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Business Segment Data
 6 Months Ended
Jun. 30, 2024
Business Segment Data [Abstract]  
Business Segment Data

Note 5 – 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 New Jersey and Delaware with respect to utility services 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.

 

   (In Thousands)
   Three Months Ended  Six Months Ended
   June 30,  June 30,
Operations by Segments:  2024  2023  2024  2023
Revenues:            
Regulated  $45,966   $39,909   $83,431   $74,862 
 Non – Regulated   3,410    3,056    6,614    6,398 
Inter-segment Elimination   (230)   (164)   (375)   (303)
Consolidated Revenues  $49,146   $42,801   $89,670   $80,957 
                     
Operating Income:                    
Regulated  $14,314   $9,820   $23,315   $16,535 
 Non – Regulated   1,001    849    1,865    1,622 
Consolidated Operating Income  $15,315   $10,669   $25,180   $18,157 
                     
Net Income:                    
Regulated  $9,826   $9,307   $19,877   $14,631 
Non – Regulated   720    594    1,351    1,136 
Consolidated Net Income  $10,546   $9,901   $21,228   $15,767 
                     
Capital Expenditures:                    
Regulated  $14,325   $26,114   $28,701   $50,579 
Non – Regulated   23    6    36    56 
Total Capital Expenditures  $14,348   $26,120   $28,737   $50,635 

 

   As of   As of           
  June 30, 2024   December 31, 2023           
Assets:                    
Regulated  $1,272,096   $1,235,549           
Non – Regulated   9,645    8,068           
Inter-segment Elimination   (7,102)   (7,565)          
Consolidated Assets  $1,274,639   $1,236,052