Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | ALLETE, Inc. |
Entity Central Index Key | 0000066756 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the following disclosure is provided regarding “compensation actually paid” for (i) ALLETE's CEO ("PEO") and (ii) ALLETE's NEOs other than the PEO on an average basis, as well as certain Company performance measures for the past three fiscal years. Ms. Owen served as PEO during 2022 and 2021, and also during the period from February 3, 2020 through Refer to our CD&A starting on page 33 for a complete description of how executive compensation relates to Company performance and how the ECHC Committee makes its compensation decisions. (a) (b1) (b2) (c1) (c2) (d) (e) (f) (g) (h) (i) Value of Initial Fixed $100 Investment Based on: Summary Compensation Table Total for PEO 1 (Ms. Owen) Summary Compensation Table Total for PEO 2 (Mr. Hodnik) Compensation Actually Paid to PEO 1,3,4 (Ms. Owen) Compensation Actually Paid to PEO 2,3,4 (Mr. Hodnik) Average Summary Compensation Table Total for Non-PEO NEOs 6 Average Compensation Actually paid Non-PEO NEOs 4,5,6 Net Income EPS TSR Peer Company TSR 7 2022 $2,338,422 — $2,466,968 — $805,560 $741,696 $90 $111 $189 $3.38 2021 $2,578,539 — $2,174,091 — $924,190 $853,982 $88 $114 $169 $3.23 2020 $1,985,344 $3,312,220 $1,481,717 $1,328,953 $949,548 $685,329 $80 $99 $165 $3.18 1 Ms. Owen was elected CEO effective February 3, 2020 and she has served as CEO since that date. 2 Mr. Hodnik served as CEO during the period January 1, 2020 to February 2, 2020; Mr. Hodnik served as Executive Chairman during the period February 3, 2020 to December 31, 2020. Consistent with SEC rules, we have included Mr. Hodnik's total 2020 compensation in the columns (b2) and (c2). 3 To calculate the amounts shown in the "Compensation Actually Paid to PEO" columns (c1) and (c2), amounts were deducted from and added to, as applicable, the amount in the corresponding "Summary Compensation Table Total Compensation for PEO" columns (b1) and (b2) as shown in the following table: 2022 2021 2020 PEO PEO PEO PEO Total Compensation from Summary Compensation Table $2,338,422 $2,578,539 $1,985,344 $3,312,220 Adjustments for Pension Amounts Reported in "Change in Pension Value" Column of Summary Compensation Table — $(385,368) $(307,375) $(1,766,933) Current Year Service Cost — — — — Prior Service Cost Impacting Current Year — — — — Adjustments for Equity Awards (a) Amounts Reported in "Stock Awards" Column of the Summary Compensation Table $(797,313) $(757,908) $(596,185) $(414,543) Year-end Fair Value of Unvested Awards Granted in the Current Year $839,445 $753,194 $425,474 $317,983 Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years $(49,272) $(18,216) $(33,165) $(159,667) Fair Values at Vesting Date for Awards Granted and Vested in Current Year — — — — Difference in Fair Values Between Prior Year-End Fair Values and Vesting Date Fair Values for Awards Granted in Prior Years $135,686 $3,850 $7,624 $39,893 Forfeitures During Current Year Equal to Prior Year-End Fair Value — — — — Dividends or Dividend Equivalents Not Otherwise Included in the Total Compensation — — — — Compensation Actually Paid (as calculated) $2,466,968 $2,174,091 $1,481,717 $1,328,953 (a) Equity valuation assumptions for calculating "compensation actually paid" are not materially different from grant date valuation assumptions. 4 To calculate the amounts shown in the "Average Compensation Actually Paid to Non-PEO NEOs" column (e), amounts were deducted from and added to (as applicable) the amount shown in the "Average Summary Compensation Table Total Compensation for Non-PEO NEOs" column (d) as shown in the following table: 2022 2021 2020 Average Average Average Total Compensation from Summary Compensation Table $805,560 $924,190 $949,548 Adjustments for Pension Amounts Reported in "Change in Pension Value" Column of Summary Compensation Table — $(65,409) $(187,761) Current Year Service Cost — — — Prior Service Cost Impacting Current Year — — — Adjustments for Equity Awards (a) Amounts Reported in "Stock Awards" Column of Summary Compensation Table $(229,859) $(243,621) $(217,331) Year-end Fair Value of Unvested Awards Granted in the Current Year $180,751 $242,101 $155,102 Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years $(38,376) $(5,467) $(18,071) Fair Values at Vesting Date for Awards Granted and Vested in Current Year $2,625 — — Difference in Fair Values Between Prior Year-End Fair Values and Vesting Date Fair Values for Awards Granted in Prior Years $20,995 $2,188 $3,842 Forfeitures During Current Year Equal to Prior Year-End Fair Value — — — Dividends or Dividend Equivalents Not Otherwise Included in the Total Compensation — — — Compensation Actually Paid (as calculated) $741,696 $853,982 $685,329 (a) Equity valuation assumptions for calculating "compensation actually paid" are not materially different from grant date valuation assumptions. 4 Non-PEO NEOs include the following individuals for each year as shown below: 2022: Mr. Morris, Ms. Thickens, Ms. Johnson, Mr. Cutshall, and Mr. Adams 2021: Mr. Adams, Ms. Johnson, Mr. Morris, and Ms. Thickens 2020: Mr. Adams, Ms. Johnson, Mr. Morris, and Ms. Thickens 5 The peer group is comprised of the companies in the Philadelphia Utility Index. | ||
Named Executive Officers, Footnote [Text Block] | Ms. Owen was elected CEO effective February 3, 2020 and she has served as CEO since that date. 2 Mr. Hodnik served as CEO during the period January 1, 2020 to February 2, 2020; Mr. Hodnik served as Executive Chairman during the period February 3, 2020 to December 31, 2020. Consistent with SEC rules, we have included Mr. Hodnik's total 2020 compensation in the columns (b2) and (c2). | ||
Peer Group Issuers, Footnote [Text Block] | The peer group is comprised of the companies in the Philadelphia Utility Index. | ||
Adjustment To PEO Compensation, Footnote [Text Block] | 2022 2021 2020 PEO PEO PEO PEO Total Compensation from Summary Compensation Table $2,338,422 $2,578,539 $1,985,344 $3,312,220 Adjustments for Pension Amounts Reported in "Change in Pension Value" Column of Summary Compensation Table — $(385,368) $(307,375) $(1,766,933) Current Year Service Cost — — — — Prior Service Cost Impacting Current Year — — — — Adjustments for Equity Awards (a) Amounts Reported in "Stock Awards" Column of the Summary Compensation Table $(797,313) $(757,908) $(596,185) $(414,543) Year-end Fair Value of Unvested Awards Granted in the Current Year $839,445 $753,194 $425,474 $317,983 Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years $(49,272) $(18,216) $(33,165) $(159,667) Fair Values at Vesting Date for Awards Granted and Vested in Current Year — — — — Difference in Fair Values Between Prior Year-End Fair Values and Vesting Date Fair Values for Awards Granted in Prior Years $135,686 $3,850 $7,624 $39,893 Forfeitures During Current Year Equal to Prior Year-End Fair Value — — — — Dividends or Dividend Equivalents Not Otherwise Included in the Total Compensation — — — — Compensation Actually Paid (as calculated) $2,466,968 $2,174,091 $1,481,717 $1,328,953 (a) Equity valuation assumptions for calculating "compensation actually paid" are not materially different from grant date valuation assumptions. | ||
Non-PEO NEO Average Total Compensation Amount | $ 805,560 | $ 924,190 | $ 949,548 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 741,696 | 853,982 | 685,329 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | 2022 2021 2020 Average Average Average Total Compensation from Summary Compensation Table $805,560 $924,190 $949,548 Adjustments for Pension Amounts Reported in "Change in Pension Value" Column of Summary Compensation Table — $(65,409) $(187,761) Current Year Service Cost — — — Prior Service Cost Impacting Current Year — — — Adjustments for Equity Awards (a) Amounts Reported in "Stock Awards" Column of Summary Compensation Table $(229,859) $(243,621) $(217,331) Year-end Fair Value of Unvested Awards Granted in the Current Year $180,751 $242,101 $155,102 Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years $(38,376) $(5,467) $(18,071) Fair Values at Vesting Date for Awards Granted and Vested in Current Year $2,625 — — Difference in Fair Values Between Prior Year-End Fair Values and Vesting Date Fair Values for Awards Granted in Prior Years $20,995 $2,188 $3,842 Forfeitures During Current Year Equal to Prior Year-End Fair Value — — — Dividends or Dividend Equivalents Not Otherwise Included in the Total Compensation — — — Compensation Actually Paid (as calculated) $741,696 $853,982 $685,329 (a) Equity valuation assumptions for calculating "compensation actually paid" are not materially different from grant date valuation assumptions. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Compensation Actually Paid and Cumulative TSR | ||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid and Net Income | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid and EPS | ||
Tabular List [Table Text Block] | In our assessment, the most important financial performance measures used to link compensation actually paid to our NEOs in 2022, as calculated in accordance with the SEC rules, to our performance were: • TSR • Net Income • EPS CAGR • Cash from Operating Activities | ||
Total Shareholder Return Amount | $ 90 | 88 | 80 |
Peer Group Total Shareholder Return Amount | 111 | 114 | 99 |
Net Income (Loss) | $ 189 | $ 169 | $ 165 |
Earnings Per Share | $ 3.38 | $ 3.23 | $ 3.18 |
Equity Awards That Failed To Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | $ 0 | $ 0 | $ 0 |
Ms. Owen [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | 2,338,422 | 2,578,539 | 1,985,344 |
PEO Actually Paid Compensation Amount | 2,466,968 | 2,174,091 | 1,481,717 |
Ms. Owen [Member] | Equity Awards That Failed To Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 |
Mr. Hodnik [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | 0 | 0 | 3,312,220 |
PEO Actually Paid Compensation Amount | 0 | 0 | 1,328,953 |
PEO [Member] | Ms. Owen [Member] | Adjustment Change In Actuarial Present Value Of Pension Benefits Member [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (385,368) | (307,375) |
PEO [Member] | Ms. Owen [Member] | Adjustment Change Increase for Current Year Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Ms. Owen [Member] | Adjustment Change Increase for Prior Service Cost Impacting Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Ms. Owen [Member] | Deduction for Stock Awards from Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (797,313) | (757,908) | (596,185) |
PEO [Member] | Ms. Owen [Member] | Equity Awards Granted During The Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 839,445 | 753,194 | 425,474 |
PEO [Member] | Ms. Owen [Member] | Equity Awards Outstanding And Unvested Prior [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (49,272) | (18,216) | (33,165) |
PEO [Member] | Ms. Owen [Member] | Equity Awards Granted During The Year Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Ms. Owen [Member] | Equity Awards Granted In Prior Years Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 135,686 | 3,850 | 7,624 |
PEO [Member] | Ms. Owen [Member] | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 |
PEO [Member] | Mr. Hodnik [Member] | Adjustment Change In Actuarial Present Value Of Pension Benefits Member [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,766,933) | ||
PEO [Member] | Mr. Hodnik [Member] | Adjustment Change Increase for Current Year Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | ||
PEO [Member] | Mr. Hodnik [Member] | Adjustment Change Increase for Prior Service Cost Impacting Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | ||
PEO [Member] | Mr. Hodnik [Member] | Deduction for Stock Awards from Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (414,543) | ||
PEO [Member] | Mr. Hodnik [Member] | Equity Awards Granted During The Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 317,983 | ||
PEO [Member] | Mr. Hodnik [Member] | Equity Awards Outstanding And Unvested Prior [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (159,667) | ||
PEO [Member] | Mr. Hodnik [Member] | Equity Awards Granted During The Year Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | ||
PEO [Member] | Mr. Hodnik [Member] | Equity Awards Granted In Prior Years Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 39,893 | ||
Non-PEO NEO [Member] | Adjustment Change In Actuarial Present Value Of Pension Benefits Member [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (65,409) | (187,761) |
Non-PEO NEO [Member] | Adjustment Change Increase for Current Year Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Adjustment Change Increase for Prior Service Cost Impacting Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Deduction for Stock Awards from Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (229,859) | (243,621) | (217,331) |
Non-PEO NEO [Member] | Equity Awards Granted During The Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 180,751 | 242,101 | 155,102 |
Non-PEO NEO [Member] | Equity Awards Outstanding And Unvested Prior [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (38,376) | (5,467) | (18,071) |
Non-PEO NEO [Member] | Equity Awards Granted During The Year Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,625 | 0 | 0 |
Non-PEO NEO [Member] | Equity Awards Granted In Prior Years Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 20,995 | 2,188 | 3,842 |
Non-PEO NEO [Member] | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | $ 0 | $ 0 | $ 0 |