Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 578

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 2
Chunk 578
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based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets
provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial
statements.

The Company has identified two reportable segments.
One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial,
industrial and fire protection customers in parts of New Jersey and Delaware and includes Middlesex, Tidewater, Pinelands Water and Southern
Shores. This segment also includes a regulated wastewater system in New Jersey, Pinelands Wastewater. The Company is subject to regulations
as to its rates, services and other matters by the states of New Jersey and Delaware with respect to utility service within these states.
The other segment is primarily comprised of non-regulated contract 

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services for the operation and maintenance of municipal and private
water and wastewater systems in New Jersey and Delaware and includes USA, USA-PA, and White Marsh.

    (In Thousands) 

    Years Ended December 31, 
  
    Operation by Segments 
    2024  
    2023  
    2022 
  
    Revenues: 

    Regulated 
    $179,359  
    $154,617  
    $151,117 
  
    Non – Regulated 
     13,552  
     12,773  
     12,446 
  
    Inter-segment Elimination 
     (1,034) 
     (1,116) 
     (1,129)
  
    Consolidated Revenues 
    $191,877  
    $166,274  
    $162,434 

    Operating Expenses 

    Purchased Water: 

    Regulated 
    $8,064  
    $9,144  
    $7,777 
  
    Non – Regulated 
     —  
     —  
     — 
  
    Inter-segment Elimination 
     (567) 
     (663) 
     (688)
  
    Consolidated Purchased Water 
    $7,497  
    $8,481  
    $7,089 

    Other Operations and Maintenance Expenses: 

    Regulated 
    $76,483  
    $66,670  
    $64,170