0001174947-23-001363 | 10-K/A | XBRL Viewer

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CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Cash dividends paid, per share	$ 1.1825	$ 1.108	$ 1.041

Employee Benefit Plans (Details) - Schedule of discount and compensation rates	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan [Member]
Weighted Average Assumptions:
Expected Return on Plan Assets	7.00%	7.00%	7.00%
Discount Rate for:
Benefit Obligation	4.98%	2.72%	2.37%
Benefit Cost	2.72%	2.37%	3.12%
Compensation Increase for:
Benefit Obligation	3.00%	3.00%	3.00%
Benefit Cost	3.00%	3.00%	3.00%
Other Pension Plan [Member]
Weighted Average Assumptions:
Expected Return on Plan Assets	7.00%	7.00%	7.00%
Discount Rate for:
Benefit Obligation	4.98%	2.72%	2.37%
Benefit Cost	2.72%	2.37%	3.12%
Compensation Increase for:
Benefit Obligation	3.00%	3.00%	3.00%
Benefit Cost	3.00%	3.00%	3.00%

Capitalization (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended						12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Capitalization (Details) [Line Items]
Remain shares registered (in Shares)							200,000
Authorized shares (in Shares)							700,000
Preferred Stock, Shares Outstanding (in Shares)		20					20	20
Convertible preferred stock (in Dollars per share)							$ 7
Principal balance interest date							0.00%
Loan amount							$ 10.0
Participate rate program							0.00%
Borrowed loan		$ 2.6
Carrying amount							$ 159.1	$ 212.3
Construction carrying amount		$ 23.5					$ 21.4	$ 23.5
Preferred Stock [Member]
Capitalization (Details) [Line Items]
Preferred Stock, Shares Authorized (in Shares)		120,000					120,000	120,000
Preferred Stock, Shares Outstanding (in Shares)		21,000					21,000	21,000
Preferred stock dividends
Outside Director Stock Compensation Plan [Member]
Capitalization (Details) [Line Items]
Common stock granted and issued under plan (in Shares)							2,664	3,444	4,074
Maximum number of shares authorized for grant (in Shares)							100,000
Shares remain available for future awards (in Shares)							46,461
Construction Loan [Member]
Capitalization (Details) [Line Items]
Current construction loan borrowings							0.00%
New Jersey Infrastructure Bank [Member]
Capitalization (Details) [Line Items]
Market interest rate							0.00%
Principal balance interest date							25.00%
Market based interest rate							75.00%
Private placement transactions						$ 100.0
Maturity date						Dec. 31, 2023
Program loan amount		$ 5.0
FMB [Member]
Capitalization (Details) [Line Items]
Total amount issued	$ 52.2
Received redeem outstanding										$ 45.5
Proceeds from private placement			$ 19.5		$ 40.0
Percentage of principal with stated interest rate			2.79%		2.90%
Maturity date			2041		2050
Series 2022A [Member]
Capitalization (Details) [Line Items]
Total amount issued	$ 16.2
Interest rate	2.70%
Series 2022B [Member]
Capitalization (Details) [Line Items]
Total amount issued	$ 36.0
Interest rate	3.00%
Series RR [Member]
Capitalization (Details) [Line Items]
Received redeem outstanding										22.5
Series SS [Member]
Capitalization (Details) [Line Items]
Received redeem outstanding										$ 23.0
Tidewater [Member]
Capitalization (Details) [Line Items]
Percentage of principal with stated interest rate				3.94%
Maturity date				2046
Borrowing amount				$ 20.0
FMB Series 2020 [Member]
Capitalization (Details) [Line Items]
Outstanding long term debt							$ 40.0
Private Placement Loan [Member]
Capitalization (Details) [Line Items]
Proceeds from private placement			$ 45.5
Percentage of principal with stated interest rate			2.90%
Maturity date			2051
Delaware State Revolving Fund [Member]
Capitalization (Details) [Line Items]
Limited first loan							10.0
Maturity date		2044
Outstanding long term debt							9.2
Amortizing Secured Notes [Member]
Capitalization (Details) [Line Items]
Outstanding long term debt							44.9
New Jersey Economic Development Authority [Member]
Capitalization (Details) [Line Items]
Outstanding long term debt							63.6
New Jersey Infrastructure Bank [Member]
Capitalization (Details) [Line Items]
Outstanding long term debt							$ 83.7
All Long Term Debt [Member]
Capitalization (Details) [Line Items]
Weighted average interest rate							2.98%	2.83%
FMB Series 2021 [Member]
Capitalization (Details) [Line Items]
Outstanding long term debt							$ 65.0
Dividend Reinvestment and Common Stock Purchase Plan [Member]
Capitalization (Details) [Line Items]
Shares issued							$ 10.3
Common stock purchase, percentage							3.00%
Discount offering shares (in Shares)							200,000
Convertible Preferred Stock [Member]
Capitalization (Details) [Line Items]
Convertible preferred stock (in Dollars per share)							$ 7
Outstanding convertible stock, percentage		10.00%						10.00%

Income Taxes (Details) - Schedule of income tax expense reconciliation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Income Tax Expense Reconciliation [Abstract]
Income Tax at Statutory Rate	$ 9,590	$ 6,521	$ 7,204
Tax Effect of:
Utility Plant Related	(1,106)	(1,290)	(1,356)
Tangible Property Repairs	(6,767)	(12,281)	(11,298)
State Income Taxes – Net	1,296	1,499	1,364
Other	227	63	(33)
Total Income Tax Expense (Benefit)	$ 3,240	$ (5,488)	$ (4,119)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Rate and Regulatory Matters

12 Months Ended

Dec. 31, 2022

Regulated Operations [Abstract]

Rate and Regulatory Matters

Note 2 - Rate and Regulatory Matters

Rate 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 was 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 September 2022, the NJBPU approved Middlesex's Emergency Relief Motion to reset its PWAC tariff rate to recover additional costs of $2.7 million for the purchase of treated water from a non-affiliated regulated 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 second quarter of 2023.

In March 2021, the NJBPU approved Middlesex’s annual petition to reset its PWAC tariff rate to recover additional costs of $1.1 million for the purchase of treated water from a non-affiliated regulated water utility. The new PWAC rate became effective April 4, 2021.

Tidewater – On August 31, 2022, the DEPSC issued an Order requiring Tidewater to reduce its base rates charged to general metered and private fire customers by 6%, effective for service rendered on and after September 1, 2022. In June 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 had been earning above its authorized rate of return. The rate reduction is expected to reduce annual revenues by approximately $2.2 million.

In March 2021, Tidewater was notified by the DEPSC that it had determined Tidewater’s earned rate of return exceeded the rate of return authorized by the DEPSC. Consequently, Tidewater reset its Distribution System Improvement Charge (DSIC) rate to zero effective April 1, 2021 and refunded approximately $1.0 million to customers primarily in the form of an account credit for DSIC revenue previously billed between April 1, 2020 and March 31, 2021. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between base rate proceedings.

Pinelands – In September 2022, Pinelands Water and Pinelands Wastewater filed separate petitions with the NJBPU seeking permission to increase base rates by approximately $0.6 million and $0.4 million per year, respectively. These requests were necessitated by capital infrastructure investments both companies have made, or have committed to make, and increased operations and maintenance costs. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the requests. A decision by the NJBPU in both matters is expected in the first quarter of 2023.

Southern Shores - Effective January 1, 2020, the DEPSC approved the renewal of a multi-year agreement for water service to a 2,200 unit condominium community we serve in Sussex County, Delaware. Under the agreement, current rates were to remain in effect until December 31, 2024, unless there are unanticipated capital expenditures or regulatory related changes in operating expenses exceeding certain thresholds during this time period. In 2022, capital expenditures did exceed the established threshold and rates were increased by 5.39%, effective January 1, 2023. Beginning in 2025 and thereafter, inflation based rate increases cannot exceed the lesser of the regional Consumer Price Index or, 3%. Inflation based increases are in addition to the threshold rate increases. This agreement expires on December 31, 2029.

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. 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 to the Supreme Court of Pennsylvania seeking reversal of the Commonwealth Court’s decision to uphold the escrow requirement on the grounds that the Pennsylvania Court erred in failing to address Twin Lakes’ constitutional claims. The timing of the final decision by the Supreme Court of Pennsylvania 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.

Regulatory Matters

We have recorded certain costs as regulatory assets because we expect full recovery of, or are currently recovering, these costs in the rates we charge customers. These deferred costs have been excluded from rate base and, therefore, we are not earning a return on the unamortized balances. These items are detailed as follows:

	(Thousands of Dollars)
	December 31,				Remaining
Regulatory Assets	2022		2021		Recovery Periods
Retirement Benefits	$	9,214	$	24,926	Various
Income Taxes		74,422		70,427	Various
Rate Cases, Tank Painting, and Other		6,410		5,385	2-10 years
Total	$	90,046	$	100,738

Retirement benefits include pension and other retirement benefits that have been recorded on the Consolidated Balance Sheet in accordance with the guidance provided in ASC 715, Compensation – Retirement Benefits. These amounts represent obligations in excess of current funding, which the Company believes will be fully recovered in rates set by the regulatory authorities.

The recovery period for income taxes is dependent upon when the temporary differences between the tax and book treatment of various items reverse.

The 2017 Tax Act reduced the statutory corporate federal income tax rate from 35% to 21%. The tariff rates charged to customers effective prior to 2018 in the Company’s regulated companies include recovery of income taxes at the statutory rate in effect at the time those rates were approved by the respective state public utility commissions. As of December 31, 2022 and 2021, the Company has recorded regulatory liabilities of $29.0 million and $30.4 million, respectively for excess income taxes collected through rates due to the lower income tax rate under the 2017 Tax Act. These regulatory liabilities are overwhelmingly related to utility plant depreciation deduction timing differences, which are subject to Internal Revenue Service (IRS) normalization rules. The IRS rules limit how quickly the excess taxes attributable to accelerated taxes can be returned to customers. The current base rates for Middlesex and Pinelands customers became effective after 2017 and reflect the impact of the 2017 Tax Act on their revenue requirements.

The Company uses composite depreciation rates for its regulated utility assets, which is currently an acceptable method under generally accepted accounting principles and is widely used in the utility industry. Historically, under the composite depreciation method, the anticipated costs of removing assets upon retirement are provided for over the life of those assets as a component of depreciation expense. The Company recovers certain asset retirement costs through rates charged to customers as an approved component of depreciation expense. As of December 31, 2022 and 2021, the Company has approximately $17.7 million and $16.1 million, respectively, of expected costs of removal recovered currently in rates in excess of actual costs incurred as regulatory liabilities.

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pension Plan [Member]

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

Service Cost

$ 2,363

$ 2,696

$ 2,434

Interest Cost

3,042

2,706

3,099

Expected Return on Plan Assets

(7,041)

(6,225)

(5,635)

Amortization of Net Actuarial Loss

1,673

2,868

2,059

Net Periodic Benefit Cost

^[1]

2,045

1,957

Other Pension Plan [Member]

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

Service Cost

799

917

993

Interest Cost

1,325

1,236

1,699

Expected Return on Plan Assets

(3,547)

(3,142)

(2,853)

Amortization of Net Actuarial Loss

527

1,352

Net Periodic Benefit Cost

^[1]

$ (1,423)

$ (462)

$ 1,191

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

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Total
Balance at beginning (in Shares) at Dec. 31, 2019	17,434
Balance at beginning at Dec. 31, 2019	$ 215,125	$ 108,667	$ 323,792
Net Income		38,425	38,425
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	19
Dividend Reinvestment & Common Stock Purchase Plan	$ 1,230		1,230
Restricted Stock Award - Net - Employees (in Shares)	16
Restricted Stock Award - Net - Employees	$ 851		851
Stock Award - Board Of Directors (in Shares)	4
Stock Award - Board Of Directors	$ 245		245
Cash Dividends on Common Stock		(18,178)	(18,178)
Cash Dividends on Preferred Stock		(120)	(120)
Common Stock Expenses		(37)	(37)
Balance at ending (in Shares) at Dec. 31, 2020	17,473
Balance at ending at Dec. 31, 2020	$ 217,451	128,757	346,208
Net Income		36,543	36,543
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	40
Dividend Reinvestment & Common Stock Purchase Plan	$ 3,837		3,837
Restricted Stock Award - Net - Employees (in Shares)	6
Restricted Stock Award - Net - Employees	$ 350		350
Stock Award - Board Of Directors (in Shares)	3
Stock Award - Board Of Directors	$ 281		281
Cash Dividends on Common Stock		(19,373)	(19,373)
Cash Dividends on Preferred Stock		(120)	(120)
Balance at ending (in Shares) at Dec. 31, 2021	17,522
Balance at ending at Dec. 31, 2021	$ 221,919	145,807	367,726
Net Income	$ 0	42,429	42,429
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	114
Dividend Reinvestment & Common Stock Purchase Plan	$ 10,335		10,335
Restricted Stock Award - Net - Employees (in Shares)	3
Restricted Stock Award - Net - Employees	$ 520		520
Stock Award - Board Of Directors (in Shares)	3
Stock Award - Board Of Directors	$ 280		280
Cash Dividends on Common Stock		(20,810)	(20,810)
Cash Dividends on Preferred Stock		(120)	(120)
Common Stock Expenses		(32)	(32)
Balance at ending (in Shares) at Dec. 31, 2022	17,642
Balance at ending at Dec. 31, 2022	$ 233,054	$ 167,274	$ 400,328

Income Taxes (Details) - Schedule of net deferred tax liability - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Net Deferred Tax Liability [Abstract]
Utility Plant Related	$ 72,996	$ 65,107
Customer Advances	(3,568)	(3,595)
Employee Benefits	7,380	7,091
Investment Tax Credits	304	373
Other	671	524
Total Accumulated Deferred Income Taxes	$ 77,783	$ 69,500

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Utility Plant Expenditures, Including AFUDC	$ 927	$ 1,148	$ 1,513

Quarterly Data - Unaudited (Details) - Schedule of financial information for each quarter - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Quarterly Data - Unaudited (Details) - Schedule of financial information for each quarter [Line Items]
Operating Revenues (in Dollars)	$ 38,823	$ 47,732	$ 39,683	$ 36,196	$ 34,025	$ 39,874	$ 36,701	$ 32,541	$ 162,434	$ 143,141
Gain on Sale of Subsidiary (in Dollars)				5,232					5,232
Operating Income (in Dollars)	8,146	16,575	10,088	12,523	6,339	11,424	9,814	5,634	47,332	33,211
Net Income (in Dollars)	$ 7,169	$ 14,291	$ 8,868	$ 12,100	$ 7,237	$ 11,476	$ 10,923	$ 6,907	$ 42,428	$ 36,543
Basic Earnings per Share	$ 0.4	$ 0.81	$ 0.5	$ 0.69	$ 0.42	$ 0.65	$ 0.62	$ 0.39	$ 2.4	$ 2.08
Diluted Earnings per Share	0.4	0.81	0.5	0.68	0.41	0.65	0.62	0.39	2.39	2.07
Common Dividend Per Share	0.3125	0.29	0.29	0.29	0.29	0.2725	0.2725	0.2725	$ 1.1825	$ 1.1075
Minimum [Member]
Quarterly Data - Unaudited (Details) - Schedule of financial information for each quarter [Line Items]
High/Low Common Stock Price	74.2	77.08	75.77	94.56	119.37	116.4	88.61	85.92
Maximum [Member]
Quarterly Data - Unaudited (Details) - Schedule of financial information for each quarter [Line Items]
High/Low Common Stock Price	$ 95.82	$ 96.19	$ 108.27	$ 121.1	$ 98.12	$ 81.02	$ 77.31	$ 67.09

Employee Benefit Plans (Details) - Schedule of employee benefit plans recognized in balance sheet - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Balance Sheets consist of:
Current Liability	$ 529	$ 398
Noncurrent Liability (Asset)	2,431	12,562
Net Liability (Asset) Recognized	2,960	12,960
Other Pension Plan [Member]
Balance Sheets consist of:
Current Liability
Noncurrent Liability (Asset)	(11,120)	(1,272)
Net Liability (Asset) Recognized	$ (11,120)	$ (1,272)

Organization, Summary of Significant Accounting Policies and Recent Developments

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Organization, Summary of Significant Accounting Policies and Recent Developments

Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments

(a) Organization - 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), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater.

Middlesex has operated as a water utility in New Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey and Delaware by the New Jersey Board of Public Utilities (NJBPU) and the Delaware Public Service Commission (DEPSC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities.

(b) Principles of Consolidation – The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. Other financial investments in which the Company holds a 50% or less voting interest and cannot exercise control over the operation and policies of the investments are accounted for under the equity method of accounting. Under the equity method of accounting, the Company records its investment interests in Non-Utility Assets and its percentage share of the earnings or losses of the investees in Other Income (Expense).

(c) System of Accounts – The Company’s regulated utilities maintain their accounts in accordance with the Uniform System of Accounts prescribed by the NJBPU and DEPSC.

(d) Regulatory Accounting - We maintain our books and records in accordance with accounting principles generally accepted in the United States of America. Middlesex and certain of its subsidiaries, which account for 93% of Operating Revenues and 99% of Total Assets, are subject to regulation in the state in which they operate. Those companies are required to maintain their accounts in accordance with regulatory authorities’ rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance provided in Accounting Standards Codification (ASC) 980, Regulated Operations.

In accordance with ASC 980, Regulated Operations, costs and obligations are deferred if it is probable that these items will be recognized for rate-making purposes in future rates. Accordingly, we have recorded costs and obligations, which will be amortized over various future periods. Any change in the assessment of the probability of rate-making treatment will require us to change the accounting treatment of the deferred item. We have no reason to believe any of the deferred items that are recorded will be treated differently by the regulators in the future. For additional information, see Note 2 – Rate and Regulatory Matters.

(e) Retirement Benefit Plans - We maintain a noncontributory defined benefit pension plan (Pension Plan), which covers all active employees who were hired prior to April 1, 2007, as well as a defined contribution plan in which all employees are eligible to participate. In addition, the Company maintains an unfunded supplemental plan for certain of its executive officers. The Company has a retirement benefit plan other than pensions (Other Benefits Plan) for substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance.

The Company’s costs for providing retirement benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience. Retirement benefit plan obligations and expense are determined

based on investment performance, discount rates and various other demographic factors related to the population participating in the Company’s retirement benefit plans, all of which can change significantly in future years. For more information on the Company’s Retirement Benefit Plans, see Note 7 – Employee Benefit Plans.

(f) Utility Plant – Utility Plant is stated at original cost as defined for regulatory purposes. Property accounts are charged with the cost of betterments and major replacements of property. Cost includes direct material, labor and indirect charges for pension benefits and payroll taxes. The cost of labor, materials, supervision and other expenses incurred in making repairs and minor replacements and in maintaining the properties is charged to the appropriate expense accounts. At December 31, 2022, there was no event or change in circumstance that would indicate that the carrying amount of any long-lived asset was not recoverable.

(g) Depreciation – Depreciation is computed by each regulated member of the Company utilizing a rate approved by the applicable regulatory authority. The accumulated provision for depreciation is charged with the cost of property retired, less salvage. The following table sets forth the range of depreciation rates for the major utility plant categories used to calculate depreciation for the years ended December 31, 2022, 2021 and 2020. These rates have been approved by the NJBPU or DEPSC:

Source of Supply	1.15% - 3.44%	Transmission and Distribution (T&D):
Pumping	2.00% - 5.39%	T&D – Mains	1.10% - 3.13%
Water Treatment	1.65% - 7.09%	T&D – Services	2.12% - 3.16%
General Plant	2.08% - 17.84%	T&D – Other	1.61% - 4.63%
Wastewater Collection	1.42% - 1.81%

Non-regulated fixed assets consist primarily of office buildings, furniture and fixtures, and transportation equipment. These assets are recorded at original cost and depreciation is calculated based on the estimated useful lives, ranging from 3 to 42 years.

(h) Preliminary Survey and Investigation (PS&I) Costs – In the design of water and wastewater systems that the Company ultimately intends to construct, own and operate, certain expenditures are incurred to advance those project activities. These PS&I costs are recorded as deferred charges on the balance sheet as these costs are expected to be recovered through future rates charged to customers as the underlying project assets are placed into service as utility plant. If it is subsequently determined that costs for a project recorded as PS&I are not recoverable through rates charged to our customers, the applicable PS&I costs are recorded as Other Expense on the Statement of Income at that time.

(i) Customers’ Advances for Construction (CAC) – Utility plant and/or cash advances are provided to the Company by customers, real estate developers and builders in order to extend utility service to their properties. These transactions are recorded as CAC. Contractual Refunds of CACs in the form of cash are made by the Company and are based on either additional operating revenues generated from new customers or, as new customers are connected to the respective system. After all refunds are made and/or contract terms have expired, any remaining balance is transferred to Contributions in Aid of Construction.

Contributions in Aid of Construction (CIAC) – CIAC include direct non-refundable contributions of utility plant and/or cash and the portion of CAC that becomes non-refundable.

In accordance with regulatory requirements, CAC and CIAC are not depreciated. In addition, these amounts reduce the investment base for purposes of setting rates.

(j) Allowance for Funds Used During Construction (AFUDC) - Middlesex and its regulated subsidiaries capitalize AFUDC, which represents the cost of financing projects during construction. AFUDC is added to the construction costs of individual projects exceeding specific cost and construction period thresholds established for each company and then depreciated with the utility plant direct costs over the underlying assets’ estimated useful life. AFUDC is calculated using each company’s weighted cost of debt and equity as approved in their most recent

respective regulatory rate order. The AFUDC rates for the years ended December 31, 2022, 2021 and 2020 for Middlesex and Tidewater are as follows:

	2022			2021			2020
Middlesex		6.35	%		6.50	%		6.50	%
Tidewater		7.92	%		7.92	%		7.92	%

(k) Accounts Receivable – We record bad debt expense based on a variety of factors such as our customers’ payment history, current economic conditions and trending reasonable and supportable forecasts on expected collectability of accounts receivable. The allowance for doubtful accounts was $2.3 million and $2.6 million as of December 31, 2022 and 2021, respectively. For the years ended December 31, 2022, 2021 and 2020, bad debt expense was $0.5 million, $0.9 million and $1.1 million, respectively. For the years ended December 31, 2022, 2021 and 2020, write-offs were $0.7 million, $0.4 million and $0.5 million, respectively.

(l) Revenues - 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 Company expects to be entitled in exchange for those goods and services.

The Company’s regulated revenue 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 to 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 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary 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)
	Years Ended December 31,
	2022			2021			2020
Regulated Tariff Sales
Residential	$	84,950		$	77,699		$	76,798
Commercial		22,689			16,715			15,448
Industrial		11,152			8,990			9,512
Fire Protection		12,726			12,608			12,374
Wholesale		18,769			14,590			15,187
Non-Regulated Contract Operations		12,006			12,391			12,130
Total Revenue from Contracts with Customers	$	162,292		$	142,993		$	141,449
Other Regulated Revenues		831			929			532
Other Non-Regulated Revenues		440			427			415
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Total Revenue	$	162,434		$	143,141		$	141,592

(m) Unamortized Debt Expense and Premiums on Long-Term Debt - Unamortized Debt Expense and Premiums on Long-Term Debt, included on the consolidated balance sheet in long-term debt, are amortized over the lives of the related debt issues.

(n) Income Taxes - Middlesex files a consolidated federal income tax return for the Company and income taxes are allocated based on the separate return method. Certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes. Deferred income taxes are provided on differences between the tax basis of assets and liabilities and the amounts at which they are carried in the consolidated financial statements. Investment tax credits have been deferred and are amortized over the estimated useful life of the related property. In the event that there are interest and penalties associated with income tax adjustments from income tax authority examinations, these amounts will be reported under interest expense and other expense, respectively. For more information on income taxes, see Note 3 – Income Taxes.

(o) Cash and Cash Equivalents - For purposes of reporting cash flows, the Company considers all highly liquid investments with original maturity dates of three months or less to be cash equivalents. Cash and cash equivalents represent bank balances and money market funds with investments maturing in less than 90 days.

(p) Restricted Cash – Restricted cash includes cash proceeds from loan transactions entered into through government financing programs and are held in trusts for specific capital expenditures or debt service.

(q) Use of Estimates - Conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.

(r) Recent Accounting Pronouncements - There are no new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s consolidated financial statements.

(s) Coronavirus (COVID-19) Pandemic – In January 2023, 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 with an announced end to the declared health emergency on May 11, 2023. 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 and areas the Company operated 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 Order 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. The Company’s allowance for doubtful accounts was increased for expected increases in accounts receivable write-offs due to the financial impact of COVID-19 on customers. The Company has not deferred any COVID-19 related incremental costs. We will continue to monitor the effects of COVID-19.

(t) 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. 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 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.

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. Since completion was 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 temporarily taken off-line and alternate sources of supply were obtained. Simultaneously, the Company accelerated a portion of the enhanced treatment project to allow a restart of the Park Avenue Wellfield Treatment Plant ahead of historical higher water demand periods during the summer months.

In June 2022, a portion of the enhanced treatment process was completed, placed into service and is effectively treating the ground water in 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 are 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. The Company issued the public notifications in February 2023 and will continue to update and distribute public information as prescribed in the ACO. In addition, in accordance with the ACO:

●

On or before June 30, 2023, the Company shall complete the permanent construction of the Park Avenue Wellfield treatment upgrades, place the treatment upgrades into operation, and all water at the Park Avenue Wellfield Treatment Plant shall be treated 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.

The Company’s failure to comply with the compliance schedule and/or progress reporting requirements of the ACO could lead to penalties up to $500 per day. In addition, the NJDEP could penalize the Company for other violations, if any, of the ACO.

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 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 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.

(u) Sale of Subsidiary –– In January 2022, Middlesex closed on the DEPSC approved sale of 100% of the common stock of its subsidiary Tidewater Environmental Services, 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 regulated water utilities in Delaware as well as its non-regulated operations and maintenance contract business.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income Taxes

Note 3 – Income Taxes

Income tax (benefit) expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons:

	(Thousands of Dollars)
	Years Ended December 31,
	2022			2021			2020
Income Tax at Statutory Rate	$	9,590		$	6,521		$	7,204
Tax Effect of:
Utility Plant Related		(1,106	)		(1,290	)		(1,356	)
Tangible Property Repairs		(6,767	)		(12,281	)		(11,298	)
State Income Taxes – Net		1,296			1,499			1,364
Other		227			63			(33	)
Total Income Tax Expense (Benefit)	$	3,240		$	(5,488	)	$	(4,119	)

Income tax expense (benefit) is comprised of the following:

	(Thousands of Dollars)
	Years Ended December 31,
	2022			2021			2020
Current:
Federal	$	425		$	(8,247	)	$	(4,281	)
State		1,381			1,467			2,598
Deferred:
Federal		1,242			933			(1,490	)
State		260			431			(871	)
Investment Tax Credits		(68	)		(72	)		(75	)
Total Income Tax (Benefit) Expense	$	3,240		$	(5,488	)	$	(4,119	)

As part of Middlesex’s March 2018 base water rate settlement with the NJBPU, Middlesex received approval for regulatory accounting treatment of income tax benefits associated with the adoption of tangible property regulations issued by the IRS (fully amortized as of March 31, 2022) as well as prospective recognition of the income tax benefits for the immediate deduction of repair costs on tangible property. This results in significant reductions in the Company’s effective income tax rate, current income tax expense (benefit) and deferred income tax expense (benefit).

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows:

	(Thousands of Dollars)
	December 31,
	2022			2021
Utility Plant Related	$	72,996		$	65,107
Customer Advances		(3,568	)		(3,595	)
Employee Benefits		7,380			7,091
Investment Tax Credits		304			373
Other		671			524
Total Accumulated Deferred Income Taxes	$	77,783		$	69,500

The Company’s federal income tax returns for the tax years 2014 through 2017 were selected for examination by the 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. The statutory review period for 2018 and prior federal income tax returns has now closed, and as such, in the third quarter of 2022 the Company reversed the December 31, 2021 income tax reserve provision and interest expense liability of $0.5 million and $0.2 million, respectively.

The statutory review periods for federal income tax returns for the years prior to 2019 have been closed. There are no unrecognized tax benefits resulting from prior period tax positions.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Water Production	$ 249,153	$ 247,286
Transmission and Distribution	735,138	697,200
General	97,581	95,658
Construction Work in Progress	53,570	24,947
TOTAL	1,135,442	1,065,091
Less Accumulated Depreciation	214,891	199,723
UTILITY PLANT - NET	920,551	865,368
Cash and Cash Equivalents	3,828	3,533
Accounts Receivable, net of allowance for uncollectible accounts of $2,326 and $2,574, respectively	16,018	15,311
Unbilled Revenues	8,659	7,273
Materials and Supplies (at average cost)	6,177	5,358
Prepayments	2,624	2,880
TOTAL CURRENT ASSETS	37,306	34,355
Operating Lease Right of Use Asset	3,826	4,503
Preliminary Survey and Investigation Charges	2,806	3,540
Regulatory Assets	90,046	100,738
Non-utility Assets - Net	11,207	11,428
Employee Benefit Plans	8,689
Other	19	83
TOTAL OTHER ASSETS	116,593	120,292
TOTAL ASSETS	1,074,450	1,020,015
CAPITALIZATION AND LIABILITIES
Common Stock, No Par Value	233,054	221,919
Retained Earnings	167,274	145,807
TOTAL COMMON EQUITY	400,328	367,726
Preferred Stock	2,084	2,084
Long-term Debt	290,280	306,520
TOTAL CAPITALIZATION	692,692	676,330
Current Portion of Long-term Debt	17,462	6,731
Notes Payable	55,500	13,000
Accounts Payable	24,847	21,125
Accrued Taxes	12,162	8,621
Accrued Interest	2,535	1,986
Unearned Revenues and Advanced Service Fees	1,365	1,330
Other	3,988	3,826
TOTAL CURRENT LIABILITIES	117,859	56,619
COMMITMENTS AND CONTINGENT LIABILITIES (Note 4)
Customer Advances for Construction	21,382	23,529
Lease Obligations	3,706	4,367
Accumulated Deferred Income Taxes	77,783	69,500
Employee Benefit Plans		11,290
Regulatory Liabilities	46,734	49,431
Other	919	1,086
TOTAL OTHER LIABILITIES	150,524	159,203
CONTRIBUTIONS IN AID OF CONSTRUCTION	113,375	127,863
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,074,450	$ 1,020,015

Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - USD ($)		12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) [Line Items]
Percentage voting interest		50.00%
Percentage of operating revenues		93.00%
Percentage of total assets		99.00%
Allowance for doubtful accounts		$ 2,300,000	$ 2,600,000
Bad debt expense		500,000	900,000	$ 1,100,000
Write-offs		700,000	$ 400,000	$ 500,000
Penalties		$ 500
Common stock subsidiary percentage	100.00%
Cash	$ 6,400,000
Other consideration fees	$ 5,200,000
Minimum [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) [Line Items]
Estimated useful lives of non-regulated fixed assets		3 years
Maximum [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) [Line Items]
Estimated useful lives of non-regulated fixed assets		42 years

Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of operating revenues - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Regulated Tariff Sales
Residential	$ 84,950	$ 77,699	$ 76,798
Commercial	22,689	16,715	15,448
Industrial	11,152	8,990	9,512
Fire Protection	12,726	12,608	12,374
Wholesale	18,769	14,590	15,187
Non-Regulated Contract Operations	12,006	12,391	12,130
Total Revenue from Contracts with Customers	162,292	142,993	141,449
Other Regulated Revenues	831	929	532
Other Non-Regulated Revenues	440	427	415
Inter-segment Elimination	(1,129)	(1,208)	(804)
Total Revenue	$ 162,434	$ 143,141	$ 141,592

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common Stock, No Par Value
Shares Authorized
Shares Outstanding	233,054	221,919
Retained Earnings	167,274	145,807
TOTAL COMMON EQUITY	400,328	367,726
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	306,387	311,146
Add: Premium on Issuance of Long-term Debt	6,873	7,271
Less: Unamortized Debt Expense	(5,518)	(5,166)
Less: Current Portion of Long-term Debt	(17,462)	(6,731)
TOTAL LONG-TERM DEBT	290,280	306,520
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	252,269	203,892
First Mortgage Bonds due 2023-2059
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	44,918	47,613
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	9,200	7,510
Construction Loans
Long-term Debt:
SUBTOTAL LONG-TERM DEBT		52,131
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

Capitalization

12 Months Ended

Dec. 31, 2022

Capitalization [Abstract]

Capitalization

Note 6 - Capitalization

All the transactions discussed below related to the issuance of securities were approved by either the NJBPU or DEPSC, except where otherwise noted.

Common Stock

The Company issues shares of its common stock in connection with its Middlesex Water Company Investment Plan (the Investment Plan), a direct share purchase and dividend reinvestment plan for the Company’s common stock. The Company raised approximately $10.3 million under the Investment Plan during 2022. On March 1, 2023, the Company will begin 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. Since the inception of the Investment Plan and its predecessor plan, the Company has periodically replenished the level of authorized shares in the plans. Currently, 0.2 million shares remain registered with the United States Securities and Exchange Commission for the Investment Plan and available for potential issuance to participants. Middlesex has filed a

petition with the NJBPU seeking to increase the number of authorized shares under the Investment Plan by 0.7 million shares.

The Company issues common shares under a restricted stock plan for certain management employees, which is described in Note 7 – Employee Benefit Plans.

The Company maintains a stock plan for its independent Directors as a component of outside members of the Board of Directors compensation. For the years ended December 31, 2022, 2021 and 2020, 2,664, 3,444 and 4,074 shares, respectively, of Middlesex common stock were granted and issued to the Company’s independent Directors under the plan. The maximum number of shares authorized for grant under the plan is 100,000, of which 46,461 shares remain available for future awards.

In the event dividends on the preferred stock are in arrears, no dividends may be declared or paid on the common stock of the Company.

Preferred Stock

At December 31, 2022 and 2021, there were 120,000 shares of preferred stock authorized and less than 21,000 shares of preferred stock outstanding. There were no preferred stock dividends in arrears.

The Company may not pay any dividends on its common stock unless full cumulative dividends to the preceding dividend date for all outstanding shares of preferred stock have been paid or set aside for payment. If four or more quarterly dividends are in arrears, the preferred shareholders, as a class, are entitled to elect two members to the Board of Directors in addition to Directors elected by holders of the common stock. In addition, if Middlesex were to liquidate, holders of preferred stock would be paid back the stated value of their preferred shares before any distributions could be made to common stockholders.

The conversion feature of the no par $7.00 Series Cumulative and Convertible Preferred Stock allows the security holders to exchange one convertible preferred share for twelve shares of the Company's common stock. In addition, the Company may redeem up to 10% of the outstanding convertible stock in any calendar year at a price equal to the fair value of twelve shares of the Company's common stock for each share of convertible stock redeemed.

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. The interest rate on the Company’s current construction loan borrowings is zero percent (0%). 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. The term of the long-term loans currently offered through the NJIB is up to thirty years.

In May 2022, Middlesex repaid two outstanding 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.

The NJIB has changed the SRF program for project funding priority ranking, the proportions of interest free loans and market interest rate loans and overall loan limits on interest free loan balances to investor-owned water utilities. These changes affect SRF projects for which the construction loan closes after September 2018. Under the new

guidelines, the principal balance having a stated interest rate of zero percent (0%) is 25% of the loan balance with the remaining portion of 75% having a market based interest rate. This is limited to the first $10.0 million of the loan. Loan amounts above $10.0 million do not participate in the 0% rate program, but do participate at the market based interest rate. As a result of all these changes, the Company’s future capital funding plan currently does not include participating in the NJIB SRF program.

In June 2021, Middlesex received approval from the NJBPU to redeem up to $45.5 million of outstanding FMBs, specifically Series RR ($22.5 million) and Series SS ($23.0 million), and issue replacement FMBs at an overall lower cost of debt. In November 2021, Middlesex closed on a $45.5 million, 2.90% private placement of FMBs, designated as Series 2021B with a 2051 maturity date to effectuate the redemptions.

In May 2020, Middlesex received approval from the NJBPU to borrow up to $100 million, in one or more private placement transactions through December 31, 2023 to help fund Middlesex’s multi-year capital construction program. In connection with this approval:

●

In November 2021, Middlesex closed on a $19.5 million, 2.79% private placement of FMBs with a 2041 maturity date designated as Series 2021A. Proceeds were used to reduce the Company’s outstanding balances under its lines of credit.; and

●

In November 2020, Middlesex closed on a $40.0 million, 2.90% private placement of FMBs with a 2050 maturity date designated as Series 2020A. Proceeds were used to reduce the Company’s outstanding balances under its lines of credit and for the Company’s 2020 capital program.

In December 2021, Tidewater closed on the DEPSC approved $5.0 million Delaware SRF Program loan and began receiving disbursements in January 2022. Tidewater has borrowed $2.6 million under this loan with borrowing expected to continue through mid-2023. The final maturity date on the loan is 2044.

In September 2021, Tidewater completed its $20 million secured borrowing with CoBank, at an interest rate of 3.94% with a 2046 maturity date. Proceeds from the loan were used to pay off its outstanding balances under its lines of credit.

The aggregate annual principal repayment obligations for all long-term debt over the next five years and thereafter are shown below:

Year	(Millions of Dollars) Annual Maturities
2023	$	17.5
2024	$	7.4
2025	$	6.9
2026	$	6.7
2027	$	6.4
Thereafter	$	261.5

The weighted average interest rate on all long-term debt at December 31, 2022 and 2021 was 2.98% and 2.83%, respectively. Except for the FMB Series 2020 ($40.0 million), FMB Series 2021 ($65.0 million) and Amortizing Secured Notes ($44.9 million), all of the Company’s outstanding long-term debt has been issued through the NJEDA ($63.6 million), the NJIB SRF program ($83.7 million) and the Delaware SRF program ($9.2 million).

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

The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2022, 2021 and 2020. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series.

	(In Thousands, Except Per Share Amounts)
	2022					2021					2020
Basic:	Income			Shares		Income			Shares		Income			Shares
Net Income	$	42,429			17,597	$	36,543			17,492	$	38,425			17,459
Preferred Dividend		(120	)				(120	)				(120	)
Earnings Applicable to Common Stock	$	42,309			17,597	$	36,423			17,492	$	38,305			17,459
Basic EPS	$	2.40				$	2.08				$	2.19
Diluted:
Earnings Applicable to Common Stock	$	42,309			17,597	$	36,423			17,492	$	38,305			17,459
$7.00 Series Dividend		67			115		67			115		67			115
Adjusted Earnings Applicable to Common Stock	$	42,376			17,712	$	36,490			17,607	$	38,372			17,574
Diluted EPS	$	2.39				$	2.07				$	2.18

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 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 and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the 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)
	At December 31,
	2022				2021
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	147,269	$	138,756	$	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 rate and due date on these series of long-term debt, please refer to those series of long-term debt titled “Amortizing Secured Notes”, “State Revolving Trust Notes”, “State Revolving Fund Bond” and “Construction Loans” on the Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $159.1 million and $212.3 million at December 31, 2022 and 2021, respectively. Customer advances for construction have carrying amounts of $21.4 million and $23.5 million at December 31, 2022 and 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.

Rate and Regulatory Matters (Details) - USD ($)						1 Months Ended	12 Months Ended
Rate and Regulatory Matters (Details) - USD ($)	Jan. 02, 2023	Dec. 31, 2022	Aug. 31, 2022	Jan. 02, 2022	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Rate and Regulatory Matters (Details) [Line Items]
Corporate tax rate			6.00%
Annual revenues							$ 2,200,000
DSIC rate, description							Tidewater reset its Distribution System Improvement Charge (DSIC) rate to zero effective April 1, 2021
capital expenditures rate							5.39%
Regulatory liabilities		$ 290,000,000					$ 290,000,000	$ 30,400,000
Maximum [Member]
Rate and Regulatory Matters (Details) [Line Items]
Corporate tax rate							35.00%
Minimum [Member]
Rate and Regulatory Matters (Details) [Line Items]
Corporate tax rate							21.00%
Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Regulatory liabilities		17,700,000					$ 17,700,000	16,100,000
Pinelands [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues						$ 400,000
Maturity Less than 30 Days [Member] \| Middlesex Water Company [Member]
Rate and Regulatory Matters (Details) [Line Items]
Escrow account									$ 1,700,000
New Jersey Board of Public Utilities [Member] \| Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues		2,700,000		$ 20,700,000	$ 1,100,000			27,700,000
Base rate amount								$ 513,500,000
Return on equity								9.60%
Regulatory liabilities		$ 0					$ 0	$ 3,000,000
New Jersey Board of Public Utilities [Member] \| Pinelands [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues						$ 600,000
Delaware Public Service Commission [Member]
Rate and Regulatory Matters (Details) [Line Items]
Percentage of consumer price index							3.00%
Maturity date							Dec. 31, 2029
Delaware Public Service Commission [Member] \| Tidewater [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues					$ 1
Forecast [Member] \| New Jersey Board of Public Utilities [Member] \| Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues	$ 7,000,000

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Document Information Line Items
Entity Registrant Name	MIDDLESEX WATER COMPANY
Trading Symbol	MSEX
Document Type	10-K/A
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,642,147
Entity Public Float			$ 1,505,071,215
Amendment Flag	true
Amendment Description	Middlesex Water Company (the Company) is filing this Amendment No. 1 to the Annual Report on Form 10-K (this Form 10-K/A) for the fiscal year ended December 31, 2022, originally filed with the Securities and Exchange Commission (the SEC) on February 24, 2023 (the 2022 Form 10-K) to make certain changes described below.In the 2022 Form 10-K, the Company indicated and reported that, based on its assessment at such time, its internal control over financial reporting was operating as designed and were effective. The 2022 Form 10-K included Baker Tilly US, LLP’s (Baker Tilly) Report of Independent Registered Public Accounting Firm dated February 24, 2023, that concluded “in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.”Subsequent to the issuance of the Company’s 2022 Form 10-K, the Company’s independent registered public accounting firm, Baker Tilly, conducted a routine internal quality review of its integrated audit of the Company’s 2022 consolidated financial statements and internal control over financial reporting as of December 31, 2022. As a result of this review, Baker Tilly re-examined the Company’s information technology general controls (ITGCs) in the areas of user access and change management over certain information technology (IT) systems that support the Company’s financial reporting processes. Certain of those controls were found to be deficient because of a lack of sufficient IT control processes designed to prevent or detect unauthorized changes in applications and data in selected IT environments. It has therefore been concluded that automated and manual process controls dependent on ITGCs were not effective. On November 1, 2023, the Company determined, and Baker Tilly concurred, that the ITGCs deficiency and the resulting impact on other controls constitutes a material weakness in the Company’s internal control over financial reporting as of December 31, 2022. For a more detailed description of this material weakness, refer to Part II, Item 9A, “Controls and Procedures.”Notwithstanding the newly identified material weakness referred to above, Management, including our Principal Executive Officer and Principal Financial Officer, believes that the financial statements contained in the 2022 Form 10-K fairly present, in all material respects, the financial condition, results of operations and cash flows of the Company for all periods presented in accordance with accounting principles generally accepted in the United States of America.In accordance with Rule 12b-15 of the Securities Exchange Act of 1934, as amended (the Exchange Act), this Form 10-K/A is being filed to (i) amend the Company’s Forward-Looking Statement, (ii) amend the Company’s risk factors included in Part I. Item 1A, (iii) replace Baker Tilly’s audit report with the revised audit report included in Part II, Item 8 to reflect the newly identified material weakness as of December 31, 2022, (iv) amend the Company’s disclosure on controls and procedures included in Part II, Item 9A, and (v) amend Part IV - Item 15 Exhibits and Financial Statement Schedules to replace Baker Tilly’s consent of independent registered public accounting firm with an updated consent of independent registered public accounting firm and include currently dated certifications from the Company’s Chief Executive Officer and Chief Financial Officer as required by Section 302 and 906 of the Sarbanes-Oxley Act of 2002.Please note that the only changes to the 2022 Form 10-K are those related to the matters described herein and only in the Items listed above. Except as described above, no changes have been made to the 2022 Form 10-K, and this Form 10-K/A does not modify, amend or update any of the other financial information or other information contained in the 2022 Form 10-K. In addition, in accordance with SEC rules, this Form 10-K/A includes an updated auditor consent as Exhibit 23.1 and updated certifications from our Chief Executive Officer and Chief Financial Officer as Exhibits 31, 31.1, 32 and 32.1. Except for the foregoing changes, the information in this Form 10-K/A is as of February 24, 2023, the filing date of the original Form 10-K for the year ended December 31, 2022, and has not been updated for the events subsequent to that date other than as discussed above.
Entity Central Index Key	0000066004
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Annual 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 1 South
Entity Address, Address Line Two	Suite 400
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, No Par Value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Auditor Name	Baker Tilly US, LLP
Auditor Location	Philadelphia
Auditor Firm ID	23
Document Financial Statement Error Correction [Flag]	false

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Schedule of income tax expense reconciliation

Income tax (benefit) expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons:

	(Thousands of Dollars)
	Years Ended December 31,
	2022			2021			2020
Income Tax at Statutory Rate	$	9,590		$	6,521		$	7,204
Tax Effect of:
Utility Plant Related		(1,106	)		(1,290	)		(1,356	)
Tangible Property Repairs		(6,767	)		(12,281	)		(11,298	)
State Income Taxes – Net		1,296			1,499			1,364
Other		227			63			(33	)
Total Income Tax Expense (Benefit)	$	3,240		$	(5,488	)	$	(4,119	)

Schedule of income tax expense

Income tax expense (benefit) is comprised of the following:

	(Thousands of Dollars)
	Years Ended December 31,
	2022			2021			2020
Current:
Federal	$	425		$	(8,247	)	$	(4,281	)
State		1,381			1,467			2,598
Deferred:
Federal		1,242			933			(1,490	)
State		260			431			(871	)
Investment Tax Credits		(68	)		(72	)		(75	)
Total Income Tax (Benefit) Expense	$	3,240		$	(5,488	)	$	(4,119	)

Schedule of net deferred tax liability

	(Thousands of Dollars)
	December 31,
	2022			2021
Utility Plant Related	$	72,996		$	65,107
Customer Advances		(3,568	)		(3,595	)
Employee Benefits		7,380			7,091
Investment Tax Credits		304			373
Other		671			524
Total Accumulated Deferred Income Taxes	$	77,783		$	69,500

Income Taxes (Details) - Schedule of income tax expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 425	$ (8,247)	$ (4,281)
State	1,381	1,467	2,598
Deferred:
Federal	1,242	933	(1,490)
State	260	431	(871)
Investment Tax Credits	(68)	(72)	(75)
Total Income Tax (Benefit) Expense	$ 3,240	$ (5,488)	$ (4,119)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 7 - Employee Benefit Plans

Pension Benefits

The Company’s 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 can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. In order to be eligible for contribution, the eligible employee must be employed by the Company on December 31^st of the year to which the contribution relates. The Company maintains an unfunded supplemental plan for a limited number of its executive officers. The Accumulated Benefit Obligation for the Company’s Pension Plan at December 31, 2022 and 2021 was $79.4 million and $100.4 million, respectively.

Other Benefits

The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance.

Regulatory Treatment of Over/Underfunded Retirement Obligations

Because the Company is subject to rate regulation in the states in which it operates, it is required to maintain its accounts in accordance with the regulatory authority’s rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance of ASC 980, Regulated Operations. Based on prior regulatory practice, and in accordance with the guidance in ASC 980, Regulated Operations, the Company records underfunded Pension Plan and Other Benefits Plan obligation costs, which otherwise would be recognized in Other Comprehensive Income under ASC 715, Compensation – Retirement Benefits, as a Regulatory Asset, and expects to recover those costs in rates charged to customers.

The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2022 and 2021.

	(Thousands of Dollars)
	Pension Plan						Other Benefits Plan
	December 31,
	2022			2021			2022			2021
Change in Projected Benefit Obligation:
Beginning Balance	$	113,710		$	115,861		$	49,396		$	52,776
Service Cost		2,362			2,696			799			917
Interest Cost		3,042			2,706			1,325			1,236
Actuarial (Gain) Loss		(27,850	)		(4,185	)		(17,761	)		(4,705	)
Benefits Paid		(3,476	)		(3,368	)		(850	)		(828	)
Ending Balance	$	87,788		$	113,710		$	32,909		$	49,396

	(Thousands of Dollars)
	Pension Plan						Other Benefits Plan
	December 31,
	2022			2021			2022			2021
Change in Fair Value of Plan Assets:
Beginning Balance	$	100,750		$	88,921		$	50,668		$	44,892
Actual Return on Plan Assets		(14,346	)		11,798			(6,639	)		5,776
Employer Contributions		1,900			3,400			850			828
Benefits Paid		(3,476	)		(3,369	)		(850	)		(828	)
Ending Balance	$	84,828		$	100,750		$	44,029		$	50,668

Funded Status	$	(2,960	)	$	(12,960	)	$	11,120		$	1,272

	(Thousands of Dollars)
	Pension Plan				Other Benefits Plan
	December 31,
	2022		2021		2022			2021
Amounts Recognized in the Consolidated
Balance Sheets consist of:
Current Liability	$	529	$	398	$	-		$	-
Noncurrent Liability (Asset)		2,431		12,562		(11,120	)		(1,272	)
Net Liability (Asset) Recognized	$	2,960	$	12,960	$	(11,120	)	$	(1,272	)

	(Thousands of Dollars)
	Pension Plan									Other Benefits Plan
	Years Ended December 31,
	2022			2021			2020			2022			2021			2020
Components of Net Periodic Benefit Cost
Service Cost	$	2,363		$	2,696		$	2,434		$	799		$	917		$	993
Interest Cost		3,042			2,706			3,099			1,325			1,236			1,699
Expected Return on Plan Assets		(7,041	)		(6,225	)		(5,635	)		(3,547	)		(3,142	)		(2,853	)
Amortization of Net Actuarial Loss		1,673			2,868			2,059			-			527			1,352
Net Periodic Benefit Cost*	$	37		$	2,045		$	1,957		$	(1,423	)	$	(462	)	$	1,191

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

Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2023 are as follows:

(Thousands of Dollars)

Pension
Plan

Other
Benefits Plan

Actuarial Loss (Gain)

658

(191

)

The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2022, 2021 and 2020, respectively, are as follows:

	Pension Plan									Other Benefits Plan
	2022			2021			2020			2022			2021			2020
Weighted Average Assumptions:
Expected Return on Plan Assets		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%
Discount Rate for:
Benefit Obligation		4.98	%		2.72	%		2.37	%		4.98	%		2.72	%		2.37	%
Benefit Cost		2.72	%		2.37	%		3.12	%		2.72	%		2.37	%		3.12	%
Compensation Increase for:
Benefit Obligation		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Benefit Cost		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%

The compensation increase assumption for the Other Benefits Plan is attributable to life insurance provided to qualifying employees upon their retirement. The insurance coverage will be determined based on the employee’s base compensation as of their retirement date.

The Company utilizes the Society of Actuaries’ mortality table (Pri-2012) (Mortality Improvement Scale MP2021 for the 2022 valuation).

For the 2022 valuation, costs and obligations for our Other Benefits Plan assumed a 7.5% annual rate of increase in the per capita cost of covered healthcare benefits in 2022 with the annual rate of increase declining 0.5% per year for 2023-2028, resulting in an annual rate of increase in the per capita cost of covered healthcare benefits of 4.5% by year 2029.

A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan:

	(Thousands of Dollars)
	1 Percentage Point
	Increase		Decrease
Effect on Current Year Service and Interest Costs	$	435	$	(334	)
Effect on Projected Benefit Obligation	$	4,239	$	(3,448	)

The following benefit payments, which reflect expected future service, are expected to be paid:

	(Thousands of Dollars)
Year	Pension Plan		Other Benefits Plan
2023	$	4,153	$	1,262
2024		4,961		1,423
2025		5,349		1,550
2026		5,344		1,645
2027		5,437		1,699
2028-2032		28,483		9,363
Totals	$	53,727	$	16,942

Benefit Plans Assets

The allocation of plan assets at December 31, 2022 and 2021 by asset category is as follows:

	Pension Plan									Other Benefits Plan
Asset Category	2022			2021			Target			2022			2021			Target
Equity Securities		53.6	%		59.6	%		55	%		55.2	%		66.8	%		43	%
Debt Securities		40.9	%		37.9	%		38	%		24.7	%		30.7	%		50	%
Cash		3.9	%		1.0	%		2	%		20.1	%		2.5	%		2	%
Real Estate/Commodities		1.6	%		1.5	%		5	%		0.0	%		0.0	%		5	%
Total		100.0	%		100.0	%					100.0	%		100.0	%

Two outside investment firms each manage a portion of the Pension Plan asset portfolio. One of those investment firms also manages the Other Benefits Plan asset portfolio. Quarterly meetings are held between the Company’s Pension Committee of the Board of Directors and the investment managers to review their performance and asset allocation. If the actual asset allocation is outside the targeted range, the Pension Committee reviews current market conditions and advice provided by the investment managers to determine the appropriateness of rebalancing the portfolio.

The objective of the Company is to maximize the long-term return on retirement plan assets, relative to a reasonable level of risk, maintain a diversified investment portfolio and maintain compliance with the Employee Retirement Income Security Act of 1974. The expected long-term rate of return is based on the various asset categories in which plan assets are invested and the current expectations and historical performance for these categories.

Fair Value Measurements

Accounting guidance provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

●

Level 1 – Inputs to the valuation methodology are unadjusted quoted market prices for identical assets or liabilities in accessible active markets.

●

Level 2 – Inputs to the valuation methodology that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. If the asset or liability has a specified contractual term, the Level 2 input must be observable for substantially the full term of the asset or liability.

●

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Certain investments in cash and cash equivalents, equity securities, and commodities are valued based on quoted market prices in active markets and are classified as Level 1 investments. Certain investments in cash and cash equivalents, equity securities and fixed income securities are valued using prices received from pricing vendors that utilize observable inputs and are therefore classified as Level 2 investments.

The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy:

	(Thousands of Dollars)
	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	71,559	$	-	$	-	$	71,559
Money Market Funds		3,271		-		-		3,271
Common Equity Securities		9,998		-		-		9,998
Total Investments	$	84,828	$	-	$	-	$	84,828

	(Thousands of Dollars)
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	87,687	$	-	$	-	$	87,687
Money Market Funds		1,057		-		-		1,057
Common Equity Securities		12,006		-		-		12,006
Total Investments	$	100,750	$	-	$	-	$	100,750

The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy:

	(Thousands of Dollars)
	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	23,660	$	-	$	-	$	23,660
Money Market Funds		8,623		-		-		8,623
Agency/US/State/Municipal Debt		-		10,592		-		10,592
Other		1,154		-		-		1,154
Total Investments	$	33,437	$	10,592	$	-	$	44,029

	(Thousands of Dollars)
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	33,844	$	-	$	-	$	33,844
Money Market Funds		1,291		-		-		1,291
Agency/US/State/Municipal Debt		-		15,533		-		15,533
Total Investments	$	35,135	$	15,533	$	-	$	50,668

Benefit Plans Contributions

For the Pension Plan, Middlesex made total cash contributions of $1.9 million in 2022 and expects to make approximately $2.0 million of cash contributions in 2023.

For the Other Benefits Plan, Middlesex made total cash contributions of $0.9 million in 2022 and expects to make approximately $0.9 million of cash contributions in 2023.

401(k) Plan

The Company maintains a 401(k) defined contribution plan, which covers substantially all employees with more than 1,000 hours of service. Under the terms of the Plan, the Company matches 100% of a participant’s contributions, which do not exceed 1% of a participant’s compensation, plus 50% of a participant’s contributions exceeding 1%, but not more than 6%. The Company’s matching contribution was $0.7 million for each of the years ended December 31, 2022, 2021 and 2020.

Employees hired after March 31, 2007 are not eligible to participate in the Pension Plan and are generally eligible to participate in a discretionary profit sharing plan administered through the 401(k) plan. In December each year, the Board of Directors may approve that a stated percentage of eligible compensation be contributed to the account of the employee participant in the first quarter of the following year. For those employees still actively employed on December 31, 2022 or retired during the current year, the Company will fund a discretionary contribution of $0.9 million before April 1, 2023, which represents 5.0% of eligible 2022 compensation. For the years ended December 31, 2021 and 2020, the Company made qualifying discretionary contributions totaling $0.8 million and $0.7 million, respectively.

Stock-Based Compensation

The Company maintains a long-term incentive compensation plan for certain management employees where awards are made in the form of restricted common stock. Shares of restricted stock issued under the plan are subject to forfeiture by the employee in the event of termination of employment for any reason within five years of the award other than as a result of retirement at normal retirement age, death, disability or change in control. The maximum number of shares authorized for award under the plan is 300,000 shares, of which approximately 80% remain available for award.

The Company recognizes compensation expense at fair value for the plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined by the market value of the stock on the date of the award and is being amortized over the expected vesting period.

The following table presents awarded but not yet vested share information for the plan:

	Shares(thousands)			Unearned Compensation (thousands)			Weighted Average Granted Price
Balance, January 1, 2020		97			1,706
Granted		16			982		$	60.12
Vested		(27	)		-
Amortization of Compensation expense		-			(851	)
Balance, December 31, 2020		86			1,837
Granted		15			1,151		$	79.02
Vested		(18	)
Amortization of Compensation expense		-			(1,057	)
Balance, December 31, 2021		83			1,931
Granted		11			1,151		$	105.17
Vested		(17	)		-
Amortization of Compensation expense		-			(1,350	)
Balance, December 31, 2022		77		$	1,732

- 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 allocation of plan assets	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	100.00%	100.00%
Pension Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	53.60%	59.60%
Other Benefits Plan	55.00%
Pension Plan [Member] \| Debt Securities [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	40.90%	37.90%
Other Benefits Plan	38.00%
Pension Plan [Member] \| Cash and Cash Equivalents [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	3.90%	1.00%
Other Benefits Plan	2.00%
Pension Plan [Member] \| Exchange Traded Funds [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	1.60%	1.50%
Other Benefits Plan	5.00%
Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	100.00%	100.00%
Other Benefits Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	55.20%	66.80%
Other Benefits Plan	43.00%
Other Benefits Plan [Member] \| Debt Securities [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	24.70%	30.70%
Other Benefits Plan	50.00%
Other Benefits Plan [Member] \| Cash and Cash Equivalents [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	20.10%	2.50%
Other Benefits Plan	2.00%
Other Benefits Plan [Member] \| Exchange Traded Funds [Member]
Employee Benefit Plans (Details) - Schedule of allocation of plan assets [Line Items]
Pension Plan	0.00%	0.00%
Other Benefits Plan	5.00%

Quarterly Data - Unaudited

12 Months Ended

Dec. 31, 2022

Quarterly Data - Unaudited [Abstract]

Quarterly Data - Unaudited

Note 9 - Quarterly Data - Unaudited

Financial information for each quarter of 2022 and 2021 is as follows:

	(Thousands of Dollars, Except per Share Data)
2022	1^st		2^nd		3^rd		4^th		Total

Operating Revenues	$	36,196	$	39,683	$	47,732	$	38,823	$	162,434
Gain on Sale of Subsidiary		5,232		-		-		-		5,232
Operating Income		12,523		10,088		16,575		8,146		47,332
Net Income		12,100		8,868		14,291		7,169		42,428
Basic Earnings per Share	$	0.69	$	0.50	$	0.81	$	0.40	$	2.40
Diluted Earnings per Share	$	0.68	$	0.50	$	0.81	$	0.40	$	2.39
Common Dividend Per Share	$	0.2900	$	0.2900	$	0.2900	$	0.3125	$	1.1825
High/Low Common Stock Price		$94.56/$121.10		$75.77/$108.27		$77.08/$96.19		$74.20/$95.82

2021	1^st		2^nd		3^rd		4^th		Total

Operating Revenues	$	32,541	$	36,701	$	39,874	$	34,025	$	143,141
Operating Income		5,634		9,814		11,424		6,339		33,211
Net Income		6,907		10,923		11,476		7,237		36,543
Basic Earnings per Share	$	0.39	$	0.62	$	0.65	$	0.42	$	2.08
Diluted Earnings per Share	$	0.39	$	0.62	$	0.65	$	0.41	$	2.07
Common Dividend Per Share	$	0.2725	$	0.2725	$	0.2725	$	0.2900	$	1.1075
High/Low Common Stock Price		$85.92/$67.09		$88.61/$77.31		$116.40/$81.02		$119.37/$98.12

The information above, in the opinion of the Company, includes all adjustments consisting only of normal recurring accruals necessary for a fair presentation of such amounts. The business of the Company is subject to seasonal fluctuation with the peak period usually occurring during the summer months. The quarterly earnings per share amounts above may differ slightly from previous filings due to the effects of rounding.

Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of allowance for funds used during construction rates	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Middlesex [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of allowance for funds used during construction rates [Line Items]
Allowance for funds used during construction rates	6.35%	6.50%	6.50%
Tidewater [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of allowance for funds used during construction rates [Line Items]
Allowance for funds used during construction rates	7.92%	7.92%	7.92%

Short-term Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of information regarding short-term borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2022 and 2021 is summarized below:

	(Millions of Dollars)
	2022			2021
Average Amount Outstanding	$	28.9		$	23.7
Weighted Average Interest Rate		3.34	%		1.12	%
Notes Payable at Year-End	$	55.5		$	13.0
Weighted Average Interest Rate at Year-End		5.17	%		1.04	%

Schedule of line of credit

The Company maintains bank lines of credit aggregating $140.0 million.

	(Millions)
	As of December 31, 2022							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	15.0	$	45.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		39.5		28.5		68.0	Committed	January 31, 2024
CoBank, ACB (CoBank)		1.0		11.0		12.0	Committed	November 30, 2023
	$	55.5	$	84.5	$	140.0

Capitalization (Tables)

12 Months Ended

Dec. 31, 2022

Capitalization [Abstract]

Schedule of long-term debt

The aggregate annual principal repayment obligations for all long-term debt over the next five years and thereafter are shown below:

Year	(Millions of Dollars) Annual Maturities
2023	$	17.5
2024	$	7.4
2025	$	6.9
2026	$	6.7
2027	$	6.4
Thereafter	$	261.5

Schedule of basic and diluted earnings per share

	(In Thousands, Except Per Share Amounts)
	2022					2021					2020
Basic:	Income			Shares		Income			Shares		Income			Shares
Net Income	$	42,429			17,597	$	36,543			17,492	$	38,425			17,459
Preferred Dividend		(120	)				(120	)				(120	)
Earnings Applicable to Common Stock	$	42,309			17,597	$	36,423			17,492	$	38,305			17,459
Basic EPS	$	2.40				$	2.08				$	2.19
Diluted:
Earnings Applicable to Common Stock	$	42,309			17,597	$	36,423			17,492	$	38,305			17,459
$7.00 Series Dividend		67			115		67			115		67			115
Adjusted Earnings Applicable to Common Stock	$	42,376			17,712	$	36,490			17,607	$	38,372			17,574
Diluted EPS	$	2.39				$	2.07				$	2.18

Schedule of carrying amount and fair value of the bonds

The carrying amount and fair value of the Bonds were as follows:

	(Thousands of Dollars)
	At December 31,
	2022				2021
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	147,269	$	138,756	$	98,828	$	107,781

Short-term Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-term Borrowings

Note 5 – Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2022 and 2021 is summarized below:

	(Millions of Dollars)
	2022			2021
Average Amount Outstanding	$	28.9		$	23.7
Weighted Average Interest Rate		3.34	%		1.12	%
Notes Payable at Year-End	$	55.5		$	13.0
Weighted Average Interest Rate at Year-End		5.17	%		1.04	%

The Company maintains bank lines of credit aggregating $140.0 million.

	(Millions)
	As of December 31, 2022							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	15.0	$	45.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		39.5		28.5		68.0	Committed	January 31, 2024
CoBank, ACB (CoBank)		1.0		11.0		12.0	Committed	November 30, 2023
	$	55.5	$	84.5	$	140.0

The Bank of America line of credit is renewed on an annual basis and was increased from $30 million to $60 million in January 2022.

The maturity dates for the Notes Payable as of December 31, 2022 are in January 2023 through March 2023 and are extendable at the discretion of the Company.

The interest rates for borrowings under the Bank of America and PNC Bank lines of credit are 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.

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	40,000	40,000
Common stock, shares outstanding	17,642	17,522
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 2025-2038
Long term debt maturity period	2025-2038
State Revolving Trust Notes due 2025-2038 \| Minimum
Interest rate	2.00%
State Revolving Trust Notes due 2025-2038 \| Maximum
Interest rate	4.22%
Construction Loans
Interest rate	0.00%

Capitalization (Details) - Schedule of carrying amount and fair value of the bonds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Carrying Amount and Fair Value of Bonds [Abstract]
Carrying Amount	$ 147,269	$ 98,828
Fair Value	$ 138,756	$ 107,781

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

Dec. 31, 2022

USD ($)

Schedule Of Future Minimum Operating Lease Commitments Abstract

$ 0.8

0.8

0.8

0.9

0.9

1.8

6.0

(1.6)

Present Value of Lease Payments

4.4

Less Current Portion

(0.7)

^[1]

Non-Current Lease Liability

$ 3.7

[1]	Included in Other Current Liabilities

Commitments and Contingent Liabilities (Details)	12 Months Ended
Commitments and Contingent Liabilities (Details)	Dec. 31, 2022 USD ($)
Commitments and Contingent Liabilities (Details) [Line Items]
Estimated incremental borrowing rate	4.03%
Rental expenses under operating leases	$ 800,000
Construction program expenses	102,000,000
Construction program fees	86,000,000
Construction program spend fees	78,000,000
Estimated obligation expenditure	$ 16,800,000
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

Capitalization (Details) - Schedule of long-term debt $ in Millions	Dec. 31, 2022 USD ($)
Schedule of maturities of long term debt [Abstract]
2023	$ 17.5
2024	7.4
2025	6.9
2026	6.7
2027	6.4
Thereafter	$ 261.5

Capitalization (Details) - Schedule of basic and diluted earnings per share - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of earnings per share [Abstract]
Net Income	$ 42,429	$ 36,543	$ 38,425
Net Income (in Shares)	17,597	17,492	17,459
Preferred Dividend	$ (120)	$ (120)	$ (120)
Earnings Applicable to Common Stock	$ 42,309	$ 36,423	$ 38,305
Earnings Applicable to Common Stock (in Shares)	17,597	17,492	17,459
$7.00 Series Dividend	$ 67	$ 67	$ 67
$7.00 Series Dividend (in Shares)	115	115	115
Adjusted Earnings Applicable to Common Stock	$ 42,376	$ 36,490	$ 38,372
Adjusted Earnings Applicable to Common Stock (in Shares)	17,712	17,607	17,574
Diluted EPS (in Dollars per share)	$ 2.39	$ 2.07	$ 2.18
Basic EPS (in Dollars per share)	$ 2.4	$ 2.08	$ 2.19

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Operating Revenues	$ 162,434	$ 143,141	$ 141,592
Operating Expenses:
Operations and Maintenance	79,096	73,671	70,796
Depreciation	23,029	21,109	18,472
Other Taxes	18,208	15,150	14,904
Total Operating Expenses	120,333	109,930	104,172
Gain on Sale of Subsidiary	5,232
Operating Income	47,333	33,211	37,420
Other Income (Expense):
Allowance for Funds Used During Construction	2,314	2,653	4,016
Other Income (Expense), net	5,389	3,305	363
Total Other Income, net	7,703	5,958	4,379
Interest Charges	9,367	8,114	7,493
Income before Income Taxes	45,669	31,055	34,306
Income Taxes	3,240	(5,488)	(4,119)
Net Income	42,429	36,543	38,425
Preferred Stock Dividend Requirements	120	120	120
Earnings Applicable to Common Stock	$ 42,309	$ 36,423	$ 38,305
Earnings per share of Common Stock:
Basic (in Dollars per share)	$ 2.4	$ 2.08	$ 2.19
Diluted (in Dollars per share)	$ 2.39	$ 2.07	$ 2.18
Common Shares Outstanding :
Basic (in Shares)	17,597	17,492	17,459
Diluted (in Shares)	17,712	17,607	17,574

Commitments and Contingent Liabilities (Details) - Schedule of operating lease ROU assets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Operating Lease Rou Assets Abstract
ROU Asset at Lease Inception	$ 7.3	$ 7.3
Accumulated Amortization	(3.5)	(2.8)
Current ROU Asset	$ 3.8	$ 4.5

Organization, Summary of Significant Accounting Policies and Recent Developments (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of depreciation rates

These rates have been approved by the NJBPU or DEPSC:

Source of Supply	1.15% - 3.44%	Transmission and Distribution (T&D):
Pumping	2.00% - 5.39%	T&D – Mains	1.10% - 3.13%
Water Treatment	1.65% - 7.09%	T&D – Services	2.12% - 3.16%
General Plant	2.08% - 17.84%	T&D – Other	1.61% - 4.63%
Wastewater Collection	1.42% - 1.81%

Schedule of allowance for funds used during construction rates

The AFUDC rates for the years ended December 31, 2022, 2021 and 2020 for Middlesex and Tidewater are as follows:

	2022			2021			2020
Middlesex		6.35	%		6.50	%		6.50	%
Tidewater		7.92	%		7.92	%		7.92	%

Schedule of operating revenues

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

	(In Thousands)
	Years Ended December 31,
	2022			2021			2020
Regulated Tariff Sales
Residential	$	84,950		$	77,699		$	76,798
Commercial		22,689			16,715			15,448
Industrial		11,152			8,990			9,512
Fire Protection		12,726			12,608			12,374
Wholesale		18,769			14,590			15,187
Non-Regulated Contract Operations		12,006			12,391			12,130
Total Revenue from Contracts with Customers	$	162,292		$	142,993		$	141,449
Other Regulated Revenues		831			929			532
Other Non-Regulated Revenues		440			427			415
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Total Revenue	$	162,434		$	143,141		$	141,592

Employee Benefit Plans (Details) - Schedule of table presents awarded but not yet vested share - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefit Plans (Details) - Schedule of table presents awarded but not yet vested share [Line Items]
Balance	83		97
Balance	$ 1,931		$ 1,706
Granted	11	15	16
Granted	$ 1,151	$ 1,151	$ 982
Granted	$ 105.17	$ 79.02	$ 60.12
Vested	(17)	(18)	(27)
Vested
Amortization of Compensation Expense
Amortization of Compensation Expense	$ (1,350)	$ (1,057)	$ (851)
Balance	77	83	86
Balance	$ 1,732	$ 1,931	$ 1,837

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 42,429	$ 36,543	$ 38,425
Net Cash Provided by Operating Activities:
Depreciation and Amortization	27,475	26,799	20,838
Provision for Deferred Income Taxes	(5,334)	(10,989)	(13,490)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(1,387)	(1,505)	(2,503)
Cash Surrender Value of Life Insurance	401	(136)	(391)
Stock Compensation Expense	1,630	1,338	1,096
Gain on Sale of Subsidiary	(5,232)
Changes in Assets and Liabilities:
Accounts Receivable	(707)	(742)	(2,661)
Unbilled Revenues	(1,386)	(208)	118
Materials & Supplies	(819)	(246)	333
Prepayments	256	6	(519)
Accounts Payable	3,722	(9,318)	7,137
Accrued Taxes	3,541	(1,517)	2,503
Accrued Interest	549	(151)	106
Employee Benefit Plans	(4,266)	(2,645)	(1,377)
Unearned Revenue & Advanced Service Fees	35	75	44
Other Assets and Liabilities	454	(4,276)	3,696
NET CASH PROVIDED BY OPERATING ACTIVITIES	61,361	33,028	53,355
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $927 in 2022, $1,148 in 2021 and $1,513 in 2020	(91,335)	(79,378)	(105,619)
Proceeds from Sale of Subsidiary	3,122
NET CASH USED IN INVESTING ACTIVITIES	(88,213)	(79,378)	(105,619)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(7,423)	(52,691)	(7,472)
Proceeds from Issuance of Long-term Debt	2,662	86,595	50,316
Net Short-term Bank Borrowings	42,500	11,000	(18,000)
Deferred Debt Issuance Expense	(624)	(994)	(148)
Common Stock Issuance Expense	(32)		(37)
Proceeds from Issuance of Common Stock	10,335	3,837	1,230
Payment of Common Dividends	(20,810)	(19,373)	(18,178)
Payment of Preferred Dividends	(120)	(120)	(120)
Construction Advances and Contributions-Net	659	11,225	8,578
NET CASH PROVIDED BY FINANCING ACTIVITIES	27,147	39,479	16,169
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	295	(6,871)	(36,095)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	3,533	10,404	46,499
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	3,828	3,533	10,404
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	6,252	4,750	5,080
Long-term Debt Deobligation		64	258
Non-Cash Consideration for Sale of Subsidiary	2,100
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest	9,251	8,546	7,644
Interest Capitalized	927	1,148	1,513
Income Taxes	$ 3,230	$ 3,335	$ 2,509

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Organization

Principles of Consolidation

System of Accounts

(c) System of Accounts – The Company’s regulated utilities maintain their accounts in accordance with the Uniform System of Accounts prescribed by the NJBPU and DEPSC.

Regulatory Accounting

Retirement Benefit Plans

Utility Plant

Depreciation

Source of Supply	1.15% - 3.44%	Transmission and Distribution (T&D):
Pumping	2.00% - 5.39%	T&D – Mains	1.10% - 3.13%
Water Treatment	1.65% - 7.09%	T&D – Services	2.12% - 3.16%
General Plant	2.08% - 17.84%	T&D – Other	1.61% - 4.63%
Wastewater Collection	1.42% - 1.81%

Preliminary Survey and Investigation (PS&I) Costs

Customers’ Advances for Construction (CAC)

Contributions in Aid of Construction (CIAC) – CIAC include direct non-refundable contributions of utility plant and/or cash and the portion of CAC that becomes non-refundable.

In accordance with regulatory requirements, CAC and CIAC are not depreciated. In addition, these amounts reduce the investment base for purposes of setting rates.

Allowance for Funds Used During Construction (AFUDC)

respective regulatory rate order. The AFUDC rates for the years ended December 31, 2022, 2021 and 2020 for Middlesex and Tidewater are as follows:

	2022			2021			2020
Middlesex		6.35	%		6.50	%		6.50	%
Tidewater		7.92	%		7.92	%		7.92	%

Accounts Receivable

Revenues

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

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

	(In Thousands)
	Years Ended December 31,
	2022			2021			2020
Regulated Tariff Sales
Residential	$	84,950		$	77,699		$	76,798
Commercial		22,689			16,715			15,448
Industrial		11,152			8,990			9,512
Fire Protection		12,726			12,608			12,374
Wholesale		18,769			14,590			15,187
Non-Regulated Contract Operations		12,006			12,391			12,130
Total Revenue from Contracts with Customers	$	162,292		$	142,993		$	141,449
Other Regulated Revenues		831			929			532
Other Non-Regulated Revenues		440			427			415
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Total Revenue	$	162,434		$	143,141		$	141,592

Unamortized Debt Expense and Premiums on Long-Term Debt

Income Taxes

Cash and Cash Equivalents

Restricted Cash

Use of Estimates

Recent Accounting Pronouncements

Coronavirus (COVID-19) Pandemic

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.

Sale of Subsidiary

Capitalization (Details) - Schedule of basic and diluted earnings per share (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of earnings per share [Abstract]
Dividend	$ 7	$ 7	$ 7

Rate and Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2022

Regulated Operations [Abstract]

Schedule of regulatory assets

	(Thousands of Dollars)
	December 31,				Remaining
Regulatory Assets	2022		2021		Recovery Periods
Retirement Benefits	$	9,214	$	24,926	Various
Income Taxes		74,422		70,427	Various
Rate Cases, Tank Painting, and Other		6,410		5,385	2-10 years
Total	$	90,046	$	100,738

Quarterly Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Data - Unaudited [Abstract]

Schedule of financial information for each quarter

Financial information for each quarter of 2022 and 2021 is as follows:

	(Thousands of Dollars, Except per Share Data)
2022	1^st		2^nd		3^rd		4^th		Total

Operating Revenues	$	36,196	$	39,683	$	47,732	$	38,823	$	162,434
Gain on Sale of Subsidiary		5,232		-		-		-		5,232
Operating Income		12,523		10,088		16,575		8,146		47,332
Net Income		12,100		8,868		14,291		7,169		42,428
Basic Earnings per Share	$	0.69	$	0.50	$	0.81	$	0.40	$	2.40
Diluted Earnings per Share	$	0.68	$	0.50	$	0.81	$	0.40	$	2.39
Common Dividend Per Share	$	0.2900	$	0.2900	$	0.2900	$	0.3125	$	1.1825
High/Low Common Stock Price		$94.56/$121.10		$75.77/$108.27		$77.08/$96.19		$74.20/$95.82

2021	1^st		2^nd		3^rd		4^th		Total

Operating Revenues	$	32,541	$	36,701	$	39,874	$	34,025	$	143,141
Operating Income		5,634		9,814		11,424		6,339		33,211
Net Income		6,907		10,923		11,476		7,237		36,543
Basic Earnings per Share	$	0.39	$	0.62	$	0.65	$	0.42	$	2.08
Diluted Earnings per Share	$	0.39	$	0.62	$	0.65	$	0.41	$	2.07
Common Dividend Per Share	$	0.2725	$	0.2725	$	0.2725	$	0.2900	$	1.1075
High/Low Common Stock Price		$85.92/$67.09		$88.61/$77.31		$116.40/$81.02		$119.37/$98.12

Employee Benefit Plans (Details) - Schedule of effect of one-percentage point change in assumed health care cost trend rates $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of effect of one-percentage point change in assumed health care cost trend rates [Line Items]
Effect on Current Year Service and Interest Costs	$ 435
Effect on Projected Benefit Obligation	4,239
Other Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of effect of one-percentage point change in assumed health care cost trend rates [Line Items]
Effect on Current Year Service and Interest Costs	(334)
Effect on Projected Benefit Obligation	$ (3,448)

Employee Benefit Plans (Details) - Schedule of regulatory assets into net periodic benefit cost $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of regulatory assets into net periodic benefit cost [Line Items]
Actuarial Loss (Gain)	$ 658
Other Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of regulatory assets into net periodic benefit cost [Line Items]
Actuarial Loss (Gain)	$ (191)

Business Segment Data

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segment Data

Note 8 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by the states of New Jersey and Delaware with respect to utility service within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.

Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.

	(Thousands of Dollars)
	Years Ended December 31,
Operations by Segments:	2022			2021			2020
Revenues:
Regulated	$	151,117		$	131,531		$	129,851
Non – Regulated		12,446			12,818			12,545
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Consolidated Revenues	$	162,434		$	143,141		$	141,592

Operating Income:
Regulated	$	44,257		$	29,577		$	34,043
Non – Regulated		3,076			3,634			3,377
Consolidated Operating Income	$	47,333		$	33,211		$	37,420

Depreciation:
Regulated	$	22,783		$	20,897		$	18,264
Non – Regulated		246			212			208
Consolidated Depreciation	$	23,029		$	21,109		$	18,472

Other Income (Expense), Net:
Regulated	$	7,898		$	6,112		$	4,605
Non – Regulated		279			279			130
Inter-segment Elimination		(474	)		(433	)		(356	)
Consolidated Other Income (Expense), Net	$	7,703		$	5,958		$	4,379

Interest Expense:
Regulated	$	9,833		$	8,529		$	7,780
Non – Regulated		7			17			70
Inter-segment Elimination		(473	)		(432	)		(357	)
Consolidated Interest Expense	$	9,367		$	8,114		$	7,493

Income Taxes:
Regulated	$	2,084		$	(6,723	)	$	(5,139	)
Non – Regulated		1,156			1,235			1,020
Consolidated Income Taxes	$	3,240		$	(5,488	)	$	(4,119	)

Net Income:
Regulated	$	40,229		$	33,849		$	35,951
Non – Regulated		2,200			2,694			2,474
Consolidated Net Income	$	42,429		$	36,543		$	38,425

Capital Expenditures:
Regulated	$	91,054		$	79,195		$	105,091
Non – Regulated		281			183			528
Total Capital Expenditures	$	91,335		$	79,378		$	105,619

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

- 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

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of pension plan and other benefits plan

	(Thousands of Dollars)
	Pension Plan						Other Benefits Plan
	December 31,
	2022			2021			2022			2021
Change in Projected Benefit Obligation:
Beginning Balance	$	113,710		$	115,861		$	49,396		$	52,776
Service Cost		2,362			2,696			799			917
Interest Cost		3,042			2,706			1,325			1,236
Actuarial (Gain) Loss		(27,850	)		(4,185	)		(17,761	)		(4,705	)
Benefits Paid		(3,476	)		(3,368	)		(850	)		(828	)
Ending Balance	$	87,788		$	113,710		$	32,909		$	49,396

Schedule of change in fair value of plan assets

	(Thousands of Dollars)
	Pension Plan						Other Benefits Plan
	December 31,
	2022			2021			2022			2021
Change in Fair Value of Plan Assets:
Beginning Balance	$	100,750		$	88,921		$	50,668		$	44,892
Actual Return on Plan Assets		(14,346	)		11,798			(6,639	)		5,776
Employer Contributions		1,900			3,400			850			828
Benefits Paid		(3,476	)		(3,369	)		(850	)		(828	)
Ending Balance	$	84,828		$	100,750		$	44,029		$	50,668

Funded Status	$	(2,960	)	$	(12,960	)	$	11,120		$	1,272

Schedule of employee benefit plans recognized in balance sheet

	(Thousands of Dollars)
	Pension Plan				Other Benefits Plan
	December 31,
	2022		2021		2022			2021
Amounts Recognized in the Consolidated
Balance Sheets consist of:
Current Liability	$	529	$	398	$	-		$	-
Noncurrent Liability (Asset)		2,431		12,562		(11,120	)		(1,272	)
Net Liability (Asset) Recognized	$	2,960	$	12,960	$	(11,120	)	$	(1,272	)

Schedule of components of net benefit cost

	(Thousands of Dollars)
	Pension Plan									Other Benefits Plan
	Years Ended December 31,
	2022			2021			2020			2022			2021			2020
Components of Net Periodic Benefit Cost
Service Cost	$	2,363		$	2,696		$	2,434		$	799		$	917		$	993
Interest Cost		3,042			2,706			3,099			1,325			1,236			1,699
Expected Return on Plan Assets		(7,041	)		(6,225	)		(5,635	)		(3,547	)		(3,142	)		(2,853	)
Amortization of Net Actuarial Loss		1,673			2,868			2,059			-			527			1,352
Net Periodic Benefit Cost*	$	37		$	2,045		$	1,957		$	(1,423	)	$	(462	)	$	1,191

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

Schedule of regulatory assets into net periodic benefit cost

Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2023 are as follows:

(Thousands of Dollars)

Pension
Plan

Other
Benefits Plan

Actuarial Loss (Gain)

658

(191

)

Schedule of discount and compensation rates

	Pension Plan									Other Benefits Plan
	2022			2021			2020			2022			2021			2020
Weighted Average Assumptions:
Expected Return on Plan Assets		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%
Discount Rate for:
Benefit Obligation		4.98	%		2.72	%		2.37	%		4.98	%		2.72	%		2.37	%
Benefit Cost		2.72	%		2.37	%		3.12	%		2.72	%		2.37	%		3.12	%
Compensation Increase for:
Benefit Obligation		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Benefit Cost		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%

Schedule of effect of one-percentage point change in assumed health care cost trend rates

A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan:

	(Thousands of Dollars)
	1 Percentage Point
	Increase		Decrease
Effect on Current Year Service and Interest Costs	$	435	$	(334	)
Effect on Projected Benefit Obligation	$	4,239	$	(3,448	)

Schedule of expected benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid:

	(Thousands of Dollars)
Year	Pension Plan		Other Benefits Plan
2023	$	4,153	$	1,262
2024		4,961		1,423
2025		5,349		1,550
2026		5,344		1,645
2027		5,437		1,699
2028-2032		28,483		9,363
Totals	$	53,727	$	16,942

Schedule of allocation of plan assets

The allocation of plan assets at December 31, 2022 and 2021 by asset category is as follows:

	Pension Plan									Other Benefits Plan
Asset Category	2022			2021			Target			2022			2021			Target
Equity Securities		53.6	%		59.6	%		55	%		55.2	%		66.8	%		43	%
Debt Securities		40.9	%		37.9	%		38	%		24.7	%		30.7	%		50	%
Cash		3.9	%		1.0	%		2	%		20.1	%		2.5	%		2	%
Real Estate/Commodities		1.6	%		1.5	%		5	%		0.0	%		0.0	%		5	%
Total		100.0	%		100.0	%					100.0	%		100.0	%

Schedule of fair value of plan assets

The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy:

	(Thousands of Dollars)
	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	71,559	$	-	$	-	$	71,559
Money Market Funds		3,271		-		-		3,271
Common Equity Securities		9,998		-		-		9,998
Total Investments	$	84,828	$	-	$	-	$	84,828

	(Thousands of Dollars)
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	87,687	$	-	$	-	$	87,687
Money Market Funds		1,057		-		-		1,057
Common Equity Securities		12,006		-		-		12,006
Total Investments	$	100,750	$	-	$	-	$	100,750

	(Thousands of Dollars)
	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	23,660	$	-	$	-	$	23,660
Money Market Funds		8,623		-		-		8,623
Agency/US/State/Municipal Debt		-		10,592		-		10,592
Other		1,154		-		-		1,154
Total Investments	$	33,437	$	10,592	$	-	$	44,029

	(Thousands of Dollars)
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	33,844	$	-	$	-	$	33,844
Money Market Funds		1,291		-		-		1,291
Agency/US/State/Municipal Debt		-		15,533		-		15,533
Total Investments	$	35,135	$	15,533	$	-	$	50,668

Schedule of table presents awarded but not yet vested share

The following table presents awarded but not yet vested share information for the plan:

	Shares(thousands)			Unearned Compensation (thousands)			Weighted Average Granted Price
Balance, January 1, 2020		97			1,706
Granted		16			982		$	60.12
Vested		(27	)		-
Amortization of Compensation expense		-			(851	)
Balance, December 31, 2020		86			1,837
Granted		15			1,151		$	79.02
Vested		(18	)
Amortization of Compensation expense		-			(1,057	)
Balance, December 31, 2021		83			1,931
Granted		11			1,151		$	105.17
Vested		(17	)		-
Amortization of Compensation expense		-			(1,350	)
Balance, December 31, 2022		77		$	1,732

Short-term Borrowings (Details) - Schedule of information regarding short-term borrowings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Information Regarding Short Term Borrowings Abstract
Average Amount Outstanding	$ 28.9	$ 23.7
Weighted Average Interest Rate	3.34%	1.12%
Notes Payable at Year-End	$ 55.5	$ 13.0
Weighted Average Interest Rate at Year-End	5.17%	1.04%

Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

	(Thousands of Dollars)
	Years Ended December 31,
Operations by Segments:	2022			2021			2020
Revenues:
Regulated	$	151,117		$	131,531		$	129,851
Non – Regulated		12,446			12,818			12,545
Inter-segment Elimination		(1,129	)		(1,208	)		(804	)
Consolidated Revenues	$	162,434		$	143,141		$	141,592

Operating Income:
Regulated	$	44,257		$	29,577		$	34,043
Non – Regulated		3,076			3,634			3,377
Consolidated Operating Income	$	47,333		$	33,211		$	37,420

Depreciation:
Regulated	$	22,783		$	20,897		$	18,264
Non – Regulated		246			212			208
Consolidated Depreciation	$	23,029		$	21,109		$	18,472

Other Income (Expense), Net:
Regulated	$	7,898		$	6,112		$	4,605
Non – Regulated		279			279			130
Inter-segment Elimination		(474	)		(433	)		(356	)
Consolidated Other Income (Expense), Net	$	7,703		$	5,958		$	4,379

Interest Expense:
Regulated	$	9,833		$	8,529		$	7,780
Non – Regulated		7			17			70
Inter-segment Elimination		(473	)		(432	)		(357	)
Consolidated Interest Expense	$	9,367		$	8,114		$	7,493

Income Taxes:
Regulated	$	2,084		$	(6,723	)	$	(5,139	)
Non – Regulated		1,156			1,235			1,020
Consolidated Income Taxes	$	3,240		$	(5,488	)	$	(4,119	)

Net Income:
Regulated	$	40,229		$	33,849		$	35,951
Non – Regulated		2,200			2,694			2,474
Consolidated Net Income	$	42,429		$	36,543		$	38,425

Capital Expenditures:
Regulated	$	91,054		$	79,195		$	105,091
Non – Regulated		281			183			528
Total Capital Expenditures	$	91,335		$	79,378		$	105,619

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

Employee Benefit Plans (Details) - Schedule of pension plan and other benefits plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of pension plan and other benefits plan [Line Items]
Beginning Balance	$ 113,710	$ 115,861
Service Cost	2,362	2,696
Interest Cost	3,042	2,706
Actuarial (Gain) Loss	(27,850)	(4,185)
Benefits Paid	(3,476)	(3,368)
Ending Balance	87,788	113,710
Other Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of pension plan and other benefits plan [Line Items]
Beginning Balance	49,396	52,776
Service Cost	799	917
Interest Cost	1,325	1,236
Actuarial (Gain) Loss	(17,761)	(4,705)
Benefits Paid	(850)	(828)
Ending Balance	$ 32,909	$ 49,396

Income Taxes (Details) - Tax Year2014 Through2017 [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Income Taxes (Details) [Line Items]
Income tax reserve provision	$ 0.5	$ 2.7
Interest in connection		$ 0.1
Interest expense liability	$ 0.2

Employee Benefit Plans (Details) - Schedule of expected benefit payments $ in Thousands	Dec. 31, 2022 USD ($)
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of expected benefit payments [Line Items]
2023	$ 4,153
2024	4,961
2025	5,349
2026	5,344
2027	5,437
2028-2032	28,483
Totals	53,727
Other Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of expected benefit payments [Line Items]
2023	1,262
2024	1,423
2025	1,550
2026	1,645
2027	1,699
2028-2032	9,363
Totals	$ 16,942

Employee Benefit Plans (Details) - Schedule of change in fair value of plan assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	$ 100,750	$ 88,921
Actual Return on Plan Assets	(14,346)	11,798
Employer Contributions	1,900	3,400
Benefits Paid	(3,476)	(3,369)
Ending Balance	84,828	100,750
Funded Status	(2,960)	(12,960)
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	50,668	44,892
Actual Return on Plan Assets	(6,639)	5,776
Employer Contributions	850	828
Benefits Paid	(850)	(828)
Ending Balance	44,029	50,668
Funded Status	$ 11,120	$ 1,272

Short-term Borrowings (Details) $ in Millions	12 Months Ended
Short-term Borrowings (Details) $ in Millions	Dec. 31, 2022 USD ($)
Short-term Borrowings (Details) [Line Items]
Lines of credit	$ 140.0
Minimum [Member]
Short-term Borrowings (Details) [Line Items]
Increase decrease line of credit	30.0
Maximum [Member]
Short-term Borrowings (Details) [Line Items]
Increase decrease line of credit	$ 60.0

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water costs

Purchased water costs are shown below:

	(Millions of Dollars)
	Years Ended December 31,
	2022		2021		2020
Untreated	$	3.2	$	3.3	$	3.4
Treated		3.9		3.6		3.6
Total Costs	$	7.1	$	6.9	$	7.0

Schedule of operating lease ROU assets

Information related to operating lease ROU assets is as follows:

	(In Millions)
	December 31,
	2022			2021
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.5	)		(2.8	)
Current ROU Asset	$	3.8		$	4.5

Schedule of future minimum operating lease commitments

The Company’s future minimum operating lease commitments as of December 31, 2022 are as follows:

	(In Millions)
	December 31, 2022
2023		0.8
2024		0.8
2025		0.8
2026		0.9
2027		0.9
Thereafter		1.8
Total Lease Payments	$	6.0
Imputed Interest		(1.6	)
Present Value of Lease Payments		4.4
Less Current Portion*		(0.7	)
Non-Current Lease Liability	$	3.7

* Included in Other Current Liabilities

Short-term Borrowings (Details) - Schedule of line of credit $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding	$ 55.5
Available	84.5
Maximum	140.0
Bank of America [Member]
Line of Credit Facility [Line Items]
Outstanding	15.0
Available	45.0
Maximum	$ 60.0
Credit Type	Uncommitted
Renewal Date	Jan. 25, 2024
PNC Bank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 39.5
Available	28.5
Maximum	$ 68.0
Credit Type	Committed
Renewal Date	Jan. 31, 2024
CoBank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 1.0
Available	11.0
Maximum	$ 12.0
Credit Type	Committed
Renewal Date	Nov. 30, 2023

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for uncollectible accounts	$ 2,326	$ 2,574

Commitments and Contingent Liabilities (Details) - Schedule of purchased water costs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Purchased Water Costs Abstract
Untreated	$ 3.2	$ 3.3	$ 3.4
Treated	3.9	3.6	3.6
Total Costs	$ 7.1	$ 6.9	$ 7.0

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 4 - 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 27.0 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 also has an agreement with a non-affiliated NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases if needed.

Tidewater contracts with the City of Dover, Delaware to purchase treated water of 15.0 million gallons annually.

Purchased water costs are shown below:

	(Millions of Dollars)
	Years Ended December 31,
	2022		2021		2020
Untreated	$	3.2	$	3.3	$	3.4
Treated		3.9		3.6		3.6
Total Costs	$	7.1	$	6.9	$	7.0

Leases - The Company determines if an arrangement is a lease at the inception of the lease. 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 was $0.8 million for each of the years ended December 31, 2022, 2021 and 2020.

Information related to operating lease ROU assets is as follows:

	(In Millions)
	December 31,
	2022			2021
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(3.5	)		(2.8	)
Current ROU Asset	$	3.8		$	4.5

The Company’s future minimum operating lease commitments as of December 31, 2022 are as follows:

	(In Millions)
	December 31, 2022
2023		0.8
2024		0.8
2025		0.8
2026		0.9
2027		0.9
Thereafter		1.8
Total Lease Payments	$	6.0
Imputed Interest		(1.6	)
Present Value of Lease Payments		4.4
Less Current Portion*		(0.7	)
Non-Current Lease Liability	$	3.7

* Included in Other Current Liabilities

Construction –The Company has projected to spend approximately $102 million in 2023, $86 million in 2024 and $78 million in 2025 on its construction program. The Company has entered into several contractual construction agreements that in total obligate it to expend an estimated $16.8 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 the COVID-19 pandemic continues for an extended period of time (for further discussion of the impact of COVID-19 on the Company, see Note 1(s) COVID-19). There is no assurance that projected customer growth and residential new home construction and sales will occur.

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.

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(t) Regulatory Notice of Non-Compliance).

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 in connection with a change in control of the Company.

Rate and Regulatory Matters (Details) - Schedule of regulatory assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Regulatory Asset [Line Items]
Regulatory Assets	$ 90,046	$ 100,738
Retirement Benefits [Member]
Regulatory Asset [Line Items]
Regulatory Assets	$ 9,214	24,926
Remaining Recovery Periods	Various
Income Taxes [Member]
Regulatory Asset [Line Items]
Regulatory Assets	$ 74,422	70,427
Remaining Recovery Periods	Various
Rate Cases, Tank Painting, and Other [Member]
Regulatory Asset [Line Items]
Regulatory Assets	$ 6,410	$ 5,385
Minimum [Member] \| Rate Cases, Tank Painting, and Other [Member]
Regulatory Asset [Line Items]
Remaining Recovery Periods	2
Maximum [Member] \| Rate Cases, Tank Painting, and Other [Member]
Regulatory Asset [Line Items]
Remaining Recovery Periods	10

Business Segment Data (Details) - Schedule of segment reporting information, by segment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Consolidated Revenues	$ 162,434	$ 143,141	$ 141,592
Consolidated Operating Income	47,333	33,211	37,420
Consolidated Depreciation	23,029	21,109	18,472
Consolidated Other Income (Expense), Net	7,703	5,958	4,379
Consolidated Interest Charges	9,367	8,114	7,493
Consolidated Income Taxes	3,240	(5,488)	(4,119)
Consolidated Net Income	42,429	36,543	38,425
Total Capital Expenditures	91,335	79,378	105,619
Consolidated Assets	1,074,450	1,020,015
Regulated [Member]
Segment Reporting Information [Line Items]
Consolidated Revenues	151,117	131,531	129,851
Consolidated Operating Income	44,257	29,577	34,043
Consolidated Depreciation	22,783	20,897	18,264
Consolidated Other Income (Expense), Net	7,898	6,112	4,605
Consolidated Interest Charges	9,833	8,529	7,780
Consolidated Income Taxes	2,084	(6,723)	(5,139)
Consolidated Net Income	40,229	33,849	35,951
Total Capital Expenditures	91,054	79,195	105,091
Consolidated Assets	1,079,180	1,022,116
Non - Regulated [Member]
Segment Reporting Information [Line Items]
Consolidated Revenues	12,446	12,818	12,545
Consolidated Operating Income	3,076	3,634	3,377
Consolidated Depreciation	246	212	208
Consolidated Other Income (Expense), Net	279	279	130
Consolidated Interest Charges	7	17	70
Consolidated Income Taxes	1,156	1,235	1,020
Consolidated Net Income	2,200	2,694	2,474
Total Capital Expenditures	281	183	528
Consolidated Assets	6,999	7,811
Inter segment Elimination [Member]
Segment Reporting Information [Line Items]
Consolidated Revenues	(1,129)	(1,208)	(804)
Consolidated Other Income (Expense), Net	(474)	(433)	(356)
Consolidated Interest Charges	(473)	(432)	$ (357)
Consolidated Assets	$ (11,729)	$ (9,912)

Employee Benefit Plans (Details) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) $ in Millions	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Employee Benefit Plans (Details) [Line Items]
Pension Plan	$ 794.0	$ 100.4
Benefits Plan assumed annual rate	7.50%
Increase declining annual rate	0.50%
Capital cost of covered healthcare benefits	4.50%
Contribution fees	$ 1.9
Employees plan	1,000
Contributions plan rate	100.00%
Stock based compensation remain award rate	1.00%
Compensation plus rate	50.00%
Contributions exceeding rate	1.00%
Matching contributions, percent	6.00%
Matching contributions	$ 0.7	0.7	$ 0.7
Discretionary contribution	$ 0.9	$ 0.7
Compensation eligible rate	5.00%
Maximum number of shares authorized for grant (in Shares) \| shares	300,000
Stock based compensation remain award rate	80.00%
Pension Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	$ 2.0
Other Pension Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	0.9
Other Postretirement Benefits Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Discretionary contribution	0.8
Forecast [Member] \| Other Pension Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	$ 0.9

Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates	12 Months Ended
	Dec. 31, 2022
Minimum [Member] \| Source of Supply [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	1.15%
Minimum [Member] \| Pumping [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	2.00%
Transmission and Distribution	1.10%
Minimum [Member] \| Water Treatment [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	1.65%
Transmission and Distribution	2.12%
Minimum [Member] \| General Plant [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	2.08%
Transmission and Distribution	1.61%
Minimum [Member] \| Wastewater Collection [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	1.42%
Maximum [Member] \| Source of Supply [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	3.44%
Maximum [Member] \| Pumping [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	5.39%
Transmission and Distribution	3.13%
Maximum [Member] \| Water Treatment [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	7.09%
Transmission and Distribution	3.16%
Maximum [Member] \| General Plant [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	17.84%
Transmission and Distribution	4.63%
Maximum [Member] \| Wastewater Collection [Member]
Organization, Summary of Significant Accounting Policies and Recent Developments (Details) - Schedule of depreciation rates [Line Items]
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service	1.81%

Employee Benefit Plans (Details) - Schedule of fair value of plan assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	$ 84,828	$ 100,750
Pension Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	71,559	87,687
Pension Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	3,271	1,057
Pension Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	9,998	12,006
Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	44,029	50,668
Other Benefits Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	23,660	33,844
Other Benefits Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	8,623	1,291
Other Benefits Plan [Member] \| Municipal Debt [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	10,592	15,533
Other Benefits Plan [Member] \| Other Depts [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	1,154
Level 1 [Member] \| Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	84,828	100,750
Level 1 [Member] \| Pension Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	71,559	87,687
Level 1 [Member] \| Pension Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	3,271	1,057
Level 1 [Member] \| Pension Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	9,998	12,006
Level 1 [Member] \| Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	33,437	35,135
Level 1 [Member] \| Other Benefits Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	23,660	33,844
Level 1 [Member] \| Other Benefits Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	8,623	1,291
Level 1 [Member] \| Other Benefits Plan [Member] \| Municipal Debt [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 1 [Member] \| Other Benefits Plan [Member] \| Other Depts [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	1,154
Level 2 [Member] \| Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Pension Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Pension Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Pension Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	10,592	15,533
Level 2 [Member] \| Other Benefits Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Other Benefits Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 2 [Member] \| Other Benefits Plan [Member] \| Municipal Debt [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets	10,592	15,533
Level 2 [Member] \| Other Benefits Plan [Member] \| Other Depts [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Pension Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Pension Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Pension Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Pension Plan [Member] \| Equity Securities [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Other Benefits Plan [Member] \| Mutual Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Other Benefits Plan [Member] \| Money Market Funds [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Other Benefits Plan [Member] \| Municipal Debt [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets
Level 3 [Member] \| Other Benefits Plan [Member] \| Other Depts [Member]
Employee Benefit Plans (Details) - Schedule of fair value of plan assets [Line Items]
Fair value of plan assets