Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 37

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 37
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ments. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated 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 tworeportable 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 28

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.

| Operation by Segments                                  
 Revenues:                                              |     | (In Thousands)           
 Years Ended December 31, 
 2024                     |         |   |     | 2023 |         |   |     | 2022 |         |   |
|:-------------------------------------------------------|:----|:-------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| 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                                     |     |                          |