Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME

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ACCUMULATED OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME
NOTE 15 - 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) 2026 2025
Foreign Currency Translation
Beginning balance $ 17  $ (70)
Other comprehensive income (loss) before reclassifications (23) 1 
Income tax 3  — 
Other comprehensive income (loss) before reclassifications, net of tax (20) 1 
Ending balance $ (3) $ (69)
Derivative Instruments
Beginning balance $ (15) $ (53)
Other comprehensive income (loss) before reclassifications (21) 101 
Income tax 5  (24)
Other comprehensive income (loss) before reclassifications, net of tax (16) 77 
Losses (gains) reclassified from AOCI to Revenues
6  — 
Losses (gains) reclassified from AOCI to Cost of goods sold
(17) 32 
Income tax expense (benefit)1
3  (8)
Net losses (gains) reclassified from AOCI to net income (8) 24 
Ending balance $ (39) $ 48 
Pension and OPEB
Beginning balance $ 1,490  $ 1,660 
Losses (gains) reclassified from AOCI to net income2
(31) (35)
Income tax expense (benefit)1
8  8 
Net losses (gains) reclassified from AOCI to net income (23) (27)
Ending balance $ 1,467  $ 1,633 
Total AOCI Ending Balance $ 1,425  $ 1,612 
1 Amounts recognized in Income tax benefit in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.