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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME

v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2023
Equity [Abstract] Ìý
ACCUMULATED OTHER COMPREHENSIVE INCOME
NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME
The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Foreign Currency Translation
Beginning balance $ (1) $ 1Ìý $ (1) $ 1Ìý
Other comprehensive loss before reclassifications —Ìý (2) —Ìý (2)
Ending balance $ (1) $ (1) $ (1) $ (1)
Derivative Instruments
Beginning balance $ (168) $ 164Ìý $ (16) $ 68Ìý
Other comprehensive income (loss) before reclassifications (31) (30) (208) 138Ìý
Income tax 7Ìý 8Ìý 51Ìý (31)
Other comprehensive income (loss) before reclassifications, net of tax (24) (22) (157) 107Ìý
Losses (gains) reclassified from AOCI to net income1
55Ìý (42) 30Ìý (84)
Income tax expense (benefit)2
(13) 9Ìý (7) 18Ìý
Net losses (gains) reclassified from AOCI to net income 42Ìý (33) 23Ìý (66)
Ending balance $ (150) $ 109Ìý $ (150) $ 109Ìý
Pension and OPEB
Beginning balance $ 1,820Ìý $ 550Ìý $ 1,847Ìý $ 549Ìý
Losses (gains) reclassified from AOCI to net income3
(36) —Ìý (71) 1Ìý
Income tax expense2
10Ìý —Ìý 18Ìý —Ìý
Net losses (gains) reclassified from AOCI to net income (26) —Ìý (53) 1Ìý
Ending balance $ 1,794Ìý $ 550Ìý $ 1,794Ìý $ 550Ìý
Total AOCI Ending Balance $ 1,643Ìý $ 658Ìý $ 1,643Ìý $ 658Ìý
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.