(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Accelerated Filer ☐ | |||||||||||||||||
Non-Accelerated Filer ☐ | Smaller Reporting Company | Emerging Growth Company |
TABLE OF CONTENTS |
Description | Page | |||||||
ITEM 1. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 6. | ||||||||
DEFINITIONS |
AFUDC | Allowance for Funds Used During Construction | MPUC | Minnesota Public Utilities Commission | |||||||||||
ARP | Alternative Revenue Program | NDPSC | North Dakota Public Service Commission | |||||||||||
BTD | BTD Manufacturing, Inc. | Northern Pipe | Northern Pipe Products, Inc. | |||||||||||
CIP | Conservation Improvement Program | OTC | Otter Tail Corporation | |||||||||||
ECR | Environmental Cost Recovery | OTP | Otter Tail Power Company | |||||||||||
ECR | Environmental Cost Recovery Rider | PACE | Partnership in Assisting Community Expansion | |||||||||||
EEP | Energy Efficiency Plan | PIR | Phase-In Rider | |||||||||||
EPA | Environmental Protection Agency | PTCs | Production tax credits | |||||||||||
ESSRP | Executive Survivor and Supplemental Retirement Plan | PVC | Polyvinyl chloride | |||||||||||
FCA | Fuel Clause Adjustment | RHR | Regional Haze Rule | |||||||||||
FERC | Federal Energy Regulatory Commission | ROE | Return on equity | |||||||||||
GCR | Generation Cost Recovery | RRR | Renewable Resource Rider | |||||||||||
ISO | Independent System Operator | SDPUC | South Dakota Public Utilities Commission | |||||||||||
kW | kiloWatt | SEC | Securities and Exchange Commission | |||||||||||
kwh | kilowatt-hour | T.O. Plastics | T.O. Plastics, Inc. | |||||||||||
Merricourt | Merricourt Wind Energy Center | TCR | Transmission Cost Recovery | |||||||||||
MISO | Midcontinent Independent System Operator, Inc. | Vinyltech | Vinyltech Corporation | |||||||||||
FORWARD-LOOKING INFORMATION |
ITEM 1. | FINANCIAL STATEMENTS |
(in thousands, except share data) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and Cash Equivalents | $ | $ | |||||||||
Receivables, net of allowance for credit losses | |||||||||||
Inventories | |||||||||||
Regulatory Assets | |||||||||||
Other Current Assets | |||||||||||
Total Current Assets | |||||||||||
Noncurrent Assets | |||||||||||
Investments | |||||||||||
Property, Plant and Equipment, net of accumulated depreciation | |||||||||||
Regulatory Assets | |||||||||||
Intangible Assets, net of accumulated amortization | |||||||||||
Goodwill | |||||||||||
Other Noncurrent Assets | |||||||||||
Total Noncurrent Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Shareholders' Equity | |||||||||||
Current Liabilities | |||||||||||
Short-Term Debt | $ | $ | |||||||||
Current Maturities of Long-Term Debt | |||||||||||
Accounts Payable | |||||||||||
Accrued Salaries and Wages | |||||||||||
Accrued Taxes | |||||||||||
Regulatory Liabilities | |||||||||||
Other Current Liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Noncurrent Liabilities and Deferred Credits | |||||||||||
Pensions Benefit Liability | |||||||||||
Other Postretirement Benefits Liability | |||||||||||
Regulatory Liabilities | |||||||||||
Deferred Income Taxes | |||||||||||
Deferred Tax Credits | |||||||||||
Other Noncurrent Liabilities | |||||||||||
Total Noncurrent Liabilities and Deferred Credits | |||||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Capitalization | |||||||||||
Long-Term Debt, net of current maturities | |||||||||||
Shareholders' Equity | |||||||||||
Common Shares: at March 31, 2021 and December 31, 2020 | |||||||||||
Additional Paid-In Capital | |||||||||||
Retained Earnings | |||||||||||
Accumulated Other Comprehensive Loss | ( | ( | |||||||||
Total Shareholders' Equity | |||||||||||
Total Capitalization | |||||||||||
Total Liabilities and Shareholders' Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands, except per-share amounts) | 2021 | 2020 | |||||||||
Operating Revenues | |||||||||||
Electric | $ | $ | |||||||||
Product Sales | |||||||||||
Total Operating Revenues | |||||||||||
Operating Expenses | |||||||||||
Electric Production Fuel | |||||||||||
Electric Purchased Power | |||||||||||
Electric Operating and Maintenance Expenses | |||||||||||
Cost of Products Sold (excluding depreciation) | |||||||||||
Other Nonelectric Expenses | |||||||||||
Depreciation and Amortization | |||||||||||
Electric Property Taxes | |||||||||||
Total Operating Expenses | |||||||||||
Operating Income | |||||||||||
Other Income and Expense | |||||||||||
Interest Charges | |||||||||||
Nonservice Cost Components of Postretirement Benefits | |||||||||||
Other Income (Expense) | ( | ||||||||||
Income Before Income Taxes | |||||||||||
Income Tax Expense | |||||||||||
Net Income | $ | $ | |||||||||
Weighted-Average Common Shares Outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Earnings Per Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Income | $ | $ | |||||||||
Other Comprehensive Income (Loss): | |||||||||||
Unrealized Gain (Loss) on Available-for-Sale Securities: | |||||||||||
Reversal of Previously Recognized Losses (Gains) Realized on Sale of Investments and Included in Other Income (Expense) During Period | ( | ||||||||||
Unrealized Gains (Losses) Arising During Period | ( | ||||||||||
Income Tax (Expense) Benefit | ( | ||||||||||
Available-for-Sale Securities, net of tax | ( | ||||||||||
Pension and Postretirement Benefit Plans: | |||||||||||
Amortization of Unrecognized Postretirement Benefit Losses and Costs | |||||||||||
Income Tax Expense | ( | ( | |||||||||
Pension and Postretirement Benefit Plan, net of tax | |||||||||||
Total Other Comprehensive Income | |||||||||||
Total Comprehensive Income | $ | $ |
(in thousands, except common shares outstanding) | Common Shares Outstanding | Par Value, Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss)1 | Total Shareholders' Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses | ( | ( | |||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Stock Compensation Expense | |||||||||||||||||||||||||||||||||||
Common Dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses | |||||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Stock Compensation Expense | |||||||||||||||||||||||||||||||||||
Common Dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
1Accumulated Other Comprehensive Income (Loss) as of March 31, 2021 and December 31, 2020 is comprised of the following: | |||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Unrealized Gain (Loss) on Available-for-Sale Debt Securities: | |||||||||||
Before Tax | $ | $ | |||||||||
Tax Effect | ( | ( | |||||||||
Unrealized Gain (Loss) on Available-for-Sale Debt, net of tax | |||||||||||
Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits: | |||||||||||
Before Tax | ( | ( | |||||||||
Tax Effect | |||||||||||
Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits, net of tax | ( | ( | |||||||||
Accumulated Other Comprehensive Loss: | |||||||||||
Before Tax | ( | ( | |||||||||
Tax Effect | |||||||||||
Net Accumulated Other Comprehensive Loss | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation and Amortization | |||||||||||
Deferred Tax Credits | ( | ( | |||||||||
Deferred Income Taxes | |||||||||||
Change in Deferred Debits and Other Assets | |||||||||||
Discretionary Contribution to Pension Plan | ( | ( | |||||||||
Change in Noncurrent Liabilities and Deferred Credits | ( | ||||||||||
Allowance for Equity/Other Funds Used During Construction | ( | ( | |||||||||
Stock Compensation Expense | |||||||||||
Other—Net | ( | ||||||||||
Cash (Used for) Provided by Current Assets and Current Liabilities: | |||||||||||
Change in Receivables | ( | ( | |||||||||
Change in Inventories | ( | ( | |||||||||
Change in Other Current Assets | ( | ( | |||||||||
Change in Payables and Other Current Liabilities | ( | ( | |||||||||
Change in Interest Payable and Income Taxes Receivable/Payable | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Investing Activities | |||||||||||
Capital Expenditures | ( | ( | |||||||||
Proceeds from Disposal of Noncurrent Assets | |||||||||||
Cash Used for Investments and Other Assets | ( | ( | |||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Change in Checks Written in Excess of Cash | ( | ||||||||||
Net Short-Term Borrowings | |||||||||||
Proceeds from Issuance of Common Stock | |||||||||||
Common Stock Issuance Expenses | ( | ( | |||||||||
Payments for Shares Withheld for Employee Tax Obligations | ( | ( | |||||||||
Proceeds from Issuance of Long-Term Debt | |||||||||||
Short-Term and Long-Term Debt Issuance Expenses | ( | ( | |||||||||
Payments for Retirement of Long-Term Debt | ( | ( | |||||||||
Dividends Paid | ( | ( | |||||||||
Net Cash Provided by Financing Activities | |||||||||||
Net Change in Cash and Cash Equivalents | ( | ||||||||||
Cash and Cash Equivalents at Beginning of Period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||
Supplemental Disclosure of Noncash Investing Activities | |||||||||||
Transactions Related to Capital Additions Not Settled in Cash | $ | $ |
(in thousands) | 2021 | 2020 | ||||||||||||
Operating Revenue1 | ||||||||||||||
Electric | $ | $ | ||||||||||||
Manufacturing | ||||||||||||||
Plastics | ||||||||||||||
Total | $ | $ | ||||||||||||
Net Income (Loss) | ||||||||||||||
Electric | $ | $ | ||||||||||||
Manufacturing | ||||||||||||||
Plastics | ||||||||||||||
Corporate | ( | ( | ||||||||||||
Total | $ | $ | ||||||||||||
1Amounts reflect operating revenues to external customers. Intersegment operating revenues are not material for any period presented. |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Identifiable Assets | |||||||||||
Electric | $ | $ | |||||||||
Manufacturing | |||||||||||
Plastics | |||||||||||
Corporate | |||||||||||
Total | $ | $ |
(in thousands) | 2021 | 2020 | |||||||||
Operating Revenues | |||||||||||
Electric Segment | |||||||||||
Retail: Residential | $ | $ | |||||||||
Retail: Commercial and Industrial | |||||||||||
Retail: Other | |||||||||||
Total Retail | |||||||||||
Transmission | |||||||||||
Wholesale | |||||||||||
Other | |||||||||||
Total Electric Segment | |||||||||||
Manufacturing Segment | |||||||||||
Metal Parts and Tooling | |||||||||||
Plastic Products and Tooling | |||||||||||
Scrap Metal Sales | |||||||||||
Total Manufacturing Segment | |||||||||||
Plastics Segment | |||||||||||
PVC Pipe | |||||||||||
Total Operating Revenue | |||||||||||
Less: Noncontract Revenues Included Above | |||||||||||
Electric Segment - Alternative Revenue Program Revenues | ( | ( | |||||||||
Total Operating Revenues from Contracts with Customers | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Receivables | |||||||||||
Trade | $ | $ | |||||||||
Other | |||||||||||
Unbilled Receivables | |||||||||||
Total Receivables | |||||||||||
Less Allowance for Credit Losses | |||||||||||
Receivables, net of allowance for credit losses | $ | $ |
(in thousands) | 2021 | 2020 | |||||||||
Beginning Balance, January 1 | $ | $ | |||||||||
Additions Charged to Expense | |||||||||||
Reductions for Amounts Written-Off, Net of Recoveries | ( | ( | |||||||||
Ending Balance, March 31 | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Finished Goods | $ | $ | |||||||||
Work in Process | |||||||||||
Raw Material, Fuel and Supplies | |||||||||||
Total Inventories | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Corporate-Owned Life Insurance Policies | $ | $ | |||||||||
Debt Securities | |||||||||||
Money Market Funds | |||||||||||
Mutual Funds | |||||||||||
Other Investments | |||||||||||
Total Investments | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Electric Plant in Service | |||||||||||
Electric Plant in Service | |||||||||||
Construction Work in Progress | |||||||||||
Total Gross Electric Plant | |||||||||||
Less Accumulated Depreciation and Amortization | |||||||||||
Net Electric Plant | $ | $ | |||||||||
Nonelectric Property, Plant and Equipment | |||||||||||
Nonelectric Property, Plant and Equipment in Service | |||||||||||
Construction Work in Progress | |||||||||||
Total Gross Nonelectric Property, Plant and Equipment | |||||||||||
Less Accumulated Depreciation and Amortization | |||||||||||
Net Nonelectric Property, Plant and Equipment | |||||||||||
Net Property, Plant and Equipment | $ | $ |
Period of | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
(in thousands) | Recovery/Refund | Current | Long-Term | Current | Long Term | ||||||||||||||||||||||||
Regulatory Assets | |||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans1 | Various | $ | $ | $ | $ | ||||||||||||||||||||||||
Alternative Revenue Program Riders2 | Up to | ||||||||||||||||||||||||||||
Asset Retirement Obligations1 | Asset lives | ||||||||||||||||||||||||||||
ISO Cost Recovery Trackers1 | Up to | ||||||||||||||||||||||||||||
Unrecovered Project Costs1 | Up to | ||||||||||||||||||||||||||||
Deferred Rate Case Expenses1 | Various | ||||||||||||||||||||||||||||
Debt Reacquisition Premiums1 | Up to | ||||||||||||||||||||||||||||
Other1 | Various | ||||||||||||||||||||||||||||
Total Regulatory Assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Regulatory Liabilities | |||||||||||||||||||||||||||||
Deferred Income Taxes | Asset lives | $ | $ | $ | $ | ||||||||||||||||||||||||
Plant Removal Obligations | Asset lives | ||||||||||||||||||||||||||||
Fuel Clause Adjustments | Up to | ||||||||||||||||||||||||||||
Alternative Revenue Program Riders | Various | ||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | Up to | ||||||||||||||||||||||||||||
Other | Various | ||||||||||||||||||||||||||||
Total Regulatory Liabilities | $ | $ | $ | $ | |||||||||||||||||||||||||
1Costs subject to recovery without a rate of return. | |||||||||||||||||||||||||||||
2Amount eligible for recovery includes an incentive or rate of return. |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | Line Limit | Amount Outstanding | Letters of Credit | Amount Available | Amount Available | ||||||||||||||||||||||||
OTC Credit Agreement | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
OTP Credit Agreement | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | ||||||||||||||||||||||||||||||||
Entity | Debt Instrument | Rate | Maturity | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
OTC | Guaranteed Senior Notes | 12/15/26 | $ | $ | ||||||||||||||||||||||||||||
OTP | Series 2011A Senior Unsecured Notes | 12/01/21 | ||||||||||||||||||||||||||||||
OTP | Series 2007B Senior Unsecured Notes | 08/20/22 | ||||||||||||||||||||||||||||||
OTP | Series 2007C Senior Unsecured Notes | 08/02/27 | ||||||||||||||||||||||||||||||
OTP | Series 2013A Senior Unsecured Notes | 02/27/29 | ||||||||||||||||||||||||||||||
OTP | Series 2019A Senior Unsecured Notes | 10/10/29 | ||||||||||||||||||||||||||||||
OTP | Series 2020A Senior Unsecured Notes | 02/25/30 | ||||||||||||||||||||||||||||||
OTP | Series 2020B Senior Unsecured Notes | 08/20/30 | ||||||||||||||||||||||||||||||
OTP | Series 2007D Senior Unsecured Notes | 08/20/37 | ||||||||||||||||||||||||||||||
OTP | Series 2019B Senior Unsecured Notes | 10/10/39 | ||||||||||||||||||||||||||||||
OTP | Series 2020C Senior Unsecured Notes | 02/25/40 | ||||||||||||||||||||||||||||||
OTP | Series 2013B Senior Unsecured Notes | 02/27/44 | ||||||||||||||||||||||||||||||
OTP | Series 2018A Senior Unsecured Notes | 02/07/48 | ||||||||||||||||||||||||||||||
OTP | Series 2019C Senior Unsecured Notes | 10/10/49 | ||||||||||||||||||||||||||||||
OTP | Series 2020D Senior Unsecured Notes | 02/25/50 | ||||||||||||||||||||||||||||||
OTC | PACE Note | 03/18/21 | ||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||
Less: | Current Maturities Net of Unamortized Debt Issuance Costs | |||||||||||||||||||||||||||||||
Unamortized Long-Term Debt Issuance Costs | ||||||||||||||||||||||||||||||||
Total Long-Term Debt Net of Unamortized Debt Issuance Costs | $ | $ |
(in thousands) | 2021 | 2020 | |||||||||
Service Cost–Benefit Earned During the Period | $ | $ | |||||||||
Interest Cost on Projected Benefit Obligation | |||||||||||
Expected Return on Assets | ( | ( | |||||||||
Amortization of Net Actuarial Loss: | |||||||||||
From Regulatory Asset | |||||||||||
From Other Comprehensive Income | |||||||||||
Net Periodic Pension Cost | $ | $ | |||||||||
(in thousands) | 2021 | 2020 | |||||||||
Service Cost–Benefit Earned During the Period | $ | $ | |||||||||
Interest Cost on Projected Benefit Obligation | |||||||||||
Amortization of Net Actuarial Loss: | |||||||||||
From Regulatory Asset | |||||||||||
From Other Comprehensive Income | |||||||||||
Net Periodic Pension Cost | $ | $ | |||||||||
(in thousands) | 2021 | 2020 | |||||||||
Service Cost–Benefit Earned During the Period | $ | $ | |||||||||
Interest Cost on Projected Benefit Obligation | |||||||||||
Amortization of Prior Service Cost | |||||||||||
From Regulatory Asset | ( | ( | |||||||||
From Other Comprehensive Income | ( | ( | |||||||||
Amortization of Net Actuarial Loss | |||||||||||
From Regulatory Asset | |||||||||||
From Other Comprehensive Income | |||||||||||
Net Periodic Postretirement Benefit Cost | $ | $ | |||||||||
2021 | 2020 | ||||||||||
Federal Statutory Rate | % | % | |||||||||
Increases (Decreases) in Tax from: | |||||||||||
State Taxes on Income, Net of Federal Tax | |||||||||||
Production Tax Credits (PTCs) | ( | ||||||||||
Amortization of Excess Deferred Income Taxes | ( | ( | |||||||||
Corporate-Owned Life Insurance | ( | ||||||||||
North Dakota Wind Tax Credit Amortization, Net of Federal Tax | ( | ( | |||||||||
Excess Tax Deduction on Stock Awards | ( | ( | |||||||||
Allowance for Equity Funds Used During Construction | ( | ||||||||||
Other, Net | ( | ||||||||||
Effective Tax Rate | % | % |
Shares | Weighted Average Grant-Date Fair Value | ||||||||||
Nonvested, January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | |||||||||||
Nonvested, March 31, 2021 | $ |
2021 | 2020 | ||||||||||
Risk-free interest rate | % | % | |||||||||
Expected term (in years) | |||||||||||
Expected volatility | % | % | |||||||||
Dividend yield | % | % | |||||||||
Shares | Weighted Average Grant-Date Fair Value | ||||||||||
Nonvested, January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | |||||||||||
Nonvested, March 31, 2021 | $ |
(in thousands) | 2021 | 2020 | |||||||||
Weighted Average Common Shares Outstanding – Basic | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Stock Performance Awards | |||||||||||
Stock Awards | |||||||||||
Employee Stock Purchase Plan Shares and Other | |||||||||||
Dilutive Effect of Potential Common Shares | |||||||||||
Weighted Average Common Shares Outstanding – Diluted |
Level 1 | Level 2 | Level 3 | |||||||||||||||
March 31, 2021 | |||||||||||||||||
Investments: | |||||||||||||||||
Money Market Funds | $ | $ | — | $ | — | ||||||||||||
Mutual Funds | — | — | |||||||||||||||
Corporate Debt Securities | — | — | |||||||||||||||
Government-Backed and Government-Sponsored Enterprises’ Debt Securities | — | — | |||||||||||||||
Total Assets | $ | $ | $ | — | |||||||||||||
December 31, 2020 | |||||||||||||||||
Investments: | |||||||||||||||||
Money Market Funds | $ | $ | — | $ | — | ||||||||||||
Mutual Funds | — | — | |||||||||||||||
Corporate Debt Securities | — | — | |||||||||||||||
Government-Backed and Government-Sponsored Enterprises’ Debt Securities | — | — | |||||||||||||||
Total Assets | $ | $ | $ | — |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Debt | ( | ( | ( | ( | |||||||||||||||||||
Long-Term Debt | ( | ( | ( | ( | |||||||||||||||||||
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
RESULTS OF OPERATIONS |
(in thousands) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Operating Revenues | $ | 261,710 | $ | 234,747 | $ | 26,963 | 11.5 | % | |||||||||||||||
Operating Expenses | 217,511 | 195,458 | 22,053 | 11.3 | |||||||||||||||||||
Operating Income | 44,199 | 39,289 | 4,910 | 12.5 | |||||||||||||||||||
Interest Charges | 9,398 | 8,123 | 1,275 | 15.7 | |||||||||||||||||||
Nonservice Cost Components of Postretirement Benefits | 383 | 871 | (488) | (56.0) | |||||||||||||||||||
Other Income | 1,160 | (389) | 1,549 | (398.2) | |||||||||||||||||||
Income Before Income Taxes | 35,578 | 29,906 | 5,672 | 19.0 | |||||||||||||||||||
Income Tax Expense | 5,249 | 5,638 | (389) | (6.9) | |||||||||||||||||||
Net Income | $ | 30,329 | $ | 24,268 | $ | 6,061 | 25.0 | % |
(in thousands) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Retail Sales Revenue | $ | 105,706 | $ | 106,603 | $ | (897) | (0.8) | % | |||||||||||||||
Transmission Services Revenues | 11,944 | 10,841 | 1,103 | 10.2 | |||||||||||||||||||
Wholesale Revenues | 4,507 | 876 | 3,631 | 414.5 | |||||||||||||||||||
Other Electric Revenues | 1,542 | 1,556 | (14) | (0.9) | |||||||||||||||||||
Total Operating Revenue | 123,699 | 119,876 | 3,823 | 3.2 | |||||||||||||||||||
Production Fuel | 14,714 | 13,735 | 979 | 7.1 | |||||||||||||||||||
Purchased Power | 19,260 | 18,830 | 430 | 2.3 | |||||||||||||||||||
Operation and Maintenance Expenses | 41,421 | 40,615 | 806 | 2.0 | |||||||||||||||||||
Depreciation and Amortization | 17,308 | 15,676 | 1,632 | 10.4 | |||||||||||||||||||
Property Taxes | 4,320 | 4,100 | 220 | 5.4 | |||||||||||||||||||
Operating Income | $ | 26,676 | $ | 26,920 | $ | (244) | (0.9) | % | |||||||||||||||
Electric kilowatt-hour (kwh) Sales (in thousands) | |||||||||||||||||||||||
Retail kwh Sales | 1,348,519 | 1,429,910 | (81,391) | (5.7) | % | ||||||||||||||||||
Wholesale kwh Sales – Company Generation | 80,423 | 38,924 | 41,499 | 106.6 | |||||||||||||||||||
Heating Degree Days | 3,078 | 3,272 | (194) | (5.9) | |||||||||||||||||||
Cooling Degree Days | — | — | — | — | |||||||||||||||||||
2021 | 2020 | ||||||||||
Heating Degree Days | 89.5 | % | 95.6 | % | |||||||
2021 vs Normal | 2021 vs 2020 | 2020 vs Normal | |||||||||||||||
Effect on Diluted Earnings Per Share | $ | (0.04) | $ | (0.02) | $ | (0.02) | |||||||||||
(in thousands) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Operating Revenues | $ | 75,825 | $ | 68,479 | $ | 7,346 | 10.7 | % | |||||||||||||||
Cost of Products Sold | 56,311 | 50,614 | 5,697 | 11.3 | |||||||||||||||||||
Other Operating Expenses | 8,212 | 7,278 | 934 | 12.8 | |||||||||||||||||||
Depreciation and Amortization | 3,757 | 3,746 | 11 | 0.3 | |||||||||||||||||||
Operating Income | $ | 7,545 | $ | 6,841 | $ | 704 | 10.3 | % |
(in thousands) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Operating Revenues | $ | 62,186 | $ | 46,397 | $ | 15,789 | 34.0 | % | |||||||||||||||
Cost of Products Sold | 45,666 | 35,270 | 10,396 | 29.5 | |||||||||||||||||||
Other Operating Expenses | 2,944 | 2,770 | 174 | 6.3 | |||||||||||||||||||
Depreciation and Amortization | 990 | 890 | 100 | 11.2 | |||||||||||||||||||
Operating Income | $ | 12,586 | $ | 7,467 | $ | 5,119 | 68.6 | % |
(in thousands) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Other Operating Expenses | $ | 2,537 | $ | 1,852 | $ | 685 | 37.0 | % | |||||||||||||||
Depreciation and Amortization | 71 | 87 | (16) | (18.4) | |||||||||||||||||||
Operating Loss | $ | 2,608 | $ | 1,939 | $ | 669 | 34.5 | % |
REGULATORY RATE MATTERS |
Recovery | Filing | Amount | Effective | |||||||||||||||||||||||||||||||||||
Mechanism | Jurisdiction | Status | Date | (in millions) | Date | Notes | ||||||||||||||||||||||||||||||||
RRR - 2019 | MN | Approved | 06/21/19 | $ | 12.5 | 01/01/20 | Includes return on Merricourt construction costs. | |||||||||||||||||||||||||||||||
TCR - 2018 | MN | Approved | 05/07/20 | 10.3 | 01/21/20 | See below for additional details. | ||||||||||||||||||||||||||||||||
TCR - 2020 | ND | Approved | 08/31/20 | 5.6 | 01/21/20 | Includes recovery of new transmission assets. | ||||||||||||||||||||||||||||||||
RRR - 2020 | ND | Approved | 03/18/20 | 5.8 | 04/01/20 | Includes return on Merricourt construction costs. | ||||||||||||||||||||||||||||||||
GCR - 2020 | ND | Approved | 06/10/20 | 6.2 | 07/01/20 | Includes return on Astoria Station construction costs. | ||||||||||||||||||||||||||||||||
TCR - 2021 | ND | Approved | 11/18/20 | 5.6 | 01/01/21 | Includes recovery of eight new transmission projects. | ||||||||||||||||||||||||||||||||
TCR - 2020 | SD | Approved | 01/29/20 | 2.3 | 03/02/20 | Annual update to transmission cost recovery rider. | ||||||||||||||||||||||||||||||||
PIR - 2020 | SD | Approved | 05/31/20 | 1.6 | 09/01/20 | Includes return on Merricourt and Astoria Station construction costs. | ||||||||||||||||||||||||||||||||
TCR - 2021 | SD | Approved | 02/19/21 | 2.2 | 03/01/21 | Includes recovery of two new transmission projects. | ||||||||||||||||||||||||||||||||
RRR - 2021 | ND | Approved | 03/07/21 | 11.8 | 04/01/21 | Includes return on Merricourt construction costs. | ||||||||||||||||||||||||||||||||
GCG - 2021 | ND | Requested | 03/01/21 | 5.2 | — | Includes recovery of Astoria Station, net of anticipated savings associated with the retirement of Hoot Lake Plant. | ||||||||||||||||||||||||||||||||
LIQUIDITY |
2021 | 2020 | ||||||||||||||||||||||||||||
(in thousands) | Line Limit | Amount Outstanding | Letters of Credit | Amount Available | Amount Available | ||||||||||||||||||||||||
Otter Tail Corporation Credit Agreement | $ | 170,000 | $ | 78,206 | $ | — | $ | 91,794 | $ | 104,834 | |||||||||||||||||||
OTP Credit Agreement | 170,000 | 56,645 | 12,671 | 100,684 | 140,068 | ||||||||||||||||||||||||
Total | $ | 340,000 | $ | 134,851 | $ | 12,671 | $ | 192,478 | $ | 244,902 |
(in thousands) | 2021 | 2020 | |||||||||
Net Cash Provided by Operating Activities | $ | 15,270 | $ | 21,777 | |||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Cash Used in Investing Activities | $ | 49,020 | $ | 75,059 | |||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Cash Provided by Financing Activities | $ | 33,799 | $ | 39,967 | |||||||
CAPITAL REQUIREMENTS |
CAPITAL RESOURCES |
(in thousands, except interest rates) | OTC Credit Agreement | OTP Credit Agreement | |||||||||
Borrowing Limit | $ | 170,000 | $ | 170,000 | |||||||
Borrowing Limit if Accordion Exercised1 | 290,000 | 250,000 | |||||||||
Amount Restricted Due to Outstanding Letters of Credit as of March 31, 2021 | — | 12,671 | |||||||||
Amount Outstanding as of March 31, 2021 | 78,206 | 56,645 | |||||||||
Average Amount Outstanding During the Three Months Ended March 31, 2021 | 68,737 | 38,007 | |||||||||
Maximum Amount Outstanding During the Three Months Ended March 31, 2021 | 79,718 | 69,674 | |||||||||
Interest Rate as of March 31, 2021 | 1.6 | % | 1.4 | % | |||||||
Maturity Date | October 31, 2024 | October 31, 2024 | |||||||||
1Each facility includes an accordion featuring allowing the borrower to increase the borrowing limit if certain terms and conditions are met. |
OFF-BALANCE-SHEET ARRANGEMENTS |
CRITICAL ACCOUNTING POLICIES INVOLVING SIGNIFICANT ESTIMATES |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Calendar Month | Total Number of Shares Purchased | Average Price Paid per Share | |||||||||
January 2021 | — | $ | — | ||||||||
February 2021 | 35,701 | 42.21 | |||||||||
March 2021 | — | — | |||||||||
Total | 35,701 | $ | 42.21 |
ITEM 6. | EXHIBITS |
No. | Description | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.SCH | —Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | —Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB | —Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | —Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF | —Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
104 | —Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
OTTER TAIL CORPORATION | ||||||||
By: | /s/ Kevin G. Moug | |||||||
Kevin G. Moug Chief Financial Officer and Senior Vice President (duly authorized officer and principal financial officer) | ||||||||
Dated: May 7, 2021 |
Date: May 7, 2021 | |||||
/s/ Charles S. MacFarlane Charles S. MacFarlane President and Chief Executive Officer |
Date: May 7, 2021 | |||||
/s/ Kevin G. Moug Kevin G. Moug Chief Financial Officer and Senior Vice President |
/s/ Charles S. MacFarlane Charles S. MacFarlane President and Chief Executive Officer | ||||||||
May 7, 2021 |
/s/ Kevin G. Moug Kevin G. Moug Chief Financial Officer and Senior Vice President | ||||||||
May 7, 2021 |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares outstanding (in shares) | 41,510,455 | 41,469,879 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 30,329 | $ 24,268 |
Unrealized Gain (Loss) on Available-for-Sale Securities: | ||
Reversal of Previously Recognized Losses (Gains) Realized on Sale of Investments and Included in Other Income (Expense) During Period | (5) | 2 |
Unrealized Gains (Losses) Arising During Period | (40) | 126 |
Income Tax (Expense) Benefit | 10 | (27) |
Available-for-Sale Securities, net of tax | (35) | 101 |
Pension and Postretirement Benefit Plans: | ||
Amortization of Unrecognized Postretirement Benefit Losses and Costs | 203 | 138 |
Income Tax Expense | (53) | (36) |
Pension and Postretirement Benefit Plan, net of tax | 150 | 102 |
Total Other Comprehensive Income | 115 | 203 |
Total Comprehensive Income | $ 30,444 | $ 24,471 |
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Total |
Common Shares |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Unrealized Gain (Loss) on Available-for-Sale Debt, net of tax |
Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits, net of tax |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Beginning balance, shares (in shares) at Dec. 31, 2019 | 40,157,591 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 781,482 | $ 200,788 | $ 364,790 | $ 222,341 | $ (6,437) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses (in shares) | 257,074 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses | 8,275 | $ 1,285 | 6,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures (in shares) | (38,217) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures | (2,072) | $ (191) | (1,881) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 24,268 | 24,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 203 | 203 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Expense | 2,770 | 2,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Dividends | (14,907) | (14,907) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, shares (in shares) at Mar. 31, 2020 | 40,376,448 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 800,019 | $ 201,882 | 372,669 | 231,702 | (6,234) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Tax | (11,528) | $ 265 | $ (11,793) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Effect | 3,021 | (56) | 3,077 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, shares (in shares) at Dec. 31, 2020 | 41,469,879 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 870,966 | $ 207,349 | 414,246 | 257,878 | (8,507) | [1] | 209 | (8,716) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses (in shares) | 76,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issuances, Net of Expenses | (25) | $ 382 | (407) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures (in shares) | (35,701) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Retirements and Forfeitures | (1,507) | $ (179) | (1,328) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 30,329 | 30,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 115 | 115 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Expense | 4,197 | 4,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Dividends | (16,208) | (16,208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, shares (in shares) at Mar. 31, 2021 | 41,510,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2021 | $ 887,867 | $ 207,552 | $ 416,708 | $ 271,999 | (8,392) | [1] | 174 | (8,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Tax | (11,370) | 220 | (11,590) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Effect | $ 2,978 | $ (46) | $ 3,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common Dividends (in dollars per share) | $ 0.39 | $ 0.37 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Overview Otter Tail Corporation and its subsidiaries (collectively, the "Company", "us", "our" or "we") form a diverse, multi-platform business consisting of a vertically integrated, regulated utility with generation, transmission and distribution facilities complemented by manufacturing businesses providing metal fabrication for custom machine parts and metal components, manufacturing of extruded and thermoformed plastic products, and manufacturing of PVC pipe products. We classify our business into three segments: Electric, Manufacturing and Plastics. Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the SEC for interim reporting. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles. In the opinion of management, we have included all adjustments (including normal recurring accruals) necessary for a fair presentation of the consolidated financial statements for the periods presented. The consolidated financial statements and condensed notes thereto should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Because of the coronavirus (COVID-19) pandemic, the seasonality of our businesses and other factors, the earnings for the three months ended March 31, 2021 should not be taken as an indication of earnings for all or any part of the balance of the year. Use of Estimates We use estimates based on the best information available in recording transactions and balances resulting from business operations. As better information becomes available (or actual amounts are known), the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
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Segment Information |
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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. Certain assets and costs are not allocated to our operating segments. Corporate operating costs include items such as corporate staff and overhead costs, the results of our captive insurance company and other items excluded from the measurement of operating segment performance. Corporate assets consist primarily of cash, prepaid expenses, investments 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 three months ended March 31, 2021 and 2020 are as follows:
The following provides the identifiable assets by segment and corporate assets as of March 31, 2021 and December 31, 2020:
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue We present our operating revenues to external customers, in total and by amounts arising from contracts with customers and alternative revenue program (ARP) arrangements, disaggregated by revenue source and segment for the three months ended March 31, 2021 and 2020:
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Select Balance Sheet Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Select Balance Sheet Information | Select Balance Sheet Information Receivables and Allowance for Credit Losses Receivables as of March 31, 2021 and December 31, 2020 are as follows:
The following is a summary of activity in the allowance for credit losses for the three months ended March 31, 2021 and 2020:
Inventories Inventories consist of the following as of March 31, 2021 and December 31, 2020:
Investments The following is a summary of our investments at March 31, 2021 and December 31, 2020:
The amount of unrealized gains and losses on debt securities as of March 31, 2021 and December 31, 2020 are not material and no unrealized losses were deemed to be other-than-temporary. In addition, the amount of unrealized gains and losses on marketable equity securities still held as of March 31, 2021 and December 31, 2020 are not material. Property, Plant and Equipment Major classes of property, plant and equipment as of March 31, 2021 and December 31, 2020 include:
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Regulatory Matters |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters Regulatory Assets and Liabilities The following presents our current and long-term regulatory assets and liabilities as of March 31, 2021 and December 31, 2020 and the period we expect to recover or refund such amounts:
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Short-Term and Long-Term Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term and Long-Term Borrowings | Short-Term and Long-Term Borrowings The following is a summary of our outstanding short and long-term borrowings by borrower, Otter Tail Corporation (OTC) or Otter Tail Power Company (OTP), as of March 31, 2021 and December 31, 2020: Short-Term Debt The following is a summary of our lines of credit as of March 31, 2021 and December 31, 2020:
Long-Term Debt The following is a summary of outstanding long-term debt by borrower as of March 31, 2021 and December 31, 2020:
Financial Covenants Certain of OTC's and OTP's short-term and long-term debt agreements require the borrower, whether OTC or OTP, to maintain certain financial covenants, including a maximum debt to total capitalization of 0.60 to 1.00, a minimum interest and dividend coverage ratio of 1.50 to 1.00, and a maximum level of priority indebtedness. As of March 31, 2021, OTC and OTP were in compliance with these financial covenants.
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Pension Plan and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan and Other Postretirement Benefits | Pension Plan and Other Postretirement Benefits Pension Plan Components of net periodic pension benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
We had no minimum funding requirement as of December 31, 2020 but made a discretionary plan contribution of $10.0 million in January 2021. Executive Survivor and Supplemental Retirement Plan (ESSRP) Components of net periodic pension benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
Other Postretirement Benefits Components of net periodic postretirement benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
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Income Taxes |
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Income Taxes | Income Taxes The reconciliation of the statutory federal income tax rate to our effective tax rate for each of the three months ended March 31, 2021 and 2020 is as follows:
We began generating PTCs from our Merricourt wind farm placed in service in the fourth quarter of 2020. No PTCs were generated during the three months ended March 31, 2020. Income tax benefits arising from PTCs are offset by corresponding operating revenue reductions as PTC amounts generated reduce Electric segment customer billings.
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Commitments and Contingencies |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction and Other Purchase Commitments. OTP has commitments under contracts, including its share of construction program and other commitments associated with its jointly-owned facilities, extending into 2046. T.O. Plastics is party to a resin supply agreement under which it must purchase all of a specified class of regrind resin delivered by the supplier at a periodically negotiated price per pound. The agreement expires in 2026. Electric Utility Capacity and Energy Requirements and Coal Purchase and Delivery Contracts. OTP has commitments for the purchase of capacity and energy requirements under agreements extending into 2044. OTP also has contracts providing for the purchase and delivery of a significant portion of its current coal requirements, with expiration dates ranging from 2022 through 2040. These contracts do not include minimum purchase requirements but do require all coal necessary for the operation of the respective plant to be purchased from the counterparty. Land Easements. OTP has commitments to make future payments under land easements extending into 2050. Contingencies FERC ROE. In November 2013 and February 2015, customers filed complaints with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including OTP, may collect under the MISO tariff rate. FERC's most recent order, issued on November 19, 2020, adopted a revised ROE methodology and set the base ROE at 10.02% (10.52% with an adder) effective for the fifteen-month period from November 2013 to February 2015 and on a prospective basis beginning in September 2016. The order also dismissed any complaints covering the period from February 2015 to May 2016. The November 2020 opinion is subject to judicial review. We have deferred recognition and recorded a refund liability of $3.7 million as of March 31, 2021. This refund liability reflects our best estimate of required refunds to customers once all regulatory and judicial proceedings are finalized. Regional Haze Rule (RHR). The RHR was adopted in an effort to improve visibility in national parks and wilderness areas. The RHR requires states, in coordination with the EPA and other governmental agencies, to develop and implement plans to achieve natural visibility conditions. The second RHR implementation period covers the years 2018-2028, with state implementation plans targeted for submission to the EPA by July 31, 2021. States are required to assess reasonable progress with the RHR and determine what additional emission reductions are appropriate, if any. Coyote Station, OTP's jointly owned coal-fired power plant in North Dakota, is subject to assessment in the second implementation period under the North Dakota state implementation plan. We cannot predict with certainty the impact the state implementation plan may have on our business until the plan is finalized and adopted. However, significant emission control investments could be required, and the recovery of such costs from customers would require regulatory approval. Alternatively, investments in emission control equipment may prove to be uneconomic and result in a required early retirement of, or the sale of our interest in, Coyote Station. We cannot estimate the financial effects such a retirement or sale may have on our consolidated operating results, financial position or cash flows, but such amounts could be material and the recovery of such costs from customers would be subject to regulatory approval. Other Contingencies. We are party to litigation and regulatory enforcement matters arising in the normal course of business. We regularly analyze relevant information and, as necessary, estimate and record accrued liabilities for legal, regulatory enforcement and other matters in which a loss is probable of occurring and can be reasonably estimated. We believe the effect on our consolidated operating results, financial position and cash flows, if any, for the disposition of all matters pending as of March 31, 2021, other than those relating to the RHR, will not be material.
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Stockholders' Equity |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Registration Statements On May 3, 2021 we filed a shelf registration statement with the Securities and Exchange Commission (SEC) under which we may offer for sale, from time to time, either separately or together in any combination, equity, debt or other securities described in the shelf registration statement. The registration statement expires in May 2024. On May 3, 2021, we filed a second registration statement with the SEC for the issuance of up to 1,500,000 common shares under an Automatic Dividend Reinvestment and Share Purchase Plan, which provides shareholders, retail customers of OTP and other interested investors a method of purchasing our common shares by reinvesting their dividends and/or making optional cash investments. Shares purchased under the plan may be new issue common shares or common shares purchased on the open market. The registration statement expires in May 2024. Dividend Restrictions Otter Tail Corporation is a holding company with no significant operations of its own. The primary source of funds for payments of dividends to our shareholders is from dividends paid or distributions made by our subsidiaries. As a result of certain statutory limitations or regulatory or financing agreements, restrictions could occur on the amount of distributions allowed to be made by our subsidiaries. Both the OTC Credit Agreement and OTP Credit Agreement contain restrictions on the payment of cash dividends upon a default or event of default, including failure to maintain certain financial covenants. As of March 31, 2021, we were in compliance with these financial covenants. Under the Federal Power Act, a public utility may not pay dividends from any funds properly included in a capital account. What constitutes “funds properly included in a capital account” is undefined in the Federal Power Act or the related regulations; however, the FERC has consistently interpreted the provision to allow dividends to be paid as long as i) the source of the dividends is clearly disclosed, ii) the dividend is not excessive and iii) there is no self-dealing on the part of corporate officials. The MPUC indirectly limits the amount of dividends OTP can pay to the Company by requiring an equity-to-total-capitalization ratio between 47.5% and 58.1% based on OTP’s 2020 capital structure petition effective by order of the MPUC on July 15, 2020. As of March 31, 2021, OTP’s equity-to-total-capitalization ratio including short-term debt was 52.4% and its net assets restricted from distribution totaled approximately $671.0 million. Under the 2020 capital structure petition, total capitalization for OTP cannot exceed $1.7 billion.
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Share-Based Payments |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payments | Share-Based Payments Stock Compensation Expense Stock-based compensation expense arising from our employee stock purchase plan and share-based compensation plans, recognized within operating expenses in the consolidated statements of income, amounted to $4.2 million and $2.8 million for the three months ended March 31, 2021 and 2020. Stock Awards. We grant restricted stock awards to members of our Board of Directors and restricted stock units to our employees. The awards vest, depending on award type and recipient, either ratably over periods of and four years or cliff vest after four years. Vesting is accelerated in certain circumstances, including upon retirement. Restricted stock awards granted to members of the Board of Directors are issued and outstanding upon grant and carry the same voting and dividend rights of unrestricted outstanding common stock. Restricted stock units are not issued or outstanding upon grant and do not provide for voting or dividend rights. Certain restricted stock unit award recipients are eligible to receive dividend equivalent payments during the vesting period, subject to forfeiture under the terms of the agreement. The grant date fair value of each stock award is determined based on the market price of our common stock on the date of grant adjusted to exclude the value of dividends for those awards that do not receive dividend or dividend equivalent payments during the vesting period. The following is a summary of stock award activity for the three months ended March 31, 2021:
The fair value of vested awards was $0.7 million and $1.3 million during the three months ended March 31, 2021 and 2020. Stock Performance Awards. Stock performance awards are granted to executive officers and certain other key employees. The awards vest at the end of a three-year performance period. The number of common shares awarded, if any, at the end of the performance period ranges from zero to 150% of the target amount based on two performance measures: i) total shareholder return relative to a peer group and ii) return on equity. The awards have no voting or dividend rights during the vesting period. Vesting of the awards is accelerated in certain circumstances, including on retirement. The amount of common shares awarded on an accelerated vesting is based either on actual performance at the end of the performance period or the amount of common shares earned at target. The grant date fair value of stock performance awards granted during the three months ended March 31, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:
The risk-free interest rate was derived from yields on U.S. government bonds of a similar term. The expected term of the award is equal to the three-year performance period. Expected volatility was estimated based on actual historical volatility of our common stock. Dividend yield was estimated based on historic and future yield estimates. The following is a summary of stock performance award activity for the three months ended March 31, 2021 (share amounts reflect awards at target): The fair value of vested awards was $2.5 million and $3.4 million during the three months ended March 31, 2021 and 2020.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The numerator used in the calculation of both basic and diluted earnings per common share is net income. The denominator used in the calculation of basic earnings per common share is the weighted average number of common shares outstanding during the period. The denominator used in the calculation of diluted earnings per common share is derived by adjusting basic shares outstanding for the dilutive effect of potential common shares outstanding, which consist of time and performance based stock awards and employee stock purchase plan shares. The following includes the computation of the denominator for basic and diluted weighted-average shares outstanding for the three months ended March 31, 2021 and 2020:
The amount of shares excluded from diluted weighted-average common shares outstanding because such shares were anti-dilutive was not material for the three months ended March 31, 2021 and 2020.
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Fair Value Measurements |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following tables present our assets measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 classified by the input method used to measure fair value:
The level 2 fair value measurements for Government-Backed and Government-Sponsored Enterprises’ and Corporate Debt Securities are determined on the basis of valuations provided by a third-party pricing service which utilizes industry accepted valuation models and observable market inputs to determine valuation. Some valuations or model inputs used by the pricing service may be based on broker quotes. In addition to assets recorded at fair value on a recurring basis, we also hold financial instruments that are not recorded at fair value in the consolidated balance sheets but for which disclosure of the fair value of these financial instruments is provided. The following reflects the carrying value and estimated fair value of these assets and (liabilities) as of March 31, 2021 and December 31, 2020:
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash Equivalents: The carrying amount approximates fair value because of the short-term maturity of those instruments. Short-Term Debt: The carrying amount approximates fair value because the debt obligations are short-term and the balances outstanding are subject to variable rates of interest which reset frequently, a Level 2 fair value input. Long-Term Debt: The fair value of long-term debt is estimated based on current market indications for borrowings of similar maturities, a Level 2 fair value input.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the SEC for interim reporting. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles. In the opinion of management, we have included all adjustments (including normal recurring accruals) necessary for a fair presentation of the consolidated financial statements for the periods presented. The consolidated financial statements and condensed notes thereto should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Because of the coronavirus (COVID-19) pandemic, the seasonality of our businesses and other factors, the earnings for the three months ended March 31, 2021 should not be taken as an indication of earnings for all or any part of the balance of the year.
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Use of Estimates | Use of Estimates We use estimates based on the best information available in recording transactions and balances resulting from business operations. As better information becomes available (or actual amounts are known), the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Information for each segment and our unallocated corporate costs for the three months ended March 31, 2021 and 2020 are as follows:
The following provides the identifiable assets by segment and corporate assets as of March 31, 2021 and December 31, 2020:
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | We present our operating revenues to external customers, in total and by amounts arising from contracts with customers and alternative revenue program (ARP) arrangements, disaggregated by revenue source and segment for the three months ended March 31, 2021 and 2020:
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Select Balance Sheet Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables | Receivables as of March 31, 2021 and December 31, 2020 are as follows:
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Summary of Activity in Allowance for Credit Losses | The following is a summary of activity in the allowance for credit losses for the three months ended March 31, 2021 and 2020:
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Schedule of Inventories | Inventories consist of the following as of March 31, 2021 and December 31, 2020:
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Schedule of Investments | The following is a summary of our investments at March 31, 2021 and December 31, 2020:
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Schedule of Property, Plant and Equipment | Major classes of property, plant and equipment as of March 31, 2021 and December 31, 2020 include:
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Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities | The following presents our current and long-term regulatory assets and liabilities as of March 31, 2021 and December 31, 2020 and the period we expect to recover or refund such amounts:
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Short-Term and Long-Term Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | The following is a summary of our lines of credit as of March 31, 2021 and December 31, 2020:
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Schedule of Debt | The following is a summary of outstanding long-term debt by borrower as of March 31, 2021 and December 31, 2020:
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Pension Plan and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Components of net periodic pension benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
Components of net periodic pension benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
Components of net periodic postretirement benefit cost for the three months ended March 31, 2021 and 2020 are as follows:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to our effective tax rate for each of the three months ended March 31, 2021 and 2020 is as follows:
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Share-Based Payments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following is a summary of stock award activity for the three months ended March 31, 2021:
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Stock Performance Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following is a summary of stock performance award activity for the three months ended March 31, 2021 (share amounts reflect awards at target):
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Schedule of Weighted-Average Assumptions | The grant date fair value of stock performance awards granted during the three months ended March 31, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following includes the computation of the denominator for basic and diluted weighted-average shares outstanding for the three months ended March 31, 2021 and 2020:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements, Recurring and Nonrecurring | The following tables present our assets measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 classified by the input method used to measure fair value:
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Schedule of Fair Value of Assets and Liabilities | The following reflects the carrying value and estimated fair value of these assets and (liabilities) as of March 31, 2021 and December 31, 2020:
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Summary of Significant Accounting Policies - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 3 |
Segment Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | $ 261,710 | $ 234,747 | |
Net Income (Loss) | 30,329 | 24,268 | |
Identifiable Assets | 2,618,540 | $ 2,578,354 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) | (1,790) | (2,290) | |
Identifiable Assets | 55,889 | 54,183 | |
Electric | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 123,699 | 119,870 | |
Net Income (Loss) | 17,587 | 16,182 | |
Identifiable Assets | 2,242,026 | 2,233,399 | |
Manufacturing | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 75,825 | 68,479 | |
Net Income (Loss) | 5,385 | 4,927 | |
Identifiable Assets | 209,477 | 191,005 | |
Plastics | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 62,186 | 46,398 | |
Net Income (Loss) | 9,147 | $ 5,449 | |
Identifiable Assets | $ 111,148 | $ 99,767 |
Select Balance Sheet Information - Schedule of Receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Trade | $ 112,060 | $ 87,048 | ||
Other | 6,982 | 8,939 | ||
Unbilled Receivables | 18,331 | 21,187 | ||
Total Receivables | 137,373 | 117,174 | ||
Less Allowance for Credit Losses | 2,983 | 3,215 | $ 1,681 | $ 1,339 |
Receivables, net of allowance for credit losses | $ 134,390 | $ 113,959 |
Select Balance Sheet Information - Summary of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1 | $ 3,215 | $ 1,339 |
Additions Charged to Expense | 211 | 635 |
Reductions for Amounts Written-Off, Net of Recoveries | (443) | (293) |
Ending Balance, March 31 | $ 2,983 | $ 1,681 |
Select Balance Sheet Information - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished Goods | $ 20,567 | $ 22,046 |
Work in Process | 19,324 | 16,210 |
Raw Material, Fuel and Supplies | 52,535 | 53,909 |
Inventories | $ 92,426 | $ 92,165 |
Select Balance Sheet Information - Schedule of Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Corporate-Owned Life Insurance Policies | $ 38,205 | $ 36,825 |
Debt Securities | 9,209 | 9,260 |
Money Market Funds | 1,862 | 4,075 |
Mutual Funds | 5,141 | 1,662 |
Other Investments | 29 | 34 |
Total Investments | $ 54,446 | $ 51,856 |
Short-Term and Long-Term Borrowings - Lines of Credit (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Line Limit | $ 340,000,000 | $ 340,000,000 |
Amount Outstanding | 134,851,000 | 80,997,000 |
Letters of Credit | 12,671,000 | |
Amount Available | 192,478,000 | 244,902,000 |
OTC Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Line Limit | 170,000,000 | 170,000,000 |
Amount Outstanding | 78,206,000 | |
Letters of Credit | 0 | |
Amount Available | 91,794,000 | 104,834,000 |
OTP Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Line Limit | 170,000,000 | 170,000,000 |
Amount Outstanding | 56,645,000 | |
Letters of Credit | 12,671,000 | |
Amount Available | $ 100,684,000 | $ 140,068,000 |
Short-Term and Long-Term Borrowings - Narrative (Details) |
Mar. 31, 2021 |
---|---|
Maximum | |
Debt Instrument [Line Items] | |
Debt to total capitalization ratio | 60.00% |
Minimum | |
Debt Instrument [Line Items] | |
Interest and dividend coverage ratio | 1.50 |
Pension Plan and Other Postretirement Benefits - Narrative (Details) $ in Millions |
1 Months Ended |
---|---|
Jan. 31, 2021
USD ($)
| |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions by employer | $ 10.0 |
Income Taxes - Effective Income Tax Rate (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Federal Statutory Rate | 21.00% | 21.00% |
Increases (Decreases) in Tax from: | ||
State Taxes on Income, Net of Federal Tax | 5.00% | 5.00% |
Production Tax Credits (PTCs) | (7.60%) | 0.00% |
Amortization of Excess Deferred Income Taxes | (2.90%) | (4.10%) |
Corporate-Owned Life Insurance | (0.50%) | 0.70% |
North Dakota Wind Tax Credit Amortization, Net of Federal Tax | (0.40%) | (0.90%) |
Excess Tax Deduction on Stock Awards | (0.10%) | (1.30%) |
Allowance for Equity Funds Used During Construction | 0.00% | (1.00%) |
Other, Net | 0.30% | (0.50%) |
Effective Tax Rate | 14.80% | 18.90% |
Commitments and Contingencies (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Otter Tail Power Company | Federal Energy Regulatory Commission | |
Other Commitments [Line Items] | |
Estimated liability of refund obligation | $ 3.7 |
Stockholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
May 03, 2021 |
Jul. 15, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | ||||
Total capitalization | $ 1,512,352 | $ 1,495,398 | ||
Otter Tail Power Company | ||||
Class of Stock [Line Items] | ||||
Equity to total capitalization ratio | 52.40% | |||
Net assets restricted from distribution | $ 671,000 | |||
Minimum | Minnesota Public Utilities Commission | Otter Tail Power Company | ||||
Class of Stock [Line Items] | ||||
Public utilities, requested equity capital structure, percentage | 47.50% | |||
Maximum | Otter Tail Power Company | ||||
Class of Stock [Line Items] | ||||
Total capitalization | $ 1,700,000 | |||
Maximum | Minnesota Public Utilities Commission | Otter Tail Power Company | ||||
Class of Stock [Line Items] | ||||
Public utilities, requested equity capital structure, percentage | 58.10% | |||
Second Shelf Registration | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Number of shares issued (in shares) | 1,500,000 |
Share-Based Payments - Weighted-Average Assumptions (Details) - Stock Performance Awards |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.18% | 1.42% |
Expected term (in years) | 3 years | 3 years |
Expected volatility | 32.00% | 19.00% |
Dividend yield | 3.60% | 2.80% |
Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Common Shares Outstanding - Basic (in shares) | 41,455 | 40,217 |
Effect of Dilutive Securities: | ||
Total Dilutive Shares (in shares) | 245 | 227 |
Weighted Average Common Shares Outstanding – Diluted (in shares) | 41,700 | 40,444 |
Stock Performance Awards | ||
Effect of Dilutive Securities: | ||
Effect of Dilutive Securities (in shares) | 143 | 126 |
Stock Awards | ||
Effect of Dilutive Securities: | ||
Effect of Dilutive Securities (in shares) | 85 | 83 |
Employee Stock Purchase Plan Shares and Other | ||
Effect of Dilutive Securities: | ||
Effect of Dilutive Securities (in shares) | 17 | 18 |
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | $ 1,212 | $ 1,163 |
Short-Term Debt | (134,851) | (80,997) |
Long-Term Debt | (764,426) | (764,519) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | 1,212 | 1,163 |
Short-Term Debt | (134,851) | (80,997) |
Long-Term Debt | $ (839,942) | $ (858,455) |
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