v3.26.1
Business Segment Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year-to-date basis and makes interim decisions to reallocate resources among segments as needed, ensuring a
timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return.
The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2025 Form 10-K. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial statements.
The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware and includes Middlesex, Tidewater and Southern Shores. This segment also includes a regulated wastewater system in New Jersey. The Company is subject to regulations as to its rates, services and other matters by the states of New Jersey and Delaware with respect to utility service within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware and includes USA, USA-PA, and White Marsh.
(In Thousands)
Three months ended June 30,Six months ended June 30,
2026202520262025
Operation by Segments
Operating Revenues:
Regulated$53,461 $46,267 $99,240 $87,763 
Non – Regulated3,235 3,251 6,325 6,204 
Total Reportable Segments56,696 49,518 105,565 93,967 
Inter-segment Elimination(339)(195)(494)(343)
Consolidated Operating Revenues$56,357 $49,323 $105,071 $93,624 
Operating Expenses
Purchased Water:
Regulated$2,135 $2,078 $4,076 $3,985 
Non – Regulated— — — — 
Total Reportable Segments2,135 2,078 4,076 3,985 
Inter-segment Elimination(212)(74)(247)(103)
Consolidated Purchased Water$1,923 $2,004 $3,829 $3,882 
Other Operations and Maintenance Expenses:
Regulated$21,413 $19,152 $40,402 $36,646 
Non – Regulated2,190 2,031 4,427 3,887 
Total Reportable Segments23,603 21,183 44,829 40,533 
Inter-segment Elimination(127)(121)(247)(240)
Consolidated Other Operations and Maintenance Expenses$23,476 $21,062 $44,582 $40,293 
Other Taxes:
Regulated$5,895 $5,576 $11,391 $10,626 
Non – Regulated73 $66 141 $124 
Consolidated Other Taxes$5,968 $5,642 $11,532 $10,750 
(In Thousands)
Three months ended June 30,Six months ended June 30,
Operation by Segments (continued)2026202520262025
Depreciation:
Regulated$6,686 $6,638 $13,649 $13,102 
Non – Regulated75 65 148 128 
Consolidated Depreciation$6,761 $6,703 $13,797 $13,230 
Operating Income:
Regulated$17,459 $12,943 $29,970 $23,644 
Non – Regulated770 969 1,361 1,825 
Consolidated Operating Income$18,229 $13,912 $31,331 $25,469 
Other Income:
Regulated$2,539 $2,019 $4,717 $3,921 
Non – Regulated18 38 43 93 
Total Reportable Segments2,557 2,057 4,760 4,014 
Inter-segment Elimination(209)(159)(409)(318)
Consolidated Other Income, Net2,348 1,898 4,351 3,696 
Income Taxes:
Regulated$1,526 $1,088 $2,599 $1,960 
Non – Regulated263 $321 475 $611 
Consolidated Income Taxes$1,789 $1,409 $3,074 $2,571 
Net Income:
Regulated$14,247 $10,092 $24,448 $18,951 
Non – Regulated525 $686 929 $1,307 
Consolidated Net Income$14,772 $10,778 $25,377 $20,258 
Capital Expenditures:
Regulated$32,750 $31,696 $53,324 $50,549 
Non – Regulated77 $28 144 $86 
Total Capital Expenditures$32,827 $31,724 $53,468 $50,635 
(Thousands of Dollars)
As of
June 30,
2026		As of
December 31,
2025
Assets:
Regulated$1,437,730 $1,377,391 
Non – Regulated8,829 9,076 
Total Reportable Segments1,446,559 1,386,467 
Inter-segment Elimination(23,077)(20,730)
Consolidated Assets$1,423,482 $1,365,737