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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

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ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2023
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) 2023 2022 2021
Foreign Currency Translation
Beginning balance $ (1) $ 1Ìý $ 3Ìý
Other comprehensive income (loss) before reclassifications 1Ìý (2) (2)
Ending balance $ —Ìý $ (1) $ 1Ìý
Derivative Instruments
Beginning balance $ (16) $ 68Ìý $ (1)
Other comprehensive income (loss) before reclassifications (345) 146Ìý 151Ìý
Income tax 81Ìý (33) (34)
Other comprehensive income (loss) before reclassifications, net of tax (264) 113Ìý 117Ìý
Losses (gains) reclassified from AOCI to net income1
144Ìý (256) (61)
Income tax expense (benefit)2
(34) 59Ìý 13Ìý
Net losses (gains) reclassified from AOCI to net income 110Ìý (197) (48)
Ending balance $ (170) $ (16) $ 68Ìý
Pension and OPEB
Beginning balance $ 1,847Ìý $ 549Ìý $ (135)
Other comprehensive income before reclassifications4
115Ìý 1,759Ìý 878Ìý
Income tax (39) (434) (203)
Other comprehensive income before reclassifications, net of tax 76Ìý 1,325Ìý 675Ìý
Losses (gains) reclassified from AOCI to net income3
(145) (36) 12Ìý
Income tax expense (benefit)2
49Ìý 9Ìý (3)
Net losses (gains) reclassified from AOCI to net income (96) (27) 9Ìý
Ending balance $ 1,827Ìý $ 1,847Ìý $ 549Ìý
Total AOCI Ending Balance $ 1,657Ìý $ 1,830Ìý $ 618Ìý
1 Amounts recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax 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.