ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended March 31,
(In millions)	2023		2022
Foreign Currency Translation
Beginning balance	$	(1)	$	1
Other comprehensive loss before reclassifications	—		—
Ending balance	$	(1)	$	1
Derivative Instruments
Beginning balance	$	(16)	$	68
Other comprehensive income (loss) before reclassifications	(177)		168
Income tax	44		(39)
Other comprehensive income (loss) before reclassifications, net of tax	(133)		129
Gains reclassified from AOCI to net income (loss)1	(25)		(42)
Income tax expense2	6		9
Net gains reclassified from AOCI to net income (loss)	(19)		(33)
Ending balance	$	(168)	$	164
Pension and OPEB
Beginning balance	$	1,847	$	549
Losses (gains) reclassified from AOCI to net income (loss)3	(35)		1
Income tax expense2	8		—
Net losses (gains) reclassified from AOCI to net income (loss)	(27)		1
Ending balance	$	1,820	$	550
Total AOCI Ending Balance	$	1,651	$	715
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax benefit (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.