Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.25.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule 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:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(In millions) 2025 2024 2025 2024
Foreign Currency Translation
Beginning balance $ 33  $ (1) $ (70) $ — 
Other comprehensive income (loss) before reclassifications (42) 1  67  — 
Income tax 6  —  —  — 
Other comprehensive income (loss) before reclassifications, net of tax (36) 1  67  — 
Ending balance $ (3) $ —  $ (3) $ — 
Derivative Instruments
Beginning balance $ 3  $ (103) $ (53) $ (170)
Other comprehensive loss before reclassifications (41) (36) (33) (67)
Income tax 10  9  8  17 
Other comprehensive loss before reclassifications, net of tax (31) (27) (25) (50)
Losses reclassified from AOCI to net loss1
16  38  82  158 
Income tax benefit2
(4) (9) (20) (39)
Net losses reclassified from AOCI to net loss 12  29  62  119 
Ending balance $ (16) $ (101) $ (16) $ (101)
Pension and OPEB
Beginning balance $ 1,608  $ 1,770  $ 1,660  $ 1,827 
Gains reclassified from AOCI to net loss3
(34) (37) (103) (114)
Income tax expense2
8  8  25  28 
Net gains reclassified from AOCI to net loss (26) (29) (78) (86)
Ending balance $ 1,582  $ 1,741  $ 1,582  $ 1,741 
Total AOCI Ending Balance $ 1,563  $ 1,640  $ 1,563  $ 1,640 
1 Amounts recognized in Revenues and Cost of goods sold for sales swaps and commodity purchase swaps, respectively, within 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.