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(Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates  (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated notes within the 2023 Annual Report on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the Company’s financial position as of September 30, 2024, the results of operations for the three and nine month periods ended September 30, 2024 and 2023 and cash flows for the nine month periods ended September 30, 2024 and 2023. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the Company’s December 31, 2023 audited financial statements included in the 2023 Form 10-K.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Recent Developments </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>United States Environmental Protection Agency (USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations</b> - In April 2024, the USEPA finalized drinking water regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking water levels exceed these MCLs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beginning in April 2029, water systems that have Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking water and must provide notification to the public of the violation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In anticipation of these new USEPA standards, in 2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary engineering studies to ensure that effective PFAS treatment approaches are implemented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Recent Accounting Guidance </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 0 0">The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2024 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 16%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard</span></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 26%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td> <td style="vertical-align: top; width: 2%"> </td> <td style="vertical-align: bottom; width: 16%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Adoption</span></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 14%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application</span></td> <td style="vertical-align: top; width: 4%"> </td> <td style="vertical-align: bottom; width: 20%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect on the<br/> Condensed Consolidated <br/> Financial Statements</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”</span></td> <td> </td> <td style="border-top: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.9pt 0 0.9pt">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.9pt 0 0.9pt"> </p></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.</span></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrospective</span></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently evaluating the requirements of ASU 2023-07.</span></td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09 “Improvements to Income Tax Disclosures”</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective, with retrospective application also permitted.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently evaluating the requirements of ASU 2023-09.</span></td></tr> </table> The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2024 are as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 16%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard</span></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 26%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td> <td style="vertical-align: top; width: 2%"> </td> <td style="vertical-align: bottom; width: 16%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Adoption</span></td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 14%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application</span></td> <td style="vertical-align: top; width: 4%"> </td> <td style="vertical-align: bottom; width: 20%; padding-left: 0.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect on the<br/> Condensed Consolidated <br/> Financial Statements</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”</span></td> <td> </td> <td style="border-top: black 1pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.9pt 0 0.9pt">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.9pt 0 0.9pt"> </p></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.</span></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrospective</span></td> <td> </td> <td style="border-top: black 1pt solid; padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently evaluating the requirements of ASU 2023-07.</span></td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09 “Improvements to Income Tax Disclosures”</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective, with retrospective application also permitted.</span></td> <td> </td> <td style="padding-left: 0.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently evaluating the requirements of ASU 2023-09.</span></td></tr> </table> 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. 2024-12-31 Retrospective The Company is currently evaluating the requirements of ASU 2023-07. 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. 2025-12-31 Prospective, with retrospective application also permitted. The Company is currently evaluating the requirements of ASU 2023-09. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2 </b>– <b>Rate and Regulatory Matters</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Middlesex </b>– The approval by the New Jersey Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase annual operating revenues by $15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover increased operating costs as well as a return on invested capital of $563.1 million, based on an authorized return on common equity of 9.6%. Middlesex has made capital infrastructure investments to ensure prudent upgrade and replacement of its utility assets to support continued regulatory compliance, resilience and overall quality of service. In August 2023, Middlesex and 3M Company (3M) executed a settlement agreement (Settlement Agreement) to resolve a lawsuit Middlesex previously initiated claiming 3M introduced PFAS, which includes Perfluorooctanoic Acid (PFOA), into the Company’s water supply for its Park Avenue Wellfield Treatment Plant (Park Avenue Plant). The rate case settlement provides that the net proceeds from the 3M Settlement Agreement were to be used to mitigate the increase in customer rates and reimburse Middlesex for previously incurred costs for the construction of the Park Avenue Plant PFAS treatment upgrades, including depreciation and carrying costs. This resulted in the reclassification of $48.3 million from Regulatory Liabilities to Contributions in Aid of Construction from the December 31, 2023 balance sheet. In 2024, the Company also recognized the recovery of $0.9 million for depreciation and $4.1 million for carrying costs associated with the Park Avenue Plant PFAS treatment upgrades, as well as the recovery of $1.8 million of previously incurred operating treatment costs while the Park Avenue Plant PFAS treatment upgrades were in process.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Middlesex Lead Service Line Replacement (LSLR) Plan, which was approved by the NJBPU in January 2024, has commenced and Middlesex submitted a customer surcharge filing with the NJBPU in July 2024 to recover costs incurred replacing Middlesex customer-owned lead service lines. The surcharge is for $1.4 million of costs incurred through June 2024, which are expected to be recovered between September 2024 and February 2025. The surcharge is required to be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable through traditional rate making in connection with general rate case filings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2024, Middlesex filed a second Distribution System Improvement Charge (DSIC) rate application that is expected to result in $1.1 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between general rate case proceedings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2024, Middlesex filed a petition with the NJBPU seeking approval to set a Purchased Water Adjustment Clause tariff rate to recover additional costs of $0.6 million for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tidewater - </b>In September 2024, the Delaware Public Service Commission (DEPSC) approved Tidewater’s petition to recover up to $2.1 million of costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Through September 30, 2024, Tidewater has spent $1.7 million, which is included in Regulatory Assets and will be recovered through a surcharge mechanism.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2024, Tidewater filed an application with the DEPSC to increase its general rates for water service. In the application, Tidewater seeks an overall increase in annual operating revenue of $10.3 million or 25.66% over current revenue. The request for rate increases will allow Tidewater to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of the water utility infrastructure assets. Effective October 30, 2024, Tidewater received approval of the DEPSC to suspend its DSIC rate and implement an interim rate increase, which is expected to result in approximately $2.5 million of annual revenues, subject to refund pending the outcome of the rate case application.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Twin Lakes Utilities, Inc. (Twin Lakes) – </b>Twin Lakes provides water services to approximately 115 residential customers in Shohola, Pennsylvania. Pursuant to the Pennsylvania Public Utility Code, Twin Lakes filed a petition requesting the Pennsylvania Public Utilities Commission (PAPUC) to order the acquisition of Twin Lakes by a capable public utility. The PAPUC assigned an Administrative Law Judge (ALJ) to adjudicate the matter and submit a recommended decision (Recommended Decision) to the PAPUC. As part of this legal proceeding the PAPUC also issued an Order in January 2021 appointing a large Pennsylvania based investor-owned water utility as the receiver (the Receiver Utility) of the Twin Lakes system until the petition is fully adjudicated by the PAPUC. In November 2021, the PAPUC issued an Order affirming the ALJ’s Recommended Decision, ordering the Receiver Utility to acquire the Twin Lakes water system and for Middlesex, the parent company of Twin Lakes, to submit $1.7 million into an escrow account within 30 days. Twin Lakes immediately filed a Petition For Review (PFR) with the Commonwealth Court of Pennsylvania (the Commonwealth Court) seeking reversal and vacation of the escrow requirement on the grounds that it violates the Pennsylvania Public Utility Code as well as the United States Constitution. In addition, Twin Lakes filed an emergency petition for stay of the PAPUC Order pending the Commonwealth Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Commonwealth Court granted Twin Lakes’ emergency petition, pending its review. In August 2022, the Commonwealth Court issued an opinion upholding PAPUC’s November 2021 Order in its entirety. In September 2022, Twin Lakes filed a Petition For Allowance of Appeal (Appeal Petition) to the Supreme Court of Pennsylvania seeking reversal of the Commonwealth Court’s decision to uphold the escrow requirement on the grounds that the Commonwealth Court erred in failing to address Twin Lakes’ claims that because the $1.7 million escrow requirement placed on Middlesex violated Middlesex’s constitutional rights, Middlesex’s refusal to submit this escrow payment would jeopardize the relief Twin Lakes was otherwise entitled to in the appointment of the Receiver Utility. In March 2023, the Supreme Court of Pennsylvania issued a decision denying Twin Lakes’ Appeal Petition without addressing this claim on the merits. As a result of the Pennsylvania Courts’ failure to address Twin Lakes’ claim, Middlesex subsequently filed a Complaint with the United States District Court for the Middle District of Pennsylvania (US District Court) to address the issue of whether the PAPUC’s Order violated Middlesex’s rights under the United States Constitution. On January 18, 2024, the US District Court issued a decision dismissing Middlesex’s complaint without addressing Middlesex’s claims on the merits. On January 31, 2024, Middlesex filed a Notice of Appeal of the US District Court’s decision with the United States Court of Appeals for the Third Circuit (Third Circuit Court). Briefing before the Third Circuit Court is complete and a three-judge panel will issue a written decision based on the briefs without scheduling any oral arguments. The decision is expected to be issued in the first half of 2025. The estimated loss recorded by the Company related to this matter, the financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.</p> 15400000 563100000 0.096 48300000 900000 4100000 1800000 1400000 1100000 600000 2100000 1700000 10300000 0.2566 2500000 1700000 1700000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 – Capitalization</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Common Stock</b> – During the nine months ended September 30, 2024 and 2023, there were 13,498 common shares (approximately $0.7 million) and 118,501 common shares (approximately $9.0 million) respectively, issued under the Middlesex Water Company Investment Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex has received approval from the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the third quarter of 2024, 1,849 shares of the Company’s no par $7.00 Series Cumulative and Convertible Preferred Stock were converted into 22,188 shares (approximately $0.2 million) of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Long-term Debt –</b> Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of the borrowings under the New Jersey SRF is interest-free.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex has received approval from the NJBPU to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the New Jersey SRF program, borrowers first enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Delaware SRF program, borrowers 1) enter into a long-term note agreement for a term not to exceed twenty years, 2) submit requisitions for cost reimbursements during the construction period for up to two years after the agreement is executed and 3) as the proceeds are received from the requisitions, borrowers record a corresponding debt obligation amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2024, Tidewater closed on four DEPSC-approved Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater has drawn down less than $0.1 million on these loans as of September 30, 2024. Each project has its own construction timetable with the last spending set to occur in 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2024, Tidewater closed on a $2.2 million Delaware SRF loan with a 0.0% interest rate with expected maturity dates in 2044. This loan is for costs associated with Tidewater’s obligation, as required by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. Tidewater expects to draw down on this loan in the fourth quarter of 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Separately, Tidewater has two active construction projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection of transmission mains. Tidewater has drawn a total of $4.9 million through September 30, 2024 and expects that the requisitions will continue through the second quarter of 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value of Financial Instruments –</b> The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage Bonds (FMBs) and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="15" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Thousands of Dollars)</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2024</b></span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FMBs</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,602</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">127,760</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,374</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131,745</span></td> <td style="white-space: nowrap; width: 1%"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It was not practicable to estimate the fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $229.3 million and $231.3 million at September 30, 2024 and December 31, 2023, respectively. Customer advances for construction have carrying amounts of $21.5 million and $21.3 million at September 30, 2024 and December 31, 2023, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.</p> 13498000 700000 118501000 9000000 1000000 1849000 7 22188000 200000 300000000 0 5600000 0.02 100000 2200000 0 8300000 4900000 The carrying amount and fair value of the FMBs were as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="15" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Thousands of Dollars)</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2024</b></span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying</span></td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FMBs</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,602</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">127,760</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,374</span></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131,745</span></td> <td style="white-space: nowrap; width: 1%"> </td></tr> </table> 129602000 127760000 133374000 131745000 229300000 231300000 21500000 21300000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 4 – Earnings Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2024</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2023</td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: justify">Basic:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,319</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,838</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,990</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,758</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,290</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,838</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,758</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.56</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,290</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,838</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,758</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">114</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,307</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,952</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,977</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,873</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.56</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2024</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2023</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">Basic:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,547</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,828</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,759</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,708</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(89</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(90</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,828</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,708</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.99</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.45</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,828</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,708</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,508</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,943</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,720</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,823</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.98</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.44</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2024</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2023</td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: justify">Basic:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,319</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,838</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,990</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,758</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,290</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,838</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,758</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.56</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,290</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,838</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,758</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">114</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,307</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,952</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,977</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,873</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.56</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2024</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">2023</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">Basic:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,547</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,828</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,759</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,708</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(89</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(90</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,828</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,708</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.99</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.45</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,828</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,708</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">35,508</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,943</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,720</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,823</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.98</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.44</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> 7 14319000 17838000 9990000 17758000 29000 30000 14290000 17838000 9960000 17758000 0.8 0.56 14290000 17838000 9960000 17758000 7 7 7 7 17000 114000 17000 115000 14307000 17952000 9977000 17873000 0.8 0.56 35547000 17828000 25759000 17708000 89000 90000 35458000 17828000 25669000 17708000 1.99 1.45 35458000 17828000 25669000 17708000 7 7 7 7 50000 115000 51000 115000 35508000 17943000 25720000 17823000 1.98 1.44 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5 – Business Segment Data</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues:</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="3" style="white-space: nowrap"> </td><td> </td> <td colspan="3" style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 40%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">52,252</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">43,763</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">135,682</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">118,625</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,325</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,251</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,649</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(299</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(852</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(602</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">55,100</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">46,715</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">144,770</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">127,672</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,673</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,008</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">39,990</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,543</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">828</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">814</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,691</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,437</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">17,501</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">12,822</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">42,681</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,980</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,697</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,384</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">33,576</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,017</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">622</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">606</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,971</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,742</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,319</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,990</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">35,547</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">25,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Capital Expenditures:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,743</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">49,444</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">72,994</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">—</div></td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">80</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">20,743</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">22,439</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">49,480</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">73,074</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">As of</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">September 30, 2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2023</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 40%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,236,131</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,235,549</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 30%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,525</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,068</td><td style="white-space: nowrap; text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,041</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,565</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,229,615</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,236,052</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td> </td></tr> </table> 2 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.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues:</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="3" style="white-space: nowrap"> </td><td> </td> <td colspan="3" style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 40%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">52,252</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">43,763</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">135,682</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">118,625</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,325</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,251</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,649</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(299</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(852</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(602</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">55,100</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">46,715</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">144,770</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">127,672</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,673</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,008</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">39,990</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,543</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">828</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">814</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,691</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,437</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">17,501</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">12,822</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">42,681</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,980</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,697</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,384</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">33,576</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,017</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">622</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">606</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,971</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,742</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,319</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,990</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">35,547</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">25,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Capital Expenditures:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,743</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">49,444</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">72,994</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">—</div></td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">80</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">20,743</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">22,439</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">49,480</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">73,074</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">As of</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">September 30, 2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2023</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 40%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,236,131</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,235,549</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 30%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,525</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,068</td><td style="white-space: nowrap; text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,041</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,565</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,229,615</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,236,052</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td> </td></tr> </table> 52252000 43763000 135682000 118625000 3325000 3251000 9940000 9649000 -477000 -299000 -852000 -602000 55100000 46715000 144770000 127672000 16673000 12008000 39990000 28543000 828000 814000 2691000 2437000 17501000 12822000 42681000 30980000 13697000 9384000 33576000 24017000 622000 606000 1971000 1742000 14319000 9990000 35547000 25759000 20743000 22415000 49444000 72994000 24000 36000 80000 20743000 22439000 49480000 73074000 1236131000 1235549000 9525000 8068000 -16041000 -7565000 1229615000 1236052000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 6 – Short-term Borrowings</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains lines of credit aggregating $140.0 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">(Millions)</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">As of September 30, 2024</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Available</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Maximum</td><td style="border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Credit Type</td><td style="border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Renewal Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: left">Bank of America</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">—</div></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">Uncommitted</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">January 24, 2025</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">PNC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.5</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">50.5</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68.0</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: center">Committed</td><td> </td> <td style="text-align: center">January 31, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CoBank, ACB</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">—</div></td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="text-align: center">Committed</td><td> </td> <td style="text-align: center">May 20, 2026</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">122.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140.0</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td> </td><td> </td> <td style="text-align: right"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The borrowings outstanding under the PNC Bank lines of credit as of September 30, 2024 mature daily and are being rolled over on a daily basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average interest rate on the outstanding borrowings at September 30, 2024 under these credit lines is 5.94%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,476</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,015</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,620</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">32,860</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted Average Interest Rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.41%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.37%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.42%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.89%</td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> The Company maintains lines of credit aggregating $140.0 million.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">(Millions)</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">As of September 30, 2024</td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Available</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Maximum</td><td style="border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Credit Type</td><td style="border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Renewal Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: left">Bank of America</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">—</div></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">Uncommitted</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">January 24, 2025</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">PNC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.5</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">50.5</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68.0</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: center">Committed</td><td> </td> <td style="text-align: center">January 31, 2026</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CoBank, ACB</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">—</div></td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="text-align: center">Committed</td><td> </td> <td style="text-align: center">May 20, 2026</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">122.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140.0</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td> </td><td> </td> <td style="text-align: right"> </td></tr> </table> 140000000 60000000 60000000 Uncommitted 2025-01-24 17500000 50500000 68000000 Committed 2026-01-31 12000000 12000000 Committed 2026-05-20 17500000 122500000 140000000 0.0594 The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,476</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,015</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,620</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">32,860</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted Average Interest Rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.41%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.37%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.42%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.89%</td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> 23476000 25015000 44620000 32860000 0.0641 0.0637 0.0642 0.0589 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7 – Commitments and Contingent Liabilities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Water Supply –</b> Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 mgd. Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex also has an agreement with a non-affiliated NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases if needed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tidewater contracts with the City of Dover in Delaware to purchase treated water of up to 60.0 million gallons annually.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">Purchased water costs are shown below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">796</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,607</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,697</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,353</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">611</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">812</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,322</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,352</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,407</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,419</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,019</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,705</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases –</b> The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining the present value of lease payments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended September 30, 2024 and 2023, respectively, and $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to operating lease ROU assets and lease liabilities is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Millions)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">September 30, 2024</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">December 31, 2023</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">ROU Asset at Lease Inception</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accumulated Amortization</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.1</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">ROU Asset</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.7</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The Company’s future minimum operating lease commitments as of September 30, 2024 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">(In Millions)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: right">2024</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">0.2</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Thereafter</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.9</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4.6</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Imputed Interest</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.4</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Present Value of Lease Payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Less Current Portion*</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Non-Current Lease Liability</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">*Included in Other Current Liabilities</td> <td colspan="4"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Construction –</b> The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $14.5 million in the future. The actual amount and timing of capital expenditures is dependent on the need for upgrade or replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs. With continued higher mortgage interest rates, as well as other financial market uncertainties, there is no assurance that projected customer growth and residential new home construction and sales will occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PFOA Matter –</b> In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and economic damages. Middlesex and 3M agreed to enter into a joint mediation on these lawsuits. On August 30, 2024, the parties to the two PFOA-related class action lawsuits entered into a signed Settlement Term Sheet (Term Sheet) to resolve both matters. The parties are in the process of memorializing the settlement into a Settlement Agreement that is expected to be completed in the fourth quarter of 2024. The Company does not believe that the Term Sheet nor the anticipated Settlement Agreement, once executed, will have any material financial or operational impact to Middlesex. See Note 2 for additional details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Contingencies –</b> Based on our operations in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may mitigate the effect of any current or future loss contingencies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Change in Control Agreements –</b> The Company has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment under certain conditions in connection with a change in control of the Company.</p> 2048-11-30 27000000 47 2026-02-27 3 60000000 Purchased water costs are shown below:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td><td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td> <td colspan="3" style="white-space: nowrap; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">796</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,607</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,697</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,353</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">611</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">812</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,322</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,352</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,407</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,419</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,019</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,705</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> 796000 1607000 2697000 4353000 611000 812000 2322000 2352000 1407000 2419000 5019000 6705000 0.0403 200000 200000 600000 600000 Information related to operating lease ROU assets and lease liabilities is as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Millions)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">September 30, 2024</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">December 31, 2023</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">ROU Asset at Lease Inception</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accumulated Amortization</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.1</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">ROU Asset</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.7</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> 7300000 7300000 4600000 4100000 2700000 3200000 The Company’s future minimum operating lease commitments as of September 30, 2024 are as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">(In Millions)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: right">2024</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">0.2</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Thereafter</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.9</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4.6</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Imputed Interest</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.4</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Present Value of Lease Payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right">Less Current Portion*</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Non-Current Lease Liability</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">*Included in Other Current Liabilities</td> <td colspan="4"> </td></tr> </table> 200000 800000 900000 900000 900000 900000 4600000 1400000 3200000 600000 2600000 14500000 2024-08-30 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 – Employee Benefit Plans</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Pension Benefits –</b> The Company’s defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For the three month period ended September 30, 2024, the Company did not make cash contributions to the Pension Plan. For the nine month period ended September 30, 2024, the Company contributed $2.0 million to the Pension Plan. For the three and nine month periods ended September 30, 2023, the Company did not make cash contributions to the Pension Plan. The Company does not expect to make any additional cash contributions to the Pension Plan over the remainder of the current year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Postretirement Benefits –</b> The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the nine month periods ended September 30, 2024 and 2023, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">318</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">388</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">80</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">98</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,070</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,067</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,466</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(846</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(771</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(275</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(48</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(154</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">153</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(319</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">953</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,163</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">240</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">293</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,210</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,202</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,206</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,741</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,399</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,538</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,312</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">114</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">493</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(824</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(143</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(464</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">459</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,137</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(956</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.</p> 2000000 900000 The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">318</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">388</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">80</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">98</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,070</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,067</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,466</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(846</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(771</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(275</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(48</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(154</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">153</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(319</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">953</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,163</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">240</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">293</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,210</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,202</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,206</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,741</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,399</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,538</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,312</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">114</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">493</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(824</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(143</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(464</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">459</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,137</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(956</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.</p> 318000 388000 80000 98000 1070000 1067000 328000 402000 1580000 1466000 846000 771000 -38000 -164000 275000 48000 -154000 153000 -713000 -319000 953000 1163000 240000 293000 3210000 3202000 985000 1206000 4741000 4399000 2538000 2312000 -114000 -493000 824000 143000 -464000 459000 -2137000 -956000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 9 – Revenue Recognition from Contracts with Customers</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s regulated revenue from contracts with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for credit losses based on historical write-offs combined with an evaluation of current economic conditions within its service territories.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s contracts do not contain any significant financing components.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company’s operating revenues are comprised of the following: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Residential</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,889</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">73,955</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">66,726</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Commercial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,693</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,926</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,252</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,553</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Industrial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,799</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,396</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,573</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,041</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fire Protection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,641</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,203</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,589</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,453</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Wholesale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,839</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,958</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,479</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,208</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,137</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,588</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,309</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55,069</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">46,690</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,677</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">127,561</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">391</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Non-Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">350</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">340</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(299</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(852</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(602</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">55,100</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">46,715</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">144,770</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">127,672</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> The Company’s operating revenues are comprised of the following:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended September 30,</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Nine Months Ended September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Residential</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,889</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">73,955</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">66,726</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Commercial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,693</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,926</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,252</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,553</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Industrial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,799</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,396</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,573</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,041</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fire Protection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,641</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,203</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,589</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,453</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Wholesale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,839</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,958</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,479</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,208</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,137</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,588</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,309</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55,069</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">46,690</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,677</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">127,561</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">391</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Non-Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">350</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">340</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(299</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(852</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(602</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">55,100</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">46,715</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">144,770</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">127,672</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> 28889000 25070000 73955000 66726000 9693000 6926000 24252000 18553000 3799000 3396000 10573000 9041000 3641000 3203000 10589000 9453000 5839000 4958000 15720000 14479000 3208000 3137000 9588000 9309000 55069000 46690000 144677000 127561000 391000 210000 595000 373000 117000 114000 350000 340000 -477000 -299000 -852000 -602000 55100000 46715000 144770000 127672000 false false false false --12-31 false Q3 0000066004 Included in Other Current Liabilities Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.