Financial Data and Key Metrics Changes - ALLETE reported second quarter 2022 earnings of $0.67 per share compared to $0.53 per share in 2021, with net income of $37.6 million versus $27.9 million in the prior year [5][12] - The net income for the quarter included transaction costs of $1.6 million after tax and purchase price accounting impacts of $4 million after tax related to the acquisition of New Energy Equity [12][16] Business Segment Data and Key Metrics Changes - The Regulated Operations segment recorded net income of $29.6 million in Q2 2022, up from $21.5 million in 2021, primarily due to higher net income at Minnesota Power from interim rate implementation [13] - ALLETE Clean Energy's net income was $5.8 million in Q2 2022, compared to $5.1 million in 2021, reflecting higher wind resources [14] - Corporate and Other businesses, including New Energy, reported net income of $2.2 million, up from $1.3 million in 2021, despite a partial quarter net loss from New Energy of $1.1 million after tax [15] Market Data and Key Metrics Changes - Minnesota Power's taconite customers started the year with full production, but Cleveland-Cliffs announced idling of its Northshore Mining facility, affecting production forecasts [14] - The anticipated production for taconite is slightly lower than the sales forecast of approximately 35 million tons due to the idling [14][28] Company Strategy and Development Direction - ALLETE is focused on clean energy transformation, with significant investments in transmission projects, including a $970 million transmission line project approved by MISO [8][20] - The company is optimistic about the proposed Inflation Reduction Act, which could enhance the value of clean energy projects and tax credits [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of ALLETE's strategy and the positive impact of the Inflation Reduction Act on future projects [10][21] - The company is actively engaged in rate case proceedings to support infrastructure upgrades and maintain service quality [19] Other Important Information - ALLETE's financial position is strong, with cash and cash equivalents of $75 million and a debt-to-capital ratio of 37% as of June 30, 2022 [17] - The company welcomed Charles Matthews to the Board of Directors, bringing extensive energy industry experience [20] Q&A Session Summary Question: Impact of the IRA Act on credit metrics - Management is still evaluating the overall credit metric impact but believes it could be positive, especially since they are not affected by the minimum tax [22][23] Question: Tracking of New Energy's performance against full year expectations - New Energy is on track with expectations for the quarter and projections for the remainder of the year [24][25] Question: Sales to industrial customers and production forecasts - Production is expected to be slightly lower than the forecast of 35 million tons, but generally in line with forecasting assumptions [27][28] Question: Value of the transmission line strategy - The DC line and planned expansion are critical for enhancing the reliability and resiliency of the Upper Midwestern grid [30][31] Question: Capability to serve new large power customers - The company has a robust transmission system and is prepared to serve new mining projects as they develop [38]

[Part I. Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) This section presents unaudited financial statements, management's analysis, market risk disclosures, and internal controls [Item 1. Consolidated Financial Statements - Unaudited](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20-%20Unaudited) This section presents ALLETE's unaudited consolidated financial statements, including balance sheet, income, and cash flows, highlighting asset growth and increased net income [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) ALLETE's total assets grew to **$6.84 billion** by June 30, 2022, driven by the New Energy acquisition, with total equity increasing to **$3.36 billion** Consolidated Balance Sheet Highlights (Millions) | Account | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $660.0 | $291.3 | | **Property, Plant and Equipment – Net** | $5,027.1 | $5,100.2 | | **Goodwill and Intangible Assets – Net** | $151.1 | $0.8 | | **Total Assets** | **$6,839.0** | **$6,435.0** | | **Total Current Liabilities** | $709.0 | $543.4 | | **Total Liabilities** | **$3,480.1** | **$3,488.7** | | **Total Equity** | **$3,358.9** | **$2,946.3** | | **Total Liabilities and Equity** | **$6,839.0** | **$6,435.0** | [Consolidated Statement of Income](index=7&type=section&id=Consolidated%20Statement%20of%20Income) Net income attributable to ALLETE increased to **$37.6 million** in Q2 2022 and **$103.9 million** for the six-month period, driven by higher operating revenues Statement of Income Highlights (Millions, Except Per Share) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | $373.1 | $335.6 | $756.6 | $674.8 | | **Operating Income** | $13.7 | $28.2 | $67.1 | $70.2 | | **Net Income Attributable to ALLETE** | $37.6 | $27.9 | $103.9 | $79.7 | | **Diluted Earnings Per Share** | $0.67 | $0.53 | $1.89 | $1.53 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Cash used in operating activities totaled **$7.9 million** for the six months ended June 30, 2022, while financing activities provided **$289.1 million** Cash Flow Summary (Millions) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Cash (used in) provided by Operating Activities** | $(7.9) | $105.7 | | **Cash used in Investing Activities** | $(247.2) | $(305.7) | | **Cash provided by Financing Activities** | $289.1 | $202.1 | | **Change in Cash, Cash Equivalents and Restricted Cash** | $34.0 | $2.1 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail significant accounting policies, the New Energy acquisition, regulatory rate cases, environmental compliance costs, and segment performance - On April 15, 2022, ALLETE acquired New Energy for **$165.5 million** in cash and assumed debt[40](index=40&type=chunk) - Minnesota Power filed for an **18% retail rate increase** in Minnesota, with an interim increase effective January 1, 2022, while SWL&P sought a **3.6% increase** in Wisconsin[30](index=30&type=chunk)[31](index=31&type=chunk) - Compliance costs for Coal Combustion Residuals (CCR) are estimated between **$65 million and $120 million** over the next 15 years[82](index=82&type=chunk) Net Income Attributable to ALLETE by Segment (Millions) | Segment | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | | Regulated Operations | $81.1 | $66.5 | | ALLETE Clean Energy | $22.3 | $12.5 | | Corporate and Other | $0.5 | $0.7 | | **Total** | **$103.9** | **$79.7** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting increased net income per diluted share to **$1.89**, driven by interim rates and improved clean energy performance, alongside strategic acquisitions and capital plans [Comparison of the Quarters Ended June 30, 2022 and 2021](index=34&type=section&id=Comparison%20of%20the%20Quarters%20Ended) Q2 2022 saw increased net income across Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments, driven by interim rates and strategic gains - Regulated Operations utility revenue increased by **$18.3 million** in Q2 2022, primarily due to **$21.4 million** from Minnesota Power's interim rates[118](index=118&type=chunk)[119](index=119&type=chunk) - Regulated utility kWh sales to industrial customers decreased **9.0%** in Q2 2022 due to the temporary idling of Cliffs' Northshore mine[119](index=119&type=chunk)[121](index=121&type=chunk) - ALLETE Clean Energy's Other Income increased by **$10.2 million** due to a gain from removing a PSA liability for the Northern Wind project[127](index=127&type=chunk) [Comparison of the Six Months Ended June 30, 2022 and 2021](index=40&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended) Six-month net income increased for Regulated Operations and ALLETE Clean Energy, driven by interim rates and higher wind resources, while Corporate and Other saw a slight decline due to acquisition costs - Regulated Operations utility revenue increased by **$54.3 million** for the six-month period, primarily from **$45.7 million** in Minnesota Power interim rates[133](index=133&type=chunk)[134](index=134&type=chunk) - ALLETE Clean Energy's operating revenue increased by **$6.9 million**, or **16%**, due to higher wind resources and no prior-year winter storm impact[140](index=140&type=chunk) - Corporate and Other net income included a **$1.1 million net loss** from New Energy, incorporating **$4.0 million** in accounting adjustments and **$3.0 million** in transaction costs[145](index=145&type=chunk) [Critical Accounting Policies](index=44&type=section&id=Critical%20Accounting%20Policies) Management identifies critical accounting policies, including regulatory accounting and impairment, adding 'Valuation of Business Combinations and Resulting Goodwill' post-acquisition - The New Energy acquisition on April 15, 2022, made **valuation of business combinations and goodwill** a critical accounting policy[147](index=147&type=chunk) - Goodwill impairment testing is performed annually in Q4 or when impairment is indicated, requiring significant fair value estimates based on projected cash flows[149](index=149&type=chunk) [Outlook](index=45&type=section&id=Outlook) ALLETE targets **5-7%** annual EPS growth, focusing on regulated utility operations, clean energy expansion, and a major transmission line project - The company targets **5% to 7%** average annual earnings per share growth long-term[150](index=150&type=chunk) - Minnesota Power and Great River Energy plan a **$970 million**, 150-mile, 345-kV transmission line, with ALLETE's share at approximately **50%**, in service by 2030[161](index=161&type=chunk) - The New Energy acquisition adds a development pipeline of over **2,000 MW** of renewable projects across 26 states[166](index=166&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) ALLETE maintains strong liquidity with **$74.6 million** cash and **$377.3 million** available credit, projecting **$210 million** in 2022 capital expenditures and holding investment-grade credit ratings Liquidity Position as of June 30, 2022 | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $74.6 million | | Available consolidated lines of credit | $377.3 million | | Debt-to-capital ratio | 37% | - Capital expenditures for 2022 are projected at approximately **$210 million**, with **$94.0 million** incurred through June 30, 2022[177](index=177&type=chunk) Credit Ratings | Agency | Issuer Credit Rating | | :--- | :--- | | S&P Global Ratings | BBB | | Moody's | Baa1 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages commodity price, power marketing credit, and interest rate risks, with regulatory mechanisms mitigating commodity exposure and limited variable rate debt - Commodity price risk in regulated operations is significantly mitigated by regulatory cost recovery frameworks[182](index=182&type=chunk) - A 100 basis point increase in interest rates would raise annual pre-tax interest expense by approximately **$3.0 million** based on June 30, 2022, variable rate debt[184](index=184&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - Disclosure controls and procedures were deemed effective by management as of June 30, 2022[185](index=185&type=chunk) - No material changes to internal control over financial reporting occurred during Q2 2022[186](index=186&type=chunk) [Part II. Other Information](index=53&type=section&id=Part%20II.%20Other%20Information) This section provides updates on legal proceedings, risk factors, equity sales, mine safety disclosures, and a list of exhibits [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Notes 2 and 7 for information on material legal and regulatory proceedings, with no new material disclosures in this section - Material legal and regulatory proceedings are referenced in Note 2 and Note 7 of the Consolidated Financial Statements[188](index=188&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting new concerns regarding volatile electricity prices impacting ALLETE Clean Energy's wind facilities with contracts for differences - A new risk factor addresses volatile electricity prices impacting ALLETE Clean Energy's wind facilities with commercial and industrial customer contracts[189](index=189&type=chunk) - Diamond Spring and Caddo facilities' contracts for differences expose them to adverse financial impacts from market price volatility and settlement differences[190](index=190&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety violations and regulatory matters, as required by the Dodd-Frank Act, are detailed in Exhibit 95 of this Form 10-Q - Mine safety violation information, as required by the Dodd-Frank Act, is included in Exhibit 95 to this Form 10-Q[192](index=192&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications, mine safety disclosures, earnings release, and XBRL data - Required certifications by the CEO and CFO, mine safety disclosures, the Q2 2022 earnings news release, and XBRL data files are included as exhibits[193](index=193&type=chunk)

ALLETE, Inc. (NYSE:ALE) Q1 2022 Results Conference Call May 5, 2022 10:00 AM ET Company Participants Bethany Owen - President & Chief Executive Officer Steve Morris - Senior Vice President and Chief Financial Officer Frank Frederickson - Vice President of Customer Experience, Minnesota Power Jeff Scissons - Chief Financial and Strategy Officer, ALLETE Clean Energy's Operator Good day, and welcome to the ALLETE First Quarter 2022 Financial Results Call. Today's call is being recorded. Certain statements cont ...

ALLETE, Inc. (NYSE:ALE) Q4 2021 Earnings Conference Call February 16, 2022 10:00 AM ET Company Participants Bethany Owen – President & Chief Executive Officer Steve Morris – Vice President & Chief Accounting Officer Bob Adams – Senior Vice President & Chief Financial Officer Al Rudeck – President of ALLETE Clean Energy Frank Frederickson – Vice President of Customer Experience, Minnesota Power Conference Call Participants Peter Bourdon – Mizuho Brian Russo – Sidoti Operator Good day, and welcome to the ALL ...

Part I [Business Overview](index=7&type=section&id=Item%201.%20Business) ALLETE operates primarily as a regulated utility through Minnesota Power and SWL&P, complemented by its clean energy and other businesses, focusing on a clean-energy transformation * ALLETE's strategy is to remain a predominantly regulated utility while investing in ALLETE Clean Energy and other businesses to complement its regulated operations and provide long-term growth[13](index=13&type=chunk) * Minnesota Power, ALLETE's largest business, has a vision to deliver **100% carbon-free energy by 2050** and has already achieved **50% renewable energy supply**[10](index=10&type=chunk)[55](index=55&type=chunk) Consolidated Operating Revenue by Segment | Segment | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Regulated Operations | 87% | 84% | 84% | | ALLETE Clean Energy | 6% | 7% | 5% | | U.S. Water Services | — | — | 3% | | Corporate and Other | 7% | 9% | 8% | [Regulated Operations](index=9&type=section&id=Regulated%20Operations) Regulated Operations, including Minnesota Power and SWL&P, form the core of ALLETE's business, with industrial customers accounting for 47% of kWh sales in 2021 Regulated Utility Kilowatt-hours Sold (Millions) | Customer Category | 2021 | % of Total | 2020 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Residential | 1,135 | 7% | 1,134 | 9% | | Commercial | 1,359 | 9% | 1,306 | 10% | | Industrial | 7,196 | 47% | 6,192 | 47% | | Municipal | 590 | 4% | 584 | 4% | | **Total Retail & Municipal** | **10,280** | **67%** | **9,216** | **70%** | | Other Power Suppliers | 5,102 | 33% | 4,039 | 30% | | **Total kWh Sold** | **15,382** | **100%** | **13,255** | **100%** | Regulated Utility Power Supply Mix (2021) | Source | Generation & Purchases (MWh) | % of Total | | :--- | :--- | :--- | | Coal-Fired | 4,451,706 | 28.2% | | Biomass / Natural Gas | 201,403 | 1.3% | | Hydro | 344,025 | 2.2% | | Wind | 1,588,226 | 10.0% | | Solar | 17,263 | 0.1% | | Long-Term Purchased Power | 4,259,314 | 27.0% | | Other Purchased Power | 4,930,066 | 31.2% | | **Total Power Supply** | **15,792,003** | **100.0%** | * Minnesota Power's 2021 Integrated Resource Plan (IRP) proposes expanding renewable energy to **70% by 2030**, retiring Boswell Unit 3 by 2030, and making Boswell Unit 4 coal-free by 2035[54](index=54&type=chunk) * On November 1, 2021, Minnesota Power filed for an **18% retail rate increase**, seeking a **10.25% return on equity**, with an interim rate increase authorized effective January 1, 2022[52](index=52&type=chunk) [ALLETE Clean Energy](index=18&type=section&id=ALLETE%20Clean%20Energy) ALLETE Clean Energy develops, acquires, and operates renewable energy projects, primarily wind, with over 1,300 MW of capacity under long-term Power Sales Agreements * ALLETE Clean Energy owns and operates over **1,300 MW of wind energy generation** and is developing approximately **200 MW of wind facilities** to be sold to others[65](index=65&type=chunk) ALLETE Clean Energy Operating Portfolio Highlights | Wind Energy Facility | Capacity (MW) | PSA Expiration(s) | | :--- | :--- | :--- | | Armenia Mountain | 101 | 2024 | | Chanarambie/Viking | 98 | 2023 | | Lake Benton | 104 | 2028 | | Storm Lake I & II | 185 | 2022-2032 | | Caddo | 303 | 2034 | | Diamond Spring | 303 | 2032-2035 | | Condon | 50 | 2022 | | Glen Ullin | 106 | 2039 | | South Peak | 80 | 2035 | [Corporate and Other](index=19&type=section&id=Corporate%20and%20Other) The Corporate and Other segment includes BNI Energy, a lignite coal supplier, an equity investment in Nobles 2, South Shore Energy, and ALLETE Properties * BNI Energy produces approximately **4 million tons of lignite coal annually**, sold under cost-plus fixed fee agreements extending through 2037[70](index=70&type=chunk) * ALLETE owns a **49% equity interest in Nobles 2**, a **250 MW wind energy facility** that sells its output to Minnesota Power under a 20-year PPA[72](index=72&type=chunk) * South Shore Energy sold a portion of its interest in the NTEC natural gas project, recognizing an **$8.5 million after-tax gain** in Q4 2021, now holding a **20% interest**[74](index=74&type=chunk) [Human Capital Management](index=22&type=section&id=Human%20Capital%20Management) ALLETE had 1,365 employees at year-end 2021, with a focus on talent, health, safety, and diversity, equity, and inclusion * ALLETE had **1,365 employees** at year-end 2021, with **1,340 being full-time**, and **469 employees** covered under collective bargaining agreements[82](index=82&type=chunk) * The company emphasizes a 'Zero Injury' safety culture, encouraging reporting of near misses and using data to improve safety programs[84](index=84&type=chunk) * ALLETE is advancing diversity, equity, and inclusion through initiatives in workforce, supply chain, and community engagement, including partnerships and scholarships for underrepresented groups[88](index=88&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) ALLETE faces several material risks, including reliance on industrial customers, regulatory changes, meteorological variability, and cybersecurity threats * A significant risk is the concentration of revenue from Large Power Customers, particularly in the cyclical taconite industry, which accounted for **32% of Regulated Operations operating revenue in 2021**[96](index=96&type=chunk) * The business is subject to an extensive legal and regulatory framework, where changes or inability to recover costs could adversely impact financial results[102](index=102&type=chunk)[104](index=104&type=chunk) * ALLETE Clean Energy's results are highly dependent on suitable meteorological conditions for wind generation, and unfavorable weather can cause generation and revenue to be substantially below expectations[121](index=121&type=chunk) * Entity-wide risks include health pandemics impacting the economy and supply chains, reliance on access to capital markets for funding growth, and vulnerability to cybersecurity attacks on critical infrastructure[131](index=131&type=chunk)[135](index=135&type=chunk)[149](index=149&type=chunk) [Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in litigation arising in the normal course of business, with one specific lawsuit where a loss is reasonably possible but not estimable * Minnesota Power is named in a lawsuit from a contractor seeking compensatory damages for an injury, where a loss is deemed reasonably possible but not probable, and no loss amount can be estimated[157](index=157&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations or other regulatory matters is included in Exhibit 95 of the Form 10-K * Information concerning mine safety violations required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95 to this Form 10-K[158](index=158&type=chunk) Part II [Common Stock Market and Shareholder Matters](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) ALLETE's common stock is traded on the NYSE under symbol ALE, with a history of uninterrupted dividends since 1948 and approximately 20,000 shareholders * ALLETE common stock is listed on the NYSE under the symbol **ALE**, and the company has paid dividends continuously since 1948[159](index=159&type=chunk) Comparison of 5-Year Cumulative Total Return | Investment | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ALLETE | $100 | $119 | $126 | $138 | $110 | $122 | | S&P 500 Index | $100 | $122 | $116 | $153 | $181 | $233 | | Philadelphia Utility Index | $100 | $113 | $117 | $148 | $152 | $180 | [Management's Discussion and Analysis (MD&A)](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) ALLETE's 2021 net income was $169.2 million, influenced by a winter storm, a fuel adjustment refund, and a gain from the NTEC project sale, with a long-term EPS growth target of 5-7% Financial Overview | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Net Income Attributable to ALLETE | $169.2 million | $174.2 million | | Diluted EPS | $3.23 | $3.35 | * Key events in 2021 included an **$8.5 million after-tax gain** from the NTEC project interest sale, a **$5 million after-tax negative impact** at Diamond Spring wind facility from a winter storm, and a **$3.6 million after-tax charge** for a fuel adjustment clause refund[168](index=168&type=chunk) * The company has a long-term objective of achieving **5% to 7% average annual EPS growth**[196](index=196&type=chunk) [Results of Operations: 2021 vs. 2020](index=39&type=section&id=2021%20Compared%20to%202020) In 2021, Regulated Operations net income decreased due to higher costs, while ALLETE Clean Energy's income fell due to a winter storm, partially offset by a gain in Corporate and Other Net Income Attributable to ALLETE by Segment (Millions) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | Regulated Operations | $129.1 | $136.3 | | ALLETE Clean Energy | $26.3 | $29.9 | | Corporate and Other | $13.8 | $8.0 | * Regulated Operations revenue increased by **$240.6 million**, mainly from higher fuel adjustment recoveries and a **16.2% increase in kWh sales** to industrial customers as business conditions improved post-COVID-19[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) * ALLETE Clean Energy's operating revenue increased to **$86.9 million from $79.6 million**, driven by new facilities, but net income was negatively impacted by a winter storm event and lower wind resources[181](index=181&type=chunk) [Critical Accounting Policies](index=43&type=section&id=Critical%20Accounting%20Policies) ALLETE's critical accounting policies involve significant management estimates for regulatory accounting, pension assumptions, asset impairment, and taxation * Regulatory Accounting allows the deferral of incurred costs as regulatory assets if future recovery in rates is probable, requiring significant judgment and quarterly assessment[190](index=190&type=chunk) * Pension and postretirement benefit calculations rely on key assumptions, including a **6.50% expected long-term rate of return** on pension assets and a **2.87% discount rate for 2021**[191](index=191&type=chunk)[192](index=192&type=chunk) * Taxation policy requires judgments on the sustainability of tax positions and the valuation of deferred tax assets, including NOL and tax credit carryforwards[194](index=194&type=chunk) [Outlook](index=45&type=section&id=Outlook) ALLETE targets 5-7% annual EPS growth, with Regulated Operations contributing ~75% of net income in 2022, supported by the EnergyForward strategy and $1.8 billion in projected capital expenditures * Minnesota Power's EnergyForward strategy aims for **100% carbon-free energy by 2050**, with interim goals of **70% renewables by 2030** and retiring/converting coal units[198](index=198&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) * Industrial sales are expected to be approximately **6.5 million MWh in 2022**, with taconite production estimated at **35 million tons**[203](index=203&type=chunk)[205](index=205&type=chunk) Projected Capital Expenditures (2022-2026, Millions) | Segment | 2022 | 2023 | 2024 | 2025 | 2026 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Regulated Operations | $125 | $260 | $370 | $365 | $415 | $1,535 | | ALLETE Clean Energy | $10 | $5 | $5 | $5 | $5 | $30 | | Corporate and Other | $75 | $80 | $55 | $15 | $10 | $235 | | **Total** | **$210** | **$345** | **$430** | **$385** | **$430** | **$1,800** | [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2021, ALLETE maintained strong liquidity with $45.1 million cash and $240.8 million available credit, planning to fund $1.8 billion in capital expenditures through internal funds, debt, and equity Capital Structure as of Dec 31, 2021 (Millions) | Component | Amount | % of Total | | :--- | :--- | :--- | | ALLETE Equity | $2,413.1 | 49% | | Non-Controlling Interest | $533.2 | 11% | | Short-Term and Long-Term Debt | $1,986.4 | 40% | | **Total Capitalization** | **$4,932.7** | **100%** | Cash Flow Summary (Millions) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Operating Activities | $263.5 | $299.8 | | Investing Activities | ($485.2) | ($812.8) | | Financing Activities | $204.2 | $485.7 | * ALLETE plans to finance its projected **$1.8 billion in capital expenditures** from 2022-2026 through internally generated funds, debt, and equity, while maintaining its current capital structure[253](index=253&type=chunk)[255](index=255&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that ALLETE's disclosure controls and internal control over financial reporting were effective as of December 31, 2021, confirmed by PricewaterhouseCoopers LLP * Management concluded that as of December 31, 2021, the company's disclosure controls and procedures were effective[265](index=265&type=chunk) * Based on an evaluation using the COSO framework, management concluded that internal control over financial reporting was effective as of December 31, 2021, audited and confirmed by PricewaterhouseCoopers LLP[266](index=266&type=chunk)[267](index=267&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=60&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement, with a Code of Ethics applicable to all employees * Most information required by this item, including details on directors and corporate governance, is incorporated by reference from the 2022 Proxy Statement[269](index=269&type=chunk) * ALLETE has a Code of Ethics that applies to all employees, including senior financial officers, and is available on the company's website[270](index=270&type=chunk) [Executive Compensation](index=60&type=section&id=Item%2011.%20Executive%20Compensation) All information regarding executive and director compensation is incorporated by reference from the company's 2022 Proxy Statement * Information on executive and director compensation is incorporated by reference from the "Compensation Discussion and Analysis" and other related sections of the 2022 Proxy Statement[272](index=272&type=chunk) [Security Ownership and Equity Compensation Plans](index=61&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership is incorporated from the 2022 Proxy Statement, with 772,469 securities available for future issuance under approved equity compensation plans Equity Compensation Plan Information as of December 31, 2021 | Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights (b) | Number of Securities Remaining Available for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Equity Compensation Plans Approved by Security Holders | 127,075 | — | 772,469 | | Equity Compensation Plans Not Approved by Security Holders | — | — | — | | **Total** | **127,075** | **—** | **772,469** | [Principal Accountant Fees and Services](index=62&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) PricewaterhouseCoopers LLP is the independent registered public accounting firm, with fee information incorporated from the 2022 Proxy Statement * The independent registered public accounting firm is PricewaterhouseCoopers LLP[280](index=280&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=62&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index of financial statements, schedules, and exhibits filed as part of the Form 10-K, including the auditor's report and consolidated financial statements * This section lists all financial statements, schedules, and exhibits filed with the report, including the Consolidated Balance Sheet, Statement of Income, Statement of Cash Flows, and Statement of Equity[281](index=281&type=chunk) * Schedule II, detailing Valuation and Qualifying Accounts and Reserves, is included in the report[281](index=281&type=chunk)[541](index=541&type=chunk) Consolidated Financial Statements (Audited) [Auditor's Report](index=69&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on ALLETE's 2021 financial statements and internal controls, identifying regulatory accounting as a Critical Audit Matter * PricewaterhouseCoopers LLP issued an unqualified audit opinion on both the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2021[296](index=296&type=chunk) * The audit identified one Critical Audit Matter: the accounting for the effects of regulatory matters, due to the significant management judgment required to determine the probability of recovering deferred costs through future rates[303](index=303&type=chunk)[304](index=304&type=chunk) [Consolidated Financial Statements](index=71&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show ALLETE's total assets at $6.44 billion and total equity at $2.41 billion as of December 31, 2021, with $1.42 billion in operating revenue Consolidated Balance Sheet Highlights (Millions) | As of December 31, | 2021 | 2020 | | :--- | :--- | :--- | | Total Current Assets | $291.3 | $254.9 | | Property, Plant and Equipment – Net | $5,100.2 | $4,840.8 | | **Total Assets** | **$6,435.0** | **$6,084.6** | | Total Current Liabilities | $543.4 | $459.6 | | Long-Term Debt | $1,763.2 | $1,593.2 | | **Total Liabilities** | **$3,488.7** | **$3,284.4** | | **Total ALLETE Equity** | **$2,413.1** | **$2,294.6** | Consolidated Statement of Income Highlights (Millions) | For Year Ended Dec 31, | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Total Operating Revenue | $1,419.2 | $1,169.1 | $1,240.5 | | Operating Income | $151.3 | $150.9 | $179.8 | | **Net Income Attributable to ALLETE** | **$169.2** | **$174.2** | **$185.6** | | **Diluted EPS** | **$3.23** | **$3.35** | **$3.59** | [Notes to Consolidated Financial Statements](index=76&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on ALLETE's accounting policies, business segments, regulatory assets/liabilities, debt, commitments, and pension obligations * Minnesota Power's taconite customers accounted for **32% of Regulated Operations operating revenue** and **28% of consolidated operating revenue in 2021**[329](index=329&type=chunk) * As of Dec 31, 2021, the company had regulatory assets of **$511.8 million** and regulatory liabilities of **$544.7 million**, reflecting the impact of rate regulation on cost and revenue timing[409](index=409&type=chunk)[412](index=412&type=chunk) * The company's pension plans were underfunded by **$166.0 million** as of Dec 31, 2021, an improvement from a **$206.3 million underfunding** at year-end 2020, while postretirement health and life plans were overfunded by **$53.6 million**[488](index=488&type=chunk)[494](index=494&type=chunk)

Financial Data and Key Metrics Changes - ALLETE reported Q3 2021 earnings of $0.53 per share on net income of $27.6 million, which exceeded internal expectations by approximately 25% [6][17] - In comparison, Q3 2020 earnings were $0.78 per share on net income of $40.7 million, indicating a decline in earnings year-over-year [17] - The regulated operations segment recorded net income of $32.9 million, down from $42.4 million in Q3 2020, primarily due to increased operating and maintenance expenses [18] Business Line Data and Key Metrics Changes - ALLETE Clean Energy reported a net loss of $800,000 in Q3 2021, compared to net income of $1.1 million in Q3 2020, attributed to lower wind resources [19] - The corporate and other businesses segment recorded a net loss of $4.5 million in Q3 2021, compared to a net loss of $2.8 million in Q3 2020, due to higher expenses [20] Market Data and Key Metrics Changes - Minnesota Power filed its second integrated distribution plan, detailing a five-year investment plan and a ten-year outlook for its distribution system [7] - The Integrated Resource Plan aims for 70% renewable energy by 2030 and to be coal-free by 2035, with a vision for 100% carbon-free energy by 2050 [8][9] Company Strategy and Development Direction - ALLETE is focused on sustainability and clean energy transition, with significant investments planned in infrastructure and technology to enhance service reliability [6][7] - The company is expanding its service offerings beyond wind to include solar and storage solutions, capitalizing on the growing demand for renewable energy [15][16] - A general rate case was filed seeking a $108 million increase in annual revenue to support ongoing operations and clean energy transition [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term annual average earnings per share growth of 5% to 7% through disciplined operations and clean energy investments [25] - The company anticipates significant investments in both regulated and non-regulated businesses, aligning with national and state clean energy goals [34][36] Other Important Information - The Minnesota Department of Commerce requested a three-month extension on initial comments for the Integrated Resource Plan, with final comments due by March 1, 2022 [9] - ALLETE Clean Energy is finalizing development plans for several projects, including a 200-megawatt wind project in North Dakota [31][32] Q&A Session Summary Question: Clarification on NTEC gain and guidance - The NTEC gain was confirmed to be $0.16, which was not included in the original guidance range of $3 to $3.30 [40] Question: Rate case history and sales true-up - The proposed sales true-up is a new mechanism aimed at addressing revenue volatility from large power customers, differing from past ROE true-ups [41][43] Question: Expansion into solar and storage - ALLETE is serious about expanding into solar and storage, with a multi-pronged approach including organic growth and potential acquisitions [44][46] Question: Land sale value and rate mitigation - The estimated value of the land surrounding hydro facilities is $100 million, which could help mitigate the proposed rate increase [50][52] Question: Current allowed ROE and interim rates - The current allowed ROE is 9.25%, which is the basis for interim rates [55] Question: Timeline for solar investment proposals - The timeline for solar investments could be accelerated due to evolving market conditions and technology advancements [58]

ALLETE, Inc. (NYSE:ALE) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET Company Participants Bethany Owen - President & CEO Steven Morris - VP, Controller & CAO Robert Adams - SVP & CFO Jeff Scissons - Director, Corporate Development Frank Frederickson - VP, Customer Experience, Minnesota Power Conference Call Participants Richard Sunderland - JPMorgan Chase & Co. Peter Bourdon - Mizuho Securities Chris Ellinghaus - Siebert Williams Operator Good day, and welcome to the ALLETE Second Quarter 202 ...

Part I. Financial Information [Item 1. Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents unaudited consolidated financial statements, showing total assets increased to $6.3 billion, Q2 net income rose to $27.9 million, while six-month net income decreased to $79.7 million, and cash from operations declined Consolidated Balance Sheet Summary (Millions) | Account | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$6,293.3** | **$6,084.6** | | Total Current Assets | $279.3 | $254.9 | | Property, Plant and Equipment – Net | $5,021.6 | $4,840.8 | | **Total Liabilities** | **$3,451.4** | **$3,284.4** | | Total Current Liabilities | $595.5 | $459.6 | | Long-Term Debt | $1,664.6 | $1,593.2 | | **Total Equity** | **$2,841.9** | **$2,800.2** | Consolidated Statement of Income Summary (Millions, Except Per Share) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | $335.6 | $243.2 | $674.8 | $554.8 | | Operating Income | $28.2 | $12.7 | $70.2 | $72.9 | | Net Income Attributable to ALLETE | $27.9 | $20.1 | $79.7 | $86.4 | | Diluted EPS | $0.53 | $0.39 | $1.53 | $1.67 | Consolidated Statement of Cash Flows Summary (Six Months Ended June 30, Millions) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Cash from Operating Activities | $105.7 | $143.3 | | Cash for Investing Activities | $(305.7) | $(486.2) | | Cash from Financing Activities | $202.1 | $287.8 | | Change in Cash, Cash Equivalents and Restricted Cash | $2.1 | $(55.1) | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details regulatory matters, debt activities, environmental contingencies, and segment contributions to net income - Regulatory Matters: In June 2020, the MPUC approved a resolution to Minnesota Power's 2020 general rate case, setting a **4.1%** rate increase effective May 1, 2020, and requiring a refund of **$11.7 million** in interim rates collected[28](index=28&type=chunk) - Debt: On March 25, 2021, ALLETE entered into a **$150 million** unsecured term loan, drawing the full amount plus an additional **$35 million**. On April 21, 2021, ALLETE agreed to sell **$100 million** of First Mortgage Bonds[49](index=49&type=chunk)[50](index=50&type=chunk) - Environmental Contingencies: Costs for compliance with the EPA's Coal Combustion Residuals (CCR) rule at the Boswell and Laskin facilities are expected to be between **$65 million** and **$120 million** over the next 15 years[73](index=73&type=chunk) - Business Segments: For the six months ended June 30, 2021, Regulated Operations contributed **$66.5 million** to net income, ALLETE Clean Energy contributed **$12.5 million**, and Corporate and Other contributed **$0.7 million**[94](index=94&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a decrease in six-month net income, impacted by a winter storm and a power sales agreement expiration, while reaffirming long-term EPS growth targets and outlining its carbon-free energy strategy - Net income for the first six months of 2021 was **$79.7 million** (**$1.53/share**), down from **$86.4 million** (**$1.67/share**) in 2020. The decrease was influenced by a **~$5 million** after-tax loss at the Diamond Spring wind facility due to a winter storm and the expiration of a 100 MW PSA in April 2020[104](index=104&type=chunk) - The company maintains a long-term objective of **5% to 7%** average annual EPS growth. For 2021, Regulated Operations are expected to contribute approximately **80%** of total consolidated net income[139](index=139&type=chunk)[141](index=141&type=chunk) - Minnesota Power filed its 2021 Integrated Resource Plan, which outlines a transition to **70% renewable energy by 2030** and **100% carbon-free energy by 2050**. This includes adding **400 MW** of wind and solar and making its Boswell plant coal-free by 2035[159](index=159&type=chunk)[158](index=158&type=chunk) - The company is well-positioned for liquidity with **$62.5 million** in cash, **$349.5 million** in available credit lines, and a debt-to-capital ratio of **42%** as of June 30, 2021[183](index=183&type=chunk)[184](index=184&type=chunk) [Comparison of the Quarters Ended June 30, 2021 and 2020](index=32&type=section&id=Comparison%20of%20the%20Quarters%20Ended%20June%2030%2C%202021%20and%202020) This section compares Q2 2021 and Q2 2020 financial performance, highlighting segment contributions and revenue drivers Net Income Attributable to ALLETE by Segment (Q2, Millions) | Segment | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Regulated Operations | $21.5 | $11.1 | +$10.4 | | ALLETE Clean Energy | $5.1 | $4.0 | +$1.1 | | Corporate and Other | $1.3 | $5.0 | -$3.7 | | **Total** | **$27.9** | **$20.1** | **+$7.8** | - Regulated Operations revenue increased by **$89.6 million**, driven by higher fuel adjustment clause recoveries (**$38.6 million**) and a **41%** increase in kWh sold, reflecting improved business conditions post-COVID-19 shutdowns in 2020[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - ALLETE Clean Energy's revenue increased due to the new Diamond Spring facility, which commenced operations in December 2020, contributing to a **44%** increase in total kWh production[117](index=117&type=chunk) [Comparison of the Six Months Ended June 30, 2021 and 2020](index=36&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030%2C%202021%20and%202020) This section compares six-month financial performance, detailing segment net income changes and key factors influencing results Net Income Attributable to ALLETE by Segment (Six Months, Millions) | Segment | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Regulated Operations | $66.5 | $68.6 | -$2.1 | | ALLETE Clean Energy | $12.5 | $15.7 | -$3.2 | | Corporate and Other | $0.7 | $2.1 | -$1.4 | | **Total** | **$79.7** | **$86.4** | **-$6.7** | - Regulated Operations net income was slightly lower due to the expiration of a PSA and higher operating expenses, which were partially offset by a **22.6%** increase in kWh sales[105](index=105&type=chunk)[127](index=127&type=chunk) - ALLETE Clean Energy's net income decreased primarily due to a **~$5 million** after-tax negative impact at its Diamond Spring facility from an extreme winter storm in February 2021[105](index=105&type=chunk)[132](index=132&type=chunk) [Outlook](index=41&type=section&id=Outlook) This section outlines the company's projected EPS growth, strategic initiatives for carbon-free energy, and future project developments - The company projects an average annual EPS growth rate of **5% to 7%** using 2019 as a base year, with Regulated Operations growing **~3%** and ALLETE Clean Energy/Corporate growing **30% to 40%**[139](index=139&type=chunk) - Minnesota Power plans to file a general rate case in November 2021 and is executing its 'EnergyForward' strategy to deliver **100% carbon-free energy by 2050**[142](index=142&type=chunk)[158](index=158&type=chunk) - ALLETE Clean Energy is pursuing growth through acquisitions and development, including the **~300 MW** Caddo wind project (under construction) and agreements to sell the repowered Northern Wind (**~120 MW**) and Red Barn (**~92 MW**) projects[174](index=174&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - The company expects its 2021 effective tax rate to be a benefit of approximately **25% to 30%**, primarily due to federal production tax credits from wind energy generation[182](index=182&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's capital structure, projected capital expenditures, and available liquidity through credit lines Capital Structure (Millions) | Component | June 30, 2021 | % of Total | | :--- | :--- | :--- | | ALLETE Equity | $2,322.6 | 47% | | Non-Controlling Interest | $519.3 | 11% | | Short-Term and Long-Term Debt | $2,036.1 | 42% | | **Total Capitalization** | **$4,878.0** | **100%** | - Capital expenditures for 2021 are expected to be approximately **$500 million**. For the first six months of 2021, capital expenditures totaled **$288.3 million**[191](index=191&type=chunk) - The company has **$432.0 million** in consolidated bank lines of credit, with **$349.5 million** available as of June 30, 2021[183](index=183&type=chunk)[187](index=187&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's commodity price risk is mitigated by regulatory mechanisms, while interest rate risk is managed by limiting variable rate debt, with a 100 basis point increase impacting pre-tax interest by $3.8 million - Exposure to price risk for coal, power, and natural gas in regulated operations is significantly mitigated by the ratemaking process, which allows for the recovery of these costs from customers[196](index=196&type=chunk) - Based on variable rate debt outstanding as of June 30, 2021, a **100 basis point** increase in interest rates would result in a **$3.8 million** increase in pre-tax interest expense[199](index=199&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period[200](index=200&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[201](index=201&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in normal course litigation, not expecting material financial impact, with details on material proceedings referenced in regulatory notes - The company does not expect the outcome of legal proceedings arising in the normal course of business to have a material effect on its financial condition or results of operations[83](index=83&type=chunk)[202](index=202&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, emphasizing electricity market price volatility and its adverse impact, exemplified by a **~$5 million** after-tax loss from a winter storm - A new risk factor was added concerning the volatility of electricity prices, which can adversely affect results at ALLETE Clean Energy facilities with contracts for differences with commercial and industrial customers[203](index=203&type=chunk) - An extreme winter storm in February 2021 led to a **~$5 million** after-tax negative impact at the Diamond Spring facility due to large differences between day-ahead and real-time market prices under a specific power sales agreement[204](index=204&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported during the period - None reported[205](index=205&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None reported[205](index=205&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information on mine safety violations and regulatory matters, as required by the Dodd-Frank Act, is included in Exhibit 95 of this Form 10-Q - Information regarding mine safety violations required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95 to this Form 10-Q[206](index=206&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) This section corrects typographical errors from the 2021 proxy statement, updating deadlines for 2022 shareholder proposals and notice periods for other business - Corrects the deadline for shareholder proposals (under SEC Rule 14a-8) for the 2022 Annual Meeting to **November 25, 2021**[207](index=207&type=chunk)[208](index=208&type=chunk) - Corrects the notice window for other shareholder proposals or nominations for the 2022 Annual Meeting to be between **January 11, 2022**, and **February 10, 2022**[209](index=209&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications, supplemental indentures, mine safety disclosures, and the earnings news release - A list of all exhibits filed with the Form 10-Q is provided, including certifications, supplemental indentures, and the earnings release[211](index=211&type=chunk)