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OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Cash and Cash Equivalents | 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 | September 30, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | December 31, 2022
Millions |  |  |  |  |  |  |
Cash and Cash Equivalents | $101.9 |  |  | $71.9 |  |  | $125.5 |  |  | $36.4 |
Restricted Cash included in Prepayments and Other | 6.6 |  |  | 5.1 |  |  | 3.3 |  |  | 1.5 |
Restricted Cash included in Other Non-Current Assets | 2.5 |  |  | 2.4 |  |  | 2.4 |  |  | 2.3 |
Cash, Cash Equivalents and Restricted Cash on the Consolidated Statement of Cash Flows | $111.0 |  |  | $79.4 |  |  | $131.2 |  |  | $40.2 |
Schedule of Restrictions on Cash and Cash Equivalents | 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 | September 30, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | December 31, 2022
Millions |  |  |  |  |  |  |
Cash and Cash Equivalents | $101.9 |  |  | $71.9 |  |  | $125.5 |  |  | $36.4 |
Restricted Cash included in Prepayments and Other | 6.6 |  |  | 5.1 |  |  | 3.3 |  |  | 1.5 |
Restricted Cash included in Other Non-Current Assets | 2.5 |  |  | 2.4 |  |  | 2.4 |  |  | 2.3 |
Cash, Cash Equivalents and Restricted Cash on the Consolidated Statement of Cash Flows | $111.0 |  |  | $79.4 |  |  | $131.2 |  |  | $40.2 |
Schedule of Inventories – Net | 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 | September 30, 2024 |  | December 31, 2023
Millions |  |  |
Fuel (a) | $21.7 |  |  | $27.2 |
Materials and Supplies | 115.5 |  |  | 115.7 |
Renewable Energy Facilities Under Development (b) | 29.4 |  |  | 32.5 |
Total Inventories – Net | $166.6 |  |  | $175.4 |
(a) Fuel consists primarily of coal inventory at Minnesota Power. (b) Renewable Energy Facilities Under Development as of September 30, 2024, consists primarily of project costs related to renewable energy development projects at New Energy.
Schedule of Other Non-Current Assets |
Other Non-Current Assets | September 30, 2024 |  | December 31, 2023
Millions |  |  |
Other Postretirement Benefit Plans | $101.1 |  |  | $106.3 |
Contract Assets (a) | 16.6 |  |  | 18.5 |
Operating Lease Right-of-use Assets | 10.8 |  |  | 10.7 |
ALLETE Properties | 10.4 |  |  | 10.8 |
Restricted Cash | 2.5 |  |  | 2.4 |
Finance Lease Right-of-use Assets | 2.0 |  |  | 2.1 |
Other | 118.3 |  |  | 112.1 |
Total Other Non-Current Assets | $261.7 |  |  | $262.9 |
(a) Contract Assets consist of payments made to customers as an incentive to execute or extend service agreements. The payments are being amortized over the term of the respective agreements as a reduction to revenue.
Schedule of Other Current Liabilities |
Other Current Liabilities | September 30, 2024 |  | December 31, 2023
Millions |  |  |
Provision for Interim Rate Refund | $17.0 |  |  | — |
Customer Deposits | 9.2 |  |  | $7.4 |
PSAs | 5.9 |  |  | 6.0 |
Operating Lease Liabilities | 3.4 |  |  | 3.0 |
Finance Lease Liabilities | 0.4 |  |  | 0.4 |
Other | 66.6 |  |  | 75.1 |
Total Other Current Liabilities | $102.5 |  |  | $91.9 |
Schedule of Other Non-Current Liabilities |
Other Non-Current Liabilities | September 30, 2024 |  | December 31, 2023
Millions |  |  |
Asset Retirement Obligation (a)(b) | $258.9 |  |  | $202.9 |
PSAs | 16.5 |  |  | 20.9 |
Operating Lease Liabilities | 7.5 |  |  | 7.7 |
Finance Lease Liabilities | 1.4 |  |  | 1.6 |
Other | 30.1 |  |  | 31.2 |
Total Other Non-Current Liabilities | $314.4 |  |  | $264.3 |
(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 $37.2 million in Other Non-Current Assets on the Consolidated Balance Sheet as of September 30, 2024 ($37.2 million as of December 31, 2023). (b)The increase in Asset Retirement Obligation in 2024 reflects the impact of estimated compliance costs related to the EPA’s CCR Legacy Impoundment Rule finalized in May 2024. (See Note 6. Commitments, Guarantees and Contingencies.)
Schedule of Other Income (Expense) |
| Quarter Ended |  | Nine Months Ended
| September 30, |  | September 30,
Other Income (Expense) | 2024 | 2023 |  | 2024 | 2023
Millions |  |  |  |  |
Pension and Other Postretirement Benefit Plan Non-Service Credits (a) | $3.0 |  | $1.8 |  |  | $11.0 |  | $5.5 |
Interest and Investment Income (b) | 1.2 |  | 6.6 |  |  | 3.9 |  | 8.7 |
AFUDC - Equity | 1.5 |  | 1.1 |  |  | 4.0 |  | 2.5 |
Gain on Arbitration Award (c) | — |  | 58.4 |  |  | — |  | 58.4 |
Other Income (Expense) | (0.2) |  | 0.8 |  |  | 1.1 |  | 0.2 |
Total Other Income | $5.5 |  | $68.7 |  |  | $20.0 |  | $75.3 |
(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.) (b)Interest and Investment Income for the quarter and nine months ended September 30, 2023, reflects $5.1 million of interest income related to interest awarded as part of an arbitration ruling involving a subsidiary of ALLETE Clean Energy. (See Note 6. Commitments, Guarantees, and Contingencies.) (c)This reflects a gain recognized for the favorable outcome of an arbitration ruling involving a subsidiary of ALLETE Clean Energy. (See Note 6. Commitments, Guarantees, and Contingencies.)
Schedule of Supplemental Statement of Cash Flows Information |
| Nine Months Ended
| September 30,
Supplemental Statement of Cash Flows Information | 2024 |  | 2023
Millions |  |  |
Cash Paid for Interest – Net of Amounts Capitalized | $59.5 |  |  | $64.8 |
Cash Paid for Income Taxes – Net | $7.0 |  |  | $14.1 |
Noncash Investing and Financing Activities |  |  |
Increase in Accounts Payable for Capital Additions to Property, Plant and Equipment | $13.5 |  |  | $11.8
Capitalized Asset Retirement Costs (a) | $51.0 |  |  | $2.4 |
AFUDC–Equity | $4.0 |  |  | $2.5 |
(a)Capitalized asset retirement costs in 2024 reflect the impact of estimated compliance costs related to the EPA’s CCR Legacy Impoundment Rule finalized in May 2024. (See Note 6. Commitments, Guarantees and Contingencies.)

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