MIDDLESEX WATER CO

For the period ended Jun 30, 2024. Filed Jul 31, 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.

Jun 30, 2024 · Filed Jul 31, 2024

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

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Contents

Item 1. Condensed Consolidated Balance Sheets

June 30, · December 31,
ASSETS · 2024 · 2023
UTILITY PLANT:	Water Production		$307,173		$303,791
	Transmission and Distribution		825,223		809,862
	General		102,149		100,593
	Construction Work in Progress		29,703		19,636
	TOTAL		1,264,248		1,233,882
	Less Accumulated Depreciation		244,102		235,540
	UTILITY PLANT - NET		1,020,146		998,342
CURRENT ASSETS:	Cash and Cash Equivalents		8,025		2,390
	Accounts Receivable, net of allowance for credit losses of $2,135 and $2,137, respectively in 2024 and 2023		20,173		18,172
	Litigation Settlement Receivable		69,872		69,872
	Unbilled Revenues		12,530		9,297
	Materials and Supplies (at average cost)		6,477		6,972
	Prepayments		3,925		1,833
	TOTAL CURRENT ASSETS		121,002		108,536
OTHER ASSETS:	Operating Lease Right of Use Asset		2,872		3,185
	Preliminary Survey and Investigation Charges		1,968		1,932
	Regulatory Assets		91,066		90,694
	Non-utility Assets - Net		11,771		11,522
	Employee Benefit Plans		25,763		21,779
	Other		51		62
	TOTAL OTHER ASSETS		133,491		129,174
	TOTAL ASSETS		$1,274,639		$1,236,052
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value		$247,014		$246,764
	Retained Earnings		185,864		176,227
	TOTAL COMMON EQUITY		432,878		422,991
	Preferred Stock		2,084		2,084
	Long-term Debt		355,975		358,153
	TOTAL CAPITALIZATION		790,937		783,228
CURRENT	Current Portion of Long-term Debt		7,968		7,740
LIABILITIES:	Notes Payable		72,250		42,750
	Accounts Payable		25,222		27,618
	Litigation Settlement Payable		6,237		6,237
	Accrued Taxes		14,241		10,535
	Accrued Interest		3,252		3,138
	Unearned Revenues and Advanced Service Fees		1,689		1,390
	Other		4,124		4,421
	TOTAL CURRENT LIABILITIES		134,983		103,829
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:	Customer Advances for Construction		21,145		21,313
	Lease Obligations		2,747		3,063
	Accumulated Deferred Income Taxes		91,800		88,736
	Regulatory Liabilities		55,203		113,021
	Other		420		592
	TOTAL OTHER LIABILITIES		171,315		226,725
CONTRIBUTIONS IN AID OF CONSTRUCTION		177,404		122,270
	TOTAL CAPITALIZATION AND LIABILITIES		$1,274,639		$1,236,052

ContentsView on SEC.gov

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