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Business Segment (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Year Ended December 31			2024			2023			2022
Millions
Operating Revenue
Residential			$177.0			$165.7			$175.9
Commercial			189.8			184.6			187.2
Municipal			34.2			33.4			40.2
Industrial			610.8			593.6			589.0
Other Power Suppliers			137.2			146.1			165.8
Other			93.7			114.9			101.2
Total Regulated Operations			1,242.7			1,238.3			1,259.3
ALLETE Clean Energy
Long-term PSA			56.4			65.0			77.2
Sale of Wind Energy Facilities (a)			22.9			348.4			33.5
Other			5.0			5.1			7.6
Total ALLETE Clean Energy			84.3			418.5			118.3
Corporate and Other
Long-term Contract			105.7			101.2			89.2
Sale of Renewable Development Projects			72.1			92.5			73.9
Other			25.0			29.3			30.0
Total Corporate and Other			202.8			223.0			193.1
Total Operating Revenue			$1,529.8			$1,879.8			$1,570.7
Net Income Attributable to ALLETE (b)
Regulated Operations			$160.9			$147.2			$149.9
ALLETE Clean Energy (c)			17.8			71.7			16.3
Corporate and Other (d)(e)			0.6			28.2			23.1
Total Net Income Attributable to ALLETE			$179.3			$247.1			$189.3

(a)    Net income in 2023 includes the sales of ALLETE Clean Energy’s Northern Wind and Red Barn projects. 

(b)    Includes interest expense and interest income resulting from intercompany loan agreements and allocated to certain subsidiaries. The amounts are eliminated in consolidation. 

(c)    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.)

(d)    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.

(e)    Net income in 2024 includes transaction expenses of $22.6 million after-tax related to the Merger. (See Note 15. Agreement and Plan of Merger.)

NOTE 14. BUSINESS SEGMENTS (Continued)

Year Ended December 31, 2024			Regulated Operations			ALLETE Clean Energy			Total Reportable Segments			Corporate and Other / Eliminations			Consolidated
Millions
Contracts with Customers – Utility			$1,242.7			—			$1,242.7			—			$1,242.7
Contracts with Customers – Non-utility			—			$79.3			79.3			$202.8			282.1
Other – Non-utility			—			5.0			5.0			—			5.0
Total Operating Revenue			1,242.7			84.3			1,327.0			202.8			1,529.8
Significant Segment Expenses:
Fuel, Purchased Power and Gas – Utility			479.7			—			479.7
Transmission Services – Utility			64.6			—			64.6
Cost of Sales – Non-utility			—			18.3			18.3
Operating and Maintenance			250.0			46.5			296.5
Depreciation and Amortization			196.3			57.5			253.8
Taxes Other than Income Taxes			52.5			10.4			62.9
Other Segment Items (a)			(38.7)			66.2			27.5
Net Income (Loss) Attributable to ALLETE			$160.9			$17.8			$178.7			$0.6			$179.3
Other Segment Information:
Depreciation and Amortization			$196.3			$57.5			$253.8			$17.7			$271.5
Interest Expense			$(66.1)			$(0.3)			$(66.4)			$(15.3)			$(81.7)
Equity Earnings			$26.5			—			$26.5			$(1.5)			$25.0
Income Tax Benefit (Expense)			$(17.6)			$15.6			$(2.0)			$(2.7)			$(4.7)
Assets			$4,489.4			$1,477.4			$5,966.8			$787.5			$6,754.3
Equity Investment			$194.4			—			$194.4			$145.7			$340.1
Capital Expenditures			$287.2			$7.7			$294.9			$53.1			$348.0

(a)    Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy.

Year Ended December 31, 2023			Regulated Operations			ALLETE Clean Energy			Total Reportable Segments			Corporate and Other / Eliminations			Consolidated
Millions
Contracts with Customers – Utility			$1,238.3			—			$1,238.3			—			$1,238.3
Contracts with Customers – Non-utility			—			$413.4			413.4			$223.0			636.4
Other – Non-utility			—			5.1			5.1			—			5.1
Total Operating Revenue			1,238.3			418.5			1,656.8			223.0			1,879.8
Significant Segment Expenses:
Fuel, Purchased Power and Gas – Utility			484.3			—			484.3
Transmission Services – Utility			88.2			—			88.2
Cost of Sales – Non-utility			—			342.2			342.2
Operating and Maintenance			247.1			52.1			299.2
Depreciation and Amortization			179.2			57.5			236.7
Taxes Other than Income Taxes			44.5			10.0			54.5
Other Segment Items (a)			(47.8)			115.0			67.2
Net Income Attributable to ALLETE			$147.2			$71.7			$218.9			$28.2			$247.1
Other Segment Information:
Depreciation and Amortization			$179.2			$57.5			$236.7			$15.1			$251.8
Interest Expense			$(63.9)			$(0.8)			$(64.7)			$(16.1)			$(80.8)
Equity Earnings			$23.1			—			$23.1			$(1.4)			$21.7
Income Tax Expense			$(22.4)			$(2.7)			$(25.1)			$(2.8)			$(27.9)
Assets			$4,335.0			$1,594.1			$5,929.1			$727.3			$6,656.4
Equity Investment			$179.7			—			$179.7			$151.5			$331.2
Capital Expenditures			$236.3			$(5.3)			$231.0			$25.0			$256.0

(a)    Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and income tax expense, net loss attributable to non-controlling interest and gain recognized for a favorable arbitration ruling for ALLETE Clean Energy.

Year Ended December 31, 2022			Regulated Operations			ALLETE Clean Energy			Total Reportable Segments			Corporate and Other / Eliminations			Consolidated
Millions
Contracts with Customers – Utility			$1,259.3			—			$1,259.3			—			$1,259.3
Contracts with Customers – Non-utility			—			$110.7			110.7			$193.1			303.8
Other – Non-utility			—			7.6			7.6			—			7.6
Total Operating Revenue			1,259.3			118.3			1,377.6			193.1			1,570.7
Significant Segment Expenses:
Fuel, Purchased Power and Gas – Utility			545.5			—			545.5
Transmission Services – Utility			76.7			—			76.7
Cost of Sales – Non-utility			—			56.7			56.7
Operating and Maintenance			239.3			47.3			286.6
Depreciation and Amortization			171.9			58.6			230.5
Taxes Other than Income Taxes			57.4			10.7			68.1
Other Segment Items (a)			(18.6)			71.3			52.7
Net Income Attributable to ALLETE			$149.9			$16.3			$166.2			$23.1			$189.3
Other Segment Information:
Depreciation and Amortization			$171.9			$58.6			$230.5			$11.7			$242.2
Interest Expense			$(58.1)			$(2.3)			$(60.4)			$(14.8)			$(75.2)
Equity Earnings			$19.3			—			$19.3			$(0.6)			$18.7
Income Tax Benefit			$10.4			$15.4			$25.8			$5.4			$31.2
Assets			$4,291.4			$1,873.3			$6,164.7			$680.9			$6,845.6
Equity Investment			$165.4			—			$165.4			$157.3			$322.7
Capital Expenditures			$158.3			$2.2			$160.5			$47.6			$208.1

(a)    Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax benefit for Regulated Operations, and income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy.

X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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

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- References

No definition available.

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