Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 314

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 314
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The Company’s regulated revenue results
from tariff-based water and wastewater utility services to residential, industrial, commercial, fire-protection and wholesale customers.
Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly.
Payments by customers are due between 15 to 30 days after the invoice date. Revenue is recognized as the water and wastewater services
are delivered to customers which includes an accrual of unbilled revenues estimated from the last meter reading date to the end of the
accounting period utilizing factors such as historical customer data and regional weather indicators. Unearned Revenues and Advance Service
Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer.

Non-regulated service contract revenues consist
of base service fees as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within
30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers.
These contracts expire at various times through 2032 and contain remaining performance obligations for which the Company expects to recognize
revenue in the future. These contracts also contain customary termination provisions.

Substantially all of the amounts included in operating
revenues and accounts receivable are from contracts with customers.

The Company’s contracts do not contain any
significant financing components.

The Company’s operating revenues are comprised
of the following:

    (In Thousands)

    Years Ended December 31,

    2024 
    2023 
    2022
  
    Regulated Tariff Sales 

    Residential 
    $97,802  
    $86,581  
    $84,950 
  
    Commercial 
     31,833  
     23,945  
     22,689 
  
    Industrial 
     13,842  
     11,586  
     11,152 
  
    Fire Protection 
     14,188  
     12,582  
     12,726 
  
    Wholesale 
     21,003  
     19,117  
     18,769 
  
    Non-Regulated Contract Operations 
     13,085  
     12,320  
     12,006 
  
    Total Revenue from Contracts with Customers 
    $191,753  
    $166,131  
    $162,292 
  
    Other Reg