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Investment in ATC | 9 Months Ended
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Sep. 30, 2011
Equity Method Investments and Joint Ventures [Abstract] |
Investment in ATC [Text Block] | INVESTMENT IN ATC Our wholly-owned subsidiary, Rainy River Energy, owns approximately 8 percent of ATC, a Wisconsin-based utility that owns and maintains electric transmission assets in parts of Wisconsin, Michigan, Minnesota and Illinois. ATC rates are FERC-approved and are based on a 12.2 percent return on common equity dedicated to utility plant. We account for our investment in ATC under the equity method of accounting. In the first nine months of 2011, we invested $2.0 million in ATC. We do not expect to make any additional investments in 2011.
ALLETE’s Investment in ATC |
Millions |
Equity Investment Balance as of December 31, 2010 | $93.3
Cash Investments | 2.0
Equity in ATC Earnings | 13.7
Distributed ATC Earnings | (11.1)
Equity Investment Balance as of September 30, 2011 | $97.9
ATC’s summarized financial data for the quarter and nine months ended September 30, 2011 and 2010, is as follows:
| Quarter Ended |  | Nine Months Ended
ATC Summarized Financial Data | September 30, |  | September 30,
Income Statement Data | 2011 |  | 2010 |  | 2011 |  | 2010
Millions |  |  |  |  |  |  |
Revenue | $142.8 |  | $136.9 |  | $420.6 |  | $414.1
Operating Expense | 66.4 |  | 60.2 |  | 192.5 |  | 185.9
Other Expense | 19.7 |  | 21.7 |  | 61.6 |  | 64.0
Net Income | $56.7 |  | $55.0 |  | $166.5 |  | $164.2
ALLETE’s Equity in Net Income | $4.7 |  | $4.5 |  | $13.7 |  | $13.4

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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