Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MIDDLESEX WATER CO | |
Entity Central Index Key | 66,004 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,337,784 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 33,014 | $ 32,725 | $ 63,145 | $ 63,304 |
Operating Expenses: | ||||
Operations and Maintenance | 16,651 | 15,789 | 32,385 | 31,617 |
Depreciation | 3,385 | 3,180 | 6,693 | 6,317 |
Other Taxes | 3,415 | 3,428 | 6,724 | 6,740 |
Total Operating Expenses | 23,451 | 22,397 | 45,802 | 44,674 |
Operating Income | 9,563 | 10,328 | 17,343 | 18,630 |
Other Income (Expense): | ||||
Allowance for Funds Used During Construction | 180 | 119 | 299 | 180 |
Other Income | 47 | 25 | 53 | 73 |
Other Expense | (22) | (7) | (27) | (26) |
Total Other Income, net | 205 | 137 | 325 | 227 |
Interest Charges | 1,469 | 1,436 | 2,472 | 2,413 |
Income before Income Taxes | 8,299 | 9,029 | 15,196 | 16,444 |
Income Taxes | 2,918 | 3,110 | 5,374 | 5,735 |
Net Income | 5,381 | 5,919 | 9,822 | 10,709 |
Preferred Stock Dividend Requirements | 36 | 36 | 72 | 72 |
Earnings Applicable to Common Stock | $ 5,345 | $ 5,883 | $ 9,750 | $ 10,637 |
Earnings per share of Common Stock: | ||||
Basic | $ 0.33 | $ 0.36 | $ 0.60 | $ 0.65 |
Diluted | $ 0.33 | $ 0.36 | $ 0.59 | $ 0.65 |
Average Number of Common Shares Outstanding: | ||||
Basic | 16,332 | 16,271 | 16,316 | 16,252 |
Diluted | 16,488 | 16,427 | 16,472 | 16,408 |
Cash Dividends Paid per Common Share | $ 0.2113 | $ 0.1988 | $ 0.4225 | $ 0.3975 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
UTILITY PLANT: | ||
Water Production | $ 149,068 | $ 146,914 |
Transmission and Distribution | 443,128 | 430,880 |
General | 67,692 | 63,514 |
Construction Work in Progress | 13,828 | 12,196 |
TOTAL | 673,716 | 653,504 |
Less Accumulated Depreciation | 140,435 | 135,728 |
UTILITY PLANT - NET | 533,281 | 517,776 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | 3,689 | 3,879 |
Accounts Receivable, net | 9,953 | 10,129 |
Unbilled Revenues | 8,284 | 6,590 |
Materials and Supplies (at average cost) | 4,881 | 4,094 |
Prepayments | 2,912 | 2,024 |
TOTAL CURRENT ASSETS | 29,719 | 26,716 |
Preliminary Survey and Investigation Charges | 3,142 | 2,365 |
Regulatory Assets | 60,474 | 60,894 |
Operations Contracts, Developer and Other Receivables | 789 | 1,139 |
Restricted Cash | 439 | 439 |
Non-utility Assets - Net | 9,252 | 9,131 |
Federal Income Tax Receivable | 1,408 | 1,408 |
Other | 226 | 293 |
TOTAL DEFERRED CHARGES AND OTHER ASSETS | 75,730 | 75,669 |
TOTAL ASSETS | 638,730 | 620,161 |
CAPITALIZATION: | ||
Common Stock, No Par Value | 154,075 | 153,045 |
Retained Earnings | 68,249 | 65,392 |
TOTAL COMMON EQUITY | 222,324 | 218,437 |
Preferred Stock | 2,435 | 2,436 |
Long-term Debt | 136,429 | 134,538 |
TOTAL CAPITALIZATION | 361,188 | 355,411 |
CURRENT LIABILITIES: | ||
Current Portion of Long-term Debt | 6,164 | 6,159 |
Notes Payable | 17,000 | 12,000 |
Accounts Payable | 15,045 | 12,343 |
Accrued Taxes | 13,137 | 12,385 |
Accrued Interest | 1,078 | 1,084 |
Unearned Revenues and Advanced Service Fees | 967 | 923 |
Other | 2,026 | 2,162 |
TOTAL CURRENT LIABILITIES | 55,417 | 47,056 |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7) | ||
DEFERRED CREDITS AND OTHER LIABILITIES: | ||
Customer Advances for Construction | 20,862 | 20,846 |
Accumulated Deferred Investment Tax Credits | 714 | 753 |
Accumulated Deferred Income Taxes | 76,312 | 72,072 |
Employee Benefit Plans | 34,651 | 36,139 |
Regulatory Liability - Cost of Utility Plant Removal | 11,711 | 11,337 |
Other | 1,378 | 1,443 |
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES | 145,628 | 142,590 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 76,497 | 75,104 |
TOTAL CAPITALIZATION AND LIABILITIES | $ 638,730 | $ 620,161 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 9,822 | $ 10,709 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 6,887 | 6,800 |
Provision for Deferred Income Taxes and Investment Tax Credits | 4,395 | 3,321 |
Equity Portion of Allowance for Funds Used During Construction (AFUDC) | (205) | (118) |
Cash Surrender Value of Life Insurance | (114) | (44) |
Stock Compensation Expense | 437 | 468 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 176 | (848) |
Unbilled Revenues | (1,694) | (1,908) |
Materials and Supplies | (787) | (2,132) |
Prepayments | (888) | (1,207) |
Accounts Payable | 2,702 | 3,064 |
Accrued Taxes | 752 | 313 |
Accrued Interest | (6) | (13) |
Employee Benefit Plans | (640) | (580) |
Unearned Revenue & Advanced Service Fees | 44 | 19 |
Other Assets and Liabilities | (710) | (1,099) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 20,171 | 16,745 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Utility Plant Expenditures, Including AFUDC of $94 in 2017, $62 in 2016 | (21,165) | (20,111) |
NET CASH USED IN INVESTING ACTIVITIES | (21,165) | (20,111) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of Long-term Debt | (2,115) | (2,136) |
Proceeds from Issuance of Long-term Debt | 4,047 | 861 |
Net Short-term Bank Borrowings | 5,000 | 7,500 |
Deferred Debt Issuance Expense | (33) | (15) |
Proceeds from Issuance of Common Stock | 592 | 830 |
Payment of Common Dividends | (6,893) | (6,454) |
Payment of Preferred Dividends | (72) | (72) |
Construction Advances and Contributions-Net | 278 | 612 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 804 | 1,126 |
NET CHANGES IN CASH AND CASH EQUIVALENTS | (190) | (2,240) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,879 | 3,469 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3,689 | 1,229 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: | ||
Utility Plant received as Construction Advances and Contributions | 1,131 | 1,395 |
Long-term Debt Deobligation | 534 | |
Cash Paid During the Year for: | ||
Interest | 2,594 | 2,538 |
Interest Capitalized | 94 | 62 |
Income Taxes | $ 714 | $ 3,131 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Allowance for funds used during construction | $ 94 | $ 62 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Common Stock, No Par Value | $ 154,075 | $ 153,045 |
Retained Earnings | 68,249 | 65,392 |
TOTAL COMMON EQUITY | 222,324 | 218,437 |
TOTAL PREFERRED STOCK | 2,435 | 2,436 |
SUBTOTAL LONG-TERM DEBT | 144,421 | 142,489 |
Add: Premium on Issuance of Long-term Debt | 1,388 | 1,495 |
Less: Unamortized Debt Expense | (3,216) | (3,287) |
Less: Current Portion of Long-term Debt | (6,164) | (6,159) |
TOTAL LONG-TERM DEBT | 136,429 | 134,538 |
First Mortgage Bonds - Series WW [Member] | ||
SUBTOTAL LONG-TERM DEBT | 865 | 865 |
First Mortgage Bonds - Series VV [Member] | ||
SUBTOTAL LONG-TERM DEBT | 2,386 | 2,433 |
First Mortgage Bonds - Series UU [Member] | ||
SUBTOTAL LONG-TERM DEBT | 890 | 890 |
First Mortgage Bonds - Series TT [Member] | ||
SUBTOTAL LONG-TERM DEBT | 2,358 | 2,408 |
First Mortgage Bonds - Series SS [Member] | ||
SUBTOTAL LONG-TERM DEBT | 23,000 | 23,000 |
First Mortgage Bonds - Series RR [Member] | ||
SUBTOTAL LONG-TERM DEBT | 22,500 | 22,500 |
First Mortgage Bonds - Series QQ [Member] | ||
SUBTOTAL LONG-TERM DEBT | 9,915 | 9,915 |
First Mortgage Bonds - Series PP [Member] | ||
SUBTOTAL LONG-TERM DEBT | 780 | 780 |
First Mortgage Bonds - Series OO [Member] | ||
SUBTOTAL LONG-TERM DEBT | 2,207 | 2,258 |
First Mortgage Bonds - Series NN [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,590 | 1,590 |
First Mortgage Bonds - Series MM [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,304 | 1,337 |
First Mortgage Bonds - Series LL [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,175 | 1,175 |
First Mortgage Bonds - Series JJ [Member] | ||
SUBTOTAL LONG-TERM DEBT | 824 | 824 |
First Mortgage Bonds - Series KK [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,058 | 1,078 |
First Mortgage Bonds - Series HH [Member] | ||
SUBTOTAL LONG-TERM DEBT | 960 | 960 |
First Mortgage Bonds - Series II [Member] | ||
SUBTOTAL LONG-TERM DEBT | 683 | 700 |
First Mortgage Bonds - Series GG [Member] | ||
SUBTOTAL LONG-TERM DEBT | 887 | 903 |
First Mortgage Bonds - Series EE [Member] | ||
SUBTOTAL LONG-TERM DEBT | 2,641 | 2,713 |
First Mortgage Bonds - Series FF [Member] | ||
SUBTOTAL LONG-TERM DEBT | 3,690 | 3,690 |
First Mortgage Bonds - Series BB [Member] | ||
SUBTOTAL LONG-TERM DEBT | 590 | 603 |
First Mortgage Bonds - Series CC [Member] | ||
SUBTOTAL LONG-TERM DEBT | 779 | 779 |
First Mortgage Bonds - Series AA [Member] | ||
SUBTOTAL LONG-TERM DEBT | 440 | 440 |
First Mortgage Bonds - Series Y [Member] | ||
SUBTOTAL LONG-TERM DEBT | 123 | 122 |
First Mortgage Bonds - Series Z [Member] | ||
SUBTOTAL LONG-TERM DEBT | 329 | 336 |
State Revolving Trust Note, due November 30, 2030 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,123 | 1,154 |
First Mortgage Bonds - Series X [Member] | ||
SUBTOTAL LONG-TERM DEBT | 105 | 107 |
Amortizing Secured Note, due April 20, 2040 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 10,047 | 10,267 |
State Revolving Trust Note, due July 1, 2031 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 2,133 | 2,191 |
Amortizing Secured Note 7.05%, due January 20, 2030 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 3,146 | 3,271 |
Amortizing Secured Note 5.69%, due January 20, 2030 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 6,453 | 6,709 |
State Revolving Trust Note, due August 1, 2031 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 989 | 1,015 |
Amortizing Secured Note, due April 20, 2029 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 4,127 | 4,302 |
State Revolving Trust Note, due July 1, 2028 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 266 | 276 |
State Revolving Trust Note, due January 1, 2028 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 87 | 91 |
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 213 | 213 |
State Revolving Trust Bond 0.00%, due August 1, 2021 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 162 | 166 |
State Revolving Trust Note, due January 25, 2027 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 446 | 465 |
State Revolving Trust Note, due December 1, 2026 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 578 | 603 |
State Revolving Trust Note, due May 1, 2025 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,958 | 2,062 |
State Revolving Trust Note, due March 1, 2026 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 411 | 431 |
Amortizing Secured Note, due September 19, 2031 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 3,967 | 4,107 |
State Revolving Trust Note, due December 31, 2022 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 304 | 329 |
Amortizing Secured Note, due May 19, 2028 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 4,585 | 4,795 |
Amortizing Secured Note, due August 25, 2030 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 3,687 | 3,827 |
Amortizing Secured Note, due December 20, 2021 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 1,300 | 1,415 |
Construction Loans [Member] | ||
SUBTOTAL LONG-TERM DEBT | 11,517 | 7,470 |
Amortizing Secured Note, due April 20, 2040 [Member] | ||
SUBTOTAL LONG-TERM DEBT | 3,728 | 3,809 |
Convertible Preferred Stock $7.00 Series [Member] | ||
TOTAL PREFERRED STOCK | 1,007 | 1,007 |
Convertible Preferred Stock $8.00 Series [Member] | ||
TOTAL PREFERRED STOCK | 349 | 349 |
Nonredeemable Preferred Stock $7.00 Series [Member] | ||
TOTAL PREFERRED STOCK | 79 | 80 |
Nonredeemable Preferred Stock $4.75 Series [Member] | ||
TOTAL PREFERRED STOCK | 1,000 | 1,000 |
State Revolving Trust Note, due February 1, 2036 [Member] | ||
TOTAL PREFERRED STOCK | $ 1,115 | $ 1,115 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parenthetical) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Common Stock, Shares Authorized | 40,000 | 40,000 |
Common Stock, Shares Outstanding | 16,336 | 16,296 |
Preferred Stock, Shares Authorized | 126 | 126 |
Preferred Stock, Shares Outstanding | 24 | 24 |
Convertible Preferred Stock $7.00 Series [Member] | ||
Preferred Stock, Shares Outstanding | 10 | 10 |
Convertible Preferred Stock $8.00 Series [Member] | ||
Preferred Stock, Shares Outstanding | 3 | 3 |
Nonredeemable Preferred Stock $7.00 Series [Member] | ||
Preferred Stock, Shares Outstanding | 1 | 1 |
Nonredeemable Preferred Stock $4.75 Series [Member] | ||
Preferred Stock, Shares Outstanding | 10 | 10 |
State Revolving Trust Note, due February 1, 2036 [Member] | ||
Interest rate | 2.00% | |
Due date of debt | Feb. 1, 2036 | |
Amortizing Secured Note, due May 19, 2028 [Member] | ||
Interest rate | 6.25% | |
Due date of debt | May 19, 2028 | |
Amortizing Secured Note, due August 25, 2030 [Member] | ||
Interest rate | 6.44% | |
Due date of debt | Aug. 25, 2030 | |
Amortizing Secured Note, due September 19, 2031 [Member] | ||
Interest rate | 6.46% | |
Due date of debt | Sep. 19, 2031 | |
State Revolving Trust Note, due December 31, 2022 [Member] | ||
Interest rate | 4.22% | |
Due date of debt | Dec. 31, 2022 | |
State Revolving Trust Note, due May 1, 2025 [Member] | ||
Interest rate | 3.60% | |
Due date of debt | May 1, 2025 | |
State Revolving Trust Note, due March 1, 2026 [Member] | ||
Interest rate | 3.30% | |
Due date of debt | Mar. 1, 2026 | |
State Revolving Trust Note, due January 25, 2027 [Member] | ||
Interest rate | 3.49% | |
Due date of debt | Jan. 25, 2027 | |
State Revolving Trust Note, due December 1, 2026 [Member] | ||
Interest rate | 4.03% | |
Due date of debt | Dec. 1, 2026 | |
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] | ||
Due date of debt | Aug. 1, 2021 | |
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] | Minimum [Member] | ||
Interest rate | 4.00% | |
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
State Revolving Trust Bond 0.00%, due August 1, 2021 [Member] | ||
Interest rate | 4.00% | |
Due date of debt | Aug. 1, 2021 | |
State Revolving Trust Note, due July 1, 2028 [Member] | ||
Interest rate | 3.64% | |
Due date of debt | Jul. 1, 2028 | |
State Revolving Trust Note, due January 1, 2028 [Member] | ||
Interest rate | 3.64% | |
Due date of debt | Jan. 1, 2028 | |
State Revolving Trust Note, due August 1, 2031 [Member] | ||
Interest rate | 3.45% | |
Due date of debt | Aug. 1, 2031 | |
Amortizing Secured Note, due April 20, 2029 [Member] | ||
Interest rate | 5.69% | |
Due date of debt | Apr. 20, 2029 | |
Amortizing Secured Note 7.05%, due January 20, 2030 [Member] | ||
Interest rate | 7.05% | |
Due date of debt | Jan. 20, 2030 | |
Amortizing Secured Note 5.69%, due January 20, 2030 [Member] | ||
Interest rate | 6.59% | |
Due date of debt | Jan. 20, 2030 | |
Amortizing Secured Note, due April 20, 2040 [Member] | ||
Interest rate | 4.47% | |
Due date of debt | Apr. 20, 2040 | |
State Revolving Trust Note, due July 1, 2031 [Member] | ||
Interest rate | 3.75% | |
Due date of debt | Jul. 1, 2031 | |
State Revolving Trust Note, due November 30, 2030 [Member] | ||
Interest rate | 3.75% | |
Due date of debt | Nov. 30, 2030 | |
First Mortgage Bonds - Series X [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2018 | |
First Mortgage Bonds - Series Y [Member] | ||
Due date of debt | Aug. 1, 2018 | |
First Mortgage Bonds - Series Y [Member] | Minimum [Member] | ||
Interest rate | 4.25% | |
First Mortgage Bonds - Series Y [Member] | Maximum [Member] | ||
Interest rate | 4.63% | |
First Mortgage Bonds - Series Z [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2019 | |
First Mortgage Bonds - Series AA [Member] | ||
Due date of debt | Aug. 1, 2019 | |
First Mortgage Bonds - Series AA [Member] | Minimum [Member] | ||
Interest rate | 5.25% | |
First Mortgage Bonds - Series AA [Member] | Maximum [Member] | ||
Interest rate | 5.75% | |
First Mortgage Bonds - Series BB [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2021 | |
First Mortgage Bonds - Series CC [Member] | ||
Due date of debt | Aug. 1, 2021 | |
First Mortgage Bonds - Series CC [Member] | Minimum [Member] | ||
Interest rate | 4.00% | |
First Mortgage Bonds - Series CC [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
First Mortgage Bonds - Series EE [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2023 | |
First Mortgage Bonds - Series FF [Member] | ||
Due date of debt | Aug. 1, 2024 | |
First Mortgage Bonds - Series FF [Member] | Minimum [Member] | ||
Interest rate | 3.00% | |
First Mortgage Bonds - Series FF [Member] | Maximum [Member] | ||
Interest rate | 5.50% | |
First Mortgage Bonds - Series GG [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2026 | |
First Mortgage Bonds - Series HH [Member] | ||
Due date of debt | Aug. 1, 2026 | |
First Mortgage Bonds - Series HH [Member] | Minimum [Member] | ||
Interest rate | 4.00% | |
First Mortgage Bonds - Series HH [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
First Mortgage Bonds - Series II [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2024 | |
First Mortgage Bonds - Series JJ [Member] | ||
Due date of debt | Aug. 1, 2027 | |
First Mortgage Bonds - Series JJ [Member] | Minimum [Member] | ||
Interest rate | 3.40% | |
First Mortgage Bonds - Series JJ [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
First Mortgage Bonds - Series KK [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2028 | |
First Mortgage Bonds - Series LL [Member] | ||
Due date of debt | Aug. 1, 2028 | |
First Mortgage Bonds - Series LL [Member] | Minimum [Member] | ||
Interest rate | 5.00% | |
First Mortgage Bonds - Series LL [Member] | Maximum [Member] | ||
Interest rate | 5.50% | |
First Mortgage Bonds - Series MM [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2030 | |
First Mortgage Bonds - Series NN [Member] | ||
Due date of debt | Aug. 1, 2030 | |
First Mortgage Bonds - Series NN [Member] | Minimum [Member] | ||
Interest rate | 3.00% | |
First Mortgage Bonds - Series NN [Member] | Maximum [Member] | ||
Interest rate | 4.375% | |
First Mortgage Bonds - Series OO [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2031 | |
First Mortgage Bonds - Series PP [Member] | ||
Due date of debt | Aug. 1, 2031 | |
First Mortgage Bonds - Series PP [Member] | Minimum [Member] | ||
Interest rate | 2.00% | |
First Mortgage Bonds - Series PP [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
First Mortgage Bonds - Series QQ [Member] | ||
Interest rate | 5.00% | |
Due date of debt | Oct. 1, 2023 | |
First Mortgage Bonds - Series RR [Member] | ||
Interest rate | 3.80% | |
Due date of debt | Oct. 1, 2038 | |
First Mortgage Bonds - Series SS [Member] | ||
Interest rate | 4.25% | |
Due date of debt | Oct. 1, 2047 | |
First Mortgage Bonds - Series TT [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2032 | |
First Mortgage Bonds - Series UU [Member] | ||
Due date of debt | Aug. 1, 2032 | |
First Mortgage Bonds - Series UU [Member] | Minimum [Member] | ||
Interest rate | 3.00% | |
First Mortgage Bonds - Series UU [Member] | Maximum [Member] | ||
Interest rate | 3.25% | |
First Mortgage Bonds - Series VV [Member] | ||
Interest rate | 0.00% | |
Due date of debt | Aug. 1, 2033 | |
First Mortgage Bonds - Series WW [Member] | ||
Due date of debt | Aug. 1, 2033 | |
First Mortgage Bonds - Series WW [Member] | Minimum [Member] | ||
Interest rate | 3.00% | |
First Mortgage Bonds - Series WW [Member] | Maximum [Member] | ||
Interest rate | 5.00% | |
Amortizing Secured Note, due December 20, 2021 [Member] | ||
Interest rate | 8.05% | |
Due date of debt | Dec. 20, 2021 | |
Construction Loans [Member] | ||
Interest rate | 0.00% | |
Amortizing Secured Note, due April 20, 2040 [Member] | ||
Interest rate | 4.45% | |
Due date of debt | Apr. 20, 2040 | |
State Revolving Fund Bond 0.00%, due August 1, 2021 [Member] | ||
Interest rate | 0.00% |
Basis of Presentation and Recen
Basis of Presentation and Recent Developments | 6 Months Ended |
Jun. 30, 2017 | |
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), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2016 Annual Report on Form 10-K (the 2016 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 June 30, 2017, the results of operations for the three and six month periods ended June 30, 2017 and 2016 and cash flows for the six month periods ended June 30, 2017 and 2016. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2016, has been derived from the Company’s audited financial statements for the year ended December 31, 2016 included in the 2016 Form 10-K. Recent Accounting Guidance Inventory Accounting for Share-Based Payments - Revenue Recognition Recognition and Measurement of Financial Assets and Financial Liabilities Leases - Statement of Cash Flows - Restricted Cash - Employee Benefit Plans-Net Periodic Benefit Cost – There are no other 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 | 6 Months Ended |
Jun. 30, 2017 | |
Regulated Operations [Abstract] | |
Rate and Regulatory Matters | Note 2 Rate and Regulatory Matters Middlesex- Tidewater - |
Capitalization
Capitalization | 6 Months Ended |
Jun. 30, 2017 | |
CAPITALIZATION: | |
Capitalization | Note 3 – Capitalization Common Stock During the six months ended June 30, 2017 and 2016, there were 15,954 common shares (approximately $0.6 million) and 26,434 common shares (approximately $0.8 million), respectively, issued under the Middlesex Water Company Investment Plan. Long-term Debt In January 2017, the NJBPU approved Middlesex’s request to borrow up to $37.0 million under the New Jersey State Revolving Fund (SRF) program to fund the construction of a large-diameter transmission pipeline from the Carl J. Olsen water treatment plant and interconnect with our distribution system. Middlesex currently expects to close on the SRF construction loan in the first quarter of 2018 with funding requisitions occurring primarily throughout 2018 and 2019. In January 2017, the NJBPU approved Middlesex’s request to borrow up to $10.0 million under the New Jersey SRF program to fund the 2017 RENEW Program, which is an ongoing initiative to eliminate all unlined water distribution mains in the Middlesex system. Middlesex expects to close on the SRF construction loan in August 2017 with funding requisitions occurring primarily throughout the remainder of 2017. Middlesex closed on a $2.3 million NJBPU approved SRF construction loan in May 2017. The proceeds will be used to fund the upgrade of a booster station at one of its well fields. Funding requisitions are expected to occur through May 2018. 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, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows: June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Bonds $ 82,454 $ 84,552 $82,786 $84,821 For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $62.0 million and $59.7 million at June 30, 2017 and December 31, 2016, respectively. Customer advances for construction have carrying amounts of $20.9 million and $20.8 million at June 30, 2017 and December 31, 2016, 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series. (In Thousands Except per Share Amounts) Three Months Ended June 30, 2017 2016 Basic: Income Shares Income Shares Net Income $ 5,381 16,332 $ 5,919 16,271 Preferred Dividend (36 ) (36 ) Earnings Applicable to Common Stock $ 5,345 16,332 $ 5,883 16,271 Basic EPS $ 0.33 $ 0.36 Diluted: Earnings Applicable to Common Stock $ 5,345 16,332 $ 5,883 16,271 $7.00 Series Preferred Dividend 17 115 17 115 $8.00 Series Preferred Dividend 6 41 6 41 Adjusted Earnings Applicable to Common Stock $ 5,368 16,488 $ 5,906 16,427 Diluted EPS $ 0.33 $ 0.36 (In Thousands Except per Share Amounts) Six Months Ended June 30, 2017 2016 Basic: Income Shares Income Shares Net Income $ 9,822 16,316 $ 10,709 16,252 Preferred Dividend (72 ) (72 ) Earnings Applicable to Common Stock $ 9,750 16,316 $ 10,637 16,252 Basic EPS $ 0.60 $ 0.65 Diluted: Earnings Applicable to Common Stock $ 9,750 16,316 $ 10,637 16,252 $7.00 Series Preferred Dividend 34 115 34 115 $8.00 Series Preferred Dividend 12 41 12 41 Adjusted Earnings Applicable to Common Stock $ 9,796 16,472 $ 10,683 16,408 Diluted EPS $ 0.59 $ 0.65 |
Business Segment Data
Business Segment Data | 6 Months Ended |
Jun. 30, 2017 | |
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, Delaware and Pennsylvania. 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, Delaware and Pennsylvania 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: 2017 2016 2017 2016 Revenues: Regulated $ 29,278 $ 28,859 $ 55,771 $ 55,808 Non – Regulated 3,863 4,002 7,613 7,736 Inter-segment Elimination (127 ) (136 ) (239 ) (240 ) Consolidated Revenues $ 33,014 $ 32,725 $ 63,145 $ 63,304 Operating Income: Regulated $ 8,877 $ 9,694 $ 16,097 $ 17,426 Non – Regulated 686 634 1,246 1,204 Consolidated Operating Income $ 9,563 $ 10,328 $ 17,343 $ 18,630 Net Income: Regulated $ 4,972 $ 5,583 $ 9,111 $ 10,073 Non – Regulated 409 336 711 636 Consolidated Net Income $ 5,381 $ 5,919 $ 9,822 $ 10,709 Capital Expenditures: Regulated $ 11,588 $ 13,290 $ 21,160 $ 19,950 Non – Regulated — 149 5 161 Total Capital Expenditures $ 11,588 $ 13,439 $ 21,165 $ 20,111 As of As of June 30, December 31, 2017 2016 Assets: Regulated $ 642,726 $ 619,915 Non – Regulated 6,681 6,245 Inter-segment Elimination (10,677 ) (5,999 ) Consolidated Assets $ 638,730 $ 620,161 |
Short-term Borrowings
Short-term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Short-term Debt [Abstract] | |
Short-term Borrowings | Note 6 – Short-term Borrowings As of June 30, 2017, the Company has established lines of credit aggregating $60.0 million. At June 30, 2017, the outstanding borrowings under these credit lines were $17.0 million at a weighted average interest rate of 2.22%. The weighted average daily amounts of borrowings outstanding under the Company’s 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, 2017 2016 2017 2016 Average Daily Amounts Outstanding $ 15,582 $ 3,769 $ 14,221 $ 3,368 Weighted Average Interest Rates 2.08% 1.52% 1.95% 1.48% The maturity dates for the $17.0 million outstanding as of June 30, 2017 are all in July 2017 and are extendable at the discretion of the Company. Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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 27.0 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds. Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases. Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually. Purchased water costs are shown below: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Treated $ 795 $ 754 $ 1,574 $ 1,555 Untreated 573 570 1,232 1,236 Total Costs $ 1,368 $ 1,324 $ 2,806 $ 2,791 Contract Operations - Guarantees - If requested to perform under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of both June 30, 2017 and December 31, 2016, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $0.1 million. Construction The Company has budgeted approximately $60 million for its construction program in 2017. The actual timing and amount of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects. Litigation The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements. Change in Control Agreements The Company has Change in Control Agreements with certain of its 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 | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 8 – Employee Benefit Plans Pension Benefits The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three and six month periods ended June 30, 2017 and 2016, the Company made Pension Plan cash contributions of $1.0 million and $1.5 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $1.8 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 $0.3 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 of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three and six month periods ended June 30, 2017 and 2016, the Company made Other Benefits Plan cash contributions of $0.2 million and $0.5 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $1.2 million over the remainder of the current year. The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans: (In Thousands) Pension Benefits Other Benefits Three Months Ended June 30, 2017 2016 2017 2016 Service Cost $ 600 $ 577 $ 272 $ 275 Interest Cost 786 761 491 488 Expected Return on Assets (1,122 ) (1,004 ) (601 ) (558 ) Amortization of Unrecognized Losses 391 357 445 443 Amortization of Unrecognized Prior Service Cost (Credit) — — (432 ) (432 ) Net Periodic Benefit Cost $ 655 $ 691 $ 175 $ 216 (In Thousands) Pension Benefits Other Benefits Six Months Ended June 30, 2017 2016 2017 2016 Service Cost $ 1,200 $ 1,154 $ 544 $ 550 Interest Cost 1,572 1,523 982 976 Expected Return on Assets (2,245 ) (2,007 ) (1,203 ) (1,116 ) Amortization of Unrecognized Losses 783 713 890 886 Amortization of Unrecognized Prior Service Cost (Credit) — — (864 ) (864 ) Net Periodic Benefit Cost $ 1,310 $ 1,383 $ 349 $ 432 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) regulations pertaining to the tax deductibility of costs that qualify as repairs on tangible property. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received refunds pertaining to tax years 2012 through 2014 in accordance with IRS regulations. Subsequently, the Company’s 2014 federal income tax return was selected for examination by the IRS. It is unknown at this time whether the results of this examination will result in any changes to the filed Federal income tax return. |
Capitalization (Tables)
Capitalization (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
CAPITALIZATION: | |
Schedule of carrying amount and fair value of bonds | June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Bonds $ 82,454 $ 84,552 $82,786 $84,821 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series. (In Thousands Except per Share Amounts) Three Months Ended June 30, 2017 2016 Basic: Income Shares Income Shares Net Income $ 5,381 16,332 $ 5,919 16,271 Preferred Dividend (36 ) (36 ) Earnings Applicable to Common Stock $ 5,345 16,332 $ 5,883 16,271 Basic EPS $ 0.33 $ 0.36 Diluted: Earnings Applicable to Common Stock $ 5,345 16,332 $ 5,883 16,271 $7.00 Series Preferred Dividend 17 115 17 115 $8.00 Series Preferred Dividend 6 41 6 41 Adjusted Earnings Applicable to Common Stock $ 5,368 16,488 $ 5,906 16,427 Diluted EPS $ 0.33 $ 0.36 (In Thousands Except per Share Amounts) Six Months Ended June 30, 2017 2016 Basic: Income Shares Income Shares Net Income $ 9,822 16,316 $ 10,709 16,252 Preferred Dividend (72 ) (72 ) Earnings Applicable to Common Stock $ 9,750 16,316 $ 10,637 16,252 Basic EPS $ 0.60 $ 0.65 Diluted: Earnings Applicable to Common Stock $ 9,750 16,316 $ 10,637 16,252 $7.00 Series Preferred Dividend 34 115 34 115 $8.00 Series Preferred Dividend 12 41 12 41 Adjusted Earnings Applicable to Common Stock $ 9,796 16,472 $ 10,683 16,408 Diluted EPS $ 0.59 $ 0.65 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | 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: 2017 2016 2017 2016 Revenues: Regulated $ 29,278 $ 28,859 $ 55,771 $ 55,808 Non – Regulated 3,863 4,002 7,613 7,736 Inter-segment Elimination (127 ) (136 ) (239 ) (240 ) Consolidated Revenues $ 33,014 $ 32,725 $ 63,145 $ 63,304 Operating Income: Regulated $ 8,877 $ 9,694 $ 16,097 $ 17,426 Non – Regulated 686 634 1,246 1,204 Consolidated Operating Income $ 9,563 $ 10,328 $ 17,343 $ 18,630 Net Income: Regulated $ 4,972 $ 5,583 $ 9,111 $ 10,073 Non – Regulated 409 336 711 636 Consolidated Net Income $ 5,381 $ 5,919 $ 9,822 $ 10,709 Capital Expenditures: Regulated $ 11,588 $ 13,290 $ 21,160 $ 19,950 Non – Regulated — 149 5 161 Total Capital Expenditures $ 11,588 $ 13,439 $ 21,165 $ 20,111 As of As of June 30, December 31, 2017 2016 Assets: Regulated $ 642,726 $ 619,915 Non – Regulated 6,681 6,245 Inter-segment Elimination (10,677 ) (5,999 ) Consolidated Assets $ 638,730 $ 620,161 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Short-term Borrowings Tables | |
Schedule of Credit Lines | (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Average Daily Amounts Outstanding $ 15,582 $ 3,769 $ 14,221 $ 3,368 Weighted Average Interest Rates 2.08% 1.52% 1.95% 1.48% |
Commitments and Contingent Li21
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of purchased water cost | Purchased water costs are shown below: (In Thousands) Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Treated $ 795 $ 754 $ 1,574 $ 1,555 Untreated 573 570 1,232 1,236 Total Costs $ 1,368 $ 1,324 $ 2,806 $ 2,791 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of periodic costs for employee retirement benefit plan | The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans: (In Thousands) Pension Benefits Other Benefits Three Months Ended June 30, 2017 2016 2017 2016 Service Cost $ 600 $ 577 $ 272 $ 275 Interest Cost 786 761 491 488 Expected Return on Assets (1,122 ) (1,004 ) (601 ) (558 ) Amortization of Unrecognized Losses 391 357 445 443 Amortization of Unrecognized Prior Service Cost (Credit) — — (432 ) (432 ) Net Periodic Benefit Cost $ 655 $ 691 $ 175 $ 216 (In Thousands) Pension Benefits Other Benefits Six Months Ended June 30, 2017 2016 2017 2016 Service Cost $ 1,200 $ 1,154 $ 544 $ 550 Interest Cost 1,572 1,523 982 976 Expected Return on Assets (2,245 ) (2,007 ) (1,203 ) (1,116 ) Amortization of Unrecognized Losses 783 713 890 886 Amortization of Unrecognized Prior Service Cost (Credit) — — (864 ) (864 ) Net Periodic Benefit Cost $ 1,310 $ 1,383 $ 349 $ 432 |
Rate and Regulatory Matters (De
Rate and Regulatory Matters (Details) - Tidewater Utilities Inc [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Regulatory Liabilities [Line Items] | |
Originally filed increase in annual operating revenue | $ 1,200 |
Projected annual revenue | $ 400 |
Capitalization (Narrative) (Det
Capitalization (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Capitalization [Line Items] | |||
Issuance of shares under the DRP, shares | 15,954 | 26,434 | |
Issuance of shares under the DRP | $ 600 | $ 800 | |
Other long term debt | 62,000 | $ 59,700 | |
Customer advances | 20,862 | $ 20,846 | |
New Jersey SRF Program [Member] | |||
Schedule of Capitalization [Line Items] | |||
Maximum borrowing amount | 37,000 | ||
Maximum borrowing capacity, construction loan | 2,300 | ||
New Jersey SRF Program [Member] | 2017 Renew Program [Member] | |||
Schedule of Capitalization [Line Items] | |||
Maximum borrowing amount | $ 10,000 |
Capitalization (Schedule of Car
Capitalization (Schedule of Carrying Amount and Fair Value of Bonds) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
First Mortgage Bonds | $ 82,454 | $ 82,786 |
Fair Value [Member] | ||
First Mortgage Bonds | $ 84,552 | $ 84,821 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic: | ||||
Net Income | $ 5,381 | $ 5,919 | $ 9,822 | $ 10,709 |
Preferred Dividend | (36) | (36) | (72) | (72) |
Earnings Applicable to Common Stock | $ 5,345 | $ 5,883 | $ 9,750 | $ 10,637 |
Basic EPS | $ 0.33 | $ 0.36 | $ 0.60 | $ 0.65 |
Weighted average number of basic shares outstanding | 16,332 | 16,271 | 16,316 | 16,252 |
Diluted: | ||||
Adjusted Earnings Applicable to Common Stock | $ 5,368 | $ 5,906 | $ 9,796 | $ 10,683 |
Diluted EPS | $ 0.33 | $ 0.36 | $ 0.59 | $ 0.65 |
Weighted average number of diluted shares outstanding | 16,488 | 16,427 | 16,472 | 16,408 |
Convertible Preferred Stock $7.00 Series [Member] | ||||
Diluted: | ||||
Preferred Dividend | $ 17 | $ 17 | $ 12 | $ 12 |
Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 115 | 115 | 41 | 41 |
Convertible Preferred Stock $8.00 Series [Member] | ||||
Diluted: | ||||
Preferred Dividend | $ 6 | $ 6 | $ 34 | $ 34 |
Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 41 | 41 | 115 | 115 |
Business Segment Data (Details)
Business Segment Data (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | 2 | ||||
Operating Revenues | $ 33,014 | $ 32,725 | $ 63,145 | $ 63,304 | |
Operating Income | 9,563 | 10,328 | 17,343 | 18,630 | |
Net Income | 5,381 | 5,919 | 9,822 | 10,709 | |
Capital Expenditures | 1,588 | 13,439 | 21,165 | 20,111 | |
Assets | 638,730 | 638,730 | $ 620,161 | ||
Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 29,278 | 28,859 | 55,771 | 55,808 | |
Operating Income | 8,877 | 9,694 | 16,097 | 17,426 | |
Net Income | 4,972 | 5,583 | 9,111 | 10,073 | |
Capital Expenditures | 11,588 | 13,290 | 21,160 | 19,950 | |
Assets | 642,726 | 642,726 | 619,915 | ||
Non - Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 3,863 | 4,002 | 7,613 | 7,736 | |
Operating Income | 686 | 634 | 1,246 | 1,204 | |
Net Income | 409 | 336 | 711 | 636 | |
Capital Expenditures | 149 | 5 | 161 | ||
Assets | 6,681 | 6,681 | 6,245 | ||
Inter-segment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (127) | $ (136) | (239) | $ (240) | |
Assets | $ (10,677) | $ (10,677) | $ (5,999) |
Short-term Borrowings (Details)
Short-term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Lines Of Credit Facility | ||||
Established lines of credit | $ 60,000 | $ 60,000 | ||
Established lines of credit, amount outstanding | $ 17,000 | $ 17,000 | ||
Weighted average interest rate at period end | 2.22% | 2.22% | ||
Average Daily Amounts Outstanding | $ 15,582 | $ 3,769 | $ 14,221 | $ 3,368 |
Weighted Average Interest Rates | 2.08% | 1.52% | 1.95% | 1.48% |
Commitments and Contingent Li29
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Guaranty liabilty for AWM's performance | $ 100 | $ 100 |
Budgeted construction cost for construction program, 2017 | $ 60,000 |
Commitments and Contingent Li30
Commitments and Contingent Liabilities (Schedule of Purchased Water Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Purchased Water | ||||
Treated | $ 795 | $ 754 | $ 1,574 | $ 1,555 |
Untreated | 573 | 570 | 1,232 | 1,236 |
Total Costs | $ 1,368 | $ 1,324 | $ 2,806 | $ 2,791 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Annual benefits paid to retired participants | $ 300 | |||
Other Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benfit plan, cash contributions | $ 200 | $ 500 | 200 | $ 500 |
Expected cash contributions | 1,200 | 1,200 | ||
Pension Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benfit plan, cash contributions | 1,000 | $ 1,500 | 1,000 | $ 1,500 |
Expected cash contributions | $ 1,800 | $ 1,800 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Benefits Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Benefit Plan [Member] | ||||
Periodic costs for employee retirement benefit plans | ||||
Service Cost | $ 600 | $ 577 | $ 1,200 | $ 1,154 |
Interest Cost | 786 | 761 | 1,572 | 1,523 |
Expected Return on Assets | (1,122) | (1,004) | (2,245) | (2,007) |
Amortization of Unrecognized Losses | 391 | 357 | 783 | 713 |
Amortization of Unrecognized Prior Service Credit | ||||
Net Periodic Benefit Cost | 655 | 691 | 1,310 | 1,383 |
Other Benefits Plan [Member] | ||||
Periodic costs for employee retirement benefit plans | ||||
Service Cost | 272 | 275 | 544 | 550 |
Interest Cost | 491 | 488 | 982 | 976 |
Expected Return on Assets | (601) | (558) | (1,203) | (1,116) |
Amortization of Unrecognized Losses | 445 | 443 | 890 | 886 |
Amortization of Unrecognized Prior Service Credit | (432) | (432) | (864) | (864) |
Net Periodic Benefit Cost | $ 175 | $ 216 | $ 349 | $ 432 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Tax Year 2014 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net reduction in taxes due to the federal government | $ 17,600 |