Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 62

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 BenefitsOther BenefitsThree Months Ended September 30,2025202420252024Service Cost$242 $318 $85 $80 Interest Cost1,159 1,070 430 328 Expected Return on Assets(1,687)(1,580)(928)(846)Amortization of Unrecognized Losses (Gains)12 38 (153)(275)Net Periodic Benefit*$(274)$(154)$(566)$(713)(In Thousands)Pension BenefitsOther BenefitsNine Months Ended September 30,2025202420252024Service Cost$725 $953 $255 $240 Interest Cost3,476 3,210 1,289 985 Expected Return on Assets(5,061)(4,741)(2,784)(2,538)Amortization of Unrecognized Losses (Gains)37 114 (460)(824)Net Periodic Benefit*$(823)$(464)$(1,700)$(2,137)*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Note 9 – Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based water and wastewater utility services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services.

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Table of Contents

The Company’s regulated revenue results from tariff-based water and wastewater 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 and 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