0001174947-23-000933 | 10-Q | XBRL Viewer

Print Document View Excel Document

Capitalization (Details) - Schedule of carrying amount and fair value of the bonds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Carrying Amount and Fair Value of Bonds [Abstract]
Carrying Amount	$ 146,496	$ 147,269
Fair Value	$ 141,748	$ 138,756

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Operating Revenues	$ 42,801	$ 39,683	$ 80,957	$ 75,879
Operating Expenses:
Operations and Maintenance	21,204	19,557	41,462	38,695
Depreciation	6,184	5,670	12,170	11,292
Other Taxes	4,744	4,368	9,168	8,512
Total Operating Expenses	32,132	29,595	62,800	58,499
Gain on Sale of Subsidiary				5,232
Operating Income	10,669	10,088	18,157	22,612
Other Income:
Allowance for Funds Used During Construction	852	548	1,665	926
Other Income	1,290	1,396	2,188	2,773
Total Other Income	2,142	1,944	3,853	3,699
Interest Charges	3,251	2,369	5,846	4,219
Income before Income Taxes	9,560	9,663	16,164	22,092
Income Taxes Expense (Benefit)	(341)	795	397	1,124
Net Income	9,901	8,868	15,767	20,968
Preferred Stock Dividend Requirements	30	30	60	60
Earnings Applicable to Common Stock	$ 9,871	$ 8,838	$ 15,707	$ 20,908
Earnings per share of Common Stock:
Basic (in Dollars per share)	$ 0.56	$ 0.5	$ 0.89	$ 1.19
Diluted (in Dollars per share)	$ 0.55	$ 0.5	$ 0.88	$ 1.18
Common Shares Outstanding :
Basic (in Shares)	17,713	17,583	17,683	17,560
Diluted (in Shares)	17,828	17,698	17,798	17,675

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Document Information Line Items
Entity Registrant Name	MIDDLESEX WATER COMPANY
Trading Symbol	MSEX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,747,758
Amendment Flag	false
Entity Central Index Key	0000066004
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-422
Entity Incorporation, State or 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
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Retained Earnings	Total
Balance (in Shares) at Dec. 31, 2021	17,522
Balance at Dec. 31, 2021	$ 221,919	$ 145,807	$ 367,726
Net Income		20,968	20,968
Dividend Reinvestment & Common Stock Purchase Plan	$ 7,039		7,039
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	76
Restricted Stock Award - Net - Employees	$ (201)		(201)
Restricted Stock Award - Net - Employees (in Shares)	3
Restricted Stock Award - Board of Directors	$ 280		280
Restricted Stock Award - Board of Directors (in 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 (in Shares) at Jun. 30, 2022	17,604
Balance (in Shares) at Mar. 31, 2022	17,551
Balance at Mar. 31, 2022	$ 225,092	152,790	377,882
Net Income		8,868	8,868
Dividend Reinvestment & Common Stock Purchase Plan	$ 4,134		4,134
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	47
Restricted Stock Award - Net - Employees	$ (469)		(469)
Restricted Stock Award - Net - Employees (in Shares)	3
Restricted Stock Award - Board of Directors	$ 280		280
Restricted Stock Award - Board of Directors (in 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 (in Shares) at Jun. 30, 2022	17,604
Balance (in Shares) at Dec. 31, 2022	17,642
Balance at Dec. 31, 2022	$ 233,054	167,274	400,328
Net Income	0	15,767	15,767
Dividend Reinvestment & Common Stock Purchase Plan	$ 5,745		5,745
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	75
Restricted Stock Award - Net - Employees	$ 386		386
Restricted Stock Award - Net - Employees (in Shares)	7
Restricted Stock Award - Board of Directors	$ 360		360
Restricted Stock Award - Board of Directors (in Shares)	5
Cash Dividends on Common Stock		(11,049)	(11,049)
Cash Dividends on Preferred Stock		(60)	(60)
Balance at Jun. 30, 2023	$ 239,545	171,932	411,477
Balance (in Shares) at Jun. 30, 2023	17,729
Balance (in Shares) at Mar. 31, 2023	17,671
Balance at Mar. 31, 2023	$ 235,756	167,599	403,355
Net Income		9,901	9,901
Dividend Reinvestment & Common Stock Purchase Plan	$ 3,402		3,402
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	46
Restricted Stock Award - Net - Employees	$ 27		27
Restricted Stock Award - Net - Employees (in Shares)	7
Restricted Stock Award - Board of Directors	$ 360		360
Restricted Stock Award - Board of Directors (in Shares)	5
Cash Dividends on Common Stock		(5,538)	(5,538)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2023	$ 239,545	$ 171,932	$ 411,477
Balance (in Shares) at Jun. 30, 2023	17,729

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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.

	(In Thousands Except per Share Amounts)
	Three Months Ended June 30,
	2023					2022
Basic:	Income			Shares		Income			Shares
Net Income	$	9,901			17,713	$	8,868			17,583
Preferred Dividend		(30	)				(30	)
Earnings Applicable to Common Stock	$	9,871			17,713	$	8,838			17,583

Basic EPS	$	0.56				$	0.50

Diluted:
Earnings Applicable to Common Stock	$	9,871			17,713	$	8,838			17,583
$7.00 Series Preferred Dividend		17			115		17			115
Adjusted Earnings Applicable to Common Stock	$	9,888			17,828	$	8,855			17,698

Diluted EPS	$	0.55				$	0.50

	(In Thousands Except per Share Amounts)
	Six Months Ended June 30,
	2023					2022
Basic:	Income			Shares		Income			Shares
Net Income	$	15,767			17,683	$	20,968			17,560
Preferred Dividend		(60	)				(60	)
Earnings Applicable to Common Stock	$	15,707			17,683	$	20,908			17,560

Basic EPS	$	0.89				$	1.19

Diluted:
Earnings Applicable to Common Stock	$	15,707			17,683	$	20,908			17,560
$7.00 Series Preferred Dividend		34			115		34			115
Adjusted Earnings Applicable to Common Stock	$	15,741			17,798	$	20,942			17,675

Diluted EPS	$	0.88				$	1.18

Business Segment Data (Details)	6 Months Ended
Business Segment Data (Details)	Jun. 30, 2023
Business Segment Data [Abstract]
Operating segments	2

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Common Stock, No Par Value
Shares Authorized
Shares Outstanding - 2023 - 17,729; 2022 - 17,642	239,545	233,054
Retained Earnings	171,932	167,274
TOTAL COMMON EQUITY	411,477	400,328
Cumulative Preferred Stock, No Par Value:
Shares Authorized
Shares Outstanding
Convertible:
TOTAL PREFERRED STOCK	2,084	2,084
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	366,712	306,387
Add: Premium on Issuance of Long-term Debt	6,675	6,873
Less: Unamortized Debt Expense	(5,481)	(5,518)
Less: Current Portion of Long-term Debt	(17,460)	(17,462)
TOTAL LONG-TERM DEBT	350,446	290,280
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	291,496	252,269
Amortizing Secured Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	63,571	44,918
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	11,645	9,200
Convertible Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	1,005	1,005
Nonredeemable Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series
Convertible:
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

Commitments and Contingent Liabilities (Details) - Schedule of operating lease ROU assets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of operating lease ROU assets [Abstract]
ROU Asset at Lease Inception	$ 7.3	$ 7.3
Accumulated Amortization	(3.8)	(3.5)
Current ROU Asset	$ 3.5	$ 3.8

Capitalization (Details) - USD ($)	1 Months Ended					6 Months Ended
Capitalization (Details) - USD ($)	Jul. 31, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Capitalization (Details) [Line Items]
Common stock granted and issued under plan (in Shares)			1,000,000
Common stock purchase, percentage				3.00%
Discount offering shares (in Shares)				200,000
Authorized shares (in Shares)		700,000
Maturity date		2033
Borrowed loan		$ 20,000,000
Interest rate		5.71%
Maturity date		Jun. 30, 2023
Drawn amount			$ 1,300,000			$ 4,200,000
Construction carrying amount					$ 1,000,000	21,000,000		$ 21,400,000
Carrying instrument amount						$ 220,200,000		$ 159,100,000
Common Stock [Member]
Capitalization (Details) [Line Items]
Issuance of common stock (in Shares)						75,764	76,547
Shares issued						$ 5,700,000	$ 7,000,000
Minimum [Member]
Capitalization (Details) [Line Items]
Maturity date			2043
Maximum [Member]
Capitalization (Details) [Line Items]
Maturity date			2044
New Jersey Infrastructure Bank [Member]
Capitalization (Details) [Line Items]
Interest rate						0.00%
Received redeem outstanding			$ 300,000,000
FMB [Member]
Capitalization (Details) [Line Items]
Maturity date				2043
Tidewater [Member]
Capitalization (Details) [Line Items]
Percentage of principal with stated interest rate			2.00%
Borrowed loan			$ 10,200,000
Interest rate					2.00%
Program loan amount					$ 5,000,000
Delaware State Revolving Fund [Member]
Capitalization (Details) [Line Items]
Maturity date						2044
Private Placement Loan [Member] \| FMB [Member]
Capitalization (Details) [Line Items]
Proceeds from private placement				$ 40,000,000
Percentage of principal with stated interest rate				5.24%
Subsequent Event [Member]
Capitalization (Details) [Line Items]
Maturity date	2043
Interest rate	6.17%
Subsequent Event [Member] \| Pinelands Water [Member]
Capitalization (Details) [Line Items]
Borrowing loan amount	$ 3,900,000
Subsequent Event [Member] \| Pinelands Wastewater [Member]
Capitalization (Details) [Line Items]
Borrowing loan amount	$ 3,600,000

Earnings Per Share (Details)	Jun. 30, 2023 $ / shares
Earnings Per Share [Abstract]
Convertible preferred Stock price	$ 7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Utility Plant Expenditures, Including AFUDC	$ 651	$ 394

Rate and Regulatory Matters

6 Months Ended

Jun. 30, 2023

Regulated Operations [Abstract]

Rate and Regulatory Matters

Note 2 – Rate and Regulatory Matters

Middlesex – In May 2023, Middlesex filed a petition with the NJBPU seeking permission to increase annual base water revenues by approximately $34 million. The request was necessitated predominantly by capital infrastructure investments Middlesex has made, or has committed to make, to ensure proper maintenance, development and improvement of its utility assets to support continued regulatory compliance and overall quality of service. We cannot predict when and whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. Under New Jersey statute, the NJPBU must render a decision within nine months of filing a base rate change petition.

Replacement of Middlesex and Middlesex customer-owned lead service lines is required by the New Jersey Lead Service Line Replacement Law. In May 2023, Middlesex filed a petition seeking NJBPU approval of Middlesex’s proposed cost recovery of its Lead Service Line Replacement Plan and cost recovery of project costs associated with replacing Middlesex customer-owned lead service lines. Under this legislation, these costs would be recovered through future customer surcharges. Middlesex currently estimates that replacement of Middlesex and Middlesex customer-owned lead service lines will be approximately $57 million to $95 million over a nine-year period. We cannot predict when and whether the NJBPU will ultimately approve, deny, or amend this petition.

In May 2023, Middlesex filed a petition with the NJBPU seeking approval of a Distribution System Improvement Charge (DSIC) Foundation Filing, which is a prerequisite to implementing a DSIC rate that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements to their water distribution system made between base rate proceedings. We cannot predict when and whether the NJBPU will ultimately approve, deny, or amend this petition.

In September 2022, the NJBPU approved Middlesex's Emergency Relief Motion to reset its Purchased Water Adjustment Clause tariff rate to recover additional costs of $2.7 million for the purchase of treated water from a non-affiliated water utility. The increase, effective October 1, 2022, is on an interim basis and subject to refund with interest, pending final resolution of this matter, which is expected in the third quarter of 2023.

Pinelands – On April 12, 2023, Pinelands Water and Pinelands Wastewater concluded their base rate case matters when the NJBPU approved a combined $1.0 million increase in annual base rates, effective April 15, 2023. The requests were necessitated by capital infrastructure investments the companies have made as well as increased operations and maintenance costs.

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, 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 has subsequently filed a Complaint with the United States District Court for the Middle District of Pennsylvania to address the issue of whether the PAPUC’s Order violated Middlesex’s rights under the United States Constitution. We are currently awaiting the Court’s decision.

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

Rate and Regulatory Matters (Details) - USD ($) $ in Millions		1 Months Ended		6 Months Ended
	Apr. 12, 2023	Sep. 30, 2022	May 31, 2021	Jun. 30, 2023	Nov. 30, 2021
Minimum [Member]
Rate and Regulatory Matters (Details) [Line Items]
Deferred Income, Revenue Recognized				$ 57.0
Maximum [Member]
Rate and Regulatory Matters (Details) [Line Items]
Deferred Income, Revenue Recognized				$ 57.0
Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Escrow account		$ 1.7
Maturity Less than 30 Days [Member] \| Middlesex Water Company [Member]
Rate and Regulatory Matters (Details) [Line Items]
Escrow account					$ 1.7
New Jersey Board of Public Utilities [Member] \| Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues		$ 2.7	$ 34.0
New Jersey Board of Public Utilities [Member] \| Pinelands [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues	$ 1.0

Revenue Recognition from Contracts with Customers (Details) - Schedule of operating revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Regulated Tariff Sales
Residential	$ 22,653	$ 21,508	$ 41,657	$ 40,659
Commercial	6,249	5,203	11,627	9,630
Industrial	2,806	2,700	5,645	5,295
Fire Protection	3,145	3,173	6,249	6,294
Wholesale	4,968	4,297	9,521	8,260
Non-Regulated Contract Operations	2,942	2,765	6,172	5,665
Total Revenue from Contracts with Customers	42,763	39,646	80,871	75,803
Other Regulated Revenues	88	156	163	223
Other Non-Regulated Revenues	114	110	226	220
Inter-segment Elimination	(164)	(229)	(303)	(367)
Total Revenue	$ 42,801	$ 39,683	$ 80,957	$ 75,879

Business Segment Data

6 Months Ended

Jun. 30, 2023

Business Segment Data [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.

	(In Thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operations by Segments:	2023			2022			2023			2022
Revenues:
Regulated	$	39,909		$	37,037		$	74,862		$	70,361
Non – Regulated		3,056			2,875			6,398			5,885
Inter-segment Elimination		(164	)		(229	)		(303	)		(367	)
Consolidated Revenues	$	42,801		$	39,683		$	80,957		$	75,879

Operating Income:
Regulated	$	9,820		$	9,336		$	16,535		$	21,043
Non – Regulated		849			752			1,622			1,569
Consolidated Operating Income	$	10,669		$	10,088		$	18,157		$	22,612

Net Income:
Regulated	$	9,307		$	8,314		$	14,631		$	19,814
Non – Regulated		594			554			1,136			1,154
Consolidated Net Income	$	9,901		$	8,868		$	15,767		$	20,968

Capital Expenditures:
Regulated	$	26,114		$	22,549		$	50,579		$	39,134
Non – Regulated		6			163			56			209
Total Capital Expenditures	$	26,120		$	22,712		$	50,635		$	39,343

	As of			As of
	June 30, 2023			December 31, 2022
Assets:
Regulated	$	1,126,436		$	1,079,180
Non – Regulated		7,677			6,999
Inter-segment Elimination		(6,527	)		(11,729	)
Consolidated Assets	$	1,127,586		$	1,074,450

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of earnings per share

	(In Thousands Except per Share Amounts)
	Three Months Ended June 30,
	2023					2022
Basic:	Income			Shares		Income			Shares
Net Income	$	9,901			17,713	$	8,868			17,583
Preferred Dividend		(30	)				(30	)
Earnings Applicable to Common Stock	$	9,871			17,713	$	8,838			17,583

Basic EPS	$	0.56				$	0.50

Diluted:
Earnings Applicable to Common Stock	$	9,871			17,713	$	8,838			17,583
$7.00 Series Preferred Dividend		17			115		17			115
Adjusted Earnings Applicable to Common Stock	$	9,888			17,828	$	8,855			17,698

Diluted EPS	$	0.55				$	0.50

	(In Thousands Except per Share Amounts)
	Six Months Ended June 30,
	2023					2022
Basic:	Income			Shares		Income			Shares
Net Income	$	15,767			17,683	$	20,968			17,560
Preferred Dividend		(60	)				(60	)
Earnings Applicable to Common Stock	$	15,707			17,683	$	20,908			17,560

Basic EPS	$	0.89				$	1.19

Diluted:
Earnings Applicable to Common Stock	$	15,707			17,683	$	20,908			17,560
$7.00 Series Preferred Dividend		34			115		34			115
Adjusted Earnings Applicable to Common Stock	$	15,741			17,798	$	20,942			17,675

Diluted EPS	$	0.88				$	1.18

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, Net of Allowance for Uncollectible Accounts	$ 1,889	$ 2,326

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Common stock, shares authorized	40,000	40,000
Shares Outstanding	17,729	17,642
Preferred stock, shares authorized (in Dollars)	$ 120	$ 120
Preferred stock, shares outstanding	20	20
Convertible Preferred Stock $7.00 Series
Preferred stock, shares outstanding	10	10
Nonredeemable Preferred Stock $7.00 Series
Preferred stock, shares outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series
Preferred stock, shares outstanding	10	10
First Mortgage Bonds due 2023-2059
Long term debt maturity period	2023-2059
First Mortgage Bonds due 2023-2059 \| Minimum
Interest rate	0.00%
First Mortgage Bonds due 2023-2059 \| Maximum
Interest rate	5.50%
Amortizing Secured Notes due 2028-2046
Long term debt maturity period	2028-2046
Amortizing Secured Notes due 2028-2046 \| Minimum
Interest rate	3.94%
Amortizing Secured Notes due 2028-2046 \| Maximum
Interest rate	7.05%
State Revolving Trust Notes due 2025-2044
Long term debt maturity period	2025-2038
State Revolving Trust Notes due 2025-2044 \| Minimum
Interest rate	2.00%
State Revolving Trust Notes due 2025-2044 \| Maximum
Interest rate	4.03%

Short-Term Borrowings (Details) $ in Millions	6 Months Ended
Short-Term Borrowings (Details) $ in Millions	Jun. 30, 2023 USD ($)
Short-Term Borrowings (Details) [Line Items]
Lines of credit	$ 140.0
Outstanding amount	$ 23.5
Minimum [Member]
Short-Term Borrowings (Details) [Line Items]
Outstanding maturity date	July 2023
Maximum [Member]
Short-Term Borrowings (Details) [Line Items]
Outstanding maturity date	September 2023
Short-term Borrowings [Member]
Short-Term Borrowings (Details) [Line Items]
Weighted average interest rate on outstanding borrowings	6.24%

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock
Cash dividends paid, per share	$ 0.3125	$ 0.29	$ 0.625	$ 0.58

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Employee Benefit Plans [Abstract]

Schedule of components of net benefit cost

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2023			2022			2023			2022

Service Cost	$	388		$	591		$	98		$	200
Interest Cost		1,067			761			402			331
Expected Return on Assets		(1,466	)		(1,760	)		(771	)		(887	)
Amortization of Unrecognized Losses		164			418			(48	)		—
Net Periodic Benefit Cost (Benefit)*	$	153		$	10		$	(319	)	$	(356	)

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2023			2022			2023			2022
Service Cost	$	776		$	1,181		$	196		$	399
Interest Cost		2,134			1,521			804			663
Expected Return on Assets		(2,932	)		(3,520	)		(1,542	)		(1,773	)
Amortization of Unrecognized Losses		328			837			(96	)		—
Net Periodic Benefit Cost (Benefit)*	$	306		$	19		$	(638	)	$	(711	)

*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2023

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). The agreement renewal process is underway and a new agreement is expected to be in place prior to the expiration date of the existing agreement. Middlesex does not expect the agreement terms and conditions to vary. 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,
	2023		2022		2023		2022

Treated	$	1,363	$	785	$	2,747	$	1,531
Untreated		739		739		1,540		1,550
Total Costs	$	2,102	$	1,524	$	4,287	$	3,081

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 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.

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, 2023 and 2022, respectively, and $0.4 million for each at this six months ended June 30, 2023 and 2022, respectively.

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

	(In Millions)
	As of
	June 30, 2023			December 31, 2022
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.8	)		(3.5	)
Current ROU Asset	$	3.5		$	3.8

The Company’s future minimum operating lease commitments as of June 30, 2023 are as follows:

	(In Millions)
2023		0.4
2024		0.8
2025		0.8
2026		0.9
2027		0.9
Thereafter		1.8
Total Lease Payments	$	5.6
Imputed Interest		(1.6	)
Present Value of Lease Payments		4.0
Less Current Portion*		(0.6	)
Non-Current Lease Liability	$	3.4

*Included in Other Current Liabilities

Construction – The Company has forecasted to spend approximately $101 million for its construction program in 2023. The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $13 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 upward pressure on 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.

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 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.

Capitalization

6 Months Ended

Jun. 30, 2023

Capitalization [Abstract]

Capitalization

Note 3 – Capitalization

Common Stock – During the six months ended June 30, 2023 and 2022, there were 75,764 common shares (approximately $5.7 million) and 76,547 common shares (approximately $7.0 million) respectively, issued under the Middlesex Water Company Investment Plan (the Investment Plan).

In April 2023, Middlesex 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.

In March 2023, the Company began offering shares of its common stock for purchase at a 3% discount to participants in the Investment Plan. The discount offering will continue until 200,000 shares are purchased at the discounted price or December 1, 2023, whichever event occurs first. The discount applies to all common stock purchases made under the Investment Plan, whether by optional cash payment or by dividend reinvestment.

In May 2023, Middlesex received approval from the NJBPU to increase the number of authorized shares under the Investment Plan by 0.7 million shares.

Long-term Debt – 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.

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.

Although the Company has no current projects in the NJIB loan program, it is seeking to have several projects added to the qualified list in order to borrow under the NJIB loan program.

In April 2023, Middlesex 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.

In March 2023, Middlesex closed on a $40.0 million, 5.24% private placement of First Mortgage Bonds (FMBs) with a 2043 maturity date designated as Series 2023A. Proceeds were used to reduce the Company’s outstanding balances under its bank lines of credit.

In May 2023, Tidewater closed on a $20.0 million loan from CoBank, ACB (CoBank) with an interest rate of 5.71% and a 2033 maturity date and fully drew all funds by June 30, 2023. Proceeds from the loan were used to pay off Tidewater’s outstanding balances under its bank lines of credit and for other general corporate purposes.

In April 2023, Tidewater closed on three Delaware Public Service Commission (DEPSC)-approved Delaware SRF loans totaling $10.2 million, all at interest rates of 2.0% with maturity dates in 2043 and 2044. These loans are for the construction, relocation, improvement, relocation and/or interconnection of transmission mains. Tidewater has drawn a total of $1.3 million through June 30, 2023 and expects that the requisitions will continue through mid-2024.

In December 2021, Tidewater closed on a DEPSC-approved $5.0 million Delaware SRF loan at an interest rate of 2.0%. The loan was for construction of a one million gallon elevated storage tank. Through June 30, 2023, Tidewater has drawn a total of $4.2 million and expects that the requisitions will continue through the third quarter of 2023. The final maturity date on the loan is 2044.

Under the Delaware SRF Program, borrowers submit reimbursement requisitions during the construction period. As the proceeds are received from the requisitions, Tidewater records a corresponding debt obligation amount.

In July 2023, Pinelands Water and Pinelands Wastewater closed on $3.9 million and $3.6 million CoBank amortizing mortgage type loans, respectively, with an interest rate of 6.17% and a final maturity date of 2043 for each loan. Proceeds were used to pay off outstanding intercompany loans with Middlesex and for ongoing capital projects.

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, 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 FMBs in the table below 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 FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows:

	(Thousands of Dollars)
	June 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	146,496	$	141,748	$	147,269	$	138,756

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 $220.2 million and $159.1 million at June 30, 2023 and December 31, 2022, respectively. Customer advances for construction have carrying amounts of $21.0 million and $21.4 million at June 30, 2023 and December 31, 2022, 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.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Water Production	$ 287,871	$ 249,153
Transmission and Distribution	768,138	735,138
General	99,587	97,581
Construction Work in Progress	36,792	53,570
TOTAL	1,192,388	1,135,442
Less Accumulated Depreciation	225,281	214,891
UTILITY PLANT - NET	967,107	920,551
Cash and Cash Equivalents	4,377	3,828
Accounts Receivable, net of allowance for uncollectible accounts of $1,889 and $2,326, respectively	15,230	16,018
Unbilled Revenues	11,067	8,659
Materials and Supplies (at average cost)	6,426	6,177
Prepayments	3,470	2,624
TOTAL CURRENT ASSETS	40,570	37,306
Operating Lease Right of Use Asset	3,499	3,826
Preliminary Survey and Investigation Charges	2,270	2,806
Regulatory Assets	92,772	90,046
Non-utility Assets - Net	11,449	11,207
Employee Benefit Plans	9,898	8,689
Other	21	19
TOTAL OTHER ASSETS	119,909	116,593
TOTAL ASSETS	1,127,586	1,074,450
CAPITALIZATION AND LIABILITIES
Common Stock, No Par Value	239,545	233,054
Retained Earnings	171,932	167,274
TOTAL COMMON EQUITY	411,477	400,328
Preferred Stock	2,084	2,084
Long-term Debt	350,446	290,280
TOTAL CAPITALIZATION	764,007	692,692
CURRENT Current Portion of Long-term Debt	17,460	17,462
Notes Payable	23,500	55,500
Accounts Payable	28,265	24,847
Accrued Taxes	10,339	12,162
Accrued Interest	3,098	2,535
Unearned Revenues and Advanced Service Fees	1,476	1,365
Other	3,425	3,988
TOTAL CURRENT LIABILITIES	87,563	117,859
COMMITMENTS AND CONTINGENT LIABILITIES
Customer Advances for Construction	21,032	21,382
Lease Obligations	3,382	3,706
Accumulated Deferred Income Taxes	85,196	77,783
Regulatory Liabilities	47,400	46,734
Other	758	919
TOTAL OTHER LIABILITIES	157,768	150,524
CONTRIBUTIONS IN AID OF CONSTRUCTION	118,248	113,375
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,127,586	$ 1,074,450

Business Segment Data (Tables)

6 Months Ended

Jun. 30, 2023

Business Segment Data [Abstract]

Schedule of segment reporting information, by segment

	(In Thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operations by Segments:	2023			2022			2023			2022
Revenues:
Regulated	$	39,909		$	37,037		$	74,862		$	70,361
Non – Regulated		3,056			2,875			6,398			5,885
Inter-segment Elimination		(164	)		(229	)		(303	)		(367	)
Consolidated Revenues	$	42,801		$	39,683		$	80,957		$	75,879

Operating Income:
Regulated	$	9,820		$	9,336		$	16,535		$	21,043
Non – Regulated		849			752			1,622			1,569
Consolidated Operating Income	$	10,669		$	10,088		$	18,157		$	22,612

Net Income:
Regulated	$	9,307		$	8,314		$	14,631		$	19,814
Non – Regulated		594			554			1,136			1,154
Consolidated Net Income	$	9,901		$	8,868		$	15,767		$	20,968

Capital Expenditures:
Regulated	$	26,114		$	22,549		$	50,579		$	39,134
Non – Regulated		6			163			56			209
Total Capital Expenditures	$	26,120		$	22,712		$	50,635		$	39,343

	As of			As of
	June 30, 2023			December 31, 2022
Assets:
Regulated	$	1,126,436		$	1,079,180
Non – Regulated		7,677			6,999
Inter-segment Elimination		(6,527	)		(11,729	)
Consolidated Assets	$	1,127,586		$	1,074,450

Commitments and Contingent Liabilities (Details) - Schedule of purchased water costs - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of purchased water costs [Abstract]
Treated	$ 1,363	$ 785	$ 2,747	$ 1,531
Untreated	739	739	1,540	1,550
Total Costs	$ 2,102	$ 1,524	$ 4,287	$ 3,081

Basis of Presentation and Recent Developments

6 Months Ended

Jun. 30, 2023

Accounting Policies [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 2022 Annual Report on Form 10-K (the 2022 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, 2023, the results of operations for the three and six month periods ended June 30, 2023 and 2022 and cash flows for the six month periods ended June 30, 2023 and 2022. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2022, has been derived from the Company’s December 31, 2022 audited financial statements included in the 2022 Form 10-K.

Recent Developments

Middlesex President and Chief Executive Officer Retirement Announcement - On May 16, 2023, President and Chief Executive Officer, Dennis W. Doll announced a plan to retire upon turning age 65. Mr. Doll’s retirement is planned for the later of December 31, 2023 or, the date when a successor is duly named and effectively transitioned into the position. Mr. Doll will remain a member of the Middlesex Board of Directors (Board) through the expiration of his current term in May 2024. A search for Mr. Doll’s successor is being led by the Compensation Committee of the Board in collaboration with a nationally-recognized executive search firm.

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 standard promulgated in a NJDEP regulation that became effective in 2021. The NJDEP standard for PFOA was developed based on a Health-based Maximum Contaminant Level of 14 parts per trillion. Neither the NJDEP nor Middlesex had characterized this exceedance as an acute health threat. However, Middlesex was required by the regulation to notify its affected customers and complied in November 2021.

The Notice further required the Company to take any action necessary to comply with the new standard by September 7, 2022. Prior to 2021, the Company began design for construction of an enhanced treatment process at the Park Avenue Wellfield Treatment Plant to comply with the new standard prior to the regulation being enacted. At that time, the completion of enhanced treatment process was not expected until mid-2023. Consequently, in November 2021, the Company implemented an interim solution to meet the Notice requirements, which included putting the Park Avenue Wellfield Treatment Plant in off-line status and obtaining alternate sources of supply. In June 2022, the Company accelerated the in-service date for a portion of the enhanced treatment project that allowed a restart of the Park Avenue Wellfield Treatment Plant to ensure compliance with all state and federal drinking water standards.

On September 13, 2022, the Company entered into an Administrative Consent Order (ACO) with the NJDEP, which requires the Company to take whatever actions necessary to achieve and maintain compliance with the Safe Drinking Water Act, N.J.S.A, 58:12A-1 et seq., and the Safe Drinking Water Act regulations N.J.A.C. 7:10-1 et seq., including applicable public notifications. The Company’s agreement to enter into an ACO avoided any further Notice regarding the fact that the permanent treatment solution was not in service by September 7, 2022. As prescribed in the ACO, the Company will issue periodic public notifications until the ACO is closed. In addition, in accordance with the ACO:

●

On or before June 30, 2023, the Company was required to complete the permanent construction of the Park Avenue Wellfield treatment upgrades, place the treatment upgrades into operation, and treat all water at the Park Avenue Wellfield Treatment Plant so as to comply with the PFOA NJDEP standards.

●

The Company must perform required sample testing and reporting for PFOA subsequent to completion of the Park Avenue Wellfield treatment upgrades.

●

The Company shall submit to the NJDEP quarterly progress reports detailing the Company’s compliance with the ACO.

In June 2023, the Company completed the permanent construction of the Park Avenue Wellfield treatment upgrades, placed the treatment upgrades into operation, and the Company believes all water at the Park Avenue Wellfield Treatment Plant complies with the NJDEP PFOA standards. The Company believes it has complied with all current requirements of the ACO and is awaiting the NJDEP’s confirmation.

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 had previously initiated a separate lawsuit against the claimed polluter, 3M, seeking to hold 3M accountable for the Company’s claim that 3M introduced perfluoroalkyl substances (commonly known as “PFAS”), which include PFOA, into the Company’s water supply at its Park Avenue Wellfield facility. A trial date is set for October 2, 2023 in the United States District Court for the District of New Jersey in Newark, New Jersey.

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.

Coronavirus (COVID-19) Pandemic – On May 11, 2023, the United States Department of Health and Human Services declared the end of the COVID-19 Pandemic nationwide health emergency. 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 has approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. In May 2023, Middlesex filed a petition to defer consideration of rate recovery of COVID-19 related incremental costs incurred until its next base rate case. The Company has increased its allowance for doubtful accounts for expected higher accounts receivable write-offs due to the financial impact of COVID-19 on customers. 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.

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.

Revenue Recognition from Contracts with Customers

6 Months Ended

Jun. 30, 2023

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 2032 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.

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

	(In Thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Regulated Tariff Sales
Residential	$	22,653		$	21,508		$	41,657		$	40,659
Commercial		6,249			5,203			11,627			9,630
Industrial		2,806			2,700			5,645			5,295
Fire Protection		3,145			3,173			6,249			6,294
Wholesale		4,968			4,297			9,521			8,260
Non-Regulated Contract Operations		2,942			2,765			6,172			5,665
Total Revenue from Contracts with Customers	$	42,763		$	39,646		$	80,871		$	75,803
Other Regulated Revenues		88			156			163			223
Other Non-Regulated Revenues		114			110			226			220
Inter-segment Elimination		(164	)		(229	)		(303	)		(367	)
Total Revenue	$	42,801		$	39,683		$	80,957		$	75,879

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water costs

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Treated	$	1,363	$	785	$	2,747	$	1,531
Untreated		739		739		1,540		1,550
Total Costs	$	2,102	$	1,524	$	4,287	$	3,081

Schedule of operating lease ROU assets

	(In Millions)
	As of
	June 30, 2023			December 31, 2022
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.8	)		(3.5	)
Current ROU Asset	$	3.5		$	3.8

Schedule of future minimum operating lease commitments

	(In Millions)
2023		0.4
2024		0.8
2025		0.8
2026		0.9
2027		0.9
Thereafter		1.8
Total Lease Payments	$	5.6
Imputed Interest		(1.6	)
Present Value of Lease Payments		4.0
Less Current Portion*		(0.6	)
Non-Current Lease Liability	$	3.4

*Included in Other Current Liabilities

Capitalization (Tables)

6 Months Ended

Jun. 30, 2023

Capitalization [Abstract]

Schedule of carrying amount and fair value of the bonds

	(Thousands of Dollars)
	June 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	146,496	$	141,748	$	147,269	$	138,756

Short-Term Borrowings (Details) - Schedule of information regarding short-term borrowings - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of information regarding short-term borrowings [Abstract]
Average Amount Outstanding	$ 24,220	$ 20,527	$ 36,848	$ 17,006
Weighted Average Interest Rate at Year-End	6.09%	1.88%	5.75%	1.58%

Earnings Per Share (Details) - Schedule of earnings per share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EPS Income [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Net Income	$ 9,901	$ 8,868	$ 15,767	$ 20,968
Preferred Dividend	(30)	(30)	(60)	(60)
Earnings Applicable to Common Stock	$ 9,871	$ 8,838	$ 15,707	$ 20,908
Basic EPS (in Dollars per share)	$ 0.56	$ 0.5	$ 0.89	$ 1.19
Diluted:
Earnings Applicable to Common Stock	$ 9,871	$ 8,838	$ 15,707	$ 20,908
Adjusted Earnings Applicable to Common Stock (in Dollars per share)	$ 9,888	$ 8,855	$ 15,741	$ 20,942
Diluted EPS (in Dollars per share)	$ 0.55	$ 0.5	$ 0.88	$ 1.18
EPS Income [Member] \| $7.00 Series Preferred Dividend [Member]
Diluted:
$7.00 Series Preferred Dividend (in Shares)	17	17	34	34
EPS Share [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Net Income	$ 17,713	$ 17,583	$ 17,683	$ 17,560
Earnings Applicable to Common Stock	17,713	17,583	17,683	17,560
Diluted:
Earnings Applicable to Common Stock	$ 17,713	$ 17,583	$ 17,683	$ 17,560
Adjusted Earnings Applicable to Common Stock (in Dollars per share)	$ 17,828	$ 17,698	$ 17,798	$ 17,675
EPS Share [Member] \| $7.00 Series Preferred Dividend [Member]
Diluted:
$7.00 Series Preferred Dividend (in Shares)	115	115	115	115

Short-Term Borrowings (Details) - Schedule of lines of credit $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding	$ 23.5
Available	116.5
Maximum	140.0
Bank of America [Member]
Line of Credit Facility [Line Items]
Outstanding	5.0
Available	55.0
Maximum	$ 60.0
Credit Type	Uncommitted
Renewal Date	Jan. 25, 2024
PNC Bank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 18.5
Available	49.5
Maximum	$ 68.0
Credit Type	Committed
Renewal Date	Jul. 31, 2025
CoBank [Member]
Line of Credit Facility [Line Items]
Outstanding
Available	12.0
Maximum	$ 12.0
Credit Type	Committed
Renewal Date	Nov. 30, 2023

Commitments and Contingent Liabilities (Details) - Schedule of future minimum operating lease commitments
$ in Millions

Jun. 30, 2023

USD ($)

Schedule of future minimum operating lease commitments [Abstract]

$ 0.4

0.8

0.8

0.9

0.9

1.8

5.6

(1.6)

Present Value of Lease Payments

4.0

Less Current Portion

(0.6)

^[1]

Non-Current Lease Liability

$ 3.4

[1]	Included in Other Current Liabilities

Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Employee Benefit Plans [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 six month periods ended June 30, 2023 and 2022, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $1.9 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 $0.5 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 each of the six month periods ended June 30, 2023 and 2022, 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.

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

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2023			2022			2023			2022

Service Cost	$	388		$	591		$	98		$	200
Interest Cost		1,067			761			402			331
Expected Return on Assets		(1,466	)		(1,760	)		(771	)		(887	)
Amortization of Unrecognized Losses		164			418			(48	)		—
Net Periodic Benefit Cost (Benefit)*	$	153		$	10		$	(319	)	$	(356	)

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2023			2022			2023			2022
Service Cost	$	776		$	1,181		$	196		$	399
Interest Cost		2,134			1,521			804			663
Expected Return on Assets		(2,932	)		(3,520	)		(1,542	)		(1,773	)
Amortization of Unrecognized Losses		328			837			(96	)		—
Net Periodic Benefit Cost (Benefit)*	$	306		$	19		$	(638	)	$	(711	)

*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Employee Benefit Plans (Details) - Schedule of components of net benefit cost - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Pension Benefit Plan [Member]

Employee Benefit Plans (Details) - Schedule of components of net benefit cost [Line Items]

Service Cost

$ 388

$ 591

$ 776

$ 1,181

Interest Cost

1,067

761

2,134

1,521

Expected Return on Assets

(1,466)

(1,760)

(2,932)

(3,520)

Amortization of Unrecognized Losses

164

418

328

837

Net Periodic Benefit Cost (Benefit)

^[1]

153

306

Other Benefits Plan [Member]

Employee Benefit Plans (Details) - Schedule of components of net benefit cost [Line Items]

Service Cost

200

196

399

Interest Cost

402

331

804

663

Expected Return on Assets

(771)

(887)

(1,542)

(1,773)

Amortization of Unrecognized Losses

(48)

(96)

Net Periodic Benefit Cost (Benefit)

^[1]

$ (319)

$ (356)

$ (638)

$ (711)

[1]	Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Earnings Per Share (Details) - Schedule of earnings per share (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EPS Income [Member]
Earnings Per Share (Details) - Schedule of earnings per share (Parentheticals) [Line Items]
Preferred Dividend	$ 7	$ 7	$ 7	$ 7

Short-Term Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Short-Term Borrowings [Abstract]

Schedule of lines of credit

	(Millions)
	As of June 30, 2023
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	5.0	$	55.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		18.5	$	49.5		68.0	Committed	July 31, 2025
CoBank		—		12.0		12.0	Committed	November 30, 2023
	$	23.5	$	116.5	$	140.0

Schedule of information regarding short-term borrowings

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Average Daily Amounts Outstanding	$	24,220	$	20,527	$	36,848	$	17,006
Weighted Average Interest Rates		6.09%		1.88%		5.75%		1.58%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 15,767	$ 20,968
Net Cash Provided by Operating Activities:
Depreciation and Amortization	14,543	13,401
Provision for Deferred Income Taxes and Investment Tax Credits	(2,993)	(3,256)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(1,014)	(532)
Cash Surrender Value of Life Insurance	(207)	445
Stock Compensation Expense	1,366	909
Gain on Sale of Subsidiary		(5,232)
Changes in Assets and Liabilities:
Accounts Receivable	788	682
Unbilled Revenues	(2,408)	(3,016)
Materials & Supplies	(249)	(349)
Prepayments	(846)	(1,195)
Accounts Payable	3,418	3,124
Accrued Taxes	843	3,893
Accrued Interest	563	170
Employee Benefit Plans	(975)	(1,310)
Unearned Revenue & Advanced Service Fees	111	165
Other Assets and Liabilities	580	(2,006)
NET CASH PROVIDED BY OPERATING ACTIVITIES	29,287	26,861
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $651 in 2023 and $394 in 2022	(50,635)	(39,343)
Proceeds from Sale of Subsidiary		3,122
NET CASH USED IN INVESTING ACTIVITIES	(50,635)	(36,221)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(2,553)	(2,162)
Proceeds from Issuance of Long-term Debt	62,880	2,287
Net Short-term Bank Borrowings	(32,000)	14,500
Deferred Debt Issuance Expense	(107)	(82)
Proceeds from Issuance of Common Stock	5,745	7,039
Payment of Common Dividends	(11,049)	(10,184)
Payment of Preferred Dividends	(60)	(60)
Construction Advances and Contributions-Net	(959)	(1,191)
NET CASH PROVIDED BY FINANCING ACTIVITIES	21,897	10,147
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	549	787
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	3,828	3,533
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	4,377	4,320
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	4,219	4,321
Non-Cash Consideration for Sale of Subsidiary		2,100
Cash Paid During the Year for:
Interest	5,491	4,245
Interest Capitalized	651	394
Income Taxes	$ 260	$ 575

Short-Term Borrowings

6 Months Ended

Jun. 30, 2023

Short-Term Borrowings [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2023
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	5.0	$	55.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		18.5	$	49.5		68.0	Committed	July 31, 2025
CoBank		—		12.0		12.0	Committed	November 30, 2023
	$	23.5	$	116.5	$	140.0

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Bloomberg Short-Term Bank Yield Index and the Secured Overnight Financing Rate (SOFR), respectively, and then adding a specific financial institution credit spread. 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 SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at June 30, 2023 under these credit lines is 6.24%.

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

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Average Daily Amounts Outstanding	$	24,220	$	20,527	$	36,848	$	17,006
Weighted Average Interest Rates		6.09%		1.88%		5.75%		1.58%

The maturity dates for the $23.5 million outstanding as of June 30, 2023 are in July 2023 through September 2023 and were or are expected to be extended at the discretion of the Company.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Regulatory Notice of Non-Compliance

●

The Company must perform required sample testing and reporting for PFOA subsequent to completion of the Park Avenue Wellfield treatment upgrades.

●

The Company shall submit to the NJDEP quarterly progress reports detailing the Company’s compliance with the ACO.

Coronavirus (COVID-19) Pandemic

Recent Accounting Pronouncements

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.

Commitments and Contingent Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingent Liabilities (Details) [Line Items]
Estimated incremental borrowing rate			4.03%
Rental expenses under operating leases	$ 200,000	$ 200,000	$ 400,000	$ 400,000
Construction program expenses			101,000,000
Estimated obligation expenditure			$ 13,000,000
Purchase Commitment [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Purchase commitment expiration date of contract			Nov. 30, 2023
Average purchase			$ 27,000,000
Regulated Water Utility [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Purchase commitment expiration date of contract			Feb. 27, 2026
Average purchase			$ 3,000,000
City of Dover [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Average purchase			$ 15,000,000

Employee Benefit Plans (Details) $ in Millions	6 Months Ended
Employee Benefit Plans (Details) $ in Millions	Jun. 30, 2023 USD ($)
Pension Benefit Plan [Member]
Employee Benefit Plans [Abstract]
Cash contributions	$ 1.9
Annual Benefits Plan [Member]
Employee Benefit Plans [Abstract]
Cash contributions	0.5
Other Pension Plan [Member]
Employee Benefit Plans [Abstract]
Cash contributions	$ 0.9

Business Segment Data (Details) - Schedule of segment reporting information, by segment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues:
Consolidated Revenues	$ 42,801	$ 39,683	$ 80,957	$ 75,879
Operating Income:
Consolidated Operating Income	10,669	10,088	18,157	22,612
Net Income:
Consolidated Net Income	9,901	8,868	15,767	20,968
Capital Expenditures:
Total Capital Expenditures	26,120	22,712	50,635	39,343
Assets:
Consolidated Assets	1,127,586		1,127,586		$ 1,074,450
Regulated [Member]
Revenues:
Consolidated Revenues	39,909	37,037	74,862	70,361
Operating Income:
Consolidated Operating Income	9,820	9,336	16,535	21,043
Net Income:
Consolidated Net Income	9,307	8,314	14,631	19,814
Capital Expenditures:
Total Capital Expenditures	26,114	22,549	50,579	39,134
Assets:
Consolidated Assets	1,126,436		1,126,436		1,079,180
Non - Regulated [Member]
Revenues:
Consolidated Revenues	3,056	2,875	6,398	5,885
Operating Income:
Consolidated Operating Income	849	752	1,622	1,569
Net Income:
Consolidated Net Income	594	554	1,136	1,154
Capital Expenditures:
Total Capital Expenditures	6	163	56	209
Assets:
Consolidated Assets	7,677		7,677		6,999
Inter segment Elimination [Member]
Revenues:
Consolidated Revenues	(164)	$ (229)	(303)	$ (367)
Assets:
Consolidated Assets	$ (6,527)		$ (6,527)		$ (11,729)

Revenue Recognition from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of operating revenue

	(In Thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Regulated Tariff Sales
Residential	$	22,653		$	21,508		$	41,657		$	40,659
Commercial		6,249			5,203			11,627			9,630
Industrial		2,806			2,700			5,645			5,295
Fire Protection		3,145			3,173			6,249			6,294
Wholesale		4,968			4,297			9,521			8,260
Non-Regulated Contract Operations		2,942			2,765			6,172			5,665
Total Revenue from Contracts with Customers	$	42,763		$	39,646		$	80,871		$	75,803
Other Regulated Revenues		88			156			163			223
Other Non-Regulated Revenues		114			110			226			220
Inter-segment Elimination		(164	)		(229	)		(303	)		(367	)
Total Revenue	$	42,801		$	39,683		$	80,957		$	75,879