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Schedule 1 - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule 1 - Condensed Financial Information of Registrant
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
OTTER TAIL CORPORATION (PARENT COMPANY)
CONDENSED BALANCE SHEETS
December 31,
(in thousands)20212020
Assets
Current Assets
Cash and Cash Equivalents$3 $— 
Accounts Receivable25 148 
Accounts Receivable from Subsidiaries2,817 2,734 
Interest Receivable from Subsidiaries117 117 
Notes Receivable from Subsidiaries6,767 — 
Other1,410 1,063 
Total Current Assets11,139 4,062 
Investments in Subsidiaries1,184,564 1,061,009 
Notes Receivable from Subsidiaries78,900 79,069 
Deferred Income Taxes29,619 28,793 
Other Assets44,749 40,848 
Total Assets$1,348,971 $1,213,781 
Liabilities and Stockholders' Equity
Current Liabilities
Short-Term Debt$22,637 $65,166 
Current Maturities of Long-Term Debt— 169 
Accounts Payable to Subsidiaries181 7 
Notes Payable to Subsidiaries190,204 134,352 
Other14,526 12,931 
Total Current Liabilities227,548 212,625 
Other Noncurrent Liabilities50,900 50,495 
Commitments and Contingencies
Capitalization
Long-Term Debt, Net of Current Maturities79,746 79,695 
Common Stockholders' Equity990,777 870,966 
Total Capitalization1,070,523 950,661 
Total Liabilities and Stockholders' Equity$1,348,971 $1,213,781 
See accompanying notes to condensed financial statements.
OTTER TAIL CORPORATION (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years Ended December 31,
(in thousands)202120202019
Income
Equity Income in Earnings of Subsidiaries$188,375 $106,379 $93,731 
Interest Income from Subsidiaries2,826 2,859 3,063 
Other Income1,290 1,317 1,566 
Total Income192,491 110,555 98,360 
Expense
Operating Expenses14,825 14,007 10,529 
Interest Charges4,727 4,599 4,863 
Interest Charges from Subsidiaries3 136 306 
Nonservice Cost Components of Postretirement Benefits1,097 1,150 1,297 
Total Expense20,652 19,892 16,995 
Income Before Income Taxes171,839 90,663 81,365 
Income Tax Benefit4,930 5,188 5,482 
Net Income$176,769 $95,851 $86,847 
See accompanying notes to condensed financial statements.
OTTER TAIL CORPORATION (PARENT COMPANY)
CONDENSED STATEMENTS OF CASH FLOWS
Years Ended December 31,
(in thousands)202120202019
Cash Flows from Operating Activities
Net Cash Provided by Operating Activities$60,695 $54,027 $52,263 
Cash Flows from Investing Activities
Investment in Subsidiaries— (150,000)(34,990)
Debt Repaid by Subsidiaries169 182 1,338 
Cash Used in Investing Activities(884)(2,419)(257)
Net Cash Used in Investing Activities(715)(152,237)(33,909)
Cash Flows from Financing Activities
Net (Repayments) Borrowings on Short-Term Debt(42,529)59,166 (3,215)
Borrowings from Subsidiaries49,085 44,741 28,985 
Proceeds from Issuance of Common Stock696 52,432 20,338 
Payments for Shares Withheld for Employee Tax Obligations(1,507)(2,069)(2,730)
Payments for Retirement of Long-Term Debt(169)(182)(172)
Dividends Paid(64,864)(60,314)(55,723)
Other, net(689)(523)(878)
Net Cash Used in (Provided by) Financing Activities(59,977)93,251 (13,395)
Net Change in Cash and Cash Equivalents3 (4,959)4,959 
Cash and Cash Equivalents at Beginning of Period— 4,959 — 
Cash and Cash Equivalents at End of Period$3 $— $4,959 
 
See accompanying notes to condensed financial statements.
OTTER TAIL CORPORATION (PARENT COMPANY)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Incorporated by Reference
OTC’s consolidated statements of comprehensive income and common shareholders’ equity in Part II, Item 8 are incorporated by reference.
Basis of Presentation
The condensed financial information of OTC 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.
OTC’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
Outstanding receivables from and payables to our subsidiaries as of December 31, 2021 and 2020 are as follows:
(in thousands)Accounts
Receivable		Interest
Receivable		Current
Notes
Receivable		Long-Term
Notes
Receivable		Accounts
Payable		Current
Notes
Payable
December 31, 2021
Otter Tail Power Company$2,503 $— $— $— $7 $— 
Northern Pipe Products, Inc.— 7 — 5,000 4 32,057 
Vinyltech Corporation13 18 — 11,500 — 34,881 
BTD Manufacturing, Inc.— 77 6,767 52,000 170 — 
T.O. Plastics, Inc.20 15 — 10,400 — 5,995 
Varistar Corporation— — — — — 117,271 
Otter Tail Assurance Limited281 — — — — — 
 $2,817 $117 $6,767 $78,900 $181 $190,204 
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 Limited36 — — — — — 
$2,734 $117 $— $79,069 $7 $134,352 
Dividends
Dividends paid to OTC (the Parent) from its subsidiaries were as follows:
(in thousands)202120202019
Cash Dividends Paid to Parent by Subsidiaries$64,790 $55,614 $55,660 
See OTC’s notes to consolidated financial statements in Part II, Item 8 for other disclosures.