0001174947-22-000866 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Entity Central Index Key	0000066004
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-422
Entity Registrant Name	MIDDLESEX WATER COMPANY
Entity Incorporation State Country Code	NJ
Entity Tax Identification Number	22-1114430
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
City Area Code	732
Local Phone Number	634-1500
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Name of Exchange on which Security is Registered	NASDAQ
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,609,794

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Operating Revenues	$ 39,683	$ 36,701	$ 75,879	$ 69,242
Operating Expenses:
Operations and Maintenance	19,557	17,959	38,695	36,315
Depreciation	5,670	5,187	11,292	10,019
Other Taxes	4,368	3,741	8,512	7,460
Total Operating Expenses	29,595	26,887	58,499	53,794
Gain on Sale of Subsidiary			5,232
Operating Income	10,088	9,814	22,612	15,448
Other Income (Expense):
Allowance for Funds Used During Construction	548	768	926	2,031
Other Income (Expense), net	1,396	790	2,773	1,564
Total Other Income, net	1,944	1,558	3,699	3,595
Interest Charges	2,369	2,070	4,219	3,808
Income before Income Taxes	9,663	9,302	22,092	15,235
Income Taxes	795	(1,621)	1,124	(2,593)
Net Income	8,868	10,923	20,968	17,828
Preferred Stock Dividend Requirements	30	30	60	60
Earnings Applicable to Common Stock	$ 8,838	$ 10,893	$ 20,908	$ 17,768
Earnings per share of Common Stock:
Basic	$ 0.50	$ 0.62	$ 1.19	$ 1.02
Diluted	$ 0.50	$ 0.62	$ 1.18	$ 1.01
Average Number of Common Shares Outstanding:
Basic	17,583	17,488	17,560	17,482
Diluted	17,698	17,603	17,675	17,597

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
UTILITY PLANT:
Water Production	$ 244,593	$ 247,286
Transmission and Distribution	703,360	697,200
General	95,782	95,658
Construction Work in Progress	41,974	24,947
TOTAL	1,085,709	1,065,091
Less Accumulated Depreciation	206,781	199,723
UTILITY PLANT - NET	878,928	865,368
CURRENT ASSETS:
Cash and Cash Equivalents	4,320	3,533
Accounts Receivable, net of allowance for uncollectible accounts of $2,656 and $2,574, respectively	14,629	15,311
Unbilled Revenues	10,289	7,273
Materials and Supplies (at average cost)	5,707	5,358
Prepayments	4,075	2,880
TOTAL CURRENT ASSETS	39,020	34,355
OTHER ASSETS:
Operating Lease Right of Use Asset	4,161	4,503
Preliminary Survey and Investigation Charges	2,639	3,540
Regulatory Assets	102,023	100,738
Non-utility Assets - Net	11,155	11,428
Other	92	83
TOTAL OTHER ASSETS	120,070	120,292
TOTAL ASSETS	1,038,018	1,020,015
CAPITALIZATION:
Common Stock, No Par Value	229,037	221,919
Retained Earnings	156,531	145,807
TOTAL COMMON EQUITY	385,568	367,726
Preferred Stock	2,084	2,084
Long-term Debt	305,411	306,520
TOTAL CAPITALIZATION	693,063	676,330
CURRENT LIABILITIES:
Current Portion of Long-term Debt	7,814	6,731
Notes Payable	27,500	13,000
Accounts Payable	24,249	21,125
Accrued Taxes	12,514	8,621
Accrued Interest	2,155	1,986
Unearned Revenues and Advanced Service Fees	1,495	1,330
Other	3,102	3,826
TOTAL CURRENT LIABILITIES	78,829	56,619
OTHER LIABILITIES:
Customer Advances for Construction	22,919	23,529
Lease Obligations - Operating	4,036	4,367
Accumulated Deferred Income Taxes	74,471	69,500
Employee Benefit Plans	9,143	11,290
Regulatory Liabilities	46,418	49,431
Other	1,082	1,086
TOTAL OTHER LIABILITIES	158,069	159,203
CONTRIBUTIONS IN AID OF CONSTRUCTION	108,057	127,863
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,038,018	$ 1,020,015

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets Unaudited
Allowance for uncollectible accounts	$ 2,656	$ 2,574

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 20,968	$ 17,828
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	13,401	12,900
Provision for Deferred Income Taxes and Investment Tax Credits	(3,256)	(7,852)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(532)	(1,171)
Cash Surrender Value of Life Insurance	445	(109)
Stock Compensation Expense	909	760
Gain on Sale of Subsidiary	(5,232)
Changes in Assets and Liabilities:
Accounts Receivable	682	1,289
Unbilled Revenues	(3,016)	(1,752)
Materials & Supplies	(349)	451
Prepayments	(1,195)	(1,572)
Accounts Payable	3,124	(7,343)
Accrued Taxes	3,893	2,082
Accrued Interest	170	31
Employee Benefit Plans	(1,310)	790
Unearned Revenue & Advanced Service Fees	165	149
Other Assets and Liabilities	(2,006)	(1,902)
NET CASH PROVIDED BY OPERATING ACTIVITIES	26,861	14,579
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $394 in 2022 and $860 in 2021	(39,343)	(46,500)
Proceeds from Sale of Subsiary	3,122
NET CASH USED IN INVESTING ACTIVITIES	(36,221)	(46,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(2,162)	(2,332)
Proceeds from Issuance of Long-term Debt	2,287	1,595
Net Short-term Bank Borrowings	14,500	29,500
Deferred Debt Issuance Expense	(82)	(14)
Proceeds from Issuance of Common Stock	7,039	596
Payment of Common Dividends	(10,184)	(9,527)
Payment of Preferred Dividends	(60)	(60)
Construction Advances and Contributions-Net	(1,191)	7,946
NET CASH PROVIDED BY FINANCING ACTIVITIES	10,147	27,704
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	787	(4,217)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	3,533	10,406
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	4,320	6,189
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	4,321	3,357
Non-Cash Consideration for Sale of Subsidiary	2,100
Cash Paid During the Year for:
Interest	4,245	3,975
Interest Capitalized	394	860
Income Taxes	$ 575	$ 2,320

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Allowance for funds used during construction	$ 394	$ 860

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Common Stock, No Par Value	$ 229,037	$ 221,919
Retained Earnings	156,531	145,807
TOTAL COMMON EQUITY	385,568	367,726
TOTAL PREFERRED STOCK	2,084	2,084
SUBTOTAL LONG-TERM DEBT	311,272	311,146
Add: Premium on Issuance of Long-term Debt	7,072	7,271
Less: Unamortized Debt Expense	(5,119)	(5,166)
Less: Current Portion of Long-term Debt	(7,814)	(6,731)
TOTAL LONG-TERM DEBT	305,411	306,520
First Mortgage Bonds [Member]
SUBTOTAL LONG-TERM DEBT	255,641	203,892
Amortizing Secured Notes [Member]
SUBTOTAL LONG-TERM DEBT	46,266	47,613
State Revolving Trust Notes [Member]
SUBTOTAL LONG-TERM DEBT	9,365	7,510
Construction Loans [Member]
SUBTOTAL LONG-TERM DEBT		52,131
Convertible Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	1,005	1,005
Nonredeemable Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series [Member]
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parenthetical) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Common Stock, Shares Authorized	40,000	40,000
Common Stock, Shares Outstanding	17,604	17,522
Preferred Stock, Shares Authorized	120	120
Preferred Stock, Shares Outstanding	20	20
First Mortgage Bonds due 2023-2059 [Member]
Long term debt maturity period	2023 - 2059
First Mortgage Bonds due 2023-2059 [Member] \| Minimum [Member]
Interest rate	0.00%
First Mortgage Bonds due 2023-2059 [Member] \| Maximum [Member]
Interest rate	5.50%
Amortizing Secured Notes due 2028-2040 [Member]
Long term debt maturity period	2028 - 2046
Amortizing Secured Notes due 2028-2040 [Member] \| Minimum [Member]
Interest rate	3.94%
Amortizing Secured Notes due 2028-2040 [Member] \| Maximum [Member]
Interest rate	7.05%
State Revolving Trust Notes due 2022-2041 [Member]
Long term debt maturity period	2022 - 2041
State Revolving Trust Notes due 2022-2041 [Member] \| Minimum [Member]
Interest rate	2.00%
State Revolving Trust Notes due 2022-2041 [Member] \| Maximum [Member]
Interest rate	4.22%
Construction Loans [Member]
Interest rate	0.00%
Convertible Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	10	10
Nonredeemable Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series [Member]
Preferred Stock, Shares Outstanding	10	10

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2020	$ 217,451	$ 128,757	$ 346,208
Balance, shares at Dec. 31, 2020	17,473
Net Income		17,828	17,828
Dividend Reinvestment & Common Stock Purchase Plan	$ 596		596
Dividend Reinvestment & Common Stock Purchase Plan, shares	8
Restricted Stock Award - Net - Employees	$ (192)		(192)
Restricted Stock Award - Net - Employees, shares	6
Restricted Stock Award - Board of Directors	$ 245		245
Restricted Stock Award - Board of Directors, shares	3
Cash Dividends on Common Stock		(9,527)	(9,527)
Cash Dividends on Preferred Stock		(60)	(60)
Balance at Jun. 30, 2021	$ 218,100	136,998	355,098
Balance, shares at Jun. 30, 2021	17,490
Balance at Mar. 31, 2021	$ 217,977	130,873	348,850
Balance, shares at Mar. 31, 2021	17,478
Net Income		10,923	10,923
Dividend Reinvestment & Common Stock Purchase Plan	$ 272		272
Dividend Reinvestment & Common Stock Purchase Plan, shares	3
Restricted Stock Award - Net - Employees	$ (394)		(394)
Restricted Stock Award - Net - Employees, shares	6
Restricted Stock Award - Board of Directors	$ 245		245
Restricted Stock Award - Board of Directors, shares	3
Cash Dividends on Common Stock		(4,768)	(4,768)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2021	$ 218,100	136,998	355,098
Balance, shares at Jun. 30, 2021	17,490
Balance at Dec. 31, 2021	$ 221,919	145,807	367,726
Balance, shares at Dec. 31, 2021	17,522
Net Income		20,968	20,968
Dividend Reinvestment & Common Stock Purchase Plan	$ 7,039		7,039
Dividend Reinvestment & Common Stock Purchase Plan, shares	76
Restricted Stock Award - Net - Employees	$ (201)		(201)
Restricted Stock Award - Net - Employees, shares	3
Restricted Stock Award - Board of Directors	$ 280		280
Restricted Stock Award - Board of Directors, shares	3
Cash Dividends on Common Stock		(10,184)	(10,184)
Cash Dividends on Preferred Stock		(60)	(60)
Balance at Jun. 30, 2022	$ 229,037	156,531	385,568
Balance, shares at Jun. 30, 2022	17,604
Balance at Mar. 31, 2022	$ 225,092	152,790	377,882
Balance, shares at Mar. 31, 2022	17,551
Net Income		8,868	8,868
Dividend Reinvestment & Common Stock Purchase Plan	$ 4,134		4,134
Dividend Reinvestment & Common Stock Purchase Plan, shares	47
Restricted Stock Award - Net - Employees	$ (469)		(469)
Restricted Stock Award - Net - Employees, shares	3
Restricted Stock Award - Board of Directors	$ 280		280
Restricted Stock Award - Board of Directors, shares	3
Cash Dividends on Common Stock		(5,097)	(5,097)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2022	$ 229,037	$ 156,531	$ 385,568
Balance, shares at Jun. 30, 2022	17,604

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share	$ 0.2900	$ 0.2725	$ 0.5800	$ 0.5450

Basis of Presentation and Recent Developments

6 Months Ended

Jun. 30, 2022

Basis of Presentation and Recent Developments [Abstract]

Basis of Presentation and Recent Developments

Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (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.

The consolidated notes within the 2021 Annual Report on Form 10-K (the 2021 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 financial position as of June 30, 2022, the results of operations for the three month and six month periods ended June 30, 2022 and 2021 and cash flows for the six month periods ended June 30, 2022 and 2021. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2021, has been derived from the Company’s December 31, 2021 audited financial statements included in the 2021 Form 10-K.

Recent Developments

Regulatory Notice of Non-Compliance – In September 2021, the New Jersey Department of Environmental Protection (NJDEP) issued a Notice of Non-Compliance (Notice) to Middlesex based on self-reporting by Middlesex that the level of Perfluorooctanoic Acid (PFOA) in water treated at its Park Avenue Wellfield Treatment Plant in South Plainfield, New Jersey exceeded a recently promulgated NJDEP standard effective in 2021. Neither the NJDEP nor Middlesex has characterized this exceedance as an acute health threat. However, Middlesex was required to notify its affected customers and complied in November 2021 as required by the regulation. Further, the Notice required the Company to take any action necessary to comply with the new standard by September 7, 2022. Middlesex has provided current sampling results to the NJDEP indicating compliance with the new standard and is awaiting confirmation from the NJDEP.

The NJDEP standard for PFOA was developed based on a Health-based Maximum Contaminant Level of 14 parts per trillion. Construction of an enhanced treatment process at the Park Avenue Wellfield Treatment Plant to comply with the new standard had already begun prior to the regulation being enacted. Since completion is not expected until mid-2023, in December 2021, the Company implemented an interim solution to meet the Notice requirements. The Park Avenue Wellfield Treatment Plant was taken off-line and alternate sources of supply have been obtained. Simultaneously, the Company began design of an acceleration of a portion of the Park Avenue Wellfield treatment upgrades to meet anticipated increases in the historical higher water demand periods during the summer months.

In June 2022, Phase 1 construction of an advanced treatment facility at its Park Avenue Wellfield was completed and the treatment facility is effectively treating ground water to ensure compliance with all state and federal drinking water standards. Working in coordination with the NJDEP, Middlesex has begun a phased, start-up of its Park Avenue Wellfield and is successfully introducing treated water into the distribution system. Water being delivered to customers is in compliance with all USEPA and NJDEP drinking water standards, including the newly established water quality standard for PFOA. The Park Avenue wells had been turned off since December 2021 when the Company had begun providing additional water from its surface water treatment plant and other sources. This plan to turn on, and treat, certain wells to support normal heightened seasonal demand was met with full approval from state regulatory agencies.

In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability which may result from these lawsuits. In May 2022, the Company impleaded 3M Company (3M) as a third-party defendant in one of these class action lawsuits. The Company has taken this action in addition to a separate lawsuit the Company initiated against 3M seeking to hold 3M accountable for introduction of perfluoroalkyl substances, which include PFOA, into the Company’s water supply at its Park Avenue Wellfield facility.

In January 2022, the Company filed a petition with the New Jersey Board of Public Utilities (NJBPU) seeking to establish a regulatory asset and deferred accounting treatment until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. The Company is currently awaiting a decision on this matter from the NJBPU.

While the Company believes monetary penalties are unlikely, the issuance of the Notice does not preclude the State of New Jersey or any of its agencies from initiating formal administrative and/or judicial enforcement action, including assessment of penalties of up to $25,000 per day per offense if the Company is unable to maintain compliance with the requirements of the Notice by September 7, 2022.

Sale of Subsidiary – In January 2022, Middlesex closed on the Delaware Public Service Commission (DEPSC) approved sale of 100% of the common stock of its subsidiary Tidewater Environmental Services, Inc. to Artesian Wastewater Management, Inc. for $6.4 million in cash and other consideration, resulting in a $5.2 million pre-tax gain. The Company will continue to own and operate its non-regulated water and wastewater contract operations business in Delaware.

Coronavirus (COVID-19) Pandemic – On April 13, 2022, the United States Secretary of Health and Human Services renewed the determination that a nationwide health emergency exists as a result of the COVID-19 Pandemic. While the Company’s operations and capital construction program have not been materially disrupted to date from the pandemic, the COVID-19 impact on economic conditions nationally continues to be uncertain and could affect the Company’s results of operations, financial condition and liquidity in the future. In New Jersey, the declared COVID-19 State of Emergency ended in March 2022. In Delaware, the declared COVID-19 State of Emergency Order ended in July 2021.

The NJBPU and the DEPSC have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Neither jurisdiction has established a timetable or definitive formal procedures for seeking cost recovery. Since March 2020, the Company has increased its allowance for doubtful accounts for expected increases in accounts receivable write-offs due to the financial impact of COVID-19 on customers. Since the ultimate rate treatment to be determined by the NJBPU and the DEPSC regarding incremental costs related to COVID-19 is not definitively known at this time, the Company has not deferred any such costs. We will continue to monitor the effects of COVID-19 and evaluate its impact on the Company’s results of operations, financial condition and liquidity.

Index

Recent Accounting Guidance

There is no new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

Rate and Regulatory Matters

6 Months Ended

Jun. 30, 2022

Regulated Operations [Abstract]

Rate and Regulatory Matters

Note 2 – Rate and Regulatory Matters

Middlesex – In December 2021, Middlesex’s petition to the NJBPU seeking permission to increase its base water rates was concluded, based on a negotiated settlement, resulting in an expected increase in annual operating revenues of $27.7 million. The approved tariff rates were designed to recover increased operating costs as well as a return on invested capital of $513.5 million, based on an authorized return on common equity of 9.6%. The increase is being implemented in two phases with $20.7 million of the increase effective January 1, 2022 and the remaining $7.0 million effective January 1, 2023. As part of the negotiated settlement, the Purchased Water Adjustment Clause (PWAC), which is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings, was reset to zero.

In March 2022, Middlesex filed a petition with the NJBPU seeking approval to set its PWAC tariff rate to recover additional costs of $3.7 million for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. We cannot predict whether the NJBPU will ultimately approve, deny or reduce the amount of our request.

Tidewater – On June 23, 2022, the Delaware Division of the Public Advocate filed a petition with the DEPSC requesting that Tidewater’s rates be reduced based on the claim that Tidewater has been earning above its authorized rate of return. Tidewater intends to vigorously defend against this proposed rate reduction based on current and near-term anticipated increases in operating costs and capital investments. Tidewater cannot predict whether the DEPSC will ultimately approve, deny or reduce the amount of the requested rate reduction.

In June 2022, Tidewater notified the DEPSC of its intention to likely file for a base water rate increase in the first quarter of 2023 based on projected increases in operational expenses and capital spending.

Twin Lakes Utilities, Inc. (Twin Lakes) - 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 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 Pennsylvania 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 Pennsylvania Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Pennsylvania Court granted Twin Lakes’ emergency petition, pending its review. The timing of the final decision by the Pennsylvania Court and the final adjudication of this matter cannot be predicted at this time.

The financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.

Capitalization

6 Months Ended

Jun. 30, 2022

CAPITALIZATION:

Capitalization

Note 3 – Capitalization

Common Stock –During the six months ended June 30, 2022 and 2021, there were 76,550 common shares (approximately $7.0 million) and 7,787 common shares (approximately $0.6 million) respectively, issued under the Middlesex Water Company Investment Plan (the Investment Plan). The 3% purchase discount offering period on the Company’s common stock through the Investment Plan is set to expire on August 1, 2022. 200,000 shares were originally allocated to the offering and there remains approximately 93,000 shares available as of June 30, 2022. The discount applies to all common stock purchases made under the Investment Plan during the discount period, whether by optional cash payment or by dividend reinvestment.

Long-term Debt – In May 2022, Middlesex repaid its two outstanding New Jersey Infrastructure Bank (NJIB) construction loans by issuing First Mortgage Bonds (FMBs) to the NJIB under two loan agreements. The total amount of FMBs issued is $52.2 million and designated as Series 2022A ($16.2 million) and Series 2022B ($36.0 million). The interest rate on the Series 2022A bond is zero and the interest rate on the Series 2022B bond ranges between 2.7% and 3.0%. The final maturity date for both FMBs is August 1, 2056, with scheduled debt service payments over the life of these loans.

In November 2021, Tidewater received approval from the DEPSC to borrow up to $5.0 million under the Delaware State Revolving Fund (SRF) Program for construction of a one million gallon elevated storage tank. Tidewater closed on the $5.0 million loan at an interest rate of 2.0% in December 2021 and began receiving disbursements in January 2022. Through June 30, 2022, Tidewater has drawn a total of $2.2 million and expects borrowing under this loan to continue through mid-2023. The final maturity date on the loan is 2044.

Index

Fair Value of Financial Instruments - 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, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar publicly traded 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 Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:

	(Thousands of Dollars)
	June 30, 2022		December 31, 2021
	Carrying	Fair	Carrying	Fair
	Amount	Value	Amount	Value
FMBs	$150,642	$149,500	$98,828	$107,781

It was not practicable to estimate their 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 Note”, “State Revolving Trust Note”, “State Revolving Trust Bond”, “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $160.6 million and $212.3 million at June 30, 2022 and December 31, 2021, respectively. Customer advances for construction have carrying amounts of $22.9 million and $23.5 million at June 30, 2022 and December 31, 2021, 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.

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.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings per share of Common Stock:

Earnings Per Share

Note 4 – Earnings Per Share

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.

Index

	(In Thousands Except per Share Amounts)
	Three Months Ended June 30,
	2022					2021
Basic:	Income			Shares		Income			Shares
Net Income	$	8,868			17,583	$	10,923			17,488
Preferred Dividend		(30	)				(30	)
Earnings Applicable to Common Stock	$	8,838			17,583	$	10,893			17,488

Basic EPS	$	0.50				$	0.62

Diluted:
Earnings Applicable to Common Stock	$	8,838			17,583	$	10,893			17,488
$7.00 Series Preferred Dividend		17			115		17			115
Adjusted Earnings Applicable to Common Stock	$	8,855			17,698	$	10,910			17,603

Diluted EPS	$	0.50				$	0.62

	(In Thousands Except per Share Amounts)
	Six Months Ended June 30,
	2022					2021
Basic:	Income			Shares		Income			Shares
Net Income	$	20,968			17,560	$	17,828			17,482
Preferred Dividend		(60	)				(60	)
Earnings Applicable to Common Stock	$	20,908			17,560	$	17,768			17,482

Basic EPS	$	1.19				$	1.02

Diluted:
Earnings Applicable to Common Stock	$	20,908			17,560	$	17,768			17,482
$7.00 Series Preferred Dividend		34			115		34			115
Adjusted Earnings Applicable to Common Stock	$	20,942			17,675	$	17,802			17,597

Diluted EPS	$	1.18				$	1.01

Business Segment Data

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segment Data

Note 5 – 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 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.

Index

	(In Thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operations by Segments:	2022			2021			2022			2021
Revenues:
Regulated	$	37,037		$	33,609		$	70,361		$	63,030
Non – Regulated		2,875			3,405			5,885			6,662
Inter-segment Elimination		(229	)		(313	)		(367	)		(450	)
Consolidated Revenues	$	39,683		$	36,701		$	75,879		$	69,242

Operating Income:
Regulated	$	9,336		$	8,711		$	21,043		$	13,427
Non – Regulated		752			1,103			1,569			2,021
Consolidated Operating Income	$	10,088		$	9,814		$	22,612		$	15,448

Net Income:
Regulated	$	8,314		$	10,108		$	19,814		$	16,347
Non – Regulated		554			815			1,154			1,481
Consolidated Net Income	$	8,868		$	10,923		$	20,968		$	17,828

Capital Expenditures:
Regulated	$	22,549		$	24,391		$	39,134		$	46,354
Non – Regulated		163			76			209			146
Total Capital Expenditures	$	22,712		$	24,467		$	39,343		$	46,500

	As of			As of
	June 30,			December 31,
	2022			2021
Assets:
Regulated	$	1,046,001		$	1,022,116
Non – Regulated		6,595			7,811
Inter-segment Elimination		(14,578	)		(9,912	)
Consolidated Assets	$	1,038,018		$	1,020,015

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

Short-term Borrowings

6 Months Ended

Jun. 30, 2022

Short-Term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2022							Renewal Date
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	2.0	$	58.0	$	60.0	Uncommitted	January 26, 2023
PNC Bank		25.5		42.5		68.0	Committed	January 31, 2024
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	27.5	$	112.5	$	140.0

The interest rate for borrowings under the Bank of America and PNC Bank lines of credit is set using the Bloomberg Short-Term Bank Yield Index and adding a credit spread, which varies by financial institution. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the Standard Overnight Financing Rate and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

Index

The weighted average interest rate on the outstanding borrowings at June 30, 2022 under these credit lines is 2.16%.

The weighted average daily amounts of borrowings outstanding under the Company’s lines of credit and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
Average Daily Amounts Outstanding	$	20,527		$	19,665		$	17,006		$	13,843
Weighted Average Interest Rates		1.88	%		1.18	%		1.58	%		1.16	%

The maturity dates for the $27.5 million outstanding as of June 30, 2022 are in July 2022 and August 2022 and were or are expected to be extended at the discretion of the Company.

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 7 – Commitments and Contingent Liabilities

Water Supply - Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (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.

Middlesex has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.

Tidewater contracts with the City of Dover, Delaware to purchase 15 million gallons of treated water annually.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022		2021			2022		2021
Treated		$	785	$	871		$	1,531	$	1,748
Untreated			739		782			1,550		1,642
Total Costs		$	1,524	$	1,653		$	3,081	$	3,390

Guarantees - As part of an agreement with the County of Monmouth, New Jersey (County), prior to 2020 Middlesex had served as guarantor of the performance of an unaffiliated wastewater treatment contractor and partner (Contractor), to operate a County-owned leachate pretreatment facility.

In November 2019, Middlesex was notified that the County terminated its Agreement with the Contractor. The Contractor had initiated legal action against the County that, in part, contests the County’s exercise of this termination. The County filed a counter-claim against the Contractor’s parent company and has brought Middlesex into the suit as a third-party defendant. Our ongoing monitoring of this litigation has led to the conclusion that we do not anticipate the ultimate outcome will have a material impact on the Company’s results of operations or financial condition.

Index

Leases - 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.

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.

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 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 commencement date in determining the present value of lease payments.

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 June 30, 2022 and 2021, respectively and $0.4 million for each of the six months ended June 30, 2022 and 2021, respectively.

Information related to operating lease ROU assets and lease liabilities is as follows:

	(In Millions)
	As of June 30, 2022			As of December 31, 2021
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.1	)		(2.8	)
Current ROU Asset	$	4.2		$	4.5

The Company’s future minimum operating lease commitments as of June 30, 2022 are as follows:

	(In Millions)
2022	$	0.4
2023		0.8
2024		0.8
2025		0.8
2026		0.9
Thereafter		2.7
Total Lease Payments	$	6.4
Imputed Interest		(1.7	)
Present Value of Lease Payments		4.7
Less Current Portion*		(0.7	)
Non-Current Lease Liability	$	4.0

*Included in Other Current Liabilities

Construction - The Company has forecasted to spend approximately $90 million for its construction program in 2022. The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $35 million in the future. The actual amount and timing of capital expenditures is dependent on the need for 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 and could be impacted if the effects of new variants of COVID-19 pandemic arise and continue for an extended period of time (for further discussion of the impact of COVID-19 on the Company, see Note 1 - Coronavirus (COVID-19) Pandemic). There is no assurance that projected customer growth and residential new home construction and sales will occur.

Index

PFOA Matter - 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. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability resulting from these lawsuits (for further discussion of this matter, see Note 1 - Regulatory Notice of Non-Compliance).

Contingencies - 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.

Change in Control Agreements - The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits - 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 each of the three- and six-month periods ended June 30, 2022 and 2021, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $3.4 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.

Other Postretirement Benefits - 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 the three- month and six-month periods ended June 30, 2022 and 2021, the Company did not make Other Benefits Plan cash contributions. The Company does not expect to make any additional Other Benefits Plan cash contributions over the remainder of the current calendar year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2022			2021			2022			2021

Service Cost	$	591		$	674		$	200		$	229
Interest Cost		761			677			331			309
Expected Return on Assets		(1,760	)		(1,556	)		(887	)		(786	)
Amortization of Unrecognized Losses		418			717			-			132
Net Periodic Benefit Cost (Benefit)*	$	10		$	512		$	(356	)	$	(116	)

Index

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2022			2021			2022			2021

Service Cost	$	1,181		$	1,348		$	399		$	458
Interest Cost		1,521			1,353			663			618
Expected Return on Assets		(3,520	)		(3,114	)		(1,773	)		(1,571	)
Amortization of Unrecognized Losses		837			1,434			-			264
Net Periodic Benefit Cost (Benefit)*	$	19		$	1,021		$	(711	)	$	(231	)

*Service cost is included in Operations and Maintenance expense on the Condensed Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Revenue Recognition from Contracts with Customers

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition from Contracts with Customers

Note 9 – Revenue Recognition from Contracts with Customers

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.

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.

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 2030 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories.

The Company’s contracts do not contain any significant financing components.

Index

The Company’s operating revenues are comprised of the following:

	(In Thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Regulated Tariff Sales
Residential	$	21,508		$	20,238		$	40,659		$	37,195
Commercial		5,203			4,108			9,630			7,684
Industrial		2,700			2,143			5,295			4,320
Fire Protection		3,173			3,161			6,294			6,265
Wholesale		4,297			3,718			8,260			7,256
Non-Regulated Contract Operations		2,765			3,298			5,665			6,449
Total Revenue from Contracts with Customers	$	39,646		$	36,666		$	75,803		$	69,169
Other Regulated Revenues		156			241			223			310
Other Non-Regulated Revenues		110			107			220			213
Inter-segment Elimination		(229	)		(313	)		(367	)		(450	)
Total Revenue	$	39,683		$	36,701		$	75,879		$	69,242

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

The Company’s federal income tax returns for the tax years 2014 through 2017 were selected for examination by the Internal Revenue Service (IRS), which included the tax year in which the Company had adopted the final IRS tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. As a result of the audit examination, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs. In 2019, the Company paid $2.7 million in income taxes and $0.1 million in interest in connection with the conclusion of the 2014 through 2017 federal income tax return audits. As of June 30, 2022, the Company’s income tax reserve provision and interest expense liability are $0.5 million and $0.2 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-Name Accounting Standards Codification
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Capitalization (Tables)

6 Months Ended

Jun. 30, 2022

CAPITALIZATION:

Schedule of carrying amount and fair value of bonds

	(Thousands of Dollars)
	June 30, 2022		December 31, 2021
	Carrying	Fair	Carrying	Fair
	Amount	Value	Amount	Value
FMBs	$150,642	$149,500	$98,828	$107,781

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings per share of Common Stock:

Schedule of earnings per share

Index

	(In Thousands Except per Share Amounts)
	Three Months Ended June 30,
	2022					2021
Basic:	Income			Shares		Income			Shares
Net Income	$	8,868			17,583	$	10,923			17,488
Preferred Dividend		(30	)				(30	)
Earnings Applicable to Common Stock	$	8,838			17,583	$	10,893			17,488

Basic EPS	$	0.50				$	0.62

Diluted:
Earnings Applicable to Common Stock	$	8,838			17,583	$	10,893			17,488
$7.00 Series Preferred Dividend		17			115		17			115
Adjusted Earnings Applicable to Common Stock	$	8,855			17,698	$	10,910			17,603

Diluted EPS	$	0.50				$	0.62

	(In Thousands Except per Share Amounts)
	Six Months Ended June 30,
	2022					2021
Basic:	Income			Shares		Income			Shares
Net Income	$	20,968			17,560	$	17,828			17,482
Preferred Dividend		(60	)				(60	)
Earnings Applicable to Common Stock	$	20,908			17,560	$	17,768			17,482

Basic EPS	$	1.19				$	1.02

Diluted:
Earnings Applicable to Common Stock	$	20,908			17,560	$	17,768			17,482
$7.00 Series Preferred Dividend		34			115		34			115
Adjusted Earnings Applicable to Common Stock	$	20,942			17,675	$	17,802			17,597

Diluted EPS	$	1.18				$	1.01

Business Segment Data (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

Index

	(In Thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operations by Segments:	2022			2021			2022			2021
Revenues:
Regulated	$	37,037		$	33,609		$	70,361		$	63,030
Non – Regulated		2,875			3,405			5,885			6,662
Inter-segment Elimination		(229	)		(313	)		(367	)		(450	)
Consolidated Revenues	$	39,683		$	36,701		$	75,879		$	69,242

Operating Income:
Regulated	$	9,336		$	8,711		$	21,043		$	13,427
Non – Regulated		752			1,103			1,569			2,021
Consolidated Operating Income	$	10,088		$	9,814		$	22,612		$	15,448

Net Income:
Regulated	$	8,314		$	10,108		$	19,814		$	16,347
Non – Regulated		554			815			1,154			1,481
Consolidated Net Income	$	8,868		$	10,923		$	20,968		$	17,828

Capital Expenditures:
Regulated	$	22,549		$	24,391		$	39,134		$	46,354
Non – Regulated		163			76			209			146
Total Capital Expenditures	$	22,712		$	24,467		$	39,343		$	46,500

	As of			As of
	June 30,			December 31,
	2022			2021
Assets:
Regulated	$	1,046,001		$	1,022,116
Non – Regulated		6,595			7,811
Inter-segment Elimination		(14,578	)		(9,912	)
Consolidated Assets	$	1,038,018		$	1,020,015

Short-Term Borrowings (Tables)

6 Months Ended

Jun. 30, 2022

Short-Term Debt [Abstract]

Schedule of Line of Credit

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2022							Renewal Date
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	2.0	$	58.0	$	60.0	Uncommitted	January 26, 2023
PNC Bank		25.5		42.5		68.0	Committed	January 31, 2024
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	27.5	$	112.5	$	140.0

Schedule of Weighted Average Daily Amounts of Borrowings Outstanding

The weighted average daily amounts of borrowings outstanding under the Company’s lines of credit and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
Average Daily Amounts Outstanding	$	20,527		$	19,665		$	17,006		$	13,843
Weighted Average Interest Rates		1.88	%		1.18	%		1.58	%		1.16	%

The maturity dates for the $27.5 million outstanding as of June 30, 2022 are in July 2022 and August 2022 and were or are expected to be extended at the discretion of the Company.

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water cost

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022		2021			2022		2021
Treated		$	785	$	871		$	1,531	$	1,748
Untreated			739		782			1,550		1,642
Total Costs		$	1,524	$	1,653		$	3,081	$	3,390

Schedule of operating lease ROU assets and lease liabilities

Information related to operating lease ROU assets and lease liabilities is as follows:

	(In Millions)
	As of June 30, 2022			As of December 31, 2021
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.1	)		(2.8	)
Current ROU Asset	$	4.2		$	4.5

Schedule of future minimum operating lease

The Company’s future minimum operating lease commitments as of June 30, 2022 are as follows:

	(In Millions)
2022	$	0.4
2023		0.8
2024		0.8
2025		0.8
2026		0.9
Thereafter		2.7
Total Lease Payments	$	6.4
Imputed Interest		(1.7	)
Present Value of Lease Payments		4.7
Less Current Portion*		(0.7	)
Non-Current Lease Liability	$	4.0

*Included in Other Current Liabilities

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of periodic costs for employee retirement benefit plan

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2022			2021			2022			2021

Service Cost	$	591		$	674		$	200		$	229
Interest Cost		761			677			331			309
Expected Return on Assets		(1,760	)		(1,556	)		(887	)		(786	)
Amortization of Unrecognized Losses		418			717			-			132
Net Periodic Benefit Cost (Benefit)*	$	10		$	512		$	(356	)	$	(116	)

Index

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2022			2021			2022			2021

Service Cost	$	1,181		$	1,348		$	399		$	458
Interest Cost		1,521			1,353			663			618
Expected Return on Assets		(3,520	)		(3,114	)		(1,773	)		(1,571	)
Amortization of Unrecognized Losses		837			1,434			-			264
Net Periodic Benefit Cost (Benefit)*	$	19		$	1,021		$	(711	)	$	(231	)

Revenue Recognition from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Operating Revenue

The Company’s operating revenues are comprised of the following:

	(In Thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Regulated Tariff Sales
Residential	$	21,508		$	20,238		$	40,659		$	37,195
Commercial		5,203			4,108			9,630			7,684
Industrial		2,700			2,143			5,295			4,320
Fire Protection		3,173			3,161			6,294			6,265
Wholesale		4,297			3,718			8,260			7,256
Non-Regulated Contract Operations		2,765			3,298			5,665			6,449
Total Revenue from Contracts with Customers	$	39,646		$	36,666		$	75,803		$	69,169
Other Regulated Revenues		156			241			223			310
Other Non-Regulated Revenues		110			107			220			213
Inter-segment Elimination		(229	)		(313	)		(367	)		(450	)
Total Revenue	$	39,683		$	36,701		$	75,879		$	69,242

Basis of Presentation and Recent Developments (Details) - Artesian Wastewater Management, Inc [Member] $ in Millions	1 Months Ended
	Jan. 31, 2022 USD ($)
Business Acquisition [Line Items]
Sale of common stock percentage	100.00%
Cash	$ 6.4
Pre tax gain	$ 5.2

Rate and Regulatory Matters (Details) - Middlesex [Member] - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Jan. 02, 2023	Jan. 02, 2022	Dec. 31, 2021	Mar. 31, 2022	Nov. 30, 2021
Maturity Less than 30 Days [Member]
Regulatory Liability [Line Items]
Escrow account					$ 1.7
New Jersey Board of Public Utilities [Member]
Regulatory Liability [Line Items]
Approved increase in annual operating revenues		$ 20.7	$ 27.7	$ 3.7
Base rate amount			$ 513.5
Return on equity			9.60%
New Jersey Board of Public Utilities [Member] \| Scenario Forecast [Member]
Regulatory Liability [Line Items]
Approved increase in annual operating revenues	$ 70.0

Capitalization (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Nov. 30, 2021
Schedule of Capitalization [Line Items]
Other long term debt		$ 1,606.0		$ 2,123.0
Customer advances for construction		$ 229.0		23.5
Common Stock [Member]
Schedule of Capitalization [Line Items]
Issuance of common stock		76,550	7,787
Proceeds amount		$ 7.0	$ 0.6
Delaware SRF Program [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan					$ 50.0
First Mortgage Bonds [Member]
Schedule of Capitalization [Line Items]
Other long term debt	$ 52.2
Maturity date	Aug. 01, 2056
First Mortgage Bonds [Member] \| Series 2022A [Member]
Schedule of Capitalization [Line Items]
Other long term debt	$ 16.2
Interest rate	2.70%
First Mortgage Bonds [Member] \| Series 2022B [Member]
Schedule of Capitalization [Line Items]
Other long term debt	$ 360.0
Interest rate	3.00%
Tidewater [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan		$ 2.2		$ 50.0
Interest rate				2.00%
Dividend Reinvestment and Common Stock Purchase Plan [Member]
Schedule of Capitalization [Line Items]
Percentage of discount purchase of common stock in investment plan		3.00%
Number of shares offering for discount		200,000
Remaing shares available		93,000

Capitalization (Schedule of Carrying Amount and Fair Value of Bonds) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 149,500	$ 98,828
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 150,642	$ 107,781

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic:
Net Income	$ 8,868	$ 10,923	$ 20,968	$ 17,828
Preferred Dividend	(30)	(30)	(60)	(60)
Earnings Applicable to Common Stock	$ 8,838	$ 10,893	$ 20,908	$ 17,768
Basic EPS	$ 0.50	$ 0.62	$ 1.19	$ 1.02
Weighted average number of basic shares outstanding	17,583,000	17,488,000	17,560,000	17,482,000
Diluted:
Adjusted Earnings Applicable to Common Stock	$ 8,855	$ 10,910	$ 20,942	$ 17,802
Diluted EPS	$ 0.50	$ 0.62	$ 1.18	$ 1.01
Weighted average number of diluted shares outstanding	17,698,000	17,603,000	17,675,000	17,597,000
Convertible Preferred Stock $7.00 Series [Member]
Diluted:
Preferred Dividend	$ 17	$ 17	$ 34	$ 34
Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares)	115	115	115	115

Business Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Business Segment Data (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 39,683	$ 36,701	$ 75,879	$ 69,242
Operating Income	10,088	9,814	22,612	15,448
Net Income	8,868	10,923	20,968	17,828
Capital Expenditures	22,712	24,467	39,343	46,500
Assets	1,038,018		1,038,018		$ 1,020,015
Inter-segment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	(229)	(313)	(367)	(450)
Assets	(14,578)		(14,578)		(9,912)
Regulated [Member]
Segment Reporting Information [Line Items]
Revenues	37,037	33,609	70,361	63,030
Operating Income	9,336	8,711	21,043	13,427
Net Income	8,314	10,108	19,814	16,347
Capital Expenditures	22,549	24,391	39,134	46,354
Assets	1,046,001		1,046,001		1,022,116
Non - Regulated [Member]
Segment Reporting Information [Line Items]
Revenues	2,875	3,405	5,885	6,662
Operating Income	752	1,103	1,569	2,021
Net Income	554	815	1,154	1,481
Capital Expenditures	163	$ 76	209	$ 146
Assets	$ 6,595		$ 6,595		$ 7,811

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Short-term Borrowings (Narrative) (Details) $ in Millions	6 Months Ended
Short-term Borrowings (Narrative) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Lines of credit	$ 275
Lines of credit aggregate	$ 1,400
Maturity date	Aug. 30, 2021
Short-term Borrowings [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate on outstanding borrowings	2.16%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Short-term Borrowings (Schedule of Line of Credit) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding	$ 27.5
Available	112.5
Maximum	1,400.0
Bank of America [Member]
Line of Credit Facility [Line Items]
Outstanding	20.0
Available	580.0
Maximum	$ 600.0
Credit Type	Uncommitted
Renewal Date	Jan. 26, 2023
PNC Bank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 25.5
Available	42.5
Maximum	$ 680.0
Credit Type	Committed
Renewal Date	Jan. 31, 2024
CoBank [Member]
Line of Credit Facility [Line Items]
Outstanding
Available	120.0
Maximum	$ 120.0
Credit Type	Committed
Renewal Date	Nov. 30, 2023

Short Term Borrowings (Schedule of Weighted Average Daily Amounts of Borrowings Outstanding) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Short-Term Debt [Abstract]
Average Daily Amounts Outstanding	$ 20,527	$ 19,665	$ 17,006	$ 13,843
Weighted Average Interest Rates	1.88%	1.18%	1.58%	1.16%

Commitments and Contingent Liabilities (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) gal	Jun. 30, 2021 USD ($)
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Construction program \| $			$ 90.0
Estimated obligation expenditure \| $			35.0
Rental expenses under operating leases \| $	$ 0.2	$ 0.2	$ 0.4	$ 0.4
Estimated incremental borrowing rate	4.03%		4.03%
NJ Water Supply Authority [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Purchase commitment expiration date of contract			Nov. 30, 2023
Water purchase per commitment \| gal			27
Regulated Water Authority [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Purchase commitment expiration date of contract			Feb. 27, 2026
Water purchase per commitment \| gal			3
City of Dover [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Water purchase per commitment \| gal			15

Commitments and Contingent Liabilities (Schedule of Purchased Water Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Purchased Water
Treated	$ 785	$ 871	$ 1,531	$ 1,748
Untreated	739	782	1,550	1,642
Total Costs	$ 1,524	$ 1,653	$ 3,081	$ 3,390

Commitments and Contingent Liabilities (Schedule of Operating Lease ROU Assets and Lease Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
ROU Asset at Lease Inception	$ 73	$ 73
Accumulated Amortization	(31)	(28)
Current ROU Asset	$ 42	$ 45

Commitments and Contingent Liabilities (Schedule of Future Minimum Operating Lease) (Details)
$ in Millions

Jun. 30, 2022

USD ($)

Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]

$ 4

(17)

Present Value of Lease Payments

Less Current Portion

(7)

^[1]

Non-Current Lease Liability

$ 40

[1]	Included in Other Current Liabilities

Employee Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
Employee Benefit Plans (Narrative) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Annual benefits paid to retired participants	$ 0.4
Pension Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected cash contributions	$ 3.4

Employee Benefit Plans (Schedule of Benefits Plans) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Pension Benefit Plan [Member]

Periodic costs for employee retirement benefit plans

Service Cost

$ 591

$ 674

$ 1,181

$ 1,348

Interest Cost

761

677

1,521

1,353

Expected Return on Assets

(1,760)

(1,556)

(3,520)

(3,114)

Amortization of Unrecognized Losses

418

717

837

1,434

Net Periodic Benefit Cost (Benefit)

^[1]

512

1,021

Other Benefits Plan [Member]

Periodic costs for employee retirement benefit plans

Service Cost

200

229

399

458

Interest Cost

331

309

663

618

Expected Return on Assets

(887)

(786)

(1,773)

(1,571)

Amortization of Unrecognized Losses

132

264

Net Periodic Benefit Cost (Benefit)

^[1]

$ (356)

$ (116)

$ (711)

$ (231)

[1]	Service cost is included in Operations and Maintenance expense on the Condensed Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

Revenue Recognition from Contracts with Customers (Schedule of Operating Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Regulated Tariff Sales
Residential	$ 21,508	$ 20,238	$ 40,659	$ 37,195
Commercial	5,203	4,108	9,630	7,684
Industrial	2,700	2,143	5,295	4,320
Fire Protection	3,173	3,161	6,294	6,265
Wholesale	4,297	3,718	8,260	7,256
Non-Regulated Contract Operations	2,765	3,298	5,665	6,449
Total Revenue from Contracts with Customers	39,646	36,666	75,803	69,169
Other Regulated Revenues	156	241	223	310
Other Non-Regulated Revenues	110	107	220	213
Inter-segment Elimination	(229)	(313)	(367)	(450)
Total Revenue	$ 39,683	$ 36,701	$ 75,879	$ 69,242

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax paid		$ 27
Interest paid		$ 1
Reduce in income tax reserve provision	$ 5
Interest expense liability	$ 2