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Schedule I - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED BALANCE SHEETS
| December 31,
(in thousands) | 2024 |  | 2023
Assets |  |  |
Current Assets |  |  |
Cash and Cash Equivalents | $ | 291,575 |  |  | $ | 228,137 |
Accounts Receivable from Subsidiaries | 5,642 |  |  | 2,555 |
Interest Receivable from Subsidiaries | 117 |  |  | 117 |
Notes Receivable from Subsidiaries | 4,706 |  |  | — |
Other | 3,538 |  |  | 977 |
Total Current Assets | 305,578 |  |  | 231,786 |
Investments in Subsidiaries | 2,006,239 |  |  | 1,725,584 |
Notes Receivable from Subsidiaries | 78,900 |  |  | 78,900 |
Deferred Income Taxes | 69,781 |  |  | 65,244 |
Other Assets | 109,057 |  |  | 50,795 |
Total Assets | $ | 2,569,555 |  |  | $ | 2,152,309 |
Liabilities and Stockholders' Equity |  |  |
Current Liabilities |  |  |
Accounts Payable to Subsidiaries | $ | 7 |  |  | $ | 7 |
Notes Payable to Subsidiaries | 752,625 |  |  | 568,672 |
Other | 19,100 |  |  | 15,320 |
Total Current Liabilities | 771,732 |  |  | 583,999 |
Other Noncurrent Liabilities | 49,424 |  |  | 45,455 |
Commitments and Contingencies |  |  |
Capitalization |  |  |
Long-Term Debt | 79,900 |  |  | 79,849 |
Common Stockholders' Equity | 1,668,499 |  |  | 1,443,006 |
Total Capitalization | 1,748,399 |  |  | 1,522,855 |
Total Liabilities and Stockholders' Equity | $ | 2,569,555 |  |  | $ | 2,152,309 |
Condensed Income Statement | OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Income |  |  |  |  |
Equity Income in Earnings of Subsidiaries | $ | 304,525 |  |  | $ | 294,467 |  |  | $ | 296,833 |
Interest Income from Subsidiaries | 3,107 |  |  | 2,898 |  |  | 3,382 |
Other Income | 15,085 |  |  | 10,496 |  |  | 466 |
Total Income | 322,717 |  |  | 307,861 |  |  | 300,681 |
Expense |  |  |  |  |
Nonelectric Selling, General, and Administrative Expenses | 23,016 |  |  | 12,816 |  |  | 17,269 |
Interest Expense | 3,599 |  |  | 3,813 |  |  | 4,066 |
Interest Expense from Subsidiaries | 5 |  |  | 6 |  |  | 5 |
Nonservice Cost Components of Postretirement Benefits | 970 |  |  | 1,063 |  |  | 1,023 |
Total Expense | 27,590 |  |  | 17,698 |  |  | 22,363 |
Income Before Income Taxes | 295,127 |  |  | 290,163 |  |  | 278,318 |
Income Tax Benefit | 6,535 |  |  | 4,028 |  |  | 5,866 |
Net Income | $ | 301,662 |  |  | $ | 294,191 |  |  | $ | 284,184 |
Condensed Cash Flow Statement | OTTER TAIL CORPORATION (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Cash Flows from Operating Activities |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 76,333 |  |  | $ | 77,139 |  |  | $ | 28,807 |
Cash Flows from Investing Activities |  |  |  |  |
Investment in Subsidiaries | (55,000) |  |  | (40,000) |  |  | (50,000) |
Purchases of Investments and Other Assets | (53,085) |  |  | (1,754) |  |  | (3,175) |
Other, net | 1,394 |  |  | 1,686 |  |  | 1,480 |
Net Cash Used in Investing Activities | (106,691) |  |  | (40,068) |  |  | (51,695) |
Cash Flows from Financing Activities |  |  |  |  |
Net (Repayments) Borrowings on Short-Term Debt | — |  |  | — |  |  | (22,637) |
Borrowings from Subsidiaries | 179,247 |  |  | 148,308 |  |  | 236,926 |
Payments for Shares Withheld for Employee Tax Obligations | (6,457) |  |  | (3,088) |  |  | (2,942) |
Dividends Paid | (78,265) |  |  | (73,061) |  |  | (68,755) |
Other, net | (729) |  |  | (339) |  |  | (461) |
Net Cash Provided by Financing Activities | 93,796 |  |  | 71,820 |  |  | 142,131 |
Net Change in Cash and Cash Equivalents | 63,438 |  |  | 108,891 |  |  | 119,243 |
Cash and Cash Equivalents at Beginning of Period | 228,137 |  |  | 119,246 |  |  | 3 |
Cash and Cash Equivalents at End of Period | $ | 291,575 |  |  | $ | 228,137 |  |  | $ | 119,246 |
Schedule of Related Party Transactions | Outstanding receivables from and payables to OTC's subsidiaries as of December 31, 2024 and 2023 are as follows:
(in thousands) | Accounts Receivable |  | Interest Receivable |  | Current Notes Receivable |  | Long-Term Notes Receivable |  | Accounts Payable |  | Current Notes Payable
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Otter Tail Power Company | $ | 5,223 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Northern Pipe Products, Inc. | 36 |  |  | 7 |  |  | — |  |  | 5,000 |  |  | — |  |  | 66,170 |
Vinyltech Corporation | — |  |  | 17 |  |  | — |  |  | 11,500 |  |  | — |  |  | 90,764 |
BTD Manufacturing, Inc. | — |  |  | 78 |  |  | — |  |  | 52,000 |  |  | — |  |  | 5,662 |
T.O. Plastics, Inc. | 42 |  |  | 15 |  |  | 4,706 |  |  | 10,400 |  |  | — |  |  | — |
Varistar Corporation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 590,029 |
Otter Tail Assurance Limited | 341 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 5,642 |  |  | $ | 117 |  |  | $ | 4,706 |  |  | $ | 78,900 |  |  | $ | 7 |  |  | $ | 752,625 |
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 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 2,555 |  |  | $ | 117 |  |  | $ | — |  |  | $ | 78,900 |  |  | $ | 7 |  |  | $ | 568,672 |
Schedule of Cash Dividends Paid to Parent by Subsidiaries | Dividends paid to OTC (the Parent) from its subsidiaries were as follows:
(in thousands) | 2024 |  | 2023 |  | 2022
Cash Dividends Paid to Parent by Subsidiaries | $ | 78,191 |  |  | $ | 72,982 |  |  | $ | 68,680 |

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