Otter Tail Corp
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
OTTR$79.77-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Operating Activities | |||
| Net Income | $294,191 | $284,184 | $176,769 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
| Depreciation and Amortization | 97,954 | 92,597 | 91,358 |
| Deferred Tax Credits | (744) | (745) | (744) |
| Deferred Income Taxes | 13,508 | 32,424 | 28,896 |
| Discretionary Contribution to Pension Plan | — | (20,000) | (10,000) |
| Investment (Gains) Losses | (7,222) | 3,296 | (4,524) |
| Stock Compensation Expense | 7,753 | 6,814 | 6,908 |
| Other, net | (423) | (1,473) | 667 |
| Changes in Operating Assets and Liabilities: | |||
| Receivables | (12,750) | 30,560 | (60,994) |
| Inventories | (2,450) | 5,339 | (54,313) |
| Regulatory Assets | 12,479 | (2,464) | (4,803) |
| Other Assets | 2,817 | (368) | (14,146) |
| Accounts Payable | (9,988) | (29,763) | 38,734 |
| Accrued and Other Liabilities | 6 | (5,490) | 28,386 |
| Regulatory Liabilities | 20,973 | (6,846) | 1,948 |
| Pension and Other Postretirement Benefits | (11,605) | 1,244 | 7,101 |
| Net Cash Provided by Operating Activities | 404,499 | 389,309 | 231,243 |
| Investing Activities | |||
| Capital Expenditures | (287,134) | (171,134) | (171,829) |
| Proceeds from Disposal of Noncurrent Assets | 6,225 | 4,346 | 9,702 |
| Purchases of Investments and Other Assets | (8,378) | (8,283) | (9,383) |
| Net Cash Used in Investing Activities | (289,287) | (175,071) | (171,510) |
| Financing Activities | |||
| Net Borrowings (Repayments) on Short-Term Debt | 73,218 | (82,959) | 10,166 |
| Proceeds from Issuance of Common Stock | — | — | 696 |
| Proceeds from Issuance of Long-Term Debt | — | 90,000 | 140,000 |
| Payments for Retirement of Long-Term Debt | — | (30,000) | (140,169) |
| Dividends Paid | (73,061) | (68,755) | (64,864) |
| Payments for Shares Withheld for Employee Tax Obligations | (3,088) | (2,942) | (1,507) |
| Other, net | (904) | (2,123) | (3,681) |
| Net Cash Used in Financing Activities | (3,835) | (96,779) | (59,359) |
| Net Change in Cash and Cash Equivalents | 111,377 | 117,459 | 374 |
| Cash and Cash Equivalents at Beginning of Period | 118,996 | 1,537 | 1,163 |
| Cash and Cash Equivalents at End of Period | $230,373 | $118,996 | $1,537 |
| Supplemental Disclosures of Cash Flow Information | |||
| Cash Paid During the Year for: | |||
| Interest, net of amount capitalized | $36,956 | $35,699 | $36,881 |
| Income Taxes | $46,284 | $43,411 | $8,445 |
| Supplemental Disclosure of Noncash Investing Activities | |||
| Accrued Property, Plant and Equipment Additions | $13,001 | $12,420 | $12,081 |
See accompanying notes to consolidated financial statements
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