ÈÕº«Èý¼¶Æ¬

Quarterly report [Sections 13 or 15(d)]

ACCUMULATED OTHER COMPREHENSIVE INCOME

v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2025
Equity [Abstract] Ìý
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
March 31,
(In millions) 2025 2024
Foreign Currency Translation
Beginning balance $ (70) $ —Ìý
Other comprehensive income (loss) before reclassifications 1Ìý (1)
Ending balance $ (69) $ (1)
Derivative Instruments
Beginning balance $ (53) $ (170)
Other comprehensive income (loss) before reclassifications 101Ìý (33)
Income tax (benefit) (24) 8Ìý
Other comprehensive income (loss) before reclassifications, net of tax 77Ìý (25)
Losses reclassified from AOCI to net loss1
32Ìý 59Ìý
Income tax benefit2
(8) (14)
Net losses reclassified from AOCI to net loss 24Ìý 45Ìý
Ending balance $ 48Ìý $ (150)
Pension and OPEB
Beginning balance $ 1,660Ìý $ 1,827Ìý
Gains reclassified from AOCI to net loss3
(35) (38)
Income tax expense2
8Ìý 10Ìý
Net gains reclassified from AOCI to net loss (27) (28)
Ending balance $ 1,633Ìý $ 1,799Ìý
Total AOCI Ending Balance $ 1,612Ìý $ 1,648Ìý
1 Amounts recognized in Cost of goods sold for commodity purchase swaps within the Statements of Unaudited Condensed Consolidated ÈÕº«Èý¼¶Æ¬.
2 Amounts recognized in Income tax benefit in the Statements of Unaudited Condensed Consolidated ÈÕº«Èý¼¶Æ¬.
3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated ÈÕº«Èý¼¶Æ¬.