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Schedule 1 - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
SCHEDULE 1 - Condensed financial information of registrant |
Otter Tail Corporation (PARENT COMPANY) |
Condensed Balance Sheets, December 31 |
(in thousands) |  | 2019 |  |  | 2018 |
Assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 4,959 |  |  | $ | - |
Accounts Receivable |  |  | - |  |  |  | - |
Accounts Receivable from Subsidiaries |  |  | 2,144 |  |  |  | 1,931 |
Interest Receivable from Subsidiaries |  |  | 117 |  |  |  | 117 |
Notes Receivable from Subsidiaries |  |  | - |  |  |  | 1,167 |
Income Taxes Receivable |  |  | 1,487 |  |  |  | - |
Other |  |  | 1,050 |  |  |  | 3,482 |
Total Current Assets |  |  | 9,757 |  |  |  | 6,697 |
Investments in Subsidiaries |  |  | 860,646 |  |  |  | 787,869 |
Notes Receivable from Subsidiaries |  |  | 79,251 |  |  |  | 79,422 |
Deferred Income Taxes |  |  | 25,505 |  |  |  | 21,100 |
Right of Use Assets - Operating |  |  | 637 |  |  |  | - |
Other Assets |  |  | 35,503 |  |  |  | 31,547 |
Total Assets |  | $ | 1,011,299 |  |  | $ | 926,635 |
Liabilities and Equity |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Short-Term Debt |  | $ | 6,000 |  |  | $ | 9,215 |
Current Maturities of Long-Term Debt |  |  | 183 |  |  |  | 172 |
Accounts Payable to Subsidiaries |  |  | 7 |  |  |  | 7 |
Notes Payable to Subsidiaries |  |  | 89,611 |  |  |  | 60,626 |
Current Operating Lease Liabilities |  |  | 156 |  |  |  | - |
Other |  |  | 9,473 |  |  |  | 9,994 |
Total Current Liabilities |  |  | 105,430 |  |  |  | 80,014 |
Long Term Operating Lease Liabilities |  |  | 533 |  |  |  | - |
Other Noncurrent Liabilities |  |  | 44,042 |  |  |  | 37,814 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |
Long-Term Debt, Net of Current Maturities |  |  | 79,812 |  |  |  | 79,944 |
Common Shareholder Equity |  |  | 781,482 |  |  |  | 728,863 |
Total Capitalization |  |  | 861,294 |  |  |  | 808,807 |
Total Liabilities and Equity |  | $ | 1,011,299 |  |  | $ | 926,635 |
See accompanying notes to condensed financial statements.
Otter Tail Corporation (PARENT COMPANY) |
Condensed Statements of Income--For the Years Ended December 31 |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating Loss |  |  |  |  |  |  |  |  |  |  |  |
Revenue from Contracts with Customers |  | $ | - |  |  | $ | - |  |  | $ | - |
Operating Expenses |  |  | 10,529 |  |  |  | 9,916 |  |  |  | 7,138 |
Operating Loss |  |  | (10,529 | ) |  |  | (9,916 | ) |  |  | (7,138 | )
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |  |
Equity Income in Earnings of Subsidiaries |  |  | 93,731 |  |  |  | 91,446 |  |  |  | 82,715 |
Interest Charges |  |  | (4,863 | ) |  |  | (4,043 | ) |  |  | (4,270 | )
Interest Charges to Subsidiaries |  |  | (306 | ) |  |  | (387 | ) |  |  | (244 | )
Interest Income from Subsidiaries |  |  | 3,063 |  |  |  | 2,839 |  |  |  | 2,848 |
Nonservice Cost Components of Postretirement Benefits |  |  | (1,297 | ) |  |  | (1,422 | ) |  |  | (1,215 | )
Other Income |  |  | 1,566 |  |  |  | 550 |  |  |  | 1,054 |
Total Other Income |  |  | 91,894 |  |  |  | 88,983 |  |  |  | 80,888 |
Income Before Income Taxes |  |  | 81,365 |  |  |  | 79,067 |  |  |  | 73,750 |
Income Tax (Benefit) Expense |  |  | (5,482 | ) |  |  | (3,278 | ) |  |  | 1,311 |
Net Income |  | $ | 86,847 |  |  | $ | 82,345 |  |  | $ | 72,439 |
See accompanying notes to condensed financial statements.
Otter Tail Corporation (PARENT COMPANY) |
Condensed Statements of Cash Flows--For the Years Ended December 31 |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities |  | $ | 52,263 |  |  | $ | 56,947 |  |  | $ | 50,205 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Investment in Subsidiaries |  |  | (34,990 | ) |  |  | (24,764 | ) |  |  | - |
Debt Repaid by Subsidiaries |  |  | 1,338 |  |  |  | 774 |  |  |  | 151 |
Cash Used in Investing Activities |  |  | (257 | ) |  |  | (623 | ) |  |  | (121 | )
Net Cash (Used in) Provided by Investing Activities |  |  | (33,909 | ) |  |  | (24,613 | ) |  |  | 30 |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Change in Checks Written in Excess of Cash |  |  | (31 | ) |  |  | 31 |  |  |  | - |
Net Short-Term (Repayments) Borrowings |  |  | (3,215 | ) |  |  | 9,215 |  |  |  | - |
Borrowings from (Repayments to) Subsidiaries |  |  | 28,985 |  |  |  | (1,281 | ) |  |  | 23,389 |
Proceeds from Issuance of Common Stock |  |  | 20,338 |  |  |  | - |  |  |  | 4,349 |
Common Stock Issuance Expenses |  |  | (577 | ) |  |  | (108 | ) |  |  | - |
Payments for Retirement of Capital Stock |  |  | (2,730 | ) |  |  | (3,011 | ) |  |  | (1,799 | )
Short-Term and Long-Term Debt Issuance Expenses |  |  | (270 | ) |  |  | (164 | ) |  |  | (158 | )
Payments for Retirement of Long-Term Debt |  |  | (172 | ) |  |  | (189 | ) |  |  | (15,231 | )
Dividends Paid |  |  | (55,723 | ) |  |  | (53,198 | ) |  |  | (50,632 | )
Net Cash Used in Financing Activities |  |  | (13,395 | ) |  |  | (48,705 | ) |  |  | (40,082 | )
Net Change in Cash and Cash Equivalents |  |  | 4,959 |  |  |  | (16,371 | ) |  |  | 10,153 |
Cash and Cash Equivalents at Beginning of Period |  |  | - |  |  |  | 16,371 |  |  |  | 6,218 |
Cash and Cash Equivalents at End of Period |  | $ | 4,959 |  |  | $ | - |  |  | $ | 16,371 |
See accompanying notes to condensed financial statements.
Otter Tail Corporation (Parent Company) Notes to Condensed Financial Statements For the years ended December 31, 2019, 2018 and 2017 Incorporated by reference are Otter Tail Corporation’s consolidated statements of comprehensive income and common shareholders’ equity in Part II, Item 8. Basis of Presentation The condensed financial information of Otter Tail Corporation is presented to comply with Rule 12-04 of Regulation S-X. The unconsolidated condensed financial statements do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements should be read with the consolidated financial statements and related notes included in this report on Form 10-K. Otter Tail Corporation’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity income in earnings of subsidiaries. Related Party Transactions
As of December 31, 2019: (in thousands) |  | Accounts Receivable |  |  | Interest Receivable |  |  | Current Notes Receivable |  |  | Long-Term Notes Receivable |  |  | Accounts Payable |  |  | Current Notes Payable |
Otter Tail Power Company |  | $ | 2,056 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7 |  |  | $ | - |
Northern Pipe Products, Inc. |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 5,351 |  |  |  | - |  |  |  | 3,056 |
Vinyltech Corporation |  |  | 4 |  |  |  | 17 |  |  |  | - |  |  |  | 11,500 |  |  |  | - |  |  |  | 15,099 |
BTD Manufacturing, Inc. |  |  | - |  |  |  | 77 |  |  |  | - |  |  |  | 52,000 |  |  |  | - |  |  |  | 18,474 |
T.O. Plastics, Inc. |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | 10,400 |  |  |  | - |  |  |  | 3,099 |
Varistar Corporation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 49,883 |
Otter Tail Assurance Limited |  |  | 84 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 2,144 |  |  | $ | 117 |  |  | $ | - |  |  | $ | 79,251 |  |  | $ | 7 |  |  | $ | 89,611 |
As of December 31, 2018: (in thousands) |  | Accounts Receivable |  |  | Interest Receivable |  |  | Current Notes Receivable |  |  | Long-Term Notes Receivable |  |  | Accounts Payable |  |  | Current Notes Payable |
Otter Tail Power Company |  | $ | 1,877 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7 |  |  | $ | - |
Northern Pipe Products, Inc. |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 5,522 |  |  |  | - |  |  |  | 5,623 |
Vinyltech Corporation |  |  | 4 |  |  |  | 17 |  |  |  | - |  |  |  | 11,500 |  |  |  | - |  |  |  | 15,305 |
BTD Manufacturing, Inc. |  |  | - |  |  |  | 77 |  |  |  | 415 |  |  |  | 52,000 |  |  |  | - |  |  |  | - |
T.O. Plastics, Inc. |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | 10,400 |  |  |  | - |  |  |  | 14,308 |
Varistar Corporation |  |  | - |  |  |  | - |  |  |  | 752 |  |  |  | - |  |  |  | - |  |  |  | 25,390 |
Otter Tail Assurance Limited |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 1,931 |  |  | $ | 117 |  |  | $ | 1,167 |  |  | $ | 79,422 |  |  | $ | 7 |  |  | $ | 60,626 |
Dividends Dividends paid to Otter Tail Corporation (the Parent) from its subsidiaries were as follows:
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Cash Dividends Paid to Parent by Subsidiaries |  | $ | 55,660 |  |  | $ | 53,134 |  |  | $ | 50,571 |
See Otter Tail Corporation’s notes to consolidated financial statements in Part II, Item 8 for other disclosures. Other schedules are omitted because of the absence of the conditions under which they are required, because the amounts are insignificant or because the information required is included in the financial statements or the notes thereto.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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