MSEX Stock Balance Sheets

Middlesex Water Quarterly Balance Sheets Chart

Quarterly

Annual

Account Receivables

Account Payables

Long-Term Debt

Middlesex Water Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-03-31	2009-12-31	2009-06-30	2008-12-31	2008-09-30	2006-12-31	2004-09-30

utility plant:	323,691,000	320,230,000	314,924,000	310,661,000	307,173,000	306,884,000	303,791,000	299,187,000	287,871,000	250,408,000	249,153,000	246,426,000	244,593,000	235,675,000	247,286,000	243,145,000	219,291,000	173,375,000	168,080,000	165,010,000	161,971,000	161,269,000	160,870,000	157,970	157,634,000	156,716,000	156,423,000	155,308,000	154,542,000	154,095,000	153,844,000	149,881,000	149,068,000	147,099,000	146,914,000	146,095,000	144,525,000	143,353,000	142,794,000	140,417,000	140,271,000	138,527,000	138,242,000	136,170,000	135,633,000	133,760,000	132,834,000	131,854,000	130,503,000	130,206,000	129,840,000	129,464,000	129,118,000	128,324,000	127,827,000	125,242,000	124,054,000	119,040,000	118,919,000	117,323,000	113,527,000	113,124,000	111,873,000	107,517,000	104,381,000	95,323,657	79,388,120
current assets:	2,560,000	2,657,000	4,226,000	6,344,000	8,025,000	2,855,000	2,390,000	2,970,000	4,377,000	4,862,000	3,828,000	2,908,000	4,320,000	3,294,000	3,533,000	5,282,000	6,026,000	4,046,000	4,491,000	5,346,000	13,196,000	15,419,000	2,230,000	3,151	2,990,000	4,986,000	3,705,000	3,579,000	2,673,000	1,994,000	4,937,000	2,701,000	3,689,000	5,592,000	3,879,000	1,453,000	1,229,000	3,646,000	3,469,000	4,651,000	5,774,000	5,046,000	2,673,000	5,052,000	5,071,000	5,902,000	4,834,000	2,937,000	2,992,000	4,508,000	3,025,000	1,798,000	2,727,000	854,000	3,106,000	4,134,000	4,283,000	3,796,000	2,453,000	3,090,000	6,838,000	4,278,000	3,456,000	3,288,000	3,143,000	5,826,012	2,601,686
other assets:	2,268,000	2,417,000	2,567,000	2,718,000	2,872,000	3,027,000	3,185,000	3,338,000	3,499,000	3,662,000	3,826,000	3,992,000	4,161,000	4,331,000	4,503,000	4,676,000	4,852,000	5,030,000	5,209,000									101,133,000
capitalization and liabilities
capitalization:	252,688,000	248,611,000	248,202,000	247,576,000	247,014,000	246,551,000	246,764,000	243,250,000	239,545,000	235,756,000	233,054,000	232,423,000	229,037,000	225,092,000	221,919,000	218,662,000	218,100,000	217,976,000	217,451,000	216,866,000	216,365,000	215,600,000	215,125,000	170,562	165,138,000	160,142,000	157,354,000	156,741,000	156,251,000	155,580,000	155,120,000	154,626,000	154,075,000	153,506,000	153,045,000	152,571,000	152,062,000	151,337,000	150,763,000	150,251,000	149,739,000	149,156,000	148,668,000	148,186,000	147,654,000	146,694,000	146,185,000	145,653,000	144,724,000	144,056,000	143,572,000	143,081,000	142,592,000	142,008,000	141,432,000	141,018,000	140,543,000	140,002,000	139,534,000	139,111,000	110,051,000	109,366,000	108,490,000	107,726,000	107,342,000	104,248,456	71,583,902
current	7,633,000	7,720,000	7,711,000	7,745,000	7,968,000	7,831,000	7,740,000	7,444,000	17,460,000	17,449,000	17,462,000	7,567,000	7,814,000	6,710,000	6,731,000	6,806,000	7,170,000	7,159,000	7,255,000	7,239,000	7,340,000	7,171,000	7,178,000	7,161	7,353,000	7,336,000	7,343,000	7,327,000	7,236,000	6,982,000	6,865,000	6,547,000	6,164,000	6,148,000	6,159,000	6,144,000	5,869,000	5,691,000	5,739,000	5,725,000	5,692,000	6,092,000	5,910,000	5,634,000	5,520,000	5,377,000	5,386,000	5,373,000	5,285,000	5,122,000	11,130,000	5,064,000	4,996,000	4,739,000	4,569,000	4,564,000	4,448,000	4,443,000	4,432,000	4,350,000	4,065,000	3,710,000	3,463,000	17,985,000	17,928,000	2,500,537
liabilities:	55,200,000	34,000,000	23,000,000	17,500,000	72,250,000	58,000,000	42,750,000	42,250,000	23,500,000	28,500,000	55,500,000	40,500,000	27,500,000	15,000,000	13,000,000	50,000,000	31,500,000	13,000,000	2,000,000	36,500,000	37,500,000	33,500,000	20,000,000	58,500	59,400,000	49,500,000	48,500,000	48,500,000	39,000,000	27,500,000	28,000,000	24,500,000	17,000,000	14,500,000	12,000,000	13,600,000	10,500,000	2,000,000	3,000,000	18,000,000	18,000,000	15,000,000	19,000,000	30,500,000	28,000,000	27,500,000	28,450,000	30,450,000	27,950,000	27,450,000	27,950,000	27,750,000	25,250,000	23,250,000	24,250,000	24,250,000	20,250,000	17,800,000	17,000,000	18,800,000	37,400,000	42,850,000	39,010,000	25,877,000	22,200,000
commitments and contingent liabilities
other liabilities:	23,447,000	22,679,000	22,629,000	21,542,000	21,145,000	21,091,000	21,313,000	21,464,000	21,032,000	22,297,000	21,382,000	22,425,000	22,919,000	23,006,000	23,529,000	23,546,000	23,632,000	23,290,000	23,404,000
contributions in aid of construction	187,183,000	183,048,000	181,369,000	179,696,000	177,404,000	174,209,000	122,270,000	120,226,000	118,248,000	115,105,000	113,375,000	111,271,000	108,057,000	106,735,000	127,863,000	127,399,000	123,822,000	113,777,000	111,990,000	107,796,000	104,950,000	101,500,000	97,830,000	95,797	91,779,000	89,262,000	87,051,000	85,132,000	82,316,000	80,485,000	79,621,000	78,607,000	76,497,000	76,011,000	75,104,000	74,500,000	74,459,000	73,656,000	73,043,000	71,692,000	70,206,000	69,737,000	69,255,000	64,444,000	63,401,000	62,624,000	61,976,000	61,335,000	60,741,000	60,157,000	59,956,000	59,591,000	59,164,000	58,658,000	58,206,000	56,869,000	56,394,000	50,268,000	49,698,000	48,478,000	47,248,000	46,871,000	42,272,000	41,231,000	40,910,000	28,165,921	16,486,475
transmission and distribution						816,933,000																																															332,715,000		326,629,000	320,457,000	317,738,000	310,413,000	308,468,000	303,243,000	295,563,000			283,759,000	278,310,000		178,501,289
general						101,047,000																																															54,035,000		47,519,000	45,114,000	44,908,000	44,485,000	44,368,000	43,494,000	32,434,000			27,142,000	26,765,000		20,061,010
construction work in progress						24,056,000																																															9,940,000		12,575,000	16,843,000	14,261,000	15,277,000	11,715,000	12,529,000	17,396,000			11,653,000	13,162,000		16,517,777
total						1,248,920,000																																															525,808,000		514,550,000	507,656,000	500,961,000	489,215,000	483,470,000	476,589,000	458,920,000			430,071,000	422,618,000		294,468,196
less accumulated depreciation						239,630,000																																															95,832,000		92,351,000	90,427,000	88,440,000	86,810,000	84,737,000	82,714,000	78,957,000			70,544,000	69,331,000		50,782,036
utility plant - net						1,009,290,000																																															429,976,000		422,199,000	417,229,000	412,521,000	402,405,000	398,733,000	393,875,000	379,963,000			359,527,000	353,287,000		243,686,160
accounts receivable						15,732,000																																															10,232,000		11,280,000	13,068,000	10,663,000	10,040,000	11,963,000	14,119,000	9,692,000			9,510,000	10,472,000		7,180,976
litigation settlement receivable						69,872,000
unbilled revenues						11,312,000																																															6,193,000		4,842,000	6,319,000	6,319,000	4,556,000	4,752,000	6,973,000	4,144,000			4,822,000	5,769,000		4,124,599
materials and supplies						7,072,000																																															2,041,000		2,023,000	2,009,000	1,949,000	1,523,000	2,196,000	1,924,000	1,621,000			1,475,000	1,437,000		1,594,800
prepayments						4,371,000																																															2,242,000		1,622,000	2,123,000	2,237,000	1,524,000	1,401,000	1,597,000	1,098,000			1,481,000	1,693,000		1,035,892
total current assets						111,214,000																																															23,435,000		22,873,000	27,653,000	25,451,000	21,439,000	22,765,000	27,703,000	23,393,000			20,576,000	22,514,000		16,537,953
preliminary survey and investigation charges						1,952,000
regulatory assets						90,046,000																																															66,338,000		67,302,000	37,421,000	37,791,000	38,236,000	38,771,000	32,360,000	32,903,000			31,910,000	15,506,000		8,655,119
non-utility assets - net						11,780,000																																															9,106,000		8,182,000	7,511,000	7,455,000	7,339,000	7,122,000	7,061,000	7,158,000			6,762,000	6,387,000
employee benefit plans						22,757,000																																															51,304,000		51,006,000	26,096,000	28,665,000	28,341,000	28,562,000	24,689,000	25,484,000			25,540,000	12,249,000		5,252,701
other						39,000																																															594,000		630,000	622,000	579,000	457,000	387,000	470,000	381,000			378,000	386,000		545,272
total other assets						129,601,000
total assets						1,250,105,000																																															545,141,000		537,536,000	507,153,000	502,133,000	490,030,000	489,185,000	479,692,000	462,771,000			440,000,000	416,225,000		279,947,151
retained earnings						181,141,000																																															35,168,000		35,549,000	36,450,000	34,209,000	33,481,000	33,745,000	34,024,000	29,336,000			30,077,000	30,582,000		22,908,761
total common equity						427,692,000																																															177,760,000		176,981,000	177,468,000	174,752,000	173,483,000	173,279,000	173,135,000	139,387,000			137,803,000	137,924,000		94,528,567
preferred stock						2,084,000																																															3,353,000		3,353,000	3,353,000	3,353,000	3,353,000	3,362,000	3,362,000	3,373,000			3,375,000	3,375,000		4,063,062
long-term debt						356,960,000																																															135,079,000		132,167,000	132,641,000	134,709,000	133,012,000	133,844,000	130,550,000	133,832,000			118,217,000	115,009,000		100,277,424
total capitalization						786,736,000																																															316,192,000		312,501,000	313,462,000	312,814,000	309,848,000	310,485,000	307,047,000	276,592,000			259,395,000	256,308,000		198,869,053
accounts payable						23,243,000																																															4,797,000		5,706,000	5,789,000	5,704,000	5,170,000	6,403,000	5,516,000	3,559,000			5,689,000	5,599,000		7,408,853
litigation settlement payable						6,237,000
accrued taxes						14,719,000																																															9,252,000		7,847,000	10,671,000	9,237,000	11,163,000	8,752,000	9,624,000	8,242,000			7,781,000	8,739,000
accrued interest						2,650,000																																															1,622,000		1,628,000	895,000	1,680,000	838,000	1,598,000	827,000	883,000			2,053,000	1,043,000
unearned revenues and advanced service fees						1,365,000																																															743,000		734,000	751,000	866,000	894,000	864,000	920,000	871,000			842,000	823,000		744,851
total current liabilities						117,156,000																																															48,535,000		46,687,000	48,332,000	43,660,000	41,668,000	40,740,000	41,443,000	56,193,000			61,470,000	57,888,000		24,633,960
lease obligations						2,904,000
accumulated deferred income taxes						89,693,000																																															37,753,000		37,022,000	31,112,000	30,136,000	29,854,000	29,691,000	28,241,000	28,202,000			21,733,000	18,839,000		14,617,451
regulatory liabilities						57,818,000
total other liabilities						172,004,000
total capitalization and liabilities						1,250,105,000																																															545,141,000		537,536,000	507,153,000	502,133,000	490,030,000	489,185,000	479,692,000	462,771,000			440,000,000	416,225,000		279,947,151
and other assets:																				5,390,000	5,573,000	5,757,000	2,054,000	2,252	2,116,000	6,517,000	99,236,000		4,859,000	4,647,000	58,423,000	3,832,000	3,142,000	60,704,000	60,894,000	57,961,000	58,126,000	58,271,000	2,199,000	2,045,000	2,102,000	2,213,000	2,211,000	2,781,000	2,579,000	4,593,000	4,728,000	5,097,000	5,024,000	5,009,000	5,117,000	5,216,000	5,157,000	5,088,000	5,179,000	5,453,000	5,687,000	6,644,000	7,023,000	7,004,000	7,236,000	6,999,000	6,813,000	7,187,000	6,419,000	3,436,124
deferred credits																				25,100,000	24,342,000	24,146,000	23,905,000	22,682	23,389,000	22,616,000	22,572,000	22,080,000	21,832,000	21,024,000	21,423,000	21,307,000	20,862,000	20,868,000	20,846,000	20,906,000	21,051,000	20,174,000	20,461,000	20,921,000	21,979,000	21,927,000	21,978,000	21,336,000	21,392,000	21,880,000	21,837,000	21,788,000	21,944,000	22,486,000	21,990,000	22,042,000	21,707,000	21,903,000	21,944,000	21,630,000	21,404,000	21,076,000	21,261,000	21,190,000	20,658,000	20,806,000	21,339,000	22,089,000	21,763,000	19,246,396
and other liabilities:																				5,214,000	5,329,000	5,558,000	5,732,000	5,908	6,084,000	6,260,000	47,270,000	45,790,000	43,706,000	44,536,000	43,160,000	694,000	714,000	734,000	753,000	773,000	792,000	812,000	832,000	851,000	871,000	891,000	910,000	930,000	950,000	969,000	989,000	1,009,000	1,028,000	1,048,000	1,068,000	1,087,000	1,107,000	1,127,000	1,146,000	1,166,000	1,186,000	1,205,000	1,225,000	1,245,000	1,284,000	1,303,000	1,343,000	1,382,000	1,402,000	1,812,932
deferred charges																							5,944,000	6,133	6,323,000		5,254,000				4,676,000			2,876,000	2,365,000	2,690,000	2,424,000	2,278,000	3,339,000	3,391,000	3,376,000	3,425,000	3,474,000	3,451,000	3,438,000	3,479,000	3,526,000	3,572,000	3,596,000	3,615,000	3,606,000	2,509,000	2,550,000	2,570,000	2,611,000	2,650,000	2,676,000	2,717,000	2,739,000	2,743,000	2,817,000	2,856,000	2,937,000	2,903,000	2,895,000	3,014,005
cash flows from operating activities:
net income																																																											14,330,000	11,720,000						8,476,141
adjustments to reconcile net income to
net cash from operating activities:
depreciation and amortization																																																												7,387,000
benefit from deferred income taxes
equity portion of allowance for funds used during construction
cash surrender value of life insurance																																																												159,000
stock compensation expense																																																												277,000
changes in assets and liabilities:
unearned revenue & advanced service fees																																																												59,000
other assets and liabilities
net cash from operating activities																																																												15,743,000
cash flows from investing activities:
utility plant expenditures, including afudc of 700 in 2019 and 267 in 2018
net cash from investing activities																																																												-21,718,000
cash flows from financing activities:
redemption of long-term debt																																																												-3,720,000
proceeds from issuance of long-term debt																																																												10,000,000
net short-term bank borrowings
deferred debt issuance expense
common stock issuance expense																																																												-133,000
proceeds from issuance of common stock																																																												29,469,000
payment of common dividends																																																												-7,672,000
payment of preferred dividends																																																												-156,000
construction advances and contributions-net																																																												1,067,000
net cash from financing activities																																																												4,787,000
net changes in cash and cash equivalents																																																												-1,188,000
cash, cash equivalents and restricted cash at beginning of period
cash, cash equivalents and restricted cash at end of period
supplemental disclosure of non-cash activity:
utility plant received as construction advances and contributions																																																												924,000
long-term debt deobligation
supplemental disclosure of cash flows information:
cash paid during the year for:
interest																																																												6,167,000
interest capitalized																																																												-297,000
income taxes																																																											6,786,000	2,726,000						3,237,324
benefit from deferred income taxes and investment tax credits
materials & supplies																																																												-306,000
utility plant expenditures, including afudc of 383 in 2019, 125 in 2018
long term debt deobligation
utility plant expenditures, including afudc of 168 in 2019, 52 in 2018
benefit from deferred income taxes and itc																																																												114,000
equity portion of afudc																																																												-488,000
utility plant expenditures, including afudc of 443 in 2018, 221 in 2017 and 196 in 2016
net changes in cash, cash equivalents and restricted cash
deferred charges and																												5,049,000
utility plant expenditures, including afudc of 267 in 2018, 150 in 2017
cash and cash equivalents at beginning of period																																																												4,278,000
cash and cash equivalents at end of period																																																												3,090,000
utility plant expenditures, including afudc of 125 in 2018, 94 in 2017
utility plant expenditures, including afudc of 52 in 2018 and 38 in 2017
equity portion of allowance for funds used during constuction
adoption of repairs on tangible property regulations net
utility plant expenditures, including afudc of 221 in 2017, 196 in 2016 and 152 in 2015
(receipt) release of restricted cash
restricted cash																																																					5,838,000		3,260,000	4,552,000	5,911,000	6,204,000	7,056,000	4,761,000	5,205,000			7,049,000	5,095,000		1,437,163
utility plant expenditures, including afudc of 150 in 2017, 126 in 2016
utility plant expenditures, including afudc of 94 in 2017, 62 in 2016
utility plant expenditures, including afudc of 38 in 2017, 21 in 2016
utility plant expenditures, including afudc of 196 in 2016, 152 in 2015 and 110 in 2014
investment in joint venture
federal income tax receivable
utility plant expenditures, including afudc of 126 in 2016, 118 in 2015
utility plant expenditures, including afudc of 62 in 2016, 72 in 2015
utility plant expenditures, including afudc of 21 in 2015, 32 in 2015
adoption of repairs on tangible property regulations
utility plant expenditures, including afudc of 152 in 2015, 110 in 2014 and 113 in 2013
distribution from/(investment in) joint venture
unearned revenue and advanced service fees
utility plant expenditures, including afudc of 118 in 2015, 75 in 2014
distribution from joint venture
2
35
see notes to condensed consolidated financial statements.2
see notes to condensed consolidated financial statements2
see notes to consolidated financial statements.36
see notes to consolidated financial statements.35
see notes to unaudited condensed consolidated financial statements.2
operations and developer contracts receivable																																																					2,147,000		5,300,000				4,589,000
total deferred charges and other assets																																																					91,730,000		92,464,000	62,271,000	64,161,000	66,186,000	67,687,000	58,114,000	59,415,000			59,897,000	40,424,000		15,385,873
regulatory liability - cost of utility plant removal																																																					8,405,000		8,029,000	7,869,000	7,692,000	7,558,000	7,369,000	7,230,000	6,887,000			6,197,000	6,103,000		5,234,354
total deferred credits and other liabilities																																																					121,250,000		120,142,000	88,490,000	89,265,000	88,246,000	88,262,000	82,724,000	82,738,000			77,904,000	61,119,000
see notes to condensed consolidated financial statements.
see notes to condensed consolidated financial statements
36
operations and developer contracts fees receivable																																																								4,062,000	4,062,000	4,589,000
see notes to unaudited condensed consolidated financial statements.
middlesex water company
condensed consolidated statements of cash flows
assets																																																									2,011,000	2,011,000			2,010,000		2,009,000	2,008,000	2,008,000
operating revenues																																																											102,735,000							74,613,305
operating expenses:
operations and maintenance																																																											55,481,000
depreciation																																																											9,244,000							6,460,241
other taxes																																																											11,413,000							8,779,325
total operating expenses																																																											76,138,000							57,394,862
operating income																																																											26,597,000							17,218,443
other income:
allowance for funds used during construction																																																											970,000							547,714
other income																																																											912,000							219,572
total other income																																																											1,444,000							739,693
interest charges																																																											6,925,000							6,244,671
income before income taxes																																																											21,116,000							11,713,465
preferred stock dividend requirements																																																											207,000							251,286
earnings applicable to common stock																																																											14,123,000							8,224,855
earnings per share of common stock:
basic																																																											960							0.72
diluted																																																											960							0.71
average number of
common shares outstanding :
cash dividends paid per common share																																																											723							0.673
operations contracts fees receivable																																																												3,715,000	3,715,000			3,708,000	3,736,000		699,806
other assets																																																												-477,000
other liabilities																																																												-54,000
utility plant expenditures, including afudc of 297 in 2010, 316 in 2009																																																												-22,223,000
net short-term bank (payments)/borrowings																																																												-24,050,000
deferred debt issuance expenses																																																												-7,000
repurchase of preferred stock																																																												-11,000
see notes to consolidated financial statements.
consolidated statements of income
operations																																																																		38,635,382
maintenance																																																																		3,519,914
accumulated other comprehensive income, net of tax																																																																0			35,904
see notes to consolidated financial statements
nonutility assets - net																																																																			4,337,165
deferred charges and other assets:																																																																			3,166,448
current liabilities:																																																																			1,089,578
taxes accrued																																																																			7,863,080
interest accrued																																																																			711,915
deferred credits:																																																																			12,275,493
accumulated deferred investment tax credits																																																																			1,716,220
total deferred credits																																																																			39,957,663
utility plant expenditures*
cash surrender value & other investments
investment in associated companies
proceeds from real estate dispositions
preliminary survey & investigation charges
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
*excludes allowance for funds used during construction.
cash paid for interest

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