ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:

	(In Millions)
	Three Months Ended March 31,
	2022		2021
Foreign Currency Translation
Beginning balance	$	1	$	3
Other comprehensive loss before reclassifications	—		(1)
Ending balance	$	1	$	2
Derivative Instruments
Beginning balance	$	68	$	(1)
Other comprehensive income before reclassifications	168		10
Income tax	(39)		(2)
Other comprehensive income before reclassifications, net of tax	129		8
Gains reclassified from AOCI to net income1	(42)		(1)
Income tax expense2	9		—
Net gains reclassified from AOCI to net income	(33)		(1)
Ending balance	$	164	$	6
Pension and OPEB
Beginning balance	$	549	$	(135)
Net actuarial loss reclassified from AOCI to net income3	1		9
Income tax benefit2	—		(2)
Net losses reclassified from AOCI to net income	1		7
Ending balance	$	550	$	(128)
Total AOCI Ending Balance	$	715	$	(120)
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.