Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 196

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 196
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    Commercial 
     31,833  
     23,945  
     22,689 
  
    Industrial 
     13,842  
     11,586  
     11,152 
  
    Fire Protection 
     14,188  
     12,582  
     12,726 
  
    Wholesale 
     21,003  
     19,117  
     18,769 
  
    Non-Regulated Contract Operations 
     13,085  
     12,320  
     12,006 
  
    Total Revenue from Contracts with Customers 
    $191,753  
    $166,131  
    $162,292 
  
    Other Regulated Revenues 
     691  
     806  
     831 
  
    Other Non-Regulated Revenues 
     467  
     453  
     440 
  
    Inter-segment Elimination 
     (1,034) 
     (1,116) 
     (1,129)
  
    Total Revenue 
    $191,877  
    $166,274  
    $162,434 

47 

(m) Unamortized Debt Expense and Premiums on
Long-Term Debt - Unamortized Debt Expense and Premiums on Long-Term Debt, included on the consolidated balance sheet in long-term
debt, are amortized over the lives of the related debt.

(n) Income Taxes - Middlesex files a consolidated
federal income tax return for the Company and income taxes are allocated based on the separate return method. Certain income and expense
items are accounted for in different time periods for financial reporting than for income tax reporting purposes. Deferred income taxes
are provided on differences between the tax basis of assets and liabilities and the amounts at which they are carried in the consolidated
financial statements. Investment tax credits have been deferred and are amortized over the estimated useful life of the related property.
In the event there are interest and penalties associated with income tax adjustments from income tax authority examinations, these amounts
will be reported under interest charges and other expense, respectively. For more information on income taxes, see Note 3 – Income
Taxes.

(o) Cash and Cash Equivalents - For purposes
of reporting cash flows, the Company considers all highly liquid investments with original maturity dates of three months or less to be
cash equivalents