MIDDLESEX WATER CO

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

MSEX$58.77-1.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets

March 31, · December 31,
ASSETS · 2024 · 2023
UTILITY PLANT:	Water Production		$306,884		$303,791
	Transmission and Distribution		816,933		809,862
	General		101,047		100,593
	Construction Work in Progress		24,056		19,636
	TOTAL		1,248,920		1,233,882
	Less Accumulated Depreciation		239,630		235,540
	UTILITY PLANT - NET		1,009,290		998,342
CURRENT ASSETS:	Cash and Cash Equivalents		2,855		2,390
	Accounts Receivable, net of allowance for credit losses of $2,134 and $2,137, respectively	15,732		18,172
	Litigation Settlement Receivable		69,872		69,872
	Unbilled Revenues		11,312		9,297
	Materials and Supplies (at average cost)		7,072		6,972
	Prepayments		4,371		1,833
	TOTAL CURRENT ASSETS		111,214		108,536
OTHER ASSETS:	Operating Lease Right of Use Asset		3,027		3,185
	Preliminary Survey and Investigation Charges		1,952		1,932
	Regulatory Assets		90,046		90,694
	Non-utility Assets - Net		11,780		11,522
	Employee Benefit Plans		22,757		21,779
	Other		39		62
	TOTAL OTHER ASSETS		129,601		129,174
	TOTAL ASSETS		$1,250,105		$1,236,052
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value		$246,551		$246,764
	Retained Earnings		181,141		176,227
	TOTAL COMMON EQUITY		427,692		422,991
	Preferred Stock		2,084		2,084
	Long-term Debt		356,960		358,153
	TOTAL CAPITALIZATION		786,736		783,228
CURRENT	Current Portion of Long-term Debt		7,831		7,740
LIABILITIES:	Notes Payable		58,000		42,750
	Accounts Payable		23,243		27,618
	Litigation Settlement Payable		6,237		6,237
	Accrued Taxes		14,719		10,535
	Accrued Interest		2,650		3,138
	Unearned Revenues and Advanced Service Fees		1,365		1,390
	Other		3,111		4,421
	TOTAL CURRENT LIABILITIES		117,156		103,829
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:	Customer Advances for Construction		21,091		21,313
	Lease Obligations		2,904		3,063
	Accumulated Deferred Income Taxes		89,693		88,736
	Regulatory Liabilities		57,818		113,021
	Other		498		592
	TOTAL OTHER LIABILITIES		172,004		226,725
CONTRIBUTIONS IN AID OF CONSTRUCTION		174,209		122,270
	TOTAL CAPITALIZATION AND LIABILITIES		$1,250,105		$1,236,052

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