Allete, Inc. (ALE) Financial Statements (2024 and earlier)

Company Profile

Business Address 30 W SUPERIOR ST
DULUTH, MN 55802-2093
State of Incorp. MN
Fiscal Year End December 31
Industry (SIC) 4931 - Electric and Other Services Combined (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments364544696999
Cash and cash equivalents364544696999
Receivables13812411296144135
Inventory, net of allowances, customer advances and progress billings4569874738796
Inventory4569874738796
Other current assets882525313438
Total current assets:718291255270334368
Noncurrent Assets
Property, plant and equipment5,0045,1004,8414,3773,9043,822
Long-term investments and receivables3233183011984953
Long-term investments3233183011984953
Intangible assets, net (including goodwill), including:156  1223226
Goodwill155    148
Intangible assets, net (excluding goodwill)    17578
Other undisclosed intangible assets, net (including goodwill)1   149 
Regulated entity, other noncurrent assets441512481421390385
Restricted cash and investments     9 
Other noncurrent assets204214207217103108
Other undisclosed noncurrent assets     153119
Total noncurrent assets:6,1286,1445,8305,2134,8314,713
TOTAL ASSETS:6,8466,4356,0855,4835,1655,080
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities193196189234219204
Interest and dividends payable2020181818
Taxes payable6559515150
Accounts payable103111110165150136
Accrued liabilities90     
Debt      64
Other liabilities251133676012983
Other undisclosed current liabilities27321420421358 
Total current liabilities:716543460507405351
Noncurrent Liabilities
Long-term debt and lease obligation1,6481,7631,5931,4011,4291,439
Long-term debt, excluding current maturities1,6481,7631,5931,4011,4291,439
Liabilities, other than long-term debt1,1331,1821,2321,0581,1761,221
Accumulated deferred investment tax credit    32 
Deferred tax liabilities, net224231
Deferred income tax liabilities158186196 
Liability, pension and other postretirement and postemployment benefits180180226173177192
Regulatory liability526536525560512532
Other liabilities269281285293263267
Other undisclosed noncurrent liabilities    181  
Total noncurrent liabilities:2,7812,9452,8252,6402,6042,661
Total liabilities:3,4973,4893,2843,1473,0093,012
Temporary equity, carrying amount      
Equity
Equity, attributable to parent2,6922,4132,2952,2322,1562,068
Common stock1,7821,5371,4611,4371,4291,401
Accumulated other comprehensive loss(24)(24)(31)(24)(27)(23)
Retained earnings935900865819755689
Equity, attributable to noncontrolling interest656533506104  
Total equity:3,3482,9462,8002,3362,1562,068
TOTAL LIABILITIES AND EQUITY:6,8466,4356,0855,4835,1655,080

Income Statement (P&L) ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,5711,4191,1691,2411,4991,419
Cost of revenue(1,025)(916)(687)(796)(957)(850)
Cost of goods and services sold(183)(69)(67)(81)(218)(148)
Gross profit:546503482444542570
Operating expenses(412)(352)(331)(264)(341)(340)
Other operating income, net     21
Other undisclosed operating loss     (2)(1)
Operating income:134151151180201230
Nonoperating income (expense)(34)(40)(29)(1)(43)(43)
Other nonoperating income229151982
Interest and debt expense(75)(69)(66)(65)(68)(68)
Income from continuing operations before equity method investments, income taxes:25425711491119
Other undisclosed income from continuing operations before income taxes756966656868
Income from continuing operations before income taxes:100111122179159187
Income tax expense (benefit)312740716(15)
Income from continuing operations:131138162186174172
Income before gain (loss) on sale of properties:138162186174172
Net income:131138162186174172
Net income attributable to noncontrolling interest5831130  
Net income available to common stockholders, diluted:189169174186174172

Comprehensive Income ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:131138162186174172
Other comprehensive income (loss)(1)7(8)416
Comprehensive income:131145154189175178
Comprehensive income, net of tax, attributable to noncontrolling interest5831130  
Comprehensive income, net of tax, attributable to parent:189177167189175178

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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