Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 27

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 27
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 others. Revenue from contracts with customers is recognized when control of a promised good or service
is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods and services.

The Company’s regulated revenue results from
tariff-based water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential
customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments
by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered
to customers which includes an accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period
utilizing factors such as historical customer data and regional weather indicators. Unearned Revenues and Advance Service Fees include
fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer.

17 

Non-regulated service contract revenues consist of
base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within
30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers.
These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects
to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all of the amounts included in operating
revenues and accounts receivable are from contracts with customers.

The Company’s contracts do not contain any significant
financing components.

The Company’s operating revenues are comprised of the following:

    (In Thousands)

    Three Months Ended June 30, 
    Six Months Ended June 30,

    2025 
    2024 
    2025 
    2024
  
    Regulated Tariff Sales 

    Residential 
    $26,248  
    $24,736  
    $49,362  
    $45,066 
  
    Commercial 
     7,463  
     8,584  
     14,048  
     14,559 
  
    Industrial 
     3,404  
     3,639  
     6,403  
     6,773 
  
    Fire Protection 
     3,998  
     3,656  
     7,720