XML 54 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Schedule I - Condensed Financial Information of Registrant | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED BALANCE SHEETS
| December 31,
(in thousands) | 2022 |  | 2021
Assets |  |  |
Current Assets |  |  |
Cash and Cash Equivalents | $ | 119,246 |  |  | $ | 3 |
Accounts Receivable | — |  |  | 25 |
Accounts Receivable from Subsidiaries | 3,278 |  |  | 2,817 |
Interest Receivable from Subsidiaries | 117 |  |  | 117 |
Notes Receivable from Subsidiaries | — |  |  | 6,767 |
Other | 1,045 |  |  | 1,410 |
Total Current Assets | 123,686 |  |  | 11,139 |
Investments in Subsidiaries | 1,463,998 |  |  | 1,184,564 |
Notes Receivable from Subsidiaries | 78,900 |  |  | 78,900 |
Deferred Income Taxes | 64,802 |  |  | 29,619 |
Other Assets | 43,779 |  |  | 44,749 |
Total Assets | $ | 1,775,165 |  |  | $ | 1,348,971 |
Liabilities and Stockholders' Equity |  |  |
Current Liabilities |  |  |
Short-Term Debt | $ | — |  |  | $ | 22,637 |
Accounts Payable to Subsidiaries | 7 |  |  | 181 |
Notes Payable to Subsidiaries | 420,363 |  |  | 190,204 |
Other | 15,994 |  |  | 14,526 |
Total Current Liabilities | 436,364 |  |  | 227,548 |
Other Noncurrent Liabilities | 41,686 |  |  | 50,900 |
Commitments and Contingencies |  |  |
Capitalization |  |  |
Long-Term Debt, Net of Current Maturities | 79,798 |  |  | 79,746 |
Common Stockholders' Equity | 1,217,317 |  |  | 990,777 |
Total Capitalization | 1,297,115 |  |  | 1,070,523 |
Total Liabilities and Stockholders' Equity | $ | 1,775,165 |  |  | $ | 1,348,971 |
See accompanying notes to condensed financial statements. OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Income |  |  |  |  |
Equity Income in Earnings of Subsidiaries | $ | 296,833 |  |  | $ | 188,375 |  |  | $ | 106,379 |
Interest Income from Subsidiaries | 3,382 |  |  | 2,826 |  |  | 2,859 |
Other Income | 466 |  |  | 1,290 |  |  | 1,317 |
Total Income | 300,681 |  |  | 192,491 |  |  | 110,555 |
Expense |  |  |  |  |
Operating Expenses | 17,269 |  |  | 14,825 |  |  | 14,007 |
Interest Charges | 4,066 |  |  | 4,727 |  |  | 4,599 |
Interest Charges from Subsidiaries | 5 |  |  | 3 |  |  | 136 |
Nonservice Cost Components of Postretirement Benefits | 1,023 |  |  | 1,097 |  |  | 1,150 |
Total Expense | 22,363 |  |  | 20,652 |  |  | 19,892 |
Income Before Income Taxes | 278,318 |  |  | 171,839 |  |  | 90,663 |
Income Tax Benefit | 5,866 |  |  | 4,930 |  |  | 5,188 |
Net Income | $ | 284,184 |  |  | $ | 176,769 |  |  | $ | 95,851 |
See accompanying notes to condensed financial statements. OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Cash Flows from Operating Activities |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 28,807 |  |  | $ | 60,695 |  |  | $ | 54,027 |
Cash Flows from Investing Activities |  |  |  |  |
Investment in Subsidiaries | (50,000) |  |  | — |  |  | (150,000) |
Debt Repaid by Subsidiaries | — |  |  | 169 |  |  | 182 |
Other, net | (1,695) |  |  | (884) |  |  | (2,419) |
Net Cash Used in Investing Activities | (51,695) |  |  | (715) |  |  | (152,237) |
Cash Flows from Financing Activities |  |  |  |  |
Net (Repayments) Borrowings on Short-Term Debt | (22,637) |  |  | (42,529) |  |  | 59,166 |
Borrowings from Subsidiaries | 236,926 |  |  | 49,085 |  |  | 44,741 |
Proceeds from Issuance of Common Stock | — |  |  | 696 |  |  | 52,432 |
Payments for Shares Withheld for Employee Tax Obligations | (2,942) |  |  | (1,507) |  |  | (2,069) |
Payments for Retirement of Long-Term Debt | — |  |  | (169) |  |  | (182) |
Dividends Paid | (68,755) |  |  | (64,864) |  |  | (60,314) |
Other, net | (461) |  |  | (689) |  |  | (523) |
Net Cash Provided by (Used in) Financing Activities | 142,131 |  |  | (59,977) |  |  | 93,251 |
Net Change in Cash and Cash Equivalents | 119,243 |  |  | 3 |  |  | (4,959) |
Cash and Cash Equivalents at Beginning of Period | 3 |  |  | — |  |  | 4,959 |
Cash and Cash Equivalents at End of Period | $ | 119,246 |  |  | $ | 3 |  |  | $ | — |
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 OTC's subsidiaries as of December 31, 2022 and 2021 are as follows:
(in thousands) | Accounts Receivable |  | Interest Receivable |  | Current Notes Receivable |  | Long-Term Notes Receivable |  | Accounts Payable |  | Current Notes Payable
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Otter Tail Power Company | $ | 3,016 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Northern Pipe Products, Inc. | — |  |  | 7 |  |  | — |  |  | 5,000 |  |  | — |  |  | 77,182 |
Vinyltech Corporation | — |  |  | 18 |  |  | — |  |  | 11,500 |  |  | — |  |  | 90,425 |
BTD Manufacturing, Inc. | — |  |  | 77 |  |  | — |  |  | 52,000 |  |  | — |  |  | 693 |
T.O. Plastics, Inc. | 20 |  |  | 15 |  |  | — |  |  | 10,400 |  |  | — |  |  | 5,855 |
Varistar Corporation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 246,208 |
Otter Tail Assurance Limited | 242 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 3,278 |  |  | $ | 117 |  |  | $ | — |  |  | $ | 78,900 |  |  | $ | 7 |  |  | $ | 420,363 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Otter Tail Power Company | $ | 2,503 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Northern Pipe Products, Inc. | — |  |  | 7 |  |  | — |  |  | 5,000 |  |  | 4 |  |  | 32,057 |
Vinyltech Corporation | 13 |  |  | 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 Limited | 281 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 2,817 |  |  | $ | 117 |  |  | $ | 6,767 |  |  | $ | 78,900 |  |  | $ | 181 |  |  | $ | 190,204 |
Dividends Dividends paid to OTC (the Parent) from its subsidiaries were as follows:
(in thousands) | 2022 |  | 2021 |  | 2020
Cash Dividends Paid to Parent by Subsidiaries | $ | 68,680 |  |  | $ | 64,790 |  |  | $ | 55,614 |
See OTC’s notes to consolidated financial statements in Part II, Item 8 for other disclosures.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: 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(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration