XML 50 R38.htm IDEA: XBRL DOCUMENT v3.22.2
Business Combinations and Asset Acquisitions (Details) - New Energy - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2022
Apr. 15, 2022
Business Acquisition [Line Items]      
Percentage of Voting Interests Acquired     100.00%
Transaction Purchase Price     $ 165.5
Business Combination, Consideration Transferred   $ 158.8  
Business Acquisition, Pro Forma Information, Description   The Company has not presented separate results of operations since closing or combined pro forma financial information of the Company and New Energy since the beginning of 2021, as the results of operations for New Energy are not material to the Company's consolidated financials.  
Business Combination, Reason for Business Combination   The acquisition of New Energy is consistent with ALLETE’s stated strategy of additional investment in renewable energy and related infrastructure across North America to support the Company’s sustainability-in-action strategy while providing potential long-term earnings growth.  
Business Combination, Goodwill Recognized, Description   The goodwill recorded is primarily attributable to the highly skilled workforce of New Energy and synergies expected to arise as a result of the acquisition.  
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual $ 16.8    
Cash and Equivalents     3.9
Account Receivable     1.4
Inventory     23.2
Other Current Assets     13.2
Property, Plant, and Equipment     16.4
Goodwill [1]     150.3
Other Noncurrent Assets     2.2
Total Assets Acquired     210.6
Current Liabilities     17.4
Long-Term Debt Due Within One Year     28.3
Long-Term Debt     5.9
Other Non-Current Liabilities     0.2
Total Liabilities Assumed     51.8
Net Identifiable Assets Acquired     158.8
Business Acquisition, Goodwill, Expected Tax Deductible Amount     $ 150.3
Business Combination, Acquisition Related Costs   $ 3.0  
[1] For tax purpose, the purchase price allocation resulted in $150.3 million of deductible goodwill.