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Note 2 - Segment Information | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 2. Segment Information The accounting policies of the segments are described under note 1 – Summary of Significant Accounting Policies. The Company's businesses have been classified into three segments to be consistent with its business strategy and the reporting and review process used by the Company’s chief operating decision maker. These businesses sell products and provide services to customers primarily in the United States. The Company’s business structure currently includes the following three segments: Electric, Manufacturing and Plastics. The chart below indicates the companies included in each segment. Electric includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by OTP. In addition, OTP is a participant in the Midcontinent Independent System Operator, Inc. (MISO) markets. OTP’s operations have been the Company’s primary business since 1907. Manufacturing consists of businesses in the following manufacturing activities: contract machining, metal parts stamping, fabrication and painting, and production of plastic thermoformed horticultural containers, life science and industrial packaging, and material handling components. These businesses have manufacturing facilities in Georgia, Illinois and Minnesota and sell products primarily in the United States. Plastics consists of businesses producing PVC pipe at plants in North Dakota and Arizona. The PVC pipe is sold primarily in the United States, west of the Mississippi River. OTP is a wholly owned subsidiary of the Company. All of the Company’s other businesses are owned by its wholly owned subsidiary, Varistar Corporation. The Company’s Corporate operating costs include items such as corporate staff and overhead costs, the results of the Company’s captive insurance company and other items excluded from the measurement of operating segment performance. Corporate assets consist primarily of cash, prepaid expenses, investments and fixed assets. Corporate is not an operating segment. Rather, it is added to operating segment totals to reconcile to totals on the Company’s consolidated financial statements. While no single customer accounted for over 10% of consolidated revenue in 2019, certain customers provided a significant portion of each business segment’s 2019 revenue. The Electric segment has one customer that provided 11.9% of 2019 segment revenues. The Manufacturing segment has one customer that manufactures and sells recreational vehicles that provided 23.8% of 2019 segment revenues and one customer that manufactures and sells lawn and garden equipment that provided 11.1% of 2019 segment revenues. The Manufacturing segment’s top five revenue-generating customers provided over 54% of 2019 segment revenues. The Plastics segment has two customers that individually provided 25.3% and 20.4% of 2019 segment revenues. The loss of any one of these customers would have a significant negative impact on the financial position and results of operations of the respective business segment and the Company. All of the Company’s long-lived assets are within the United States and sales within the United States accounted for 98.9% and 98.5% of operating revenues for the respective three-month periods ended September 30, 2020 and 2019, and 99.0% and 98.7% of operating revenues for the respective nine-month periods ended September 30, 2020 and 2019. The Company evaluates the performance of its business segments and allocates resources to them based on earnings contribution and return on total invested capital. Information for the business segments for the three- and nine-month periods ended September 30, 2019 and 2020 and total assets by business segment as of September 30, 2020 and December 31, 2019 are presented in the following tables: Operating Revenue
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Electric Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail Sales Revenue from Contracts with Customers |  | $ | 96,827 |  |  | $ | 100,345 |  |  | $ | 288,861 |  |  | $ | 303,276 |
Changes in Accrued ARP Revenues |  |  | 2,778 |  |  |  | (921 | ) |  |  | 2,900 |  |  |  | (1,601 | )
Total Retail Sales Revenue |  |  | 99,605 |  |  |  | 99,424 |  |  |  | 291,761 |  |  |  | 301,675 |
Transmission Services Revenue |  |  | 12,288 |  |  |  | 11,692 |  |  |  | 32,802 |  |  |  | 34,023 |
Wholesale Revenues – Company Generation |  |  | 1,500 |  |  |  | 1,631 |  |  |  | 3,141 |  |  |  | 4,099 |
Other Revenues |  |  | 1,830 |  |  |  | 1,626 |  |  |  | 5,548 |  |  |  | 4,929 |
Total Electric Segment Revenues |  |  | 115,223 |  |  |  | 114,373 |  |  |  | 333,252 |  |  |  | 344,726 |
Manufacturing Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal Parts and Tooling |  |  | 50,957 |  |  |  | 56,255 |  |  |  | 145,435 |  |  |  | 185,520 |
Plastic Products and Tooling |  |  | 7,600 |  |  |  | 8,088 |  |  |  | 25,323 |  |  |  | 26,486 |
Other |  |  | 1,292 |  |  |  | 1,379 |  |  |  | 3,518 |  |  |  | 5,034 |
Total Manufacturing Segment Revenues |  |  | 59,849 |  |  |  | 65,722 |  |  |  | 174,276 |  |  |  | 217,040 |
Plastics Segment – Sale of PVC Pipe Products |  |  | 60,693 |  |  |  | 48,566 |  |  |  | 155,769 |  |  |  | 142,100 |
Intersegment Eliminations |  |  | (10 | ) |  |  | (9 | ) |  |  | (39 | ) |  |  | (39 | )
Total |  | $ | 235,755 |  |  | $ | 228,652 |  |  | $ | 663,258 |  |  | $ | 703,827 |
Interest Charges
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Electric |  | $ | 7,334 |  |  | $ | 6,300 |  |  | $ | 22,066 |  |  | $ | 19,566 |
Manufacturing |  |  | 553 |  |  |  | 561 |  |  |  | 1,661 |  |  |  | 1,791 |
Plastics |  |  | 163 |  |  |  | 197 |  |  |  | 497 |  |  |  | 561 |
Corporate and Intersegment Eliminations |  |  | 518 |  |  |  | 481 |  |  |  | 1,129 |  |  |  | 1,272 |
Total |  | $ | 8,568 |  |  | $ | 7,539 |  |  | $ | 25,353 |  |  | $ | 23,190 |
Income Taxes
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Electric |  | $ | 6,048 |  |  | $ | 4,066 |  |  | $ | 12,247 |  |  | $ | 9,874 |
Manufacturing |  |  | 891 |  |  |  | 285 |  |  |  | 2,163 |  |  |  | 2,888 |
Plastics |  |  | 3,638 |  |  |  | 1,914 |  |  |  | 7,373 |  |  |  | 5,287 |
Corporate |  |  | (1,480 | ) |  |  | (1,329 | ) |  |  | (3,240 | ) |  |  | (4,142 | )
Total |  | $ | 9,097 |  |  | $ | 4,936 |  |  | $ | 18,543 |  |  | $ | 13,907 |
Net Income (Loss)
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Electric |  | $ | 24,737 |  |  | $ | 17,682 |  |  | $ | 54,225 |  |  | $ | 43,884 |
Manufacturing |  |  | 3,311 |  |  |  | 3,155 |  |  |  | 8,476 |  |  |  | 11,987 |
Plastics |  |  | 10,343 |  |  |  | 5,397 |  |  |  | 20,922 |  |  |  | 14,918 |
Corporate |  |  | (2,457 | ) |  |  | (1,489 | ) |  |  | (6,440 | ) |  |  | (4,294 | )
Total |  | $ | 35,934 |  |  | $ | 24,745 |  |  | $ | 77,183 |  |  | $ | 66,495 |
Identifiable Assets
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Electric |  | $ | 2,191,215 |  |  | $ | 1,931,525 |
Manufacturing |  |  | 189,525 |  |  |  | 195,742 |
Plastics |  |  | 104,661 |  |  |  | 92,049 |
Corporate |  |  | 49,106 |  |  |  | 54,279 |
Total |  | $ | 2,534,507 |  |  | $ | 2,273,595 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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