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Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME

v3.24.2
ACCUMULATED OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2024
Equity [Abstract] Ìý
ACCUMULATED OTHER COMPREHENSIVE INCOME
NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME
The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Foreign Currency Translation
Beginning balance $ (1) $ (1) $ —Ìý $ (1)
Other comprehensive loss before reclassifications —Ìý —Ìý (1) —Ìý
Ending balance $ (1) $ (1) $ (1) $ (1)
Derivative Instruments
Beginning balance $ (150) $ (168) $ (170) $ (16)
Other comprehensive gain (loss) before reclassifications 2Ìý (31) (31) (208)
Income tax benefit —Ìý 7Ìý 8Ìý 51Ìý
Other comprehensive gain (loss) before reclassifications, net of tax 2Ìý (24) (23) (157)
Losses reclassified from AOCI to net income (loss)1
61Ìý 55Ìý 120Ìý 30Ìý
Income tax benefit2
(16) (13) (30) (7)
Net losses reclassified from AOCI to net income (loss) 45Ìý 42Ìý 90Ìý 23Ìý
Ending balance $ (103) $ (150) $ (103) $ (150)
Pension and OPEB
Beginning balance $ 1,799Ìý $ 1,820Ìý $ 1,827Ìý $ 1,847Ìý
Gains reclassified from AOCI to net income (loss)3
(39) (36) (77) (71)
Income tax expense2
10Ìý 10Ìý 20Ìý 18Ìý
Net gains reclassified from AOCI to net income (loss) (29) (26) (57) (53)
Ending balance $ 1,770Ìý $ 1,794Ìý $ 1,770Ìý $ 1,794Ìý
Total AOCI Ending Balance $ 1,666Ìý $ 1,643Ìý $ 1,666Ìý $ 1,643Ìý
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit (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.