Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 3

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 3
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916 

    Unearned Revenues and Advanced Service Fees 
     1,841  
     1,476 

    Other 
     7,588  
     7,759 

    TOTAL CURRENT LIABILITIES 
     121,482  
     82,888 

    COMMITMENTS AND CONTINGENT LIABILITIES (Note 7) 

    OTHER LIABILITIES: 
    Advances for Construction 
     23,447  
     22,629 

    Lease Obligations 
     2,116  
     2,432 

    Accumulated Deferred Income Taxes 
     107,321  
     101,235 

    Regulatory Liabilities 
     63,836  
     64,557 

    Other 
     286  
     344 

    TOTAL OTHER LIABILITIES 
     197,006  
     191,197 

    CONTRIBUTIONS IN AID OF CONSTRUCTION 
     187,183  
     181,369 

    TOTAL CAPITALIZATION AND LIABILITIES 
    $1,315,890  
    $1,255,174 

See Notes to Condensed Consolidated Financial Statements. 

2 

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

    Six Months Ended June 30,

    2025 
    2024
  
    CASH FLOWS FROM OPERATING ACTIVITIES: 

    Net Income 
    $20,258  
    $21,228 
  
    Adjustments to Reconcile Net Income to 

    Net Cash Provided by Operating Activities: 

    Depreciation and Amortization 
     15,457  
     13,008 
  
    Provision for Deferred Income Taxes and Investment Tax Credits 
     (3,084) 
     1,722 
  
    Equity Portion of Allowance for Funds Used During Construction (AFUDC) 
     (468) 
     (253)
  
    Cash Surrender Value of Life Insurance 
     (149) 
     (199)
  
    Stock Compensation Expense 
     958  
     1,072 
  
    Changes in Assets and Liabilities: 

    Accounts Receivable 
     (2,046) 
     (2