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Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

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)			2023						2022
Assets
Current Assets
Cash and Cash Equivalents			$	228,137					$	119,246
Accounts Receivable from Subsidiaries			2,555						3,278
Interest Receivable from Subsidiaries			117						117
Other			977						1,045
Total Current Assets			231,786						123,686
Investments in Subsidiaries			1,725,584						1,463,998
Notes Receivable from Subsidiaries			78,900						78,900
Deferred Income Taxes			65,244						64,802
Other Assets			50,795						43,779
Total Assets			$	2,152,309					$	1,775,165
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable to Subsidiaries			$	7					$	7
Notes Payable to Subsidiaries			568,672						420,363
Other			15,320						15,994
Total Current Liabilities			583,999						436,364
Other Noncurrent Liabilities			45,455						41,686
Commitments and Contingencies
Capitalization
Long-Term Debt			79,849						79,798
Common Stockholders' Equity			1,443,006						1,217,317
Total Capitalization			1,522,855						1,297,115
Total Liabilities and Stockholders' Equity			$	2,152,309					$	1,775,165

See accompanying notes to condensed financial statements.

OTTER TAIL CORPORATION (PARENT COMPANY)

CONDENSED STATEMENTS OF INCOME

			Years Ended December 31,
(in thousands)			2023						2022						2021
Income
Equity Income in Earnings of Subsidiaries			$	294,467					$	296,833					$	188,375
Interest Income from Subsidiaries			2,898						3,382						2,826
Other Income			10,496						466						1,290
Total Income			307,861						300,681						192,491
Expense
Nonelectric Selling, General, and Administrative Expenses			12,816						17,269						14,825
Interest Expense			3,813						4,066						4,727
Interest Expense from Subsidiaries			6						5						3
Nonservice Cost Components of Postretirement Benefits			1,063						1,023						1,097
Total Expense			17,698						22,363						20,652
Income Before Income Taxes			290,163						278,318						171,839
Income Tax Benefit			4,028						5,866						4,930
Net Income			$	294,191					$	284,184					$	176,769

See accompanying notes to condensed financial statements.

OTTER TAIL CORPORATION (PARENT COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS

			Years Ended December 31,
(in thousands)			2023						2022						2021
Cash Flows from Operating Activities
Net Cash Provided by Operating Activities			$	77,139					$	28,807					$	60,695
Cash Flows from Investing Activities
Investment in Subsidiaries			(40,000)						(50,000)						—
Debt Repaid by Subsidiaries			—						—						169
Other, net			(68)						(1,695)						(884)
Net Cash Used in Investing Activities			(40,068)						(51,695)						(715)
Cash Flows from Financing Activities
Net (Repayments) Borrowings on Short-Term Debt			—						(22,637)						(42,529)
Borrowings from Subsidiaries			148,308						236,926						49,085
Proceeds from Issuance of Common Stock			—						—						696
Payments for Shares Withheld for Employee Tax Obligations			(3,088)						(2,942)						(1,507)
Payments for Retirement of Long-Term Debt			—						—						(169)
Dividends Paid			(73,061)						(68,755)						(64,864)
Other, net			(339)						(461)						(689)
Net Cash Provided by (Used in) Financing Activities			71,820						142,131						(59,977)
Net Change in Cash and Cash Equivalents			108,891						119,243						3
Cash and Cash Equivalents at Beginning of Period			119,246						3						—
Cash and Cash Equivalents at End of Period			$	228,137					$	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 generally accepted accounting principles. 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, 2023 and 2022 are as follows:

(in thousands)			Accounts Receivable						Interest Receivable												Long-Term Notes Receivable						Accounts Payable						Current Notes Payable
December 31, 2023
Otter Tail Power Company			$	2,415					$	—											$	—					$	7					$	—
Northern Pipe Products, Inc.			—						7												5,000						—						56,917
Vinyltech Corporation			14						17												11,500						—						98,016
BTD Manufacturing, Inc.			—						78												52,000						—						6,291
T.O. Plastics, Inc.			36						15												10,400						—						980
Varistar Corporation			—						—												—						—						406,468
Otter Tail Assurance Limited			90						—												—						—						—
			$	2,555					$	117											$	78,900					$	7					$	568,672
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

Dividends

Dividends paid to OTC (the Parent) from its subsidiaries were as follows:

(in thousands)			2023						2022						2021
Cash Dividends Paid to Parent by Subsidiaries			$	72,982					$	68,680					$	64,790

See OTC’s notes to consolidated financial statements in Part II, Item 8 for other disclosures.

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- References

No definition available.

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- 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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