Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 11

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 11
---
     806 |   |     |      |     831 |   |
| Other Non-Regulated Revenues                |     |                          |     467 |   |     |      |     453 |   |     |      |     440 |   |
| Inter-segment Elimination                   |     |                          |  (1,034 | ) |     |      |  (1,116 | ) |     |      |  (1,129 | ) |
| Total Revenue                               |     | $                        | 191,877 |   |     | $    | 166,274 |   |     | $    | 162,434 |   |

10

(m) Unamortized Debt Expense and Premiums on Long-Term Debt - Unamortized Debt Expense and Premiums on Long-Term Debt, included on the consolidated balance sheet in long-term
debt, are amortized over the lives of the related debt.

(n) Income Taxes - Middlesex files a consolidated
federal income tax return for the Company and income taxes are allocated based on the separate return method. Certain income and expense
items are accounted for in different time periods for financial reporting than for income tax reporting purposes. Deferred income taxes
are provided on differences between the tax basis of assets and liabilities and the amounts at which they are carried in the consolidated
financial statements. Investment tax credits have been deferred and are amortized over the estimated useful life of the related property.
In the event there are interest and penalties associated with income tax adjustments from income tax authority examinations, these amounts
will be reported under interest charges and other expense, respectively. For more information on income taxes, see Note 3 – Income Taxes.

(o) Cash and Cash Equivalents - For purposes
of reporting cash flows, the Company considers all highly liquid investments with original maturity dates of three months or less to be
cash equivalents. Cash and cash equivalents represent bank balances and money market funds with investments maturing in less than 90 days.

(p) Use of Estimates - Conformity with
GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results
could differ from those estimates.

(q) Recent Accounting Pronouncements -

| Standard                                                                                     |     | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Date of Adoption                                                                                                                                        |     | Application                                                 |     | Effect on the                                                                                                                                                                                                              
 Consolidated                                                                                                                                                                                                               
 Financial Statements                                                                                                                                                                                                       |
| Accounting Standards Update (“ASU