Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME

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ACCUMULATED OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
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
March 31,
(In millions) 2024 2023
Foreign Currency Translation
Beginning balance $ —  $ (1)
Other comprehensive loss before reclassifications (1) — 
Ending balance $ (1) $ (1)
Derivative Instruments
Beginning balance $ (170) $ (16)
Other comprehensive loss before reclassifications (33) (177)
Income tax 8  44 
Other comprehensive loss before reclassifications, net of tax (25) (133)
Losses (gains) reclassified from AOCI to net loss1
59  (25)
Income tax expense (benefit)2
(14) 6 
Net losses (gains) reclassified from AOCI to net loss 45  (19)
Ending balance $ (150) $ (168)
Pension and OPEB
Beginning balance $ 1,827  $ 1,847 
Gains reclassified from AOCI to net loss3
(38) (35)
Income tax expense2
10  8 
Net gains reclassified from AOCI to net loss (28) (27)
Ending balance $ 1,799  $ 1,820 
Total AOCI Ending Balance $ 1,648  $ 1,651 
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit 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.