XML 25 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

Operations and Significant Accounting Policies | 6 Months Ended
--- | ---
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations and Significant Accounting Policies [Text Block] | OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Cash, Cash Equivalents and Restricted Cash. We consider all investments purchased with original maturities of three months or less to be cash equivalents. As of June 30, 2021, restricted cash amounts included in Prepayments and Other on the Consolidated Balance Sheet include collateral deposits required under an ALLETE Clean Energy loan agreement. The restricted cash amounts included in Other Non-Current Assets represent collateral deposits required under ALLETE Clean Energy loan and tax equity financing agreements as well as PSAs. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheet that aggregate to the amounts presented in the Consolidated Statement of Cash Flows.
Cash, Cash Equivalents and Restricted Cash | June 30, 2021 |  | December 31, 2020 |  | June 30, 2020 |  | December 31, 2019
Millions |  |  |  |  |  |  |
Cash and Cash Equivalents | $62.5 |  |  | $44.3 |  |  | $25.7 |  |  | $69.3 |
Restricted Cash included in Prepayments and Other | 1.6 |  |  | 0.8 |  |  | 7.3 |  |  | 2.8 |
Restricted Cash included in Other Non-Current Assets | 3.2 |  |  | 20.1 |  |  | 4.4 |  |  | 20.4 |
Cash, Cash Equivalents and Restricted Cash on the Consolidated Statement of Cash Flows | $67.3 |  |  | $65.2 |  |  | $37.4 |  |  | $92.5 |
Inventories – Net. Inventories are stated at the lower of cost or net realizable value. Inventories in our Regulated Operations segment are carried at an average cost or first-in, first-out basis. Inventories in our ALLETE Clean Energy segment and Corporate and Other businesses are carried at an average cost, first-in, first-out or specific identification basis.
Inventories – Net | June 30, 2021 |  | December 31, 2020
Millions |  |  |
Fuel (a) | $17.2 |  |  | $23.1 |
Materials and Supplies | 53.7 |  |  | 51.1 |
Construction of Wind Energy Facilities (b) | 17.2 |  |  | — |
Total Inventories – Net | $88.1 |  |  | $74.2 |
(a) Fuel consists primarily of coal inventory at Minnesota Power. (b) Project costs related to ALLETE Clean Energy’s Northern Wind and Red Barn wind projects which are expected be sold in late 2022. (See Outlook – ALLETE Clean Energy.) NOTE 1. OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
Other Non-Current Assets | June 30, 2021 |  | December 31, 2020
Millions |  |  |
Contract Assets (a) | $24.1 |  |  | $25.5 |
Operating Lease Right-of-use Assets | 18.9 |  |  | 22.4 |
ALLETE Properties | 18.3 |  |  | 18.2 |
Restricted Cash | 3.2 |  |  | 20.1 |
Other Postretirement Benefit Plans | 35.2 |  |  | 34.2 |
Other | 83.0 |  |  | 86.4 |
Total Other Non-Current Assets | $182.7 |  |  | $206.8 |
(a) Contract Assets consist of payments made to customers as an incentive to execute or extend service agreements. The contract payments are being amortized over the term of the respective agreements as a reduction to revenue.
Other Current Liabilities | June 30, 2021 |  | December 31, 2020
Millions |  |  |
PSAs | $12.6 |  |  | $12.5 |
Fuel Adjustment Clause | 3.7 |  |  | 3.7 |
Operating Lease Liabilities | 5.6 |  |  | 5.9 |
Other | 38.5 |  |  | 44.6 |
Total Other Current Liabilities | $60.4 |  |  | $66.7 |
Other Non-Current Liabilities | June 30, 2021 |  | December 31, 2020
Millions |  |  |
Asset Retirement Obligation (a) | $170.6 |  |  | $166.6 |
PSAs | 45.8 |  |  | 52.1 |
Operating Lease Liabilities | 13.4 |  |  | 16.5 |
Other | 47.2 |  |  | 50.1 |
Total Other Non-Current Liabilities | $277.0 |  |  | $285.3 |
(a)The asset retirement obligation is primarily related to our Regulated Operations and is funded through customer rates over the life of the related assets. Additionally, BNI Energy funds its obligation through its cost-plus coal supply agreements for which BNI Energy has recorded a receivable of $25.0 million in Other Non-Current Assets on the Consolidated Balance Sheet as of June 30, 2021 and December 31, 2020.
Other Income |  |
Six Months Ended June 30, | 2021 | 2020
Millions |  |
Pension and Other Postretirement Benefit Plan Non-Service Credits (a) | $2.8 |  | $4.8 |
Interest and Investment Income (Loss) | 1.8 |  | (0.5) |
AFUDC - Equity | 1.1 |  | 1.4 |
Other | (0.6) |  | 0.5 |
Total Other Income | $5.1 |  | $6.2 |
(a)These are components of net periodic pension and other postretirement benefit cost other than service cost. (See Note 9. Pension and Other Postretirement Benefit Plans.) NOTE 1. OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Continued) Supplemental Statement of Cash Flows Information.
Six Months Ended June 30, | 2021 |  | 2020
Millions |  |  |
Cash Paid for Interest – Net of Amounts Capitalized | $33.8 |  | $30.9
Noncash Investing and Financing Activities |  |  |
Increase in Accounts Payable for Capital Additions to Property, Plant and Equipment | $(8.8) |  | $(67.5)
Capitalized Asset Retirement Costs | $3.5 |  | $2.1
AFUDC–Equity | $1.1 |  | $1.4
Non-Controlling Interest in Subsidiaries. Non-controlling interest in subsidiaries on the Consolidated Balance Sheet and net loss attributable to non-controlling interest on the Consolidated Statement of Income represent the portion of equity ownership and earnings, respectively, of subsidiaries that are not attributable to equity holders of ALLETE. These amounts are primarily related to the tax equity financing structures for ALLETE Clean Energy’s 106 MW Glen Ullin, 80 MW South Peak and 303 MW Diamond Spring wind energy facilities as well as ALLETE’s equity investment in the 250 MW Nobles 2 wind energy facility. Subsequent Events. The Company performed an evaluation of subsequent events for potential recognition and disclosure through the date of the financial statements issuance.

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
Name: | us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration