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Segment Information
 12 Months Ended
Dec. 31, 2023
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, income and expenses are not allocated to our operating segments. Corporate operating results include items such as corporate staff and overhead costs, the results of our captive insurance company, gains or losses on our investments and returns on our cash equivalent investments. These items and others are excluded from the measurement of operating segment performance. Corporate assets consist primarily of cash, investments, prepaid expenses, 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, 2023, 2022 and 2021 are as follows:
(in thousands)202320222021
Operating Revenue
Electric$528,359 $549,699 $480,321 
Manufacturing402,781 397,983 336,294 
Plastics418,026 512,527 380,229 
Total1,349,166 1,460,209 1,196,844 
Depreciation and Amortization
Electric75,330 72,050 71,343 
Manufacturing18,495 16,202 15,436 
Plastics4,027 4,205 4,354 
Corporate102 140 225 
Total97,954 92,597 91,358 
Operating Income (Loss)
Electric106,521 113,138 106,964 
Manufacturing29,140 29,065 24,114 
Plastics254,402 264,578 132,760 
Corporate(12,144)(16,342)(14,130)
Total377,919 390,439 249,708 
Interest Expense
Electric33,864 31,950 33,043 
Manufacturing2,295 2,796 2,239 
Plastics602 585 587 
Corporate916 685 1,902 
Total37,677 36,016 37,771 
Income Tax Expense (Benefit)
Electric1,648 5,065 1,663 
Manufacturing5,390 5,321 4,704 
Plastics66,066 68,688 34,374 
Corporate(3,806)(5,723)(4,689)
Total69,298 73,351 36,052 
Net Income (Loss)
Electric84,424 79,974 72,458 
Manufacturing21,454 20,950 17,186 
Plastics187,748 195,374 97,823 
Corporate565 (12,114)(10,698)
Total294,191 284,184 176,769 
Capital Expenditures
Electric240,695 147,869 140,031 
Manufacturing23,284 17,954 20,690 
Plastics23,029 5,245 11,040 
Corporate126 66 68 
Total$287,134 $171,134 $171,829 
The following provides the identifiable assets by segment and corporate assets as of December 31, 2023 and 2022:
(in thousands)20232022
Identifiable Assets
Electric$2,533,831 $2,351,961 
Manufacturing251,343 245,869 
Plastics164,179 126,318 
Corporate293,215 177,513 
Total$3,242,568 $2,901,661 
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 2023, we sourced all of our PVC resin needs from three 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, 2023, 2022 and 2021. 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.