0001174947-24-001201 | 10-Q | XBRL Viewer

Business Segment Data

9 Months Ended

Sep. 30, 2024

Note 5 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third-party lender.

	(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2024			2023			2024			2023
Revenues:
Regulated	$	52,252		$	43,763		$	135,682		$	118,625
Non – Regulated		3,325			3,251			9,940			9,649
Inter-segment Elimination		(477	)		(299	)		(852	)		(602	)
Consolidated Revenues	$	55,100		$	46,715		$	144,770		$	127,672

Operating Income:
Regulated	$	16,673		$	12,008		$	39,990		$	28,543
Non – Regulated		828			814			2,691			2,437
Consolidated Operating Income	$	17,501		$	12,822		$	42,681		$	30,980

Net Income:
Regulated	$	13,697		$	9,384		$	33,576		$	24,017
Non – Regulated		622			606			1,971			1,742
Consolidated Net Income	$	14,319		$	9,990		$	35,547		$	25,759

Capital Expenditures:
Regulated	$	20,743		$	22,415		$	49,444		$	72,994
Non – Regulated		—			24			36			80
Total Capital Expenditures	$	20,743		$	22,439		$	49,480		$	73,074

	As of			As of
	September 30, 2024			December 31, 2023
Assets:
Regulated	$	1,236,131		$	1,235,549
Non – Regulated		9,525			8,068
Inter-segment Elimination		(16,041	)		(7,565	)
Consolidated Assets	$	1,229,615		$	1,236,052

- 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.

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2024					2023
Basic:	Income			Shares		Income			Shares
Net Income	$	14,319			17,838	$	9,990			17,758
Preferred Dividend		(29	)				(30	)
Earnings Applicable to Common Stock	$	14,290			17,838	$	9,960			17,758

Basic EPS	$	0.80				$	0.56

Diluted:
Earnings Applicable to Common Stock	$	14,290			17,838	$	9,960			17,758
$7.00 Series Preferred Dividend		17			114		17			115
Adjusted Earnings Applicable to Common Stock	$	14,307			17,952	$	9,977			17,873

Diluted EPS	$	0.80				$	0.56

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2024					2023
Basic:	Income			Shares		Income			Shares
Net Income	$	35,547			17,828	$	25,759			17,708
Preferred Dividend		(89	)				(90	)
Earnings Applicable to Common Stock	$	35,458			17,828	$	25,669			17,708

Basic EPS	$	1.99				$	1.45

Diluted:
Earnings Applicable to Common Stock	$	35,458			17,828	$	25,669			17,708
$7.00 Series Preferred Dividend		50			115		51			115
Adjusted Earnings Applicable to Common Stock	$	35,508			17,943	$	25,720			17,823

Diluted EPS	$	1.98				$	1.44

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Utility Plant Expenditures, Including AFUDC	$ 322	$ 862

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings Per Share (Details)	Sep. 30, 2024 $ / shares
Earnings Per Share [Abstract]
Convertible preferred stock price	$ 7

Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits – The Company’s defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For the three month period ended September 30, 2024, the Company did not make cash contributions to the Pension Plan. For the nine month period ended September 30, 2024, the Company contributed $2.0 million to the Pension Plan. For the three and nine month periods ended September 30, 2023, the Company did not make cash contributions to the Pension Plan. The Company does not expect to make any additional cash contributions to the Pension Plan over the remainder of the current year.

Other Postretirement Benefits – The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the nine month periods ended September 30, 2024 and 2023, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year.

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

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2024			2023			2024			2023

Service Cost	$	318		$	388		$	80		$	98
Interest Cost		1,070			1,067			328			402
Expected Return on Assets		(1,580	)		(1,466	)		(846	)		(771	)
Amortization of Unrecognized Losses		38			164			(275	)		(48	)
Net Periodic (Benefit) Cost*	$	(154	)	$	153		$	(713	)	$	(319	)

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2024			2023			2024			2023
Service Cost	$	953		$	1,163		$	240		$	293
Interest Cost		3,210			3,202			985			1,206
Expected Return on Assets		(4,741	)		(4,399	)		(2,538	)		(2,312	)
Amortization of Unrecognized Losses		114			493			(824	)		(143	)
Net Periodic (Benefit) Cost*	$	(464	)	$	459		$	(2,137	)	$	(956	)

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

- Definition

The entire disclosure for retirement benefits.

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+ Details

Short-Term Borrowings (Details) - Schedule of Credit Lines and the Weighted Average Interest Rates - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Credit Lines and the Weighted Average Interest Rates [Abstract]
Average Daily Amounts Outstanding	$ 23,476	$ 25,015	$ 44,620	$ 32,860
Weighted Average Interest Rates	6.41%	6.37%	6.42%	5.89%

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 4 – Earnings Per Share

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2024					2023
Basic:	Income			Shares		Income			Shares
Net Income	$	14,319			17,838	$	9,990			17,758
Preferred Dividend		(29	)				(30	)
Earnings Applicable to Common Stock	$	14,290			17,838	$	9,960			17,758

Basic EPS	$	0.80				$	0.56

Diluted:
Earnings Applicable to Common Stock	$	14,290			17,838	$	9,960			17,758
$7.00 Series Preferred Dividend		17			114		17			115
Adjusted Earnings Applicable to Common Stock	$	14,307			17,952	$	9,977			17,873

Diluted EPS	$	0.80				$	0.56

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2024					2023
Basic:	Income			Shares		Income			Shares
Net Income	$	35,547			17,828	$	25,759			17,708
Preferred Dividend		(89	)				(90	)
Earnings Applicable to Common Stock	$	35,458			17,828	$	25,669			17,708

Basic EPS	$	1.99				$	1.45

Diluted:
Earnings Applicable to Common Stock	$	35,458			17,828	$	25,669			17,708
$7.00 Series Preferred Dividend		50			115		51			115
Adjusted Earnings Applicable to Common Stock	$	35,508			17,943	$	25,720			17,823

Diluted EPS	$	1.98				$	1.44

Basis of Presentation and Recent Developments (Details) - Schedule of Issued Accounting Standards	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update 2023-07 [Member]
Basis of Presentation and Recent Developments (Details) - Schedule of Issued Accounting Standards [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker.
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2024
Change in Accounting Principle, Accounting Standards Update, Retrospective Application Impracticable, Reason and Alternative Method, Description	Retrospective
New Accounting Pronouncement or Change in Accounting Principle, Description of Prior-period Information Retrospectively Adjusted	The Company is currently evaluating the requirements of ASU 2023-07.
Accounting Standards Update 2023-09 [Member]
Basis of Presentation and Recent Developments (Details) - Schedule of Issued Accounting Standards [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2025
Change in Accounting Principle, Accounting Standards Update, Retrospective Application Impracticable, Reason and Alternative Method, Description	Prospective, with retrospective application also permitted.
New Accounting Pronouncement or Change in Accounting Principle, Description of Prior-period Information Retrospectively Adjusted	The Company is currently evaluating the requirements of ASU 2023-09.

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

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+ Details

- Definition

Disclosure related to a new accounting pronouncement or a change in accounting principle, including the nature and reason for the change and the effect of the change on prior periods and the current period.

+ References + Details

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingent Liabilities [Abstract]

Schedule of Purchased Water Costs

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Treated	$	796	$	1,607	$	2,697	$	4,353
Untreated		611		812		2,322		2,352
Total Costs	$	1,407	$	2,419	$	5,019	$	6,705

Schedule of Operating Lease ROU Assets

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

	(In Millions)
	As of
	September 30, 2024			December 31, 2023
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(4.6	)		(4.1	)
ROU Asset	$	2.7		$	3.2

Schedule of Future Minimum Operating Lease Commitments

The Company’s future minimum operating lease commitments as of September 30, 2024 are as follows:

	(In Millions)
2024	$	0.2
2025		0.8
2026		0.9
2027		0.9
2028		0.9
Thereafter		0.9
Total Lease Payments	$	4.6
Imputed Interest		(1.4	)
Present Value of Lease Payments		3.2
Less Current Portion*		(0.6	)
Non-Current Lease Liability	$	2.6

*Included in Other Current Liabilities

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Retained Earnings	Total
Balance at Dec. 31, 2022	$ 233,054	$ 167,274	$ 400,328
Balance (in Shares) at Dec. 31, 2022	17,642
Net Income		5,868	5,868
Middlesex Water Company Invesment Plan	$ 2,342		2,342
Middlesex Water Company Invesment Plan (in Shares)	29
Restricted Stock Award - Net - Employees	$ 360		360
Cash Dividends on Common Stock		(5,513)	(5,513)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Mar. 31, 2023	$ 235,756	167,599	403,355
Balance (in Shares) at Mar. 31, 2023	17,671
Balance at Dec. 31, 2022	$ 233,054	167,274	400,328
Balance (in Shares) at Dec. 31, 2022	17,642
Net Income			25,759
Balance at Sep. 30, 2023	$ 243,250	176,333	419,583
Balance (in Shares) at Sep. 30, 2023	17,771
Balance at Mar. 31, 2023	$ 235,756	167,599	403,355
Balance (in Shares) at Mar. 31, 2023	17,671
Net Income		9,901	9,901
Restricted Stock Award - Board of Directors	$ 360		360
Restricted Stock Award - Board of Directors (in Shares)	5
Middlesex Water Company Invesment Plan	$ 3,402		3,402
Middlesex Water Company Invesment Plan (in Shares)	46
Restricted Stock Award - Net - Employees	$ 27		27
Restricted Stock Award - Net - Employees (in Shares)	7
Cash Dividends on Common Stock		(5,538)	(5,538)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2023	$ 239,545	171,932	411,477
Balance (in Shares) at Jun. 30, 2023	17,729
Net Income		9,990	9,990
Common Stock Expenses		(10)	(10)
Middlesex Water Company Invesment Plan	$ 3,281		3,281
Middlesex Water Company Invesment Plan (in Shares)	42
Restricted Stock Award - Net - Employees	$ 424		424
Cash Dividends on Common Stock		(5,549)	(5,549)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Sep. 30, 2023	$ 243,250	176,333	419,583
Balance (in Shares) at Sep. 30, 2023	17,771
Balance at Dec. 31, 2023	$ 246,764	176,227	$ 422,991
Balance (in Shares) at Dec. 31, 2023	17,821		17,821
Net Income		10,682	$ 10,682
Middlesex Water Company Invesment Plan	$ 252		252
Middlesex Water Company Invesment Plan (in Shares)	5
Restricted Stock Award - Net - Employees	$ (465)		(465)
Restricted Stock Award - Net - Employees (in Shares)	(12)
Cash Dividends on Common Stock		(5,738)	(5,738)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Mar. 31, 2024	$ 246,551	181,141	427,692
Balance (in Shares) at Mar. 31, 2024	17,814
Balance at Dec. 31, 2023	$ 246,764	176,227	$ 422,991
Balance (in Shares) at Dec. 31, 2023	17,821		17,821
Net Income			$ 35,547
Balance at Sep. 30, 2024	$ 247,576	194,359	$ 441,935
Balance (in Shares) at Sep. 30, 2024	17,855		17,855
Balance at Mar. 31, 2024	$ 246,551	181,141	$ 427,692
Balance (in Shares) at Mar. 31, 2024	17,814
Net Income		10,546	10,546
Restricted Stock Award - Board of Directors	$ 397		397
Restricted Stock Award - Board of Directors (in Shares)	7
Middlesex Water Company Invesment Plan	$ 253		253
Middlesex Water Company Invesment Plan (in Shares)	5
Restricted Stock Award - Net - Employees	$ (187)		(187)
Restricted Stock Award - Net - Employees (in Shares)	3
Cash Dividends on Common Stock		(5,793)	(5,793)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2024	$ 247,014	185,864	432,878
Balance (in Shares) at Jun. 30, 2024	17,829
Net Income		14,319	14,319
Conversion of $7.00 Series Cumulative Convertible Stock	$ 194		194
Conversion of $7.00 Series Cumulative Convertible Stock (in Shares)	22
Middlesex Water Company Invesment Plan	$ 235		182
Middlesex Water Company Invesment Plan (in Shares)	4
Restricted Stock Award - Net - Employees	$ 133		186
Cash Dividends on Common Stock		(5,795)	(5,795)
Cash Dividends on Preferred Stock		(29)	(29)
Balance at Sep. 30, 2024	$ 247,576	$ 194,359	$ 441,935
Balance (in Shares) at Sep. 30, 2024	17,855		17,855

Commitments and Contingent Liabilities (Details) - Schedule of Operating Lease ROU Assets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Operating Lease ROU Assets [Abstract]
ROU Asset at Lease Inception	$ 7,300	$ 7,300
Accumulated Amortization	(4,600)	(4,100)
ROU Asset	$ 2,718	$ 3,185

Earnings Per Share (Details) - Schedule of Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Earnings Per Share Abstract
Net Income	$ 14,319	$ 10,546	$ 10,682	$ 9,990	$ 9,901	$ 5,868	$ 35,547	$ 25,759
Net Income (in Shares)	17,838			17,758			17,828	17,708
Preferred Dividend	$ (29)			$ (30)			$ (89)	$ (90)
Earnings Applicable to Common Stock	$ 14,290			$ 9,960			$ 35,458	$ 25,669
Earnings Applicable to Common Stock (in Shares)	17,838			17,758			17,828	17,708
Basic EPS (in Dollars per share)	$ 0.8			$ 0.56			$ 1.99	$ 1.45
Diluted:
Earnings Applicable to Common Stock	$ 14,290			$ 9,960			$ 35,458	$ 25,669
Earnings Applicable to Common Stock (in Shares)	17,838			17,758			17,828	17,708
$7.00 Series Preferred Dividend	$ 17			$ 17			$ 50	$ 51
$7.00 Series Preferred Dividend (in Shares)	114			115			115	115
Adjusted Earnings Applicable to Common Stock	$ 14,307			$ 9,977			$ 35,508	$ 25,720
Adjusted Earnings Applicable to Common Stock (in Shares)	17,952			17,873			17,943	17,823
Diluted EPS (in Dollars per share)	$ 0.8			$ 0.56			$ 1.98	$ 1.44

Commitments and Contingent Liabilities (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) gal l	Sep. 30, 2023 USD ($)
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| l			47
Estimated incremental borrowing rate	4.03%		4.03%
Rental expenses under operating leases \| $	$ 0.2	$ 0.2	$ 0.6	$ 0.6
Estimated obligation expenditure \| $			$ 14.5
Settlement term sheet, mutual agreement date			Aug. 30, 2024
Purchase Commitment [Member]
Commitments and Contingent Liabilities [Line Items]
Purchase commitment expiration date of contract			Nov. 30, 2048
Water Supply [Member]
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| gal			27,000,000
NJBPU Regulated water [Member]
Commitments and Contingent Liabilities [Line Items]
Purchase commitment expiration date of contract			Feb. 27, 2026
Average purchase of gallons \| l			3
Treated Water [Member]
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| gal			60,000,000

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Employee Benefit Plans [Abstract]

Schedule of Employee Retirement Benefit Plans

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

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2024			2023			2024			2023

Service Cost	$	318		$	388		$	80		$	98
Interest Cost		1,070			1,067			328			402
Expected Return on Assets		(1,580	)		(1,466	)		(846	)		(771	)
Amortization of Unrecognized Losses		38			164			(275	)		(48	)
Net Periodic (Benefit) Cost*	$	(154	)	$	153		$	(713	)	$	(319	)

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2024			2023			2024			2023
Service Cost	$	953		$	1,163		$	240		$	293
Interest Cost		3,210			3,202			985			1,206
Expected Return on Assets		(4,741	)		(4,399	)		(2,538	)		(2,312	)
Amortization of Unrecognized Losses		114			493			(824	)		(143	)
Net Periodic (Benefit) Cost*	$	(464	)	$	459		$	(2,137	)	$	(956	)

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

Rate and Regulatory Matters

9 Months Ended

Sep. 30, 2024

Rate and Regulatory Matters [Abstract]

Rate and Regulatory Matters

Note 2 – Rate and Regulatory Matters

Middlesex – The approval by the New Jersey Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase annual operating revenues by $15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover increased operating costs as well as a return on invested capital of $563.1 million, based on an authorized return on common equity of 9.6%. Middlesex has made capital infrastructure investments to ensure prudent upgrade and replacement of its utility assets to support continued regulatory compliance, resilience and overall quality of service. In August 2023, Middlesex and 3M Company (3M) executed a settlement agreement (Settlement Agreement) to resolve a lawsuit Middlesex previously initiated claiming 3M introduced PFAS, which includes Perfluorooctanoic Acid (PFOA), into the Company’s water supply for its Park Avenue Wellfield Treatment Plant (Park Avenue Plant). The rate case settlement provides that the net proceeds from the 3M Settlement Agreement were to be used to mitigate the increase in customer rates and reimburse Middlesex for previously incurred costs for the construction of the Park Avenue Plant PFAS treatment upgrades, including depreciation and carrying costs. This resulted in the reclassification of $48.3 million from Regulatory Liabilities to Contributions in Aid of Construction from the December 31, 2023 balance sheet. In 2024, the Company also recognized the recovery of $0.9 million for depreciation and $4.1 million for carrying costs associated with the Park Avenue Plant PFAS treatment upgrades, as well as the recovery of $1.8 million of previously incurred operating treatment costs while the Park Avenue Plant PFAS treatment upgrades were in process.

The Middlesex Lead Service Line Replacement (LSLR) Plan, which was approved by the NJBPU in January 2024, has commenced and Middlesex submitted a customer surcharge filing with the NJBPU in July 2024 to recover costs incurred replacing Middlesex customer-owned lead service lines. The surcharge is for $1.4 million of costs incurred through June 2024, which are expected to be recovered between September 2024 and February 2025. The surcharge is required to be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable through traditional rate making in connection with general rate case filings.

In October 2024, Middlesex filed a second Distribution System Improvement Charge (DSIC) rate application that is expected to result in $1.1 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between general rate case proceedings.

In October 2024, Middlesex filed a petition with the NJBPU seeking approval to set a Purchased Water Adjustment Clause tariff rate to recover additional costs of $0.6 million for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU.

Tidewater - In September 2024, the Delaware Public Service Commission (DEPSC) approved Tidewater’s petition to recover up to $2.1 million of costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Through September 30, 2024, Tidewater has spent $1.7 million, which is included in Regulatory Assets and will be recovered through a surcharge mechanism.

In August 2024, Tidewater filed an application with the DEPSC to increase its general rates for water service. In the application, Tidewater seeks an overall increase in annual operating revenue of $10.3 million or 25.66% over current revenue. The request for rate increases will allow Tidewater to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of the water utility infrastructure assets. Effective October 30, 2024, Tidewater received approval of the DEPSC to suspend its DSIC rate and implement an interim rate increase, which is expected to result in approximately $2.5 million of annual revenues, subject to refund pending the outcome of the rate case application.

Twin Lakes Utilities, Inc. (Twin Lakes) – Twin Lakes provides water services to approximately 115 residential customers in Shohola, Pennsylvania. Pursuant to the Pennsylvania Public Utility Code, Twin Lakes filed a petition requesting the Pennsylvania Public Utilities Commission (PAPUC) to order the acquisition of Twin Lakes by a capable public utility. The PAPUC assigned an Administrative Law Judge (ALJ) to adjudicate the matter and submit a recommended decision (Recommended Decision) to the PAPUC. As part of this legal proceeding the PAPUC also issued an Order in January 2021 appointing a large Pennsylvania based investor-owned water utility as the receiver (the Receiver Utility) of the Twin Lakes system until the petition is fully adjudicated by the PAPUC. In November 2021, the PAPUC issued an Order affirming the ALJ’s Recommended Decision, ordering the Receiver Utility to acquire the Twin Lakes water system and for Middlesex, the parent company of Twin Lakes, to submit $1.7 million into an escrow account within 30 days. Twin Lakes immediately filed a Petition For Review (PFR) with the Commonwealth Court of Pennsylvania (the Commonwealth Court) seeking reversal and vacation of the escrow requirement on the grounds that it violates the Pennsylvania Public Utility Code as well as the United States Constitution. In addition, Twin Lakes filed an emergency petition for stay of the PAPUC Order pending the Commonwealth Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Commonwealth Court granted Twin Lakes’ emergency petition, pending its review. In August 2022, the Commonwealth Court issued an opinion upholding PAPUC’s November 2021 Order in its entirety. In September 2022, Twin Lakes filed a Petition For Allowance of Appeal (Appeal Petition) to the Supreme Court of Pennsylvania seeking reversal of the Commonwealth Court’s decision to uphold the escrow requirement on the grounds that the Commonwealth Court erred in failing to address Twin Lakes’ claims that because the $1.7 million escrow requirement placed on Middlesex violated Middlesex’s constitutional rights, Middlesex’s refusal to submit this escrow payment would jeopardize the relief Twin Lakes was otherwise entitled to in the appointment of the Receiver Utility. In March 2023, the Supreme Court of Pennsylvania issued a decision denying Twin Lakes’ Appeal Petition without addressing this claim on the merits. As a result of the Pennsylvania Courts’ failure to address Twin Lakes’ claim, Middlesex subsequently filed a Complaint with the United States District Court for the Middle District of Pennsylvania (US District Court) to address the issue of whether the PAPUC’s Order violated Middlesex’s rights under the United States Constitution. On January 18, 2024, the US District Court issued a decision dismissing Middlesex’s complaint without addressing Middlesex’s claims on the merits. On January 31, 2024, Middlesex filed a Notice of Appeal of the US District Court’s decision with the United States Court of Appeals for the Third Circuit (Third Circuit Court). Briefing before the Third Circuit Court is complete and a three-judge panel will issue a written decision based on the briefs without scheduling any oral arguments. The decision is expected to be issued in the first half of 2025. The estimated loss recorded by the Company related to this matter, the financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.

Rate and Regulatory Matters (Details) - USD ($) $ in Thousands		1 Months Ended					3 Months Ended		9 Months Ended
	Mar. 01, 2024	Oct. 31, 2024	Oct. 30, 2024	Sep. 30, 2024	Aug. 31, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2022	Nov. 30, 2021
Rate and Regulatory Matters [Line Items]
Approved increase in annual operating revenues									$ 563,100
Return on equity									9.60%
Reclassification from regulatory liabilities				$ 173,901			$ 173,901		$ 173,901		$ 226,725
Depreciation							6,309	$ 6,376	18,010	$ 18,546
Carrying costs									4,100
Previously incurred operating treatment costs				1,800			1,800		1,800
Surcharge for costs incurred						$ 1,400
Additional cost of purchased water							1,407	2,419	5,019	6,705
Operations and maintenance expense							$ 25,359	$ 22,581	67,649	$ 64,042
Annual operating revenue					$ 10,300
Percentage of current revenue					25.66%
New Jersey Board of Public Utilities [Member]
Rate and Regulatory Matters [Line Items]
Reclassification from regulatory liabilities											$ 48,300
Depreciation									900
Middlesex Water [Member]
Rate and Regulatory Matters [Line Items]
Escrow account												$ 1,700
Middlesex Water [Member] \| New Jersey Board of Public Utilities [Member]
Rate and Regulatory Matters [Line Items]
Approved increase in annual operating revenues	$ 15,400
Maturity Less than 30 Days [Member] \| Middlesex Water Company [Member]
Rate and Regulatory Matters [Line Items]
Escrow account													$ 1,700
Tidewater [Member]
Rate and Regulatory Matters [Line Items]
Additional cost of purchased water				$ 2,100
Operations and maintenance expense									$ 1,700
Annual revenues			$ 2,500
Subsequent Event [Member]
Rate and Regulatory Matters [Line Items]
Additional cost of purchased water		$ 600
Subsequent Event [Member] \| Distribution System Improvement Charge [Member]
Rate and Regulatory Matters [Line Items]
Annual revenues		$ 1,100

Revenue Recognition from Contracts with Customers (Details) - Schedule of Operating Revenues - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Regulated Tariff Sales
Non-Regulated Contract Operations	$ 3,208	$ 3,137	$ 9,588	$ 9,309
Total Revenue from Contracts with Customers	55,069	46,690	144,677	127,561
Other Regulated Revenues	391	210	595	373
Other Non-Regulated Revenues	117	114	350	340
Inter-segment Elimination	(477)	(299)	(852)	(602)
Total Revenue	55,100	46,715	144,770	127,672
Residential [Member]
Regulated Tariff Sales
Regulated Tariff Sales	28,889	25,070	73,955	66,726
Commercial [Member]
Regulated Tariff Sales
Regulated Tariff Sales	9,693	6,926	24,252	18,553
Industrial [Member]
Regulated Tariff Sales
Regulated Tariff Sales	3,799	3,396	10,573	9,041
Fire Protection [Member]
Regulated Tariff Sales
Regulated Tariff Sales	3,641	3,203	10,589	9,453
Wholesale [Member]
Regulated Tariff Sales
Regulated Tariff Sales	$ 5,839	$ 4,958	$ 15,720	$ 14,479

Basis of Presentation and Recent Developments (Tables)

9 Months Ended

Sep. 30, 2024

Basis of Presentation and Recent Developments [Abstract]

Schedule of Issued Accounting Standards

The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2024 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed Consolidated
Financial Statements

Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”

The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.

Retrospective

The Company is currently evaluating the requirements of ASU 2023-07.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
UTILITY PLANT: Water Production	$ 310,661	$ 303,791
Transmission and Distribution	837,233	809,862
General	104,103	100,593
Construction Work in Progress	34,995	19,636
TOTAL	1,286,992	1,233,882
Less Accumulated Depreciation	249,266	235,540
UTILITY PLANT - NET	1,037,726	998,342
CURRENT ASSETS: Cash and Cash Equivalents	6,344	2,390
Accounts Receivable, net of allowance for credit losses of $2,424 and $2,137, respectively in 2024 and 2023	22,703	18,172
Litigation Settlement Receivable		69,872
Unbilled Revenues	13,418	9,297
Materials and Supplies (at average cost)	6,550	6,972
Prepayments	3,131	1,833
TOTAL CURRENT ASSETS	52,146	108,536
OTHER ASSETS: Operating Lease Right of Use Asset	2,718	3,185
Preliminary Survey and Investigation Charges	2,018	1,932
Regulatory Assets	96,302	90,694
Non-utility Assets - Net	11,854	11,584
Employee Benefit Plans	26,851	21,779
TOTAL OTHER ASSETS	139,743	129,174
TOTAL ASSETS	1,229,615	1,236,052
CAPITALIZATION AND LIABILITIES
CAPITALIZATION: Common Stock, No Par Value	247,576	246,764
Retained Earnings	194,359	176,227
TOTAL COMMON EQUITY	441,935	422,991
Preferred Stock	1,889	2,084
Long-term Debt	352,282	358,153
TOTAL CAPITALIZATION	796,106	783,228
CURRENT Current Portion of Long-term Debt	7,745	7,740
LIABILITIES: Notes Payable	17,500	42,750
Accounts Payable	32,355	27,618
Litigation Settlement Payable		6,237
Accrued Taxes	13,408	10,535
Accrued Interest	2,396	3,138
Unearned Revenues and Advanced Service Fees	1,555	1,390
Other	4,953	4,421
TOTAL CURRENT LIABILITIES	79,912	103,829
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES: Customer Advances for Construction	21,542	21,313
Lease Obligations	2,589	3,063
Accumulated Deferred Income Taxes	95,413	88,736
Regulatory Liabilities	53,920	113,021
Other	437	592
TOTAL OTHER LIABILITIES	173,901	226,725
CONTRIBUTIONS IN AID OF CONSTRUCTION	179,696	122,270
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,229,615	$ 1,236,052

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Net of Allowance for Uncollectible Accounts	$ 2,424	$ 2,137

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Pension Benefits [Member]

Schedule of Employee Retirement Benefit Plans [Line Items]

Service Cost

$ 318

$ 388

$ 953

$ 1,163

Interest Cost

1,070

1,067

3,210

3,202

Expected Return on Assets

(1,580)

(1,466)

(4,741)

(4,399)

Amortization of Unrecognized Losses

164

114

493

Net Periodic (Benefit) Cost

^[1]

(154)

153

(464)

459

Other Benefits [Member]

Schedule of Employee Retirement Benefit Plans [Line Items]

Service Cost

240

293

Interest Cost

328

402

985

1,206

Expected Return on Assets

(846)

(771)

(2,538)

(2,312)

Amortization of Unrecognized Losses

(275)

(48)

(824)

(143)

Net Periodic (Benefit) Cost

^[1]

$ (713)

$ (319)

$ (2,137)

$ (956)

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

Capitalization (Details) - USD ($) $ / shares in Units, shares in Thousands		3 Months Ended		9 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capitalization [Line Items]
Issuance of common stock (in Shares)				13,498	118,501
Shares issued				$ 700,000	$ 9,000,000
Shares of common stock				$ 1,000,000
Convertible preferred stock no par value (in Dollars per share)		$ 7		$ 7
Preferred stock converted into common shares (in Shares)		22,188		22,188
Borrowing amount				$ 563,100,000
Interest rates		6.41%	6.37%	6.42%	5.89%
Percentage of loan interest rate		0.00%		0.00%
Remaining availability of funds for borrowing		$ 122,500,000		$ 122,500,000
Carrying instrument amount		229,300,000		229,300,000		$ 231,300,000
Construction carrying amount		21,500,000		21,500,000		$ 21,300,000
Long-Term Debt [Member]
Capitalization [Line Items]
Drawn amount		4,900,000		4,900,000
SRF Loans [Member]
Capitalization [Line Items]
Drawn amount		100,000		100,000
SRF Loans [Member]
Capitalization [Line Items]
Remaining availability of funds for borrowing		$ 8,300,000		8,300,000
New Jersey Infrastructure Bank [Member]
Capitalization [Line Items]
Borrowing amount				$ 300,000,000
Long term securitized loan interest rate		0.00%		0.00%
Tidewater [Member]
Capitalization [Line Items]
Loans totaling	$ 5,600,000
Interest rates	2.00%
SRF loan				$ 2,200,000
Common Stock [Member]
Capitalization [Line Items]
Issuance of common stock (in Shares)		1,849
Shares issued				$ 200,000

Business Segment Data (Details)	9 Months Ended
Business Segment Data (Details)	Sep. 30, 2024 Segments
Business Segment Data [Abstract]
Reportable segment	2

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	MIDDLESEX WATER COMPANY
Entity Central Index Key	0000066004
Entity File Number	0-422
Entity Tax Identification Number	22-1114430
Entity Incorporation, State or Country Code	NJ
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
Entity Phone Fax Numbers [Line Items]
City Area Code	(732)
Local Phone Number	634-1500
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		17,855,200

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,319	$ 10,546	$ 10,682	$ 9,990	$ 9,901	$ 5,868	$ 35,547	$ 25,759

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Short-Term Borrowings

9 Months Ended

Sep. 30, 2024

Short-Term Borrowings [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of September 30, 2024
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	January 24, 2025
PNC Bank		17.5	$	50.5		68.0	Committed	January 31, 2026
CoBank, ACB		—		12.0		12.0	Committed	May 20, 2026
	$	17.5	$	122.5	$	140.0

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The borrowings outstanding under the PNC Bank lines of credit as of September 30, 2024 mature daily and are being rolled over on a daily basis.

The weighted average interest rate on the outstanding borrowings at September 30, 2024 under these credit lines is 5.94%.

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

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Average Daily Amounts Outstanding	$	23,476	$	25,015	$	44,620	$	32,860
Weighted Average Interest Rates		6.41%		6.37%		6.42%		5.89%

Capitalization (Tables)

9 Months Ended

Sep. 30, 2024

Capitalization [Abstract]

Schedule of Carrying Amount and Fair Value of the FMBs

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

	(Thousands of Dollars)
	September 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	129,602	$	127,760	$	133,374	$	131,745

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Common Stock, No Par Value
Shares Authorized - 40,000
Shares Outstanding - 2024 - 17,855; 2023 - 17,821	247,576	246,764
Retained Earnings	194,359	176,227
TOTAL COMMON EQUITY	441,935	422,991
Cumulative Preferred Stock, No Par Value:
Shares Authorized - 120
Shares Outstanding - 2024-19; 2023-21
Convertible:
TOTAL PREFERRED STOCK	1,889	2,084
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	358,889	364,736
Add: Premium on Issuance of Long-term Debt	6,386	6,529
Less: Unamortized Debt Expense	(5,248)	(5,372)
Less: Current Portion of Long-term Debt	(7,745)	(7,740)
TOTAL LONG-TERM DEBT	352,282	358,153
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	274,602	278,374
Amortizing Secured Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	67,616	69,724
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	16,671	16,638
Convertible Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	810	1,005
Nonredeemable Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series
Convertible:
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

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

Sep. 30, 2024

USD ($)

Schedule of Future Minimum Operating Lease Commitments [Abstract]

$ 0.2

0.8

0.9

0.9

0.9

0.9

4.6

(1.4)

Present Value of Lease Payments

3.2

Less Current Portion

(0.6)

^[1]

Non-Current Lease Liability

$ 2.6

[1]	Included in Other Current Liabilities

Earnings Per Share (Details) - Schedule of Earnings Per Share (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Earnings Per Share Abstract
Preferred Dividend	$ 7	$ 7	$ 7	$ 7

Capitalization (Details) - Schedule of Carrying Amount and Fair Value of the FMBs - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Carrying Amount and Fair Value of the FMBs [Abstract]
Carrying Amount	$ 129,602	$ 133,374
Fair Value	$ 127,760	$ 131,745

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating Revenues	$ 55,100	$ 46,715	$ 144,770	$ 127,672
Operating Expenses:
Operations and Maintenance	25,359	22,581	67,649	64,042
Depreciation	6,309	6,376	18,010	18,546
Other Taxes	5,931	4,936	16,430	14,104
Total Operating Expenses	37,599	33,893	102,089	96,692
Operating Income	17,501	12,822	42,681	30,980
Other Income:
Allowance for Funds Used During Construction	354	496	787	2,162
Other Income, net	1,614	936	9,202	3,124
Total Other Income, net	1,968	1,432	9,989	5,286
Interest Charges	3,411	3,518	10,721	9,364
Income before Income Taxes	16,058	10,736	41,949	26,902
Income Taxes	1,739	746	6,402	1,143
Net Income	14,319	9,990	35,547	25,759
Preferred Stock Dividend Requirements	29	30	89	90
Earnings Applicable to Common Stock	$ 14,290	$ 9,960	$ 35,458	$ 25,669
Earnings per share of Common Stock:
Basic (in Dollars per share)	$ 0.8	$ 0.56	$ 1.99	$ 1.45
Diluted (in Dollars per share)	$ 0.8	$ 0.56	$ 1.98	$ 1.44
Common Shares Outstanding :
Basic (in Shares)	17,838	17,758	17,828	17,708
Diluted (in Shares)	17,952	17,873	17,943	17,823

Commitments and Contingent Liabilities (Details) - Schedule of Purchased Water Costs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Purchased Water Costs [Abstract]
Treated	$ 796	$ 1,607	$ 2,697	$ 4,353
Untreated	611	812	2,322	2,352
Total Costs	$ 1,407	$ 2,419	$ 5,019	$ 6,705

Business Segment Data (Details) - Schedule of Inter-Segment Transactions - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues:
Consolidated Revenues	$ 55,100			$ 46,715			$ 144,770	$ 127,672
Operating Income:
Consolidated Operating Income	17,501			12,822			42,681	30,980
Net Income:
Consolidated Net Income	14,319	$ 10,546	$ 10,682	9,990	$ 9,901	$ 5,868	35,547	25,759
Capital Expenditures:
Total Capital Expenditures	20,743			22,439			49,480	73,074
Assets:
Consolidated Assets	1,229,615						1,229,615		$ 1,236,052
Regulated [Member]
Revenues:
Consolidated Revenues	52,252			43,763			135,682	118,625
Operating Income:
Consolidated Operating Income	16,673			12,008			39,990	28,543
Net Income:
Consolidated Net Income	13,697			9,384			33,576	24,017
Capital Expenditures:
Total Capital Expenditures	20,743			22,415			49,444	72,994
Assets:
Consolidated Assets	1,236,131						1,236,131		1,235,549
Non – Regulated [Member]
Revenues:
Consolidated Revenues	3,325			3,251			9,940	9,649
Operating Income:
Consolidated Operating Income	828			814			2,691	2,437
Net Income:
Consolidated Net Income	622			606			1,971	1,742
Capital Expenditures:
Total Capital Expenditures				24			36	80
Assets:
Consolidated Assets	9,525						9,525		8,068
Inter-segment Elimination [Member]
Revenues:
Consolidated Revenues	(477)			$ (299)			(852)	$ (602)
Assets:
Consolidated Assets	$ (16,041)						$ (16,041)		$ (7,565)

Employee Benefit Plans (Details) $ in Millions	9 Months Ended
Employee Benefit Plans (Details) $ in Millions	Sep. 30, 2024 USD ($)
Employee Benefit Plans [Abstract]
Contributions to the pension plan	$ 2.0
Other Benefits Plan cash contributions	$ 0.9

Capitalization

9 Months Ended

Sep. 30, 2024

Capitalization [Abstract]

Capitalization

Note 3 – Capitalization

Common Stock – During the nine months ended September 30, 2024 and 2023, there were 13,498 common shares (approximately $0.7 million) and 118,501 common shares (approximately $9.0 million) respectively, issued under the Middlesex Water Company Investment Plan.

Middlesex has received approval from the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan.

In the third quarter of 2024, 1,849 shares of the Company’s no par $7.00 Series Cumulative and Convertible Preferred Stock were converted into 22,188 shares (approximately $0.2 million) of common stock.

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.

Middlesex has received approval from the NJBPU to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.

Under the New Jersey SRF program, borrowers first enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey.

Under the Delaware SRF program, borrowers 1) enter into a long-term note agreement for a term not to exceed twenty years, 2) submit requisitions for cost reimbursements during the construction period for up to two years after the agreement is executed and 3) as the proceeds are received from the requisitions, borrowers record a corresponding debt obligation amount.

In May 2024, Tidewater closed on four DEPSC-approved Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater has drawn down less than $0.1 million on these loans as of September 30, 2024. Each project has its own construction timetable with the last spending set to occur in 2026.

In September 2024, Tidewater closed on a $2.2 million Delaware SRF loan with a 0.0% interest rate with expected maturity dates in 2044. This loan is for costs associated with Tidewater’s obligation, as required by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. Tidewater expects to draw down on this loan in the fourth quarter of 2024.

Separately, Tidewater has two active construction projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection of transmission mains. Tidewater has drawn a total of $4.9 million through September 30, 2024 and expects that the requisitions will continue through the second quarter of 2025.

Fair Value of Financial Instruments – The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage Bonds (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 FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows:

	(Thousands of Dollars)
	September 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
FMBs	$	129,602	$	127,760	$	133,374	$	131,745

It was not practicable to estimate the fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $229.3 million and $231.3 million at September 30, 2024 and December 31, 2023, respectively. Customer advances for construction have carrying amounts of $21.5 million and $21.3 million at September 30, 2024 and December 31, 2023, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Short-Term Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Short-Term Borrowings [Abstract]

Schedule of Lines of Credit

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of September 30, 2024
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	January 24, 2025
PNC Bank		17.5	$	50.5		68.0	Committed	January 31, 2026
CoBank, ACB		—		12.0		12.0	Committed	May 20, 2026
	$	17.5	$	122.5	$	140.0

Schedule of Credit Lines and the Weighted Average Interest Rates

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

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Average Daily Amounts Outstanding	$	23,476	$	25,015	$	44,620	$	32,860
Weighted Average Interest Rates		6.41%		6.37%		6.42%		5.89%

Short-Term Borrowings (Details) $ in Millions	Sep. 30, 2024 USD ($)
Short-term Borrowings [Line Items]
Lines of credit	$ 140.0
CoBank [Member]
Short-term Borrowings [Line Items]
weighted average interest rate	5.94%

Short-Term Borrowings (Details) - Schedule of Lines of Credit $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Schedule of Lines of Credit [Line Items]
Outstanding	$ 17.5
Available	122.5
Maximum	140.0
Bank of America [Member]
Schedule of Lines of Credit [Line Items]
Outstanding
Available	60.0
Maximum	$ 60.0
Credit Type	Uncommitted
Renewal Date	Jan. 24, 2025
PNC Bank [Member]
Schedule of Lines of Credit [Line Items]
Outstanding	$ 17.5
Available	50.5
Maximum	$ 68.0
Credit Type	Committed
Renewal Date	Jan. 31, 2026
CoBank [Member]
Schedule of Lines of Credit [Line Items]
Outstanding
Available	12.0
Maximum	$ 12.0
Credit Type	Committed
Renewal Date	May 20, 2026

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Common stock, shares authorized	40,000	40,000
Shares Outstanding	17,855	17,821
Preferred stock, shares authorized (in Dollars)	$ 120	$ 120
Preferred stock, shares outstanding	19	21
First Mortgage Bonds 2024-2059
Long term debt maturity period	2026-2059
Amortizing Secured Notes due 2028-2046
Long term debt maturity period	2028-2046
State Revolving Trust Notes due 2025-2044
Long term debt maturity period	2025-2044
Minimum \| First Mortgage Bonds 2024-2059
Interest rate	0.00%
Minimum \| Amortizing Secured Notes due 2028-2046
Interest rate	3.94%
Minimum \| State Revolving Trust Notes due 2025-2044
Interest rate	2.00%
Maximum \| First Mortgage Bonds 2024-2059
Interest rate	5.50%
Maximum \| Amortizing Secured Notes due 2028-2046
Interest rate	7.05%
Maximum \| State Revolving Trust Notes due 2025-2044
Interest rate	4.03%
Convertible Preferred Stock $7.00 Series
Preferred stock, shares outstanding	8	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

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2024

Business Segment Data [Abstract]

Schedule of Inter-Segment Transactions

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

	(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2024			2023			2024			2023
Revenues:
Regulated	$	52,252		$	43,763		$	135,682		$	118,625
Non – Regulated		3,325			3,251			9,940			9,649
Inter-segment Elimination		(477	)		(299	)		(852	)		(602	)
Consolidated Revenues	$	55,100		$	46,715		$	144,770		$	127,672

Operating Income:
Regulated	$	16,673		$	12,008		$	39,990		$	28,543
Non – Regulated		828			814			2,691			2,437
Consolidated Operating Income	$	17,501		$	12,822		$	42,681		$	30,980

Net Income:
Regulated	$	13,697		$	9,384		$	33,576		$	24,017
Non – Regulated		622			606			1,971			1,742
Consolidated Net Income	$	14,319		$	9,990		$	35,547		$	25,759

Capital Expenditures:
Regulated	$	20,743		$	22,415		$	49,444		$	72,994
Non – Regulated		—			24			36			80
Total Capital Expenditures	$	20,743		$	22,439		$	49,480		$	73,074

	As of			As of
	September 30, 2024			December 31, 2023
Assets:
Regulated	$	1,236,131		$	1,235,549
Non – Regulated		9,525			8,068
Inter-segment Elimination		(16,041	)		(7,565	)
Consolidated Assets	$	1,229,615		$	1,236,052

Revenue Recognition from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue Recognition from Contracts with Customers [Abstract]

Revenue Recognition from Contracts with Customers

Note 9 – Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The Company’s regulated revenue from contracts with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer.

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

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

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

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

	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Regulated Tariff Sales
Residential	$	28,889		$	25,070		$	73,955		$	66,726
Commercial		9,693			6,926			24,252			18,553
Industrial		3,799			3,396			10,573			9,041
Fire Protection		3,641			3,203			10,589			9,453
Wholesale		5,839			4,958			15,720			14,479
Non-Regulated Contract Operations		3,208			3,137			9,588			9,309
Total Revenue from Contracts with Customers	$	55,069		$	46,690		$	144,677		$	127,561
Other Regulated Revenues		391			210			595			373
Other Non-Regulated Revenues		117			114			350			340
Inter-segment Elimination		(477	)		(299	)		(852	)		(602	)
Total Revenue	$	55,100		$	46,715		$	144,770		$	127,672

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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

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

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

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

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

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

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

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

+ Details

Revenue Recognition from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue Recognition from Contracts with Customers [Abstract]

Schedule of Operating Revenues

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

	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Regulated Tariff Sales
Residential	$	28,889		$	25,070		$	73,955		$	66,726
Commercial		9,693			6,926			24,252			18,553
Industrial		3,799			3,396			10,573			9,041
Fire Protection		3,641			3,203			10,589			9,453
Wholesale		5,839			4,958			15,720			14,479
Non-Regulated Contract Operations		3,208			3,137			9,588			9,309
Total Revenue from Contracts with Customers	$	55,069		$	46,690		$	144,677		$	127,561
Other Regulated Revenues		391			210			595			373
Other Non-Regulated Revenues		117			114			350			340
Inter-segment Elimination		(477	)		(299	)		(852	)		(602	)
Total Revenue	$	55,100		$	46,715		$	144,770		$	127,672

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 35,547	$ 25,759
Net Cash Provided by Operating Activities:
Depreciation and Amortization	20,231	22,106
Provision for Deferred Income Taxes and Investment Tax Credits	408	(4,685)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(465)	(1,300)
Cash Surrender Value of Life Insurance	(318)	(144)
Stock Compensation Expense	1,227	1,790
Changes in Assets and Liabilities:
Accounts Receivable	(4,531)	(2,972)
Unbilled Revenues	(4,121)	(2,657)
Materials and Supplies	422	(228)
Prepayments	(1,298)	(294)
Accounts Payable	4,737	3,757
Accrued Taxes	2,873	(4,019)
Accrued Interest	(742)	11
Employee Benefit Plans	(5,781)	(1,487)
Unearned Revenue and Advanced Service Fees	165	94
Receovered Costs-Litigation Settlement	(8,774)
Other Assets and Liabilities	(2,245)	4,255
NET CASH PROVIDED BY OPERATING ACTIVITIES	37,335	39,986
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC-Debt of $322 in 2024 and $862 in 2023	(49,480)	(73,074)
NET CASH USED IN INVESTING ACTIVITIES	(49,480)	(73,074)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(6,438)	(16,460)
Proceeds from Issuance of Long-term Debt	592	70,640
Net Short-term Bank Borrowings	(25,250)	(13,250)
Proceeds from Litigation Settlement, net	63,635
Deferred Debt Issuance Expense	(54)	(123)
Common Stock Issuance Expense		(10)
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock	(1,350)	(619)
Proceeds from Issuance of Common Stock	740	9,025
Payment of Common Dividends	(17,326)	(16,600)
Payment of Preferred Dividends	(89)	(90)
Construction Advances and Contributions-Net	1,639	(283)
NET CASH PROVIDED BY FINANCING ACTIVITIES	16,099	32,230
NET CHANGES IN CASH AND CASH EQUIVALENTS	3,954	(858)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	2,390	3,828
CASH AND CASH EQUIVALENTS AT END OF PERIOD	6,344	2,970
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	6,959	5,954
Litigation Settlement Receivable	(6,237)	93,163
Litigation Settlement Payable	(6,237)	27,949
Conversion of Preferred Stock into Common Stock	194
Cash Paid During the Year for:
Interest	11,695	9,589
Interest Capitalized	322	862
Income Taxes	$ 2,413	$ 2,716

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common Stock
Cash dividends, per share	$ 0.325	$ 0.325	$ 0.325	$ 0.3125	$ 0.3125	$ 0.3125

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2024

Commitments and Contingent Liabilities [Abstract]

Commitments and Contingent Liabilities

Note 7 – Commitments and Contingent Liabilities

Water Supply – Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 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 in Delaware to purchase treated water of up to 60.0 million gallons annually.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Treated	$	796	$	1,607	$	2,697	$	4,353
Untreated		611		812		2,322		2,352
Total Costs	$	1,407	$	2,419	$	5,019	$	6,705

Leases – The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.

The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.

The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining the present value of lease payments.

Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended September 30, 2024 and 2023, respectively, and $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.

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

	(In Millions)
	As of
	September 30, 2024			December 31, 2023
ROU Asset at Lease Inception	$	7.3		$	7.3
Accumulated Amortization		(4.6	)		(4.1	)
ROU Asset	$	2.7		$	3.2

The Company’s future minimum operating lease commitments as of September 30, 2024 are as follows:

	(In Millions)
2024	$	0.2
2025		0.8
2026		0.9
2027		0.9
2028		0.9
Thereafter		0.9
Total Lease Payments	$	4.6
Imputed Interest		(1.4	)
Present Value of Lease Payments		3.2
Less Current Portion*		(0.6	)
Non-Current Lease Liability	$	2.6

*Included in Other Current Liabilities

Construction – The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $14.5 million in the future. The actual amount and timing of capital expenditures is dependent on the need for upgrade or replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs. With continued higher mortgage interest rates, as well as other financial market uncertainties, there is no assurance that projected customer growth and residential new home construction and sales will occur.

PFOA Matter – In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and economic damages. Middlesex and 3M agreed to enter into a joint mediation on these lawsuits. On August 30, 2024, the parties to the two PFOA-related class action lawsuits entered into a signed Settlement Term Sheet (Term Sheet) to resolve both matters. The parties are in the process of memorializing the settlement into a Settlement Agreement that is expected to be completed in the fourth quarter of 2024. The Company does not believe that the Term Sheet nor the anticipated Settlement Agreement, once executed, will have any material financial or operational impact to Middlesex. See Note 2 for additional details.

Contingencies – Based on our operations in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may mitigate the effect of any current or future loss contingencies.

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

Basis of Presentation and Recent Developments

9 Months Ended

Sep. 30, 2024

Basis of Presentation and Recent Developments [Abstract]

Basis of Presentation and Recent Developments

Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2023 Annual Report on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the Company’s financial position as of September 30, 2024, the results of operations for the three and nine month periods ended September 30, 2024 and 2023 and cash flows for the nine month periods ended September 30, 2024 and 2023. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the Company’s December 31, 2023 audited financial statements included in the 2023 Form 10-K.

Recent Developments

United States Environmental Protection Agency (USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking water levels exceed these MCLs.

Beginning in April 2029, water systems that have Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking water and must provide notification to the public of the violation.

In anticipation of these new USEPA standards, in 2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary engineering studies to ensure that effective PFAS treatment approaches are implemented.

Recent Accounting Guidance

The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2024 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed Consolidated
Financial Statements

Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.

Retrospective

The Company is currently evaluating the requirements of ASU 2023-07.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09.