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Business Segment (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
Year Ended December 31 | 2023 | 2022 | 2021
Millions |  |  |
Operating Revenue |  |  |
Residential | $165.7 |  | $175.9 |  | $160.8 |
Commercial | 184.6 |  | 187.2 |  | 168.6 |
Municipal | 33.4 |  | 40.2 |  | 52.0 |
Industrial | 593.6 |  | 589.0 |  | 565.5 |
Other Power Suppliers | 146.1 |  | 165.8 |  | 168.7 |
Other | 114.9 |  | 101.2 |  | 112.3 |
Total Regulated Operations | 1,238.3 |  | 1,259.3 |  | 1,227.9 |
ALLETE Clean Energy |  |  |
Long-term PSA | 65.0 |  | 77.2 |  | 75.5 |
Sale of Wind Energy Facilities | 348.4 |  | 33.5 |  | — |
Other | 5.1 |  | 7.6 |  | 11.4 |
Total ALLETE Clean Energy | 418.5 |  | 118.3 |  | 86.9 |
Corporate and Other |  |  |
Long-term Contract | 101.2 |  | 89.2 |  | 84.4 |
Sale of Renewable Development Projects | 92.5 |  | 73.9 |  | — |
Other | 29.3 |  | 30.0 |  | 20.0 |
Total Corporate and Other | 223.0 |  | 193.1 |  | 104.4 |
Total Operating Revenue | $1,879.8 |  | $1,570.7 |  | $1,419.2 |
Net Income Attributable to ALLETE (a) |  |  |
Regulated Operations | $147.2 |  | $149.9 |  | $129.1 |
ALLETE Clean Energy (b) | 71.7 |  | 16.3 |  | 26.3 |
Corporate and Other (c)(d) | 28.2 |  | 23.1 |  | 13.8 |
Total Net Income Attributable to ALLETE | $247.1 |  | $189.3 |  | $169.2 |
(a) Includes interest expense and interest income resulting from intercompany loan agreements and allocated to certain subsidiaries. The amounts are eliminated in consolidation. (b) Net income in 2023 includes a $44.3 million after-tax gain recognized for a favorable arbitration ruling. (See Note 9. Commitments, Guarantees and Contingencies.) (c) Net Income in 2022 includes a $8.3 million after-tax expense as a result of purchase price accounting related to projects under development at the time of acquisition and $2.7 million after-tax of transaction costs related to the acquisition of New Energy. (d) In 2021, South Shore Energy sold a portion of its undivided ownership interest in NTEC to Basin. The closing of the transaction resulted in the recognition of an approximately $8.5 million after-tax gain which is reflected in Corporate and Other. (See Note 1. Operations and Significant Accounting Policies.)
Year Ended December 31 | 2023 | 2022 | 2021
Millions |  |  |
Depreciation and Amortization |  |  |
Regulated Operations | $179.2 |  | $171.9 |  | $170.7 |
ALLETE Clean Energy | 57.5 |  | 58.6 |  | 49.2 |
Corporate and Other | 15.1 |  | 11.7 |  | 11.8 |
Total Depreciation and Amortization | $251.8 |  | $242.2 |  | $231.7 |
Interest Expense (a) |  |  |
Regulated Operations | $63.9 |  | $58.1 |  | $57.3 |
ALLETE Clean Energy | 0.8 |  | 2.3 |  | 1.5 |
Corporate and Other | 22.5 |  | 19.6 |  | 13.2 |
Eliminations | (6.4) |  | (4.8) |  | (2.9) |
Total Interest Expense | $80.8 |  | $75.2 |  | $69.1 |
Equity Earnings |  |  |
Regulated Operations | $23.1 |  | $19.3 |  | $21.3 |
Corporate and Other | (1.4) |  | (0.6) |  | (1.3) |
Total Equity Earnings | $21.7 |  | $18.7 |  | $20.0 |
Income Tax Expense (Benefit) |  |  |
Regulated Operations | $22.4 |  | $(10.4) | $(16.6)
ALLETE Clean Energy | 2.7 |  | (15.4) | (16.6)
Corporate and Other | 2.8 |  | (5.4) | 6.3 |
Total Income Tax Expense (Benefit) | $27.9 | $(31.2) | $(26.9)
(a) Includes interest expense resulting from intercompany loan agreements and allocated to certain subsidiaries. The amounts are eliminated in consolidation.
As of December 31 | 2023 | 2022 |
Millions |  |  |
Assets |  |  |
Regulated Operations | $4,335.0 |  | $4,291.4 |  |
ALLETE Clean Energy | 1,594.1 |  | 1,873.3 |  |
Corporate and Other | 727.3 |  | 680.9 |  |
Total Assets | $6,656.4 |  | $6,845.6 |  |
Capital Expenditures |  |  |
Regulated Operations | $236.3 |  | $158.3 |  |
ALLETE Clean Energy | (5.3) |  | 2.2 |  |
Corporate and Other | 25.0 |  | 47.6 |  |
Total Capital Expenditures | $256.0 |  | $208.1 |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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