0001628280-26-028887 | 10-Q | XBRL Viewer

Business Segment Data

3 Months Ended

Mar. 31, 2026

The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.

Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year to-date basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return.

The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2025 Form 10-K. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial statements.

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 and includes Middlesex, Tidewater, Pinelands and Southern Shores. This segment also includes a regulated wastewater system in New Jersey, Pinelands Wastewater. 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 and includes USA, USA-PA, and White Marsh.


	(In Thousands)
	Three months ended March 31,
	2026		2025
Operation by Segments
Operating Revenues:
Regulated	$	45,780	$	41,496
Non – Regulated	3,089		2,952
Total Reportable Segments	48,869		44,448
Inter-segment Elimination	(155)		(147)
Consolidated Operating Revenues	$	48,714	$	44,301

Operating Expenses
Purchased Water:
Regulated	$	1,941	$	1,907
Non – Regulated	—		—
Total Reportable Segments	1,941		1,907
Inter-segment Elimination	(34)		(28)
Consolidated Purchased Water	$	1,907	$	1,879

Other Operations and Maintenance Expenses:
Regulated	$	18,988	$	17,493
Non – Regulated	2,238		1,856
Total Reportable Segments	21,226		19,349
Inter-segment Elimination	(121)		(119)
Consolidated Other Operations and Maintenance Expenses	$	21,105	$	19,230

Other Taxes:
Regulated	$	5,496	$	5,050
Non – Regulated	68		$	58
Consolidated Other Taxes	$	5,564	$	5,108

Depreciation:
Regulated	$	6,963	$	6,464
Non – Regulated	73		$	63
Consolidated Depreciation	$	7,036	$	6,527

Operating Income:
Regulated	$	12,512	$	10,701
Non – Regulated	590		$	856
Consolidated Operating Income	$	13,102	$	11,557

Other Income:
Regulated	$	2,177	$	1,901
Non – Regulated	25		55
Total Reportable Segments	2,202		1,956
Inter-segment Elimination	(200)		(159)
Consolidated Other Income, Net	$	2,002	$	1,797


	(In Thousands)
	Three months ended March 31,
	2026		2025
Operation by Segments (continued)
Interest Charges:
Regulated	$	3,414	$	2,872
Non – Regulated	—		—
Total Reportable Segments	3,414		2,872
Inter-segment Elimination	(200)		(159)
Consolidated Interest Charges	$	3,214	$	2,713

Income Taxes:
Regulated	$	1,073	$	872
Non – Regulated	212		$	290
Consolidated Income Taxes	$	1,285	$	1,162

Net Income:
Regulated	$	10,202	$	8,858
Non – Regulated	403		$	621
Consolidated Net Income	$	10,605	$	9,479

Capital Expenditures:
Regulated	$	20,574	$	18,853
Non – Regulated	67		$	58
Total Capital Expenditures	$	20,641	$	18,911


	(Thousands of Dollars)
	As of March 31, 2026		As of December 31, 2025
Assets:
Regulated	$	1,398,877	$	1,377,391
Non – Regulated	9,018		9,076
Total Reportable Segments	1,407,895		1,386,467
Inter-segment Elimination	(21,857)		(20,730)
Consolidated Assets	$	1,386,038	$	1,365,737

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
UTILITY PLANT:
Water Production	$ 333,738	$ 328,496
Transmission and Distribution	954,107	938,118
General	107,783	111,325
Construction Work in Progress	49,593	44,400
TOTAL	1,445,221	1,422,339
Less Accumulated Depreciation	276,456	275,132
UTILITY PLANT - NET	1,168,765	1,147,207
CURRENT ASSETS:
Cash and Cash Equivalents	2,040	2,800
Accounts Receivable, net of allowance for uncollectible accounts of $1,873 and $1,625, respectively	18,690	19,213
Unbilled Revenues	10,347	9,361
Materials and Supplies (at average cost)	8,095	7,549
Prepayments	5,986	2,843
Regulatory Assets	1,669	0
TOTAL CURRENT ASSETS	46,827	41,766
OTHER ASSETS:
Operating Lease Right of Use Asset	1,830	1,972
Restricted Cash	1,675	1,675
Regulatory Assets	103,001	110,284
Non-utility Assets - Net	12,454	12,354
Employee Benefit Plans	45,041	44,328
Other	6,445	6,151
TOTAL OTHER ASSETS	170,446	176,764
TOTAL ASSETS	1,386,038	1,365,737
CAPITALIZATION:
Common Stock, No Par Value, authorized 40,000, issued 18,577 and 18,521 in 2026 and 2025, respectively	282,243	279,148
Retained Earnings	218,803	214,883
TOTAL COMMON EQUITY	501,046	494,031
Preferred Stock, No Par Value; authorized 120; issued 13 aoutstanding	1,343	1,343
Long-term Debt	371,676	378,874
TOTAL CAPITALIZATION	874,065	874,248
CURRENT LIABILITIES:
Current Portion of Long-term Debt	7,666	7,850
Notes Payable	47,000	28,250
Accounts Payable	29,496	31,326
Accrued Taxes	22,116	15,992
Accrued Interest	3,291	3,311
Regulatory Liabilities	3,142	0
Unearned Revenues and Advanced Service Fees	467	497
Other	6,477	6,569
TOTAL CURRENT LIABILITIES	119,655	93,795
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:
Advances for Construction	25,963	25,519
Lease Obligations	1,653	1,838
Accumulated Deferred Income Taxes	111,152	110,475
Regulatory Liabilities	61,365	68,437
Other	195	229
TOTAL OTHER LIABILITIES	200,328	206,498
CONTRIBUTIONS IN AID OF CONSTRUCTION	191,990	191,196
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,386,038	$ 1,365,737

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Operating Revenues	$ 48,714	$ 44,301
Operating Expenses:
Operations and Maintenance	23,012	21,109
Depreciation	7,036	6,527
Other Taxes	5,564	5,108
Total Operating Expenses	35,612	32,744
Operating Income	13,102	11,557
Other Income:
Allowance for Funds Used During Construction	633	372
Other Income, net	1,369	1,425
Total Other Income, net	2,002	1,797
Interest Charges	3,214	2,713
Income before Income Taxes	11,890	10,641
Income Taxes	1,285	1,162
Net Income	10,605	9,479
Preferred Stock Dividend Requirements	18	22
Earnings Applicable to Common Stock, Basic	10,587	9,457
Earnings Applicable to Common Stock, Diluted	$ 10,587	$ 9,457
Earnings per share of Common Stock:
Basic (in dollars per share)	$ 0.57	$ 0.53
Diluted (in dollars per share)	$ 0.57	$ 0.53
Common Shares Outstanding:
Basic (in shares)	18,545	17,890
Diluted (in shares)	18,575	17,951

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate percentage	10.80%	10.90%
Increase (decrease) in income taxes	$ 0.1
Statutory federal tax rate	21.00%	21.00%
Minimum
Effective Income Tax Rate Reconciliation [Line Items]
State corporate net income tax rates	8.70%	8.70%
Maximum
Effective Income Tax Rate Reconciliation [Line Items]
State corporate net income tax rates	9.00%	9.00%

Employee Benefit Plans - Schedule of Employee Retirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 286	$ 242
Interest Cost	1,209	1,159
Expected Return on Assets	(1,591)	(1,687)
Amortization of Unrecognized Losses (Gains)	18	12
Net Periodic Benefit	(78)	(274)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	86	85
Interest Cost	441	430
Expected Return on Assets	(1,021)	(928)
Amortization of Unrecognized Losses (Gains)	(214)	(153)
Net Periodic Benefit	$ (708)	$ (566)

Short-term Borrowings - Schedule of Weighted Average Daily Amounts of Borrowings Outstanding and Weighted Average Interest Rates (Details) - Line of Credit - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Short-Term Debt [Line Items]
Average Daily Amounts Outstanding	$ 42,218	$ 29,067
Weighted Average Interest Rates	4.80%	5.43%

Basis of Presentation and Recent Developments (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Recently Issued Accounting Standards

The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2026 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (ASU) 2024-03 “Disaggregation of Income Statement Expenses”

The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027.

Prospective, with retrospective application also permitted.

The Company is evaluating the impact of ASU 2024-03 on its Consolidated Financial Statements.

ASU 2025-06 "Internal-Use Software"

This ASU removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2028.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements.

Capitalization (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Carrying Amount and Fair Value of First Mortgage Bonds (FMBs)

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


	(Thousands of Dollars)
	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FMBs	$	125,431	$	119,770	$	126,172	$	120,430

Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Utility Plant received as Construction Advances and Contributions	$ 439	$ 1,500
Accrued Payables for Utility Plant	10,956	11,499
Conversion of Preferred Stock Into Common Stock	1	21
Cash Paid During the 3 Months for:
Interest	3,194	3,365
Interest Capitalized	$ 249	$ 154

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Water Supply – Middlesex's agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water expires November 30, 2048. NJWSA provides for an average purchase of 27.0 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, 2031, 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 75.0 million gallons annually.

Purchased water costs are shown below:


	(In Thousands)
	Three months ended March 31,
	2026			2025
Treated		$	887	$	887
Untreated		1,020		992
Total Costs		$	1,907	$	1,879

Construction – In connection with the Company’s planned capital expenditures, the Company has entered into several contractual construction agreements that in total obligate it to expend an estimated $42.3 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 and continued refinement of project scope and costs.

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.

Commitments and Contingent Liabilities - Narrative (Details) gal in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) gal
NJWSA Untreated Water Agreement
Loss Contingencies [Line Items]
Average purchase of gallons a day under agreement (in mgd)	27.0
NJWSA Untreated Water Agreement \| Maximum
Loss Contingencies [Line Items]
Average purchase of gallons a day under agreement (in mgd)	47.0
NJBPU Treated Water Agreement \| Minimum
Loss Contingencies [Line Items]
Average purchase of gallons a day under agreement (in mgd)	3.0
Treated Water
Loss Contingencies [Line Items]
Average purchase of gallons	75.0
Construction Agreement
Loss Contingencies [Line Items]
Estimated future expenditure obligation \| $	$ 42.3

Basis of Presentation and Recent Developments

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

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), 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. Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), previously subsidiaries of Middlesex, were merged into Middlesex effective April 1, 2026 (for further information, see Note 2, Rates and Regulatory Matters). 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 2025 Annual Report on Form 10-K (the 2025 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 fairly state the Company’s financial position as of March 31, 2026, and the results of operations and cash flows for the three month periods ended March 31, 2026 and 2025. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2025, has been derived from the Company’s December 31, 2025 audited financial statements included in the 2025 Form 10-K.

Recent Accounting Guidance

The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2026 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (ASU) 2024-03 “Disaggregation of Income Statement Expenses”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027.

Prospective, with retrospective application also permitted.

The Company is evaluating the impact of ASU 2024-03 on its Consolidated Financial Statements.

ASU 2025-06 "Internal-Use Software"

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2028.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements.

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [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 March 31,
	2026		2025		2026		2025
Service Cost	$	286	$	242	$	86	$	85
Interest Cost	1,209		1,159		441		430
Expected Return on Assets	(1,591)		(1,687)		(1,021)		(928)
Amortization of Unrecognized Losses (Gains)	18		12		(214)		(153)
Net Periodic Benefit*	$	(78)	$	(274)	$	(708)	$	(566)

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

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common stock, authorized (in shares)	40,000	40,000
Common stock, issued (in shares)	18,577	18,521
Common stock outstanding (in shares)	18,577	18,521
Cumulative preferred stock, shares authorized (in shares)	120	120
Cumulative preferred stock, nonredeemable shares issued (in shares)	13	13
Cumulative preferred stock, nonredeemable shares outstanding (in shares)	13	13
Cumulative preferred stock, price (in dollars per share)	$ 7.00
First Mortgage Bonds \| Minimum
Interest rate	0.00%
First Mortgage Bonds \| Maximum
Interest rate	5.99%
Amortizing Secured Notes \| Minimum
Interest rate	3.94%
Amortizing Secured Notes \| Maximum
Interest rate	7.05%
State Revolving Trust Notes \| Minimum
Interest rate	0.00%
State Revolving Trust Notes \| Maximum
Interest rate	4.03%
Convertible Preferred Stock $7.00 Series
Cumulative preferred stock, nonredeemable shares issued (in shares)	2	2
Cumulative preferred stock, nonredeemable shares outstanding (in shares)	2	2
Cumulative preferred stock, price (in dollars per share)	$ 7.00	$ 7.00
Nonredeemable Preferred Stock $7.00 Series
Cumulative preferred stock, nonredeemable shares issued (in shares)	1	1
Cumulative preferred stock, nonredeemable shares outstanding (in shares)	1	1
Cumulative preferred stock, price (in dollars per share)	$ 7.00	$ 7.00
Nonredeemable Preferred Stock $4.75 Series
Cumulative preferred stock, nonredeemable shares issued (in shares)	10	10
Cumulative preferred stock, nonredeemable shares outstanding (in shares)	10	10
Cumulative preferred stock, price (in dollars per share)	$ 4.75	$ 4.75

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Short-term Borrowings - Narrative (Details) - Line of Credit	Mar. 31, 2026 USD ($)
Short-Term Debt [Line Items]
Aggregate lines of credit	$ 180,000,000.0
Weighted average interest rate	4.87%
CoBank, ACB (CoBank)
Short-Term Debt [Line Items]
Aggregate lines of credit	$ 20,000,000.0

Revenue Recognition from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based water and wastewater utility 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 water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed monthly or 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 which includes an 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 and regional weather indicators. 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 termination provisions.

Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers.

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 March 31,
	2026		2025
Regulated Tariff Sales
Residential	$	24,187	$	23,114
Commercial	6,867		6,585
Industrial	3,602		2,999
Fire Protection	3,832		3,722
Wholesale	7,224		5,014
Non-Regulated Contract Operations	2,969		2,833
Total Revenue from Contracts with Customers	$	48,681	$	44,267
Other Regulated Revenues	68		62
Other Non-Regulated Revenues	120		119
Inter-segment Elimination	(155)		(147)
Total Revenue	$	48,714	$	44,301

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Rates and Regulatory Matters	3 Months Ended
Rates and Regulatory Matters	Mar. 31, 2026
Regulated Operations [Abstract]
Rates and Regulatory Matters	Rates and Regulatory Matters Middlesex Rate Matters In February 2026, the New Jersey Board of Public Utilities (NJBPU) approved the settlement agreement in our general base rate application between Middlesex and Pinelands, NJBPU Staff and the New Jersey Division of Rate Counsel, with new rates effective February 23, 2026. The NJBPU order approved an increase in our annual operating revenues by $14.5 million based on an authorized return on common equity of 9.6% and a common equity ratio of 54.25%. Included in the settlement agreement, Middlesex and Pinelands customers received a one-time bill credit in the first quarter of 2026 totaling $3.3 million for the overcollection of New Jersey Gross Receipts Taxes. In addition, beginning in late February 2026, Middlesex customers will receive a $3.3 million credit over 12 months from the proceeds of a multi-district litigation (MDL) settlement agreement between Middlesex and manufacturers of Perfluoroalkyl Substances (PFAS) (for further information on the MDL settlement, see MDL Settlement below). In February 2026, the NJBPU approved the joint petition filed by Middlesex and Pinelands for a Resiliency and Environmental System Improvement Charge (RESIC) Foundational Filing for the three-year period ending October 2028. The program allows for the recovery of certain costs of investments that further maintain, enhance, or improve the resiliency, health, safety, or environmental protection for Middlesex and Pinelands customers or broader public health. RESIC activities include compliance with requirements to address existing and emerging chemical elements and compounds, treatment media and related equipment, installation of new plant or equipment, or replacement of existing plant or equipment. Under the RESIC program, Middlesex and Pinelands submit semi-annual surcharge filings to the NJBPU for qualifying capital investments completed every six months to be recovered up to $3.6 million or 2.5% of total annual revenues included in their February 2026 base rate increase. In February 2026, the NJBPU approved the joint petition filed by Middlesex and Pinelands Water for a Distribution System Improvement Charge (DSIC) Foundational Filing, which allows for the recovery of investments in qualifying capital improvements to their water distribution system for the three-year period ending October 2028. Under the DSIC program, Middlesex and Pinelands Water submit semi-annual surcharge filings to the NJBPU for qualifying capital investments completed every six months to be recovered up to $7.1 million or 5% of total annual revenues included in their February 2026 base rate increase. In January 2026, the NJBPU approved the joint petition filed by Middlesex, Pinelands Water and Pinelands Wastewater to consolidate the three entities into Middlesex through a corporate reorganization. The merger of Pinelands Water and Pinelands Wastewater into Middlesex is expected to deliver operational efficiencies and enhanced benefits for customers across multiple areas. The merger has been finalized and was effective on April 1, 2026. In November 2025, the NJBPU approved the fourth Middlesex DSIC rate, effective December 1, 2025 that was expected to result in $0.9 million of annual revenues, which is in addition to the existing $2.3 million of annual revenues from previous DSIC filings. Middlesex's DSIC rate reset to zero in connection with Middlesex's February 2026 base rate increase. The NJBPU-approved Middlesex Lead Service Line Replacement (LSLR) Plan continues, and costs of $0.4 million for replacing customer-owned lead service lines incurred from January 2025 through June 2025 were recovered between September 2025 and February 2026. Costs of $0.3 million incurred from July 2025 through December 2025 are expected to be recovered between March 2026 and August 2026. The LSLR 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. Tidewater Rate Matters In February 2026, the Delaware Public Service Commission (DEPSC) approved the March 2026 refund of $1.1 million to Tidewater customers resulting from the proceeds of the MDL settlement agreement between Tidewater and manufacturers of PFAS. For further information, see discussion in MDL Settlement below. In January 2026, Tidewater completed the acquisition of the water utility assets of Pinewood Acres, LLC, as approved by the DEPSC, for $0.2 million. Pinewood Acres serves approximately 350 customers in Kent County, Delaware. In December 2025, the DEPSC approved the Tidewater DSIC rate, effective January 1, 2026. Tidewater is expected to recover approximately $0.3 million of semi-annual DSIC revenues between January 2026 and June 2026. In July 2025, the DEPSC approved the settlement agreement in our general base rate application between Tidewater, DEPSC Staff and the Delaware Division of the Public Advocate, with new rates effective July 3, 2025. The DEPSC order approved an increase in our annual operating revenues by $5.5 million based on an authorized return on common equity of 9.5% and a common equity ratio of 53.5%. MDL Settlement Multiple Company utility subsidiaries are parties to the aforementioned MDL lawsuit against manufacturers of certain PFAS for damages, contribution and reimbursement of costs incurred and continuing to be incurred to address the presence of such PFAS in public water supply systems owned and operated by these utility subsidiaries and throughout their service areas. Settlements with several defendants in the MDL have received final approval by the MDL court. The Company began receiving settlement payments in 2025, which will continue through 2026 and beyond. As of March 31, 2026, the Company received $6.0 million. Proceeds from these settlement payments have been and will likely continue to be shared with customers in the future (for further information on 2026 customer refunds related to the MDL settlement, see Middlesex Rate Matters and Tidewater Rate Matters above). Southern Shores Rate Matters Southern Shores provides water service to a 2,200 unit condominium community in Sussex County, Delaware under a DEPSC-approved agreement expiring December 31, 2029. Under the agreement, rates are increased annually by the lesser of the regional Consumer Price Index or 3%. Additionally, when there are unanticipated capital expenditures or regulatory related changes in operating expenses exceed certain annual thresholds, rates are increased. In 2024, capital expenditures did exceed the established threshold. Effective January 1, 2025, Southern Shores rates were increased $0.1 million or 6.51%. In 2025, Southern Shores capital expenditures exceeded the established threshold. Effective January 1, 2026, Southern Shores rates were increased $0.1 million or 4.89%.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	0-422
Registrant Name	MIDDLESEX WATER COMPANY
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1114430
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
City Area Code	(732)
Local Phone Number	634-1500
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,624,329
Central Index Key	0000066004
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 10.8% and 10.9% for the three months ended March 31, 2026 and 2025 respectively. We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Income Taxes for the three months ended March 31, 2026 increased by $0.1 million from the same period in 2025, primarily due to higher pre-tax income. The statutory Federal tax rate is 21.0% for each of the three months ended March 31, 2026 and 2025. For states with a corporate net income tax, the state corporate net income tax rates range from 8.7% to 9.0% for each of the three months ended March 31, 2026 and 2025. Our effective tax rate differs from the federal statutory tax rate primarily due to the recognition of the income tax benefits for the immediate deduction of repair expenditures on tangible property in the Middlesex System as well as other permanent book-to-tax differences.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchased Water Costs

Purchased water costs are shown below:


	(In Thousands)
	Three months ended March 31,
	2026			2025
Treated		$	887	$	887
Untreated		1,020		992
Total Costs		$	1,907	$	1,879

Supplemental Cash Flows Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


(In thousands)
	Three Months Ended March 31,
	2026		2025
Utility Plant received as Construction Advances and Contributions	$	439	$	1,500
Accrued Payables for Utility Plant	10,956		11,499
Conversion of Preferred Stock Into Common Stock	1		21

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the 3 Months for:
Interest	3,194		3,365
Interest Capitalized	249		154

Business Segment Data - Schedule of Segment Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating Revenues:
Operating Revenues	$ 48,714	$ 44,301
Purchased Water:
Consolidated Purchased Water	1,907	1,879
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	21,105	19,230
Other Taxes:
Consolidated Other Taxes	5,564	5,108
Depreciation:
Consolidated Depreciation	7,036	6,527
Operating Income:
Consolidated Operating Income	13,102	11,557
Other Income:
Consolidated Other Income, Net	2,002	1,797
Interest Charges:
Consolidated Interest Charges	3,214	2,713
Income Taxes:
Consolidated Income Taxes	1,285	1,162
Net Income:
Consolidated Net Income	10,605	9,479
Capital Expenditures:
Total Capital Expenditures	20,641	18,911
ASSETS
Consolidated Assets	1,386,038		$ 1,365,737
Regulated
Other Taxes:
Consolidated Other Taxes	5,496	5,050
Non – Regulated
Other Taxes:
Consolidated Other Taxes	68	58
Operating Segments
Operating Revenues:
Operating Revenues	48,869	44,448
Purchased Water:
Consolidated Purchased Water	1,941	1,907
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	21,226	19,349
Other Income:
Consolidated Other Income, Net	2,202	1,956
Interest Charges:
Consolidated Interest Charges	3,414	2,872
ASSETS
Consolidated Assets	1,407,895		1,386,467
Operating Segments \| Regulated
Operating Revenues:
Operating Revenues	45,780	41,496
Purchased Water:
Consolidated Purchased Water	1,941	1,907
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	18,988	17,493
Depreciation:
Consolidated Depreciation	6,963	6,464
Operating Income:
Consolidated Operating Income	12,512	10,701
Other Income:
Consolidated Other Income, Net	2,177	1,901
Interest Charges:
Consolidated Interest Charges	3,414	2,872
Income Taxes:
Consolidated Income Taxes	1,073	872
Net Income:
Consolidated Net Income	10,202	8,858
Capital Expenditures:
Total Capital Expenditures	20,574	18,853
ASSETS
Consolidated Assets	1,398,877		1,377,391
Operating Segments \| Non – Regulated
Operating Revenues:
Operating Revenues	3,089	2,952
Purchased Water:
Consolidated Purchased Water	0	0
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	2,238	1,856
Depreciation:
Consolidated Depreciation	73	63
Operating Income:
Consolidated Operating Income	590	856
Other Income:
Consolidated Other Income, Net	25	55
Interest Charges:
Consolidated Interest Charges	0	0
Income Taxes:
Consolidated Income Taxes	212	290
Net Income:
Consolidated Net Income	403	621
Capital Expenditures:
Total Capital Expenditures	67	58
ASSETS
Consolidated Assets	9,018		9,076
Inter-segment Elimination
Operating Revenues:
Operating Revenues	(155)	(147)
Purchased Water:
Consolidated Purchased Water	(34)	(28)
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	(121)	(119)
Other Income:
Consolidated Other Income, Net	(200)	(159)
Interest Charges:
Consolidated Interest Charges	(200)	$ (159)
ASSETS
Consolidated Assets	$ (21,857)		$ (20,730)

Short-term Borrowings - Schedule of Lines of Credit (Details) - Line of Credit - USD ($)	Mar. 31, 2026	Feb. 28, 2026
Line of Credit Facility [Line Items]
Outstanding	$ 47,000,000.0
Available	133,000,000.0
Maximum	180,000,000.0
Bank of America
Line of Credit Facility [Line Items]
Outstanding	0
Available	60,000,000.0
Maximum	60,000,000.0
PNC Bank
Line of Credit Facility [Line Items]
Outstanding	27,000,000.0
Available	73,000,000.0
Maximum	100,000,000.0	$ 100,000,000
CoBank, ACB (CoBank)
Line of Credit Facility [Line Items]
Outstanding	20,000,000.0
Available	0
Maximum	$ 20,000,000.0

Commitments and Contingent Liabilities - Schedule of Purchased Water Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Treated	$ 887	$ 887
Untreated	1,020	992
Total Costs	$ 1,907	$ 1,879

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 1,873	$ 1,625
Common stock, authorized (in shares)	40,000	40,000
Common stock, issued (in shares)	18,577	18,521
Common stock outstanding (in shares)	18,577	18,521
Preferred stock, authorized (in shares)	120	120
Preferred stock, issued (in shares)	13	13
Preferred stock, outstanding (in shares)	13	13

Capitalization

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Capitalization

Sales of shares of common stock and issuance of long-term debt are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program.

Common Stock

During the three months ended March 31, 2026 and 2025, there were 4,025 common shares (approximately $0.2 million) and 4,228 common shares (approximately $0.2 million), respectively, issued under the Middlesex Water Company Investment Plan.

In May 2025, Middlesex entered into an At-the-Market (ATM) Equity Offering Sales Agreement (Equity Sales Agreement) with BofA Securities, Inc., Robert W. Baird & Co. Incorporated and Janney Montgomery Scott LLC (Janney), pursuant to which Middlesex may offer and sell shares of its common stock, no par value per share, from time to time in “at-the-market” offerings, having an aggregate gross sales price of up to $110.0 million. As of February 20, 2026, the Equity Sales Agreement was amended, replacing Janney with Huntington Securities, Inc. as a sales agent. The Company intends to use the net proceeds from these sales, after deducting commissions and offering expenses, to fund our capital expenditures, to purchase and maintain plant equipment, as well as for other general corporate purposes. For the three months ended March 31, 2026, Middlesex issued and sold a total of 49,305 shares of common stock, at a weighted average price of $54.82 per share, and received $2.7 million in net proceeds, under the Equity Sales Agreement. As of March 31, 2026, the Company had $77.3 million of aggregate gross sales remaining under the Equity Sales Agreement.

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.

In September 2024, Tidewater closed on a $2.2 million Delaware SRF loan with a 0.0% interest rate with 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 has drawn down $1.8 million as of March 31, 2026 and expects that the requisitions will continue through 2026.

In May 2024, Tidewater closed on four Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with 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. In December 2025, Tidewater closed on an additional $1.0 million, 2.0% SRF loan with a maturity date of 2045 related to these projects. Tidewater has drawn down $2.1 million on these loans as of March 31, 2026. Each project has its own construction timetable with the last spending set to occur in 2027.

In December 2025, Southern Shores closed on a $0.4 million Delaware SRF loan with a 0.0% interest rate with a maturity date in 2045. This loan is for costs associated with Southern Shore’s obligation, as required by federal law and Delaware regulations, to identify and inventory lead service lines in its service area. As of March 31, 2026, Southern Shores has drawn down $0.2 million on these loans.

In February 2026, Pinelands Water and Pinelands Wastewater repaid in full $3.7 million and $3.4 million, respectively, of their amortizing secured notes. The interest rates and due dates on both of these notes were 6.17% and 2043, respectively.

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)
	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FMBs	$	125,431	$	119,770	$	126,172	$	120,430

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 “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 $252.8 million and $259.5 million at March 31, 2026 and December 31, 2025, respectively. Advances for construction have carrying amounts of $26.0 million and $25.5 million at March 31, 2026 and December 31, 2025, 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Supplemental Cash Flows Information

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows Information

Note 11 - Supplemental Cash Flows Information


(In thousands)
	Three Months Ended March 31,
	2026		2025
Utility Plant received as Construction Advances and Contributions	$	439	$	1,500
Accrued Payables for Utility Plant	10,956		11,499
Conversion of Preferred Stock Into Common Stock	1		21

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the 3 Months for:
Interest	3,194		3,365
Interest Capitalized	249		154

The cash flow impact of Tangible Property Repairs is reflected in Provision for Deferred Income Taxes and Investment Tax Credits in the Condensed Consolidated Statements of Cash Flows.

Rates and Regulatory Matters (Details) $ in Millions			1 Months Ended					3 Months Ended	6 Months Ended		12 Months Ended
Rates and Regulatory Matters (Details) $ in Millions	Jan. 01, 2026 USD ($)	Jan. 01, 2025 USD ($)	Feb. 28, 2026 USD ($)	Jan. 31, 2026 USD ($) entity customer	Dec. 31, 2025 USD ($)	Nov. 30, 2025 USD ($)	Jul. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) unit	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
MDL Lawsuit
Rate and Regulatory Matters (Details) [Line Items]
Settlement payments received								$ 6.0
DSIC
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues											$ 2.3
Tidewater \| Pinewood Acres Water Utility Assets
Rate and Regulatory Matters (Details) [Line Items]
Acquisition of assets				$ 0.2
Number of customers served \| customer				350
NJBPU
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues			$ 14.5
Return on equity			9.60%
Common equity ratio			54.25%
NJBPU \| DSIC
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues						$ 0.9
NJBPU \| LSLR
Rate and Regulatory Matters (Details) [Line Items]
Approved recovery of costs									$ 0.3	$ 0.4
NJBPU \| Middlesex And Pinelands Customers
Rate and Regulatory Matters (Details) [Line Items]
Refund credited amount			$ 3.3
NJBPU \| Middlesex and Pinelands
Rate and Regulatory Matters (Details) [Line Items]
Number of entities approved for corporate reorganization \| entity				3
NJBPU \| Middlesex and Pinelands \| RESIC
Rate and Regulatory Matters (Details) [Line Items]
Period for approved recovery of costs			3 years
Period for surcharge filings			6 months
Maximum value of costs to be recovered			$ 3.6
Maximum percentage of costs to be recovered			2.50%
NJBPU \| Middlesex and Pinelands \| DSIC
Rate and Regulatory Matters (Details) [Line Items]
Period for approved recovery of costs			3 years
Period for surcharge filings			6 months
Maximum value of costs to be recovered			$ 7.1
Maximum percentage of costs to be recovered			5.00%
DEPSC \| Tidewater Customers
Rate and Regulatory Matters (Details) [Line Items]
Refund credited amount			$ 1.1
DEPSC \| Tidewater
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues							$ 5.5
Return on equity							9.50%
Common equity ratio							53.50%
DEPSC \| Tidewater \| DSIC
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues					$ 0.3
DEPSC \| Southern Shores
Rate and Regulatory Matters (Details) [Line Items]
Approved increase amount in revenues	$ 0.1	$ 0.1
Number of unit condominium community entity provides water service to \| unit								2,200
Approved increase percentage in rates	4.89%	6.51%
DEPSC \| Southern Shores \| Minimum
Rate and Regulatory Matters (Details) [Line Items]
Approved increase percentage in rates								3.00%

Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

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. For each of the three-month periods ended March 31, 2026 and 2025, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $0.9 million over the remainder of the current year.

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. For each of the three-month periods ended March 31, 2026 and 2025, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $1.1 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 March 31,
	2026		2025		2026		2025
Service Cost	$	286	$	242	$	86	$	85
Interest Cost	1,209		1,159		441		430
Expected Return on Assets	(1,591)		(1,687)		(1,021)		(928)
Amortization of Unrecognized Losses (Gains)	18		12		(214)		(153)
Net Periodic Benefit*	$	(78)	$	(274)	$	(708)	$	(566)

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 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 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	(In Thousands Except per Share Amounts)
	Three Months Ended March 31,
	2026				2025
Basic:		Income		Shares	Income		Shares
Net Income		$	10,605	18,545	$	9,479	17,890
Preferred Dividend		(18)			(22)
Earnings Applicable to Common Stock		$	10,587	18,545	$	9,457	17,890

Basic EPS		$	0.57		$	0.53

Diluted:
Earnings Applicable to Common Stock		$	10,587	18,545	$	9,457	17,890
$7.00 Series Preferred Dividend		4		30	10		61
Adjusted Earnings Applicable to Common Stock		$	10,591	18,575	$	9,467	17,951

Diluted EPS		$	0.57		$	0.53

Capitalization - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Feb. 28, 2026 USD ($)	May 31, 2025 USD ($)	May 31, 2024 USD ($) loan	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)
Class of Stock [Line Items]
At-The-Market Program Common Stock Issuance				$ 2,662
Proceeds from Issuance of Common Stock				2,819	$ 221
Proceeds from Issuance of Long-term Debt				1,496	$ 28
Secured Debt \| Pinelands Water Company
Class of Stock [Line Items]
Interest rate	6.17%
Debt repaid	$ 3,700
Secured Debt \| Pinelands Wastewater Company
Class of Stock [Line Items]
Interest rate	6.17%
Debt repaid	$ 3,400
September 2024 Delaware SRF \| Loans Payable \| Tidewater
Class of Stock [Line Items]
Borrowing amount							$ 2,200
Interest rate							0.00%
Proceeds from Issuance of Long-term Debt				1,800
May 2024 Delaware SRF \| Loans Payable \| Tidewater
Class of Stock [Line Items]
Borrowing amount			$ 5,600
Interest rate			2.00%
Proceeds from Issuance of Long-term Debt				2,100
Number of debt instruments \| loan			4
December 2025 Delaware State Revolving Fund \| Loans Payable \| Tidewater
Class of Stock [Line Items]
Borrowing amount						$ 1,000
Interest rate						2.00%
December 2025 Delaware State Revolving Fund \| Loans Payable \| Southern Shores
Class of Stock [Line Items]
Borrowing amount						$ 400
Interest rate						0.00%
Proceeds from Issuance of Long-term Debt				200
Amortizing Secured Notes And State Revolving Trust Notes \| Loans Payable
Class of Stock [Line Items]
Carrying amount of debt				252,800		$ 259,500
Construction Advances \| Loans Payable
Class of Stock [Line Items]
Carrying amount of debt				$ 26,000		$ 25,500
ATM Equity Sales Agreement
Class of Stock [Line Items]
Aggregate gross sales price		$ 110,000
Number of shares issued and sold under agreement (in shares) \| shares				49,305
Weighted average price per share of shares issued and sold under agreement (in dollars per share) \| $ / shares				$ 54.82
Proceeds from Issuance of Common Stock				$ 2,700
Aggregate gross sales price of shares remaining to be issued under agreement				$ 77,300
Common Stock
Class of Stock [Line Items]
Number of common shares issued (in shares) \| shares				49,000
At-The-Market Program Common Stock Issuance				$ 2,662
Middlesex Water Company Investment Plan \| Common Stock
Class of Stock [Line Items]
Number of common shares issued (in shares) \| shares				4,025	4,228
At-The-Market Program Common Stock Issuance				$ 200	$ 200

Business Segment Data (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Transactions


	(In Thousands)
	Three months ended March 31,
	2026		2025
Operation by Segments
Operating Revenues:
Regulated	$	45,780	$	41,496
Non – Regulated	3,089		2,952
Total Reportable Segments	48,869		44,448
Inter-segment Elimination	(155)		(147)
Consolidated Operating Revenues	$	48,714	$	44,301

Operating Expenses
Purchased Water:
Regulated	$	1,941	$	1,907
Non – Regulated	—		—
Total Reportable Segments	1,941		1,907
Inter-segment Elimination	(34)		(28)
Consolidated Purchased Water	$	1,907	$	1,879

Other Operations and Maintenance Expenses:
Regulated	$	18,988	$	17,493
Non – Regulated	2,238		1,856
Total Reportable Segments	21,226		19,349
Inter-segment Elimination	(121)		(119)
Consolidated Other Operations and Maintenance Expenses	$	21,105	$	19,230

Other Taxes:
Regulated	$	5,496	$	5,050
Non – Regulated	68		$	58
Consolidated Other Taxes	$	5,564	$	5,108

Depreciation:
Regulated	$	6,963	$	6,464
Non – Regulated	73		$	63
Consolidated Depreciation	$	7,036	$	6,527

Operating Income:
Regulated	$	12,512	$	10,701
Non – Regulated	590		$	856
Consolidated Operating Income	$	13,102	$	11,557

Other Income:
Regulated	$	2,177	$	1,901
Non – Regulated	25		55
Total Reportable Segments	2,202		1,956
Inter-segment Elimination	(200)		(159)
Consolidated Other Income, Net	$	2,002	$	1,797


	(In Thousands)
	Three months ended March 31,
	2026		2025
Operation by Segments (continued)
Interest Charges:
Regulated	$	3,414	$	2,872
Non – Regulated	—		—
Total Reportable Segments	3,414		2,872
Inter-segment Elimination	(200)		(159)
Consolidated Interest Charges	$	3,214	$	2,713

Income Taxes:
Regulated	$	1,073	$	872
Non – Regulated	212		$	290
Consolidated Income Taxes	$	1,285	$	1,162

Net Income:
Regulated	$	10,202	$	8,858
Non – Regulated	403		$	621
Consolidated Net Income	$	10,605	$	9,479

Capital Expenditures:
Regulated	$	20,574	$	18,853
Non – Regulated	67		$	58
Total Capital Expenditures	$	20,641	$	18,911


	(Thousands of Dollars)
	As of March 31, 2026		As of December 31, 2025
Assets:
Regulated	$	1,398,877	$	1,377,391
Non – Regulated	9,018		9,076
Total Reportable Segments	1,407,895		1,386,467
Inter-segment Elimination	(21,857)		(20,730)
Consolidated Assets	$	1,386,038	$	1,365,737

Short-term Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

Short-Term Debt [Abstract]

Schedule of Lines of Credit


	(Millions)
	As of March 31, 2026							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	July 31, 2026
PNC Bank	27.0		73.0		100.0		Committed	January 31, 2029
CoBank, ACB (CoBank)	20.0		—		20.0		Committed	May 20, 2028
	$	47.0	$	133.0	$	180.0

Schedule of Weighted Average Daily Amounts of Borrowings Outstanding and 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 March 31,
	2026			2025
Average Daily Amounts Outstanding	$	42,218		$	29,067
Weighted Average Interest Rates	4.80		%	5.43		%

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00	$ 7
Cash dividends on Common Stock (in dollars per share)	$ 0.3600	$ 0.3400

Capitalization - Schedule of Carrying Amount and Fair Value of First Mortgage Bonds (FMBs) (Details) - Loans Payable - FMBs - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 125,431	$ 126,172
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 119,770	$ 120,430

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00	$ 7
Basic:
Net Income	$ 10,605	$ 9,479
Earnings Applicable to Common Stock, Basic (in shares)	18,545	17,890
Preferred Dividend	$ (18)	$ (22)
Earnings Applicable to Common Stock, Basic	$ 10,587	$ 9,457
Basic EPS (in dollars per share)	$ 0.57	$ 0.53
Diluted:
Earnings Applicable to Common Stock	$ 10,587	$ 9,457
Earnings Applicable to Common Stock, Basic (in shares)	18,545	17,890
$7.00 Series Preferred Dividend	$ 4	$ 10
$7.00 Series Preferred Dividend (in shares)	30	61
Adjusted Earnings Applicable to Common Stock, Diluted	$ 10,591	$ 9,467
Adjusted Earnings Applicable to Common Stock, Diluted (in shares)	18,575	17,951
Diluted EPS (in dollars per share)	$ 0.57	$ 0.53

Employee Benefit Plans - Narrative (Details) - USD ($)	3 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Company cash contributions to Pension Plan	$ 0	$ 0
Company cash contributions to Other Benefits Plan	0	$ 0
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions over remainder of the current year	900,000
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions over remainder of the current year	$ 1,100,000

Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total Revenue	$ 48,714	$ 44,301
Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	48,681	44,267
Other Regulated Revenues	68	62
Other Non-Regulated Revenues	120	119
Total Revenue	48,869	44,448
Operating Segments \| Regulated Tariff Sales \| Residential
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	24,187	23,114
Operating Segments \| Regulated Tariff Sales \| Commercial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	6,867	6,585
Operating Segments \| Regulated Tariff Sales \| Industrial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	3,602	2,999
Operating Segments \| Regulated Tariff Sales \| Fire Protection
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	3,832	3,722
Operating Segments \| Regulated Tariff Sales \| Wholesale
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	7,224	5,014
Operating Segments \| Non-Regulated Contract Operations
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	2,969	2,833
Inter-segment Elimination
Disaggregation of Revenue [Line Items]
Total Revenue	$ (155)	$ (147)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
AFUDC-Debt utility plant expenditures	$ 249	$ 154

Basis of Presentation and Recent Developments (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Recent Accounting Guidance

The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2026 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (ASU) 2024-03 “Disaggregation of Income Statement Expenses”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027.

Prospective, with retrospective application also permitted.

The Company is evaluating the impact of ASU 2024-03 on its Consolidated Financial Statements.

ASU 2025-06 "Internal-Use Software"

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2028.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements.

Short-term Borrowings

3 Months Ended

Mar. 31, 2026

Short-Term Debt [Abstract]

Short-term Borrowings

The Company maintains lines of credit aggregating $180.0 million.


	(Millions)
	As of March 31, 2026							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	July 31, 2026
PNC Bank	27.0		73.0		100.0		Committed	January 31, 2029
CoBank, ACB (CoBank)	20.0		—		20.0		Committed	May 20, 2028
	$	47.0	$	133.0	$	180.0

In February 2026, the Company amended its line of credit with PNC Bank. Under the terms of the amendment, the expiration date was extended to January 31, 2029 and the maximum borrowing amount was increased to $100 million.

The maturity dates for the Notes Payable as of March 31, 2026 are all three months or less and are extendable at the discretion of the Company.

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 line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at March 31, 2026 under these credit lines is 4.87%.

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 March 31,
	2026			2025
Average Daily Amounts Outstanding	$	42,218		$	29,067
Weighted Average Interest Rates	4.80		%	5.43		%

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2024		17,887
Balance at beginning of period at Dec. 31, 2024	$ 445,263	$ 248,202	$ 197,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	9,479		9,479
Dividend Reinvestment & Common Stock Purchase Plan (in shares)		4
Dividend Reinvestment & Common Stock Purchase Plan	221	$ 221
Restricted Stock Award - Net - Employees (in shares)		1
Restricted Stock Award -Net-Employees	167	$ 167
Conversion of $7 Preferred Stock to Common Stock (in shares)		2
Conversion of $7 Preferred Stock to Common Stock	21	$ 21
Cash Dividends on Common Stock	(6,081)		(6,081)
Cash Dividends on Preferred Stock	(22)		(22)
Balance at end of period (in shares) at Mar. 31, 2025		17,894
Balance at end of period at Mar. 31, 2025	$ 449,048	$ 248,611	200,437
Balance at beginning of period (in shares) at Dec. 31, 2025	18,521	18,521
Balance at beginning of period at Dec. 31, 2025	$ 494,031	$ 279,148	214,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,605		10,605
Dividend Reinvestment & Common Stock Purchase Plan (in shares)		4
Dividend Reinvestment & Common Stock Purchase Plan	217	$ 217
Restricted Stock Award - Net - Employees (in shares)		3
Restricted Stock Award -Net-Employees	276	$ 276
At-The-Market Program Common Stock Issuance (in shares)		49
At-The-Market Program Common Stock Issuance	2,662	$ 2,662
Common Stock Issuance Expense	(60)	$ (60)
Cash Dividends on Common Stock	(6,667)		(6,667)
Cash Dividends on Preferred Stock	$ (18)		(18)
Balance at end of period (in shares) at Mar. 31, 2026	18,577	18,577
Balance at end of period at Mar. 31, 2026	$ 501,046	$ 282,243	$ 218,803

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 10,605	$ 9,479
Adjustments to Reconcile Net Income to
Depreciation and Amortization	8,187	7,913
Provision for Deferred Income Taxes and Investment Tax Credits	(2,072)	(1,142)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(384)	(218)
Cash Surrender Value of Life Insurance	80	88
Stock Compensation Expense	401	389
Changes in Assets and Liabilities:
Accounts Receivable	523	(1,279)
Unbilled Revenues	(986)	480
Materials & Supplies	(546)	(312)
Prepayments	(3,143)	(3,984)
Accounts Payable	(2,132)	(195)
Accrued Taxes	6,124	5,468
Accrued Interest	(20)	(460)
Employee Benefit Plans	(1,199)	(1,324)
Unearned Revenue & Advanced Service Fees	(30)	59
Other Assets and Liabilities	(3,677)	(1,180)
NET CASH PROVIDED BY OPERATING ACTIVITIES	11,731	13,782
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $249 in 2026 and $154 in 2025	(20,641)	(18,911)
NET CASH USED IN INVESTING ACTIVITIES	(20,641)	(18,911)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(8,904)	(1,587)
Proceeds from Issuance of Long-term Debt	1,496	28
Net Short-term Bank Borrowings	18,750	11,000
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock	(125)	(225)
Proceeds from Issuance of Common Stock	2,819	221
Payment of Common Dividends	(6,667)	(6,081)
Payment of Preferred Dividends	(18)	(22)
Construction Advances and Contributions-Net	799	226
NET CASH PROVIDED BY FINANCING ACTIVITIES	8,150	3,560
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(760)	(1,569)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	4,475	4,226
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 3,715	$ 2,657

Business Segment Data - Narrative (Details)	3 Months Ended
Business Segment Data - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segment	2

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

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 March 31,
	2026				2025
Basic:		Income		Shares	Income		Shares
Net Income		$	10,605	18,545	$	9,479	17,890
Preferred Dividend		(18)			(22)
Earnings Applicable to Common Stock		$	10,587	18,545	$	9,457	17,890

Basic EPS		$	0.57		$	0.53

Diluted:
Earnings Applicable to Common Stock		$	10,587	18,545	$	9,457	17,890
$7.00 Series Preferred Dividend		4		30	10		61
Adjusted Earnings Applicable to Common Stock		$	10,591	18,575	$	9,467	17,951

Diluted EPS		$	0.57		$	0.53

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common Stock, No Par Value
Shares Authorized
Shares Outstanding	282,243	279,148
Retained Earnings	218,803	214,883
TOTAL COMMON EQUITY	501,046	494,031
Cumulative Preferred Stock, No Par Value:
Shares Authorized
Shares Outstanding
TOTAL PREFERRED STOCK	1,343	1,343
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	378,275	385,683
Add: Premium on Issuance of Long-term Debt	6,099	6,148
Less: Unamortized Debt Expense	(5,032)	(5,107)
Less: Current Portion of Long-term Debt	(7,666)	(7,850)
TOTAL LONG-TERM DEBT	371,676	378,874
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	300,431	301,172
Amortizing Secured Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	56,159	63,971
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	21,685	20,540
Convertible Preferred Stock $7.00 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	264	264
Nonredeemable Preferred Stock $7.00 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

Revenue Recognition from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Operating Revenues

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


	(In Thousands)
	Three Months Ended March 31,
	2026		2025
Regulated Tariff Sales
Residential	$	24,187	$	23,114
Commercial	6,867		6,585
Industrial	3,602		2,999
Fire Protection	3,832		3,722
Wholesale	7,224		5,014
Non-Regulated Contract Operations	2,969		2,833
Total Revenue from Contracts with Customers	$	48,681	$	44,267
Other Regulated Revenues	68		62
Other Non-Regulated Revenues	120		119
Inter-segment Elimination	(155)		(147)
Total Revenue	$	48,714	$	44,301