XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.25.1

BUSINESS SEGMENTS | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS During the first quarter of 2025, management updated our reportable segment presentation to reflect New Energy’s increased contribution to net income attributable to ALLETE. We now present three reportable segments: Regulated Operations, ALLETE Clean Energy and New Energy. Prior period amounts have been revised to conform with the current business segment presentation. We measure performance of our operations through budgeting and monitoring of contributions to net income attributable to ALLETE by each reportable segment. Regulated Operations includes three operating segments which consist of our regulated utilities, Minnesota Power and SWL&P, as well as our investment in ATC. ALLETE Clean Energy is our business focused on developing, acquiring and operating clean and renewable energy projects. New Energy is a renewable energy company with a primary focus on developing solar and energy storage facilities for external sale and internal ownership while also offering comprehensive operations, maintenance and asset management services. We also present Corporate and Other which includes two operating segments, BNI Energy, our coal mining operations in North Dakota, and ALLETE Properties, our legacy Florida real estate investment, along with our investment in Nobles 2, South Shore Energy, our non-rate regulated, Wisconsin subsidiary developing NTEC, other business development and corporate expenditures, unallocated interest expense, a small amount of non-rate base generation, land holdings in Minnesota, and earnings on cash and investments. Management has identified that the Chief Operating Decision Maker (CODM) for the Company is not an individual, but rather the Executive Officers of ALLETE. These individuals represent various areas of the Company and provide direction for the allocation of resources. They interact with one another on a regular basis, with more formal meetings quarterly to discuss company strategy. The group is provided with monthly and quarterly financial materials that show net income attributable to ALLETE by segment with variances compared to the budget and prior year. No other measure of segment profit or loss is provided regularly to this group or used to assess performance and allocate resources. The group reviews the segment profit and loss taking into account the Company’s goals and strategy, and provides direction for the allocation of resources. NOTE 10. BUSINESS SEGMENTS (Continued)
|  |  | Three Months Ended
|  |  | March 31,
|  |  |  | 2025 | 2024
Millions |  |  |  |  |
Operating Revenue |  |  |  |  |
Regulated Operations |  |  |  |  |
Residential |  |  |  | $56.4 |  | $51.5 |
Commercial |  |  |  | 51.7 |  | 49.7 |
Municipal |  |  |  | 9.6 |  | 9.0 |
Industrial |  |  |  | 139.9 |  | 159.5 |
Other Power Suppliers |  |  |  | 47.1 |  | 40.0 |
Other |  |  |  | 28.1 |  | 28.6 |
Total Regulated Operations |  |  |  | 332.8 |  | 338.3 |
ALLETE Clean Energy |  |  |  |  |
Long-term PSA |  |  |  | 15.0 |  | 17.8 |
Other |  |  |  | 1.5 |  | 1.3 |
Total ALLETE Clean Energy |  |  |  | 16.5 |  | 19.1 |
New Energy |  |  |  |  |
Sale of Renewable Development Projects |  |  |  | 18.2 |  | 13.9 |
Other |  |  |  | 3.2 |  | 3.1 |
Total New Energy |  |  |  | 21.4 |  | 17.0 |
Corporate and Other |  |  |  |  |
Long-term Contract |  |  |  | 26.1 |  | 25.4 |
Other |  |  |  | 3.4 |  | 3.5 |
Total Corporate and Other |  |  |  | 29.5 |  | 28.9 |
Total Operating Revenue |  |  |  | $400.2 |  | $403.3 |
Net Income (Loss) Attributable to ALLETE |  |  |  |  |
Regulated Operations |  |  |  | $38.4 |  | $44.2 |
ALLETE Clean Energy |  |  |  | 7.4 |  | 3.8 |
New Energy |  |  |  | 9.2 |  | 4.0 |
Corporate and Other |  |  |  | 1.1 |  | (1.3) |
Total Net Income Attributable to ALLETE |  |  |  | $56.1 |  | $50.7 |
| March 31, 2025 | December 31, 2024
Millions |  |
Assets |  |
Regulated Operations | $4,560.2 |  | $4,489.4 |
ALLETE Clean Energy | 1,464.2 |  | 1,477.4 |
New Energy | 351.4 |  | 335.7 |
Corporate and Other | 490.5 |  | 451.8 |
Total Assets | $6,866.3 |  | $6,754.3 |
NOTE 10. BUSINESS SEGMENTS (Continued)
Three Months Ended March 31, 2025 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $332.8 |  | — |  | — |  | $332.8 |  | — |  | $332.8 |
Contracts with Customers – Non-utility | — |  | $15.0 |  | $21.4 |  | 36.4 |  | $29.5 |  | 65.9 |
Other – Non-utility | — |  | 1.5 |  | — |  | 1.5 |  | — |  | 1.5 |
Total Operating Revenue | 332.8 |  | 16.5 |  | 21.4 |  | 370.7 |  | 29.5 |  | 400.2 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 123.3 |  | — |  | — |  | 123.3 |  |  |
Transmission Services – Utility | 19.0 |  | — |  | — |  | 19.0 |  |  |
Cost of Sales – Non-utility | — |  | — |  | 5.3 |  | 5.3 |  |  |
Operating and Maintenance | 68.7 |  | 13.9 |  | 5.3 |  | 87.9 |  |  |
Depreciation and Amortization | 50.7 |  | 14.4 |  | 0.7 |  | 65.8 |  |  |
Taxes Other than Income Taxes | 14.3 |  | 2.7 |  | — |  | 17.0 |  |  |
Other Segment Items (a) | (18.4) |  | 21.9 |  | (0.9) |  | 2.6 |  |  |
Net Income Attributable to ALLETE | $38.4 |  | $7.4 |  | $9.2 |  | $55.0 | $1.1 | $56.1 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $50.7 |  | $14.4 |  | $0.7 |  | $65.8 |  | $3.9 |  | $69.7 |
Interest Expense | $(17.1) | — | $(0.7) | $(17.8) | $(3.6) | $(21.4)
Equity Earnings | $6.5 |  | — |  | — |  | $6.5 |  | $(0.5) | $6.0 |
Income Tax Expense (Benefit) | $10.2 | $(3.5) | $0.1 | $6.8 |  | $0.7 | $7.5
Assets | $4,560.2 |  | $1,464.2 |  | $351.4 |  | $6,375.8 |  | $490.5 |  | $6,866.3 |
Equity Investment | $199.5 |  | — |  | — |  | $199.5 |  | $144.5 |  | $344.0 |
Capital Expenditures | $134.3 |  | $2.1 |  | $7.4 |  | $143.8 |  | $1.4 |  | $145.2 |
Three Months Ended March 31, 2024 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $338.3 |  | — |  | — |  | $338.3 |  | — |  | $338.3 |
Contracts with Customers – Non-utility | — |  | $17.8 |  | $17.0 |  | 34.8 |  | $28.9 |  | 63.7 |
Other – Non-utility | — |  | 1.3 |  | — |  | 1.3 |  | — |  | 1.3 |
Total Operating Revenue | 338.3 |  | 19.1 |  | 17.0 |  | 374.4 |  | 28.9 |  | 403.3 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 133.7 |  | — |  | — |  | 133.7 |  |  |
Transmission Services – Utility | 22.7 |  | — |  | — |  | 22.7 |  |  |
Cost of Sales – Non-utility | — |  | — |  | 5.7 |  | 5.7 |  |  |
Operating and Maintenance | 66.8 |  | 13.5 |  | 6.5 |  | 86.8 |  |  |
Depreciation and Amortization | 46.4 |  | 14.1 |  | 0.5 |  | 61.0 |  |  |
Taxes Other than Income Taxes | 15.7 |  | 2.6 |  | — |  | 18.3 |  |  |
Other Segment Items (a) | (8.8) |  | 14.9 |  | (0.3) |  | 5.8 |  |  |
Net Income Attributable to ALLETE | $44.2 |  | $3.8 |  | $4.0 |  | $52.0 | ($1.3) |  | $50.7 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $46.4 |  | $14.1 |  | $0.5 |  | $61.0 |  | $4.0 |  | $65.0 |
Interest Expense | $(16.0) | $(0.1) | $(1.8) | $(17.9) | $(2.5) | $(20.4)
Equity Earnings | $5.7 |  | — |  | — |  | $5.7 |  | $(0.2) | $5.5 |
Income Tax Expense (Benefit) | $4.9 | $(5.5) | $1.5 | $0.9 | $3.1 | $4.0
Assets | $4,345.1 |  | $1,580.0 |  | $295.9 |  | $6,221.0 |  | $383.6 |  | $6,604.6 |
Equity Investment | $182.7 |  | — |  | — |  | $182.7 |  | $150.4 |  | $333.1 |
Capital Expenditures | $49.5 |  | $0.2 | — |  | $49.7 |  | $2.1 |  | $51.8 |
(a) Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and interest expense, income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy and New Energy.

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration