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Business Segment Data
 9 Months Ended
Sep. 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  Nine Months Ended
   September 30,  September 30,
Operations by Segments:  2024  2023  2024  2023
Revenues:            
Regulated  $52,252   $43,763   $135,682   $118,625 
Non – Regulated   3,325    3,251    9,940    9,649 
Inter-segment Elimination   (477)   (299)   (852)   (602)
Consolidated Revenues  $55,100   $46,715   $144,770   $127,672 
                     
Operating Income:                    
Regulated  $16,673   $12,008   $39,990   $28,543 
Non – Regulated   828    814    2,691    2,437 
Consolidated Operating Income  $17,501   $12,822   $42,681   $30,980 
                     
Net Income:                    
Regulated  $13,697   $9,384   $33,576   $24,017 
Non – Regulated   622    606    1,971    1,742 
Consolidated Net Income  $14,319   $9,990   $35,547   $25,759 
                     
Capital Expenditures:                    
Regulated  $20,743   $22,415   $49,444   $72,994 
Non – Regulated   
—
    24    36    80 
Total Capital Expenditures  $20,743   $22,439   $49,480   $73,074 

 

   As of  As of  
    September 30, 2024  December 31, 2023  
Assets:            
Regulated  $1,236,131   $1,235,549   
Non – Regulated   9,525    8,068   
Inter-segment Elimination   (16,041)   (7,565)  
Consolidated Assets  $1,229,615   $1,236,052