Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2025
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
March 31,
(In millions) 2025 2024
Foreign Currency Translation
Beginning balance $ (70) $ — 
Other comprehensive income (loss) before reclassifications 1  (1)
Ending balance $ (69) $ (1)
Derivative Instruments
Beginning balance $ (53) $ (170)
Other comprehensive income (loss) before reclassifications 101  (33)
Income tax (benefit) (24) 8 
Other comprehensive income (loss) before reclassifications, net of tax 77  (25)
Losses reclassified from AOCI to net loss1
32  59 
Income tax benefit2
(8) (14)
Net losses reclassified from AOCI to net loss 24  45 
Ending balance $ 48  $ (150)
Pension and OPEB
Beginning balance $ 1,660  $ 1,827 
Gains reclassified from AOCI to net loss3
(35) (38)
Income tax expense2
8  10 
Net gains reclassified from AOCI to net loss (27) (28)
Ending balance $ 1,633  $ 1,799 
Total AOCI Ending Balance $ 1,612  $ 1,648 
1 Amounts recognized in Cost of goods sold for commodity purchase swaps within the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit 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.