Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 29

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 Company expects to make cash contributions of approximately $0.9 million over the remainder of the current year.Other Benefits – The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three- and nine-month periods ended September 30, 2025 and 2024, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $1.0 million over the remainder of the current year.The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans:(In Thousands)Pension 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