Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1087

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 1087
---
 the Middlesex System offset by the recovery
of income taxes on the taxable portion of the proceeds from the 3M Settlement Agreement. 

Results of Operations for 2023 as Compared to 2022

    (In Millions) 

    Years Ended December 31, 

    2023  
    2022 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Revenues 
    $154.0  
    $12.3  
    $166.3  
    $150.6  
    $11.8  
    $162.4 
  
    Operations and maintenance expenses 
     74.8  
     8.4  
     83.2  
     70.8  
     8.3  
     79.1 
  
    Depreciation expense 
     24.9  
     0.3  
     25.2  
     22.8  
     0.2  
     23.0 
  
    Other taxes 
     18.5  
     0.2  
     18.7  
     18.0  
     0.2  
     18.2 
  
    Gain on sale of subsidiary 
     —  
     —  
     —  
     5.2  
     —  
     5.2 
  
    Operating income 
     35.8  
     3.4  
     39.2  
     44.2  
     3.1  
     47.3 

    Other income (expense), net 
     6.3  
     0.2  
     6.5  
     7.4  
     0.3  
     7.7 
  
    Interest expense 
     13.1  
     —  
     13.1  
     9.4  
     —  
     9.4 
  
    Income taxes 
     (0.1) 
     1.1  
     1.0  
     2.0  
     1.2  
     3