Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME

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ACCUMULATED OTHER COMPREHENSIVE INCOME
 9 Months Ended
Sep. 30, 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
September 30,		 Nine Months Ended
September 30,
(In millions) 2026 2025 2026 2025
Foreign Currency Translation
Beginning balance $ (27) $ 33  $ 17  $ (70)
Other comprehensive income (loss) before reclassifications (5) (42) (56) 67 
Income tax 1  6  8  — 
Other comprehensive income (loss) before reclassifications, net of tax (4) (36) (48) 67 
Ending balance $ (31) $ (3) $ (31) $ (3)
Derivative Instruments
Beginning balance $ (80) $ 3  $ (15) $ (53)
Other comprehensive income (loss) before reclassifications (112) (41) (215) (33)
Income tax 27  10  52  8 
Other comprehensive income (loss) before reclassifications, net of tax (85) (31) (163) (25)
Losses (gains) reclassified from AOCI to Revenues
30  6  57  30 
Losses (gains) reclassified from AOCI to Cost of goods sold
4  10  (6) 52 
Income tax expense (benefit)1
(7) (4) (11) (20)
Net losses (gains) reclassified from AOCI to net income 27  12  40  62 
Ending balance $ (138) $ (16) $ (138) $ (16)
Pension and OPEB
Beginning balance $ 1,443  $ 1,608  $ 1,490  $ 1,660 
Losses (gains) reclassified from AOCI to net income2
(31) (34) (93) (103)
Income tax expense (benefit)1
8  8  23  25 
Net losses (gains) reclassified from AOCI to net income (23) (26) (70) (78)
Ending balance $ 1,420  $ 1,582  $ 1,420  $ 1,582 
Total AOCI Ending Balance $ 1,251  $ 1,563  $ 1,251  $ 1,563 
1 Amounts recognized in Income tax benefit (expense) 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.