Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 48

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 48
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 construction expenditures,
the level of additional debt financing and financial market conditions. Common stock offerings will occur as needed to maintain a balanced
capital structure as we continue on a parallel path with future debt offerings.

In April 2023, Middlesex received approval from
the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional
shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure
investment program. As described above in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing
plan.

Contractual Obligations

In the course of normal business activities, the
Company enters into a variety of contractual obligations and commercial commitments. Some result in direct obligations on the Company’s
balance sheet while others are commitments, some firm and some based on uncertainties, which are disclosed in the Company’s consolidated
financial statements.

33 

The table below presents our known contractual obligations for the
periods specified as of December 31, 2024.

    Payment Due by Period 

    (Millions of Dollars) 

    Total  
    Less than 1
 Year  
    2-3 Years  
    4-5 Years  
    More than
 5 Years 
  
    Long-term Debt 
    $359  
    $8  
    $15  
    $14  
    $322 
  
    Note Payable 
     23  
     23  
     —  
     —  
     — 
  
    Interest on Long-Term Debt 
     247  
     12  
     23  
     22  
     190 
  
    Purchased Water Contracts 
     90  
     7  
     8  
     7  
     68 
  
    Commercial Office Leases 
     5  
     1  
     2  
     2  
     — 
  
    TOTAL 
    $724  
    $51  
    $48  
    $45  
    $580 

The table above does not reflect any anticipated
cash payments for retirement benefit plan obligations. The effect on the timing and amount of these payments resulting from potential
changes in actuarial assumptions and returns on plan assets cannot