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Segment Information
 12 Months Ended
Dec. 31, 2022
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 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, 2022, 2021 and 2020 are as follows:
(in thousands)202220212020
Operating Revenue
Electric$549,699 $480,321 $446,088 
Manufacturing397,983 336,294 238,770 
Plastics512,527 380,229 205,249 
Total1,460,209 1,196,844 890,107 
Depreciation and Amortization
Electric72,050 71,343 63,171 
Manufacturing16,202 15,436 14,933 
Plastics4,205 4,354 3,604 
Corporate140 225 329 
Total92,597 91,358 82,037 
Operating Income (Loss)
Electric113,138 106,964 107,083 
Manufacturing29,065 24,114 16,103 
Plastics264,578 132,760 37,823 
Corporate(16,342)(14,130)(13,123)
Total390,439 249,708 147,886 
Interest Charges
Electric31,950 33,043 29,848 
Manufacturing2,796 2,239 2,215 
Plastics585 587 644 
Corporate685 1,902 1,740 
Total36,016 37,771 34,447 
Income Tax Expense (Benefit)
Electric5,065 1,663 12,480 
Manufacturing5,321 4,704 2,939 
Plastics68,688 34,374 9,718 
Corporate(5,723)(4,689)(4,931)
Total73,351 36,052 20,206 
Net Income (Loss)
Electric79,974 72,458 66,778 
Manufacturing20,950 17,186 11,048 
Plastics195,374 97,823 27,582 
Corporate(12,114)(10,698)(9,557)
Total284,184 176,769 95,851 
Capital Expenditures
Electric147,869 140,031 356,581 
Manufacturing17,954 20,690 10,587 
Plastics5,245 11,040 4,322 
Corporate66 68 63 
Total$171,134 $171,829 $371,553 
The following provides the identifiable assets by segment and corporate assets as of December 31, 2022 and 2021:
(in thousands)20222021
Identifiable Assets
Electric$2,351,961 $2,283,776 
Manufacturing245,869 251,044 
Plastics126,318 162,565 
Corporate177,513 57,445 
Total$2,901,661 $2,754,830 
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 2022, 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, 2022, 2021 and 2020. All of our long-lived assets are located within the United States and substantially all of our operating revenues are from customers located within the United States.