ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2022

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:

	(In Millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign Currency Translation
Beginning balance	$	1	$	2	$	1	$	3
Other comprehensive loss before reclassifications	(2)		—		(2)		(1)
Ending balance	$	(1)	$	2	$	(1)	$	2
Derivative Instruments
Beginning balance	$	164	$	6	$	68	$	(1)
Other comprehensive income (loss) before reclassifications	(30)		64		138		74
Income tax	8		(13)		(31)		(15)
Other comprehensive income before reclassifications, net of tax	(22)		51		107		59
Gains reclassified from AOCI to net income1	(42)		(5)		(84)		(6)
Income tax expense2	9		1		18		1
Net gains reclassified from AOCI to net income	(33)		(4)		(66)		(5)
Ending balance	$	109	$	53	$	109	$	53
Pension and OPEB
Beginning balance	$	550	$	(128)	$	549	$	(135)
Net actuarial loss reclassified from AOCI to net income3	—		9		1		18
Income tax benefit2	—		(2)		—		(4)
Net losses reclassified from AOCI to net income	—		7		1		14
Ending balance	$	550	$	(121)	$	550	$	(121)
Total AOCI Ending Balance	$	658	$	(66)	$	658	$	(66)
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.