ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME

The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:


			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2026						2025						2026						2025
Foreign Currency Translation
Beginning balance			$	(27)					$	33					$	17					$	(70)
Other comprehensive income (loss) before reclassifications			(5)						(42)						(56)						67
Income tax			1						6						8						—
Other comprehensive income (loss) before reclassifications, net of tax			(4)						(36)						(48)						67
Ending balance			$	(31)					$	(3)					$	(31)					$	(3)

Derivative Instruments
Beginning balance			$	(80)					$	3					$	(15)					$	(53)
Other comprehensive income (loss) before reclassifications			(112)						(41)						(215)						(33)
Income tax			27						10						52						8
Other comprehensive income (loss) before reclassifications, net of tax			(85)						(31)						(163)						(25)
Losses (gains) reclassified from AOCI to Revenues			30						6						57						30
Losses (gains) reclassified from AOCI to Cost of goods sold			4						10						(6)						52
Income tax expense (benefit)1			(7)						(4)						(11)						(20)
Net losses (gains) reclassified from AOCI to net income			27						12						40						62
Ending balance			$	(138)					$	(16)					$	(138)					$	(16)

Pension and OPEB
Beginning balance			$	1,443					$	1,608					$	1,490					$	1,660
Losses (gains) reclassified from AOCI to net income2			(31)						(34)						(93)						(103)
Income tax expense (benefit)1			8						8						23						25
Net losses (gains) reclassified from AOCI to net income			(23)						(26)						(70)						(78)
Ending balance			$	1,420					$	1,582					$	1,420					$	1,582

Total AOCI Ending Balance			$	1,251					$	1,563					$	1,251					$	1,563

1 Amounts recognized in Income tax benefit (expense) in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.