Schedule 1 - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2020

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

OTTER TAIL CORPORATION (PARENT COMPANY)

CONDENSED BALANCE SHEETS


	December 31,
(in thousands)	2020		2019

Assets
Current Assets
Cash and Cash Equivalents	$	—	$	4,959
Accounts Receivable	148		—
Accounts Receivable from Subsidiaries	2,734		2,144
Interest Receivable from Subsidiaries	117		117

Other	1,063		2,537
Total Current Assets	4,062		9,757
Investments in Subsidiaries	1,061,009		860,646
Notes Receivable from Subsidiaries	79,069		79,251
Deferred Income Taxes	28,793		25,505
Other Assets	40,848		36,140
Total Assets	$	1,213,781	$	1,011,299

Liabilities and Stockholders' Equity
Current Liabilities
Short-Term Debt	$	65,166	$	6,000
Current Maturities of Long-Term Debt	169		183
Accounts Payable to Subsidiaries	7		7
Notes Payable to Subsidiaries	134,352		89,611
Other	12,931		9,629
Total Current Liabilities	212,625		105,430
Other Noncurrent Liabilities	50,495		44,575
Commitments and Contingencies
Capitalization
Long-Term Debt, Net of Current Maturities	79,695		79,812
Common Shareholder Equity	870,966		781,482
Total Capitalization	950,661		861,294
Total Liabilities and Stockholders' Equity	$	1,213,781	$	1,011,299

OTTER TAIL CORPORATION (PARENT COMPANY)

CONDENSED STATEMENTS OF INCOME


	Years Ended December 31,
(in thousands)	2020		2019		2018

Income
Equity Income in Earnings of Subsidiaries	$	106,379	$	93,731	$	91,446
Interest Income from Subsidiaries	2,859		3,063		2,839
Other Income	1,317		1,566		550
Total Income	110,555		98,360		94,835
Expense
Operating Expenses	14,007		10,529		9,916
Interest Charges	4,599		4,863		4,043
Interest Charges from Subsidiaries	136		306		387
Nonservice Cost Components of Postretirement Benefits	1,150		1,297		1,422
Total Expense	19,892		16,995		15,768
Income Before Income Taxes	90,663		81,365		79,067
Income Tax (Benefit) Expense	(5,188)		(5,482)		(3,278)
Net Income	$	95,851	$	86,847	$	82,345

OTTER TAIL CORPORATION (PARENT COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(in thousands)	2020		2019		2018

Cash Flows from Operating Activities
Net Cash Provided by Operating Activities	$	54,027	$	52,263	$	56,947
Cash Flows from Investing Activities
Investment in Subsidiaries	(150,000)		(34,990)		(24,764)
Debt Repaid by Subsidiaries	182		1,338		774
Cash Used in Investing Activities	(2,419)		(257)		(623)
Net Cash (Used in) Provided by Investing Activities	(152,237)		(33,909)		(24,613)
Cash Flows from Financing Activities
Change in Checks Written in Excess of Cash	125		(31)		31
Net Short-Term (Repayments) Borrowings	59,166		(3,215)		9,215
Borrowings from (Repayments to) Subsidiaries	44,741		28,985		(1,281)
Proceeds from Issuance of Common Stock	52,432		20,338		—
Common Stock Issuance Expenses	(648)		(577)		(108)
Payments for Retirement of Capital Stock	(2,069)		(2,730)		(3,011)
Short-Term and Long-Term Debt Issuance Expenses	—		(270)		(164)
Payments for Retirement of Long-Term Debt	(182)		(172)		(189)
Dividends Paid	(60,314)		(55,723)		(53,198)
Net Cash Used in Financing Activities	93,251		(13,395)		(48,705)
Net Change in Cash and Cash Equivalents	(4,959)		4,959		(16,371)
Cash and Cash Equivalents at Beginning of Period	4,959		—		16,371
Cash and Cash Equivalents at End of Period	$	—	$	4,959	$	—

Outstanding receivables from and payables to our subsidiaries as of December 31, 2020 and 2019 are as follows:


(in thousands)	Accounts Receivable		Interest Receivable		Current Notes Receivable		Long-Term Notes Receivable		Accounts Payable		Current Notes Payable

December 31, 2020
Otter Tail Power Company	$	2,698	$	—	$	—	$	—	$	7	$	—
Northern Pipe Products, Inc.	—		8		—		5,169		—		9,103
Vinyltech Corporation	—		17		—		11,500		—		18,004
BTD Manufacturing, Inc.	—		77		—		52,000		—		30,344
T.O. Plastics, Inc.	—		15		—		10,400		—		3,101
Varistar Corporation	—		—		—		—		—		73,800
Otter Tail Assurance Limited	36		—		—		—		—		—
	$	2,734	$	117	$	—	$	79,069	$	7	$	134,352
December 31, 2019
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

Dividends paid to Otter Tail Corporation (the Parent) from its subsidiaries were as follows:


(in thousands)	2020		2019		2018

Cash Dividends Paid to Parent by Subsidiaries	$	55,614	$	55,660	$	53,134