Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 413

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 413
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balance sheet while others are commitments, some firm and some based on uncertainties, which are disclosed in the Company’s consolidated
financial statements.

33 

The table below presents our known contractual obligations for the
periods specified as of December 31, 2024.

    Payment Due by Period 

    (Millions of Dollars) 

    Total  
    Less than 1
 Year  
    2-3 Years  
    4-5 Years  
    More than
 5 Years 
  
    Long-term Debt 
    $359  
    $8  
    $15  
    $14  
    $322 
  
    Note Payable 
     23  
     23  
     —  
     —  
     — 
  
    Interest on Long-Term Debt 
     247  
     12  
     23  
     22  
     190 
  
    Purchased Water Contracts 
     90  
     7  
     8  
     7  
     68 
  
    Commercial Office Leases 
     5  
     1  
     2  
     2  
     — 
  
    TOTAL 
    $724  
    $51  
    $48  
    $45  
    $580 

The table above does not reflect any anticipated
cash payments for retirement benefit plan obligations. The effect on the timing and amount of these payments resulting from potential
changes in actuarial assumptions and returns on plan assets cannot be estimated. In 2024, the Company contributed $3.7 million to its
retirement benefit plans and expects to contribute approximately $1.8 million in 2025.

We do not currently have, nor have we ever had,
any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or
special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements, or for other
contractually narrow or limited purposes. In addition, we do not engage in trading activities involving non-exchange traded contracts.

Critical Accounting Policies and Estimates 

The application of accounting policies and standards
often requires the use of estimates, assumptions and judgments. The Company regularly evaluates these estimates, assumptions and judgments,
including those related to the calculation of pension and other retirement benefits, unbilled revenues, and the recoverability