Schedule I - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2022

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

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

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	$	—

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 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