Schedule I - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2023

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

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

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

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 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