Middlesex Water (MSEX) 10-Q31 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	MIDDLESEX WATER COMPANY
Entity Central Index Key	0000066004
Entity File Number	0-422
Entity Tax Identification Number	22-1114430
Entity Incorporation, State or Country Code	NJ
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
Entity Phone Fax Numbers [Line Items]
City Area Code	(732)
Local Phone Number	634-1500
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		17,829,778

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Operating Revenues	$ 49,146	$ 42,801	$ 89,670	$ 80,957
Operating Expenses:
Operations and Maintenance	21,825	21,204	42,290	41,462
Depreciation	6,305	6,184	11,701	12,170
Other Taxes	5,701	4,744	10,499	9,168
Total Operating Expenses	33,831	32,132	64,490	62,800
Operating Income	15,315	10,669	25,180	18,157
Other Income:
Allowance for Funds Used During Construction	257	852	433	1,665
Other Income, net	2,399	1,290	7,588	2,188
Total Other Income, net	2,656	2,142	8,021	3,853
Interest Charges	4,041	3,251	7,310	5,846
Income before Income Taxes	13,930	9,560	25,891	16,164
Income Taxes	3,384	(341)	4,663	397
Net Income	10,546	9,901	21,228	15,767
Preferred Stock Dividend Requirements	30	30	60	60
Earnings Applicable to Common Stock	$ 10,516	$ 9,871	$ 21,168	$ 15,707
Earnings per share of Common Stock:
Basic (in Dollars per share)	$ 0.59	$ 0.56	$ 1.19	$ 0.89
Diluted (in Dollars per share)	$ 0.59	$ 0.55	$ 1.18	$ 0.88
Common Shares Outstanding :
Basic (in Shares)	17,829,000	17,713,000	17,824,000	17,683,000
Diluted (in Shares)	17,944,000	17,828,000	17,939,000	17,798,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
UTILITY PLANT: Water Production	$ 307,173	$ 303,791
Transmission and Distribution	825,223	809,862
General	102,149	100,593
Construction Work in Progress	29,703	19,636
TOTAL	1,264,248	1,233,882
Less Accumulated Depreciation	244,102	235,540
UTILITY PLANT - NET	1,020,146	998,342
CURRENT ASSETS: Cash and Cash Equivalents	8,025	2,390
Accounts Receivable, net of allowance for credit losses of $2,135 and $2,137, respectively in 2024 and 2023	20,173	18,172
Litigation Settlement Receivable	69,872	69,872
Unbilled Revenues	12,530	9,297
Materials and Supplies (at average cost)	6,477	6,972
Prepayments	3,925	1,833
TOTAL CURRENT ASSETS	121,002	108,536
OTHER ASSETS: Operating Lease Right of Use Asset	2,872	3,185
Preliminary Survey and Investigation Charges	1,968	1,932
Regulatory Assets	91,066	90,694
Non-utility Assets - Net	11,771	11,522
Employee Benefit Plans	25,763	21,779
Other	51	62
TOTAL OTHER ASSETS	133,491	129,174
TOTAL ASSETS	1,274,639	1,236,052
CAPITALIZATION AND LIABILITIES
CAPITALIZATION: Common Stock, No Par Value	247,014	246,764
Retained Earnings	185,864	176,227
TOTAL COMMON EQUITY	432,878	422,991
Preferred Stock	2,084	2,084
Long-term Debt	355,975	358,153
TOTAL CAPITALIZATION	790,937	783,228
CURRENT Current Portion of Long-term Debt	7,968	7,740
LIABILITIES: Notes Payable	72,250	42,750
Accounts Payable	25,222	27,618
Litigation Settlement Payable	6,237	6,237
Accrued Taxes	14,241	10,535
Accrued Interest	3,252	3,138
Unearned Revenues and Advanced Service Fees	1,689	1,390
Other	4,124	4,421
TOTAL CURRENT LIABILITIES	134,983	103,829
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES: Customer Advances for Construction	21,145	21,313
Lease Obligations	2,747	3,063
Accumulated Deferred Income Taxes	91,800	88,736
Regulatory Liabilities	55,203	113,021
Other	420	592
TOTAL OTHER LIABILITIES	171,315	226,725
CONTRIBUTIONS IN AID OF CONSTRUCTION	177,404	122,270
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,274,639	$ 1,236,052

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Net of Allowance for Uncollectible Accounts	$ 2,135	$ 2,137

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 21,228	$ 15,767
Net Cash Provided by Operating Activities:
Depreciation and Amortization	13,008	14,543
Provision for Deferred Income Taxes and Investment Tax Credits	1,722	(2,993)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(253)	(1,014)
Cash Surrender Value of Life Insurance	(199)	(207)
Stock Compensation Expense	1,072	1,366
Changes in Assets and Liabilities:
Accounts Receivable	(2,001)	788
Unbilled Revenues	(3,233)	(2,408)
Materials & Supplies	495	(249)
Prepayments	(2,092)	(846)
Accounts Payable	(2,396)	3,418
Accrued Taxes	3,706	843
Accrued Interest	114	563
Employee Benefit Plans	(4,457)	(975)
Unearned Revenue & Advanced Service Fees	299	111
Recovered Costs-Environmental Litigation Settlement	(8,003)
Other Assets and Liabilities	(1,131)	580
NET CASH PROVIDED BY OPERATING ACTIVITIES	17,879	29,287
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC-Debt of $180 in 2024 and $651 in 2023	(28,737)	(50,635)
NET CASH USED IN INVESTING ACTIVITIES	(28,737)	(50,635)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(2,493)	(2,553)
Proceeds from Issuance of Long-term Debt	561	62,880
Net Short-term Bank Borrowings	29,500	(32,000)
Deferred Debt Issuance Expense	(41)	(107)
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock	(1,328)
Proceeds from Issuance of Common Stock	505	5,745
Payment of Common Dividends	(11,531)	(11,049)
Payment of Preferred Dividends	(60)	(60)
Construction Advances and Contributions-Net	1,380	(959)
NET CASH PROVIDED BY FINANCING ACTIVITIES	16,493	21,897
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	5,635	549
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	2,390	3,828
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	8,025	4,377
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	4,461	4,219
Cash Paid During the Period for:
Interest	7,417	5,491
Interest Capitalized	180	651
Income Taxes	$ 752	$ 260

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Utility Plant Expenditures, Including AFUDC	$ 180	$ 651

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Common Stock, No Par Value
Shares Authorized - 40,000
Shares Outstanding - 2024 - 17,829; 2023 - 17,821	247,014	246,764
Retained Earnings	185,864	176,227
TOTAL COMMON EQUITY	432,878	422,991
Cumulative Preferred Stock, No Par Value:
Shares Authorized - 120
Shares Outstanding - 20
Convertible:
TOTAL PREFERRED STOCK	2,084	2,084
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	362,804	364,736
Add: Premium on Issuance of Long-term Debt	6,432	6,529
Less: Unamortized Debt Expense	(5,293)	(5,372)
Less: Current Portion of Long-term Debt	(7,968)	(7,740)
TOTAL LONG-TERM DEBT	355,975	358,153
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	277,619	278,374
Amortizing Secured Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	68,342	69,724
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	16,843	16,638
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

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Common stock, shares authorized	40,000	40,000
Shares Outstanding	17,829	17,821
Preferred stock, shares authorized (in Dollars)	$ 120	$ 120
Preferred stock, shares outstanding	20	20
First Mortgage Bonds 2024-2059
Long term debt maturity period	2024-2059
Amortizing Secured Notes due 2028-2046
Long term debt maturity period	2028-2046
State Revolving Trust Notes due 2025-2044
Long term debt maturity period	2025-2044
Minimum \| First Mortgage Bonds 2024-2059
Interest rate	0%
Minimum \| Amortizing Secured Notes due 2028-2046
Interest rate	3.94%
Minimum \| State Revolving Trust Notes due 2025-2044
Interest rate	2%
Maximum \| First Mortgage Bonds 2024-2059
Interest rate	5.50%
Maximum \| Amortizing Secured Notes due 2028-2046
Interest rate	7.05%
Maximum \| State Revolving Trust Notes due 2025-2044
Interest rate	4.03%
Convertible Preferred Stock $7.00 Series
Preferred stock, shares outstanding	10	10
Nonredeemable Preferred Stock $7.00 Series
Preferred stock, shares outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series
Preferred stock, shares outstanding	10	10

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Retained Earnings	Total
Balance at Dec. 31, 2022	$ 233,054	$ 167,274	$ 400,328
Balance (in Shares) at Dec. 31, 2022	17,642,000
Net Income		5,868	5,868
Dividend Reinvestment & Common Stock Purchase Plan	$ 2,342		2,342
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	29,000
Restricted Stock Award - Net - Employees	$ 360		360
Cash Dividends on Common Stock		(5,513)	(5,513)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Mar. 31, 2023	$ 235,756	167,599	403,355
Balance (in Shares) at Mar. 31, 2023	17,671,000
Balance at Dec. 31, 2022	$ 233,054	167,274	400,328
Balance (in Shares) at Dec. 31, 2022	17,642,000
Net Income			15,767
Balance at Jun. 30, 2023	$ 239,545	171,932	411,477
Balance (in Shares) at Jun. 30, 2023	17,729,000
Balance at Mar. 31, 2023	$ 235,756	167,599	403,355
Balance (in Shares) at Mar. 31, 2023	17,671,000
Net Income		9,901	9,901
Restricted Stock Award - Board of Directors	$ 360		360
Restricted Stock Award - Board of Directors (in Shares)	5,000
Dividend Reinvestment & Common Stock Purchase Plan	$ 3,402		3,402
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	46,000
Restricted Stock Award - Net - Employees	$ 27		27
Restricted Stock Award - Net - Employees (in Shares)	7,000
Cash Dividends on Common Stock		(5,538)	(5,538)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2023	$ 239,545	171,932	411,477
Balance (in Shares) at Jun. 30, 2023	17,729,000
Balance at Dec. 31, 2023	$ 246,764	176,227	$ 422,991
Balance (in Shares) at Dec. 31, 2023	17,821,000		17,821,000
Net Income		10,682	$ 10,682
Dividend Reinvestment & Common Stock Purchase Plan	$ 252		252
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	5,000
Restricted Stock Award - Net - Employees	$ (465)		(465)
Restricted Stock Award - Net - Employees (in Shares)	(12,000)
Cash Dividends on Common Stock		(5,738)	(5,738)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Mar. 31, 2024	$ 246,551	181,141	427,692
Balance (in Shares) at Mar. 31, 2024	17,814,000
Balance at Dec. 31, 2023	$ 246,764	176,227	$ 422,991
Balance (in Shares) at Dec. 31, 2023	17,821,000		17,821,000
Net Income			$ 21,228
Balance at Jun. 30, 2024	$ 247,014	185,864	$ 432,878
Balance (in Shares) at Jun. 30, 2024	17,829,000		17,829,000
Balance at Mar. 31, 2024	$ 246,551	181,141	$ 427,692
Balance (in Shares) at Mar. 31, 2024	17,814,000
Net Income		10,546	10,546
Restricted Stock Award - Board of Directors	$ 397		397
Restricted Stock Award - Board of Directors (in Shares)	7,000
Dividend Reinvestment & Common Stock Purchase Plan	$ 253		253
Dividend Reinvestment & Common Stock Purchase Plan (in Shares)	5,000
Restricted Stock Award - Net - Employees	$ (187)		(187)
Restricted Stock Award - Net - Employees (in Shares)	3,000
Cash Dividends on Common Stock		(5,793)	(5,793)
Cash Dividends on Preferred Stock		(30)	(30)
Balance at Jun. 30, 2024	$ 247,014	$ 185,864	$ 432,878
Balance (in Shares) at Jun. 30, 2024	17,829,000		17,829,000

CONDENSED CONSOLIDATED STATEM_7

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

Basis of Presentation and Recen

Basis of Presentation and Recent Developments	6 Months Ended
Basis of Presentation and Recent Developments	Jun. 30, 2024
Basis of Presentation and Recent Developments [Abstract]
Basis of Presentation and Recent Developments	Note 1 – Basis of Presentation and Recent Developments Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2023 Annual Report on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the Company’s financial position as of June 30, 2024, the results of operations for the three and six month periods ended June 30, 2024 and 2023 and cash flows for the six month periods ended June 30, 2024 and 2023. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the Company’s December 31, 2023 audited financial statements included in the 2023 Form 10-K. Recent Developments United States Environmental Protection Agency (USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations Beginning in April 2029, water systems that have Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking water and must provide notification to the public of the violation. In anticipation of these new USEPA standards, in 2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary engineering studies to ensure that effective PFAS treatment approaches are implemented. Recent Accounting Guidance The recently issued accounting standards that have not yet been adopted by the Company as of June 30, 2024 are as follows: Standard Description Date of Adoption Application Effect on the Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted. Retrospective The Company is currently evaluating the requirements of ASU 2023-07. ASU 2023-09 “Improvements to Income Tax Disclosures” The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. Prospective, with retrospective application also permitted. The Company is currently evaluating the requirements of ASU 2023-09.

Rate and Regulatory Matters

Rate and Regulatory Matters	6 Months Ended
Rate and Regulatory Matters	Jun. 30, 2024
Rate and Regulatory Matters [Abstract]
Rate and Regulatory Matters	Note 2 Rate and Regulatory Matters Middlesex The Middlesex Lead Service Line Replacement (LSLR) Plan, which was approved by the NJBPU in January 2024, has commenced and Middlesex submitted a customer surcharge filing with the NJBPU in July 2024 to recover costs incurred replacing Middlesex customer-owned lead service lines. The surcharge is for $1.2 million of costs incurred through June 2024, which are expected to be recovered between September 2024 and February 2025. The surcharge is required to be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable through traditional rate making in connection with general rate case filings. In May 2024, the NJBPU approved a Distribution System Improvement Charge (DSIC) rate, effective May 26, 2024, that is expected to result in $0.5 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between general rate case proceedings. Tidewater - In July 2024, Tidewater filed a petition seeking DEPSC approval of deferred accounting treatment for costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Through June 30, 2024, Tidewater has spent $0.3 million, included in Operations and Maintenance Expense, and expects to spend approximately $2.1 million through September 30, 2024. In addition, in July 2024, Tidewater provided the DEPSC a notice of intent to file a general rate case application in the third quarter 2024. Twin Lakes Utilities, Inc. (Twin Lakes) – The financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.

Capitalization

Capitalization	6 Months Ended
Capitalization	Jun. 30, 2024
Capitalization [Abstract]
Capitalization	Note 3 – Capitalization Common Stock Middlesex has received approval from the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan. Long-term Debt – Middlesex has received approval from the NJBPU to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program. Under the New Jersey SRF program, borrowers first enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey. Under the Delaware SRF program, borrowers 1) enter into a long-term note agreement for a term not to exceed twenty years, 2) submit requisitions for cost reimbursements during the construction period for up to two years after the agreement is executed and 3) as the proceeds are received from the requisitions, borrowers record a corresponding debt obligation amount. In May 2024, Tidewater closed on four DEPSC-approved Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater has not drawn down on these loans as of June 30, 2024. Each project has its own construction timetable with the last spending set to occur in 2026. In July 2024, Tidewater received a commitment for a $2.2 million Delaware SRF loan with a 0.0% interest rate. 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. If and when approval is received from the DEPSC, Tidewater expects to close on this loan and draw down on it in 2024. Separately, Tidewater has two active construction projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection of transmission mains. Tidewater has drawn a total of $4.9 million through June 30, 2024 and expects that the requisitions will continue through late 2024. Fair Value of Financial Instruments – (Thousands of Dollars) June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 132,619 $ 129,574 $ 133,374 $ 131,745 It was not practicable to estimate the fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $230.2 million and $231.3 million at June 30, 2024 and December 31, 2023, respectively. Customer advances for construction have carrying amounts of $21.1 million and $21.3 million at June 30, 2024 and December 31, 2023, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases. Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 4 – Earnings Per Share Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series. (In Thousands Except per Share Amounts) Three Months Ended June 30, 2024 2023 Basic: Income Shares Income Shares Net Income $ 10,546 17,829 $ 9,901 17,713 Preferred Dividend (30 ) (30 ) Earnings Applicable to Common Stock $ 10,516 17,829 $ 9,871 17,713 Basic EPS $ 0.59 $ 0.56 Diluted: Earnings Applicable to Common Stock $ 10,516 17,829 $ 9,871 17,713 $7.00 Series Preferred Dividend 17 115 17 115 Adjusted Earnings Applicable to Common Stock $ 10,533 17,944 $ 9,888 17,828 Diluted EPS $ 0.59 $ 0.55 (In Thousands Except per Share Amounts) Six Months Ended June 30, 2024 2023 Basic: Income Shares Income Shares Net Income $ 21,228 17,824 $ 15,767 17,683 Preferred Dividend (60 ) (60 ) Earnings Applicable to Common Stock $ 21,168 17,824 $ 15,707 17,683 Basic EPS $ 1.19 $ 0.89 Diluted: Earnings Applicable to Common Stock $ 21,168 17,824 $ 15,707 17,683 $7.00 Series Preferred Dividend 34 115 34 115 Adjusted Earnings Applicable to Common Stock $ 21,202 17,939 $ 15,741 17,798 Diluted EPS $ 1.18 $ 0.88

Business Segment Data

Business Segment Data	6 Months Ended
Business Segment Data	Jun. 30, 2024
Business Segment Data [Abstract]
Business Segment Data	Note 5 – Business Segment Data The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third-party lender. (In Thousands) Three Months Ended Six Months Ended June 30, June 30, Operations by Segments: 2024 2023 2024 2023 Revenues: Regulated $ 45,966 $ 39,909 $ 83,431 $ 74,862 Non – Regulated 3,410 3,056 6,614 6,398 Inter-segment Elimination (230 ) (164 ) (375 ) (303 ) Consolidated Revenues $ 49,146 $ 42,801 $ 89,670 $ 80,957 Operating Income: Regulated $ 14,314 $ 9,820 $ 23,315 $ 16,535 Non – Regulated 1,001 849 1,865 1,622 Consolidated Operating Income $ 15,315 $ 10,669 $ 25,180 $ 18,157 Net Income: Regulated $ 9,826 $ 9,307 $ 19,877 $ 14,631 Non – Regulated 720 594 1,351 1,136 Consolidated Net Income $ 10,546 $ 9,901 $ 21,228 $ 15,767 Capital Expenditures: Regulated $ 14,325 $ 26,114 $ 28,701 $ 50,579 Non – Regulated 23 6 36 56 Total Capital Expenditures $ 14,348 $ 26,120 $ 28,737 $ 50,635 As of As of June 30, 2024 December 31, 2023 Assets: Regulated $ 1,272,096 $ 1,235,549 Non – Regulated 9,645 8,068 Inter-segment Elimination (7,102 ) (7,565 ) Consolidated Assets $ 1,274,639 $ 1,236,052

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
Short-Term Borrowings	Jun. 30, 2024
Short-Term Borrowings [Abstract]
Short-term Borrowings	Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $140.0 million. (Millions) As of June 30, 2024 Outstanding Available Maximum Credit Type Renewal Date Bank of America $ 10.0 $ 50.0 $ 60.0 Uncommitted January 24, 2025 PNC Bank 54.8 $ 13.2 68.0 Committed January 31, 2026 CoBank, ACB 7.5 4.5 12.0 Committed May 20, 2026 $ 72.3 $ 67.7 $ 140.0 The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit. The $10.0 million outstanding from Bank of America as of June 30, 2024 matured in July 2024. The borrowings outstanding under the PNC Bank and CoBank, ACB lines of credit as of June 30, 2024 mature daily and are being rolled over on a daily basis. The proceeds of $63.6 million received in July 2024 from the Company’s 3M Settlement Agreement were used to reduce borrowings under its lines of credit. See Note 2 for additional details. The weighted average interest rate on the outstanding borrowings at June 30, 2024 under these credit lines is 6.51%. The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Average Daily Amounts Outstanding $ 62,934 $ 24,220 $ 56,463 $ 36,848 Weighted Average Interest Rates 6.43% 6.09% 6.42% 5.75%

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
Commitments and Contingent Liabilities	Jun. 30, 2024
Commitments and Contingent Liabilities [Abstract]
Commitments and Contingent Liabilities	Note 7 – Commitments and Contingent Liabilities Water Supply – Middlesex also has an agreement with a non-affiliated NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases if needed. Tidewater contracts with the City of Dover in Delaware to purchase treated water of up to 60.0 million gallons annually. Purchased water costs are shown below: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Treated $ 992 $ 1,363 $ 1,901 $ 2,747 Untreated 861 739 1,711 1,540 Total Costs $ 1,853 $ 2,102 $ 3,612 $ 4,287 Leases – The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company. The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining the present value of lease payments. Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended June 30, 2024 and 2023, respectively, and $0.4 million for each of the six months ended June 30, 2024 and 2023, respectively. Information related to operating lease ROU assets and lease liabilities is as follows: (In Millions) As of June 30, 2024 December 31, 2023 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (4.4 ) (4.1 ) ROU Asset $ 2.9 $ 3.2 The Company’s future minimum operating lease commitments as of June 30, 2024 are as follows: (In Millions) 2024 $ 0.4 2025 0.8 2026 0.9 2027 0.9 2028 0.9 Thereafter 0.9 Total Lease Payments $ 4.8 Imputed Interest (1.5 ) Present Value of Lease Payments 3.3 Less Current Portion* (0.6 ) Non-Current Lease Liability $ 2.7 *Included in Other Current Liabilities Construction – PFOA Matter – Contingencies – Change in Control Agreements –

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2024
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note 8 – Employee Benefit Plans Pension Benefits – Other Postretirement Benefits – The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: (In Thousands) Pension Benefits Other Benefits Three Months Ended June 30, 2024 2023 2024 2023 Service Cost $ 318 $ 388 $ 80 $ 98 Interest Cost 1,070 1,067 328 402 Expected Return on Assets (1,580 ) (1,466 ) (846 ) (771 ) Amortization of Unrecognized Losses 38 164 (275 ) (48 ) Net Periodic (Benefit) Cost* $ (154 ) $ 153 $ (713 ) $ (319 ) (In Thousands) Pension Benefits Other Benefits Six Months Ended June 30, 2024 2023 2024 2023 Service Cost $ 635 $ 776 $ 160 $ 196 Interest Cost 2,140 2,134 657 804 Expected Return on Assets (3,161 ) (2,932 ) (1,692 ) (1,542 ) Amortization of Unrecognized Losses 76 328 (549 ) (96 ) Net Periodic (Benefit) Cost* $ (310 ) $ 306 $ (1,424 ) $ (638 ) *Service cost is included 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	6 Months Ended
Revenue Recognition from Contracts with Customers	Jun. 30, 2024
Revenue Recognition from Contracts with Customers [Abstract]
Revenue Recognition from Contracts with Customers	Note 9 – Revenue Recognition from Contracts with Customers The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company’s regulated revenue from contracts with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for credit losses based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. The Company’s operating revenues are comprised of the following: (In Thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Regulated Tariff Sales Residential $ 24,736 $ 22,653 $ 45,066 $ 41,657 Commercial 8,584 6,249 14,559 11,627 Industrial 3,639 2,806 6,773 5,645 Fire Protection 3,656 3,145 6,948 6,249 Wholesale 5,208 4,968 9,880 9,521 Non-Regulated Contract Operations 3,293 2,942 6,381 6,172 Total Revenue from Contracts with Customers $ 49,116 $ 42,763 $ 89,607 $ 80,871 Other Regulated Revenues 143 88 205 163 Other Non-Regulated Revenues 117 114 233 226 Inter-segment Elimination (230 ) (164 ) (375 ) (303 ) Total Revenue $ 49,146 $ 42,801 $ 89,670 $ 80,957

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,546	$ 10,682	$ 9,901	$ 5,868	$ 21,228	$ 15,767

Insider Trading Arrangements

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

Basis of Presentation and Rec_2

Basis of Presentation and Recent Developments (Tables)	6 Months Ended
Basis of Presentation and Recent Developments (Tables)	Jun. 30, 2024
Basis of Presentation and Recent Developments [Abstract]
Schedule of Issued Accounting Standards	The recently issued accounting standards that have not yet been adopted by the Company as of June 30, 2024 are as follows: Standard Description Date of Adoption Application Effect on the Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted. Retrospective The Company is currently evaluating the requirements of ASU 2023-07. ASU 2023-09 “Improvements to Income Tax Disclosures” The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. Prospective, with retrospective application also permitted. The Company is currently evaluating the requirements of ASU 2023-09.

Capitalization (Tables)

Capitalization (Tables)	6 Months Ended
Capitalization (Tables)	Jun. 30, 2024
Capitalization [Abstract]
Schedule of Carrying Amount and Fair Value of the FMBs	The carrying amount and fair value of the FMBs were as follows: (Thousands of Dollars) June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 132,619 $ 129,574 $ 133,374 $ 131,745

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series. (In Thousands Except per Share Amounts) Three Months Ended June 30, 2024 2023 Basic: Income Shares Income Shares Net Income $ 10,546 17,829 $ 9,901 17,713 Preferred Dividend (30 ) (30 ) Earnings Applicable to Common Stock $ 10,516 17,829 $ 9,871 17,713 Basic EPS $ 0.59 $ 0.56 Diluted: Earnings Applicable to Common Stock $ 10,516 17,829 $ 9,871 17,713 $7.00 Series Preferred Dividend 17 115 17 115 Adjusted Earnings Applicable to Common Stock $ 10,533 17,944 $ 9,888 17,828 Diluted EPS $ 0.59 $ 0.55 (In Thousands Except per Share Amounts) Six Months Ended June 30, 2024 2023 Basic: Income Shares Income Shares Net Income $ 21,228 17,824 $ 15,767 17,683 Preferred Dividend (60 ) (60 ) Earnings Applicable to Common Stock $ 21,168 17,824 $ 15,707 17,683 Basic EPS $ 1.19 $ 0.89 Diluted: Earnings Applicable to Common Stock $ 21,168 17,824 $ 15,707 17,683 $7.00 Series Preferred Dividend 34 115 34 115 Adjusted Earnings Applicable to Common Stock $ 21,202 17,939 $ 15,741 17,798 Diluted EPS $ 1.18 $ 0.88

Business Segment Data (Tables)

Business Segment Data (Tables)	6 Months Ended
Business Segment Data (Tables)	Jun. 30, 2024
Business Segment Data [Abstract]
Schedule of Inter-Segment Transactions	Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third-party lender. (In Thousands) Three Months Ended Six Months Ended June 30, June 30, Operations by Segments: 2024 2023 2024 2023 Revenues: Regulated $ 45,966 $ 39,909 $ 83,431 $ 74,862 Non – Regulated 3,410 3,056 6,614 6,398 Inter-segment Elimination (230 ) (164 ) (375 ) (303 ) Consolidated Revenues $ 49,146 $ 42,801 $ 89,670 $ 80,957 Operating Income: Regulated $ 14,314 $ 9,820 $ 23,315 $ 16,535 Non – Regulated 1,001 849 1,865 1,622 Consolidated Operating Income $ 15,315 $ 10,669 $ 25,180 $ 18,157 Net Income: Regulated $ 9,826 $ 9,307 $ 19,877 $ 14,631 Non – Regulated 720 594 1,351 1,136 Consolidated Net Income $ 10,546 $ 9,901 $ 21,228 $ 15,767 Capital Expenditures: Regulated $ 14,325 $ 26,114 $ 28,701 $ 50,579 Non – Regulated 23 6 36 56 Total Capital Expenditures $ 14,348 $ 26,120 $ 28,737 $ 50,635 As of As of June 30, 2024 December 31, 2023 Assets: Regulated $ 1,272,096 $ 1,235,549 Non – Regulated 9,645 8,068 Inter-segment Elimination (7,102 ) (7,565 ) Consolidated Assets $ 1,274,639 $ 1,236,052

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	6 Months Ended
Short-Term Borrowings (Tables)	Jun. 30, 2024
Short-Term Borrowings [Abstract]
Schedule of Lines of Credit	The Company maintains lines of credit aggregating $140.0 million. (Millions) As of June 30, 2024 Outstanding Available Maximum Credit Type Renewal Date Bank of America $ 10.0 $ 50.0 $ 60.0 Uncommitted January 24, 2025 PNC Bank 54.8 $ 13.2 68.0 Committed January 31, 2026 CoBank, ACB 7.5 4.5 12.0 Committed May 20, 2026 $ 72.3 $ 67.7 $ 140.0
Schedule of Credit Lines and the Weighted Average Interest Rates	The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Average Daily Amounts Outstanding $ 62,934 $ 24,220 $ 56,463 $ 36,848 Weighted Average Interest Rates 6.43% 6.09% 6.42% 5.75%

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	6 Months Ended
Commitments and Contingent Liabilities (Tables)	Jun. 30, 2024
Commitments and Contingent Liabilities [Abstract]
Schedule of Purchased Water Costs	Purchased water costs are shown below: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Treated $ 992 $ 1,363 $ 1,901 $ 2,747 Untreated 861 739 1,711 1,540 Total Costs $ 1,853 $ 2,102 $ 3,612 $ 4,287
Schedule of Operating Lease ROU Assets	Information related to operating lease ROU assets and lease liabilities is as follows: (In Millions) As of June 30, 2024 December 31, 2023 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (4.4 ) (4.1 ) ROU Asset $ 2.9 $ 3.2
Schedule of Future Minimum Operating Lease Commitments	The Company’s future minimum operating lease commitments as of June 30, 2024 are as follows: (In Millions) 2024 $ 0.4 2025 0.8 2026 0.9 2027 0.9 2028 0.9 Thereafter 0.9 Total Lease Payments $ 4.8 Imputed Interest (1.5 ) Present Value of Lease Payments 3.3 Less Current Portion* (0.6 ) Non-Current Lease Liability $ 2.7 *Included in Other Current Liabilities

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
Employee Benefit Plans (Tables)	Jun. 30, 2024
Employee Benefit Plans [Abstract]
Schedule of Employee Retirement Benefit Plans	The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: (In Thousands) Pension Benefits Other Benefits Three Months Ended June 30, 2024 2023 2024 2023 Service Cost $ 318 $ 388 $ 80 $ 98 Interest Cost 1,070 1,067 328 402 Expected Return on Assets (1,580 ) (1,466 ) (846 ) (771 ) Amortization of Unrecognized Losses 38 164 (275 ) (48 ) Net Periodic (Benefit) Cost* $ (154 ) $ 153 $ (713 ) $ (319 ) (In Thousands) Pension Benefits Other Benefits Six Months Ended June 30, 2024 2023 2024 2023 Service Cost $ 635 $ 776 $ 160 $ 196 Interest Cost 2,140 2,134 657 804 Expected Return on Assets (3,161 ) (2,932 ) (1,692 ) (1,542 ) Amortization of Unrecognized Losses 76 328 (549 ) (96 ) Net Periodic (Benefit) Cost* $ (310 ) $ 306 $ (1,424 ) $ (638 ) *Service cost is included 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)	6 Months Ended
Revenue Recognition from Contracts with Customers (Tables)	Jun. 30, 2024
Revenue Recognition from Contracts with Customers [Abstract]
Schedule of Operating Revenues	The Company’s operating revenues are comprised of the following: (In Thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Regulated Tariff Sales Residential $ 24,736 $ 22,653 $ 45,066 $ 41,657 Commercial 8,584 6,249 14,559 11,627 Industrial 3,639 2,806 6,773 5,645 Fire Protection 3,656 3,145 6,948 6,249 Wholesale 5,208 4,968 9,880 9,521 Non-Regulated Contract Operations 3,293 2,942 6,381 6,172 Total Revenue from Contracts with Customers $ 49,116 $ 42,763 $ 89,607 $ 80,871 Other Regulated Revenues 143 88 205 163 Other Non-Regulated Revenues 117 114 233 226 Inter-segment Elimination (230 ) (164 ) (375 ) (303 ) Total Revenue $ 49,146 $ 42,801 $ 89,670 $ 80,957

Schedule of Issued Accounting S

Schedule of Issued Accounting Standards (Details) - Schedule of Issued Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update 2023-07 [Member]
Schedule of Issued Accounting Standards [Line Items]
Description	The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker.
Date of adoption	Dec. 31, 2024
Application	Retrospective
Effect on the condensed consolidated financial statements	The Company is currently evaluating the requirements of ASU 2023-07.
Accounting Standards Update 2023-09 [Member]
Schedule of Issued Accounting Standards [Line Items]
Description	The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.
Date of adoption	Dec. 31, 2025
Application	Prospective, with retrospective application also permitted.
Effect on the condensed consolidated financial statements	The Company is currently evaluating the requirements of ASU 2023-09.

Rate and Regulatory Matters (De

Rate and Regulatory Matters (Details) - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2024

Jul. 01, 2024

Jun. 30, 2024

May 26, 2024

Mar. 01, 2024

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Sep. 30, 2022

Nov. 30, 2021

Rate and Regulatory Matters [Line Items]

Approved increase in annual operating revenues

$ 563,100

Return on equity

9.60%

Reclassification from regulatory liabilities

$ 171,315

$ 226,725

Depreciation

6,305

$ 6,184

11,701

$ 12,170

Carrying costs

4,100

Previously incurred operating treatment costs

1,400

$ 1,400

1,400

Surcharge for costs incurred

1,200

New Jersey Board of Public Utilities [Member]

Rate and Regulatory Matters [Line Items]

Reclassification from regulatory liabilities

$ 48,300

Depreciation

$ 900

Middlesex Water [Member]

Rate and Regulatory Matters [Line Items]

Escrow account

$ 1,700

Middlesex Water [Member] | New Jersey Board of Public Utilities [Member]

Rate and Regulatory Matters [Line Items]

Approved increase in annual operating revenues

$ 15,400

Maturity Less than 30 Days [Member] | Middlesex Water Company [Member]

Rate and Regulatory Matters [Line Items]

Escrow account

$ 1,700

Tidewater [Member]

Rate and Regulatory Matters [Line Items]

Operations and maintenance expense

$ 300

Series of Individually Immaterial Business Acquisitions [Member]

Rate and Regulatory Matters [Line Items]

Annual revenues

$ 500

Subsequent Event [Member] | Tidewater [Member]

Rate and Regulatory Matters [Line Items]

Revenue

$ 1,600

Forecast [Member] | Tidewater [Member]

Rate and Regulatory Matters [Line Items]

Operations and maintenance expense

$ 2,100

Capitalization (Details)

Capitalization (Details) - USD ($) shares in Thousands			3 Months Ended		6 Months Ended
Capitalization (Details) - USD ($) shares in Thousands	Jul. 31, 2024	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Capitalization [Line Items]
Issuance of common stock (in Shares)					9,683	75,764
Shares issued					$ 500,000	$ 5,700,000
Shares of common stock					$ 1,000,000
Borrowing amount			$ 563,100,000
Interest rates		2%	6.43%	6.09%	6.42%	5.75%
Remaining availability of funds for borrowing			$ 67,700,000		$ 67,700,000
Carrying instrument amount			230,200,000		230,200,000		$ 231,300,000
Construction carrying amount			21,100,000		21,100,000		$ 21,300,000
Long-Term Debt [Member]
Capitalization [Line Items]
Drawn amount			4,900,000		4,900,000
SRF Loans [Member]
Capitalization [Line Items]
Remaining availability of funds for borrowing			$ 8,300,000		8,300,000
Subsequent Event [Member]
Capitalization [Line Items]
SRF loan	$ 2,200,000
Percentage of loan interest rate	0%
New Jersey Infrastructure Bank [Member]
Capitalization [Line Items]
Borrowing amount					$ 300,000,000
Long term securitized loan interest rate			0%		0%
Tidewater [Member]
Capitalization [Line Items]
Loans totaling		$ 5,600,000

Capitalization (Details) - Sche

Capitalization (Details) - Schedule of Carrying Amount and Fair Value of the FMBs - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Carrying Amount and Fair Value of the FMBs [Abstract]
Carrying Amount	$ 132,619	$ 133,374
Fair Value	$ 129,574	$ 131,745

Earnings Per Share (Details)

Earnings Per Share (Details)	Jun. 30, 2024 $ / 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EPS Income [Member]
Schedule of Earnings Per Share [Line Items]
Net Income	$ 10,546	$ 9,901	$ 21,228	$ 15,767
Preferred Dividend	(30)	(30)	(60)	(60)
Earnings Applicable to Common Stock	$ 10,516	$ 9,871	$ 21,168	$ 15,707
Basic EPS (in Dollars per share)	$ 0.59	$ 0.56	$ 1.19	$ 0.89
Diluted:
Earnings Applicable to Common Stock	$ 10,516	$ 9,871	$ 21,168	$ 15,707
$7.00 Series Preferred Dividend	17	17	34	34
Adjusted Earnings Applicable to Common Stock	$ 10,533	$ 9,888	$ 21,202	$ 15,741
Diluted EPS (in Dollars per share)	$ 0.59	$ 0.55	$ 1.18	$ 0.88
EPS Shares [Member]
Schedule of Earnings Per Share [Line Items]
Net Income	$ 17,829	$ 17,713	$ 17,824	$ 17,683
Earnings Applicable to Common Stock	17,829	17,713	17,824	17,683
Diluted:
Earnings Applicable to Common Stock	17,829	17,713	17,824	17,683
$7.00 Series Preferred Dividend	115	115	115	115
Adjusted Earnings Applicable to Common Stock	$ 17,944	$ 17,828	$ 17,939	$ 17,798

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of Earnings Per Share (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EPS Income [Member]
Schedule of Earnings Per Share [Line Items]
Preferred Dividend	$ 7	$ 7	$ 7	$ 7
EPS Shares [Member]
Schedule of Earnings Per Share [Line Items]
Preferred Dividend	$ 7	$ 7	$ 7	$ 7

Business Segment Data (Details)

Business Segment Data (Details)	6 Months Ended
Business Segment Data (Details)	Jun. 30, 2024 Segments
Business Segment Data [Abstract]
Reportable segment	2

Business Segment Data (Detail_2

Business Segment Data (Details) - Schedule of Inter-Segment Transactions - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues:
Consolidated Revenues	$ 49,146		$ 42,801		$ 89,670	$ 80,957
Operating Income:
Consolidated Operating Income	15,315		10,669		25,180	18,157
Net Income:
Consolidated Net Income	10,546	$ 10,682	9,901	$ 5,868	21,228	15,767
Capital Expenditures:
Total Capital Expenditures	14,348		26,120		28,737	50,635
Assets:
Consolidated Assets	1,274,639				1,274,639		$ 1,236,052
Regulated [Member]
Revenues:
Consolidated Revenues	45,966		39,909		83,431	74,862
Operating Income:
Consolidated Operating Income	14,314		9,820		23,315	16,535
Net Income:
Consolidated Net Income	9,826		9,307		19,877	14,631
Capital Expenditures:
Total Capital Expenditures	14,325		26,114		28,701	50,579
Assets:
Consolidated Assets	1,272,096				1,272,096		1,235,549
Non - Regulated [Member]
Revenues:
Consolidated Revenues	3,410		3,056		6,614	6,398
Operating Income:
Consolidated Operating Income	1,001		849		1,865	1,622
Net Income:
Consolidated Net Income	720		594		1,351	1,136
Capital Expenditures:
Total Capital Expenditures	23		6		36	56
Assets:
Consolidated Assets	9,645				9,645		8,068
Inter-segment Elimination [Member]
Revenues:
Consolidated Revenues	(230)		$ (164)		(375)	$ (303)
Assets:
Consolidated Assets	$ (7,102)				$ (7,102)		$ (7,565)

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) $ in Millions	6 Months Ended
Short-Term Borrowings (Details) $ in Millions	Jun. 30, 2024 USD ($)
Short-term Borrowings [Line Items]
Lines of credit	$ 140
Outstanding amount	10
Proceeds from borrowings	$ 63.6
CoBank [Member]
Short-term Borrowings [Line Items]
weighted average interest rate	6.51%

Short-Term Borrowings (Detail_2

Short-Term Borrowings (Details) - Schedule of Lines of Credit $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Schedule of Bank Lines of Credit [Line Items]
Outstanding	$ 72.3
Available	67.7
Maximum	140
Bank of America [Member]
Schedule of Bank Lines of Credit [Line Items]
Outstanding	10
Available	50
Maximum	$ 60
Credit Type	Uncommitted
Renewal Date	Jan. 24, 2025
PNC Bank [Member]
Schedule of Bank Lines of Credit [Line Items]
Outstanding	$ 54.8
Available	13.2
Maximum	$ 68
Credit Type	Committed
Renewal Date	Jan. 31, 2026
CoBank [Member]
Schedule of Bank Lines of Credit [Line Items]
Outstanding	$ 7.5
Available	4.5
Maximum	$ 12
Credit Type	Committed
Renewal Date	May 20, 2026

Short-Term Borrowings (Detail_3

Short-Term Borrowings (Details) - Schedule of Credit Lines and the Weighted Average Interest Rates - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Credit Lines and the Weighted Average Interest Rates [Abstract]
Average Daily Amounts Outstanding		$ 62,934	$ 24,220	$ 56,463	$ 36,848
Weighted Average Interest Rates	2%	6.43%	6.09%	6.42%	5.75%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) gal l	Jun. 30, 2023 USD ($)
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| l	47
Estimated incremental borrowing rate	4.03%
Rental expenses under operating leases \| $	$ 0.4	$ 0.2
Estimated obligation expenditure \| $	$ 13
Purchase Commitment [Member]
Commitments and Contingent Liabilities [Line Items]
Purchase commitment expiration date of contract	Nov. 30, 2048
Water Supply [Member]
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| gal	27,000,000
NJBPU Regulated water [Member]
Commitments and Contingent Liabilities [Line Items]
Purchase commitment expiration date of contract	Feb. 27, 2026
Average purchase of gallons \| l	3
Treated Water [Member]
Commitments and Contingent Liabilities [Line Items]
Average purchase of gallons \| gal	60,000,000

Commitments and Contingent Li_4

Commitments and Contingent Liabilities (Details) - Schedule of Purchased Water Costs - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Purchased Water Costs [Abstract]
Treated	$ 992	$ 1,363	$ 1,901	$ 2,747
Untreated	861	739	1,711	1,540
Total Costs	$ 1,853	$ 2,102	$ 3,612	$ 4,287

Commitments and Contingent Li_5

Commitments and Contingent Liabilities (Details) - Schedule of Operating Lease ROU Assets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Operating Lease ROU Assets [Abstract]
ROU Asset at Lease Inception	$ 7,300	$ 7,300
Accumulated Amortization	(4,400)	(4,100)
ROU Asset	$ 2,872	$ 3,185

Commitments and Contingent Li_6

Commitments and Contingent Liabilities (Details) - Schedule of Future Minimum Operating Lease Commitments $ in Millions	Jun. 30, 2024 USD ($)
Schedule of Future Minimum Operating Lease Commitments [Abstract]
2024	$ 0.4
2025	0.8
2026	0.9
2027	0.9
2028	0.9
Thereafter	0.9
Total Lease Payments	4.8
Imputed Interest	(1.5)
Present Value of Lease Payments	3.3
Less Current Portion	(0.6)	[1]
Non-Current Lease Liability	$ 2.7

[1]Included in Other Current Liabilities

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2024
Employee Benefit Plans [Line Items]
Contributions to the pension plan	$ 2	$ 2
Cash contributions		$ 0.9

Employee Benefit Plans (Detai_2

Employee Benefit Plans (Details) - Schedule of Employee Retirement Benefit Plans - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits [Member]
Schedule of Employee Retirement Benefit Plans [Line Items]
Service Cost		$ 318	$ 388	$ 635	$ 776
Interest Cost		1,070	1,067	2,140	2,134
Expected Return on Assets		(1,580)	(1,466)	(3,161)	(2,932)
Amortization of Unrecognized Losses		38	164	76	328
Net Periodic (Benefit) Cost	[1]	(154)	153	(310)	306
Other Benefits [Member]
Schedule of Employee Retirement Benefit Plans [Line Items]
Service Cost		80	98	160	196
Interest Cost		328	402	657	804
Expected Return on Assets		(846)	(771)	(1,692)	(1,542)
Amortization of Unrecognized Losses		(275)	(48)	(549)	(96)
Net Periodic (Benefit) Cost	[1]	$ (713)	$ (319)	$ (1,424)	$ (638)

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

Revenue Recognition from Cont_3

Revenue Recognition from Contracts with Customers (Details) - Schedule of Operating Revenues - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Regulated Tariff Sales
Non-Regulated Contract Operations	$ 3,293	$ 2,942	$ 6,381	$ 6,172
Total Revenue from Contracts with Customers	49,116	42,763	89,607	80,871
Other Regulated Revenues	143	88	205	163
Other Non-Regulated Revenues	117	114	233	226
Inter-segment Elimination	(230)	(164)	(375)	(303)
Total Revenue	49,146	42,801	89,670	80,957
Residential [Member]
Regulated Tariff Sales
Regulated Tariff Sales	24,736	22,653	45,066	41,657
Commercial [Member]
Regulated Tariff Sales
Regulated Tariff Sales	8,584	6,249	14,559	11,627
Industrial [Member]
Regulated Tariff Sales
Regulated Tariff Sales	3,639	2,806	6,773	5,645
Fire Protection [Member]
Regulated Tariff Sales
Regulated Tariff Sales	3,656	3,145	6,948	6,249
Wholesale [Member]
Regulated Tariff Sales
Regulated Tariff Sales	$ 5,208	$ 4,968	$ 9,880	$ 9,521