Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Foreign Currency Translation
Beginning balance $ (1) $ $ (1) $
Other comprehensive loss before reclassifications   (2)   (2)
Ending balance $ (1) $ (1) $ (1) $ (1)
Derivative Instruments
Beginning balance $ (168) $ 164  $ (16) $ 68 
Other comprehensive income (loss) before reclassifications (31) (30) (208) 138 
Income tax 7  51  (31)
Other comprehensive income (loss) before reclassifications, net of tax (24) (22) (157) 107 
Losses (gains) reclassified from AOCI to net income1
55  (42) 30  (84)
Income tax expense (benefit)2
(13) (7) 18 
Net losses (gains) reclassified from AOCI to net income 42  (33) 23  (66)
Ending balance $ (150) $ 109  $ (150) $ 109 
Pension and OPEB
Beginning balance $ 1,820  $ 550  $ 1,847  $ 549 
Losses (gains) reclassified from AOCI to net income3
(36) —  (71)
Income tax expense2
10  —  18  — 
Net losses (gains) reclassified from AOCI to net income (26) —  (53)
Ending balance $ 1,794  $ 550  $ 1,794  $ 550 
Total AOCI Ending Balance $ 1,643  $ 658  $ 1,643  $ 658 
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax expense 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.