奥特泰尔 2025年季度报告

Washington, D.C. 20549FORM10-Q Quarterly Report pursuant to Secon 13 or 15(d) of the Securies Exchange Act of 1934For the quarterly period endedMarch31, 2025or Transion Report pursuant to Secon 13 or 15(d) of the Securies Exchange Act of 1934 OTTER TAIL CORPORATION (Exact name of registrant as specified in its charter) Minnesota(State or other jurisdicon of incorporaon or organizaon)215 South Cascade Street,Box 496,Fergus Falls,Minnesota (Address of principal execuve offices) Name of each exchange on which registered Registrant's telephone number, including area code:866-410-8780 Securies registered pursuant to Secon 12(b) of the Act: Title of each classTrading Symbol(s) Common Shares, par value $5.00 per share Indicate by check mark whether the registrant (1) hasfiled all reports required to befiled by Secon 13 or 15(d) of the Securies Exchange Act of 1934 during the definions of “large acceleratedfiler,” “acceleratedfiler,” “smaller reporng company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transion period for complying with any new or revised financial accounng standards provided pursuant to Secon 13(a) of the Exchange Act☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☑ Department of Jusce Execuve Survivor and Supplemental Rerement PlanPTCProducon Tax CreditsElectric Ulity Infrastructure Costs RiderPVCPolyvinyl chlorideFinancial Accounng Standards BoardROEReturn on equityFederal Energy Regulatory CommissionRRRRenewable Resource Riderkilowa-hourRTORegional Transmission OrganizaonsMerricourt Wind Energy CenterSECSecuries and Exchange CommissionMidconnent Independent System Operator, Inc.SOFRSecured Overnight Financing RateMinnesota Public Ulies CommissionTCRTransmission Cost Recovery RiderFORWARD-LOOKING INFORMATIONThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securies Ligaon impact demand for our products, pricing and margins. These and other risks and uncertaines are more fully described in ourfilingswith the SEC, including our most recentlyfiled Annual Report onForm 10-KandItem 1A. Risk Factors. Forward-looking statementsspeak only as of the date they are made, and we expressly disclaim any obligaon to update any forward-looking informaon. withheld for employee taxesStock Purchase Plans Expenses Stock Compensaon ExpenseNet Income Other Comprehensive IncomeCommon Dividends ($0.5250per share) Balance, March 31, 2025 Balance, December 31, 202341,710,521$208,553$426,963$806,342$1,148$Stock Issued Under Share-BasedCompensaon Plans, net of shares Other Comprehensive Loss ————(87)Common Dividends ($0.4675per share)———(19,553)—Balance, March 31, 202441,783,750$208,918$426,358$861,127$1,061$ CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)Three Months Ended March 31, Net IncomeAdjustments to Reconcile Net Income to Net Cash Provided by Operang Acvies: Depreciaon and AmorzaonDeferred Tax Credits Deferred Income Taxes1,797Investment Losses (Gains)37Stock Compensaon Expense5,758 Changes in Operang Assets and Liabilies: (38,087) statements and condensed notes thereto should be read in conjuncon with the consolidatedfinancial statements and notesincluded in our Annual Report onForm 10-Kfor thefiscal year ended December31, 2024. Net Income Plascs SegmentThree Months Ended March 31, Corporate 2025 (in thousands)Operang Revenues Electric SegmentRetail: Residenal Retail: Commercial and Industrial Receivables and Allowance for Credit LossesReceivables as of March31, 2025 and December31, 2024 are as follows: (in thousands)March 31,2025Receivables Short-term InvestmentsGovernment Debt Securies Long-term InvestmentsCorporate-Owned Life Insurance Policies47,102 Money Market Funds Mutual FundsOther Investments Total Long-term Investments 125,113125,387$ (in thousands)Amorzed CostGains(Losses)Fair ValueGovernment Debt Securies$61,455$637$(126)$Corporate Debt Securies1,63715(5)$63,092$652$(131)$ (in thousands) Government Debt Securies$60,891$ 5.Regulatory Maers Regulatory Assets and LiabiliesThe following presents our current and long-term regulatory assets and liabilies as of March31, 2025 and December31, 2024 andthe period we expect to recover or refund such amounts:Period ofMarch 31, 2025December 31, 2024 Deferred Income TaxesFuel Clause Adjustments Up to1year5,418—2,218Derivave InstrumentsUp to2years6321,0521,989Various1,2631,2411,498Total Regulatory Assets$11,539$99,424$9,962$Regulatory LiabiliesDeferred Income TaxesAsset lives$—$128,495$—$Plant Removal ObligaonsAsset lives—126,579—1 Pension and Other Postrerement Benefit Plans Various2,3951,6351,073Total Regulatory Liabilies$27,028$290,678$29,307$Costs subject to recovery without a rate o