Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 56

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 56
---
 reallocate resources among segments as needed, ensuring a 

11

Table of Contents

timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return.The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2024 Form 10-K. 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 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 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.

12

Table of Contents

(In Thousands)Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Operation by SegmentsRevenues:Regulated$51,209 $52,252 $138,973 $135,682 Non – Regulated3,305 3,325 9,509 9,940 Inter-segment Elimination(423)(477)(767)(852)Consolidated Revenues$54,091 $55,100 $147,715 $144,770 Operating ExpensesPurchased Water:Regulated$2,353 $1,767 $6,339 $5,521 Non – Regulated— — — — Inter-segment Elimination(303)(360)(406)(502)Consolidated Purchased Water$2,050 $1,407 $5,933 $5,019 Other Operations and