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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Carrying Value and Fair Value of Other Financial Instruments | The following table summarizes the carrying value and fair value of other financial instruments:
|  |  | December 31, 2024 |  | December 31, 2023
(In millions) | Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Senior notes | Level 1 |  | $ | 5,505 |  |  | $ | 5,496 |  |  | $ | 3,137 |  |  | $ | 3,118 |
ABL Facility - outstanding balance | Level 2 |  | 1,560 |  |  | 1,560 |  |  | — |  |  | — |
Total |  |  | $ | 7,065 |  |  | $ | 7,056 |  |  | $ | 3,137 |  |  | $ | 3,118 |
Schedule of Defined Benefit Plans Disclosures | The following tables and information provide additional disclosures:
(In millions) | Pension Benefits |  | OPEB
Change in benefit obligations: | 2024 |  | 2023 |  | 2024 |  | 2023
Benefit obligations — beginning of year | $ | 4,571 |  |  | $ | 4,646 |  |  | $ | 1,036 |  |  | $ | 1,233 |
Service cost | 28 |  |  | 31 |  |  | 8 |  |  | 10 |
Interest cost | 218 |  |  | 235 |  |  | 50 |  |  | 64 |
Plan amendments | — |  |  | 3 |  |  | 7 |  |  | 8 |
Actuarial loss (gain) | (165) |  |  | 116 |  |  | 162 |  |  | (158) |
Benefits paid | (429) |  |  | (436) |  |  | (155) |  |  | (163) |
Participant contributions | — |  |  | — |  |  | 36 |  |  | 42 |
Acquired through business combinations | 35 |  |  | — |  |  | — |  |  | — |
Foreign currency exchange | (1) |  |  | — |  |  | — |  |  | — |
Effect of settlement | (9) |  |  | (24) |  |  | — |  |  | — |
Other | — |  |  | — |  |  | 3 |  |  | — |
Benefit obligations — end of year | $ | 4,248 |  |  | $ | 4,571 |  |  | $ | 1,147 |  |  | $ | 1,036 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets — beginning of year | $ | 4,282 |  |  | $ | 4,338 |  |  | $ | 739 |  |  | $ | 728 |
Actual return on plan assets | 254 |  |  | 375 |  |  | 46 |  |  | 67 |
Participant contributions | — |  |  | — |  |  | 36 |  |  | 42 |
Employer contributions | 119 |  |  | 29 |  |  | 76 |  |  | 65 |
Benefits paid | (429) |  |  | (436) |  |  | (155) |  |  | (163) |
Acquired through business combinations | 21 |  |  | — |  |  | — |  |  | — |
Foreign currency exchange | (1) |  |  | — |  |  | — |  |  | — |
Effect of settlement | (9) |  |  | (24) |  |  | — |  |  | — |
Fair value of plan assets — end of year | $ | 4,237 |  |  | $ | 4,282 |  |  | $ | 742 |  |  | $ | 739 |
Funded status | $ | (11) |  |  | $ | (289) |  |  | $ | (405) |  |  | $ | (297) |
Amounts recognized in Statements of Financial Position: |  |  |  |  |  |  |
Non-current assets | $ | 239 |  |  | $ | 137 |  |  | $ | 188 |  |  | $ | 192 |
Current liabilities 1 | (7) |  |  | (18) |  |  | (85) |  |  | (76) |
Non-current liabilities | (243) |  |  | (408) |  |  | (508) |  |  | (413) |
Total amount recognized | $ | (11) |  |  | $ | (289) |  |  | $ | (405) |  |  | $ | (297) |
Amounts recognized in accumulated other comprehensive loss (income): |  |  |  |  |  |  |
Net actuarial gain | $ | (400) |  |  | $ | (304) |  |  | $ | (1,720) |  |  | $ | (2,033) |
Prior service cost (credit) | 89 |  |  | 106 |  |  | (109) |  |  | (131) |
Net amount recognized | $ | (311) |  |  | $ | (198) |  |  | $ | (1,829) |  |  | $ | (2,164) |
1 Current liabilities are classified within Other current liabilities on the Statements of Consolidated Financial Position.
Company contributions and payments we expect to make in 2025, and made in 2024 and 2023 are as follows:
|  | Pension Benefits |  | OPEB
(In millions) |  | VEBA 1 |  | Direct Payments |  | Total
2023 |  | $ | 29 |  |  | $ | — |  |  | $ | 65 |  |  | $ | 65 |
2024 |  | 119 |  |  | — |  |  | 76 |  |  | 76 |
2025 (Expected) |  | 69 |  |  | — |  |  | 74 |  |  | 74 |
1 Pursuant to the applicable bargaining agreements, benefits can be paid from certain VEBAs that are at least 70% funded (all VEBAs were over 70% funded at December 31, 2024). Certain agreements with plans holding VEBA assets have capped healthcare costs. For the Cleveland-Cliffs Steel LLC VEBA, we are required to make contributions based on earnings, and we may withdraw money from the VEBA plan to the extent funds are available for costs in excess of the cap. VEBA withdrawals are represented net of direct payments. There will be no further contributions to the Cleveland-Cliffs Steel LLC VEBA based on earnings for the remainder of the labor agreement with the USW, which expires in September 2026.
The following table summarizes the changes in fair value of the employee benefit commitment:
(In millions) | 2024 |  |
Beginning balance as of January 1 | $ | — |  |  |
Fair value of commitment assumed in connection with Stelco Acquisition | (197) |  |  |
Total losses included in earnings | (2) |  |  |
Payments | 5 |  |  |
Foreign currency translation | 6 |  |  |
Ending balance as of December 31 | $ | (188) |  |  |
The following table summarizes the changes in fair value of the MinnTac option:
(In millions) | 2024 |  |
Beginning balance as of January 1 | $ | — |  |  |
Fair value of option acquired in connection with Stelco Acquisition | 110 |  |  |
Total losses included in earnings | (12) |  |  |
Foreign currency translation | (3) |  |  |
Ending balance as of December 31 | $ | 95 |  |  |

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