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Business Segment Data
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year to-date basis and makes interim decisions to reallocate resources among segments as needed, ensuring a
timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return.
The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2024 Form 10-K. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial statements.
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 and includes Middlesex, Tidewater, Pinelands Water and Southern Shores. This segment also includes a regulated wastewater system in New Jersey, Pinelands Wastewater. 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 and includes USA, USA-PA, and White Marsh.
(In Thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operation by Segments
Revenues:
Regulated$51,209 $52,252 $138,973 $135,682 
Non – Regulated3,305 3,325 9,509 9,940 
Inter-segment Elimination(423)(477)(767)(852)
Consolidated Revenues$54,091 $55,100 $147,715 $144,770 
Operating Expenses
Purchased Water:
Regulated$2,353 $1,767 $6,339 $5,521 
Non – Regulated— — — — 
Inter-segment Elimination(303)(360)(406)(502)
Consolidated Purchased Water$2,050 $1,407 $5,933 $5,019 
Other Operations and Maintenance Expenses:
Regulated$19,624 $21,802 $56,269 $56,446 
Non – Regulated2,184 2,267 6,072 6,534 
Inter-segment Elimination(120)(117)(361)(350)
Consolidated Other Operations and Maintenance Expenses$21,688 $23,952 $61,980 $62,630 
Other Taxes:
Regulated$5,656 $5,881 $16,283 $16,264 
Non – Regulated53 50 177 166 
Consolidated Other Taxes$5,709 $5,931 $16,460 $16,430 
Depreciation:
Regulated$6,871 $6,245 $19,973 $17,812 
Non – Regulated70 64 198 198 
Consolidated Depreciation$6,941 $6,309 $20,171 $18,010 
Operating Income:
Regulated$16,826 $16,673 $40,470 $39,989 
Non – Regulated877 828 2,701 2,692 
Consolidated Operating Income$17,703 $17,501 $43,171 $42,681 
Other Income:
Regulated$2,002 $2,038 $5,924 $10,048 
Non – Regulated61 76 154 183 
Inter-segment Elimination(177)(146)(496)(242)
Consolidated Other Income, Net$1,886 $1,968 $5,582 $9,989 
(In Thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operation by Segments (continued)
Interest Charges:
Regulated$4,377 $3,557 $11,031 $10,963 
Non – Regulated— — — — 
Inter-segment Elimination(177)(146)(496)(242)
Consolidated Interest Charges$4,200 $3,411 $10,535 $10,721 
Income Taxes:
Regulated$1,116 $1,457 $3,074 $5,497 
Non – Regulated$315 282 $927 905 
Consolidated Income Taxes$1,431 $1,739 $4,001 $6,402 
Net Income:
Regulated$13,335 $13,697 $32,289 $33,576 
Non – Regulated$623 622 $1,928 1,971 
Consolidated Net Income$13,958 $14,319 $34,217 $35,547 
Capital Expenditures:
Regulated$20,785 $20,743 $71,334 $49,444 
Non – Regulated222 — $308 36 
Total Capital Expenditures$21,007 $20,743 $71,642 $49,480 
(Thousands of Dollars)
As of
September 30,
2025		As of
December 31,
2024
Assets:
Regulated1,351,268 $1,264,472 
Non – Regulated7,679 7,671 
Inter-segment Elimination(16,988)(16,969)
Consolidated Assets$1,341,959 $1,255,174