Business Segment Data

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segment Data

Note 8 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by 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.

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.

	(Thousands of Dollars)
	Years Ended December 31,
Operations by Segments:	2022			2021			2020
Revenues:
Regulated	$	151,117		$	131,531		$	129,851
Non – Regulated		12,446			12,818			12,545
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Consolidated Revenues	$	162,434		$	143,141		$	141,592
Operating Income:
Regulated	$	44,257		$	29,577		$	34,043
Non – Regulated		3,076			3,634			3,377
Consolidated Operating Income	$	47,333		$	33,211		$	37,420
Depreciation:
Regulated	$	22,783		$	20,897		$	18,264
Non – Regulated		246			212			208
Consolidated Depreciation	$	23,029		$	21,109		$	18,472
Other Income (Expense), Net:
Regulated	$	7,898		$	6,112		$	4,605
Non – Regulated		279			279			130
Inter-segment Elimination		(474	)		(433	)		(356	)
Consolidated Other Income (Expense), Net	$	7,703		$	5,958		$	4,379
Interest Expense:
Regulated	$	9,833		$	8,529		$	7,780
Non – Regulated		7			17			70
Inter-segment Elimination		(473	)		(432	)		(357	)
Consolidated Interest Expense	$	9,367		$	8,114		$	7,493
Income Taxes:
Regulated	$	2,084		$	(6,723	)	$	(5,139	)
Non – Regulated		1,156			1,235			1,020
Consolidated Income Taxes	$	3,240		$	(5,488	)	$	(4,119	)
Net Income:
Regulated	$	40,229		$	33,849		$	35,951
Non – Regulated		2,200			2,694			2,474
Consolidated Net Income	$	42,429		$	36,543		$	38,425
Capital Expenditures:
Regulated	$	91,054		$	79,195		$	105,091
Non – Regulated		281			183			528
Total Capital Expenditures	$	91,335		$	79,378		$	105,619

	As of December 31, 2022			As of December 31, 2021
Assets:
Regulated	$	1,079,180		$	1,022,116
Non – Regulated		6,999			7,811
Inter-segment Elimination		(11,729	)		(9,912	)
Consolidated Assets	$	1,074,450		$	1,020,015