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Schedule I - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | 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 |
Condensed Income Statement | 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 |
Condensed Cash Flow Statement | 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 |  |  | $ | — |
Schedule of 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 |
Cash Dividends Paid to Parent by Subsidiaries | 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 |

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