ (16) $ 68Ìý $ (1)
Pension and OPEB
Beginning balance $ 549Ìý $ (135) $ (316)
Other comprehensive income before reclassifications4
1,759Ìý 878Ìý 210Ìý
Income tax (434) (203) (47)
Other comprehensive income before reclassifications, net of tax 1,325Ìý 675Ìý 163Ìý
Losses (gains) reclassified from AOCI to net income3
(36) 12Ìý 23Ìý
Income tax expense (benefit)2
9Ìý (3) (5)
Net losses (gains) reclassified from AOCI to net income (27) 9Ìý 18Ìý
Ending balance $ 1,847Ìý $ 549Ìý $ (135)
Total AOCI Ending Balance $ 1,830Ìý $ 618Ìý $ (133)
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.