Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 9

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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118,281 82,888 COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)OTHER LIABILITIES:Advances for Construction24,116 22,629 Lease Obligations1,959 2,432 Accumulated Deferred Income Taxes110,627 101,235 Regulatory Liabilities63,063 64,557 Other261 344 TOTAL OTHER LIABILITIES200,026 191,197 CONTRIBUTIONS IN AID OF CONSTRUCTION189,603 181,369 TOTAL CAPITALIZATION AND LIABILITIES$1,341,959 $1,255,174 

See Accompanying Notes to Condensed Consolidated Financial Statements. 

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Table of Contents

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended September 30,20252024CASH FLOWS FROM OPERATING ACTIVITIES:Net Income$34,217 $35,547 Adjustments to Reconcile Net Income toNet Cash Provided by Operating Activities:Depreciation and Amortization23,988 20,231 Provision for Deferred Income Taxes and Investment Tax Credits(4,361)408 Equity Portion of Allowance for Funds Used During Construction (AFUDC)(735)(465)Cash Surrender Value of Life Insurance(134)(318)Stock Compensation Expense1,119 1,227 Changes in Assets and Liabilities:Accounts Receivable(3,896)(4,531)Unbilled Revenues(223)(4,121)Materials & Supplies(590)422 Prepayments(2,762)(1,298)Accounts Payable2,300 4,737 Accrued Taxes3,564 2,873 Accrued Interest(362)(742)Employee Benefit Plans(4,024)(5,781)Recovered Costs-Environmental Litigation Settlement— (8,774)Other Assets and Liabilities(3,967)(2,080)NET CASH PROVIDED BY OPERATING ACTIVITIES44,134 37,335 CASH FLOWS FROM INVESTING ACTIVITIES:Utility Plant Expenditures, Including AFUDC-Debt of $483 in 2025 and $322 in 2024(71,642)(49,480)Acquisition of Water Systems(4,607)— NET