Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 75

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 75
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14,559 
  
    Industrial 
     3,404  
     3,639  
     6,403  
     6,773 
  
    Fire Protection 
     3,998  
     3,656  
     7,720  
     6,948 
  
    Wholesale 
     5,047  
     5,208  
     10,061  
     9,880 
  
    Non-Regulated Contract Operations 
     3,131  
     3,293  
     5,964  
     6,381 
  
    Total Revenue from Contracts with Customers 
    $49,291  
    $49,116  
    $93,558  
    $89,607 
  
    Other Regulated Revenues 
     107  
     143  
     169  
     205 
  
    Other Non-Regulated Revenues 
     120  
     117  
     240  
     233 
  
    Inter-segment Elimination 
     (195) 
     (230) 
     (343) 
     (375)
  
    Total Revenue 
    $49,323  
    $49,146  
    $93,624  
    $89,670 

Note 10 – Income Taxes

The Company’s effective tax rate was 11.6% and
11.3% for the three and six months ended June 30, 2025, respectively, compared to 24.3% and 18.0% for the same periods in 2024. We evaluate
and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Income
Taxes for the three months ended June 30, 2025 decreased by $2.0 million from the same period in 2024, primarily due to lower pre-tax
income and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System. Income
Taxes for the six months ended June 30, 2025 decreased by $2.1 million from the same period in 2024, primarily due to lower pretax income
and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System offset by the
2024 recovery of income taxes on the taxable