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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Activities      
Net Income $ 155.8 $ 141.5 $ 125.5
Allowance for Funds Used During Construction – Equity (2.1) (3.3) (7.8)
Income from Equity Investments – Net of Dividends (5.7) (1.8) (2.6)
Impairment of Real Estate [1] 0.0 36.3 0.0
Impairment of Goodwill [2] 3.3 [3] 0.0 0.0
Change in Fair Value of Contingent Consideration [4] (13.6) 0.0 0.0
Gain on Sales of Investments and Property, Plant and Equipment (6.0) (0.2) (0.2)
Depreciation Expense 190.6 165.9 135.7
Amortization of Power Sales Agreements (22.3) (23.2) (12.7)
Amortization of Other Intangible Assets and Other Assets 10.3 5.6 0.7
Deferred Income Tax Expense 19.4 25.1 32.7
Share-Based Compensation Expense 2.6 2.6 2.3
ESOP Compensation Expense 2.5 9.0 9.1
Defined Benefit Pension and Other Postretirement Benefit Expense 4.6 15.4 12.8
Bad Debt Expense 4.1 1.6 1.8
Changes in Operating Assets and Liabilities      
Accounts Receivable (4.7) 1.1 (3.5)
Inventories 13.3 (22.1) (17.5)
Prepayments and Other (6.9) 3.7 4.8
Accounts Payable 6.5 (19.3) 10.9
Other Current Liabilities (13.8) 5.1 (3.5)
Cash Contributions to Defined Benefit Pension Plans 6.3 0.0 0.0
Changes in Regulatory and Other Non-Current Assets (10.7) 0.6 (21.3)
Changes in Regulatory and Other Non-Current Liabilities 11.1 (3.5) 2.6
Cash from Operating Activities 332.0 340.1 269.8
Investing Activities      
Proceeds from Sale of Available-for-sale Securities 9.0 1.7 3.6
Payments for Purchase of Available-for-sale Securities (9.4) (2.3) (5.0)
Acquisitions of Subsidiaries – Net of Cash Acquired (5.9) (333.3) (60.3)
Investment in ATC (5.4) (1.6) (3.9)
Changes to Other Investments 4.4 3.1 33.0
Additions to Property, Plant and Equipment (265.6) (286.8) (572.8)
Construction Costs for Development Project 0.0 0.0 (25.7)
Cash in Escrow for Acquisition 0.0 0.0 5.4
Proceeds from Sale of Property, Plant and Equipment 0.7 0.4 0.0
Changes in Restricted Cash (4.0) 0.0 0.0
Cash for Investing Activities (276.2) (618.8) (625.7)
Financing Activities      
Proceeds from Issuance of Common Stock 30.9 161.2 200.6
Proceeds from Issuance of Long-Term Debt 4.8 324.5 375.0
Changes in Restricted Cash 7.0 8.5 (1.8)
Changes in Notes Payable (1.6) (2.1) 3.7
Repayments of Long-Term Debt (54.8) (160.2) (134.5)
Acquisition of Non-Controlling Interest (8.0) 0.0 (6.0)
Construction Deposits Received for Development Project 0.0 0.0 54.3
Dividends on Common Stock (102.7) (97.9) (83.8)
Other Financing Activities (0.9) (4.1) (3.1)
Cash from (for) Financing Activities (125.3) 229.9 404.4
Change in Cash and Cash Equivalents (69.5) (48.8) 48.5
Cash and Cash Equivalents at Beginning of Period 97.0 145.8 97.3
Cash and Cash Equivalents at End of Period $ 27.5 $ 97.0 $ 145.8
[1] See Impairment of Long-Lived Assets.
[2] See Goodwill and Intangible Assets.
[3] The facts and circumstances that led to an impairment of ALLETE Clean Energy’s goodwill primarily relate to lower estimated energy prices in periods not under PSAs. Impairment Charge is included in Operating Expenses – Other on the Consolidated Statement of Income. (See Note 1. Operations and Significant Accounting Policies.) ALLETE Clean Energy’s goodwill was primarily related to the acquisition of Storm Lake II in January 2014.
[4] See Note 9. Fair Value.