Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1287

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 1287
---
    TOTAL CURRENT LIABILITIES 
     82,888  
     103,829 

    COMMITMENTS AND CONTINGENT LIABILITIES (Note 4) 

    OTHER LIABILITIES: 
    Advances for Construction 
     22,629  
     21,313 

    Lease Obligations 
     2,432  
     3,063 

    Accumulated Deferred Income Taxes 
     101,235  
     88,736 

    Regulatory Liabilities 
     64,557  
     113,021 

    Other 
     344  
     592 

    TOTAL OTHER LIABILITIES 
     191,197  
     226,725 

    CONTRIBUTIONS IN AID OF CONSTRUCTION 
     181,369  
     122,270 

    TOTAL CAPITALIZATION AND LIABILITIES 
    $1,255,174  
    $1,236,052 

See Notes to Consolidated Financial Statements. 

41 

MIDDLESEX WATER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

    Years Ended December 31, 

    2024  
    2023  
    2022 
  
    CASH FLOWS FROM OPERATING ACTIVITIES: 

    Net Income 
    $44,351  
    $31,524  
    $42,429 
  
    Adjustments to Reconcile Net Income to 

    Net Cash Provided by Operating Activities: 

    Depreciation and Amortization 
     28,038  
     29,442  
     27,475 
  
    Provision for Deferred Income Taxes and
    Investment Tax Credits 
     (1,605) 
     (5,599) 
     (5,334)
  
    Equity Portion of Allowance for Funds Used During Construction (AFUDC) 
     (743) 
     (1,458) 
     (1,387)
  
    Cash Surrender Value of Life Insurance 
     (308) 
     (300) 
     401 
  
    Stock Compensation Expense 
     1,537  
     2,214  
     1,630 
  
    Gain on Sale of Subsidiary 
     —  
     —