Schedule I - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2024

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

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

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

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

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