Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		 Six Months Ended
June 30,
(In millions) 2025 2024 2025 2024
Foreign Currency Translation
Beginning balance $ (69) $ (1) $ (70) $ — 
Other comprehensive income (loss) before reclassifications 108  —  109  (1)
Income tax (6) —  (6) — 
Other comprehensive income (loss) before reclassifications, net of tax 102  —  103  (1)
Ending balance $ 33  $ (1) $ 33  $ (1)
Derivative Instruments
Beginning balance $ 48  $ (150) $ (53) $ (170)
Other comprehensive income (loss) before reclassifications (93) 2  8  (31)
Income tax 22  —  (2) 8 
Other comprehensive income (loss) before reclassifications, net of tax (71) 2  6  (23)
Losses (gains) reclassified from AOCI to net income (loss)1
34  61  66  120 
Income tax expense (benefit)2
(8) (16) (16) (30)
Net losses (gains) reclassified from AOCI to net income (loss) 26  45  50  90 
Ending balance $ 3  $ (103) $ 3  $ (103)
Pension and OPEB
Beginning balance $ 1,633  $ 1,799  $ 1,660  $ 1,827 
Gains reclassified from AOCI to net income (loss)3
(34) (39) (69) (77)
Income tax expense2
9  10  17  20 
Net gains reclassified from AOCI to net income (loss) (25) (29) (52) (57)
Ending balance $ 1,608  $ 1,770  $ 1,608  $ 1,770 
Total AOCI Ending Balance $ 1,644  $ 1,666  $ 1,644  $ 1,666 
1 Amounts recognized in Revenues and Cost of goods sold for sales swaps and commodity purchase swaps, respectively, 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.