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Short-Term and Long-Term Debt | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Short-Term and Long-Term Debt [Text Block] | SHORT-TERM AND LONG-TERM DEBT The following tables present ALLETE’s short-term and long-term debt as of September 30, 2016 and December 31, 2015.
September 30, 2016 | Principal |  |  | Unamortized Debt Issuance Costs |  | Total |
Millions |  |  |  |  |
Short-Term Debt (a) |  | $187.2 |  |  | $(0.6) |  |  | $186.6 |
Long-Term Debt | 1,369.7 |  |  | (10.8) |  | 1,358.9 |
Total Debt |  | $1,556.9 |  |  | $(11.4) |  |  | $1,545.5 |
(a) | Consisted of long-term debt due within one year.
December 31, 2015 | Principal |  |  | Unamortized Debt Issuance Costs |  | Total |
Millions |  |  |  |  |
Short-Term Debt (a) |  | $37.9 |  |  | $(0.6) |  |  | $37.3 |
Long-Term Debt | 1,568.7 |  |  | (12.0) |  | 1,556.7 |
Total Debt |  | $1,606.6 |  |  | $(12.6) |  |  | $1,594.0 |
(a) | Consisted of long-term debt due within one year and notes payable.
No material long-term debt was issued in the first nine months of 2016. Financial Covenants. Our long-term debt arrangements contain customary covenants. In addition, our lines of credit and letters of credit supporting certain long-term debt arrangements contain financial covenants. Our compliance with financial covenants is not dependent on debt ratings. The most restrictive financial covenant requires ALLETE to maintain a ratio of indebtedness to total capitalization (as the amounts are calculated in accordance with the respective long-term debt arrangements) of less than or equal to 0.65 to 1.00, measured quarterly. As of September 30, 2016, our ratio was approximately 0.45 to 1.00. Failure to meet this covenant would give rise to an event of default if not cured after notice from the lender, in which event ALLETE may need to pursue alternative sources of funding. Some of ALLETE’s debt arrangements contain “cross-default” provisions that would result in an event of default if there is a failure under other financing arrangements to meet payment terms or to observe other covenants that would result in an acceleration of payments due. As of September 30, 2016, ALLETE was in compliance with its financial covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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