Otter Tail Corporation
(NASDAQ:OTTR)

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. The company's Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates ...

Website: http://www.ottertail.com

Founded: 1907

Full Time Employees: 2,208

Sector: Utilities

Industry: Utilities-Diversified

Utilities

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30

operating revenues
electric	165,870,000	149,708,000	138,597,000	128,731,000	149,720,000	139,819,000	130,380,000	112,828,000	141,488,000	132,362,000	130,326,000	113,763,000	151,909,000	145,587,000	142,747,000	130,949,000	130,416,000	131,692,000	118,775,000	106,155,000	123,699,000														103,394,000	102,231,000	118,543,000	113,734,000	102,712,000	97,918,000	112,985,000	102,041,000	100,538,000	90,927,000	113,533,000	106,301,000	89,376,000	92,903,000	119,048,000	103,370,000	86,275,000	82,838,000	100,976,000	93,314,000	88,518,000	78,909,000	89,938,000	87,887,000	85,117,000	77,977,000	91,525,000	84,112,000	88,719,000	76,233,000	91,014,000	81,829,000	73,506,000	70,610,000
product sales	181,156,000	158,391,000	186,966,000	204,312,000	187,633,000	163,292,000	207,653,000	229,508,000	205,580,000	181,951,000	227,730,000	223,953,000	187,172,000	155,822,000	241,109,000	269,091,000	244,488,000	201,540,000	197,519,000	179,453,000	138,011,000														113,063,000	109,855,000	95,574,000	82,906,000	94,463,000	105,564,000	93,257,000	86,746,000	99,485,000	97,226,000	89,308,000	87,106,000	107,149,000	101,461,000	95,918,000
total operating revenues	347,026,000	308,099,000	325,563,000	333,043,000	337,353,000	303,111,000	338,033,000	342,336,000	347,068,000	314,313,000	358,056,000	337,716,000	339,081,000	301,409,000	383,856,000	400,040,000	374,904,000	333,232,000	316,294,000	285,608,000	261,710,000	226,849,000	235,755,000	192,756,000	234,747,000		228,652,000	229,203,000	245,972,000		227,662,000	226,348,000	241,266,000		216,457,000	212,086,000	214,117,000	196,640,000	197,175,000	203,482,000	206,242,000	188,787,000	200,023,000	188,153,000	202,841,000	81,808,000	242,371,000	234,611,000	240,472,000	233,202,000	229,768,000	212,389,000	217,954,000	20,798,000	277,143,000	283,709,000	277,589,000	163,759,000	315,758,000	316,975,000	286,681,000	306,036,000	280,667,000	270,195,000	262,186,000	257,976,000	257,440,000	246,857,000
operating expenses
electric production fuel	20,773,000	18,993,000	25,442,000	16,292,000	14,321,000	15,936,000	14,991,000	12,324,000	17,694,000	14,411,000	19,603,000	14,833,000	11,492,000	10,572,000	24,972,000	14,714,000	14,853,000	14,751,000	17,698,000	12,164,000	14,714,000
electric purchased power	27,013,000	22,796,000	9,495,000	15,497,000	30,870,000	19,054,000	10,735,000	9,249,000	22,521,000	20,360,000	10,895,000	5,212,000	41,825,000	35,677,000	19,913,000	24,162,000	20,529,000	25,136,000	9,878,000	11,135,000	19,260,000
electric operating and maintenance expenses	50,255,000	47,480,000	41,144,000	46,804,000	48,881,000	54,055,000	43,737,000	44,652,000	47,977,000	56,659,000	43,534,000	45,522,000	45,549,000	54,918,000	39,799,000	42,379,000	44,278,000	45,054,000	36,465,000	36,729,000	41,421,000
cost of products sold	107,536,000	91,113,000	101,198,000	105,966,000	104,387,000	91,560,000	111,444,000	116,795,000	114,723,000	102,792,000	118,303,000	120,658,000	112,369,000	99,358,000	139,361,000	152,466,000	151,759,000	129,603,000	134,212,000	122,578,000	101,977,000	82,690,000	86,856,000	73,832,000	85,879,000		88,747,000	97,996,000	90,582,000		93,361,000	93,545,000	88,785,000		86,230,000	84,013,000	75,277,000	66,229,000	75,405,000	80,949,000	72,639,000	70,120,000	78,428,000	74,986,000	71,498,000	68,568,000	85,384,000	80,178,000	73,939,000
nonelectric selling, general, and administrative expenses	21,771,000	26,132,000	17,792,000	17,352,000	21,292,000	24,169,000	18,829,000	18,154,000	18,914,000
depreciation and amortization	29,979,000	29,731,000	29,554,000	29,447,000	29,375,000	27,542,000	27,051,000	26,632,000	25,897,000	25,318,000	24,548,000	24,232,000	23,856,000	22,768,000	22,716,000	23,566,000	23,548,000	23,249,000	22,815,000	23,169,000	22,126,000	20,807,000	20,395,000	20,436,000	20,399,000		19,657,000	19,441,000	19,131,000		18,708,000	18,745,000	18,763,000		17,927,000	17,908,000	17,854,000	18,317,000	18,314,000	18,525,000	18,289,000	16,026,000	15,141,000	14,661,000	14,535,000	13,203,000	15,122,000	14,969,000	14,780,000	15,091,000	15,039,000	14,835,000	14,920,000	9,642,000	15,951,000	17,118,000	17,053,000	11,252,000	19,937,000	19,725,000	19,113,000	20,705,000	20,357,000	19,883,000	19,751,000	19,343,000	18,345,000	18,103,000
electric property taxes	4,462,000	4,235,000	4,333,000	4,227,000	4,228,000	3,971,000	3,705,000	3,619,000	4,367,000	3,463,000	4,194,000	4,336,000	4,621,000	4,438,000	4,438,000	4,435,000	4,432,000	4,473,000	4,474,000	4,342,000	4,320,000
total operating expenses	261,789,000	240,480,000	228,958,000	235,585,000	253,354,000	236,287,000	230,492,000	231,425,000	252,093,000	244,233,000	236,940,000	231,663,000	258,411,000	246,468,000	267,723,000	278,974,000	276,605,000	262,073,000	241,766,000	225,786,000	217,511,000	198,890,000	183,026,000	164,847,000	195,458,000		191,397,000	202,384,000	206,403,000		189,400,000	196,243,000	203,651,000		184,848,000	182,497,000	181,316,000	167,484,000	169,891,000	176,399,000	178,666,000	159,024,000	170,397,000	163,353,000	177,816,000	63,260,000	214,049,000	216,372,000	206,050,000	204,501,000	204,636,000	196,610,000	190,715,000	-46,120,000	255,802,000	307,352,000	260,178,000	159,199,000	298,556,000	302,398,000	273,519,000	289,179,000	265,859,000	283,338,000	246,195,000	244,871,000	239,944,000	240,677,000
operating income	85,237,000	67,619,000	96,605,000	97,458,000	83,999,000	66,824,000	107,541,000	110,911,000	94,975,000	70,080,000	121,116,000	106,053,000	80,670,000	54,941,000	116,133,000	121,066,000	98,299,000	71,159,000	74,528,000	59,822,000	44,199,000	27,959,000	52,729,000	27,909,000	39,289,000		37,255,000	26,819,000	39,569,000		38,262,000	30,105,000	37,615,000		31,609,000	29,589,000	32,801,000	29,156,000	27,284,000	27,083,000	27,576,000	29,763,000	29,626,000	24,800,000	25,025,000	18,548,000	28,322,000	18,239,000	34,422,000	28,701,000	25,132,000	15,779,000	27,239,000	66,918,000	21,341,000	-23,643,000	17,411,000	4,560,000	17,202,000	14,577,000	13,162,000	16,857,000	14,808,000	-13,143,000	15,991,000	13,105,000	17,496,000	6,180,000
yoy	1.47%	1.19%	-10.17%	-12.13%	-11.56%	-4.65%	-11.21%	4.58%	17.73%	27.56%	4.29%	-12.40%	-17.93%	-22.79%	55.82%	102.38%	122.40%	154.51%	41.34%	114.35%	12.50%		41.54%	4.06%	-0.71%		-2.63%	-10.92%	5.19%		21.05%	1.74%	14.68%		15.85%	9.25%	18.95%	-2.04%	-7.91%	9.21%	10.19%	60.46%	4.60%	35.97%	-27.30%	-35.38%	12.69%	15.59%	26.37%	-57.11%	17.76%	-166.74%	56.45%	1367.50%	24.06%	-262.19%	32.28%	-72.95%	16.17%	-210.91%	-17.69%	28.63%	-15.36%	-312.67%
qoq	26.05%	-30.00%	-0.88%	16.02%	25.70%	-37.86%	-3.04%	16.78%	35.52%	-42.14%	14.20%	31.47%	46.83%	-52.69%	-4.07%	23.16%	38.14%	-4.52%	24.58%	35.35%	58.09%	-46.98%	88.93%	-28.96%			38.91%	-32.22%			27.10%	-19.97%			6.83%	-9.79%	12.50%	6.86%	0.74%	-1.79%	-7.35%	0.46%	19.46%	-0.90%	34.92%	-34.51%	55.28%	-47.01%	19.93%	14.20%	59.27%	-42.07%	-59.29%	213.57%	-190.26%	-235.79%	281.82%	-73.49%	18.01%	10.75%	-21.92%	13.84%	-212.67%	-182.19%	22.02%	-25.10%	183.11%
other income and
interest expense	-12,636,000	-12,163,000	-11,790,000	-11,720,000	-11,553,000	-10,590,000	-11,173,000	-10,202,000	-9,850,000	-9,392,000	-9,175,000	-9,696,000	-9,415,000
nonservice components of postretirement benefits	443,000	610,250	304,000	854,000	1,282,000	1,799,250	2,367,000	2,388,000	2,442,000	1,780,500	2,289,000	2,421,000	2,412,000
other income	4,442,000	5,256,000	5,990,000	4,788,000	4,456,000	4,357,000	5,421,000	4,490,000	4,579,000	4,809,000	2,471,000	3,253,000	2,118,000	2,839,000	-174,000	-889,000	260,000	805,000	203,000	734,000	1,160,000	2,322,000	1,712,000	2,410,000			1,020,000	850,000	1,244,000		1,245,000	707,000	1,183,000		592,000	552,000	553,000	474,000	499,000	1,532,000	400,000	704,000	334,000	567,000	572,000	382,000	494,000	858,000	1,823,000	1,138,000	1,401,000	696,000	861,000	1,662,000	689,000	741,000	993,000	419,000	489,000	1,107,000	675,000	1,997,000	1,205,000	1,788,000	136,000	923,000	1,609,000	1,351,000
income before income taxes	77,486,000	61,605,000	91,109,000	91,380,000	78,184,000	63,003,000	104,156,000	107,587,000	92,146,000	68,972,000	116,701,000	102,031,000	75,785,000	49,213,000	106,752,000	111,937,000	89,633,000	62,289,000	64,578,000	50,377,000	35,578,000	20,331,000	45,031,000	20,789,000	29,906,000		29,681,000	18,769,000	31,952,000																																	9,551,000	6,719,000	-20,760,000	7,097,000	5,794,000	11,747,000	879,000
income tax expense	4,876,000	9,831,000	12,817,000	13,652,000	10,085,000	8,153,000	18,677,000	20,592,000	17,808,000	11,205,000	24,727,000	20,062,000	13,304,000	7,208,000	22,513,000	26,000,000	17,630,000	10,672,000	11,824,000	8,308,000	5,249,000	1,663,000	9,097,000	3,808,000	5,638,000		4,936,000	3,343,000	5,628,000
net income	72,610,000	51,774,000	78,292,000	77,728,000	68,099,000	54,850,000	85,479,000	86,995,000	74,338,000	57,767,000	91,974,000	81,969,000	62,481,000	42,005,000	84,239,000	85,937,000	72,003,000	51,617,000	52,754,000	42,069,000	30,329,000	18,668,000	35,934,000	16,981,000	24,268,000		24,745,000	15,426,000	26,324,000		23,273,000	18,696,000	26,215,000		17,734,000	16,778,000	19,585,000	11,202,750	14,616,000	15,675,000	14,520,000	11,190,750	15,392,000	11,436,000	17,935,000	11,812,000	15,825,000	9,993,000	21,430,000	9,550,500	15,138,000	7,701,000	15,363,000	-2,060,000	1,873,000	-17,356,000	7,243,000				5,696,000	2,056,000	6,101,000	-14,218,000	4,717,000	8,320,000	10,592,000	2,731,000
yoy	6.62%	-5.61%	-8.41%	-10.65%	-8.39%	-5.05%	-7.06%	6.13%	18.98%	37.52%	9.18%	-4.62%	-13.22%	-18.62%	59.68%	104.28%	137.41%	176.50%	46.81%	147.74%	24.98%		45.22%	10.08%	-7.81%		6.32%	-17.49%	0.42%		31.23%	11.43%	33.85%		21.33%	7.04%	34.88%	0.11%	-5.04%	37.07%	-19.04%	-5.26%	-2.74%	14.44%	-16.31%	23.68%	4.54%	29.76%	39.49%	-563.62%	708.22%	-144.37%	112.11%				27.16%				20.75%	-75.29%	-42.40%	-620.62%
qoq	40.24%	-33.87%	0.73%	14.14%	24.15%	-35.83%	-1.74%	17.03%	28.69%	-37.19%	12.21%	31.19%	48.75%	-50.14%	-1.98%	19.35%	39.49%	-2.16%	25.40%	38.71%	62.47%	-48.05%	111.61%	-30.03%			60.41%	-41.40%			24.48%	-28.68%			5.70%	-14.33%	74.82%	-23.35%	-6.76%	7.95%	29.75%	-27.30%	34.59%	-36.24%	51.84%	-25.36%	58.36%	-53.37%	124.39%	-36.91%	96.57%	-49.87%	-845.78%	-209.98%	-110.79%	-339.62%					177.04%	-66.30%	-142.91%	-401.42%	-43.31%	-21.45%	287.84%
weighted-average common shares outstanding:
basic	41,904,000	41,864,000	41,877,000	41,874,000	41,826,000	41,778,000	41,800,000	41,784,000	41,724,000	41,668,000	41,680,000	41,678,000	41,632,000	41,586,000	41,600,000	41,597,000	41,548,000	41,491,000	41,504,000	41,500,000	41,455,000	40,710,000
diluted	42,071,000	42,117,000	42,138,000	42,118,000	42,062,000	42,072,000	42,081,000	42,068,000	42,033,000	42,039,000	42,058,000	42,053,000	41,977,000	41,931,000	41,974,000	41,944,000	41,871,000	41,818,000	41,869,000	41,818,000	41,700,000	40,905,000
earnings per share:
basic	1.73	1.24	1.87	1.86	1.63	1.31	2.04	2.08	1.78	1.39	2.21	1.97	1.5	1.01	2.02	2.07	1.73	1.24	1.27	1.01	0.73
diluted	1.73	1.23	1.86	1.85	1.62	1.3	2.03	2.07	1.77	1.37	2.19	1.95	1.49	1	2.01	2.05	1.72	1.24	1.26	1.01	0.73
other nonelectric expenses										12,858,250	15,863,000	16,870,000	18,699,000	18,737,000	16,524,000	17,252,000	17,206,000	19,807,000	16,224,000	15,669,000	13,693,000	18,774,000	13,615,000	10,762,000	11,900,000		11,665,000	13,262,000	13,477,000		12,547,000	12,649,000	12,494,000		10,933,000	10,164,000	10,438,000	9,374,000	10,197,000	9,238,000	11,455,000	7,964,000	10,771,000	8,823,000	12,463,000	3,895,000	13,421,000	15,104,000	13,561,000	13,119,000	12,857,000	12,176,000	13,778,000	1,503,000	16,438,000	17,189,000	17,491,000	-30,739,000	37,163,000	32,765,000	35,626,000	42,511,000	35,353,000	35,116,000	30,771,000	33,121,000	30,476,000	32,410,000
other income and expense
interest charges														8,818,000	9,259,000	8,991,000	8,948,000	9,170,000	9,648,000	9,555,000	9,398,000	9,094,000	8,568,000	8,662,000	8,123,000		7,539,000	7,825,000	7,826,000		7,549,000	7,676,000	7,372,000		7,393,000	7,527,000	7,462,000	7,890,000	8,026,000	7,976,000	7,994,000	7,985,000	7,730,000	7,702,000	7,743,000	7,739,000	7,687,000	7,627,000	6,595,000	6,547,000	6,574,000	6,877,000	6,980,000	6,908,000	7,904,000	8,477,000	8,616,000	8,472,000	8,708,000	9,149,000	9,489,000	9,303,000	9,294,000	9,405,000	9,030,000	8,234,000	7,358,000	6,652,000
nonservice cost components of postretirement benefits														-251,000	-52,000	-751,000	-22,000	505,000	505,000	624,000	383,000	856,000	842,000	868,000	871,000		1,055,000	1,075,000	1,035,000		1,326,000	1,386,000	1,417,000
electric:
revenues from contracts with customers																						82,578,250	112,435,000	97,921,000	119,957,000		115,285,000	101,861,000	129,144,000		105,749,000	105,284,000	123,825,000
changes in accrued revenues under alternative revenue programs																						725,000	2,778,000	209,000	-87,000		-921,000	369,000	-1,049,000		-317,000	-1,565,000	-875,000
total electric revenues																						83,303,250	115,213,000	98,130,000	119,870,000		114,364,000	102,230,000	128,095,000		105,432,000	103,719,000	122,950,000
product sales from contracts with customers																						82,511,250	120,542,000	94,626,000	114,877,000
production fuel – electric																						8,519,250	11,554,000	8,788,000	13,735,000		18,331,000	8,296,000	18,920,000		17,129,000	15,888,000	18,706,000		16,096,000	12,477,000														13,085,250	18,785,000	15,603,000
purchased power – electric system use																						11,485,000	13,428,000	13,682,000	18,830,000		13,163,000	19,633,000	21,952,000						13,371,000	16,376,000
electric operation and maintenance expenses																						26,659,750	32,845,000	33,179,000	40,615,000		35,869,000	39,856,000	38,382,000		33,897,000	37,741,000	39,475,000		36,570,000	37,850,000	38,379,000	36,019,000	36,207,000	38,981,000	40,018,000	32,839,000	32,648,000	37,754,000	37,527,000	34,194,000	33,346,000	39,774,000	34,622,000	34,517,000	30,626,000	35,805,000	32,447,000	29,932,000	28,717,000	32,407,000	30,013,000	31,145,000	27,323,000	28,687,000	28,708,000	27,809,000	26,959,000	29,084,000	28,322,000	26,651,000	23,327,000	28,959,000
property taxes – electric																						3,150,250	4,333,000	4,168,000	4,100,000		3,965,000	3,900,000	3,959,000		4,094,000	3,273,000	3,835,000		3,721,000	3,709,000
average number of common shares outstanding – basic																						10,137,033,250	40,913,972,000	40,513,286,000			39,714,672,000	39,712,036,000			39,621,524,000	39,605,717,000
average number of common shares outstanding – diluted																						10,183,232,000	41,077,689,000	40,676,761,000			39,946,739,000	39,917,831,000			39,903,565,000	39,879,069,000
basic earnings per common share																						475	880	420	600		620	390	660
diluted earnings per common share																						472.5	870	420	600		620	390	660
other (loss) income																									-389,000
average number of common shares outstanding—basic																									40,217,141,000				39,657,321,000				39,550,874,000		39,507,581,000	39,462,865,000	39,350,802,000	9,579,081,000	38,832,659,000	38,179,371,000	37,936,943,000	9,354,320,750	37,575,413,000	37,433,318,000	37,243,118,000	9,103,875,000	36,596,396,000	36,409,753,000	36,240,350,000	9,035,416,000	36,179,507,000	36,170,353,000	36,075,131,000	9,010,819,000	36,061,002,000	36,031,447,000	35,995,179,000	8,977,998,250	35,933,003,000	35,926,124,000	35,876,853,000	8,943,854,500	35,806,453,000	35,799,231,000	35,720,571,000
average number of common shares outstanding—diluted																									40,444,336,000				39,903,165,000				39,863,682,000		39,795,366,000	39,702,499,000	39,640,725,000	9,614,350,250	39,005,706,000	38,321,289,000	38,045,208,000	9,409,103,250	37,794,543,000	37,653,203,000	37,497,881,000	9,164,564,250	36,838,990,000	36,652,684,000	36,431,915,000	9,086,015,750	36,381,900,000	36,373,606,000	36,259,115,000	9,010,819,000	36,252,765,000	36,031,447,000	36,129,192,000	9,037,636,250	36,171,555,000	36,163,805,000	36,081,426,000	8,943,854,500	36,076,421,000	35,799,231,000	35,939,759,000
product sales under contracts with customers																											114,288,000	126,973,000	117,877,000		122,230,000	122,629,000	118,316,000
purchased power – electric																															9,664,000	14,402,000
income before income taxes – continuing operations																															30,632,000	21,750,000	30,009,000				25,892,000				19,982,000				17,854,000													-3,493,000	8,983,000	6,535,000
income tax expense – continuing operations																															7,359,000	3,054,000	3,794,000				6,363,000				5,492,000				4,073,000				8,288,000	430,000	5,133,000			17,187,000	-858,000	-14,493,000		1,048,500	2,109,000
net income from continuing operations																															23,273,000	18,696,000	26,215,000		17,773,000	16,717,000	19,529,000	17,397,000	14,594,000	15,556,000	14,490,000	15,442,000	15,709,000	13,657,000	13,781,000	9,884,000	15,653,000	9,984,000	21,362,000	12,610,000	14,826,000	7,504,000	15,234,000	44,485,000	1,878,000	-16,886,000	9,491,000	-1,386,000	6,874,000	5,998,000
discontinued operations																																										-30	-10	-60	110	10					10			-1,160		-10	-60	-1,200	-10	350	50
income – net of income tax (savings) expense of 0, (25), 0 and 53 for the respective periods
basic earnings per common share:
continuing operations																															590	470	660		450	430	500	440	380	410	380	410	420	370	370	270	430	270	590	350	410	210	410	1,230	50	-480	260	-40	180	160	100
diluted earnings per common share:
dividends declared per common share																															335	335	335		320	320	320	312.5	312.5	312.5	312.5	307.5	307.5	307.5	307.5	302.5	302.5	302.5	302.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5
income – net of income tax expense of 0, 40, 0 and 78 for the respective periods
purchased power - electric																																	21,593,000				19,188,000				16,886,000
income from discontinued operations – net of income tax expense of 38 in 2017
income before income taxes—continuing operations																																			24,808,000	22,614,000		15,094,500	19,757,000	20,639,000		14,437,250	22,230,000	17,665,000		15,562,250	21,129,000	11,470,000
income tax expense—continuing operations																																			7,035,000	5,897,000		3,934,500	5,163,000	5,083,000		3,650,500	6,521,000	4,008,000		3,812,500	5,476,000	1,486,000
income – net of income tax expense of (25), 14, 53 and 114 for the respective periods																																			-39,000
income – net of income tax expense of 40, 80, 78 and 100 for the respective periods																																				61,000
production fuel - electric																																					16,382,000	10,119,750	14,789,000	9,990,000	15,700,000	7,476,500	11,124,000	4,183,000	14,599,000	17,462,000	15,121,000	12,603,000	22,030,000				17,953,000	17,783,000	20,622,000	12,455,000	15,424,000	13,280,000	19,080,000	17,080,000	19,577,000	17,491,000	18,210,000	16,492,000
property taxes - electric																																					3,798,000	2,693,500	3,506,000	3,589,000	3,679,000	2,581,000	3,560,000	3,262,000	3,502,000	3,071,000	3,178,000	3,387,000	2,971,000	2,223,000	3,163,000	3,009,000	2,916,000	2,600,000	2,833,000	2,670,000	2,617,000	2,763,000	2,601,000	2,417,000	2,409,000	2,142,000	2,271,000	2,477,000
income from discontinued operations - net of income tax expense of 38 in 2017 and 20 in 2016																																					56,000
purchased power - electric system use																																						10,871,500	11,473,000	15,127,000		15,525,250	18,725,000	19,684,000	23,692,000	16,877,000	10,710,000	16,476,000	21,785,000	15,431,000	8,691,000	11,245,000	16,639,000	14,560,000	8,138,000	12,328,000	14,158,000	15,692,000	7,488,000	7,894,000	12,377,000	12,058,000	10,254,000	10,420,000
income - net of income tax expense of 14, (168), 114 and (2,873) for the respective periods																																						42,750	22,000
impairment loss - net of income tax benefit of 0 for the nine months ended september 30, 2015																																										-250,000
gain on disposition - net of income tax expense of (43) and 4,493 for the three and nine months ended september 30, 2015																																										1,733,000	-65,000
net income from discontinued operations																																						113,000	22,000	119,000	30,000	404,000	-317,000	-2,221,000	4,154,000	62,250	172,000	9,000	68,000	159,500	312,000	197,000		-41,518,000	-5,000	-470,000	-2,248,000	-42,749,000	-506,000	12,830,000
income - net of income tax expense of 80, (1,329), 100 and (2,705) for the respective periods																																								119,000
impairment loss - net of income tax benefit of 0 for the six months ended june 30, 2015
gain on disposition - net of income tax expense of (280) and 4,536 for the three and six months ended june 30, 2015
income - net of income tax expense of 20 and (1,376) for the respective periods																																									30,000
impairment loss - net of income tax benefit of 0 for the three months ended march 31, 2015																																													-1,000,000
gain on disposition - net of income tax expense of 4,816 for the three months ended march 31, 2015																																													7,226,000
income - net of income tax expense of (168), 1,437, (2,873) and 2,614 for the respective periods																																										-1,079,000	-252,000
income - net of income tax expense of (1,329), 1,402, (2,705) and 1,177 for the respective periods																																												-1,992,000
(loss) gain on disposition - net of income tax expense of (280) and 4,536 for the three and six months ended june 30, 2015																																												-229,000
see accompanying condensed notes to consolidated financial statements.
loss - net of income tax benefit of 1,376 and 225 for the respective periods																																													-2,072,000
construction services																																														27,899,750	45,846,000	40,247,000	25,506,000
cost of construction revenues earned																																														23,502,500	37,767,000	33,881,000	22,362,000
income - net of income tax expense of 116, 39, 166 and (35) for the respective periods																																														62,250	172,000
gain on disposition - net of income tax expense of 6 for the nine months ended september 30, 2013
preferred dividend requirements and other adjustments																																																		128,250			513,000	137,750	183,000	184,000
earnings available for common shares																																														10,475,000	15,825,000	9,993,000	21,430,000	12,663,000	15,138,000	7,701,000	14,850,000	-2,197,750	1,690,000	-17,540,000	7,059,000	-44,319,000	6,184,000	18,322,000	5,512,000	1,873,000	5,914,000	-14,497,000	4,533,000	8,136,000	10,408,000	2,547,000
income - net of income tax expense of 1, 131, 50 and (74) for the respective periods																																																9,000
gain on disposition - net of income tax expense of 6 for the six months ended june 30, 2013
see accompanying notes to consolidated financial statements.
income before income taxes from continuing operations																																																	29,650,000
income - net of income tax expense of 49 and (205) for the respective periods																																																	68,000
gain on disposition - net of income tax expense of 6 for the three months ended march 31, 2013
see accompanying notes to condensed consolidated financial statements.
nonelectric																																																		97,505,500	143,493,000	129,551,000	116,978,000	-72,516,000	188,625,000	204,800,000	187,651,000	75,872,000	230,641,000	238,998,000	195,156,000	221,924,000	191,948,000	193,962,000	171,172,000	176,147,000	183,934,000	176,247,000
asset impairment charge - electric																																																									432,000
cost of goods sold - nonelectric																																																		77,868,500	115,475,000	103,937,000	92,062,000	-72,167,000	158,703,000	167,612,000	162,990,000	112,193,000	184,964,000	193,830,000	155,709,000	166,463,000	152,455,000	150,126,000
loss on early retirement of debt																																																							13,106,000
income from continuing operations before income taxes																																																		12,669,250	19,959,000	9,598,000	21,120,000	-5,142,750	1,020,000	-31,379,000	9,788,000				4,348,000
income - net of income tax expense of 39, (75), (35) and 3,431 for the respective periods																																																		107,000	312,000
impairment loss - net of income tax (benefit) of 0, 0, 0 and (18,114) for the respective periods
gain on disposition - net of income tax expense of 0, 0, 6, and (169) for the respective periods																																																		52,500
income taxes – continuing operations																																																				2,094,000	5,886,000				297,000				414,000
income - net of income tax expense of 131, 3,093, (75) and 3,506 for the respective periods																																																				197,000
impairment loss - net of income tax (benefit) of 0, (18,114), 0 and (18,114) for the respective periods
gain on disposition - net of income tax expense of 0, (35), 6, and (169) for the respective periods
income - net of income tax (benefit) expense of (205) and 413 for the respective periods																																																					-81,000
gain on disposition - net of income tax benefit of 6 and (134) for the respective periods																																																					210,000
net gain from discontinued operations																																																					129,000
asset impairment charge																																																						-45,573,000		45,573,000								19,740,000
exit and disposal costs – dmi industries, inc.																																																						1,100,000	4,400,000
income - net of income tax expense of (2), (307), 571, and 261 for the respective periods																																																						205,250	-5,000
gain on disposition - net of income tax expense of 0, (302), (169), and 3,213 for the respective periods																																																						-886,000
income - net of income tax expense of (11), 280, 573, and 568 for the respective periods																																																								-15,000
gain on disposition - net of income tax expense of (35), 3,515, (169), and 3,515 for the respective periods																																																								-455,000
income - net of income tax expense of 584 and 288 for the respective periods																																																									841,000
loss on disposition - net of income tax benefit of (134) in 2012																																																									-3,089,000
preferred dividend requirements																																																									184,000				184,000				184,000	184,000	184,000	184,000
income from discontinued operations net of income tax
expense of (34), 1,225, (398), and 3,081 for the respective periods																																																										-103,000	-52,000
gain on disposition of discontinued operations net of income tax
expense of (302), 0, 3,213, and 0 for the respective periods																																																										3,199,500	-454,000
total net income																																																										-44,135,000	6,368,000	18,828,000
preferred dividend requirement and other adjustments																																																										184,000	184,000	506,000		183,000	187,000	279,000
income tax benefit – continuing operations																																																												537,000
income from discontinued operations net of income tax expense
(benefit) of (342), 1,227, (364), and 1,856 for the respective periods																																																												-422,000
gain on disposition of discontinued operations net of income taxes
of 3,515 for the three and six months ended june 30, 2011																																																												13,252,000
dividends per common share																																																												297.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5	297.5
income from continuing operations																																																													3,934,000
income from discontinued operations net of income taxes of 1,112 and 727, respectively																																																													1,762,000
product recall and testing costs																																																																		-141,000
income tax benefit																																																														7,495,000	618,000	-6,542,000	2,380,000
earnings per common share:
basic																																																														50	170	-400	130	230	290	70
diluted																																																														50	160	-400	130	230	290	70
production fuel — electric																																																																	20,909,000	15,802,000	13,172,000	11,754,000
purchased power — electric system use																																																																	12,056,000	12,580,000	11,112,000	11,877,000
cost of goods sold — nonelectric																																																																	131,912,000	135,601,000	141,318,000	135,319,000
property taxes — electric																																																																	2,474,000	1,914,000	2,194,000	2,255,000
plant closure costs
income taxes																																																																		-519,750	1,155,000	-1,852,000
average number of common shares outstanding:
basic																																																																		8,853,473,250	35,528,190,000	35,388,754,000
diluted																																																																		8,917,561,000	35,788,293,000	35,643,707,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2017-09-30	2016-12-31	2016-06-30	2016-03-31	2013-03-31	2012-12-31	2012-09-30	2011-03-31

assets
current assets
cash and cash equivalents	348,354,000	386,193,000	325,786,000	307,241,000	284,814,000	294,651,000	280,020,000	230,672,000	238,158,000	230,373,000	189,214,000	150,578,000	104,080,000	118,996,000	72,987,000	61,989,000	1,371,000	1,537,000	1,272,000	1,480,000	1,212,000	1,163,000	44,904,000	39,512,000	7,884,000	4,959,000	921,000	982,000	826,000				37,532,000	44,802,000		186,000
accounts receivable	183,215,000	145,496,000	166,694,000	180,823,000	184,051,000	145,964,000	186,273,000	191,946,000	195,674,000	157,143,000	193,175,000	194,951,000	175,442,000	144,393,000	193,797,000	225,838,000	218,896,000	174,953,000	178,759,000	163,424,000	134,390,000	113,959,000
inventories	157,055,000	158,598,000	155,765,000	151,558,000	147,695,000	148,885,000	153,233,000	161,787,000	148,194,000	149,701,000	142,007,000	144,441,000	144,767,000	145,952,000	146,376,000	146,964,000	145,857,000	148,490,000	114,615,000	103,024,000	92,426,000	92,165,000	81,871,000	89,754,000	98,152,000		97,052,000	105,860,000	78,915,000	83,740,000	81,396,000	85,410,000	73,398,000			81,141,000
investments	54,887,000	54,311,000	53,877,000	128,289,000	125,113,000	121,177,000	121,421,000	117,062,000	66,110,000	62,516,000	59,322,000	59,882,000	58,058,000	54,845,000	52,966,000	53,555,000	57,893,000	56,690,000	55,456,000	55,809,000	54,446,000	51,856,000	10,791,000	10,581,000	9,462,000		9,743,000	9,683,000	8,599,000	8,417,000	8,413,000	8,411,000	9,417,000			9,794,000
regulatory assets	25,431,000	20,437,000	9,433,000	8,946,000	11,539,000	9,962,000	7,860,000	8,172,000	9,175,000	16,127,000	17,041,000	19,058,000	16,566,000	24,999,000	29,921,000	20,675,000	21,770,000	27,342,000	22,517,000	23,250,000	21,419,000	21,900,000	17,435,000	19,958,000	20,358,000		12,667,000	14,501,000	21,582,000	21,297,000	17,205,000	18,636,000	21,326,000			117,485,000
other current assets	30,018,000	34,690,000	25,688,000	25,842,000	23,175,000	30,579,000	22,927,000	21,551,000	16,742,000	16,826,000	15,313,000	15,084,000	13,510,000	18,412,000	17,412,000	15,923,000	14,497,000	17,032,000	17,804,000	13,723,000	9,516,000	5,645,000
total current assets	798,960,000	799,725,000	737,243,000	674,410,000	651,274,000	630,041,000	650,313,000	614,128,000	607,943,000	570,170,000	556,750,000	524,112,000	454,365,000	452,752,000	460,493,000	471,389,000	402,391,000	369,354,000	334,967,000	304,901,000	258,963,000	234,832,000	274,916,000	266,923,000	256,184,000	9,757,000	237,659,000	263,566,000	228,200,000	208,015,000	214,396,000	209,893,000	300,933,000	82,247,000		461,413,000
noncurrent assets
property, plant and equipment, net of accumulated depreciation	3,064,991,000	2,876,685,000	2,820,689,000	2,754,068,000	2,709,311,000	2,692,460,000	2,604,869,000	2,538,841,000	2,459,189,000	2,418,375,000	2,387,260,000	2,316,246,000	2,289,491,000	2,212,717,000	2,186,643,000	2,149,919,000	2,128,344,000	2,124,605,000	2,083,223,000	2,073,009,000	2,060,792,000	2,049,273,000
intangible assets, net of accumulated amortization	4,381,000	4,642,000	4,917,000	5,192,000	5,467,000	5,743,000	6,018,000	6,293,000	6,568,000	6,843,000	7,118,000	7,393,000	7,668,000	7,943,000	8,218,000	8,493,000	8,768,000	9,044,000	9,319,000	9,594,000	9,869,000	10,144,000
goodwill	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	37,572,000		37,572,000	37,572,000	37,572,000	37,572,000	37,572,000	39,732,000	38,971,000			69,742,000
other noncurrent assets	81,279,000	80,770,000	67,804,000	66,747,000	68,633,000	66,416,000	51,009,000	51,282,000	51,968,000	51,377,000	49,956,000	52,653,000	43,077,000	41,177,000	35,419,000	32,618,000	32,360,000	32,057,000	34,096,000	30,684,000	29,342,000	26,282,000
total noncurrent assets	3,353,849,000	3,164,554,000	3,106,580,000	3,090,878,000	3,045,520,000	3,022,041,000	2,916,426,000	2,846,655,000	2,718,089,000	2,672,398,000	2,630,719,000	2,569,874,000	2,533,045,000	2,448,909,000	2,437,411,000	2,404,111,000	2,389,350,000	2,385,476,000	2,378,181,000	2,366,686,000	2,359,577,000	2,343,522,000
total assets	4,152,809,000	3,964,279,000	3,843,823,000	3,765,288,000	3,696,794,000	3,652,082,000	3,566,739,000	3,460,783,000	3,326,032,000	3,242,568,000	3,187,469,000	3,093,986,000	2,987,410,000	2,901,661,000	2,897,904,000	2,875,500,000	2,791,741,000	2,754,830,000	2,713,148,000	2,671,587,000	2,618,540,000	2,578,354,000	2,534,507,000	2,389,239,000	2,306,002,000	1,011,299,000	2,180,191,000	2,114,944,000	1,966,897,000	1,912,385,000	1,861,903,000	1,833,357,000	1,581,744,000	909,251,000	20,111,000	1,796,981,000
liabilities and shareholders' equity
current liabilities
short-term debt	67,971,000	60,242,000			58,853,000	69,615,000	67,401,000	12,809,000		81,422,000	51,495,000	50,197,000	60,854,000	8,204,000			97,770,000	91,163,000	97,857,000	127,957,000	134,851,000	80,997,000		41,239,000		6,000,000			103,637,000		49,274,000					116,976,000
current maturities of long-term debt	79,964,000	79,951,000														29,996,000	29,990,000	29,983,000	169,962,000	139,963,000	139,941,000	140,087,000		261,000		183,000			197,000		52,497,000					683,000
accounts payable	132,821,000	93,606,000	95,441,000	98,234,000	80,763,000	113,574,000	88,885,000	126,926,000	92,170,000	94,428,000	103,118,000	104,661,000	93,543,000	104,400,000	121,995,000	133,287,000	119,022,000	135,089,000	135,437,000	131,214,000	113,073,000	130,805,000		133,967,000					96,217,000		86,210,000					109,834,000
accrued salaries and wages	27,875,000	35,666,000	32,197,000	25,039,000	23,502,000	34,398,000	31,320,000	25,972,000	21,922,000	38,134,000	32,227,000	26,029,000	20,149,000	32,327,000	27,454,000	24,803,000	19,846,000	31,704,000	28,455,000	23,775,000	17,635,000	26,908,000		16,891,000					17,596,000		14,774,000					16,379,000
accrued taxes	19,414,000	18,460,000	21,267,000	16,465,000	19,804,000	17,314,000	29,150,000	20,608,000	26,486,000	26,590,000	50,495,000	31,900,000	23,415,000	19,340,000	25,635,000	22,037,000	21,879,000	19,245,000	17,972,000	14,531,000	19,437,000	18,831,000		12,193,000					13,277,000		10,562,000					11,642,000
regulatory liabilities	19,102,000	16,600,000	21,753,000	24,580,000	27,028,000	29,307,000	43,685,000	45,183,000	33,513,000	25,408,000	32,285,000	41,743,000	20,526,000	17,300,000	21,114,000	19,458,000	27,211,000	24,844,000	25,323,000	17,301,000	12,517,000	16,663,000		13,023,000					84,281,000		77,915,000					67,162,000
other current liabilities	44,734,000	46,433,000	35,702,000	39,162,000	38,470,000	45,582,000	39,149,000	39,454,000	34,383,000	43,775,000	40,413,000	46,032,000	43,977,000	56,065,000	45,655,000	58,572,000	57,437,000	55,671,000	35,081,000	28,743,000	21,975,000	22,495,000
total current liabilities	391,881,000	350,958,000	206,360,000	203,480,000	248,420,000	309,790,000	299,590,000	270,952,000	208,474,000	309,757,000	310,033,000	300,562,000	262,464,000	237,636,000	241,853,000	288,153,000	373,155,000	387,699,000	510,087,000	483,484,000	459,429,000	436,786,000		232,923,000		105,430,000			246,176,000		233,136,000			242,869,000		305,250,000
noncurrent liabilities
pension benefit liability	32,189,000	32,376,000	32,001,000	32,204,000	32,406,000	32,614,000	32,388,000	32,781,000	32,945,000	33,101,000	33,083,000	33,198,000	33,185,000		50,489,000	51,783,000	53,153,000
other postretirement benefits liability	32,128,000	31,813,000	26,502,000	26,494,000	26,957,000	27,385,000	28,074,000	27,759,000	27,501,000	27,676,000	26,101,000	47,364,000	47,469,000	46,977,000	67,352,000	66,665,000	66,383,000	66,481,000	68,090,000	67,538,000	67,255,000	67,359,000		71,845,000					63,215,000		49,659,000					42,991,000
deferred income taxes	307,852,000	305,931,000	288,013,000	278,091,000	271,605,000	267,745,000	251,105,000	249,489,000	246,560,000	237,273,000	234,787,000	231,910,000	230,393,000	221,302,000	212,838,000	213,919,000	203,877,000	188,268,000	176,502,000	167,612,000	160,529,000	153,376,000		141,538,000		25,505,000			242,568,000		217,523,000		19,306,000	18,042,000		12,206,000
deferred tax credits	14,281,000	14,321,000	14,513,000	14,705,000	14,798,000	14,990,000	14,613,000	14,799,000	14,985,000	15,172,000	15,358,000	15,544,000	15,730,000	15,916,000	16,102,000	16,288,000	16,475,000	16,661,000	16,847,000	17,033,000	17,219,000	17,405,000		17,969,000					21,747,000		23,678,000					44,199,000
other noncurrent liabilities	101,447,000	106,156,000	105,330,000	102,932,000	101,056,000	98,397,000	80,978,000	80,691,000	77,511,000	75,977,000	65,371,000	67,093,000	65,439,000	60,985,000	60,942,000	62,994,000	63,497,000	62,527,000	62,342,000	62,160,000	63,577,000	60,002,000		34,647,000		44,042,000			22,921,000		24,980,000			27,363,000		21,182,000
total noncurrent liabilities	789,972,000		762,575,000	743,972,000	737,500,000		690,155,000	680,587,000	676,558,000		650,509,000	641,044,000	637,287,000		648,268,000	647,105,000	637,374,000
commitments and contingencies
capitalization
long-term debt	1,063,164,000	963,566,000	1,043,437,000	1,043,374,000	993,513,000	943,734,000	943,663,000	943,592,000	943,536,000	824,059,000	823,998,000	823,941,000	823,882,000	823,821,000	823,760,000	823,699,000	734,074,000	734,014,000	594,619,000	624,540,000	624,485,000	624,432,000				79,812,000								101,545,000		436,064,000
shareholders' equity
common shares: 50,000,000 shares authorized, 5 par value; 41,953,525 and 41,905,520outstanding at march 31, 2026 and december 31, 2025	209,768,000
additional paid-in capital	431,829,000	434,195,000	433,368,000	432,664,000	431,423,000	429,089,000	427,751,000	427,264,000	426,358,000	426,963,000	426,358,000	425,867,000	424,948,000	423,034,000	422,448,000	421,951,000	421,449,000	419,760,000	418,568,000	417,870,000	416,708,000	414,246,000
retained earnings	1,265,926,000	1,217,567,000	1,187,813,000	1,131,542,000	1,075,834,000	1,029,738,000	994,461,000	928,553,000	861,127,000	806,342,000	766,844,000	693,138,000	629,437,000	585,212,000	560,398,000	493,351,000	424,605,000	369,783,000	334,385,000	297,850,000	271,999,000	257,878,000		233,705,000					155,618,000		132,401,000					193,244,000
accumulated other comprehensive income	269,000	470,000	742,000	734,000	734,000	532,000	1,979,000	763,000	1,061,000	1,148,000	1,174,000	881,000	969,000	915,000																						1,052,000
total shareholders' equity	1,907,792,000	1,861,760,000	1,831,451,000	1,774,462,000	1,717,361,000	1,668,499,000	1,633,331,000	1,565,652,000	1,497,464,000	1,443,006,000	1,402,929,000	1,328,439,000	1,263,777,000	1,217,317,000	1,184,023,000	1,116,543,000	1,047,138,000	990,777,000	952,482,000	915,123,000	887,867,000	870,966,000
total capitalization	2,970,956,000	2,825,326,000	2,874,888,000	2,817,836,000	2,710,874,000	2,612,233,000	2,576,994,000	2,509,244,000	2,441,000,000	2,267,065,000	2,226,927,000	2,152,380,000	2,087,659,000	2,041,138,000	2,007,783,000	1,940,242,000	1,781,212,000	1,724,791,000	1,547,101,000	1,539,663,000	1,512,352,000	1,495,398,000		1,546,444,000		861,294,000			1,182,925,000		1,129,912,000			639,019,000		1,077,904,000
total liabilities and shareholders' equity	4,152,809,000	3,964,279,000	3,843,823,000	3,765,288,000	3,696,794,000	3,652,082,000	3,566,739,000	3,460,783,000	3,326,032,000	3,242,568,000	3,187,469,000	3,093,986,000	2,987,410,000	2,901,661,000	2,897,904,000	2,875,500,000	2,791,741,000	2,754,830,000	2,713,148,000	2,671,587,000	2,618,540,000	2,578,354,000
noncurrent liabilities and deferred credits
total noncurrent liabilities and deferred credits		787,995,000				730,059,000				665,746,000				622,887,000				642,340,000	655,960,000	648,440,000	646,759,000	646,170,000
common stock: 50,000,000 shares authorized of 5 par value; 41,905,520 and 41,827,967 outstanding at december 31, 2025 and 2024		209,528,000
common shares: 50,000,000 shares authorized, 5 par value; 41,905,520 and 41,827,967outstanding at september 30, 2025 and december 31, 2024			209,528,000
common shares: 50,000,000 shares authorized, 5 par value; 41,904,370 and 41,827,967outstanding at june 30, 2025 and december 31, 2024				209,522,000
common shares: 50,000,000 shares authorized, 5 par value; 41,873,995 and 41,827,967outstanding at march 31, 2025 and december 31, 2024					209,370,000
common stock: 50,000,000 shares authorized of 5 par value; 41,827,967 and 41,710,521 outstanding at december 31, 2024 and 2023						209,140,000
common shares: 50,000,000 shares authorized, 5 par value; 41,827,967 and 41,710,521outstanding at september 30, 2024 and december 31, 2023							209,140,000
common shares: 50,000,000 shares authorized, 5 par value; 41,814,425 and 41,710,521outstanding at june 30, 2024 and december 31, 2023								209,072,000
common shares: 50,000,000 shares authorized, 5 par value; 41,783,750 and 41,710,521outstanding at march 31, 2024 and december 31, 2023									208,918,000
common stock: 50,000,000 shares authorized of 5 par value; 41,710,521 and 41,631,113 outstanding at december 31, 2023 and 2022										208,553,000
common shares: 50,000,000 shares authorized, 5 par value; 41,710,521 and 41,631,113 outstanding at september 30, 2023 and december 31, 2022											208,553,000
common shares: 50,000,000 shares authorized, 5 par value; 41,710,521 and 41,631,113 outstanding at june 30, 2023 and december 31, 2022												208,553,000
common shares: 50,000,000 shares authorized, 5 par value; 41,684,526 and 41,631,113 outstanding at march 31, 2023 and december 31, 2022													208,423,000
pensions benefit liability														33,210,000				73,973,000	101,446,000	102,331,000	103,193,000	114,055,000		86,657,000					98,632,000		95,520,000					74,506,000
common stock: 50,000,000 shares authorized of 5 par value; 41,631,113 and 41,551,524 outstanding at december 31, 2022 and 2021														208,156,000
common shares: 50,000,000 shares authorized, 5 par value; 41,630,952 and 41,551,524 outstanding at september 30, 2022 and december 31, 2021															208,155,000
accumulated other comprehensive loss															-6,978,000	-6,913,000	-6,945,000	-6,524,000	-8,171,000	-8,291,000	-8,392,000	-8,507,000		-6,035,000					-3,459,000		-3,648,000
common shares: 50,000,000 shares authorized, 5 par value; 41,630,799 and 41,551,524 outstanding at june 30, 2022 and december 31, 2021																208,154,000
common shares: 50,000,000 shares authorized, 5 par value; 41,605,884 and 41,551,524 outstanding at march 31, 2022 and december 31, 2021																	208,029,000
common stock: 50,000,000 shares authorized of 5 par value; 41,551,524 and 41,469,879 outstanding at december 31, 2021 and 2020																		207,758,000
common shares: 50,000,000 shares authorized of 5 par value; 41,539,984 and 41,469,879 outstanding at september 30, 2021 and december 31, 2020																			207,700,000
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																				207,694,000
common shares: 50,000,000 share authorized of 5 par value; 41,510,455 and 41,469,879 outstanding at march 31, 2021 and december 31, 2020																					207,552,000
common shares: 50,000,000 share authorized of 5 par value; 41,469,879 and 40,157,591 outstanding at december 31, 2020 and 2019																						207,349,000
accounts receivable:
trade—net																							100,423,000	84,197,000	96,158,000		92,189,000	105,407,000	87,510,000		78,677,000	73,521,000	102,259,000			152,509,000
other																							6,322,000	6,452,000	7,228,000	1,050,000	8,884,000	9,956,000	7,704,000	5,850,000	7,144,000	7,104,000	10,018,000	16,384,000		15,935,000
unbilled receivables																							16,409,000	19,019,000	19,057,000		19,020,000	18,349,000
income taxes receivable																										1,487,000				662,000						4,307,000
other assets																							42,316,000	40,138,000	38,252,000	35,503,000	38,996,000	39,002,000	34,992,000	34,104,000	33,605,000	33,014,000	26,783,000	24,584,000		28,233,000
other intangibles—net																							10,419,000	10,703,000	10,993,000		11,562,000	11,858,000	14,097,000		15,639,000	15,266,000	14,060,000			16,056,000
right of use assets - operating leases																							19,713,000	20,571,000	21,433,000		21,953,000	19,473,000
plant
electric plant in service																							2,221,785,000	2,211,082,000	2,211,880,000		2,189,732,000	2,170,259,000	1,953,375,000	1,860,357,000	1,834,157,000	1,824,137,000	1,429,549,000			1,333,125,000
nonelectric operations																							256,480,000	252,933,000	251,804,000		238,542,000	234,245,000	214,159,000	211,826,000	218,007,000	207,757,000	187,646,000			355,842,000
construction work in progress																							454,128,000	321,621,000	234,025,000		141,839,000	73,069,000	138,900,000	153,261,000	116,848,000	98,995,000	88,848,000			51,808,000
total gross plant																							2,932,393,000	2,785,636,000	2,697,709,000		2,570,113,000	2,477,573,000	2,306,434,000	2,225,444,000	2,169,012,000	2,130,889,000	1,706,043,000			1,740,775,000
less accumulated depreciation and amortization																							939,590,000	923,948,000	908,337,000		877,958,000	875,475,000	785,667,000	748,219,000	740,440,000	728,781,000	648,150,000			653,173,000
net plant																							1,992,803,000	1,861,688,000	1,789,372,000		1,692,155,000	1,602,098,000	1,520,767,000	1,477,225,000	1,428,572,000	1,402,108,000	1,057,893,000			1,087,602,000
see accompanying condensed notes to consolidated financial statements.
liabilities and equity
current operating lease liabilities																								4,543,000		156,000
other accrued liabilities																								10,806,000					14,400,000		17,951,000					11,142,000
long-term operating lease liabilities																								16,584,000
deferred credits
total deferred credits																								400,139,000					353,028,000		328,696,000					275,148,000
long-term debt—net																								724,389,000					490,406,000		493,804,000
cumulative preferred shares – authorized 1,500,000 shares without par value; outstanding – none
cumulative preference shares – authorized 1,000,000 shares without par value; outstanding – none
common shares, par value 5 per share—authorized, 50,000,000 shares; outstanding, 2020—40,848,828 shares; 2019—40,157,591 shares																								204,244,000
premium on common shares																								390,141,000					342,573,000		313,839,000					251,505,000
total common equity																								822,055,000					692,519,000		636,108,000					625,815,000
total liabilities and equity																								2,389,239,000		1,011,299,000			1,966,897,000		1,861,903,000			909,251,000		1,796,981,000
otter tail corporation
consolidated balance sheets
accounts receivable from subsidiaries																										2,144,000								3,587,000
interest receivable from subsidiaries																										117,000								317,000
notes receivable from subsidiaries																										79,251,000								17,157,000
investments in subsidiaries																										860,646,000								716,453,000
right of use assets - operating																										637,000
accounts payable to subsidiaries																										7,000								5,035,000
notes payable to subsidiaries																										89,611,000								231,611,000
long term operating lease liabilities																										533,000
common shareholder equity																										781,482,000								521,974,000
unbilled revenues																													14,948,000	20,080,000	15,909,000	16,476,000	14,836,000
liabilities of discontinued operations																													852,000		1,868,000					18,961,000
cumulative preferred shares– authorized 1,500,000 shares without par value; outstanding – none
common shares, par value 5 per share—authorized, 50,000,000 shares; outstanding, 2017—39,557,491 shares; 2016—39,348,136 shares																													197,787,000
trade																														68,242,000
other intangibles–net																														14,958,000
60
cumulative preference shares – authorized 1,000,000 shares without par value; outstanding - none
common shares, par value 5 per share—authorized, 50,000,000 shares;
outstanding, 2016—38,703,277 shares; 2015—37,857,186 shares																															193,516,000
2
costs and estimated earnings in excess of billings																																	3,588,000			66,269,000
assets of discontinued operations																																	4,585,000			90,267,000
deferred debits
unamortized debt expense																																	4,638,000			6,656,000
total deferred debits																																	133,687,000			124,141,000
cumulative preferred shares																																		15,500,000
see accompanying notes to condensed financial statements.
noncash investing activities:
accounts payable outstanding related to capital additions1																																			5,979,000
1amounts are included in cash from capital expenditures in subsequent periods when payables are settled.
united states of america																																			98,100
canada																																			1,000
all other countries																																			900
electric																																			88,564,000
wind energy																																			55,025,000
manufacturing																																			53,567,000
construction																																			37,931,000
plastics																																			42,217,000
corporate revenues and intersegment eliminations																																			-161,000
total																																			277,143,000
corporate and intersegment eliminations																																			-401,000
corporate																																			-5,650,000
discontinued operations																																			-5,000
regulatory assets:
unrecognized transition obligation, prior service costs and actuarial losses on pensions and other postretirement benefits																																			7,047,000
deferred marked-to-market losses																																			6,722,000
conservation improvement program accrued revenues & incentives																																			1,211,000
accumulated aro accretion/depreciation adjustment
debt reacquisition premiums																																			270,000
big stone ii unrecovered project costs – minnesota																																			518,000
north dakota renewable resource rider accrued revenues																																			852,000
minnesota renewable resource rider accrued revenues																																			784,000
big stone ii unrecovered project costs – north dakota																																			1,254,000
accrued cost-of-energy revenues																																			1,101,000
big stone ii unrecovered project costs – south dakota																																			100,000
north dakota transmission rider accrued revenues																																			614,000
general rate case recoverable expenses																																			431,000
deferred holding company formation costs																																			55,000
miso schedule 26 transmission cost recovery rider true-up																																			63,000
miso schedule 16 and 17 deferred administrative costs - nd																																			62,000
total regulatory assets																																			21,084,000
regulatory liabilities:
accumulated reserve for estimated removal costs – net of salvage
deferred marked-to-market gains																																			24,000
minnesota transmission rider accrued refund																																			273,000
deferred gain on sale of utility property – minnesota portion																																			6,000
south dakota – nonasset-based margin sharing excess																																			64,000
south dakota transmission rider accrued refund																																			61,000
total regulatory liabilities																																			428,000
net regulatory asset position																																			20,656,000
accrued cost-of-energy revenue																																			4,043,000
north dakota transmission rider accrued revenue																																			518,000
south dakota – asset-based margin sharing shortfall																																			138,000
south dakota transmission rider accrued revenues																																			114,000
other current asset – derivative asset																																			2,219,000
regulatory asset – current deferred marked-to-market loss																																			6,722,000
regulatory asset – long-term deferred marked-to-market loss																																			11,170,000
derivative liability																																			-18,869,000
regulatory liability – current deferred marked-to-market gain																																			-24,000
regulatory liability – long-term deferred marked-to-market gain																																			-1,259,000
total liabilities																																			-20,152,000
fair value adjustments included in earnings																																			-41,000
cumulative fair value adjustments included in earnings - beginning of year																																			894,000
less: amounts realized on settlement of contracts entered into in prior periods																																			-781,000
changes in fair value of contracts entered into in prior periods																																			-33,000
cumulative fair value adjustments in earnings of contracts entered into in prior years at end of period																																			80,000
changes in fair value of contracts entered into in current period																																			-121,000
cumulative fair value adjustments included in earnings - end of period																																			-41,000
net gain																																			-44,000
accrued utility and cost-of-energy revenues																																				13,090,000
see accompanying notes to consolidated financial statements.
derivative liabilities																																				19,633,000
commitments
class b stock																																				525,000
cumulative preferred shares authorized 1,500,000 shares without par value; outstanding 2011 and 2010 – 155,000 shares																																				15,500,000
outstanding, 2011—36,002,739 shares; 2010—36,002,739 shares																																				180,014,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30

operating activities
net income	72,610,000	51,774,000	78,292,000	77,728,000	68,099,000	54,850,000	85,479,000	86,995,000	74,338,000	57,767,000	91,974,000	81,969,000	62,481,000	42,005,000	84,239,000	85,937,000	72,003,000	51,617,000	52,754,000	42,069,000	30,329,000	18,668,000	35,934,000	16,981,000	24,268,000	20,352,000	24,745,000	15,426,000	26,324,000	14,161,000	23,273,000	18,696,000	26,215,000	18,342,000	17,734,000	16,778,000	19,585,000	17,510,000	14,616,000	15,675,000	14,520,000	14,582,000	15,392,000	11,436,000	17,935,000	15,825,000	9,993,000	21,430,000	15,138,000	7,701,000	15,363,000	2,967,000	1,873,000	-17,356,000	7,243,000	-44,135,000	6,368,000	18,828,000	5,696,000	2,056,000	6,101,000	-14,218,000	4,717,000	8,320,000	10,592,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	29,979,000	29,731,000	29,554,000	29,447,000	29,375,000	27,542,000	27,051,000	26,631,000	25,897,000	25,318,000	24,547,000	24,233,000	23,856,000	22,768,000	22,716,000	23,565,000	23,548,000	23,249,000	22,814,000	23,169,000	22,126,000	20,807,000	20,395,000	20,436,000	20,399,000	19,857,000	19,657,000	19,441,000	19,131,000	18,450,000	18,708,000	18,745,000	18,763,000	18,856,000	17,927,000	17,908,000	17,854,000	18,317,000	18,314,000	18,525,000	18,289,000	16,026,000	15,141,000	14,661,000	14,535,000	15,122,000	14,969,000	14,780,000	15,039,000	14,835,000	14,920,000	9,642,000	15,951,000	17,118,000	17,053,000	11,252,000	19,937,000	19,698,000	19,113,000	20,705,000	20,357,000	19,883,000	19,751,000	19,343,000	18,345,000
deferred tax credits	-40,000	-192,000	-192,000	-93,000	-192,000	377,000	-187,000	-185,000	-187,000	-186,000	-186,000	-186,000	-186,000	-187,000	-185,000	-187,000	-186,000	-186,000	-186,000	-186,000	-186,000	-235,000	-329,000	-328,000	-329,000	-337,000	-337,000	-337,000	-337,000	-351,000	-351,000	-349,000	-354,000	-368,000	-368,000	-368,000	-366,000	-415,000	-414,000	-414,000	-414,000	-470,000	-469,000	-469,000	-470,000	-454,000	-453,000	-454,000	-467,000	-472,000	-483,000	-523,000	-523,000	-523,000	-522,000	-552,000	-553,000	-622,000	-659,000	-678,000	-679,000	-679,000	-679,000	-665,000	-591,000
deferred income taxes	977,000	18,660,000	8,378,000	4,352,000	1,797,000	14,217,000	-652,000	1,633,000	7,859,000	2,708,000	2,092,000	680,000	8,028,000	8,776,000	-1,512,000	10,818,000	14,342,000	10,061,000	7,508,000	5,630,000	5,697,000	-5,152,000	10,881,000	3,660,000	5,812,000	8,020,000	2,527,000	125,000	835,000	11,695,000	5,453,000	-825,000	2,901,000	8,321,000	7,014,000	4,154,000	4,512,000	4,200,000	5,245,000	4,349,000	5,330,000	13,783,000	-463,000	5,669,000	7,038,000	5,974,000	1,978,000	12,872,000	5,333,000	3,743,000	6,139,000	14,972,000	6,119,000	-1,915,000	-7,717,000	3,148,000	4,533,000	1,512,000	4,099,000	-8,699,000	9,858,000	751,000	6,691,000	36,549,000	-1,371,000
investment losses	1,646,000				37,000					-3,488,000	561,000
stock compensation expense	6,380,000	1,013,000	710,000	1,638,000	5,758,000	1,447,000	1,258,000	1,310,000	5,514,000	778,000	491,000	1,215,000	5,269,000	673,000	630,000	607,000	4,904,000	554,000	830,000	1,327,000	4,197,000	1,002,000	1,275,000	1,237,000	2,770,000																																								910,000
other	-1,565,000	-404,000	-1,891,000	-776,000	-969,000	-944,000	-916,000	-377,000	-874,000	-259,000	-325,000	1,723,000	-1,562,000	-1,964,000	584,000	4,027,000	866,000	445,000	-234,000
changes in operating assets and liabilities:
receivables	-37,719,000	21,198,000	14,129,000	3,228,000	-38,087,000	40,309,000	5,673,000	3,728,000	-38,531,000	36,032,000	1,776,000	-19,509,000	-31,049,000	49,405,000	32,040,000	-6,942,000	-43,943,000
inventories	1,829,000	-1,914,000	-2,706,000	-1,657,000	1,526,000	5,889,000	9,353,000	-13,471,000	1,920,000	-7,323,000	2,477,000	936,000	1,460,000	1,707,000	743,000	-514,000	3,403,000
regulatory assets	-1,856,000	-9,350,000	-786,000	2,448,000	-3,091,000	-2,015,000	-152,000	23,000	7,338,000	4,092,000	1,067,000	173,000	7,147,000	-2,634,000	-5,434,000	1,136,000	4,468,000
other assets	7,046,000	-8,706,000	229,000	-976,000	5,732,000	-8,855,000	1,166,000	-4,488,000	537,000	-1,082,000	338,000	-1,717,000	5,278,000	-2,157,000	-1,451,000	-489,000	3,729,000
accounts payable	2,979,000	-15,418,000	-2,225,000	9,883,000	-16,360,000	11,646,000	-38,059,000	33,044,000	8,195,000	-9,477,000	-1,548,000	8,424,000	-7,387,000	-19,082,000	-12,614,000	14,466,000	-12,533,000
accrued and other liabilities	-17,886,000	10,787,000	9,917,000	441,000	-13,888,000	-4,626,000	13,567,000	5,060,000	-24,372,000	-13,852,000	18,129,000	15,346,000	-19,617,000	8,480,000	-10,576,000	4,465,000	-7,859,000
regulatory liabilities	6,651,000	2,553,000	-561,000	-1,454,000	1,652,000	-7,262,000	220,000	14,498,000	9,365,000	-628,000	-5,568,000	22,749,000	4,420,000	-5,638,000	2,651,000	-6,671,000	2,812,000
pension and other postretirement benefits	-420,000	-1,514,000	-500,000	-1,521,000	-1,920,000	-2,396,000	-2,339,000	-2,127,000	-2,701,000	-4,396,000	-1,827,000	-2,971,000	-2,411,000	-64,000	833,000	353,000	122,000
net cash from operating activities	70,611,000	97,036,000	129,570,000	119,910,000	39,469,000	129,956,000	99,314,000	151,548,000	71,913,000	86,004,000	133,998,000	128,944,000	55,553,000	101,336,000	112,343,000	130,214,000	45,416,000	76,491,000	86,178,000	53,304,000	15,270,000	70,645,000	67,375,000	52,124,000	21,777,000	79,888,000	35,862,000	52,137,000	17,150,000	42,588,000	47,465,000	48,755,000	4,640,000	59,500,000	44,805,000	48,071,000	21,201,000	48,643,000	50,581,000	41,525,000	22,637,000	47,313,000	28,472,000	50,105,000	-8,350,000	42,857,000	23,228,000	-19,057,000	46,498,000	39,039,000	7,813,000	84,165,000	103,865,000	37,666,000	7,851,000	24,011,000	39,635,000	33,776,000	6,961,000	44,142,000	11,456,000	72,159,000	-22,740,000	22,171,000	50,274,000
investing activities
capital expenditures	-185,281,000	-74,739,000	-89,090,000	-66,227,000	-58,012,000	-98,900,000	-84,222,000	-101,484,000	-74,044,000	-57,285,000	-78,333,000	-53,415,000	-98,101,000	-47,907,000	-52,436,000	-42,081,000	-28,710,000	-54,517,000	-40,421,000	-26,815,000	-50,076,000	-150,923,000	-100,800,000	-44,771,000	-75,059,000	-57,670,000	-95,683,000	-29,325,000	-24,687,000	-30,936,000	-25,395,000	-25,476,000	-23,618,000	-38,364,000	-38,195,000	-26,241,000	-30,113,000	-35,346,000	-46,755,000	-54,303,000	-24,855,000	-44,763,000	-31,903,000	-47,680,000	-35,738,000	-44,415,000	-43,059,000	-37,690,000	-58,537,000	-27,826,000	-23,327,000	-19,214,000	-27,105,000	-33,122,000	-36,321,000	-2,340,000	-23,226,000	-24,130,000	-23,981,000	-22,722,000	-23,302,000	-21,889,000	-17,676,000	-26,987,000	-92,208,000
free cash flows	-114,670,000	22,297,000	40,480,000	53,683,000	-18,543,000	31,056,000	15,092,000	50,064,000	-2,131,000	28,719,000	55,665,000	75,529,000	-42,548,000	53,429,000	59,907,000	88,133,000	16,706,000	21,974,000	45,757,000	26,489,000	-34,806,000	-80,278,000	-33,425,000	7,353,000	-53,282,000	22,218,000	-59,821,000	22,812,000	-7,537,000	11,652,000	22,070,000	23,279,000	-18,978,000	21,136,000	6,610,000	21,830,000	-8,912,000	13,297,000	3,826,000	-12,778,000	-2,218,000	2,550,000	-3,431,000	2,425,000	-44,088,000	-1,558,000	-19,831,000	-56,747,000	-12,039,000	11,213,000	-15,514,000	64,951,000	76,760,000	4,544,000	-28,470,000	21,671,000	16,409,000	9,646,000	-17,020,000	21,420,000	-11,846,000	50,270,000	-40,416,000	-4,816,000	-41,934,000
proceeds from disposal of noncurrent assets	2,966,000		2,165,000	1,516,000	1,276,000	2,165,000	1,560,000	2,625,000	2,499,000	1,479,000	1,776,000	1,940,000	1,030,000	543,000	963,000	1,962,000	878,000	3,883,000	1,257,000	1,318,000	3,244,000	394,000	664,000	1,466,000	2,487,000																											-589,000	-82,000	3,736,000	1,824,000	-430,000	826,000	1,245,000	984,000	356,000	710,000	1,380,000	619,000	179,000	179,000
purchases of investments and other assets	-4,693,000	-1,939,000	-2,063,000	-1,404,000	-4,175,000
net cash from investing activities	-187,008,000	-74,710,000	-88,988,000	-66,115,000	-60,911,000	-99,208,000	-84,101,000	-152,189,000	-75,876,000	-57,269,000	-78,393,000	-53,246,000	-100,379,000	-47,515,000	-53,661,000	-42,446,000	-31,449,000	-54,426,000	-40,681,000	-27,383,000	-49,020,000	-153,267,000	-101,380,000	-45,946,000	-75,059,000	-58,342,000	-95,747,000	-29,947,000	-25,436,000	-31,485,000	-26,215,000	-25,892,000	-23,827,000	-37,339,000	-38,633,000	-26,609,000	-30,009,000	-35,917,000	-45,110,000	-52,699,000	-25,598,000	-36,498,000	-63,914,000	-37,204,000	-18,354,000	-44,569,000	-42,030,000	-37,167,000	-57,868,000	-23,276,000	-13,264,000	-3,695,000	-28,304,000	-28,417,000	-23,161,000	-4,794,000	-23,036,000	56,711,000	-23,458,000	-23,340,000	-23,453,000	-20,316,000	-18,058,000	18,473,000	-46,163,000
financing activities
net borrowings (repayments) of short-term debt	7,729,000							12,810,000	-81,422,000		1,299,000
proceeds from issuance of long-term debt	100,000,000	0	0	50,000,000	50,000,000	0	0	0	120,000,000					0	0							0	40,000,000	0	35,000,000					0	0	0	100,000,000					80,000,000	0	0	50,000,000					0	0	150,000,000	0	0	40,900,000					139,999,000	0	507,000	1,500,000	0	0	0	95,000	99,995,000	1,000
dividends paid	-24,251,000	-22,020,000	-22,021,000	-22,020,000	-22,003,000	-19,573,000	-19,571,000	-19,569,000	-19,553,000	-18,269,000	-18,268,000	-18,268,000	-18,256,000	-17,191,000	-17,192,000	-17,191,000	-17,181,000	-16,219,000	-16,219,000	-16,218,000	-16,208,000	-15,258,000	-15,171,000	-14,978,000	-14,907,000	-13,942,000	-13,929,000	-13,930,000	-13,922,000		-13,303,000	-13,300,000	-13,292,000		-12,674,000	-12,658,000	-12,626,000																											-10,804,000	-10,782,000
payments for shares withheld for employee tax obligations	-3,973,000	0	0	0	-3,134,000	0	-704,000	1,000	-5,754,000	0	0	0	-3,088,000	0	0	0	-2,942,000	126,000	-126,000	0	-1,507,000	0	0	3,000	-2,072,000
net cash from financing activities	78,558,000	38,081,000	-22,037,000	-31,368,000	11,605,000	-16,117,000	34,135,000	-6,845,000	11,748,000	12,424,000	-16,969,000	-29,200,000	29,910,000	-7,812,000											39,967,000			-22,099,000	8,316,000				4,092,000	-6,771,000			8,808,000	-12,726,000	-5,471,000	11,174,000	2,961,000	-11,373,000	35,953,000	-13,441,000	27,291,000	1,723,000	12,181,000	61,687,000	28,204,000	-11,014,000	-8,601,000	-28,877,000	-75,561,000	-9,249,000	1,331,000	-11,842,000	-9,995,000	-90,637,000	16,971,000	-20,441,000	12,338,000	-52,212,000	36,599,000	-42,147,000	-6,528,000
net change in cash and cash equivalents	-37,839,000	60,407,000	18,545,000	22,427,000	-9,837,000	14,631,000	49,348,000	-7,486,000	7,785,000	41,159,000	38,636,000	46,498,000	-14,916,000	46,009,000	10,998,000	60,618,000	-166,000	265,000	-208,000	268,000	49,000	-43,741,000	5,392,000	31,628,000	-13,315,000	20,278,000	-61,000	91,000	30,000	212,000	-387,000	-85,000	-15,095,000	15,390,000											157,000	0	-6,613,000	5,463,000	16,842,000	4,743,000	-14,830,000	51,020,000	0	0	-14,652,000	8,048,000			186,000	0	0	0	-4,432,000	-1,634,000	-2,990,000
cash and cash equivalents at beginning of period	386,193,000	0	0	0	294,651,000	0	0	0	230,373,000	0	0	0	118,996,000	0	0	0	1,537,000	0	0	0	1,163,000	0	0	0	21,199,000	0	0	0	861,000	0	0	0	16,216,000													0	0	1,150,000	0	0	52,362,000	1,342,000	0	0	14,652,000						0	0	4,432,000		0
cash and cash equivalents at end of period	348,354,000	60,407,000	18,545,000	22,427,000	284,814,000	14,631,000	49,348,000	-7,486,000	238,158,000	41,159,000	38,636,000	46,498,000	104,080,000	46,009,000	10,998,000	60,618,000	1,371,000	265,000	-208,000	268,000	1,212,000	-43,741,000	5,392,000	31,628,000	7,884,000	20,278,000	-61,000	91,000	891,000	212,000	-387,000	-85,000	1,121,000	15,390,000											157,000			6,613,000	16,842,000	4,743,000	37,532,000					8,048,000			186,000						-2,990,000
supplemental disclosure of noncash investing activities
accrued property, plant and equipment additions	62,827,000	13,120,000	-567,000	-716,000	14,292,000	10,885,000	198,000	1,531,000	7,667,000	-153,000	5,000	2,803,000	10,346,000	-18,000	1,322,000	1,951,000	9,165,000
investment gains		-1,182,000	-2,778,000				-2,148,000	-726,000	-2,385,000
proceeds from disposal of investments and other assets
net (repayments) borrowings on short-term debt
supplemental disclosures of cash flow information
cash paid during the year for:
interest, net of amount capitalized
income taxes
net repayments of short-term debt			0	-58,853,000	-10,762,000
discretionary contribution to pension plan														0	0	0	-20,000,000	0	0	0	-10,000,000	0	0	0	-11,200,000	0	-12,500,000	0	-10,000,000	0	0	0	-20,000,000						0	0	-10,000,000		0	0	-10,000,000	0	0	-20,000,000	0	0	-10,000,000		0	0	-10,000,000					0				0
payments for retirement of long-term debt														0				-140,000,000	0	0	-169,000	-46,000	-46,000	-45,000	-45,000	-44,000	-44,000	-42,000	-42,000	-41,000	-41,000	-47,000	-60,000	-59,000	-42,058,000	-3,057,000	-3,057,000	-87,386,000	-55,000	-54,000	-52,000	-63,000	-50,000	-50,000	-49,000	-46,000	-47,000	-40,946,000	-44,000	-44,000	-25,178,000	2,827,000	-50,102,000	-2,879,000	-70,000	-100,275,000	-315,000	-198,000	-170,000	-165,000	-473,000	-343,000	-58,350,000	-17,373,000	-545,000
cash from investments and other assets							-1,439,000	-53,330,000	-4,331,000		-1,836,000	-1,771,000	-3,308,000		-2,188,000	-2,327,000	-3,617,000		-1,517,000	-1,886,000	-2,188,000	-2,738,000	-1,244,000	-2,641,000	-2,487,000	-5,080,000	-770,000	-3,518,000	-1,258,000	-1,048,000	-1,222,000	-1,383,000	-719,000	-1,010,000	-727,000	-1,923,000	-508,000	-1,241,000	-1,442,000	-294,000	-1,425,000	995,000
net (repayments) borrowings of short-term debt
net borrowings (repayments) on short-term debt														8,204,000	0
proceeds from issuance of common stock																						17,213,000	7,994,000	18,826,000	8,399,000																	2,893,000	4,244,000			4,879,000	4,786,000	3,666,000	34,000	306,000	1,156,000									0	0	494,000	55,000	2,783,000	2,736,000
allowance for equity funds used during construction													-174,000	-752,000	-321,000	-357,000	-260,000	-395,000	-255,000
net borrowings on short-term debt													52,650,000				6,608,000
net cash (used in) provided by financing activities																-27,150,000	-14,133,000
change in deferred debits and other assets																			417,000	5,206,000	543,000	-29,569,000	-2,126,000	478,000	5,087,000	-22,644,000	3,258,000	2,420,000	1,464,000	-9,700,000	332,000	4,014,000	6,295,000	-10,048,000	-200,000	3,070,000	5,005,000	-15,685,000	2,915,000	-145,000	2,825,000	-2,432,000	2,369,000	7,932,000	3,538,000	4,170,000	1,017,000	-888,000	2,298,000	2,719,000	4,800,000	-21,295,000	6,533,000	2,088,000	7,872,000	-36,898,000	4,196,000	1,382,000	6,266,000	1,341,000	-428,000	-872,000	27,000	-15,618,000	-2,371,000
change in noncurrent liabilities and deferred credits																			6,372,000	-1,906,000	-1,804,000	31,184,000	-1,941,000	4,318,000	860,000	23,190,000	-1,598,000	3,155,000	8,787,000	-2,223,000	568,000	4,332,000	-5,091,000	17,469,000	2,483,000	-2,009,000	1,314,000	8,686,000	-405,000	3,041,000	3,363,000	16,179,000	320,000	3,984,000	41,000	-400,000	1,472,000	-2,408,000	2,347,000	2,996,000	1,975,000	25,589,000	1,034,000	-3,204,000	9,299,000	33,425,000	512,000	1,140,000	90,000	-1,899,000	1,063,000	2,125,000	2,346,000	17,398,000	3,671,000
cash from current assets and current liabilities:
change in receivables																			-15,335,000	-29,034,000	-20,431,000	13,697,000	-16,096,000	12,737,000	-16,666,000	14,353,000	14,265,000	6,608,000	-37,086,000	19,245,000	-2,127,000	-630,000	-25,047,000	18,987,000	-8,290,000	2,689,000	-15,521,000	2,546,000	9,183,000	-5,195,000	-7,478,000	12,274,000	-8,102,000	5,370,000	-11,288,000	-5,503,000	-264,000	-17,884,000	351,000	3,297,000	-13,423,000	6,245,000	11,693,000	4,532,000	-20,040,000	2,853,000	-6,315,000	4,801,000	-23,737,000	327,000	-27,656,000	-789,000	-20,518,000	13,829,000	-3,271,000
change in inventories																			-11,591,000	-10,598,000	-261,000	-10,294,000	7,883,000	8,398,000	-301,000	-799,000	8,808,000	872,000	-462,000	-11,655,000	-4,180,000	-2,436,000	35,000	-9,119,000	8,352,000	-5,794,000	2,267,000	-2,892,000	548,000	4,212,000	6,000	-3,761,000	2,321,000	2,712,000	688,000	3,759,000	-823,000	-9,234,000	752,000	-13,000	-4,062,000	-5,239,000	3,937,000	5,591,000	-4,976,000	5,871,000	-4,879,000	-5,179,000	-1,787,000	-6,294,000	6,043,000	2,267,000	-10,038,000	-2,377,000	8,591,000
change in other current assets																			-4,079,000	-4,209,000	-3,871,000	-2,596,000	3,089,000	-619,000	-447,000	-55,000	104,000	2,742,000	128,000	-4,581,000	1,399,000	94,000	2,334,000	-6,139,000	984,000	2,117,000	-22,000	-4,231,000	2,733,000	-270,000	-773,000	-2,373,000	250,000	643,000	1,270,000	904,000	-1,074,000	-1,599,000	531,000	2,242,000	-3,025,000	-36,183,000	54,119,000	-7,883,000	-3,034,000	-7,473,000	13,632,000	-1,847,000	-747,000	-18,530,000	20,312,000	7,789,000	-23,550,000	-16,183,000	10,641,000
change in payables and other current liabilities																			28,199,000	19,305,000	-6,930,000	31,807,000	11,499,000	-15,872,000	-7,690,000	20,573,000	-20,966,000	-3,866,000	4,088,000	9,251,000	4,313,000	4,031,000	-2,598,000	2,486,000	725,000	8,108,000	-13,986,000	17,886,000	-504,000	399,000	-5,840,000	2,340,000	3,804,000	-1,109,000	-20,185,000	5,375,000	-4,106,000	-16,363,000	5,532,000	2,078,000	-3,440,000	27,308,000	-4,157,000	1,307,000	5,598,000	-4,120,000	-1,264,000	8,596,000	-3,869,000	31,442,000	1,890,000	-2,969,000	1,171,000	-1,984,000	8,655,000
change in interest payable and income taxes receivable/payable																			-1,036,000	4,335,000	-2,525,000																																			-10,002,000	387,000	-929,000	1,306,000	14,797,000	-6,526,000	37,449,000	-1,594,000
change in checks written in excess of cash																			1,453,000	-2,442,000	-2,144,000	4,759,000	-460,000			-3,197,000	1,503,000	-1,128,000	8,000	-338,000	-2,243,000	-102,000	2,338,000	-2,392,000	3,783,000	-6,956,000	7,999,000	-2,522,000	1,183,000	-1,358,000	-666,000	4,093,000	-289,000	289,000	-1,236,000								-2,950,000	-3,194,000	10,546,000	1,568,000	-4,094,000	4,093,000	-10,030,000	5,081,000	-2,444,000	3,977,000	3,251,000
net short-term borrowings																			-30,100,000	-6,894,000	53,854,000	32,397,000	7,361,000	21,346,000	13,893,000		72,395,000	-6,999,000	25,002,000					8,734,000	45,520,000	-1,059,000	16,293,000					-6,280,000	43,912,000	-5,612,000	37,798,000				39,218,000	-218,000	1,335,000		1,143,000	7,963,000	3,311,000		8,713,000	-86,614,000	37,486,000	-14,483,000	26,386,000	-42,912,000	102,914,000		2,586,000
common stock issuance expenses																			0	-42,000	-25,000	-183,000	-91,000	-250,000	-124,000					0	0											-90,000	-113,000			-102,000														0	0	-63,000	-79,000	0	-6,000
debt issuance expenses																			-713,000
accrued property, plant, and equipment additions
net cash provided by financing activities																				-25,653,000	33,799,000
transactions related to capital additions not settled in cash																				-9,087,000	18,962,000
allowance for equity/other funds used during construction																					-45,000	-959,000	-1,246,000	-1,067,000	-791,000	-951,000	-914,000	-358,000	-330,000	-608,000	-526,000	-422,000	-638,000	-350,000	-235,000	-231,000	-170,000	-252,000	-130,000	-380,000	-95,000	-359,000	-368,000	-320,000	-256,000	-421,000	-419,000	-340,000
other—net																					-1,569,000	-287,000	-29,000	-193,000	46,000	-236,000	36,000	-99,000	375,000		-8,000	91,000	-284,000	-89,000	60,000	44,000	-5,000	80,000	3,000	-91,000	15,000	-53,000	-227,000	-6,000	206,000	-39,000	-1,009,000	-255,000	-54,000	842,000	25,000	3,679,000	368,000	132,000	321,000	1,559,000	-58,000	-123,000	-120,000		-55,000	-337,000	-52,000	753,000	597,000
short-term and long-term debt issuance expenses																					-2,000	-1,000	-190,000	-2,000	-177,000	-884,000				-320,000	0	-8,000	-433,000					-731,000	-98,000	-1,000	-58,000	-305,000	-3,000	0	-4,000	0	-14,000	-502,000	-74,000	-45,000	-7,000	-883,000	-4,000	0	-10,000	-89,000	-889,000	-2,000	-686,000	0	-101,000	-1,511,000	-87,000	-1,833,000	-518,000
change in interest payable and income taxes receivable
interest
change in interest and income taxes receivable/payable																							-1,814,000	1,958,000	-41,000		-2,524,000	3,860,000	2,437,000		-538,000	2,307,000	1,163,000		-2,185,000	911,000	-321,000		-1,480,000	1,618,000	2,400,000		-1,595,000	1,645,000	-1,549,000	-1,636,000	1,651,000	1,013,000	1,469,000	-1,389,000	1,076,000		-5,714,000	-8,800,000	2,251,000
net cash from (used in) financing activities
cash flows from operating activities
stock compensation expense – equity awards																																																				381,000	318,000	325,000	287,000	417,000	839,000	469,000	452,000	950,000	653,000
cash flows from investing activities
cash flows from financing activities
net short-term (repayments) borrowings																														3,110,000	-5,488,000	-9,342,000	-82,052,000								-37,736,000					10,856,000	16,245,000	-39,296,000
payments for retirement of capital stock																												0	-2,730,000	1,000	-562,000	-41,000	-2,409,000	0	0	-40,000	-1,759,000	0	0	-51,000	-53,000	0	-175,000	-182,000	-1,239,000	0	-217,000	-242,000	0
net cash provided by (used in) financing activities																										-1,268,000
stock compensation expense—equity awards																											1,301,000	2,148,000	1,796,000		1,149,000	1,107,000	1,146,000		845,000	770,000	1,150,000		323,000	339,000	489,000		302,000	503,000	623,000	390,000	378,000	358,000	330,000	394,000	392,000
net proceeds from disposal of noncurrent assets																											706,000	2,896,000	509,000		402,000	967,000	510,000		289,000	1,555,000	612,000		3,087,000	398,000	682,000		328,000	1,336,000	1,292,000	78,000	1,679,000	1,505,000	1,012,000	874,000	729,000
payments for retirement of capital stock and common stock issuance expenses
acquisition purchase price cash received
dividends paid and other distributions																																						-12,292,000	-12,133,000	-11,930,000	-11,889,000			-11,537,000	-11,498,000	-11,090,000	-11,036,000	-10,993,000	-10,930,000	-10,790,000	-11,307,000	-10,943,000	-11,053,000	-10,943,000	-11,037,000	-10,912,000	-11,059,000	-10,911,000	-11,041,000	-10,874,000	-11,012,000	-10,874,000	-10,938,000
net income from discontinued operations																																			39,000	-61,000	-56,000									-172,000
net cash from continuing operations																															47,465,000	48,755,000	4,840,000	59,392,000	44,885,000	48,086,000	21,240,000	48,465,000	50,925,000	41,544,000	22,607,000	49,732,000	29,087,000	54,808,000	-2,087,000	43,013,000	23,278,000	-18,922,000	47,026,000	38,610,000	10,213,000	20,926,000	103,920,000	37,706,000	6,434,000	1,671,000	37,335,000	36,524,000	4,166,000
net cash from discontinued operations																															0	0	-200,000	108,000	-80,000	-15,000	-39,000	178,000	-344,000	-19,000	30,000	-2,419,000	-615,000	-4,703,000	-6,263,000	-156,000	-50,000	-135,000	-528,000	429,000	-2,400,000	63,239,000	-55,000	-40,000	1,417,000	22,340,000	2,300,000	-2,748,000	2,795,000
net cash used in financing activities																															-21,637,000
proceeds from issuance of common stock – net of issuance expenses																																		0	83,000	2,308,000	1,958,000		17,733,000	18,230,000	3,415,000				4,697,000
net gain from sale of discontinued operations																																										-228,000	65,000	229,000	-7,226,000							1,987,000	0			4,124,000	454,000
net loss from discontinued operations																																						-113,000	-22,000	-119,000	-30,000	1,088,000	252,000	1,992,000	3,072,000			-68,000	-312,000
discretionary contribution to pension fund
change in derivatives net of regulatory deferral																																										-14,708,000	95,000	-64,000	-59,000	119,000	-23,000	118,000	-366,000	108,000	378,000	-34,000	4,000	467,000	281,000	249,000	-222,000	104,000	-59,000	-10,000	531,000	1,309,000	-1,622,000	70,000	-851,000
net cash from investing activities – continuing operations
net proceeds from sale of discontinued operations																																										6,636,000	0	11,422,000	21,343,000				0	2,377,000	10,465,000	17,951,000	0	-84,000	24,362,000	22,980,000	-33,000
net cash from investing activities – discontinued operations
net cash from financing activities – continuing operations																																						-12,726,000	-5,471,000	11,174,000	2,961,000	-11,368,000	35,954,000	-14,941,000	28,469,000
net cash from financing activities – discontinued operations																																										-5,000	-1,000	1,500,000	-1,178,000
final purchase price adjustment – btd-georgia acquisition
adjustments to reconcile net income to net cash provided by operating activities:
net change in cash and cash equivalents – discontinued operations
purchase price adjustment (payment) – btd-georgia acquisition
net cash from investing activities - continuing operations																																							-45,110,000	-52,699,000	-25,598,000		-63,915,000	-48,615,000	-37,938,000	-44,846,000	-42,030,000	-37,174,000	-58,180,000	-26,054,000	-23,521,000	-19,455,000	-28,304,000	-28,333,000	-35,818,000	-3,044,000	-23,003,000	-21,450,000	-23,595,000
net cash from investing activities - discontinued operations																																											1,000	-11,000	-1,759,000	277,000	0	7,000	312,000	401,000	-208,000	-2,191,000	0	0	-11,705,000	-24,730,000	0	-6,202,000	137,000
net short-term debt (repayments) borrowings																																							-12,101,000
net change in cash and cash equivalents - discontinued operations																																											37,000	383,000	-430,000	-11,000			8,000	-6,000	-778,000	-573,000	0	0	-673,000
premium paid for early retirement of long-term debt																																																				0
acquisition of btd - georgia
acquisition
common dividends paid
net increase in other investments																																												-2,271,000	-3,492,000	-509,000	-650,000	-989,000	-655,000	898,000	-923,000	348,000	-1,117,000	1,053,000	-1,321,000					-974,000	-861,000
see accompanying condensed notes to consolidated financial statements.
net cash from financing activities - continuing operations																																														1,712,000			28,204,000	-11,014,000	-8,601,000	-26,008,000	-75,561,000	-9,249,000	2,740,000	-9,814,000	-7,644,000	-93,277,000	17,059,000
net cash from financing activities - discontinued operations																																																				-2,869,000	0	0	-1,409,000	-2,028,000	-2,351,000	2,640,000	-88,000
see accompanying notes to consolidated financial statements.
see accompanying notes to condensed consolidated financial statements.
net loss from sale of discontinued operations																																																	0
asset impairment charge																																																				-45,573,000	0	45,573,000	432,000					0	0
allowance for equity-other funds used during construction																																																	-895,000
net (gain) income from sale of discontinued operations																																																			-210,000
net income (income) from discontinued operations																																																			81,000					38,625,000	52,000
allowance for equity (other) funds used during construction																																																			-293,000	-650,000	-140,000	-216,000	-162,000	-285,000	-284,000	-176,000	-116,000					-240,000	-1,937,000
payments for retirement of preferred stock																																																			-15,500,000
deferred tax valuation adjustments and tax rate reduction
proceeds from issuance of class b stock of subsidiary																																																												-5,000	5,000
payments for retirement of common stock																																																								-1,030,000	0			0	0	-139,000	-262,000		0
payments for retirement of class b stock and options of subsidiary
effect of foreign exchange rate fluctuations on cash – discontinued operations																																																								0	0	-36,000	-288,000
income from discontinued operations																																																					5,000	15,000	-841,000				-1,762,000
payments for retirement of common stock and common stock issuance expenses																																																					-95,000
net income from sale of discontinued operations																																																							3,089,000
2009 american recovery and reinvestment act grant - luverne wind farm
less: net change in cash and cash equivalents - discontinued operations
net decrease (increase) in other investments																																																									-603,000
payments for retirement of class b stock of subsidiary																																																													-23,000
cash and cash equivalents at beginning of period – discontinued operations
adjustments to reconcile net income to net cash (used in) provided
by operating activities:
net (increase) in other investments																																																											-598,000				-1,001,000
adjustments to reconcile net income to net cash provided
other--net
acquisitions--net of cash acquired
effect of foreign exchange rate fluctuations on cash																																																												-361,000	-341,000	369,000	-233,000	-131,000	-573,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
adjustments to reconcile net income to net cash provided by
operating activities:
stock compensation expense — equity awards																																																															610,000
2009 american recovery and reinvestment act grant — luverne wind farm
acquisitions—net of cash acquired
payments for retirement of common stock and class b stock of subsidiary
change in interest and income taxes payable/receivable																																																																	2,664,000
net increase in other investments and long-term assets																																																																	45,866,000

Otter Tail Corporation(NASDAQ:OTTR)

Otter Tail Corporation
(NASDAQ:OTTR)