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Business Segment Data | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segment Data | Note 8 – Business Segment Data 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. This segment also includes regulated wastewater systems in New Jersey and Delaware. 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. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.
|  | (Thousands of Dollars) |
|  | Years Ended December 31, |
Operations by Segments: |  | 2022 |  |  | 2021 |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |  |
Regulated |  | $ | 151,117 |  |  | $ | 131,531 |  |  | $ | 129,851 |
Non – Regulated |  |  | 12,446 |  |  |  | 12,818 |  |  |  | 12,545 |
Inter-segment Elimination |  |  | (1,129 | ) |  |  | (1,208 | ) |  |  | (804 | )
Consolidated Revenues |  | $ | 162,434 |  |  | $ | 143,141 |  |  | $ | 141,592 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |
Regulated |  | $ | 44,257 |  |  | $ | 29,577 |  |  | $ | 34,043 |
Non – Regulated |  |  | 3,076 |  |  |  | 3,634 |  |  |  | 3,377 |
Consolidated Operating Income |  | $ | 47,333 |  |  | $ | 33,211 |  |  | $ | 37,420 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Regulated |  | $ | 22,783 |  |  | $ | 20,897 |  |  | $ | 18,264 |
Non – Regulated |  |  | 246 |  |  |  | 212 |  |  |  | 208 |
Consolidated Depreciation |  | $ | 23,029 |  |  | $ | 21,109 |  |  | $ | 18,472 |
Other Income (Expense), Net: |  |  |  |  |  |  |  |  |  |  |  |
Regulated |  | $ | 7,898 |  |  | $ | 6,112 |  |  | $ | 4,605 |
Non – Regulated |  |  | 279 |  |  |  | 279 |  |  |  | 130 |
Inter-segment Elimination |  |  | (474 | ) |  |  | (433 | ) |  |  | (356 | )
Consolidated Other Income (Expense), Net |  | $ | 7,703 |  |  | $ | 5,958 |  |  | $ | 4,379 |
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |
Regulated |  | $ | 9,833 |  |  | $ | 8,529 |  |  | $ | 7,780 |
Non – Regulated |  |  | 7 |  |  |  | 17 |  |  |  | 70 |
Inter-segment Elimination |  |  | (473 | ) |  |  | (432 | ) |  |  | (357 | )
Consolidated Interest Expense |  | $ | 9,367 |  |  | $ | 8,114 |  |  | $ | 7,493 |
Income Taxes: |  |  |  |  |  |  |  |  |  |  |  |
Regulated |  | $ | 2,084 |  |  | $ | (6,723 | ) |  | $ | (5,139 | )
Non – Regulated |  |  | 1,156 |  |  |  | 1,235 |  |  |  | 1,020 |
Consolidated Income Taxes |  | $ | 3,240 |  |  | $ | (5,488 | ) |  | $ | (4,119 | )
Net Income: |  |  |  |  |  |  |  |  |
Regulated |  | $ | 40,229 |  |  | $ | 33,849 |  |  | $ | 35,951 |
Non – Regulated |  |  | 2,200 |  |  |  | 2,694 |  |  |  | 2,474 |
Consolidated Net Income |  | $ | 42,429 |  |  | $ | 36,543 |  |  | $ | 38,425 |
Capital Expenditures: |  |  |  |  |  |  |  |  |
Regulated |  | $ | 91,054 |  |  | $ | 79,195 |  |  | $ | 105,091 |
Non – Regulated |  |  | 281 |  |  |  | 183 |  |  |  | 528 |
Total Capital Expenditures |  | $ | 91,335 |  |  | $ | 79,378 |  |  | $ | 105,619 |
|  | As of December 31, 2022 |  |  | As of December 31, 2021 |
Assets: |  |  |  |  |  |  |  |
Regulated |  | $ | 1,079,180 |  |  | $ | 1,022,116 |
Non – Regulated |  |  | 6,999 |  |  |  | 7,811 |
Inter-segment Elimination |  |  | (11,729 | ) |  |  | (9,912 | )
Consolidated Assets |  | $ | 1,074,450 |  |  | $ | 1,020,015 |

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