Annual report [Section 13 and 15(d), not S-K Item 405]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 17 - 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:
December 31,
(In millions) 2025 2024 2023
Foreign Currency Translation
Beginning balance $ (70) $ —  $ (1)
Other comprehensive income (loss) before reclassifications 91  (70) 1 
Income tax (4) —  — 
Other comprehensive income (loss) before reclassifications, net of tax 87  (70) 1 
Ending balance $ 17  $ (70) $ — 
Derivative Instruments
Beginning balance $ (53) $ (170) $ (16)
Other comprehensive income (loss) before reclassifications (48) (41) (345)
Income tax 12  10  81 
Other comprehensive income (loss) before reclassifications, net of tax (36) (31) (264)
Losses (gains) reclassified from AOCI to net income1
97  195  144 
Income tax expense (benefit)2
(23) (47) (34)
Net losses (gains) reclassified from AOCI to net income 74  148  110 
Ending balance $ (15) $ (53) $ (170)
Pension and OPEB
Beginning balance $ 1,660  $ 1,827  $ 1,847 
Other comprehensive income (loss) before reclassifications3
(83) (68) 115 
Income tax 20  17  (39)
Other comprehensive income (loss) before reclassifications, net of tax (63) (51) 76 
Losses (gains) reclassified from AOCI to net income4
(138) (154) (145)
Income tax expense (benefit)2
31  38  49 
Net losses (gains) reclassified from AOCI to net income (107) (116) (96)
Ending balance $ 1,490  $ 1,660  $ 1,827 
Total AOCI Ending Balance $ 1,492  $ 1,537  $ 1,657 
1 Amounts were recognized in Revenues and Cost of goods sold of $30 million and $67 million, respectively during 2025 in the Statements of Consolidated Operations. During both 2024 and 2023, amounts were recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax benefit (expense) in the Statements of Consolidated Operations.
3 Refer to NOTE 9 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
4 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Consolidated Operations.