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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
We classify our business into three segments, Electric, Manufacturing and Plastics, consistent with our business strategy, organizational structure and our internal reporting and review processes used by our chief operating decision maker to make decisions regarding allocation of resources, to assess operating performance and to make strategic decisions.
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 our 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 western half of the United States and Canada.
Certain assets and costs are not allocated to our operating segments. Corporate operating costs include items such as corporate staff and overhead costs, the results of our 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 consolidated amounts.
Information for each segment and our unallocated corporate costs for the years ended December 31, 2021, 2020 and 2019 are as follows:
(in thousands)202120202019
Operating Revenue1
Electric$480,321 $446,088 $459,048 
Manufacturing336,294 238,770 277,204 
Plastics380,229 205,249 183,251 
Total$1,196,844 $890,107 $919,503 
Depreciation and Amortization
Electric$71,343 $63,171 $60,044 
Manufacturing15,436 14,933 14,261 
Plastics4,354 3,604 3,451 
Corporate225 329 330 
Total$91,358 $82,037 $78,086 
Operating Income (Loss)
Electric$106,964 $107,083 $98,417 
Manufacturing24,114 16,103 17,869 
Plastics132,760 37,823 28,439 
Corporate(14,130)(13,123)(9,845)
Total$249,708 $147,886 $134,880 
Interest Charges
Electric$33,043 $29,848 $26,548 
Manufacturing2,239 2,215 2,345 
Plastics587 644 718 
Corporate1,902 1,740 1,800 
Total$37,771 $34,447 $31,411 
Income Tax Expense (Benefit)
Electric$1,663 $12,480 $12,867 
Manufacturing4,704 2,939 2,784 
Plastics34,374 9,718 7,309 
Corporate(4,689)(4,931)(5,519)
Total$36,052 $20,206 $17,441 
Net Income (Loss)
Electric$72,458 $66,778 $59,046 
Manufacturing17,186 11,048 12,899 
Plastics97,823 27,582 20,572 
Corporate(10,698)(9,557)(5,670)
Total$176,769 $95,851 $86,847 
Capital Expenditures
Electric$140,031 $356,581 $187,362 
Manufacturing20,690 10,587 14,268 
Plastics11,040 4,322 5,452 
Corporate68 63 283 
Total$171,829 $371,553 $207,365 
1Amounts reflect operating revenues to external customers. Intersegment operating revenues are not material for any period presented.
The following provides the identifiable assets by segment and corporate assets as of December 31, 2021 and 2020:
(in thousands)20212020
Identifiable Assets
Electric$2,283,776 $2,233,399 
Manufacturing251,044 191,005 
Plastics162,565 99,767 
Corporate57,445 54,183 
Total$2,754,830 $2,578,354 
Concentrations
Our Plastics segment businesses use PVC resin as a critical component within their PVC pipe manufacturing process. There are a limited number of PVC resin suppliers in the U.S., and in 2021, we sourced all of our PVC resin needs from two vendors. Although there are a limited number of PVC resin suppliers, we believe that other suppliers could provide PVC resin on comparable terms. Additionally, most U.S. resin production plants are located in the Gulf Coast region. These plants are subject to the risk of damage and production shutdowns because of exposure to hurricanes or other extreme weather events that occur in this region. The loss of a key vendor, or any interruption or delay in the supply of PVC resin could cause production delays, a possible loss of sales, or result in increased costs to secure resin, all of which would adversely affect our operating results.
Entity-Wide Information
No single customer accounted for over 10% of our consolidated operating revenues for the years ended December 31, 2021, 2020 and 2019. All of our long-lived assets are located within the United States and substantially all of our operating revenues are to customers located within the United States.