Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 983

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 6
Chunk 983
---
  
    $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 of certain
assets, including regulatory assets. The Company bases its estimates, assumptions and judgments on historical experience and current operating
environment. Changes in any of the variables that are used for the Company’s estimates, assumptions and judgments may lead to significantly
different financial statement results.

Our critical accounting policies and estimates are set forth below.

Regulatory Accounting

We maintain our books and records in accordance
with accounting principles generally accepted in the United States of America. Middlesex and certain of its subsidiaries are subject to
regulation in the states in which they operate. Those companies are required to maintain their accounts in accordance with regulatory
author