Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 30

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 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.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 September 30,Nine Months Ended September 30,2025202420252024Regulated Tariff SalesResidential$29,149 $28,889 $78,511 $73,955 Commercial9,120 9,693 23,169 24,252 Industrial3,454 3,799 9,856 10,573 Fire Protection3,729 3,641 11,449 10,589 Wholesale5,423 5,839 15,484 15,720 Non-Regulated Contract Operations3,184 3,208 9,148 9,588 Total Revenue from Contracts with Customers$54,059 $55,069 $147,617 $144,677 Other Regulated Revenues334 391 504 595 Other Non-Regulated Revenues121 117 361 350 Inter-segment Elimination(423)(477)(767)(852)Total Revenue$54,091 $55,100 $147,715 $144,770 

Note 10 – Income Taxes

The Company’s effective tax rate was 9.3% and 10.5% for the