Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 405

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 405
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AS treatment upgrades
at the Park Avenue Plant and higher actuarially-determined retirement benefit plans non-service benefit offset by lower allowance for
funds used during construction on capital projects in construction.

Interest Charges

Interest charges for the year ended December 31,
2024 increased $0.9 million from the same period in 2023 due to higher average debt outstanding and higher average interest rates.

Income Taxes

Income taxes for the year ended December 31, 2024
increased by $5.9 million from the same period in 2023, primarily due to higher pre-tax income and
lower income tax benefits associated with decreased repair expenditures on tangible property in the Middlesex System offset by the recovery
of income taxes on the taxable portion of the proceeds from the 3M Settlement Agreement. 

Results of Operations for 2023 as Compared to 2022

    (In Millions) 

    Years Ended December 31, 

    2023  
    2022 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Revenues 
    $154.0  
    $12.3  
    $166.3  
    $150.6  
    $11.8  
    $162.4 
  
    Operations and maintenance expenses 
     74.8  
     8.4  
     83.2  
     70.8  
     8.3  
     79.1 
  
    Depreciation expense 
     24.9  
     0.3  
     25.2  
     22.8  
     0.2  
     23.0 
  
    Other taxes 
     18.5  
     0.2  
     18.7  
     18.0  
     0.2  
     18.2 
  
    Gain on sale of subsidiary 
     —  
     —  
     —  
     5.2  
     —  
     5.2 
  
    Operating income 
     35.8  
     3.4  
     39.2  
     44.2  
     3.1  
     47.3