Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 316

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 316
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 qualitative disclosures regarding the chief operating decision maker.     The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2024.    Retrospective   The Company adopted ASU 2023-07, including a recast of 2023 and 2022 information, by including additional required disclosures within the Notes to the Consolidated Financial Statements -see Note 8- Reportable Segments.  ASU 2023-09 “Improvements to Income Tax Disclosures”   The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.   The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.   Prospective, with retrospective application also permitted.   The Company is currently evaluating the requirements of ASU 2023-09.
 ASU 2024-03 “Disaggregation of Income Statement Expenses”   The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.    The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2027.    Prospective, with retrospective application also permitted.   The Company is currently evaluating the requirements of ASU 2024-03. 

(r) Reclassifications – Certain reclassifications have
been made to prior periods in the Consolidated Financial Statements and Notes to conform to the current presentation.

48 

Note 2 - Rate and Regulatory Matters

Rate Matters

Middlesex – The approval by the
NJBPU in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase annual operating revenues
by $15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover