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ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:
| December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Foreign Currency Translation |  |  |  |  |
Beginning balance | $ | — |  |  | $ | (1) |  |  | $ | 1 |
Other comprehensive income (loss) before reclassifications | (70) |  |  | 1 |  |  | (2) |
Ending balance | $ | (70) |  |  | $ | — |  |  | $ | (1) |
Derivative Instruments |  |  |  |  |
Beginning balance | $ | (170) |  |  | $ | (16) |  |  | $ | 68 |
Other comprehensive income (loss) before reclassifications | (41) |  |  | (345) |  |  | 146 |
Income tax | 10 |  |  | 81 |  |  | (33) |
Other comprehensive income (loss) before reclassifications, net of tax | (31) |  |  | (264) |  |  | 113 |
Losses (gains) reclassified from AOCI to net income 1 | 195 |  |  | 144 |  |  | (256) |
Income tax expense (benefit)2 | (47) |  |  | (34) |  |  | 59 |
Net losses (gains) reclassified from AOCI to net income | 148 |  |  | 110 |  |  | (197) |
Ending balance | $ | (53) |  |  | $ | (170) |  |  | $ | (16) |
Pension and OPEB |  |  |  |  |
Beginning balance | $ | 1,827 |  |  | $ | 1,847 |  |  | $ | 549 |
Other comprehensive income (loss) before reclassifications 4 | (68) |  |  | 115 |  |  | 1,759 |
Income tax | 17 |  |  | (39) |  |  | (434) |
Other comprehensive income (loss) before reclassifications, net of tax | (51) |  |  | 76 |  |  | 1,325 |
Gains reclassified from AOCI to net income 3 | (154) |  |  | (145) |  |  | (36) |
Income tax expense 2 | 38 |  |  | 49 |  |  | 9 |
Net gains reclassified from AOCI to net income | (116) |  |  | (96) |  |  | (27) |
Ending balance | $ | 1,660 |  |  | $ | 1,827 |  |  | $ | 1,847 |
Total AOCI Ending Balance | $ | 1,537 |  |  | $ | 1,657 |  |  | $ | 1,830 |
1 Amounts recognized in Cost of goods sold in the Statements of Consolidated Operations.
2 Amounts recognized in Income tax benefit (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.

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