Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 63

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 63
---
 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers.The Company’s contracts do not contain any significant financing components.The Company’s operating revenues are comprised of the following:(In Thousands)Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Regulated Tariff SalesResidential$29,149 $28,889 $78,511 $73,955 Commercial9,120 9,693 23,169 24,252 Industrial3,454 3,799 9,856 10,573 Fire Protection3,729 3,641 11,449 10,589 Wholesale5,423 5,839 15,484 15,720 Non-Regulated Contract Operations3,184 3,208 9,148 9,588 Total Revenue from Contracts with Customers$54,059 $55,069 $147,617 $144,677 Other Regulated Revenues334 391 504 595 Other Non-Regulated Revenues121 117 361 350 Inter-segment Elimination(423)(477)(767)(852)Total Revenue$54,091 $55,100 $147,715 $144,770 

Note 10 – Income Taxes

The Company’s effective tax rate was 9.3% and 10.5% for the three and nine months ended September 30, 2025, respectively, compared to 10.8% and 15.3% for the same periods in 2024. We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Income Taxes for the three months ended September 30, 2025 decreased by $0.3 million from the same period in 2024, primarily due to lower pre-tax income and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System. Income Taxes for the nine months ended September 30, 2025 decreased by $2.4 million from the same period in 2024, primarily due to lower