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Investment in ATC | 9 Months Ended
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Sep. 30, 2012
Investment in ATC [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. As of September 30, 2012, our equity investment in ATC was $105.5 million ($98.9 million at December 31, 2011). In the first nine months of 2012, we invested $3.9 million in ATC, and on October 30, 2012, we invested an additional $0.8 million. We do not expect to make any additional investments in 2012.
ALLETE’s Investment in ATC |
Millions |
Equity Investment Balance as of December 31, 2011 |  | $98.9 |
Cash Investments | 3.9 |
Equity in ATC Earnings | 14.3 |
Distributed ATC Earnings | (11.6 | )
Equity Investment Balance as of September 30, 2012 |  | $105.5 |
ATC’s summarized financial data for the quarters and nine months ended September 30, 2012 and 2011, is as follows:
| Quarter Ended |  | Nine Months Ended
ATC Summarized Financial Data | September 30, |  | September 30,
Income Statement Data | 2012 |  | 2011 |  | 2012 |  | 2011
Millions |  |  |  |  |  |  |
Revenue | $150.3 |  | $142.8 |  |  | $450.1 |  |  |  | $420.6 |
Operating Expense | 68.8 |  | 66.4 |  | 210.1 |  |  | 192.5 |
Other Expense | 21.0 |  | 19.7 |  | 62.1 |  |  | 61.6 |
Net Income |  | $60.5 |  |  | $56.7 |  |  | $177.9 |  |  |  | $166.5 |
ALLETE’s Equity in Net Income | $4.9 |  | $4.7 |  |  | $14.3 |  |  |  | $13.7 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: 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=7658923&loc=d3e32787-111569 Reference 2: 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 3: 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 4: 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 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=7658923&loc=d3e32847-111569 + Details
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