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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

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ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract] 听
Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income within Cliffs shareholders鈥� equity and related tax effects allocated to each are shown below:
December 31,
(In millions) 2023 2022 2021
Foreign Currency Translation
Beginning balance $ (1) $ 1听 $ 3听
Other comprehensive income (loss) before reclassifications 1听 (2) (2)
Ending balance $ 鈥�听 $ (1) $ 1听
Derivative Instruments
Beginning balance $ (16) $ 68听 $ (1)
Other comprehensive income (loss) before reclassifications (345) 146听 151听
Income tax 81听 (33) (34)
Other comprehensive income (loss) before reclassifications, net of tax (264) 113听 117听
Losses (gains) reclassified from AOCI to net income1
144听 (256) (61)
Income tax expense (benefit)2
(34) 59听 13听
Net losses (gains) reclassified from AOCI to net income 110听 (197) (48)
Ending balance $ (170) $ (16) $ 68听
Pension and OPEB
Beginning balance $ 1,847听 $ 549听 $ (135)
Other comprehensive income before reclassifications4
115听 1,759听 878听
Income tax (39) (434) (203)
Other comprehensive income before reclassifications, net of tax 76听 1,325听 675听
Losses (gains) reclassified from AOCI to net income3
(145) (36) 12听
Income tax expense (benefit)2
49听 9听 (3)
Net losses (gains) reclassified from AOCI to net income (96) (27) 9听
Ending balance $ 1,827听 $ 1,847听 $ 549听
Total AOCI Ending Balance $ 1,657听 $ 1,830听 $ 618听
1 Amounts recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax expense in the Statements of Consolidated Operations.
3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Consolidated Operations.
4 Refer to NOTE 9 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.