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Organization, Summary of Significant Accounting Policies and Recent Developments (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Summary of Significant Accounting Policies and Recent Developments [Abstract] |
Schedule of Range of Depreciation Rates for the Major Utility Plant Categories | The following table sets forth the range of depreciation rates for the major utility plant categories used to calculate depreciation for the years ended December 31, 2024, 2023, and 2022. These rates have been approved by the NJBPU or DEPSC:
Source of Supply | 1.15% - 3.44% | Transmission and Distribution (T&D):
Pumping | 2.00% - 5.39% | T&D – Mains | 1.10% - 3.13%
Water Treatment | 1.65% - 7.09% | T&D – Services | 2.12% - 3.16%
General Plant | 2.08% - 17.84% | T&D – Other | 1.61% - 4.63%
Wastewater Collection | 1.42% - 1.81% |  |
Schedule of AFUDC Rates for Middlesex and Tidewater | The AFUDC rates for the years ended December 31, 2024, 2023 and 2022 for Middlesex and Tidewater are as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Middlesex |  |  | 6.64% |  |  |  | 6.35% |  |  |  | 6.35% |
Tidewater |  |  | 7.92% |  |  |  | 7.92% |  |  |  | 7.92% |
Schedule of Operating Revenues | The Company’s operating revenues are comprised of the following:
|  | (In Thousands)
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Regulated Tariff Sales |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 97,802 |  |  | $ | 86,581 |  |  | $ | 84,950 |
Commercial |  |  | 31,833 |  |  |  | 23,945 |  |  |  | 22,689 |
Industrial |  |  | 13,842 |  |  |  | 11,586 |  |  |  | 11,152 |
Fire Protection |  |  | 14,188 |  |  |  | 12,582 |  |  |  | 12,726 |
Wholesale |  |  | 21,003 |  |  |  | 19,117 |  |  |  | 18,769 |
Non-Regulated Contract Operations |  |  | 13,085 |  |  |  | 12,320 |  |  |  | 12,006 |
Total Revenue from Contracts with Customers |  | $ | 191,753 |  |  | $ | 166,131 |  |  | $ | 162,292 |
Other Regulated Revenues |  |  | 691 |  |  |  | 806 |  |  |  | 831 |
Other Non-Regulated Revenues |  |  | 467 |  |  |  | 453 |  |  |  | 440 |
Inter-segment Elimination |  |  | (1,034 | ) |  |  | (1,116 | ) |  |  | (1,129 | )
Total Revenue |  | $ | 191,877 |  |  | $ | 166,274 |  |  | $ | 162,434 |
Schedule of Issued Accounting Standards | The recently issued accounting standards and their impact on the Company as of December 31, 2024 are as follows:
Standard |  | Description |  | Date of Adoption |  | Application |  | Effect on the Consolidated Financial Statements
Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” |  | The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. |  | The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2024. |  | Retrospective |  | The Company adopted ASU 2023-07, including a recast of 2023 and 2022 information, by including additional required disclosures within the Notes to the Consolidated Financial Statements -see Note 8- Reportable Segments.
ASU 2023-09 “Improvements to Income Tax Disclosures” |  | The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. |  | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. |  | Prospective, with retrospective application also permitted. |  | The Company is currently evaluating the requirements of ASU 2023-09.
ASU 2024-03 “Disaggregation of Income Statement Expenses” |  | The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses. |  | The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2027. |  | Prospective, with retrospective application also permitted. |  | The Company is currently evaluating the requirements of ASU 2024-03.

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- Definition Tabular disclosure of proportionate interests in jointly owned utility plants. Includes the amount of plants in service, the accumulated provision for depreciation (if available), the amount of plants under construction, and the proportionate share. The amounts presented may be further subdivided to show amounts applicable to plant subcategories (for example, production, transmission, distribution). Includes statements that the amounts represent the utility's share in each joint plant and that it must provide its own financing. Information concerning two or more generating plants on the same site may be combined. States that the utility's share of direct expenses of the joint plants is included in the corresponding operating expenses on its income statement (for example, fuel, maintenance of plant, other operating expense). If the share of direct expenses is charged to purchased power, then disclose the amount so charged and the proportionate amounts charged to specific operating expenses on the records maintained for the joint plants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 980 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 10.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479070/980-360-S99-1 + Details
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