Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-53713 | |
Entity Registrant Name | OTTER TAIL CORPORATION | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 27-0383995 | |
Entity Address, Address Line One | 215 South Cascade Street | |
Entity Address, Address Line Two | Box 496 | |
Entity Address, City or Town | Fergus Falls | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 56538-0496 | |
City Area Code | 866 | |
Local Phone Number | 410-8780 | |
Title of 12(b) Security | Common Shares, par value $5.00 per share | |
Trading Symbol | OTTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,539,334 | |
Entity Central Index Key | 0001466593 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,480 | $ 1,163 |
Receivables, net of allowance for credit losses | 163,424 | 113,959 |
Inventories | 103,024 | 92,165 |
Regulatory Assets | 23,250 | 21,900 |
Other Current Assets | 13,723 | 5,645 |
Total Current Assets | 304,901 | 234,832 |
Noncurrent Assets | ||
Investments | 55,809 | 51,856 |
Property, Plant and Equipment, net of accumulated depreciation | 2,073,009 | 2,049,273 |
Regulatory Assets | 160,018 | 168,395 |
Intangible Assets, net of accumulated amortization | 9,594 | 10,144 |
Goodwill | 37,572 | 37,572 |
Other Noncurrent Assets | 30,684 | 26,282 |
Total Noncurrent Assets | 2,366,686 | 2,343,522 |
Total Assets | 2,671,587 | 2,578,354 |
Current Liabilities | ||
Short-Term Debt | 127,957 | 80,997 |
Current Maturities of Long-Term Debt | 139,963 | 140,087 |
Accounts Payable | 131,214 | 130,805 |
Accrued Salaries and Wages | 23,775 | 26,908 |
Accrued Taxes | 14,531 | 18,831 |
Regulatory Liabilities | 17,301 | 16,663 |
Other Current Liabilities | 28,743 | 22,495 |
Total Current Liabilities | 483,484 | 436,786 |
Noncurrent Liabilities and Deferred Credits | ||
Pensions Benefit Liability | 102,331 | 114,055 |
Other Postretirement Benefits Liability | 67,538 | 67,359 |
Regulatory Liabilities | 231,766 | 233,973 |
Deferred Income Taxes | 167,612 | 153,376 |
Deferred Tax Credits | 17,033 | 17,405 |
Other Noncurrent Liabilities | 62,160 | 60,002 |
Total Noncurrent Liabilities and Deferred Credits | 648,440 | 646,170 |
Commitments and Contingencies (Note 9) | ||
Capitalization | ||
Long-Term Debt, net of current maturities | 624,540 | 624,432 |
Shareholders' Equity | ||
Common Shares: 50,000,000 shares authorized of $5 par value; 41,538,709 and 41,469,879 outstanding at June 30, 2021 and December 31, 2020 | 207,694 | 207,349 |
Additional Paid-In Capital | 417,870 | 414,246 |
Retained Earnings | 297,850 | 257,878 |
Accumulated Other Comprehensive Loss | (8,291) | (8,507) |
Total Shareholders' Equity | 915,123 | 870,966 |
Total Capitalization | 1,539,663 | 1,495,398 |
Total Liabilities and Shareholders' Equity | $ 2,671,587 | $ 2,578,354 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
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) | 41,538,709 | 41,469,879 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenues | ||||
Total Operating Revenues | $ 285,608 | $ 192,756 | $ 547,318 | $ 427,503 |
Operating Expenses | ||||
Electric Production Fuel | 12,164 | 8,788 | 26,878 | 22,523 |
Electric Purchased Power | 11,135 | 13,682 | 30,395 | 32,512 |
Electric Operating and Maintenance Expenses | 36,729 | 33,179 | 78,150 | 73,794 |
Cost of Products Sold (excluding depreciation) | 122,578 | 73,832 | 224,555 | 159,711 |
Other Nonelectric Expenses | 15,669 | 10,762 | 29,362 | 22,662 |
Depreciation and Amortization | 23,169 | 20,436 | 45,295 | 40,835 |
Electric Property Taxes | 4,342 | 4,168 | 8,662 | 8,268 |
Total Operating Expenses | 225,786 | 164,847 | 443,297 | 360,305 |
Operating Income | 59,822 | 27,909 | 104,021 | 67,198 |
Other Income and Expense | ||||
Interest Charges | 9,555 | 8,662 | 18,953 | 16,785 |
Nonservice Cost Components of Postretirement Benefits | 624 | 868 | 1,006 | 1,739 |
Other Income (Expense), net | 734 | 2,410 | 1,892 | 2,021 |
Income Before Income Taxes | 50,377 | 20,789 | 85,954 | 50,695 |
Income Tax Expense | 8,308 | 3,808 | 13,556 | 9,446 |
Net Income | $ 42,069 | $ 16,981 | $ 72,398 | $ 41,249 |
Weighted-Average Common Shares Outstanding: | ||||
Basic (in shares) | 41,500 | 40,513 | 41,478 | 40,365 |
Diluted (in shares) | 41,818 | 40,677 | 41,759 | 40,561 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 1.01 | $ 0.42 | $ 1.75 | $ 1.02 |
Diluted (in dollars per share) | $ 1.01 | $ 0.42 | $ 1.73 | $ 1.02 |
Electric | ||||
Operating Revenues | ||||
Total Operating Revenues | $ 106,155 | $ 98,130 | $ 229,855 | $ 218,000 |
Product Sales | ||||
Operating Revenues | ||||
Total Operating Revenues | $ 179,453 | $ 94,626 | $ 317,463 | $ 209,503 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 42,069 | $ 16,981 | $ 72,398 | $ 41,249 |
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) | (38) | 32 | (43) | 34 |
Unrealized Gains (Losses) | (11) | 92 | (52) | 218 |
Income Tax (Expense) Benefit | 10 | (26) | 20 | (53) |
Available-for-Sale Securities, net of tax | (39) | 98 | (75) | 199 |
Pension and Postretirement Benefit Plans: | ||||
Amortization of Unrecognized Postretirement Benefit Losses and Costs | 190 | 137 | 394 | 275 |
Income Tax Expense | (50) | (36) | (103) | (72) |
Pension and Postretirement Benefit Plan, net of tax | 140 | 101 | 291 | 203 |
Total Other Comprehensive Income | 101 | 199 | 216 | 402 |
Total Comprehensive Income | $ 42,170 | $ 17,180 | $ 72,614 | $ 41,651 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unrealized Gain on Available-for-Sale Debt, net of tax | Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits, net of tax | |
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) | 729,454 | |||||||
Common Stock Issuances, Net of Expenses | 26,869 | $ 3,647 | 23,222 | |||||
Common Stock Retirements and Forfeitures (in shares) | (38,217) | |||||||
Common Stock Retirements and Forfeitures | (2,069) | $ (191) | (1,878) | |||||
Net Income | 41,249 | 41,249 | ||||||
Other Comprehensive Income | 402 | 402 | [1] | |||||
Stock Compensation Expense | 4,007 | 4,007 | ||||||
Common Dividends | (29,885) | (29,885) | ||||||
Ending balance, shares (in shares) at Jun. 30, 2020 | 40,848,828 | |||||||
Ending balance at Jun. 30, 2020 | 822,055 | $ 204,244 | 390,141 | 233,705 | (6,035) | [1] | ||
Beginning balance, shares (in shares) at Mar. 31, 2020 | 40,376,448 | |||||||
Beginning balance at Mar. 31, 2020 | 800,019 | $ 201,882 | 372,669 | 231,702 | (6,234) | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock Issuances, Net of Expenses (in shares) | 472,380 | |||||||
Common Stock Issuances, Net of Expenses | 18,597 | $ 2,362 | 16,235 | |||||
Net Income | 16,981 | 16,981 | ||||||
Other Comprehensive Income | 199 | 199 | [1] | |||||
Stock Compensation Expense | 1,237 | 1,237 | ||||||
Common Dividends | (14,978) | (14,978) | ||||||
Ending balance, shares (in shares) at Jun. 30, 2020 | 40,848,828 | |||||||
Ending balance at Jun. 30, 2020 | 822,055 | $ 204,244 | 390,141 | 233,705 | (6,035) | [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) | 104,531 | |||||||
Common Stock Issuances, Net of Expenses | (48) | $ 524 | (572) | |||||
Common Stock Retirements and Forfeitures (in shares) | (35,701) | |||||||
Common Stock Retirements and Forfeitures | (1,507) | $ (179) | (1,328) | |||||
Net Income | 72,398 | 72,398 | ||||||
Other Comprehensive Income | 216 | 216 | [1] | |||||
Stock Compensation Expense | 5,524 | 5,524 | ||||||
Common Dividends | (32,426) | (32,426) | ||||||
Ending balance, shares (in shares) at Jun. 30, 2021 | 41,538,709 | |||||||
Ending balance at Jun. 30, 2021 | 915,123 | $ 207,694 | 417,870 | 297,850 | (8,291) | [1] | 134 | (8,425) |
Beginning balance, shares (in shares) at Mar. 31, 2021 | 41,510,455 | |||||||
Beginning balance at Mar. 31, 2021 | 887,866 | $ 207,552 | 416,707 | 271,999 | (8,392) | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock Issuances, Net of Expenses (in shares) | 28,254 | |||||||
Common Stock Issuances, Net of Expenses | (22) | $ 142 | (164) | |||||
Net Income | 42,069 | 42,069 | ||||||
Other Comprehensive Income | 101 | 101 | [1] | |||||
Stock Compensation Expense | 1,327 | 1,327 | ||||||
Common Dividends | (16,218) | (16,218) | ||||||
Ending balance, shares (in shares) at Jun. 30, 2021 | 41,538,709 | |||||||
Ending balance at Jun. 30, 2021 | $ 915,123 | $ 207,694 | $ 417,870 | $ 297,850 | (8,291) | [1] | 134 | (8,425) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Before Tax | (11,229) | 170 | (11,399) | |||||
Tax Effect | $ 2,938 | $ (36) | $ 2,974 | |||||
[1] | 1 Accumulated Other Comprehensive Income (Loss) as of June 30, 2021 and December 31, 2020 is comprised of the following: (in thousands) June 30, December 31, Unrealized Gain on Available-for-Sale Debt Securities: Before Tax $ 170 $ 265 Tax Effect (36) (56) Unrealized Gain on Available-for-Sale Debt, net of tax 134 209 Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits: Before Tax (11,399) (11,793) Tax Effect 2,974 3,077 Unamortized Actuarial Losses and Prior Service Costs Related to Pension and Postretirement Benefits, net of tax (8,425) (8,716) Accumulated Other Comprehensive Loss: Before Tax (11,229) (11,528) Tax Effect 2,938 3,021 Net Accumulated Other Comprehensive Loss $ (8,291) $ (8,507) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Dividends (in dollars per share) | $ 0.39 | $ 0.37 | $ 0.78 | $ 0.74 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net Income | $ 72,398 | $ 41,249 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 45,295 | 40,835 |
Deferred Tax Credits | (372) | (657) |
Deferred Income Taxes | 11,327 | 9,472 |
Change in Deferred Debits and Other Assets | 5,749 | 5,565 |
Discretionary Contribution to Pension Plan | (10,000) | (11,200) |
Change in Noncurrent Liabilities and Deferred Credits | (3,710) | 5,178 |
Allowance for Equity Funds Used During Construction | (172) | (1,858) |
Stock Compensation Expense | 5,524 | 4,007 |
Other, Net | (3,246) | (147) |
Cash (Used for) Provided by Current Assets and Current Liabilities: | ||
Change in Receivables | (49,465) | (3,929) |
Change in Inventories | (10,859) | 8,097 |
Change in Other Current Assets | (8,080) | (1,066) |
Change in Payables and Other Current Liabilities | 12,375 | (23,562) |
Change in Interest Payable and Income Taxes Receivable/Payable | 1,810 | 1,917 |
Net Cash Provided by Operating Activities | 68,574 | 73,901 |
Investing Activities | ||
Capital Expenditures | (76,891) | (119,830) |
Proceeds from Disposal of Noncurrent Assets | 4,562 | 3,953 |
Cash Used for Investments and Other Assets | (4,074) | (5,128) |
Net Cash Used in Investing Activities | (76,403) | (121,005) |
Financing Activities | ||
Change in Checks Written in Excess of Cash | (4,586) | 550 |
Net Short-Term Borrowings | 46,960 | 35,239 |
Proceeds from Issuance of Common Stock | 0 | 27,225 |
Common Stock Issuance Expenses | (67) | (374) |
Payments for Shares Withheld for Employee Tax Obligations | (1,507) | (2,069) |
Proceeds from Issuance of Long-Term Debt | 0 | 35,000 |
Debt Issuance Expenses | (59) | (179) |
Payments for Retirement of Long-Term Debt | (169) | (90) |
Dividends Paid | (32,426) | (29,885) |
Net Cash Provided by Financing Activities | 8,146 | 65,417 |
Net Change in Cash and Cash Equivalents | 317 | 18,313 |
Cash and Cash Equivalents at Beginning of Period | 1,163 | 21,199 |
Cash and Cash Equivalents at End of Period | 1,480 | 39,512 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transactions Related to Capital Additions Not Settled in Cash | $ 9,875 | $ 61,925 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 should not be taken as an indication of earnings for all or any part of the balance of the current year or as an indication of earnings for future years. 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating Revenue 1 Electric $ 106,155 $ 98,130 $ 229,855 $ 218,000 Manufacturing 84,284 45,947 160,107 114,427 Plastics 95,169 48,679 157,356 95,076 Total $ 285,608 $ 192,756 $ 547,318 $ 427,503 Net Income (Loss) Electric $ 15,433 $ 13,306 $ 33,019 $ 29,488 Manufacturing 5,705 238 11,089 5,165 Plastics 22,544 5,130 31,692 10,579 Corporate (1,613) (1,693) (3,402) (3,983) Total $ 42,069 $ 16,981 $ 72,398 $ 41,249 1 Amounts reflect operating revenues to external customers. Intersegment operating revenues are not material for any period presented. The following provides the identifiable assets by segment and corporate assets as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Identifiable Assets Electric $ 2,259,896 $ 2,233,399 Manufacturing 220,896 191,005 Plastics 136,604 99,767 Corporate 54,191 54,183 Total $ 2,671,587 $ 2,578,354 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating Revenues Electric Segment Retail: Residential $ 28,709 $ 27,862 $ 66,176 $ 63,705 Retail: Commercial and Industrial 58,390 55,914 124,811 124,853 Retail: Other 1,888 1,777 3,706 3,598 Total Retail 88,987 85,553 194,693 192,156 Transmission 11,840 9,673 23,785 20,514 Wholesale 3,260 765 7,767 1,641 Other 2,068 2,139 3,610 3,689 Total Electric Segment 106,155 98,130 229,855 218,000 Manufacturing Segment Metal Parts and Tooling 71,013 37,266 133,686 94,478 Plastic Products and Tooling 10,131 7,840 20,426 17,723 Scrap Metal Sales 3,140 841 5,995 2,226 Total Manufacturing Segment 84,284 45,947 160,107 114,427 Plastics Segment PVC Pipe 95,169 48,679 157,356 95,076 Total Operating Revenue 285,608 192,756 547,318 427,503 Less: Noncontract Revenues Included Above Electric Segment - ARP Revenues (1,782) 209 (2,757) 122 Total Operating Revenues from Contracts with Customers $ 287,390 $ 192,547 $ 550,075 $ 427,381 |
Select Balance Sheet Informatio
Select Balance Sheet Information | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are as follows: (in thousands) June 30, December 31, Receivables Trade $ 135,744 $ 87,048 Other 12,252 8,939 Unbilled Receivables 18,154 21,187 Total Receivables 166,150 117,174 Less: Allowance for Credit Losses 2,726 3,215 Receivables, net of allowance for credit losses $ 163,424 $ 113,959 The following is a summary of activity in the allowance for credit losses for the six months ended June 30, 2021 and 2020: (in thousands) 2021 2020 Beginning Balance, January 1 $ 3,215 $ 1,339 Additions Charged to Expense 284 1,371 Reductions for Amounts Written-Off, Net of Recoveries (773) (655) Ending Balance, June 30 $ 2,726 $ 2,055 Inventories Inventories consist of the following as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Finished Goods $ 21,272 $ 22,046 Work in Process 24,140 16,210 Raw Material, Fuel and Supplies 57,612 53,909 Total Inventories $ 103,024 $ 92,165 Investments The following is a summary of our investments as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Corporate-Owned Life Insurance Policies $ 39,492 $ 36,825 Debt Securities 9,227 9,260 Money Market Funds 1,861 4,075 Mutual Funds 5,201 1,662 Other Investments 28 34 Total Investments $ 55,809 $ 51,856 The amount of unrealized gains and losses on debt securities as of June 30, 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 June 30, 2021 and December 31, 2020 are not material. Property, Plant and Equipment Major classes of property, plant and equipment as of June 30, 2021 and December 31, 2020 include: (in thousands) June 30, December 31, Electric Plant in Service Electric Plant in Service $ 2,699,352 $ 2,531,352 Construction Work in Progress 87,676 203,078 Total Gross Electric Plant 2,787,028 2,734,430 Less Accumulated Depreciation and Amortization 811,134 778,988 Net Electric Plant 1,975,894 1,955,442 Nonelectric Property, Plant and Equipment Nonelectric Property, Plant and Equipment in Service 261,065 258,730 Construction Work in Progress 12,936 9,290 Total Gross Nonelectric Property, Plant and Equipment 274,001 268,020 Less Accumulated Depreciation and Amortization 176,886 174,189 Net Nonelectric Property, Plant and Equipment 97,115 93,831 Net Property, Plant and Equipment $ 2,073,009 $ 2,049,273 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 and the period we expect to recover or refund such amounts: Period of June 30, 2021 December 31, 2020 (in thousands) Recovery/Refund Current Long-Term Current Long Term Regulatory Assets Pension and Other Postretirement Benefit Plans 1 Various $ 11,037 $ 141,668 $ 11,037 $ 146,071 Alternative Revenue Program Riders 2 Up to 3 years 6,505 8,982 8,871 9,373 Asset Retirement Obligations 1 Asset lives — 6,696 — 8,462 ISO Cost Recovery Trackers 1 Up to 2 years 539 724 1,079 867 Unrecovered Project Costs 1 Up to 3 years 4,114 1,492 361 2,989 Deferred Rate Case Expenses 1 Various 888 110 360 230 Debt Reacquisition Premiums 1 Up to 12 years 167 263 192 341 Other 1 Various — 83 — 62 Total Regulatory Assets $ 23,250 $ 160,018 $ 21,900 $ 168,395 Regulatory Liabilities Deferred Income Taxes Asset lives $ — $ 131,893 $ — $ 134,719 Plant Removal Obligations Asset lives 5,556 96,164 — 98,707 Fuel Clause Adjustments Up to 1 year 6,531 — 10,947 — Alternative Revenue Program Riders Various 3,094 1,761 3,581 470 Pension and Other Postretirement Benefit Plans Up to 1 year 1,959 — 1,959 — Other Various 161 1,948 176 77 Total Regulatory Liabilities $ 17,301 $ 231,766 $ 16,663 $ 233,973 1 Costs subject to recovery without a rate of return. 2 Amount eligible for recovery includes an incentive or rate of return. |
Short-Term and Long-Term Borrow
Short-Term and Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Short-Term Debt The following is a summary of our lines of credit as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, (in thousands) Line Limit Amount Outstanding Letters Amount Available Amount Available OTC Credit Agreement $ 170,000 $ 59,245 $ — $ 110,755 $ 104,834 OTP Credit Agreement 170,000 68,712 12,671 88,617 140,068 Total $ 340,000 $ 127,957 $ 12,671 $ 199,372 $ 244,902 Both credit agreements are in place until October 31, 2024. Long-Term Debt The following is a summary of outstanding long-term debt by borrower as of June 30, 2021 and December 31, 2020: (in thousands) Entity Debt Instrument Rate Maturity June 30, December 31, OTC Guaranteed Senior Notes 3.55% 12/15/26 $ 80,000 $ 80,000 OTP Series 2011A Senior Unsecured Notes 4.63% 12/01/21 140,000 140,000 OTP Series 2007B Senior Unsecured Notes 6.15% 08/20/22 30,000 30,000 OTP Series 2007C Senior Unsecured Notes 6.37% 08/02/27 42,000 42,000 OTP Series 2013A Senior Unsecured Notes 4.68% 02/27/29 60,000 60,000 OTP Series 2019A Senior Unsecured Notes 3.07% 10/10/29 10,000 10,000 OTP Series 2020A Senior Unsecured Notes 3.22% 02/25/30 10,000 10,000 OTP Series 2020B Senior Unsecured Notes 3.22% 08/20/30 40,000 40,000 OTP Series 2007D Senior Unsecured Notes 6.47% 08/20/37 50,000 50,000 OTP Series 2019B Senior Unsecured Notes 3.52% 10/10/39 26,000 26,000 OTP Series 2020C Senior Unsecured Notes 3.62% 02/25/40 10,000 10,000 OTP Series 2013B Senior Unsecured Notes 5.47% 02/27/44 90,000 90,000 OTP Series 2018A Senior Unsecured Notes 4.07% 02/07/48 100,000 100,000 OTP Series 2019C Senior Unsecured Notes 3.82% 10/10/49 64,000 64,000 OTP Series 2020D Senior Unsecured Notes 3.92% 02/25/50 15,000 15,000 OTC PACE Note 2.54% 03/18/21 — 169 Total $ 767,000 $ 767,169 Less: Current Maturities Net of Unamortized Debt Issuance Costs 139,963 140,087 Unamortized Long-Term Debt Issuance Costs 2,497 2,650 Total Long-Term Debt Net of Unamortized Debt Issuance Costs $ 624,540 $ 624,432 On June 10, 2021, OTP entered into a Note Purchase Agreement pursuant to which OTP agreed to issue, in a private placement transaction, $230 million aggregate principal amount of senior unsecured notes consisting of (a) $40 million in aggregate principal amount of its 2.74% Series 2021A Senior Unsecured Notes due November 29, 2031, (b) $100 million in aggregate principal amount of its 3.69% Series 2021B Senior Unsecured Notes due November 29, 2051 and (c) $90 million in aggregate principal amount of its 3.77% Series 2022A Senior Unsecured Notes due May 20, 2052. As of June 30, 2021, there were no amounts outstanding. The funding of the notes will occur in two issuances, $140.0 million in November 2021 and $90.0 million in May 2022. The issuance of the notes is subject to the satisfaction of certain customary conditions to closing. 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 June 30, 2021, OTC and OTP were in compliance with these financial covenants. |
Pension Plan and Other Postreti
Pension Plan and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 1,865 $ 1,656 $ 3,731 $ 3,311 Interest Cost on Projected Benefit Obligation 2,915 3,263 5,830 6,526 Expected Return on Assets (5,589) (5,505) (11,179) (11,010) Amortization of Net Actuarial Loss: From Regulatory Asset 2,661 2,231 5,321 4,462 From Other Comprehensive Income 68 55 136 110 Net Periodic Pension Cost $ 1,920 $ 1,700 $ 3,839 $ 3,399 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 and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 46 $ 44 $ 93 $ 89 Interest Cost on Projected Benefit Obligation 307 362 614 724 Amortization of Net Actuarial Loss: From Regulatory Asset 31 24 62 47 From Other Comprehensive Income 125 85 249 171 Net Periodic Pension Cost $ 509 $ 515 $ 1,018 $ 1,031 Other Postretirement Benefits Components of net periodic postretirement benefit cost for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 431 $ 462 $ 861 $ 924 Interest Cost on Projected Benefit Obligation 473 599 946 1,197 Amortization of Prior Service Cost From Regulatory Asset (1,398) (1,170) (2,795) (2,339) From Other Comprehensive Income (36) (29) (72) (58) Amortization of Net Actuarial Loss From Regulatory Asset 920 1,052 1,840 2,103 From Other Comprehensive Income 24 26 47 52 Net Periodic Postretirement Benefit Cost $ 414 $ 940 $ 827 $ 1,879 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The reconciliation of the statutory federal income tax rate to our effective tax rate for each of the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (Decreases) in Tax from: State Taxes on Income, Net of Federal Tax 5.0 5.0 5.0 5.0 Production Tax Credits (PTCs) (6.3) — (6.8) — Amortization of Excess Deferred Income Taxes (2.0) (3.4) (2.4) (3.8) North Dakota Wind Tax Credit Amortization, Net of Federal Tax (0.3) (1.2) (0.3) (1.0) Excess Tax Deduction on Stock Awards — (0.6) — (1.0) Allowance for Equity Funds Used During Construction (0.1) (0.8) (0.1) (1.0) Other, Net (0.8) (1.7) (0.6) (0.6) Effective Tax Rate 16.5 % 18.3 % 15.8 % 18.6 % We began generating PTCs from our Merricourt wind farm placed in service in the fourth quarter of 2020. No PTCs were generated during the six months ended June 30, 2020. Income tax benefits arising from PTCs are offset by corresponding operating revenue reductions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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. Certain 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 $3.5 million as of June 30, 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. Westmoreland Coal Company (Westmoreland) Arbitration. In December 2018, insurers for Westmoreland, Westmoreland and its affiliated companies filed an arbitration demand against the co-owners of Coyote Station, including OTP, a 35% co-owner. The claimant insurers are pursuing recovery in the amount of $5.5 million, plus prejudgment interest to recover business interruption insurance proceeds paid to Westmoreland or its affiliates arising from a boiler feed pump explosion in December 2014 at the facility. The explosion and ensuing repairs reduced the amount of coal purchased from a Westmoreland affiliate under an existing coal purchase agreement. The Westmoreland insurers claim the co-owners breached the minimum purchase obligations in the coal purchase agreement. The arbitration was delayed through an effort to seek dispensation of the matter through the courts and through dispositive motions. The arbitration hearing is anticipated to be held in late 2021. Other Contingencies. We are party to litigation and regulatory 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 June 30, 2021, other than those discussed above, will not be material. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 June 30, 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. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2021 | |
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 $1.3 million and $1.2 million for the three months ended June 30, 2021 and 2020, respectively, and $5.5 million and $4.0 million for the six months ended June 30, 2021 and 2020, respectively. 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 three 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 six months ended June 30, 2021: Shares Weighted Average Nonvested, January 1, 2021 128,664 $ 44.30 Granted 57,650 43.10 Vested (46,371) 43.04 Forfeited (1,577) 40.77 Nonvested, June 30, 2021 138,366 $ 44.26 The fair value of vested awards was $2.1 million and $2.8 million during the six months ended June 30, 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 six months ended June 30, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions: 2021 2020 Risk-free interest rate 0.18 % 1.42 % Expected term (in years) 3.00 3.00 Expected volatility 32.00 % 19.00 % Dividend yield 3.60 % 2.80 % 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 six months ended June 30, 2021 (share amounts reflect awards at target): Shares Weighted Average Nonvested, January 1, 2021 164,600 $ 42.32 Granted 79,000 38.34 Vested (54,000) 35.73 Forfeited — — Nonvested, June 30, 2021 189,600 $ 42.54 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted Average Common Shares Outstanding – Basic 41,500 40,513 41,478 40,365 Effect of Dilutive Securities: Stock Performance Awards 223 97 183 112 Stock Awards 75 47 80 56 Employee Stock Purchase Plan Shares and Other 20 20 18 28 Dilutive Effect of Potential Common Shares 318 164 281 196 Weighted Average Common Shares Outstanding – Diluted 41,818 40,677 41,759 40,561 The amount of shares excluded from diluted weighted-average common shares outstanding because such shares were anti-dilutive was not material for the three and six months ended June 30, 2021 and 2020. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments OTP enters into derivative instruments to manage its exposure to future price variability and reduce volatility in prices for our retail customers. These derivative instruments are not designated as qualifying hedging transactions but provide for an economic hedge against future price variability. The instruments are recorded at fair value on the consolidated balance sheets, with changes in fair value recorded in the consolidated statements of income. However, in accordance with rate-making and cost recovery processes, we recognize a regulatory asset or liability to defer losses or gains from derivative activity until settlement of the associated derivative instrument. As of June 30, 2021, OTP had outstanding pay fixed, receive variable swap agreements with an aggregate notional amount of 356,200 megawatt-hours of electricity, which will be settled periodically through 2022. As of June 30, 2021, the fair value of these contracts was $1.9 million, which is included in other current assets on the consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 classified by the input method used to measure fair value: Level 1 Level 2 Level 3 June 30, 2021 Investments: Money Market Funds $ 1,861 $ — $ — Mutual Funds 5,201 — — Corporate Debt Securities — 2,393 — Government-Backed and Government-Sponsored Enterprises’ Debt Securities — 6,835 — Derivative Instruments — 1,879 — Total Assets $ 7,062 $ 11,107 $ — December 31, 2020 Investments: Money Market Funds $ 4,075 $ — $ — Mutual Funds 1,662 — — Corporate Debt Securities — 2,627 — Government-Backed and Government-Sponsored Enterprises’ Debt Securities — 6,633 — Total Assets $ 5,737 $ 9,260 $ — 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. The level 2 fair value measurements for derivative instruments are determined by using inputs such as forward electric commodity prices, adjusted for location differences. These inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (in thousands) Carrying Fair Value Carrying Fair Value Cash and Cash Equivalents $ 1,480 $ 1,480 $ 1,163 $ 1,163 Short-Term Debt (127,957) (127,957) (80,997) (80,997) Long-Term Debt (764,503) (875,405) (764,519) (858,455) 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 should not be taken as an indication of earnings for all or any part of the balance of the current year or as an indication of earnings for future years. |
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. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information for each segment and our unallocated corporate costs for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating Revenue 1 Electric $ 106,155 $ 98,130 $ 229,855 $ 218,000 Manufacturing 84,284 45,947 160,107 114,427 Plastics 95,169 48,679 157,356 95,076 Total $ 285,608 $ 192,756 $ 547,318 $ 427,503 Net Income (Loss) Electric $ 15,433 $ 13,306 $ 33,019 $ 29,488 Manufacturing 5,705 238 11,089 5,165 Plastics 22,544 5,130 31,692 10,579 Corporate (1,613) (1,693) (3,402) (3,983) Total $ 42,069 $ 16,981 $ 72,398 $ 41,249 1 Amounts reflect operating revenues to external customers. Intersegment operating revenues are not material for any period presented. The following provides the identifiable assets by segment and corporate assets as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Identifiable Assets Electric $ 2,259,896 $ 2,233,399 Manufacturing 220,896 191,005 Plastics 136,604 99,767 Corporate 54,191 54,183 Total $ 2,671,587 $ 2,578,354 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating Revenues Electric Segment Retail: Residential $ 28,709 $ 27,862 $ 66,176 $ 63,705 Retail: Commercial and Industrial 58,390 55,914 124,811 124,853 Retail: Other 1,888 1,777 3,706 3,598 Total Retail 88,987 85,553 194,693 192,156 Transmission 11,840 9,673 23,785 20,514 Wholesale 3,260 765 7,767 1,641 Other 2,068 2,139 3,610 3,689 Total Electric Segment 106,155 98,130 229,855 218,000 Manufacturing Segment Metal Parts and Tooling 71,013 37,266 133,686 94,478 Plastic Products and Tooling 10,131 7,840 20,426 17,723 Scrap Metal Sales 3,140 841 5,995 2,226 Total Manufacturing Segment 84,284 45,947 160,107 114,427 Plastics Segment PVC Pipe 95,169 48,679 157,356 95,076 Total Operating Revenue 285,608 192,756 547,318 427,503 Less: Noncontract Revenues Included Above Electric Segment - ARP Revenues (1,782) 209 (2,757) 122 Total Operating Revenues from Contracts with Customers $ 287,390 $ 192,547 $ 550,075 $ 427,381 |
Select Balance Sheet Informat_2
Select Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Receivables | Receivables as of June 30, 2021 and December 31, 2020 are as follows: (in thousands) June 30, December 31, Receivables Trade $ 135,744 $ 87,048 Other 12,252 8,939 Unbilled Receivables 18,154 21,187 Total Receivables 166,150 117,174 Less: Allowance for Credit Losses 2,726 3,215 Receivables, net of allowance for credit losses $ 163,424 $ 113,959 |
Summary of Activity in Allowance for Credit Losses | The following is a summary of activity in the allowance for credit losses for the six months ended June 30, 2021 and 2020: (in thousands) 2021 2020 Beginning Balance, January 1 $ 3,215 $ 1,339 Additions Charged to Expense 284 1,371 Reductions for Amounts Written-Off, Net of Recoveries (773) (655) Ending Balance, June 30 $ 2,726 $ 2,055 |
Schedule of Inventories | Inventories consist of the following as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Finished Goods $ 21,272 $ 22,046 Work in Process 24,140 16,210 Raw Material, Fuel and Supplies 57,612 53,909 Total Inventories $ 103,024 $ 92,165 |
Schedule of Investments | The following is a summary of our investments as of June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Corporate-Owned Life Insurance Policies $ 39,492 $ 36,825 Debt Securities 9,227 9,260 Money Market Funds 1,861 4,075 Mutual Funds 5,201 1,662 Other Investments 28 34 Total Investments $ 55,809 $ 51,856 |
Schedule of Property, Plant and Equipment | Major classes of property, plant and equipment as of June 30, 2021 and December 31, 2020 include: (in thousands) June 30, December 31, Electric Plant in Service Electric Plant in Service $ 2,699,352 $ 2,531,352 Construction Work in Progress 87,676 203,078 Total Gross Electric Plant 2,787,028 2,734,430 Less Accumulated Depreciation and Amortization 811,134 778,988 Net Electric Plant 1,975,894 1,955,442 Nonelectric Property, Plant and Equipment Nonelectric Property, Plant and Equipment in Service 261,065 258,730 Construction Work in Progress 12,936 9,290 Total Gross Nonelectric Property, Plant and Equipment 274,001 268,020 Less Accumulated Depreciation and Amortization 176,886 174,189 Net Nonelectric Property, Plant and Equipment 97,115 93,831 Net Property, Plant and Equipment $ 2,073,009 $ 2,049,273 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 and the period we expect to recover or refund such amounts: Period of June 30, 2021 December 31, 2020 (in thousands) Recovery/Refund Current Long-Term Current Long Term Regulatory Assets Pension and Other Postretirement Benefit Plans 1 Various $ 11,037 $ 141,668 $ 11,037 $ 146,071 Alternative Revenue Program Riders 2 Up to 3 years 6,505 8,982 8,871 9,373 Asset Retirement Obligations 1 Asset lives — 6,696 — 8,462 ISO Cost Recovery Trackers 1 Up to 2 years 539 724 1,079 867 Unrecovered Project Costs 1 Up to 3 years 4,114 1,492 361 2,989 Deferred Rate Case Expenses 1 Various 888 110 360 230 Debt Reacquisition Premiums 1 Up to 12 years 167 263 192 341 Other 1 Various — 83 — 62 Total Regulatory Assets $ 23,250 $ 160,018 $ 21,900 $ 168,395 Regulatory Liabilities Deferred Income Taxes Asset lives $ — $ 131,893 $ — $ 134,719 Plant Removal Obligations Asset lives 5,556 96,164 — 98,707 Fuel Clause Adjustments Up to 1 year 6,531 — 10,947 — Alternative Revenue Program Riders Various 3,094 1,761 3,581 470 Pension and Other Postretirement Benefit Plans Up to 1 year 1,959 — 1,959 — Other Various 161 1,948 176 77 Total Regulatory Liabilities $ 17,301 $ 231,766 $ 16,663 $ 233,973 1 Costs subject to recovery without a rate of return. 2 Amount eligible for recovery includes an incentive or rate of return. |
Short-Term and Long-Term Borr_2
Short-Term and Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following is a summary of our lines of credit as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, (in thousands) Line Limit Amount Outstanding Letters Amount Available Amount Available OTC Credit Agreement $ 170,000 $ 59,245 $ — $ 110,755 $ 104,834 OTP Credit Agreement 170,000 68,712 12,671 88,617 140,068 Total $ 340,000 $ 127,957 $ 12,671 $ 199,372 $ 244,902 |
Schedule of Debt | The following is a summary of outstanding long-term debt by borrower as of June 30, 2021 and December 31, 2020: (in thousands) Entity Debt Instrument Rate Maturity June 30, December 31, OTC Guaranteed Senior Notes 3.55% 12/15/26 $ 80,000 $ 80,000 OTP Series 2011A Senior Unsecured Notes 4.63% 12/01/21 140,000 140,000 OTP Series 2007B Senior Unsecured Notes 6.15% 08/20/22 30,000 30,000 OTP Series 2007C Senior Unsecured Notes 6.37% 08/02/27 42,000 42,000 OTP Series 2013A Senior Unsecured Notes 4.68% 02/27/29 60,000 60,000 OTP Series 2019A Senior Unsecured Notes 3.07% 10/10/29 10,000 10,000 OTP Series 2020A Senior Unsecured Notes 3.22% 02/25/30 10,000 10,000 OTP Series 2020B Senior Unsecured Notes 3.22% 08/20/30 40,000 40,000 OTP Series 2007D Senior Unsecured Notes 6.47% 08/20/37 50,000 50,000 OTP Series 2019B Senior Unsecured Notes 3.52% 10/10/39 26,000 26,000 OTP Series 2020C Senior Unsecured Notes 3.62% 02/25/40 10,000 10,000 OTP Series 2013B Senior Unsecured Notes 5.47% 02/27/44 90,000 90,000 OTP Series 2018A Senior Unsecured Notes 4.07% 02/07/48 100,000 100,000 OTP Series 2019C Senior Unsecured Notes 3.82% 10/10/49 64,000 64,000 OTP Series 2020D Senior Unsecured Notes 3.92% 02/25/50 15,000 15,000 OTC PACE Note 2.54% 03/18/21 — 169 Total $ 767,000 $ 767,169 Less: Current Maturities Net of Unamortized Debt Issuance Costs 139,963 140,087 Unamortized Long-Term Debt Issuance Costs 2,497 2,650 Total Long-Term Debt Net of Unamortized Debt Issuance Costs $ 624,540 $ 624,432 |
Pension Plan and Other Postre_2
Pension Plan and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Components of net periodic pension benefit cost for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 1,865 $ 1,656 $ 3,731 $ 3,311 Interest Cost on Projected Benefit Obligation 2,915 3,263 5,830 6,526 Expected Return on Assets (5,589) (5,505) (11,179) (11,010) Amortization of Net Actuarial Loss: From Regulatory Asset 2,661 2,231 5,321 4,462 From Other Comprehensive Income 68 55 136 110 Net Periodic Pension Cost $ 1,920 $ 1,700 $ 3,839 $ 3,399 Components of net periodic pension benefit cost for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 46 $ 44 $ 93 $ 89 Interest Cost on Projected Benefit Obligation 307 362 614 724 Amortization of Net Actuarial Loss: From Regulatory Asset 31 24 62 47 From Other Comprehensive Income 125 85 249 171 Net Periodic Pension Cost $ 509 $ 515 $ 1,018 $ 1,031 Components of net periodic postretirement benefit cost for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Service Cost–Benefit Earned During the Period $ 431 $ 462 $ 861 $ 924 Interest Cost on Projected Benefit Obligation 473 599 946 1,197 Amortization of Prior Service Cost From Regulatory Asset (1,398) (1,170) (2,795) (2,339) From Other Comprehensive Income (36) (29) (72) (58) Amortization of Net Actuarial Loss From Regulatory Asset 920 1,052 1,840 2,103 From Other Comprehensive Income 24 26 47 52 Net Periodic Postretirement Benefit Cost $ 414 $ 940 $ 827 $ 1,879 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Federal Statutory Rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (Decreases) in Tax from: State Taxes on Income, Net of Federal Tax 5.0 5.0 5.0 5.0 Production Tax Credits (PTCs) (6.3) — (6.8) — Amortization of Excess Deferred Income Taxes (2.0) (3.4) (2.4) (3.8) North Dakota Wind Tax Credit Amortization, Net of Federal Tax (0.3) (1.2) (0.3) (1.0) Excess Tax Deduction on Stock Awards — (0.6) — (1.0) Allowance for Equity Funds Used During Construction (0.1) (0.8) (0.1) (1.0) Other, Net (0.8) (1.7) (0.6) (0.6) Effective Tax Rate 16.5 % 18.3 % 15.8 % 18.6 % |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2021: Shares Weighted Average Nonvested, January 1, 2021 128,664 $ 44.30 Granted 57,650 43.10 Vested (46,371) 43.04 Forfeited (1,577) 40.77 Nonvested, June 30, 2021 138,366 $ 44.26 |
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 six months ended June 30, 2021 (share amounts reflect awards at target): Shares Weighted Average Nonvested, January 1, 2021 164,600 $ 42.32 Granted 79,000 38.34 Vested (54,000) 35.73 Forfeited — — Nonvested, June 30, 2021 189,600 $ 42.54 |
Schedule of Weighted-Average Assumptions | The grant date fair value of stock performance awards granted during the six months ended June 30, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions: 2021 2020 Risk-free interest rate 0.18 % 1.42 % Expected term (in years) 3.00 3.00 Expected volatility 32.00 % 19.00 % Dividend yield 3.60 % 2.80 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted Average Common Shares Outstanding – Basic 41,500 40,513 41,478 40,365 Effect of Dilutive Securities: Stock Performance Awards 223 97 183 112 Stock Awards 75 47 80 56 Employee Stock Purchase Plan Shares and Other 20 20 18 28 Dilutive Effect of Potential Common Shares 318 164 281 196 Weighted Average Common Shares Outstanding – Diluted 41,818 40,677 41,759 40,561 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 classified by the input method used to measure fair value: Level 1 Level 2 Level 3 June 30, 2021 Investments: Money Market Funds $ 1,861 $ — $ — Mutual Funds 5,201 — — Corporate Debt Securities — 2,393 — Government-Backed and Government-Sponsored Enterprises’ Debt Securities — 6,835 — Derivative Instruments — 1,879 — Total Assets $ 7,062 $ 11,107 $ — December 31, 2020 Investments: Money Market Funds $ 4,075 $ — $ — Mutual Funds 1,662 — — Corporate Debt Securities — 2,627 — Government-Backed and Government-Sponsored Enterprises’ Debt Securities — 6,633 — Total Assets $ 5,737 $ 9,260 $ — |
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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (in thousands) Carrying Fair Value Carrying Fair Value Cash and Cash Equivalents $ 1,480 $ 1,480 $ 1,163 $ 1,163 Short-Term Debt (127,957) (127,957) (80,997) (80,997) Long-Term Debt (764,503) (875,405) (764,519) (858,455) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 3 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Business
Segment Information - Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total Operating Revenues | $ 285,608 | $ 192,756 | $ 547,318 | $ 427,503 | |
Net Income (Loss) | 42,069 | 16,981 | 72,398 | 41,249 | |
Identifiable Assets | 2,671,587 | 2,671,587 | $ 2,578,354 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net Income (Loss) | (1,613) | (1,693) | (3,402) | (3,983) | |
Identifiable Assets | 54,191 | 54,191 | 54,183 | ||
Electric | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Operating Revenues | 106,155 | 98,130 | 229,855 | 218,000 | |
Net Income (Loss) | 15,433 | 13,306 | 33,019 | 29,488 | |
Identifiable Assets | 2,259,896 | 2,259,896 | 2,233,399 | ||
Manufacturing | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Operating Revenues | 84,284 | 45,947 | 160,107 | 114,427 | |
Net Income (Loss) | 5,705 | 238 | 11,089 | 5,165 | |
Identifiable Assets | 220,896 | 220,896 | 191,005 | ||
Plastics | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Operating Revenues | 95,169 | 48,679 | 157,356 | 95,076 | |
Net Income (Loss) | 22,544 | $ 5,130 | 31,692 | $ 10,579 | |
Identifiable Assets | $ 136,604 | $ 136,604 | $ 99,767 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 285,608 | $ 192,756 | $ 547,318 | $ 427,503 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues from Contracts with Customers | 287,390 | 192,547 | 550,075 | 427,381 |
Operating Segments | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 106,155 | 98,130 | 229,855 | 218,000 |
Electric Segment - ARP Revenues | (1,782) | 209 | (2,757) | 122 |
Operating Segments | Manufacturing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 84,284 | 45,947 | 160,107 | 114,427 |
Operating Segments | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 95,169 | 48,679 | 157,356 | 95,076 |
Operating Segments | Retail: Residential | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 28,709 | 27,862 | 66,176 | 63,705 |
Operating Segments | Retail: Commercial and Industrial | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 58,390 | 55,914 | 124,811 | 124,853 |
Operating Segments | Retail: Other | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 1,888 | 1,777 | 3,706 | 3,598 |
Operating Segments | Total Retail | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 88,987 | 85,553 | 194,693 | 192,156 |
Operating Segments | Transmission | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 11,840 | 9,673 | 23,785 | 20,514 |
Operating Segments | Wholesale | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 3,260 | 765 | 7,767 | 1,641 |
Operating Segments | Other | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 2,068 | 2,139 | 3,610 | 3,689 |
Operating Segments | Metal Parts and Tooling | Manufacturing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 71,013 | 37,266 | 133,686 | 94,478 |
Operating Segments | Plastic Products and Tooling | Manufacturing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | 10,131 | 7,840 | 20,426 | 17,723 |
Operating Segments | Scrap Metal Sales | Manufacturing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Operating Revenues | $ 3,140 | $ 841 | $ 5,995 | $ 2,226 |
Select Balance Sheet Informat_3
Select Balance Sheet Information - Schedule of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Trade | $ 135,744 | $ 87,048 | ||
Other | 12,252 | 8,939 | ||
Unbilled Receivables | 18,154 | 21,187 | ||
Total Receivables | 166,150 | 117,174 | ||
Less: Allowance for Credit Losses | 2,726 | 3,215 | $ 2,055 | $ 1,339 |
Receivables, net of allowance for credit losses | $ 163,424 | $ 113,959 |
Select Balance Sheet Informat_4
Select Balance Sheet Information - Summary of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1 | $ 3,215 | $ 1,339 |
Additions Charged to Expense | 284 | 1,371 |
Reductions for Amounts Written-Off, Net of Recoveries | (773) | (655) |
Ending Balance, June 30 | $ 2,726 | $ 2,055 |
Select Balance Sheet Informat_5
Select Balance Sheet Information - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished Goods | $ 21,272 | $ 22,046 |
Work in Process | 24,140 | 16,210 |
Raw Material, Fuel and Supplies | 57,612 | 53,909 |
Inventories | $ 103,024 | $ 92,165 |
Select Balance Sheet Informat_6
Select Balance Sheet Information - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Corporate-Owned Life Insurance Policies | $ 39,492 | $ 36,825 |
Debt Securities | 9,227 | 9,260 |
Money Market Funds | 1,861 | 4,075 |
Mutual Funds | 5,201 | 1,662 |
Other Investments | 28 | 34 |
Total Investments | $ 55,809 | $ 51,856 |
Select Balance Sheet Informat_7
Select Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, net of accumulated depreciation | $ 2,073,009 | $ 2,049,273 |
Electric Plant in Service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,787,028 | 2,734,430 |
Less Accumulated Depreciation and Amortization | 811,134 | 778,988 |
Property, Plant and Equipment, net of accumulated depreciation | 1,975,894 | 1,955,442 |
Nonelectric Property, Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 274,001 | 268,020 |
Less Accumulated Depreciation and Amortization | 176,886 | 174,189 |
Property, Plant and Equipment, net of accumulated depreciation | 97,115 | 93,831 |
Electric Plant in Service | Electric Plant in Service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,699,352 | 2,531,352 |
Construction Work in Progress | Electric Plant in Service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 87,676 | 203,078 |
Construction Work in Progress | Nonelectric Property, Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,936 | 9,290 |
Nonelectric Property, Plant and Equipment in Service | Nonelectric Property, Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 261,065 | $ 258,730 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | $ 23,250 | $ 21,900 |
Regulatory assets, long-term | 160,018 | 168,395 |
Regulatory liabilities, current | 17,301 | 16,663 |
Regulatory liabilities, long -term | 231,766 | 233,973 |
Deferred Income Taxes | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | 0 | 0 |
Regulatory liabilities, long -term | 131,893 | 134,719 |
Plant Removal Obligations | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | 5,556 | 0 |
Regulatory liabilities, long -term | 96,164 | 98,707 |
Fuel Clause Adjustments | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | 6,531 | 10,947 |
Regulatory liabilities, long -term | $ 0 | 0 |
Regulatory Liabilities - Remaining Recovery/Refund Period | 1 year | |
Alternative Revenue Program Riders | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | $ 3,094 | 3,581 |
Regulatory liabilities, long -term | 1,761 | 470 |
Pension and Other Postretirement Benefit Plans | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | 1,959 | 1,959 |
Regulatory liabilities, long -term | $ 0 | 0 |
Regulatory Liabilities - Remaining Recovery/Refund Period | 1 year | |
Other | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory liabilities, current | $ 161 | 176 |
Regulatory liabilities, long -term | 1,948 | 77 |
Pension and Other Postretirement Benefit Plans | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | 11,037 | 11,037 |
Regulatory assets, long-term | 141,668 | 146,071 |
Alternative Revenue Program Riders | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | 6,505 | 8,871 |
Regulatory assets, long-term | $ 8,982 | 9,373 |
Regulatory Assets - Remaining Recovery/Refund Period | 3 years | |
Asset Retirement Obligations | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | $ 0 | 0 |
Regulatory assets, long-term | 6,696 | 8,462 |
ISO Cost Recovery Trackers | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | 539 | 1,079 |
Regulatory assets, long-term | $ 724 | 867 |
Regulatory Assets - Remaining Recovery/Refund Period | 2 years | |
Unrecovered Project Costs | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | $ 4,114 | 361 |
Regulatory assets, long-term | $ 1,492 | 2,989 |
Regulatory Assets - Remaining Recovery/Refund Period | 3 years | |
Deferred Rate Case Expenses | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | $ 888 | 360 |
Regulatory assets, long-term | 110 | 230 |
Debt Reacquisition Premiums | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | 167 | 192 |
Regulatory assets, long-term | $ 263 | 341 |
Regulatory Assets - Remaining Recovery/Refund Period | 12 years | |
Other | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory assets - current | $ 0 | 0 |
Regulatory assets, long-term | $ 83 | $ 62 |
Short-Term and Long-Term Borr_3
Short-Term and Long-Term Borrowings - Lines of Credit (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Line Limit | $ 340,000,000 | $ 340,000,000 |
Amount Outstanding | 127,957,000 | 80,997,000 |
Letters of Credit | 12,671,000 | |
Amount Available | 199,372,000 | 244,902,000 |
OTC Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Line Limit | 170,000,000 | 170,000,000 |
Amount Outstanding | 59,245,000 | |
Letters of Credit | 0 | |
Amount Available | 110,755,000 | 104,834,000 |
OTP Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Line Limit | 170,000,000 | 170,000,000 |
Amount Outstanding | 68,712,000 | |
Letters of Credit | 12,671,000 | |
Amount Available | $ 88,617,000 | $ 140,068,000 |
Short-Term and Long-Term Borr_4
Short-Term and Long-Term Borrowings - Breakdown of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 767,000 | $ 767,169 |
Current Maturities Net of Unamortized Debt Issuance Costs | 139,963 | 140,087 |
Unamortized Long-Term Debt Issuance Costs | 2,497 | 2,650 |
Total Long-Term Debt Net of Unamortized Debt Issuance Costs | $ 624,540 | 624,432 |
Guaranteed Senior Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.55% | |
Long-term debt | $ 80,000 | 80,000 |
Series 2011A Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 4.63% | |
Long-term debt | $ 140,000 | 140,000 |
Series 2007B Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 6.15% | |
Long-term debt | $ 30,000 | 30,000 |
Series 2007C Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 6.37% | |
Long-term debt | $ 42,000 | 42,000 |
Series 2013A Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 4.68% | |
Long-term debt | $ 60,000 | 60,000 |
Series 2019A Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.07% | |
Long-term debt | $ 10,000 | 10,000 |
Series 2020A Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.22% | |
Long-term debt | $ 10,000 | 10,000 |
Series 2020B Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.22% | |
Long-term debt | $ 40,000 | 40,000 |
Series 2007D Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 6.47% | |
Long-term debt | $ 50,000 | 50,000 |
Series 2019B Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.52% | |
Long-term debt | $ 26,000 | 26,000 |
Series 2020C Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.62% | |
Long-term debt | $ 10,000 | 10,000 |
Series 2013B Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 5.47% | |
Long-term debt | $ 90,000 | 90,000 |
Series 2018A Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 4.07% | |
Long-term debt | $ 100,000 | 100,000 |
Series 2019C Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.82% | |
Long-term debt | $ 64,000 | 64,000 |
Series 2020D Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Rate | 3.92% | |
Long-term debt | $ 15,000 | 15,000 |
PACE Note | ||
Debt Instrument [Line Items] | ||
Rate | 2.54% | |
Long-term debt | $ 0 | $ 169 |
Short-Term and Long-Term Borr_5
Short-Term and Long-Term Borrowings - Narrative (Details) | 1 Months Ended | ||||
May 31, 2022USD ($) | Nov. 30, 2021USD ($) | Jun. 30, 2021USD ($)issuance | Jun. 10, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 767,000,000 | $ 767,169,000 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 230,000,000 | ||||
Long-term debt | $ 0 | ||||
Number of issuances | issuance | 2 | ||||
Senior Notes | Forecast | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of debt | $ 90,000,000 | $ 140,000,000 | |||
Senior Unsecured Notes 2.74%, Series A, Due November 29, 2031 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 40,000,000 | ||||
Interest rate (as a percent) | 2.74% | ||||
Senior Unsecured Notes 3.69%, Series B, Due November 29, 2051 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 100,000,000 | ||||
Interest rate (as a percent) | 3.69% | ||||
Senior Unsecured Notes 3.77%, Series A, Due May 20, 2052 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 90,000,000 | ||||
Interest rate (as a percent) | 3.77% | ||||
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 Postre_3
Pension Plan and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost–Benefit Earned During the Period | $ 1,865 | $ 1,656 | $ 3,731 | $ 3,311 |
Interest Cost on Projected Benefit Obligation | 2,915 | 3,263 | 5,830 | 6,526 |
Expected Return on Assets | (5,589) | (5,505) | (11,179) | (11,010) |
Amortization of Net Actuarial Loss: | ||||
From Regulatory Asset | 2,661 | 2,231 | 5,321 | 4,462 |
From Other Comprehensive Income | 68 | 55 | 136 | 110 |
Net Periodic Pension Cost | 1,920 | 1,700 | 3,839 | 3,399 |
Executive Survivor and Supplemental Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost–Benefit Earned During the Period | 46 | 44 | 93 | 89 |
Interest Cost on Projected Benefit Obligation | 307 | 362 | 614 | 724 |
Amortization of Net Actuarial Loss: | ||||
From Regulatory Asset | 31 | 24 | 62 | 47 |
From Other Comprehensive Income | 125 | 85 | 249 | 171 |
Net Periodic Pension Cost | 509 | 515 | 1,018 | 1,031 |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost–Benefit Earned During the Period | 431 | 462 | 861 | 924 |
Interest Cost on Projected Benefit Obligation | 473 | 599 | 946 | 1,197 |
Amortization of Prior Service Cost: | ||||
From Regulatory Asset | (1,398) | (1,170) | (2,795) | (2,339) |
From Other Comprehensive Income | (36) | (29) | (72) | (58) |
Amortization of Net Actuarial Loss: | ||||
From Regulatory Asset | 920 | 1,052 | 1,840 | 2,103 |
From Other Comprehensive Income | 24 | 26 | 47 | 52 |
Net Periodic Pension Cost | $ 414 | $ 940 | $ 827 | $ 1,879 |
Pension Plan and Other Postre_4
Pension Plan and Other Postretirement Benefits - Narrative (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2021USD ($) | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions by employer | $ 10 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Federal Statutory Rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increases (Decreases) in Tax from: | ||||
State Taxes on Income, Net of Federal Tax | 5.00% | 5.00% | 5.00% | 5.00% |
Production Tax Credits (PTCs) | (6.30%) | 0.00% | (6.80%) | 0.00% |
Amortization of Excess Deferred Income Taxes | (2.00%) | (3.40%) | (2.40%) | (3.80%) |
North Dakota Wind Tax Credit Amortization, Net of Federal Tax | (0.30%) | (1.20%) | (0.30%) | (1.00%) |
Excess Tax Deduction on Stock Awards | 0.00% | (0.60%) | 0.00% | (1.00%) |
Allowance for Equity Funds Used During Construction | (0.10%) | (0.80%) | (0.10%) | (1.00%) |
Other, Net | (0.80%) | (1.70%) | (0.60%) | (0.60%) |
Effective Tax Rate | 16.50% | 18.30% | 15.80% | 18.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Pending Litigation | Westmoreland Arbitration | |
Other Commitments [Line Items] | |
Recovery sought | $ 5.5 |
Otter Tail Power Company | Coyote Station [Member] | |
Other Commitments [Line Items] | |
Ownership percentage | 35.00% |
Otter Tail Power Company | Federal Energy Regulatory Commission | |
Other Commitments [Line Items] | |
Estimated liability of refund obligation | $ 3.5 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | May 03, 2021 | Jul. 15, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Total capitalization | $ 1,539,663 | $ 1,495,398 | ||
Otter Tail Power Company | ||||
Class of Stock [Line Items] | ||||
Equity to total capitalization ratio | 52.10% | |||
Net assets restricted from distribution | $ 682,000 | |||
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 | ||||
Class of Stock [Line Items] | ||||
Shelf registration, shares | 1,500,000 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment arrangement, expense | $ 1.3 | $ 1.2 | $ 5.5 | $ 4 |
Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period | 4 years | |||
Fair value of awards vested | $ 2.1 | 2.8 | ||
Stock Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Stock Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Fair value of awards vested | $ 2.5 | $ 3.4 | ||
Stock Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target amount as actual payment | 0.00% | |||
Stock Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target amount as actual payment | 150.00% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Restricted Stock Awards and Stock Performance Awards (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Stock Awards | |
Shares | |
Beginning of year (in shares) | shares | 128,664 |
Granted (in shares) | shares | 57,650 |
Vested (in shares) | shares | (46,371) |
Forfeited (in shares) | shares | (1,577) |
End of year (in shares) | shares | 138,366 |
Weighted Average Grant-Date Fair Value | |
Beginning of year (in dollars per share) | $ / shares | $ 44.30 |
Granted (in dollars per share) | $ / shares | 43.10 |
Vested (in dollars per share) | $ / shares | 43.04 |
Forfeited (in dollars per share) | $ / shares | 40.77 |
End of year (in dollars per share) | $ / shares | $ 44.26 |
Stock Performance Awards | |
Shares | |
Beginning of year (in shares) | shares | 164,600 |
Granted (in shares) | shares | 79,000 |
Vested (in shares) | shares | (54,000) |
Forfeited (in shares) | shares | 0 |
End of year (in shares) | shares | 189,600 |
Weighted Average Grant-Date Fair Value | |
Beginning of year (in dollars per share) | $ / shares | $ 42.32 |
Granted (in dollars per share) | $ / shares | 38.34 |
Vested (in dollars per share) | $ / shares | 35.73 |
Forfeited (in dollars per share) | $ / shares | 0 |
End of year (in dollars per share) | $ / shares | $ 42.54 |
Share-Based Payments - Weighted
Share-Based Payments - Weighted-Average Assumptions (Details) - Stock Performance Awards | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 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)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Common Shares Outstanding - Basic (in shares) | 41,500 | 40,513 | 41,478 | 40,365 |
Effect of Dilutive Securities: | ||||
Total Dilutive Shares (in shares) | 318 | 164 | 281 | 196 |
Weighted Average Common Shares Outstanding – Diluted (in shares) | 41,818 | 40,677 | 41,759 | 40,561 |
Stock Performance Awards | ||||
Effect of Dilutive Securities: | ||||
Effect of Dilutive Securities (in shares) | 223 | 97 | 183 | 112 |
Stock Awards | ||||
Effect of Dilutive Securities: | ||||
Effect of Dilutive Securities (in shares) | 75 | 47 | 80 | 56 |
Employee Stock Purchase Plan Shares and Other | ||||
Effect of Dilutive Securities: | ||||
Effect of Dilutive Securities (in shares) | 20 | 20 | 18 | 28 |
Derivative Instruments (Details
Derivative Instruments (Details) - Swap $ in Millions | Jun. 30, 2021USD ($)MWh |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount of outstanding swap agreements | MWh | 356,200 |
Fair value of outstanding swap agreements | $ | $ 1.9 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | $ 9,227 | $ 9,260 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money Market Funds | 1,861 | 4,075 |
Mutual Funds | 5,201 | 1,662 |
Total Assets | 7,062 | 5,737 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments | 1,879 | |
Total Assets | 11,107 | 9,260 |
Level 2 | Fair Value, Recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 2,393 | 2,627 |
Level 2 | Fair Value, Recurring | Government-Backed and Government-Sponsored Enterprises’ Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | $ 6,835 | $ 6,633 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | $ 1,480 | $ 1,163 |
Short-Term Debt | (127,957) | (80,997) |
Long-Term Debt | (764,503) | (764,519) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | 1,480 | 1,163 |
Short-Term Debt | (127,957) | (80,997) |
Long-Term Debt | $ (875,405) | $ (858,455) |