Middlesex Water (MSEX) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information Line Items
Entity Registrant Name	MIDDLESEX WATER COMPANY
Trading Symbol	MSEX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,681,092
Amendment Flag	false
Entity Central Index Key	0000066004
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-422
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1114430
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
City Area Code	(732)
Local Phone Number	634-1500
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Operating Revenues	$ 38,156	$ 36,196
Operating Expenses:
Operations and Maintenance	20,257	19,139
Depreciation	5,986	5,622
Other Taxes	4,423	4,144
Total Operating Expenses	30,666	28,905
Gain on Sale of Subsidiary		5,232
Operating Income	7,490	12,523
Other Income (Expense):
Allowance for Funds Used During Construction	813	377
Other Income, net	898	1,379
Total Other Income, net	1,711	1,756
Interest Charges	2,595	1,850
Income before Income Taxes	6,606	12,429
Income Taxes	738	329
Net Income	5,868	12,100
Preferred Stock Dividend Requirements	30	30
Earnings Applicable to Common Stock	$ 5,838	$ 12,070
Earnings per share of Common Stock:
Basic (in Dollars per share)	$ 0.33	$ 0.69
Diluted (in Dollars per share)	$ 0.33	$ 0.68
Average Number of Common Shares Outstanding:
Basic (in Shares)	17,652	17,538
Diluted (in Shares)	17,767	17,653

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Water Production	$ 250,408	$ 249,153
Transmission and Distribution	740,679	735,138
General	98,201	97,581
Construction Work in Progress	72,629	53,570
TOTAL	1,161,917	1,135,442
Less Accumulated Depreciation	219,924	214,891
UTILITY PLANT - NET	941,993	920,551
Cash and Cash Equivalents	4,862	3,828
Accounts Receivable, net of allowance for uncollectible accounts of $2,317 and $2,326, respectively	15,526	16,018
Unbilled Revenues	8,660	8,659
Materials and Supplies (at average cost)	6,559	6,177
Prepayments	3,914	2,624
TOTAL CURRENT ASSETS	39,521	37,306
Operating Lease Right of Use Asset	3,662	3,826
Preliminary Survey and Investigation Charges	2,809	2,806
Regulatory Assets	90,203	90,046
Non-utility Assets - Net	11,404	11,207
Employee Benefit Plans	9,284	8,689
Other	39	19
TOTAL OTHER ASSETS	117,401	116,593
TOTAL ASSETS	1,098,915	1,074,450
CAPITALIZATION AND LIABILITIES
Common Stock, No Par Value	235,756	233,054
Retained Earnings	167,599	167,274
TOTAL COMMON EQUITY	403,355	400,328
Preferred Stock	2,084	2,084
Long-term Debt	329,636	290,280
TOTAL CAPITALIZATION	735,075	692,692
Current Portion of Long-term Debt	17,449	17,462
Notes Payable	28,500	55,500
Accounts Payable	27,623	24,847
Accrued Taxes	15,996	12,162
Accrued Interest	2,498	2,535
Unearned Revenues and Advanced Service Fees	1,311	1,365
Other	2,601	3,988
TOTAL CURRENT LIABILITIES	95,978	117,859
COMMITMENTS AND CONTINGENT LIABILITIES
Customer Advances for Construction	22,297	21,382
Lease Obligations	3,543	3,706
Accumulated Deferred Income Taxes	79,048	77,783
Regulatory Liabilities	47,032	46,734
Other	837	919
TOTAL OTHER LIABILITIES	152,757	150,524
CONTRIBUTIONS IN AID OF CONSTRUCTION	115,105	113,375
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,098,915	$ 1,074,450

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, Net of Allowance for Uncollectible Accounts	$ 2,317	$ 2,326

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 5,868	$ 12,100
Net Cash Provided by Operating Activities:
Depreciation and Amortization	7,201	6,825
Provision for Deferred Income Taxes and Investment Tax Credits	(611)	(2,137)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(446)	(202)
Cash Surrender Value of Life Insurance	(102)	187
Stock Compensation Expense	360	267
Gain on Sale of Subsidiary		(5,232)
Changes in Assets and Liabilities:
Accounts Receivable	492	1,831
Unbilled Revenues	(1)	(875)
Materials & Supplies	(382)	(11)
Prepayments	(1,290)	306
Accounts Payable	2,776	(3,066)
Accrued Taxes	3,834	5,408
Accrued Interest	(37)	(26)
Employee Benefit Plans	(477)	(653)
Unearned Revenue & Advanced Service Fees	(54)	(10)
Other Assets and Liabilities	(1,161)	(737)
NET CASH PROVIDED BY OPERATING ACTIVITIES	15,970	13,975
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $367 in 2023, $175 in 2022	(24,515)	(16,631)
Proceeds from Sale of Subsidiary		3,122
NET CASH USED IN INVESTING ACTIVITIES	(24,515)	(13,509)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(1,553)	(1,228)
Proceeds from Issuance of Long-term Debt	40,972	1,250
Net Short-term Bank Borrowings	(27,000)	2,000
Deferred Debt Issuance Expense	(49)	(9)
Proceeds from Issuance of Common Stock	2,342	2,906
Payment of Common Dividends	(5,513)	(5,087)
Payment of Preferred Dividends	(30)	(30)
Construction Advances and Contributions-Net	410	(507)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	9,579	(705)
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,034	(239)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	3,828	3,533
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	4,862	3,294
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	2,234	2,401
Non-Cash Consideration for Sale of a Subsidiary		2,100
Cash Paid During the Year for:
Interest	2,812	2,038
Interest Capitalized	367	175
Income Taxes		$ 125

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Utility Plant Expenditures, Including AFUDC	$ 367	$ 175

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2021
Common Stock, No Par Value
Shares Authorized
Shares Outstanding - 2023 - 17,671; 2022 - 17,642	235,756	233,054
Retained Earnings	167,599	167,274
TOTAL COMMON EQUITY	403,355	400,328
Cumulative Preferred Stock, No Par Value:
Shares Authorized
Shares Outstanding
Convertible:
TOTAL PREFERRED STOCK	2,084	2,084
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	345,803	306,387
Add: Premium on Issuance of Long-term Debt	6,776	6,873
Less: Unamortized Debt Expense	(5,494)	(5,518)
Less: Current Portion of Long-term Debt	(17,449)	(17,462)
TOTAL LONG-TERM DEBT	329,636	290,280
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	291,496	252,269
First Mortgage Bonds due 2023-2059
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	44,244	44,918
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	10,063	9,200
Convertible Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	1,005	1,005
Nonredeemable Preferred Stock $7.00 Series
Convertible:
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series
Convertible:
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2021
Common stock, shares authorized	40,000,000	40,000,000
Shares Outstanding	17,671,000	17,642,000
Preferred stock, shares authorized (in Dollars)	$ 120	$ 120
Preferred stock, shares outstanding	20,000	20,000
Convertible Preferred Stock $7.00 Series
Preferred stock, shares outstanding	10,000	10,000
Nonredeemable Preferred Stock $7.00 Series
Preferred stock, shares outstanding	1,000	1,000
Nonredeemable Preferred Stock $4.75 Series
Preferred stock, shares outstanding	10,000	10,000
First Mortgage Bonds due 2023-2059
Long term debt maturity period	2023-2059
First Mortgage Bonds due 2023-2059 | Minimum
Interest rate	0%
First Mortgage Bonds due 2023-2059 | Maximum
Interest rate	5.50%
Amortizing Secured Notes due 2028-2046
Long term debt maturity period	2028-2046
Amortizing Secured Notes due 2028-2046 | Minimum
Interest rate	3.94%
Amortizing Secured Notes due 2028-2046 | Maximum
Interest rate	7.05%
State Revolving Trust Notes due 2025-2038
Long term debt maturity period	2025-2038
State Revolving Trust Notes due 2025-2038 | Minimum
Interest rate	2%
State Revolving Trust Notes due 2025-2038 | Maximum
Interest rate	4.22%

CONSOLIDATED STATEMENTS OF COMM

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Total
Balance at beginning (in Shares) at Dec. 31, 2021	17,522
Balance at beginning at Dec. 31, 2021	$ 221,919	$ 145,807	$ 367,726
Net Income		12,100	12,100
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	29
Dividend Reinvestment & Common Stock Purchase Plan	$ 2,906		2,906
Restricted Stock Award - Net - Employees	267		267
Cash Dividends on Common Stock		(5,087)	(5,087)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at ending (in Shares) at Mar. 31, 2022	17,551
Balance at ending at Mar. 31, 2022	$ 225,092	152,790	377,882
Balance at beginning (in Shares) at Dec. 31, 2022	17,642
Balance at beginning at Dec. 31, 2022	$ 233,054	167,274	400,328
Net Income	$ 0	5,868	5,868
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	29
Dividend Reinvestment & Common Stock Purchase Plan	$ 2,342		2,342
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 ending (in Shares) at Mar. 31, 2023	17,671
Balance at ending at Mar. 31, 2023	$ 235,756	$ 167,599	$ 403,355

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock
Cash dividends paid, per share	$ 0.3125	$ 0.29

Basis of Presentation and Recen

Basis of Presentation and Recent Developments	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Recent Developments	Note 1 – Basis of Presentation and Recent Developments Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2022 Annual Report on Form 10-K (the 2022 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of March 31, 2023 and the results of operations and cash flows for the three month periods ended March 31, 2023 and 2022. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2022, has been derived from the Company’s December 31, 2022 audited financial statements included in the 2022 Form 10-K. Recent Developments Regulatory Notice of Non-Compliance – The Notice further required the Company to take any action necessary to comply with the new standard by September 7, 2022. Prior to 2023, the Company began design for construction of an enhanced treatment process at the Park Avenue Wellfield Treatment Plant to comply with the new standard prior to the regulation being enacted. At that time, the completion of enhanced treatment process was not expected until mid-2023. Consequently, in November 2021, the Company implemented an interim solution to meet the Notice requirements, which included putting the Park Avenue Wellfield Treatment Plant in off-line status and obtaining alternate sources of supply. Subsequently, in June 2022, the Company accelerated the in-service date for a portion of the enhanced treatment project that allowed a restart of the Park Avenue Wellfield Treatment Plant and it is effectively treating the ground water to ensure compliance with all state and federal drinking water standards. On September 13, 2022, the Company entered into an Administrative Consent Order (ACO) with the NJDEP, which requires the Company to take whatever actions are necessary to achieve and maintain compliance with the Safe Drinking Water Act, N.J.S.A, 58:12A-1 et seq., and the Safe Drinking Water Act regulations N.J.A.C. 7:10-1 et seq., including applicable public notifications. The Company’s agreement to enter into an ACO avoided any further Notice regarding the fact that the permanent treatment solution was not in service by September 7, 2022. As prescribed in the ACO, the Company will issue periodic public notifications until the ACO is closed. In addition, in accordance with the ACO: ● On or before June 30, 2023, the Company shall complete the permanent construction of the Park Avenue Wellfield treatment upgrades, place the treatment upgrades into operation, and all water at the Park Avenue Wellfield Treatment Plant shall be treated to comply with the PFOA NJDEP standards. ● The Company must perform required sample testing and reporting for PFOA subsequent to completion of the Park Avenue Wellfield treatment upgrades. ● The Company shall submit to the NJDEP quarterly progress reports detailing the Company’s compliance with the ACO. The Company’s failure to comply with the compliance schedule and/or progress reporting requirements of the ACO could lead to penalties up to $500 per day. In addition, the NJDEP could penalize the Company for other violations, if any, of the ACO. In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability which may result from these lawsuits. In May 2022, the Company impleaded 3M Company (3M) as a third-party defendant in one of these class action lawsuits. The Company had previously initiated a separate lawsuit against 3M seeking to hold 3M accountable for introduction of perfluoroalkyl substances (commonly known as “PFAS”), which include PFOA, into the Company’s water supply at its Park Avenue Wellfield facility. In January 2022, the Company filed a petition with the New Jersey Board of Public Utilities (NJBPU) seeking to establish a regulatory asset and deferred accounting treatment until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. The Company is currently awaiting a decision on this matter from the NJBPU. Coronavirus (COVID-19) Pandemic The NJBPU and the Delaware Public Service Commission (DEPSC) have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Middlesex must file a petition with the NJBPU for cost recovery of COVID-19 related incremental costs by May 15, 2023. Delaware has not established a timetable or definitive formal procedures for seeking cost recovery. The Company has increased its allowance for doubtful accounts for higher accounts receivable write-offs due to the financial impact of COVID-19 on customers. We will continue to monitor the effects of COVID-19 and evaluate its impact on the Company’s results of operations, financial condition and liquidity. Recent Accounting Guidance There is no new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

Rate and Regulatory Matters

Rate and Regulatory Matters	3 Months Ended
	Mar. 31, 2023
Regulated Operations [Abstract]
Rate and Regulatory Matters	Note 2 Rate and Regulatory Matters Middlesex – In December 2021, Middlesex’s base rate case was concluded, by negotiated settlement, resulting in an expected increase in annual operating revenues of $27.7 million. The increase was implemented in two phases with $20.7 million of the increase effective January 1, 2022 and the remaining $7.0 million effective January 1, 2023. As part of the settlement, the Purchased Water Adjustment Clause (PWAC), which is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings, was reset to zero. In September 2022, the NJBPU approved Middlesex's Emergency Relief Motion to reset its PWAC tariff rate to recover additional costs of $2.7 million for the purchase of treated water from a non-affiliated water utility. The increase, effective October 1, 2022, is on an interim basis and subject to refund with interest, pending final resolution of this matter, which is expected in the second quarter of 2023. Pinelands – 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 so as not to surrender its constitutional rights would jeopardize the relief Twin Lakes was otherwise entitled to in the appointment of the Receiver Utility. In March 2023, the Supreme Court of Pennsylvania issued a decision denying Twin Lakes’ Appeal Petition without addressing this claim on the merits. As a result of the Pennsylvania Courts’ failure to address Twin Lakes’ claim, Middlesex has subsequently filed a Complaint with the United States District Court for the Middle District of Pennsylvania to address the issue of whether the PAPUC’s Order violated Middlesex’s rights under the United States Constitution. The financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.

Capitalization

Capitalization	3 Months Ended
	Mar. 31, 2023
Capitalization [Abstract]
Capitalization	Note 3 – Capitalization Common Stock During the three months ended March 31, 2023 and 2022, there were 29,810 common shares (approximately $2.3 million) and 29,485 common shares (approximately $2.9 million) respectively, issued under the Middlesex Water Company Investment Plan (the Investment Plan). In April 2023, Middlesex received approval from the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan. In March 2023, the Company began offering shares of its common stock for purchase at a 3% discount to participants in the Investment Plan. The discount offering will continue until 200,000 shares are purchased at the discounted price or December 1, 2023, whichever event occurs first. The discount applies to all common stock purchases made under the Investment Plan, whether by optional cash payment or by dividend reinvestment. In February 2023, Middlesex filed a petition with the NJBPU seeking to increase the number of authorized shares under the Investment Plan by 0.7 million shares. The Company expects a decision on the request during the second quarter of 2023. Long-term Debt – Under the New Jersey SRF program, borrowers first enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey. Although the Company’s has no current projects in the NJIB loan program, it is seeking to have several projects added to the qualified list in order to borrow under the NJIB loan program. In April 2023, Middlesex received approval from the NJBPU to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program. In March 2023, Middlesex closed on a $40.0 million, 5.24% private placement of First Mortgage Bonds (FMBs) with a 2043 maturity date designated as Series 2023A. Proceeds were used to reduce the Company’s outstanding balances under its bank lines of credit. Under the Delaware SRF Program, borrowers submit reimbursement requisitions during the construction period. Once the proceeds are received, Tidewater will record the debt obligation. In April 2023, Tidewater closed on three DEPSC-approved Delaware SRF loans totaling $10.2 million, all at interest rates of 2.0% with maturity dates in 2043 and 2044. Each of these loans are for the construction of transmission mains. Tidewater expects to begin receiving disbursements in May 2023 and that the requisitions will continue through mid-2024. In March 2023, the DEPSC approved Tidewater’s application to borrow up to $20.0 million from CoBank, ACB (CoBank) Tidewater expects to close on this loan in May 2023 with an interest rate of 5.71% and a 2033 maturity date and fully draw all funds by June 30, 2023. Proceeds from the loan will be used to pay off Tidewater’s outstanding balances under its bank lines of credit. In November 2021, Tidewater received approval from the DEPSC to borrow up to $5.0 million under the Delaware SRF Program for construction of a one million gallon elevated storage tank. Tidewater closed on the $5.0 million loan at an interest rate of 2.0% in December 2021 and began receiving disbursements in January 2022. Through March 31, 2023, Tidewater has drawn a total of $3.6 million and expects that the requisitions will continue through the third quarter of 2023. The final maturity date on the loan is 2044. In April 2023, the NJBPU approved Pinelands Water and Pinelands Wastewater’s petitions for each company to borrow up to $4.9 million from CoBank through December 31, 2026. As allowed under the terms of the NJBPU approval, the Companies have opted to allocate the borrowing to a portion in 2023 and a portion prior to the expiration of the approval. For 2023, the companies will each borrow up to $3.0 million in one or more draws. The interest rate will be set on a fixed basis upon each draw. The term of each loan will be 20 years with monthly principal and interest payments. Proceeds will be used by the companies to pay off outstanding intercompany loans with Middlesex and to fund their future capital expenditures. Fair Value of Financial Instruments – The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar publicly traded issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows: (Thousands of Dollars) March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 146,496 $ 137,983 $ 147,269 $ 138,756 It was not practicable to estimate their fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured 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 $199.3 million and $159.1 million at March 31, 2023 and December 31, 2022, respectively. Customer advances for construction have carrying amounts of $22.3 million and $21.4 million at March 31, 2023 and December 31, 2022, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases. Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 4 – Earnings Per Share Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series. (In Thousands Except per Share Amounts) Three Months Ended March 31, 2023 2022 Basic: Income Shares Income Shares Net Income $ 5,868 17,652 $ 12,100 17,538 Preferred Dividend (30 ) (30 ) Earnings Applicable to Common Stock $ 5,838 17,652 $ 12,070 17,538 Basic EPS $ 0.33 $ 0.69 Diluted: Earnings Applicable to Common Stock $ 5,838 17,652 $ 12,070 17,538 $7.00 Series Preferred Dividend 17 115 17 115 Adjusted Earnings Applicable to Common Stock $ 5,855 17,767 $ 12,087 17,653 Diluted EPS $ 0.33 $ 0.68

Business Segment Data

Business Segment Data	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Business Segment Data	Note 5 – Business Segment Data The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender. (In Thousands) Three Months Ended March 31, Operations by Segments: 2023 2022 Revenues: Regulated $ 34,953 $ 33,325 Non – Regulated 3,342 3,009 Inter-segment Elimination (139 ) (138 ) Consolidated Revenues $ 38,156 $ 36,196 Operating Income: Regulated $ 6,715 $ 11,705 Non – Regulated 775 818 Consolidated Operating Income $ 7,490 $ 12,523 Net Income: Regulated $ 5,324 $ 11,513 Non – Regulated 544 587 Consolidated Net Income $ 5,868 $ 12,100 Capital Expenditures: Regulated $ 24,465 $ 16,585 Non – Regulated 50 46 Total Capital Expenditures $ 24,515 $ 16,631 As of As of March 31, 2023 December 31, 2022 Assets: Regulated $ 1,106,949 $ 1,079,180 Non – Regulated 7,490 6,999 Inter-segment Elimination (15,524 ) (11,729 ) Consolidated Assets $ 1,098,915 $ 1,074,450

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Short-term Borrowings	Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $140.0 million. (Millions) As of March 31, 2023 Outstanding Available Maximum Credit Type Renewal Date Bank of America $ 5.0 $ 55.0 $ 60.0 Uncommitted January 25, 2024 PNC Bank 22.5 $ 45.5 68.0 Committed January 31, 2025 CoBank 1.0 11.0 12.0 Committed November 30, 2023 $ 28.5 $ 111.5 $ 140.0 The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Bloomberg Short-Term Bank Yield Index and the Secured Overnight Financing Rate (SOFR), respectively, and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit. The weighted average interest rate on the outstanding borrowings at March 31, 2023 under these credit lines is 5.65%. 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 March 31, 2023 2022 Average Daily Amounts Outstanding $ 54,561 $ 13,444 Weighted Average Interest Rates 5.52% 1.12% The maturity dates for the $28.5 million outstanding as of March 31, 2023 are in April 2023 through June 2023 and were or are expected to be extended at the discretion of the Company.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 7 – Commitments and Contingent Liabilities Water Supply – Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds. Middlesex has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases. Tidewater contracts with the City of Dover, Delaware to purchase 15 million gallons of treated water annually. Purchased water costs are shown below: (In Thousands) Three Months Ended March 31, 2023 2022 Treated $ 1,383 $ 747 Untreated 802 811 Total Costs $ 2,185 $ 1,558 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 March 31, 2023 and 2022, respectively Information related to operating lease ROU assets and lease liabilities is as follows: (In Millions) As of March 31, 2023 December 31, 2022 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (3.6 ) (3.5 ) Current ROU Asset $ 3.7 $ 3.8 The Company’s future minimum operating lease commitments as of March 31, 2023 are as follows: (In Millions) 2023 0.6 2024 0.8 2025 0.8 2026 0.9 2027 0.9 Thereafter 1.8 Total Lease Payments $ 5.8 Imputed Interest (1.7 ) Present Value of Lease Payments 4.1 Less Current Portion* (0.6 ) Non-Current Lease Liability $ 3.5 *Included in Other Current Liabilities Construction – The Company has forecasted to spend approximately $111 million for its construction program in 2023. The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $20.5 million in the future. The actual amount and timing of capital expenditures is dependent on the need for replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs. With continued upward pressure on mortgage interest rates, as well as other financial market uncertainties, there is no assurance that projected customer growth and residential new home construction and sales will occur. PFOA Matter – In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and economic damages. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability resulting from these lawsuits (for further discussion of this matter, see Note 1 - Regulatory Notice of Non-Compliance Contingencies – Change in Control Agreements – The Company has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 8 – Employee Benefit Plans Pension Benefits – The Company’s defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three -month periods ended March 31, 2023 and 2022, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $1.9 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.5 million in annual benefits to the retired participants. Other Postretirement Benefits – The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three month periods ended March 31, 2023 and 2022, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year. The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: (In Thousands) Pension Benefits Other Benefits Three Months Ended March 31, 2023 2022 2023 2022 Service Cost $ 388 $ 591 $ 98 $ 200 Interest Cost 1,067 761 402 331 Expected Return on Assets (1,466 ) (1,760 ) (771 ) (887 ) Amortization of Unrecognized Losses 164 418 (48 ) — Net Periodic Benefit Cost (Benefit)* $ 153 $ 10 $ (319 ) $ (356 ) * Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Revenue Recognition from Contra

Revenue Recognition from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition from Contracts with Customers	Note 9 – Revenue Recognition from Contracts with Customers The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company’s regulated revenue from contracts with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. The Company’s operating revenues are comprised of the following: (In Thousands) Three Months Ended March 31, 2023 2022 Regulated Tariff Sales Residential $ 19,004 $ 19,152 Commercial 5,379 4,427 Industrial 2,839 2,595 Fire Protection 3,104 3,120 Wholesale 4,553 3,964 Non-Regulated Contract Operations 3,229 2,900 Total Revenue from Contracts with Customers $ 38,108 $ 36,158 Other Regulated Revenues 74 67 Other Non-Regulated Revenues 113 109 Inter-segment Elimination (139 ) (138 ) Total Revenue $ 38,156 $ 36,196

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Regulatory Notice of Non-Compliance	Regulatory Notice of Non-Compliance – The Notice further required the Company to take any action necessary to comply with the new standard by September 7, 2022. Prior to 2023, the Company began design for construction of an enhanced treatment process at the Park Avenue Wellfield Treatment Plant to comply with the new standard prior to the regulation being enacted. At that time, the completion of enhanced treatment process was not expected until mid-2023. Consequently, in November 2021, the Company implemented an interim solution to meet the Notice requirements, which included putting the Park Avenue Wellfield Treatment Plant in off-line status and obtaining alternate sources of supply. Subsequently, in June 2022, the Company accelerated the in-service date for a portion of the enhanced treatment project that allowed a restart of the Park Avenue Wellfield Treatment Plant and it is effectively treating the ground water to ensure compliance with all state and federal drinking water standards. On September 13, 2022, the Company entered into an Administrative Consent Order (ACO) with the NJDEP, which requires the Company to take whatever actions are necessary to achieve and maintain compliance with the Safe Drinking Water Act, N.J.S.A, 58:12A-1 et seq., and the Safe Drinking Water Act regulations N.J.A.C. 7:10-1 et seq., including applicable public notifications. The Company’s agreement to enter into an ACO avoided any further Notice regarding the fact that the permanent treatment solution was not in service by September 7, 2022. As prescribed in the ACO, the Company will issue periodic public notifications until the ACO is closed. In addition, in accordance with the ACO: ● On or before June 30, 2023, the Company shall complete the permanent construction of the Park Avenue Wellfield treatment upgrades, place the treatment upgrades into operation, and all water at the Park Avenue Wellfield Treatment Plant shall be treated to comply with the PFOA NJDEP standards. ● The Company must perform required sample testing and reporting for PFOA subsequent to completion of the Park Avenue Wellfield treatment upgrades. ● The Company shall submit to the NJDEP quarterly progress reports detailing the Company’s compliance with the ACO. The Company’s failure to comply with the compliance schedule and/or progress reporting requirements of the ACO could lead to penalties up to $500 per day. In addition, the NJDEP could penalize the Company for other violations, if any, of the ACO. In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability which may result from these lawsuits. In May 2022, the Company impleaded 3M Company (3M) as a third-party defendant in one of these class action lawsuits. The Company had previously initiated a separate lawsuit against 3M seeking to hold 3M accountable for introduction of perfluoroalkyl substances (commonly known as “PFAS”), which include PFOA, into the Company’s water supply at its Park Avenue Wellfield facility. In January 2022, the Company filed a petition with the New Jersey Board of Public Utilities (NJBPU) seeking to establish a regulatory asset and deferred accounting treatment until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. The Company is currently awaiting a decision on this matter from the NJBPU.
Coronavirus (COVID-19) Pandemic	Coronavirus (COVID-19) Pandemic The NJBPU and the Delaware Public Service Commission (DEPSC) have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Middlesex must file a petition with the NJBPU for cost recovery of COVID-19 related incremental costs by May 15, 2023. Delaware has not established a timetable or definitive formal procedures for seeking cost recovery. The Company has increased its allowance for doubtful accounts for higher accounts receivable write-offs due to the financial impact of COVID-19 on customers. We will continue to monitor the effects of COVID-19 and evaluate its impact on the Company’s results of operations, financial condition and liquidity.
Recent Accounting Pronouncements	Recent Accounting Guidance There is no new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

Capitalization (Tables)

Capitalization (Tables)	3 Months Ended
	Mar. 31, 2023
Capitalization [Abstract]
Schedule of carrying amount and fair value of the bonds	(Thousands of Dollars) March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 146,496 $ 137,983 $ 147,269 $ 138,756

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	(In Thousands Except per Share Amounts) Three Months Ended March 31, 2023 2022 Basic: Income Shares Income Shares Net Income $ 5,868 17,652 $ 12,100 17,538 Preferred Dividend (30 ) (30 ) Earnings Applicable to Common Stock $ 5,838 17,652 $ 12,070 17,538 Basic EPS $ 0.33 $ 0.69 Diluted: Earnings Applicable to Common Stock $ 5,838 17,652 $ 12,070 17,538 $7.00 Series Preferred Dividend 17 115 17 115 Adjusted Earnings Applicable to Common Stock $ 5,855 17,767 $ 12,087 17,653 Diluted EPS $ 0.33 $ 0.68

Business Segment Data (Tables)

Business Segment Data (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	(In Thousands) Three Months Ended March 31, Operations by Segments: 2023 2022 Revenues: Regulated $ 34,953 $ 33,325 Non – Regulated 3,342 3,009 Inter-segment Elimination (139 ) (138 ) Consolidated Revenues $ 38,156 $ 36,196 Operating Income: Regulated $ 6,715 $ 11,705 Non – Regulated 775 818 Consolidated Operating Income $ 7,490 $ 12,523 Net Income: Regulated $ 5,324 $ 11,513 Non – Regulated 544 587 Consolidated Net Income $ 5,868 $ 12,100 Capital Expenditures: Regulated $ 24,465 $ 16,585 Non – Regulated 50 46 Total Capital Expenditures $ 24,515 $ 16,631 As of As of March 31, 2023 December 31, 2022 Assets: Regulated $ 1,106,949 $ 1,079,180 Non – Regulated 7,490 6,999 Inter-segment Elimination (15,524 ) (11,729 ) Consolidated Assets $ 1,098,915 $ 1,074,450

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Line of Credit	(Millions) As of March 31, 2023 Outstanding Available Maximum Credit Type Renewal Date Bank of America $ 5.0 $ 55.0 $ 60.0 Uncommitted January 25, 2024 PNC Bank 22.5 $ 45.5 68.0 Committed January 31, 2025 CoBank 1.0 11.0 12.0 Committed November 30, 2023 $ 28.5 $ 111.5 $ 140.0
Schedule of information regarding short-term borrowings	(In Thousands) Three Months March 31, 2023 2022 Average Daily Amounts Outstanding $ 54,561 $ 13,444 Weighted Average Interest Rates 5.52% 1.12%

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of purchased water costs	(In Thousands) Three Months Ended March 31, 2023 2022 Treated $ 1,383 $ 747 Untreated 802 811 Total Costs $ 2,185 $ 1,558
Schedule of operating lease ROU assets	(In Millions) As of March 31, 2023 December 31, 2022 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (3.6 ) (3.5 ) Current ROU Asset $ 3.7 $ 3.8
Schedule of future minimum operating lease commitments	(In Millions) 2023 0.6 2024 0.8 2025 0.8 2026 0.9 2027 0.9 Thereafter 1.8 Total Lease Payments $ 5.8 Imputed Interest (1.7 ) Present Value of Lease Payments 4.1 Less Current Portion* (0.6 ) Non-Current Lease Liability $ 3.5 *Included in Other Current Liabilities

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of components of net benefit cost	(In Thousands) Pension Benefits Other Benefits Three Months Ended March 31, 2023 2022 2023 2022 Service Cost $ 388 $ 591 $ 98 $ 200 Interest Cost 1,067 761 402 331 Expected Return on Assets (1,466 ) (1,760 ) (771 ) (887 ) Amortization of Unrecognized Losses 164 418 (48 ) — Net Periodic Benefit Cost (Benefit)* $ 153 $ 10 $ (319 ) $ (356 ) * Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Revenue Recognition from Cont_2

Revenue Recognition from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Operating Revenue	(In Thousands) Three Months Ended March 31, 2023 2022 Regulated Tariff Sales Residential $ 19,004 $ 19,152 Commercial 5,379 4,427 Industrial 2,839 2,595 Fire Protection 3,104 3,120 Wholesale 4,553 3,964 Non-Regulated Contract Operations 3,229 2,900 Total Revenue from Contracts with Customers $ 38,108 $ 36,158 Other Regulated Revenues 74 67 Other Non-Regulated Revenues 113 109 Inter-segment Elimination (139 ) (138 ) Total Revenue $ 38,156 $ 36,196

Basis of Presentation and Rec_2

Basis of Presentation and Recent Developments (Details)	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Penalties	$ 500

Rate and Regulatory Matters (De

Rate and Regulatory Matters (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	Apr. 12, 2023	Jan. 02, 2023	Jan. 02, 2022	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021
Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Escrow account				$ 1.7
Maturity Less than 30 Days [Member] | Middlesex Water Company [Member]
Rate and Regulatory Matters (Details) [Line Items]
Escrow account						$ 1.7
New Jersey Board of Public Utilities [Member] | Middlesex Water [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues		$ 7	$ 20.7	$ 2.7	$ 27.7
Subsequent Event [Member] | New Jersey Board of Public Utilities [Member] | Pinelands [Member]
Rate and Regulatory Matters (Details) [Line Items]
Approved increase in annual operating revenues	$ 1

Capitalization (Details)

Capitalization (Details) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	May 31, 2023	Apr. 30, 2023	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 28, 2023	Nov. 30, 2021
Capitalization (Details) [Line Items]
Common stock purchase, percentage				3%
Discount offering shares (in Shares)				200,000
Authorized shares (in Shares)							700,000
Maturity date				2023
Borrowed loan				$ 20,000,000
Borrowing amount				3,000,000				$ 5,000,000
Construction carrying amount				22,300,000		$ 21,400,000		$ 1,000,000
Drawn amount				$ 3,600,000
Interest payment term				20 years
Carrying instrument amount				$ 199,300,000		$ 159,100,000
Common Stock [Member]
Capitalization (Details) [Line Items]
Issuance of common stock (in Shares)				29,810	29,485
Shares issued				$ 2,300,000	$ 2,900,000
New Jersey Infrastructure Bank [Member]
Capitalization (Details) [Line Items]
Interest rate						0%
FMB [Member]
Capitalization (Details) [Line Items]
Maturity date				2043
Tidewater [Member]
Capitalization (Details) [Line Items]
Interest rate			2%
Program loan amount			$ 5,000,000
Delaware State Revolving Fund [Member]
Capitalization (Details) [Line Items]
Maturity date				2044
Private Placement Loan [Member] | FMB [Member]
Capitalization (Details) [Line Items]
Proceeds from private placement				$ 40,000,000
Percentage of principal with stated interest rate				5.24%
Subsequent Event [Member]
Capitalization (Details) [Line Items]
Common stock granted and issued under plan (in Shares)		1
Borrowing amount		$ 4,900,000
Subsequent Event [Member] | New Jersey Infrastructure Bank [Member]
Capitalization (Details) [Line Items]
Received redeem outstanding		$ 300,000,000
Subsequent Event [Member] | Tidewater [Member]
Capitalization (Details) [Line Items]
Percentage of principal with stated interest rate		10.20%
Forecast [Member]
Capitalization (Details) [Line Items]
Maturity date	2033
Interest rate	5.71%
Maturity date	Jun. 30, 2023
Forecast [Member] | Minimum [Member]
Capitalization (Details) [Line Items]
Maturity date		2043
Forecast [Member] | Maximum [Member]
Capitalization (Details) [Line Items]
Maturity date		2044
Forecast [Member] | Tidewater [Member]
Capitalization (Details) [Line Items]
Maturity date		2.0%

Capitalization (Details) - Sche

Capitalization (Details) - Schedule of carrying amount and fair value of the bonds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Carrying Amount and Fair Value of Bonds [Abstract]
Carrying Amount	$ 146,496	$ 147,269
Fair Value	$ 137,983	$ 138,756

Earnings Per Share (Details)

Earnings Per Share (Details)	Mar. 31, 2023 $ / shares
Earnings Per Share [Abstract]
Convertible preferred Stock price	$ 7

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of earnings per share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EPS Income [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Net Income	$ 5,868	$ 12,100
Preferred Dividend	(30)	(30)
Earnings Applicable to Common Stock	$ 5,838	$ 12,070
Basic EPS (in Dollars per share)	$ 0.33	$ 0.69
Diluted:
Adjusted Earnings Applicable to Common Stock	$ 5,855	$ 12,087
Diluted EPS (in Dollars per share)	$ 0.33	$ 0.68
EPS Income [Member] | Convertible Preferred Stock $7.00 Series [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Preferred Dividend	$ 17	$ 17
EPS Share [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Net Income	17,652	17,538
Earnings Applicable to Common Stock	17,652	17,538
Diluted:
Adjusted Earnings Applicable to Common Stock	17,767	17,653
EPS Share [Member] | Convertible Preferred Stock $7.00 Series [Member]
Earnings Per Share (Details) - Schedule of earnings per share [Line Items]
Preferred Dividend	$ 115	$ 115

Business Segment Data (Details)

Business Segment Data (Details)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Operating segments	2

Business Segment Data (Detail_2

Business Segment Data (Details) - Schedule of segment reporting information, by segment - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues:
Consolidated Revenues	$ 38,156	$ 36,196
Operating Income:
Consolidated Operating Income	7,490	12,523
Net Income:
Consolidated Net Income	5,868	12,100
Capital Expenditures:
Total Capital Expenditures	24,515	16,631
Assets:
Consolidated Assets	1,098,915	1,074,450	$ 1,074,450
Regulated [Member]
Revenues:
Consolidated Revenues	34,953	33,325
Operating Income:
Consolidated Operating Income	6,715	11,705
Net Income:
Consolidated Net Income	5,324	11,513
Capital Expenditures:
Total Capital Expenditures	24,465	16,585
Assets:
Consolidated Assets	1,106,949	1,079,180
Non - Regulated [Member]
Revenues:
Consolidated Revenues	3,342	3,009
Operating Income:
Consolidated Operating Income	775	818
Net Income:
Consolidated Net Income	544	587
Capital Expenditures:
Total Capital Expenditures	50	46
Assets:
Consolidated Assets	7,490	6,999
Inter segment Elimination [Member]
Revenues:
Consolidated Revenues	(139)	(138)
Assets:
Consolidated Assets	$ (15,524)	$ (11,729)

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Short-Term Borrowings (Details) [Line Items]
Lines of credit	$ 140
Outstanding amount	$ 28.5
Minimum [Member]
Short-Term Borrowings (Details) [Line Items]
Outstanding maturity date	April 2023
Maximum [Member]
Short-Term Borrowings (Details) [Line Items]
Outstanding maturity date	June 2023
Short-term Borrowings [Member]
Short-Term Borrowings (Details) [Line Items]
Weighted average interest rate on outstanding borrowings	5.65%

Short-Term Borrowings (Detail_2

Short-Term Borrowings (Details) - Schedule of Line of Credit $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding	$ 28.5
Available	111.5
Maximum	140
Bank of America [Member]
Line of Credit Facility [Line Items]
Outstanding	5
Available	55
Maximum	$ 60
Credit Type	Uncommitted
Renewal Date	Jan. 25, 2024
PNC Bank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 22.5
Available	45.5
Maximum	$ 68
Credit Type	Committed
Renewal Date	Jan. 31, 2025
CoBank [Member]
Line of Credit Facility [Line Items]
Outstanding	$ 1
Available	11
Maximum	$ 12
Credit Type	Committed
Renewal Date	Nov. 30, 2023

Short-Term Borrowings (Detail_3

Short-Term Borrowings (Details) - Schedule of information regarding short-term borrowings - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Information Regarding Short Term Borrowings Abstract
Average Amount Outstanding	$ 54,561	$ 13,444
Weighted Average Interest Rate at Year-End	5.52%	1.12%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingent Liabilities (Details) [Line Items]
Estimated incremental borrowing rate	4.03%
Rental expenses under operating leases	$ 200,000	$ 200,000
Construction program expenses	111,000,000
Estimated obligation expenditure	$ 20,500,000
Purchase Commitment [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Purchase commitment expiration date of contract	Nov. 30, 2023
Average purchase	$ 27,000,000
Regulated Water Utility [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Purchase commitment expiration date of contract	Feb. 27, 2026
Average purchase	$ 3,000,000
City of Dover [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Average purchase	$ 15,000,000

Commitments and Contingent Li_4

Commitments and Contingent Liabilities (Details) - Schedule of purchased water costs - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Purchased Water Costs Abstract
Treated	$ 1,383	$ 747
Untreated	802	811
Total Costs	$ 2,185	$ 1,558

Commitments and Contingent Li_5

Commitments and Contingent Liabilities (Details) - Schedule of operating lease ROU assets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Operating Lease Rou Assets Abstract
ROU Asset at Lease Inception	$ 7.3	$ 7.3
Accumulated Amortization	(3.6)	(3.5)
Current ROU Asset	$ 3.7	$ 3.8

Commitments and Contingent Li_6

Commitments and Contingent Liabilities (Details) - Schedule of future minimum operating lease commitments $ in Millions	Mar. 31, 2023 USD ($)
Schedule Of Future Minimum Operating Lease Commitments Abstract
2023	$ 0.6
2024	0.8
2025	0.8
2026	0.9
2027	0.9
Thereafter	1.8
Total Lease Payments	5.8
Imputed Interest	(1.7)
Present Value of Lease Payments	4.1
Less Current Portion	(0.6)	[1]
Non-Current Lease Liability	$ 3.5
[1]Included in Other Current Liabilities

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Pension Benefit Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	$ 1.9
Annual Benefits Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	0.5
Other Pension Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Cash contributions	$ 0.9

Employee Benefit Plans (Detai_2

Employee Benefit Plans (Details) - Schedule of components of net benefit cost - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Pension Benefit Plan [Member]
Employee Benefit Plans (Details) - Schedule of components of net benefit cost [Line Items]
Service Cost		$ 388	$ 591
Interest Cost		1,067	761
Expected Return on Assets		(1,466)	(1,760)
Amortization of Unrecognized Losses		164	418
Net Periodic Benefit Cost	[1]	153	10
Other Benefits Plan [Member]
Employee Benefit Plans (Details) - Schedule of components of net benefit cost [Line Items]
Service Cost		98	200
Interest Cost		402	331
Expected Return on Assets		(771)	(887)
Amortization of Unrecognized Losses		(48)
Net Periodic Benefit Cost	[1]	$ (319)	$ (356)
[1]Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Revenue Recognition from Cont_3

Revenue Recognition from Contracts with Customers (Details) - Schedule of Operating Revenue - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Regulated Tariff Sales
Residential	$ 19,004	$ 19,152
Commercial	5,379	4,427
Industrial	2,839	2,595
Fire Protection	3,104	3,120
Wholesale	4,553	3,964
Non-Regulated Contract Operations	3,229	2,900
Total Revenue from Contracts with Customers	38,108	36,158
Other Regulated Revenues	74	67
Other Non-Regulated Revenues	113	109
Inter-segment Elimination	(139)	(138)
Total Revenue	$ 38,156	$ 36,196