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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.22.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract] Ìý
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Foreign Currency Translation
Beginning balance $ 1Ìý $ 2Ìý $ 1Ìý $ 3Ìý
Other comprehensive loss before reclassifications (2) —Ìý (2) (1)
Ending balance $ (1) $ 2Ìý $ (1) $ 2Ìý
Derivative Instruments
Beginning balance $ 164Ìý $ 6Ìý $ 68Ìý $ (1)
Other comprehensive income (loss) before reclassifications (30) 64Ìý 138Ìý 74Ìý
Income tax 8Ìý (13) (31) (15)
Other comprehensive income before reclassifications, net of tax (22) 51Ìý 107Ìý 59Ìý
Gains reclassified from AOCI to net income1
(42) (5) (84) (6)
Income tax expense2
9Ìý 1Ìý 18Ìý 1Ìý
Net gains reclassified from AOCI to net income (33) (4) (66) (5)
Ending balance $ 109Ìý $ 53Ìý $ 109Ìý $ 53Ìý
Pension and OPEB
Beginning balance $ 550Ìý $ (128) $ 549Ìý $ (135)
Net actuarial loss reclassified from AOCI to net income3
—Ìý 9Ìý 1Ìý 18Ìý
Income tax benefit2
—Ìý (2) —Ìý (4)
Net losses reclassified from AOCI to net income —Ìý 7Ìý 1Ìý 14Ìý
Ending balance $ 550Ìý $ (121) $ 550Ìý $ (121)
Total AOCI Ending Balance $ 658Ìý $ (66) $ 658Ìý $ (66)
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax 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.