Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.26.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2026
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
June 30,		 Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Foreign Currency Translation
Beginning balance $ (3) $ (69) $ 17  $ (70)
Other comprehensive income (loss) before reclassifications (28) 108  (51) 109 
Income tax 4  (6) 7  (6)
Other comprehensive income (loss) before reclassifications, net of tax (24) 102  (44) 103 
Ending balance $ (27) $ 33  $ (27) $ 33 
Derivative Instruments
Beginning balance $ (39) $ 48  $ (15) $ (53)
Other comprehensive income (loss) before reclassifications (82) (93) (103) 8 
Income tax 20  22  25  (2)
Other comprehensive income (loss) before reclassifications, net of tax (62) (71) (78) 6 
Losses (gains) reclassified from AOCI to Revenues
21  24  27  24 
Losses (gains) reclassified from AOCI to Cost of goods sold
7  10  (10) 42 
Income tax expense (benefit)1
(7) (8) (4) (16)
Net losses (gains) reclassified from AOCI to net income 21  26  13  50 
Ending balance $ (80) $ 3  $ (80) $ 3 
Pension and OPEB
Beginning balance $ 1,467  $ 1,633  $ 1,490  $ 1,660 
Losses (gains) reclassified from AOCI to net income2
(31) (34) (62) (69)
Income tax expense (benefit)1
7  9  15  17 
Net losses (gains) reclassified from AOCI to net income (24) (25) (47) (52)
Ending balance $ 1,443  $ 1,608  $ 1,443  $ 1,608 
Total AOCI Ending Balance $ 1,336  $ 1,644  $ 1,336  $ 1,644 
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.