Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000066004 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-422 | ||
Entity Registrant Name | MIDDLESEX WATER COMPANY | ||
Entity Incorporation State Country Code | NJ | ||
Entity Tax Identification Number | 22-1114430 | ||
Entity Address, Address Line One | 485C Route 1 South | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Iselin | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08830 | ||
City Area Code | 732 | ||
Local Phone Number | 634-1500 | ||
Title of 12(b) Security | Common Stock, No Par Value | ||
Trading Symbol | MSEX | ||
Name of Exchange on which Security is Registered | NASDAQ | ||
Entity a Well-known Seasoned Issuer | Yes | ||
Entity a Voluntary Filer | No | ||
Entity Reporting Status Current | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,392,996,885 | ||
Entity Common Stock, Shares Outstanding | 17,535,572 | ||
Documents Incorporated By Reference Text Block | Proxy Statement to be filed in connection with the Registrant’s Annual Meeting of Stockholders to be held on May 23, 2022, which will be filed with the Securities and Exchange Commission within 120 days of the end of our 2021 fiscal year, is incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described herein. | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Location | Philadelphia, PA | ||
Auditor Firm Id | 23 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Operating Revenues | $ 143,141 | $ 141,592 | $ 134,598 |
Operating Expenses: | |||
Operations and Maintenance | 73,671 | 70,796 | 67,980 |
Depreciation | 21,109 | 18,472 | 16,716 |
Other Taxes | 15,150 | 14,904 | 14,382 |
Total Operating Expenses | 109,930 | 104,172 | 99,078 |
Operating Income | 33,211 | 37,420 | 35,520 |
Other Income (Expense): | |||
Allowance for Funds Used During Construction | 2,653 | 4,016 | 3,146 |
Other Income (Expense), net | 3,305 | 363 | (654) |
Total Other Income, net | 5,958 | 4,379 | 2,492 |
Interest Charges | 8,114 | 7,493 | 7,264 |
Income before Income Taxes | 31,055 | 34,306 | 30,748 |
Income Taxes | (5,488) | (4,119) | (3,140) |
Net Income | 36,543 | 38,425 | 33,888 |
Preferred Stock Dividend Requirements | 120 | 120 | 132 |
Earnings Applicable to Common Stock | $ 36,423 | $ 38,305 | $ 33,756 |
Earnings per share of Common Stock: | |||
Basic | $ 2.08 | $ 2.19 | $ 2.02 |
Diluted | $ 2.07 | $ 2.18 | $ 2.01 |
Average Number of Common Shares Outstanding : | |||
Basic | 17,492 | 17,459 | 16,685 |
Diluted | 17,607 | 17,574 | 16,829 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
UTILITY PLANT: | ||
Water Production | $ 247,286 | $ 168,080 |
Transmission and Distribution | 697,200 | 648,763 |
General | 95,658 | 85,056 |
Construction Work in Progress | 24,947 | 80,055 |
TOTAL | 1,065,091 | 981,954 |
Less Accumulated Depreciation | 199,723 | 185,356 |
UTILITY PLANT - NET | 865,368 | 796,598 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | 3,533 | 4,491 |
Accounts Receivable, net of allowance for uncollectible accounts of $2,574 and $2,053, respectively | 15,311 | 14,569 |
Unbilled Revenues | 7,273 | 7,065 |
Materials and Supplies (at average cost) | 5,358 | 5,112 |
Prepayments | 2,880 | 2,886 |
TOTAL CURRENT ASSETS | 34,355 | 34,123 |
Operating Lease Right of Use Asset | 4,503 | 5,209 |
Preliminary Survey and Investigation Charges | 3,540 | 5,192 |
Regulatory Assets | 100,738 | 118,144 |
Restricted Cash | 5,913 | |
Non-utility Assets - Net | 11,428 | 11,207 |
Other | 83 | 84 |
TOTAL OTHER ASSETS | 120,292 | 145,749 |
TOTAL ASSETS | 1,020,015 | 976,470 |
CAPITALIZATION: | ||
Common Stock, No Par Value | 221,919 | 217,451 |
Retained Earnings | 145,807 | 128,757 |
TOTAL COMMON EQUITY | 367,726 | 346,208 |
Preferred Stock | 2,084 | 2,084 |
Long-term Debt | 306,520 | 273,244 |
TOTAL CAPITALIZATION | 676,330 | 621,536 |
CURRENT LIABILITIES: | ||
Current Portion of Long-term Debt | 6,731 | 7,255 |
Notes Payable | 13,000 | 2,000 |
Accounts Payable | 21,125 | 30,443 |
Accrued Taxes | 8,621 | 10,138 |
Accrued Interest | 1,986 | 2,137 |
Unearned Revenues and Advanced Service Fees | 1,330 | 1,255 |
Other | 3,826 | 3,620 |
TOTAL CURRENT LIABILITIES | 56,619 | 56,848 |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 4) | ||
OTHER LIABILITIES: | ||
Customer Advances for Construction | 23,529 | 23,404 |
Lease Obligations | 4,367 | 5,042 |
Accumulated Deferred Income Taxes | 69,500 | 61,297 |
Employee Benefit Plans | 11,290 | 34,426 |
Regulatory Liabilities | 49,431 | 60,792 |
Other | 1,086 | 1,135 |
TOTAL OTHER LIABILITIES | 159,203 | 186,096 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 127,863 | 111,990 |
TOTAL CAPITALIZATION AND LIABILITIES | $ 1,020,015 | $ 976,470 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||
Allowance for uncollectible accounts | $ 2,574 | $ 2,053 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 36,543 | $ 38,425 | $ 33,888 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 26,799 | 20,838 | 17,232 |
Provision for Deferred Income Taxes | (10,989) | (13,490) | (11,719) |
Equity Portion of Allowance for Funds Used During Construction (AFUDC) | (1,505) | (2,503) | (1,997) |
Cash Surrender Value of Life Insurance | (136) | (391) | (252) |
Stock Compensation Expense | 1,338 | 1,096 | 637 |
Changes in Assets and Liabilities: | |||
Accounts Receivable | (742) | (2,661) | (146) |
Unbilled Revenues | (208) | 118 | 110 |
Materials & Supplies | (246) | 333 | (34) |
Prepayments | 6 | (519) | 277 |
Accounts Payable | (9,318) | 7,137 | 3,981 |
Accrued Taxes | (1,517) | 2,503 | (6,595) |
Accrued Interest | (151) | 106 | 742 |
Employee Benefit Plans | (2,645) | (1,377) | (1,112) |
Unearned Revenue & Advanced Service Fees | 75 | 44 | 175 |
Other Assets and Liabilities | (4,276) | 3,696 | 866 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 33,028 | 53,355 | 36,053 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Utility Plant Expenditures, Including AFUDC of $1,148 in 2021, $1,513 in 2020 and $1,149 in 2019 | (79,378) | (105,619) | (89,125) |
NET CASH USED IN INVESTING ACTIVITIES | (79,378) | (105,619) | (89,125) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Redemption of Long-term Debt | (52,691) | (7,472) | (7,343) |
Proceeds from Issuance of Long-term Debt | 86,595 | 50,316 | 78,967 |
Proceeds from Premium Issuance of Long-term Debt | 7,083 | ||
Net Short-term Bank Borrowings | 11,000 | (18,000) | (28,500) |
Deferred Debt Issuance Expense | (994) | (148) | (769) |
Common Stock Issuance Expense | (37) | (357) | |
Proceeds from Issuance of Common Stock | 3,837 | 1,230 | 56,784 |
Payment of Common Dividends | (19,373) | (18,178) | (16,165) |
Payment of Preferred Dividends | (120) | (120) | (132) |
Construction Advances and Contributions-Net | 11,225 | 8,578 | 4,342 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 39,479 | 16,169 | 93,910 |
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (6,871) | (36,095) | 40,838 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 10,404 | 46,499 | 5,661 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 3,533 | 10,404 | 46,499 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: | |||
Utility Plant received as Construction Advances and Contributions | 4,750 | 5,080 | 7,770 |
Long-term Debt Deobligation | 64 | 258 | 130 |
Cash Paid During the Year for: | |||
Interest | 8,546 | 7,644 | 6,938 |
Interest Capitalized | 1,148 | 1,513 | 1,149 |
Income Taxes | $ 3,335 | $ 2,509 | $ 10,339 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Allowance for funds used during construction | $ 1,148 | $ 1,513 | $ 1,149 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, No Par Value | $ 221,919 | $ 217,451 |
Retained Earnings | 145,807 | 128,757 |
TOTAL COMMON EQUITY | 367,726 | 346,208 |
TOTAL PREFERRED STOCK | 2,084 | 2,084 |
SUBTOTAL LONG-TERM DEBT | 311,146 | 277,241 |
Add: Premium on Issuance of Long-term Debt | 7,271 | 7,669 |
Less: Unamortized Debt Expense | (5,166) | (4,411) |
Less: Current Portion of Long-term Debt | (6,731) | (7,255) |
TOTAL LONG-TERM DEBT | 306,520 | 273,244 |
Convertible Preferred Stock $7.00 Series | ||
TOTAL PREFERRED STOCK | 1,005 | 1,005 |
Nonredeemable Preferred Stock $7.00 Series | ||
TOTAL PREFERRED STOCK | 79 | 79 |
Nonredeemable Preferred Stock $4.75 Series [Member] | ||
TOTAL PREFERRED STOCK | 1,000 | 1,000 |
First Mortgage Bonds [Member] | ||
SUBTOTAL LONG-TERM DEBT | 203,892 | 187,667 |
Amortizing Secured Notes [Member] | ||
SUBTOTAL LONG-TERM DEBT | 47,613 | 30,643 |
State Revolving Trust Notes [Member] | ||
SUBTOTAL LONG-TERM DEBT | 7,510 | 8,384 |
State Revolving Fund Bond [Member] | ||
SUBTOTAL LONG-TERM DEBT | 11 | |
Construction Loans [Member] | ||
SUBTOTAL LONG-TERM DEBT | $ 52,131 | $ 50,536 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Shares Authorized | 40,000 | 40,000 |
Common Stock, Shares Outstanding | 17,522 | 17,473 |
Preferred Stock, Shares Authorized | 120 | 120 |
Preferred Stock, Shares Outstanding | 20 | 20 |
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 $4.75 Series [Member] | ||
Preferred Stock, Shares Outstanding | 10 | 10 |
First Mortgage Bonds due 2023-2059 [Member] | ||
Long term debt maturity period | 2023-2059 | |
First Mortgage Bonds due 2023-2059 [Member] | Minimum [Member] | ||
Interest rate | 0.00% | |
First Mortgage Bonds due 2023-2059 [Member] | Maximum [Member] | ||
Interest rate | 5.50% | |
Amortizing Secured Notes due 2028-2046 [Member] | ||
Long term debt maturity period | 2028-2046 | |
Amortizing Secured Notes due 2028-2046 [Member] | Minimum [Member] | ||
Interest rate | 3.94% | |
Amortizing Secured Notes due 2028-2046 [Member] | Maximum [Member] | ||
Interest rate | 7.05% | |
State Revolving Trust Notes due 2022-2038 [Member] | ||
Long term debt maturity period | 2022-2038 | |
State Revolving Trust Notes due 2022-2038 [Member] | Minimum [Member] | ||
Interest rate | 2.00% | |
State Revolving Trust Notes due 2022-2038 [Member] | Maximum [Member] | ||
Interest rate | 4.22% | |
State Revolving Fund Bond due 2021 [Member] | ||
Interest rate | 0.00% | |
Long term debt maturity period | 2021 | |
Construction Loans [Member] | ||
Interest rate | 0.00% |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2018 | $ 157,354 | $ 91,433 | $ 248,787 |
Balance, shares at Dec. 31, 2018 | 16,403 | ||
Net Income | 33,888 | 33,888 | |
Dividend Reinvestment & Common Stock Purchase Plan | $ 12,738 | 12,738 | |
Dividend Reinvestment & Common Stock Purchase Plan, shares | 226 | ||
Restricted Stock Award, Net - Employees | $ 907 | 907 | |
Restricted Stock Award, Net - Employees, shares | 18 | ||
Stock Award - Board Of Directors | $ 196 | 196 | |
Stock Award - Board Of Directors, shares | 4 | ||
Shares Forefeited | $ (466) | (466) | |
Shares Forfeited, shares | (18) | ||
Conversion of Convertible Preferred Stock | $ 350 | 350 | |
Conversion of Convertible Preferred Stock, shares | 41 | ||
Issuance of Common Stock | $ 44,046 | 44,046 | |
Issuance of Common Stock, shares | 760 | ||
Cash Dividends on Common Stock | (16,165) | (16,165) | |
Cash Dividends on Preferred Stock | (132) | (132) | |
Common Stock Expenses | (357) | (357) | |
Balance at Dec. 31, 2019 | $ 215,125 | 108,667 | 323,792 |
Balance, shares at Dec. 31, 2019 | 17,434 | ||
Net Income | 38,425 | 38,425 | |
Dividend Reinvestment & Common Stock Purchase Plan | $ 1,230 | 1,230 | |
Dividend Reinvestment & Common Stock Purchase Plan, shares | 19 | ||
Restricted Stock Award, Net - Employees | $ 851 | 851 | |
Restricted Stock Award, Net - Employees, shares | 16 | ||
Stock Award - Board Of Directors | $ 245 | 245 | |
Stock Award - Board Of Directors, shares | 4 | ||
Cash Dividends on Common Stock | (18,178) | (18,178) | |
Cash Dividends on Preferred Stock | (120) | (120) | |
Common Stock Expenses | (37) | (37) | |
Balance at Dec. 31, 2020 | $ 217,451 | 128,757 | 346,208 |
Balance, shares at Dec. 31, 2020 | 17,473 | ||
Net Income | 36,543 | 36,543 | |
Dividend Reinvestment & Common Stock Purchase Plan | $ 3,837 | 3,837 | |
Dividend Reinvestment & Common Stock Purchase Plan, shares | 40 | ||
Restricted Stock Award, Net - Employees | $ 350 | 350 | |
Restricted Stock Award, Net - Employees, shares | 6 | ||
Stock Award - Board Of Directors | $ 281 | 281 | |
Stock Award - Board Of Directors, shares | 3 | ||
Cash Dividends on Common Stock | (19,373) | (19,373) | |
Cash Dividends on Preferred Stock | (120) | (120) | |
Balance at Dec. 31, 2021 | $ 221,919 | $ 145,807 | $ 367,726 |
Balance, shares at Dec. 31, 2021 | 17,522 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends paid, per share | $ 0.2900 | $ 0.2725 | $ 0.2725 | $ 0.2725 | $ 0.2725 | $ 0.2563 | $ 0.2563 | $ 0.2563 | $ 1.108 | $ 1.041 | $ 0.976 |
Organization, Summary of Signif
Organization, Summary of Significant Accounting Policies and Recent Developments | 12 Months Ended |
Dec. 31, 2021 | |
Organization Summary Of Significant Accounting Policies And Recent Developments [Abstract] | |
Organization, Summary of Significant Accounting Policies and Recent Developments | Note 1 - Organization, Summary of Significant Accounting Policies and Recent Developments (a) Organization Middlesex Water Company has operated as a water utility in New Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey and Delaware by the New Jersey Board of Public Utilities (NJBPU) and the Delaware Public Service Commission (DEPSC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities. (b) Principles of Consolidation - (c) System of Accounts - (d) Regulatory Accounting Regulated Operations In accordance with ASC 980, Regulated Operations Rate and Regulatory Matters (e) Retirement Benefit Plans 46 Index The Company’s costs for providing retirement benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience. Retirement benefit plan obligations and expense are determined based on investment performance, discount rates and various other demographic factors related to the population participating in the Company’s retirement benefit plans, all of which can change significantly in future years. For more information on the Company’s Retirement Benefit Plans, see Note 7 – Employee Benefit Plans (f) Utility Plant - (g) Depreciation - Source of Supply 1.15% - 3.44% Transmission and Distribution (T&D): Pumping 2.00% - 5.39% T&D – Mains 1.10% - 3.13% Water Treatment 1.65% - 7.09% T&D – Services 2.12% - 3.16% General Plant 2.08% - 17.84% T&D – Other 1.61% - 4.63% Wastewater Collection 1.42% - 1.81% Non-regulated fixed assets consist primarily of office buildings, furniture and fixtures, and transportation equipment. These assets are recorded at original cost and depreciation is calculated based on the estimated useful lives, ranging from 3 to 42 years. (h) Preliminary Survey and Investigation (PS&I) Costs - (i) Customers’ Advances for Construction (CAC) - Contributions in Aid of Construction (CIAC) In accordance with regulatory requirements, CAC and CIAC are not depreciated. In addition, these amounts reduce the investment base for purposes of setting rates. (j) Allowance for Funds Used During Construction (AFUDC) 2021 2020 2019 Middlesex 6.50% 6.50% 6.50% Tidewater 7.92% 7.92% 7.92% 47 Index (k) Accounts Receivable Note 1 (s), COVID-19 (l) Revenues The Company’s regulated revenue 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 to 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 2030 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. 48 Index The Company’s operating revenues are comprised of the following: (In Thousands) Years Ended December 31, 2021 2020 2019 Regulated Tariff Sales Residential $ 77,699 $ 76,798 $ 71,487 Commercial 16,715 15,448 15,198 Industrial 8,990 9,512 9,390 Fire Protection 12,608 12,374 12,291 Wholesale 14,590 15,187 14,319 Non-Regulated Contract Operations 12,391 12,130 11,773 Total Revenue from Contracts with Customers $ 142,993 $ 141,449 $ 134,458 Other Regulated Revenues 929 532 393 Other Non-Regulated Revenues 427 415 404 Inter-segment Elimination (1,208 ) (804 ) (657 ) Total Revenue $ 143,141 $ 141,592 $ 134,598 (m) Unamortized Debt Expense and Premiums on Long-Term Debt (n) Income Taxes Income Taxes (o) Cash and Cash Equivalents (p) Restricted Cash (q) Use of Estimates (r) Recent Accounting Pronouncements (s) COVID-19 Pandemic 49 Index The NJBPU and the DEPSC have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Neither jurisdiction has established a timetable or definitive formal procedures for seeking cost recovery. Since March 2020, the Company has increased its allowance for doubtful accounts for expected increases in accounts receivable write-offs due to the financial impact of COVID-19 on customers. The Company has not deferred any COVID-19 related incremental costs. We will continue to monitor the effects of COVID-19. (t) Regulatory Notice of Non-Compliance – The NJDEP standard for PFOA was developed based on a Health-based Maximum Contaminant Level (MCL) of 14 parts per trillion (ppt). Although the United States Environmental Protection Agency (USEPA) has not yet implemented an enforceable regulation relative to PFOA, the water distributed from the Park Avenue Well Field Treatment Plant does meet the USEPA’s current health advisory level of 70 parts per trillion (ppt) and would meet the NJDEP’s pre-2021 standard guidance level of 40 ppt, which was not a regulation. Construction of an enhanced treatment process at the Park Avenue Well Field Treatment Plant to comply with the NJDEP standard had already begun when the Notice was issued by the NJDEP. Since completion is not expected until mid-2023, in December 2021, the Company implemented an interim solution to meet the Notice requirements. The Park Avenue Well Field Treatment Plant was taken off-line and alternate sources of supply have been obtained. The Company is in the process of implementing an acceleration of a portion of the Park Avenue Wellfield treatment upgrades in order to meet anticipated increases in the historical higher water demand periods during the summer months and is also intended to result in compliance with the requirements of the Notice. In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability resulting from these lawsuits. In 2018, the Company identified the party believed to be the source of the PFAS in the wells supplying the Park Avenue Well Field Treatment Plant and filed a lawsuit against that entity seeking compensatory damages for the resulting damage to its properties and costs to remediate PFAS, punitive damages and attorney’s fees and costs. The ultimate resolution of this matter cannot be predicted at this time. In January 2022, the Company filed a petition with the NJBPU seeking to establish a regulatory asset and deferred accounting until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. While the Company believes other administrative or monetary penalties are unlikely, the issuance of the Notice does not preclude the State of New Jersey or any of its agencies from initiating formal administrative and/or judicial enforcement action, including assessment of penalties of up to $25,000 per day per offense if the Company is not in compliance with the requirements of the Notice by September 7, 2022. (u) Sale of Subsidiary |
Rate and Regulatory Matters
Rate and Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Rate and Regulatory Matters | Note 2 - Rate and Regulatory Matters Rate Matters Middlesex In March 2021, the NJBPU approved Middlesex’s annual petition to reset its PWAC tariff rate to recover additional costs of $1.1 million for the purchase of treated water from a non-affiliated regulated water utility. The new PWAC rate became effective April 4, 2021. In March 2020, the NJBPU approved Middlesex’s annual petition to reset its PWAC tariff rate to recover additional costs of $0.6 million for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. The new PWAC rate became effective on April 4, 2020. Tidewater - In March 2021, Tidewater was notified by the DEPSC that it had determined Tidewater’s earned rate of return exceeded the rate of return authorized by the DEPSC. Consequently, Tidewater reset its DSIC rate to zero effective April 1, 2021 and has refunded customers, with interest, primarily in the form of an account credit for DSIC revenue billed between April 1, 2020 and March 31, 2021. Accordingly, in March 2021, Tidewater recorded a $0.8 million reserve, net of tax, for such refunds. Tidewater applied the refund credits to individual customer accounts during the second quarter of 2021. Effective March 1, 2019, Tidewater received approval from the DEPSC to reduce its rates to reflect the lower corporate income tax rate enacted by the Tax Cuts and Jobs Act of 2017 (2017 Tax Act), resulting in a 3.35% rate decrease for certain customer classes. Pinelands - Southern Shores - 51 Index Twin Lakes Utilities, Inc. (Twin Lakes) - The financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex. Regulatory Matters We have recorded certain costs as regulatory assets because we expect full recovery of, or are currently recovering, these costs in the rates we charge customers. These deferred costs have been excluded from rate base and, therefore, we are not earning a return on the unamortized balances. These items are detailed as follows: (Thousands of Dollars) December 31, Remaining Regulatory Assets 2021 2020 Recovery Periods Retirement Benefits $ 24,926 $ 45,419 Various Income Taxes 70,427 66,759 Various Rate Cases, Tank Painting, and Other 5,385 5,966 2-10 years Total $ 100,738 $ 118,144 Retirement benefits include pension and other retirement benefits that have been recorded on the Consolidated Balance Sheet in accordance with the guidance provided in ASC 715 , Compensation – Retirement Benefits. The recovery period for income taxes is dependent upon when the temporary differences between the tax and book treatment of various items reverse. The 2017 Tax Act reduced the statutory corporate federal income tax rate from 35% to 21%. The tariff rates charged to customers effective prior to 2018 in the Company’s regulated companies include recovery of income taxes at the statutory rate in effect at the time those rates were approved by the respective state public utility commissions. As of December 31, 2021 and 2020, the Company has recorded regulatory liabilities of $30.4 million and $31.0 million, respectively for excess income taxes collected through rates due to the lower income tax rate under the 2017 Tax Act. These regulatory liabilities are overwhelmingly related to utility plant depreciation deduction timing differences, which are subject to Internal Revenue Service (IRS) normalization rules. The IRS rules limit how quickly the excess taxes attributable to accelerated taxes can be returned to customers. The current base rates for Middlesex, Pinelands and Twin Lakes’ customers became effective after 2017 and reflect the impact of the 2017 Tax Act on their revenue requirements. In February 2019, Tidewater received approval from the DEPSC to reduce its base rates to reflect the lower statutory corporate income tax rate enacted by the 2017 Tax Act (see Rate Matters-Tidewater As part of Middlesex’s March 2018 base water rate settlement with the NJBPU, Middlesex received approval for regulatory accounting treatment of income tax benefits associated with the adoption of tangible property regulations issued by the IRS (see Rate Matters-Middlesex 52 Index The Company uses composite depreciation rates for its regulated utility assets, which is currently an acceptable method under generally accepted accounting principles and is widely used in the utility industry. Historically, under the composite depreciation method, the anticipated costs of removing assets upon retirement are provided for over the life of those assets as a component of depreciation expense. The Company recovers certain asset retirement costs through rates charged to customers as an approved component of depreciation expense. As of December 31, 2021 and 2020, the Company has approximately $16.1 million and $14.9 million, respectively, of expected costs of removal recovered currently in rates in excess of actual costs incurred as regulatory liabilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 - Income Taxes Income tax (benefit) expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons: (Thousands of Dollars) Years Ended December 31, 2021 2020 2019 Income Tax at Statutory Rate $ 6,521 $ 7,204 $ 6,457 Tax Effect of: Utility Plant Related (1,290 ) (1,356 ) (802 ) Tangible Property Repairs (12,281 ) (11,298 ) (10,156 ) State Income Taxes – Net 1,499 1,364 1,173 Other 63 (33 ) 188 Total Income Tax (Benefit) Expense $ (5,488 ) $ (4,119 ) $ (3,140 ) Income tax (benefit) expense is comprised of the following: (Thousands of Dollars) Years Ended December 31, 2021 2020 2019 Current: Federal $ (8,247 ) $ (4,281 ) $ (3,822 ) State 1,467 2,598 2,246 Deferred: Federal 933 (1,490 ) (726 ) State 431 (871 ) (761 ) Investment Tax Credits (72 ) (75 ) (77 ) Total Income Tax (Benefit) Expense $ (5,488 ) $ (4,119 ) $ (3,140 ) As part of Middlesex’s March 2018 base water rate settlement with the NJBPU, Middlesex received approval for regulatory accounting treatment of income tax benefits associated with the adoption of tangible property regulations issued by the IRS as well as prospective recognition of the income tax benefits for the immediate deduction of repair costs on tangible property. This results in significant reductions in the Company’s effective income tax rate, current income tax (benefit) expense and deferred income tax (benefit) expense. 53 Index Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows: (Thousands of Dollars) December 31, 2021 2020 Utility Plant Related $ 65,107 $ 56,868 Customer Advances (3,595 ) (3,626 ) Employee Benefits 7,091 7,339 Investment Tax Credits 373 445 Other 524 271 Total Accumulated Deferred Income Taxes $ 69,500 $ 61,297 The Company’s federal income tax returns for the tax years 2014 through 2017 were selected for examination by the IRS, which included the tax year in which the Company had adopted the final IRS tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. As a result of the audit examination, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs. In 2019, the Company paid $2.7 million in income taxes and $0.1 million in interest in connection with the conclusion of the 2014 through 2017 federal income tax return audits. As of December 31, 2021, the Company’s income tax reserve provision and interest expense liability are $0.5 million and $0.2 million, respectively. The statutory review periods for federal income tax returns for the years prior to 2018 have been closed. Other than the effects of the provision against refundable taxes discussed above, there are no unrecognized tax benefits resulting from prior period tax positions. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 4 - 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, Delaware to purchase treated water of 15.0 million gallons annually. Purchased water costs are shown below: (Millions of Dollars) Years Ended December 31, 2021 2020 2019 Untreated $ 3.3 $ 3.4 $ 3.4 Treated 3.6 3.6 3.2 Total Costs $ 6.9 $ 7.0 $ 6.6 Guarantees - In November 2019, Middlesex was notified that the County terminated its Agreement with the Contractor. The Contractor had initiated legal action against the County that in part contests the County’s exercise of this termination. The County filed a counter-claim against the Contractor’s parent company and has brought Middlesex into the suit as a third-party defendant. Our ongoing monitoring of this litigation has led to the conclusion that we do not anticipate the ultimate outcome will have a material impact on the Company’s results of operations or financial condition. 54 Index 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 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 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 was $0.8 million, $0.8 million and $0.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Information related to operating lease ROU assets is as follows: (In Millions) December 31, 2021 2020 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (2.8 ) (2.1 ) Current ROU Asset $ 4.5 $ 5.2 The Company’s future minimum operating lease commitments as of December 31, 2021 are as follows: (In Millions) December 31, 2021 2022 $ 0.8 2023 0.8 2024 0.8 2025 0.8 2026 0.9 Thereafter 2.9 Total Lease Payments $ 7.0 Imputed Interest (1.8 ) Present Value of Lease Payments 5.2 Less Current Portion* (0.8 ) Non-Current Lease Liability $ 4.4 * Included in Other Current Liabilities 55 Index Construction Note 1(s) COVID-19 Contingencies PFOA Matter - Note 1(t) Regulatory Notice of Non-Compliance Change in Control Agreements |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Short-term Borrowings | Note 5 - Short-term Borrowings Information regarding the Company’s short-term borrowings for the years ended December 31, 2021 and 2020 is summarized below: (Millions of Dollars) 2021 2020 Average Amount Outstanding $ 23.7 $ 28.3 Weighted Average Interest Rate 1.12 % 1.55 % Notes Payable at Year-End $ 13.0 $ 2.0 Weighted Average Interest Rate at Year-End 1.04 % 1.04 % The Company maintained lines of credit aggregating $110.0 million and $140.0 million at December 31, 2021 and 2020, respectively. (Millions) As of December 31, 2021 Line of Credit Outstanding Available Maximum Credit Type Renewal Date Bank of America $ - $ 30.0 $ 30.0 Uncommitted January 26, 2023 PNC Bank 12.0 56.0 68.0 Committed January 31, 2024 CoBank 1.0 11.0 12.0 Committed November 30, 2023 $ 13.0 $ 97.0 $ 110.0 56 Index The Company's Bank of America line of credit was renewed on January 27, 2022 and will increase to $60.0 million, increasing the Company's total available lines of credit to $140.0 million. The Bank of America line of credit is renewed on an annual basis. The maturity dates for the Notes Payable as of December 31, 2021 are in January 2022 and are extendable at the discretion of the Company. The interest rates for borrowings under the lines of credit through December 31, 2021 were set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. Beginning in January 2022, borrowing rates will be set using the Bloomberg Short-Term Bank Yield Index. There is no requirement for a compensating balance under any of the established lines of credit. |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2021 | |
CAPITALIZATION: | |
Capitalization | Note 6 - Capitalization All the transactions discussed below related to the issuance of securities were approved by either the NJBPU or DEPSC, except where otherwise noted. Common Stock The Company issues shares of its common stock in connection with its Middlesex Water Company Investment Plan (the Investment Plan), a direct share purchase and dividend reinvestment plan for the Company’s common stock. The Company raised approximately $3.8 million under the Investment Plan during 2021. On September 1, 2021, the Company began offering shares of its common stock for purchase at a 3% discount to participants in the Investment Plan. The discount offering will continue until 200,000 shares are purchased at the discounted price or August 1, 2022, whichever event occurs first. Through February 25, 2022, 44,323 shares have been purchased through the discounted offering. The discount applies to all common stock purchases made under the Investment Plan, whether by optional cash payment or by dividend reinvestment. Since the inception of the Investment Plan and its predecessor plan, the Company has periodically replenished the level of authorized shares in the plans. Currently, 0.3 million shares remain registered with the United States Securities and Exchange Commission for the Investment Plan and available for potential issuance to participants. In 2019, the Company raised approximately $12.7 million primarily through a limited duration six-month share purchase discount feature of the Investment Plan. In November 2019, the Company sold and issued 0.8 million shares of common stock in a public offering priced at $60.50 per share. The net proceeds of $43.7 million were used for general corporate purposes including repayment of a portion of the Company’s short-term debt. The Company issues common shares under a restricted stock plan for certain management employees, which is described in Note 7 – Employee Benefit Plans The Company maintains a stock plan for its independent Directors as a component of outside members of the Board of Directors compensation. For the years ended December 31, 2021, 2020 and 2019, 3,444, 4,074 and 3,521 shares, respectively, of Middlesex common stock were granted and issued to the Company’s independent Directors under the plan. The maximum number of shares authorized for grant under the plan is 100,000, of which 49,125 shares remain available for future awards. In the event dividends on the preferred stock are in arrears, no dividends may be declared or paid on the common stock of the Company. Preferred Stock At December 31, 2021 and 2020, there were 120,000 shares of preferred stock authorized and less than 21,000 shares of preferred stock outstanding. There were no preferred stock dividends in arrears. The Company may not pay any dividends on its common stock unless full cumulative dividends to the preceding dividend date for all outstanding shares of preferred stock have been paid or set aside for payment. If four or more quarterly dividends are in arrears, the preferred shareholders, as a class, are entitled to elect two members to the Board of Directors in addition to Directors elected by holders of the common stock. In addition, if Middlesex were to liquidate, holders of preferred stock would be paid back the stated value of their preferred shares before any distributions could be made to common stockholders. 57 Index The conversion feature of the no par $7.00 Series Cumulative and Convertible Preferred Stock allows the security holders to exchange one convertible preferred share for twelve shares of the Company's common stock. In addition, the Company may redeem up to 10% of the outstanding convertible stock in any calendar year at a price equal to the fair value of twelve shares of the Company's common stock for each share of convertible stock redeemed. Long-term Debt Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of the borrowings under the New Jersey SRF is interest-free. 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. The interest rate on the Company’s current construction loan borrowings is zero percent (0%). 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. The term of the long-term loans currently offered through the NJIB is up to thirty years. Middlesex currently has two projects in the construction loan phase of the New Jersey SRF program: • In April 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the construction of a 4.5 mile large-diameter transmission pipeline from the Carl J. Olsen water treatment plant in Edison, New Jersey and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB construction loan in August 2018 and completed withdrawal of the proceeds in June 2021; and • In March 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the 2018 RENEW Program, which is an ongoing initiative to rehabilitate or replace water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018 and completed withdrawal of the proceeds in October 2019. The Company anticipates these two construction loans will be converted into long-term securitized loans by the NJIB by June 30, 2022. The NJIB has changed the SRF program for project funding priority ranking, the proportions of interest free loans and market interest rate loans and overall loan limits on interest free loan balances to investor-owned water utilities. These changes affect SRF projects for which the construction loan closes after September 2018. Under the new guidelines, the principal balance having a stated interest rate of zero percent (0%) is 25% of the loan balance with the remaining portion of 75% having a market based interest rate. This is limited to the first $10.0 million of the loan. Loan amounts above $10.0 million do not participate in the 0% rate program, but do participate at the market based interest rate. As a result of all these changes, the Company’s future capital funding plan currently does not include participating in the NJIB SRF program. In June 2021, Middlesex received approval from the NJBPU to redeem up to $45.5 million of outstanding first mortgage bonds (FMBs), specifically Series RR ($22.5 million) and Series SS ($23.0 million), and issue replacement FMBs at an overall lower cost of debt. In November 2021, Middlesex closed on a $45.5 million, 2.90% private placement of FMBs, designated as Series 2021B with a 2051 58 Index In May 2020, Middlesex received approval from the NJBPU to borrow up to $100 million, in one or more private placement transactions through December 31, 2023 to help fund Middlesex’s multi-year capital construction program. In connection with this approval: • In November 2021, Middlesex closed on a $19.5 million, 2.79% private placement of FMBs with a 2041 • In November 2020, Middlesex closed on a $40.0 million, 2.90% private placement of FMBs with a 2050 In November 2021, Tidewater received approval from the DEPSC to borrow up to $5.0 million under the Delaware SRF Program for construction of a one million gallon elevated storage tank. Tidewater closed on the $5.0 million loan in December 2021 and began receiving disbursements in January 2022. Borrowing under this loan is expected to continue through mid-2023. The final maturity date on the loan is 2044 In March 2021, Tidewater entered into a loan agreement with CoBank, ACB, pursuant to which Tidewater borrowed $20.0 million in September 2021 at an interest rate of 3.94% with a 2046 In order to help ensure adherence to its comprehensive financing plan, Middlesex received approval from the NJBPU in February 2019 to issue and sell up to $140 million of FMBs through the New Jersey Economic Development Authority (NJEDA) in one or more transactions through December 31, 2022. Because the interest paid to the bondholders is exempt from federal and New Jersey income taxes, the interest rate on debt issued through the NJEDA is generally lower than otherwise achievable in the traditional taxable corporate bond market. However, the interest received by the bondholder is subject to the Alternative Minimum Tax. In August 2019, Middlesex priced and closed on a NJEDA debt financing transaction of $53.7 million by issuing FMBs designated as Series 2019A ($32.5 million at coupon interest rate of 4.0%) and Series 2019B ($21.2 million at coupon interest rate of 5.0%). The proceeds, including an issuance premium of $7.1 million, were used to finance several projects under the Water For Tomorrow capital program initiated by the Company to upgrade and replace aging water utility infrastructure. The total proceeds of $60.8 million, initially recorded as Restricted Cash on the balance sheet, were held in escrow by a bond trustee. Funds were drawn down by requisition for the qualifying projects as costs were incurred with the final requisition made in February 2021. In March 2018, the DEPSC approved Tidewater’s request to borrow up to $0.9 million under the Delaware SRF program to fund the replacement of an entire water distribution system of a small Delaware community. Tidewater closed on the SRF loan in May 2018. In April 2019, Tidewater received approval from the DEPSC to increase the borrowing to $1.7 million based on revised project cost estimates. Tidewater closed on the additional SRF loan in October 2019 and completed withdrawal of the proceeds in April 2020. FMBs Series 2019A, 2019B, 2020A, 2021A and 2021B and the CoBank 2021 Amortizing Secured Note are term bonds with single maturity dates subsequent to 2026. The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below: Year (Millions of Dollars) Annual Maturities 2022 $ 6.7 2023 $ 16.1 2024 $ 6.0 2025 $ 5.6 2026 $ 5.4 The weighted average interest rate on all long-term debt at December 31, 2021 and 2020 was 2.83% and 3.02%, respectively. Except for the FMB Series 2020 ($40.0 million), FMB Series 2021 ($65.0 million) and Amortizing Secured Notes ($47.6 million), all of the Company’s outstanding long-term debt has been issued through the NJEDA ($63.6 million), the NJIB SRF program ($87.4 million) and the Delaware SRF program ($7.5 million). 59 Index 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 The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2021, 2020 and 2019. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series (fully converted into common stock in September 2019). (In Thousands, Except Per Share Amounts) 2021 2020 2019 Basic: Income Shares Income Shares Income Shares Net Income $ 36,543 17,492 $ 38,425 17,459 $ 33,888 16,685 Preferred Dividend (120 ) (120 ) (132 ) Earnings Applicable to Common Stock $ 36,423 17,492 $ 38,305 17,459 $ 33,756 16,685 Basic EPS $ 2.08 $ 2.19 $ 2.02 Diluted: Earnings Applicable to Common Stock $ 36,423 17,492 $ 38,305 17,459 $ 33,756 16,685 $7.00 Series Dividend 67 115 67 115 67 115 $8.00 Series Dividend - - - - 12 29 Adjusted Earnings Applicable to Common Stock $ 36,490 17,607 $ 38,372 17,574 $ 33,835 16,829 Diluted EPS $ 2.07 $ 2.18 $ 2.01 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 consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs 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: (Thousands of Dollars) At December 31, 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 98,828 $ 107,781 $ 147,667 $ 159,195 It was not practicable to estimate their fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series of long-term debt titled “Amortizing Secured Notes”, “State Revolving Trust Notes”, “State Revolving Fund Bond” and “Construction Loans” on the Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $212.3 million and $129.6 million at December 31, 2021 and 2020, respectively. Customer advances for construction have carrying amounts of $23.5 million and $23.4 million at December 31, 2021 and 2020, 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 7 - Employee Benefit Plans Pension Benefits The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. In order to be eligible for contribution, the eligible employee must be employed by the Company on December 31 st Other Benefits The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. Regulatory Treatment of Over/Underfunded Retirement Obligations Because the Company is subject to rate regulation in the states in which it operates, it is required to maintain its accounts in accordance with the regulatory authority’s rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance of ASC 980, Regulated Operations Regulated Operations Compensation – Retirement Benefits The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2021 and 2020. ( Thousands of Dollars) Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Change in Projected Benefit Obligation: Beginning Balance $ 115,861 $ 100,891 $ 52,776 $ 55,166 Service Cost 2,696 2,434 917 993 Interest Cost 2,706 3,099 1,236 1,699 Actuarial (Gain) Loss (4,185 ) 12,585 (4,705 ) (4,279 ) Benefits Paid (3,368 ) (3,148 ) (828 ) (803 ) Ending Balance $ 113,710 $ 115,861 $ 49,396 $ 52,776 61 Index Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Change in Fair Value of Plan Assets: Beginning Balance $ 88,921 $ 80,380 $ 44,892 $ 40,613 Actual Return on Plan Assets 11,798 8,289 5,776 3,988 Employer Contributions 3,400 3,400 828 1,094 Benefits Paid (3,369 ) (3,148 ) (828 ) (803 ) Ending Balance $ 100,750 $ 88,921 $ 50,668 $ 44,892 Funded Status $ (12,960 ) $ (26,940 ) $ 1,272 $ (7,884 ) Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Amounts Recognized in the Consolidated Balance Sheets consist of: Current Liability $ 398 $ 398 $ - $ - Noncurrent Liability 12,562 26,542 (1,272 ) 7,884 Net Liability Recognized $ 12,960 $ 26,940 $ (1,272 ) $ 7,884 (Thousands of Dollars) Pension Plan Other Benefits Plan Years Ended December 31, 2021 2020 2019 2021 2020 2019 Components of Net Periodic Benefit Cost Service Cost $ 2,696 $ 2,434 $ 2,171 $ 917 $ 993 $ 839 Interest Cost 2,706 3,099 3,426 1,236 1,699 1,984 Expected Return on Plan Assets (6,225 ) (5,635 ) (4,694 ) (3,142 ) (2,853 ) (2,451 ) Amortization of Net Actuarial Loss 2,868 2,059 1,618 527 1,352 1,319 Net Periodic Benefit Cost* $ 2,045 $ 1,957 $ 2,521 $ (462 ) $ 1,191 $ 1,691 *Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net. Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2022 are as follows: (Thousands of Dollars) Pension Plan Other Benefits Plan Actuarial Loss $ 1,673 $ - 62 Index The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2021, 2020 and 2019, respectively, are as follows: Pension Plan Other Benefits Plan 2021 2020 2019 2021 2020 2019 Weighted Average Assumptions: Expected Return on Plan Assets 7.00 % 7.00 % 7.00 % 7.00 % 7.00 % 7.00 % Discount Rate for: Benefit Obligation 2.72 % 2.37 % 3.12 % 2.72 % 2.37 % 3.12 % Benefit Cost 2.37 % 3.12 % 4.15 % 2.37 % 3.12 % 4.15 % Compensation Increase for: Benefit Obligation 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Benefit Cost 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % The compensation increase assumption for the Other Benefits Plan is attributable to life insurance provided to qualifying employees upon their retirement. The insurance coverage will be determined based on the employee’s base compensation as of their retirement date. The Company utilizes the Society of Actuaries’ mortality table (Pri-2012) (Mortality Improvement Scale MP2021 for the 2021 valuation). For the 2021 valuation, costs and obligations for our Other Benefits Plan assumed a 7.5% annual rate of increase in the per capita cost of covered healthcare benefits in 2022 with the annual rate of increase declining 0.5% per year for 2023-2028, resulting in an annual rate of increase in the per capita cost of covered healthcare benefits of 4.5% by year 2028. A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan: (Thousands of Dollars) 1 Percentage Point Increase Decrease Effect on Current Year Service and Interest Costs $ 472 $ (359 ) Effect on Projected Benefit Obligation $ 7,882 $ (6,228 ) The following benefit payments, which reflect expected future service, are expected to be paid: (Thousands of Dollars) Year Pension Plan Other Benefits Plan 2022 $ 3,735 $ 1,345 2023 3,985 1,462 2024 4,771 1,573 2025 5,179 1,675 2026 5,183 1,782 2027-2031 27,539 9,803 Totals $ 50,392 $ 17,640 63 Index Benefit Plans Assets The allocation of plan assets at December 31, 2021 and 2020 by asset category is as follows: Pension Plan Other Benefits Plan Asset Category 2021 2020 Target 2021 2020 Target Equity Securities 59.6 % 60.6 % 55 % 66.8 % 62.3 % 43 % Debt Securities 37.9 % 37.5 % 38 % 30.7 % 31.0 % 50 % Cash 1.0 % 1.2 % 2 % 2.5 % 6.7 % 2 % Real Estate/Commodities 1.5 % 0.7 % 5 % 0.0 % 0.0 % 5 % Total 100.0 % 100.0 % 100.0 % 100.0 % Two outside investment firms each manage a portion of the Pension Plan asset portfolio. One of those investment firms also manages the Other Benefits Plan asset portfolio. Quarterly meetings are held between the Company’s Pension Committee of the Board of Directors and the investment managers to review their performance and asset allocation. If the actual asset allocation is outside the targeted range, the Pension Committee reviews current market conditions and advice provided by the investment managers to determine the appropriateness of rebalancing the portfolio. The objective of the Company is to maximize the long-term return on retirement plan assets, relative to a reasonable level of risk, maintain a diversified investment portfolio and maintain compliance with the Employee Retirement Income Security Act of 1974. The expected long-term rate of return is based on the various asset categories in which plan assets are invested and the current expectations and historical performance for these categories. Equity securities include Middlesex common stock in the amounts of $0 (0.0% of total Pension Plan assets) and $1.4 million (1.6% of total Pension Plan assets) as of December 31, 2021 and 2020, respectively. Fair Value Measurements Accounting guidance provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows: • Level 1 – Inputs to the valuation methodology are unadjusted quoted market prices for identical assets or liabilities in accessible active markets. • Level 2 – Inputs to the valuation methodology that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. If the asset or liability has a specified contractual term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Certain investments in cash and cash equivalents, equity securities, and commodities are valued based on quoted market prices in active markets and are classified as Level 1 investments. Certain investments in cash and cash equivalents, equity securities and fixed income securities are valued using prices received from pricing vendors that utilize observable inputs and are therefore classified as Level 2 investments. 64 Index The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy: (Thousands of Dollars) As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual Funds $ 87,687 $ - $ - $ 87,687 Money Market Funds 1,057 - - 1,057 Common Equity Securities 12,006 - - 12,006 Total Investments $ 100,750 $ - $ - $ 100,750 (Thousands of Dollars) As of December 31, 2020 Level 1 Level 2 Level 3 Total Mutual Funds $ 76,026 $ - $ - $ 76,026 Money Market Funds 1,086 - - 1,086 Common Equity Securities 11,809 - - 11,809 Total Investments $ 88,921 $ - $ - $ 88,921 The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy: (Thousands of Dollars) As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual Funds $ 33,844 $ - $ - $ 33,844 Money Market Funds 1,291 - - 1,291 Agency/US/State/Municipal Debt - 15,533 - 15,533 Total Investments $ 35,135 $ 15,533 $ - $ 50,668 (Thousands of Dollars) As of December 31, 2020 Level 1 Level 2 Level 3 Total Mutual Funds $ 27,408 $ - $ - $ 27,408 Money Market Funds 3,696 - - 3,696 Agency/US/State/Municipal Debt - 13,788 - 13,788 Total Investments $ 31,104 $ 13,788 $ - $ 44,892 Benefit Plans Contributions For the Pension Plan, Middlesex made total cash contributions of $3.4 million in 2021 and expects to make approximately $3.4 million of cash contributions in 2022. For the Other Benefits Plan, Middlesex made total cash contributions of $0.8 million in 2021 and expects to make approximately $0.8 million of cash contributions in 2022. 65 Index 401(k) Plan The Company maintains a 401(k) defined contribution plan, which covers substantially all employees with more than 1,000 hours of service. Under the terms of the Plan, the Company matches 100% of a participant’s contributions, which do not exceed 1% of a participant’s compensation, plus 50% of a participant’s contributions exceeding 1%, but not more than 6%. The Company’s matching contribution was $0.7 million for each of the years ended December 31, 2021, 2020 and 2019. Employees hired after March 31, 2007 are not eligible to participate in the Pension Plan and are generally eligible to participate in a discretionary profit sharing plan administered through the 401(k) plan. In December each year, the Board of Directors may approve that a stated percentage of eligible compensation be contributed to the account of the employee participant in the first quarter of the following year. For those employees still actively employed on December 31, 2021 or retired during the current year, the Company will fund a discretionary contribution of $0.8 million before April 1, 2022, which represents 5.0% of eligible 2021 compensation. For each of the years ended December 31, 2020 and 2019, the Company made qualifying discretionary contributions totaling $0.7 million. Stock-Based Compensation The Company maintains a long-term incentive compensation plan for certain management employees where awards are made in the form of restricted common stock. Shares of restricted stock issued under the plan are subject to forfeiture by the employee in the event of termination of employment for any reason within five years of the award other than as a result of retirement at normal retirement age, death, disability or change in control. The maximum number of shares authorized for award under the plan is 300,000 shares, of which approximately 84% remain available for award. The Company recognizes compensation expense at fair value for the plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined by the market value of the stock on the date of the award and is being amortized over the expected vesting period. The following table presents awarded but not yet vested share information for the plan: Shares (thousands) Unearned Compensation (thousands) Weighted Average Grant Price Balance, January 1, 2019 125 $ 1,638 Granted 18 975 $ 55.99 Vested (28 ) - Forfeited (18 ) - Amortization of Compensation Expense - (907 ) Balance, December 31, 2019 97 $ 1,706 Granted 16 982 $ 60.12 Vested (27 ) - Amortization of Compensation Expense - (851 ) Balance, December 31, 2020 86 $ 1,837 Granted 15 1,151 $ 79.02 Vested (18 ) - Amortization of Compensation Expense - (1,057 ) Balance, December 31, 2021 83 $ 1,931 |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Data | Note 8 - 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 the states of New Jersey and Delaware with respect to utility service within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. 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. (Thousands of Dollars) Years Ended December 31, Operations by Segments: 2021 2020 2019 Revenues: Regulated $ 131,531 $ 129,851 $ 123,078 Non – Regulated 12,818 12,545 12,177 Inter-segment Elimination (1,208 ) (804 ) (657 ) Consolidated Revenues $ 143,141 $ 141,592 $ 134,598 Operating Income: Regulated $ 29,577 $ 34,043 $ 31,805 Non – Regulated 3,634 3,377 3,715 Consolidated Operating Income $ 33,211 $ 37,420 $ 35,520 Depreciation: Regulated $ 20,897 $ 18,264 $ 16,481 Non – Regulated 212 208 235 Consolidated Depreciation $ 21,109 $ 18,472 $ 16,716 Other Income (Expense), Net: Regulated $ 6,112 $ 4,605 $ 3,018 Non – Regulated 279 130 (253 ) Inter-segment Elimination (433 ) (356 ) (273 ) Consolidated Other Income (Expense), Net $ 5,958 $ 4,379 $ 2,492 Interest Charges: Regulated $ 8,529 $ 7,780 $ 7,456 Non – Regulated 17 70 81 Inter-segment Elimination (432 ) (357 ) (273 ) Consolidated Interest Charges $ 8,114 $ 7,493 $ 7,264 Income Taxes: Regulated $ (6,723 ) $ (5,139 ) $ (4,317 ) Non – Regulated 1,235 1,020 1,177 Consolidated Income Taxes $ (5,488 ) $ (4,119 ) $ (3,140 ) Net Income: Regulated $ 33,849 $ 35,951 $ 31,602 Non – Regulated 2,694 2,474 2,286 Consolidated Net Income $ 36,543 $ 38,425 $ 33,888 Capital Expenditures: Regulated $ 79,195 $ 105,091 $ 88,858 Non – Regulated 183 528 267 Total Capital Expenditures $ 79,378 $ 105,619 $ 89,125 67 Index (Thousands of Dollars) As of As of December 31, 2021 December 31, 2020 Assets: Regulated $ 1,022,116 $ 998,932 Non – Regulated 7,811 8,289 Inter-segment Elimination (9,912 ) (30,751 ) Consolidated Assets $ 1,020,015 $ 976,470 |
Quarterly Data - Unaudited
Quarterly Data - Unaudited | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data - Unaudited | Note 9 - Quarterly Data - Unaudited Financial information for each quarter of 2021 and 2020 is as follows: (Thousands of Dollars, Except per Share Data) 2021 1 st 2 nd 3 rd 4 th Total Operating Revenues $ 32,541 $ 36,701 $ 39,874 $ 34,025 $ 143,141 Operating Income 5,634 9,814 11,424 6,339 33,211 Net Income 6,907 10,923 11,476 7,237 36,543 Basic Earnings per Share $ 0.39 $ 0.62 $ 0.65 $ 0.42 $ 2.08 Diluted Earnings per Share $ 0.39 $ 0.62 $ 0.65 $ 0.41 $ 2.07 Common Dividend Per Share $ 0.2725 $ 0.2725 $ 0.2725 $ 0.2900 $ 1.1075 High/Low Common Stock Price $ 85.92/$67.09 $ 88.61/$77.31 $ 116.40/$81.02 $ 119.37/$98.12 2020 1 st 2 nd 3 rd 4 th Total Operating Revenues $ 31,769 $ 35,277 $ 39,920 $ 34,626 $ 141,592 Operating Income 6,527 9,385 13,177 8,331 37,420 Net Income 7,668 9,713 12,737 8,307 38,425 Basic Earnings per Share $ 0.44 $ 0.55 $ 0.73 $ 0.47 $ 2.19 Diluted Earnings per Share $ 0.44 $ 0.55 $ 0.72 $ 0.47 $ 2.18 Common Dividend Per Share $ 0.2563 $ 0.2563 $ 0.2563 $ 0.2725 $ 1.0414 High/Low Common Stock Price $ 69.92/$48.79 $ 72.41/$53.70 $ 69.89/$59.61 $ 76.08/$61.81 The information above, in the opinion of the Company, includes all adjustments consisting only of normal recurring accruals necessary for a fair presentation of such amounts. The business of the Company is subject to seasonal fluctuation with the peak period usually occurring during the summer months. The quarterly earnings per share amounts above may differ slightly from previous filings due to the effects of rounding. |
Organization, Summary of Sign_2
Organization, Summary of Significant Accounting Policies and Recent Developments (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization Summary Of Significant Accounting Policies And Recent Developments [Abstract] | |
Organization | (a) Organization Middlesex Water Company has operated as a water utility in New Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey and Delaware by the New Jersey Board of Public Utilities (NJBPU) and the Delaware Public Service Commission (DEPSC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities. |
Principles of Consolidation | (b) Principles of Consolidation - |
System of Accounts | (c) System of Accounts - |
Regulatory Accounting | (d) Regulatory Accounting Regulated Operations In accordance with ASC 980, Regulated Operations Rate and Regulatory Matters |
Retirement Benefit Plans | (e) Retirement Benefit Plans 46 Index The Company’s costs for providing retirement benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience. Retirement benefit plan obligations and expense are determined based on investment performance, discount rates and various other demographic factors related to the population participating in the Company’s retirement benefit plans, all of which can change significantly in future years. For more information on the Company’s Retirement Benefit Plans, see Note 7 – Employee Benefit Plans |
Utility Plant | (f) Utility Plant - |
Depreciation | (g) Depreciation - Source of Supply 1.15% - 3.44% Transmission and Distribution (T&D): Pumping 2.00% - 5.39% T&D – Mains 1.10% - 3.13% Water Treatment 1.65% - 7.09% T&D – Services 2.12% - 3.16% General Plant 2.08% - 17.84% T&D – Other 1.61% - 4.63% Wastewater Collection 1.42% - 1.81% Non-regulated fixed assets consist primarily of office buildings, furniture and fixtures, and transportation equipment. These assets are recorded at original cost and depreciation is calculated based on the estimated useful lives, ranging from 3 to 42 years. |
Preliminary Survey and Investigation (PS&I) Costs | (h) Preliminary Survey and Investigation (PS&I) Costs - |
Customers' Advances for Construction (CAC) | (i) Customers’ Advances for Construction (CAC) - |
Contributions in Aid of Construction (CIAC) | Contributions in Aid of Construction (CIAC) In accordance with regulatory requirements, CAC and CIAC are not depreciated. In addition, these amounts reduce the investment base for purposes of setting rates. |
Allowance for Funds Used During Construction (AFUDC) | (j) Allowance for Funds Used During Construction (AFUDC) 2021 2020 2019 Middlesex 6.50% 6.50% 6.50% Tidewater 7.92% 7.92% 7.92% |
Accounts Receivable | (k) Accounts Receivable Note 1 (s), COVID-19 |
Revenues | (l) Revenues The Company’s regulated revenue 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 to 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 2030 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. 48 Index The Company’s operating revenues are comprised of the following: (In Thousands) Years Ended December 31, 2021 2020 2019 Regulated Tariff Sales Residential $ 77,699 $ 76,798 $ 71,487 Commercial 16,715 15,448 15,198 Industrial 8,990 9,512 9,390 Fire Protection 12,608 12,374 12,291 Wholesale 14,590 15,187 14,319 Non-Regulated Contract Operations 12,391 12,130 11,773 Total Revenue from Contracts with Customers $ 142,993 $ 141,449 $ 134,458 Other Regulated Revenues 929 532 393 Other Non-Regulated Revenues 427 415 404 Inter-segment Elimination (1,208 ) (804 ) (657 ) Total Revenue $ 143,141 $ 141,592 $ 134,598 |
Unamortized Debt Expense and Premiums on Long-Term Debt | (m) Unamortized Debt Expense and Premiums on Long-Term Debt |
Income Taxes | (n) Income Taxes Income Taxes |
Cash and Cash Equivalents | (o) Cash and Cash Equivalents |
Restricted Cash | (p) Restricted Cash |
Use of Estimates | (q) Use of Estimates |
Recent Accounting Pronouncements | (r) Recent Accounting Pronouncements |
COVID-19 Pandemic | (s) COVID-19 Pandemic 49 Index The NJBPU and the DEPSC have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Neither jurisdiction has established a timetable or definitive formal procedures for seeking cost recovery. Since March 2020, the Company has increased its allowance for doubtful accounts for expected increases in accounts receivable write-offs due to the financial impact of COVID-19 on customers. The Company has not deferred any COVID-19 related incremental costs. We will continue to monitor the effects of COVID-19. |
Regulatory Notice of Non-Compliance | (t) Regulatory Notice of Non-Compliance – The NJDEP standard for PFOA was developed based on a Health-based Maximum Contaminant Level (MCL) of 14 parts per trillion (ppt). Although the United States Environmental Protection Agency (USEPA) has not yet implemented an enforceable regulation relative to PFOA, the water distributed from the Park Avenue Well Field Treatment Plant does meet the USEPA’s current health advisory level of 70 parts per trillion (ppt) and would meet the NJDEP’s pre-2021 standard guidance level of 40 ppt, which was not a regulation. Construction of an enhanced treatment process at the Park Avenue Well Field Treatment Plant to comply with the NJDEP standard had already begun when the Notice was issued by the NJDEP. Since completion is not expected until mid-2023, in December 2021, the Company implemented an interim solution to meet the Notice requirements. The Park Avenue Well Field Treatment Plant was taken off-line and alternate sources of supply have been obtained. The Company is in the process of implementing an acceleration of a portion of the Park Avenue Wellfield treatment upgrades in order to meet anticipated increases in the historical higher water demand periods during the summer months and is also intended to result in compliance with the requirements of the Notice. In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability resulting from these lawsuits. In 2018, the Company identified the party believed to be the source of the PFAS in the wells supplying the Park Avenue Well Field Treatment Plant and filed a lawsuit against that entity seeking compensatory damages for the resulting damage to its properties and costs to remediate PFAS, punitive damages and attorney’s fees and costs. The ultimate resolution of this matter cannot be predicted at this time. In January 2022, the Company filed a petition with the NJBPU seeking to establish a regulatory asset and deferred accounting until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. While the Company believes other administrative or monetary penalties are unlikely, the issuance of the Notice does not preclude the State of New Jersey or any of its agencies from initiating formal administrative and/or judicial enforcement action, including assessment of penalties of up to $25,000 per day per offense if the Company is not in compliance with the requirements of the Notice by September 7, 2022. |
Sale of Subsidiary | (u) Sale of Subsidiary |
Organization, Summary of Sign_3
Organization, Summary of Significant Accounting Policies and Recent Developments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization Summary Of Significant Accounting Policies And Recent Developments [Abstract] | |
Range of depreciation rates | (g) Depreciation - Source of Supply 1.15% - 3.44% Transmission and Distribution (T&D): Pumping 2.00% - 5.39% T&D – Mains 1.10% - 3.13% Water Treatment 1.65% - 7.09% T&D – Services 2.12% - 3.16% General Plant 2.08% - 17.84% T&D – Other 1.61% - 4.63% Wastewater Collection 1.42% - 1.81% |
Allowance for Funds Used During Construction Rates | (j) Allowance for Funds Used During Construction (AFUDC) 2021 2020 2019 Middlesex 6.50% 6.50% 6.50% Tidewater 7.92% 7.92% 7.92% |
Schedule of Operating Revenues | The Company’s operating revenues are comprised of the following: (In Thousands) Years Ended December 31, 2021 2020 2019 Regulated Tariff Sales Residential $ 77,699 $ 76,798 $ 71,487 Commercial 16,715 15,448 15,198 Industrial 8,990 9,512 9,390 Fire Protection 12,608 12,374 12,291 Wholesale 14,590 15,187 14,319 Non-Regulated Contract Operations 12,391 12,130 11,773 Total Revenue from Contracts with Customers $ 142,993 $ 141,449 $ 134,458 Other Regulated Revenues 929 532 393 Other Non-Regulated Revenues 427 415 404 Inter-segment Elimination (1,208 ) (804 ) (657 ) Total Revenue $ 143,141 $ 141,592 $ 134,598 |
Rate and Regulatory Matters (Ta
Rate and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Schedule of regulatory assets | We have recorded certain costs as regulatory assets because we expect full recovery of, or are currently recovering, these costs in the rates we charge customers. These deferred costs have been excluded from rate base and, therefore, we are not earning a return on the unamortized balances. These items are detailed as follows: (Thousands of Dollars) December 31, Remaining Regulatory Assets 2021 2020 Recovery Periods Retirement Benefits $ 24,926 $ 45,419 Various Income Taxes 70,427 66,759 Various Rate Cases, Tank Painting, and Other 5,385 5,966 2-10 years Total $ 100,738 $ 118,144 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax expense reconciliation | Income tax (benefit) expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons: (Thousands of Dollars) Years Ended December 31, 2021 2020 2019 Income Tax at Statutory Rate $ 6,521 $ 7,204 $ 6,457 Tax Effect of: Utility Plant Related (1,290 ) (1,356 ) (802 ) Tangible Property Repairs (12,281 ) (11,298 ) (10,156 ) State Income Taxes – Net 1,499 1,364 1,173 Other 63 (33 ) 188 Total Income Tax (Benefit) Expense $ (5,488 ) $ (4,119 ) $ (3,140 ) |
Income tax expense | Income tax (benefit) expense is comprised of the following: (Thousands of Dollars) Years Ended December 31, 2021 2020 2019 Current: Federal $ (8,247 ) $ (4,281 ) $ (3,822 ) State 1,467 2,598 2,246 Deferred: Federal 933 (1,490 ) (726 ) State 431 (871 ) (761 ) Investment Tax Credits (72 ) (75 ) (77 ) Total Income Tax (Benefit) Expense $ (5,488 ) $ (4,119 ) $ (3,140 ) |
Deferred tax liability | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows: (Thousands of Dollars) December 31, 2021 2020 Utility Plant Related $ 65,107 $ 56,868 Customer Advances (3,595 ) (3,626 ) Employee Benefits 7,091 7,339 Investment Tax Credits 373 445 Other 524 271 Total Accumulated Deferred Income Taxes $ 69,500 $ 61,297 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of water cost purchased | Purchased water costs are shown below: (Millions of Dollars) Years Ended December 31, 2021 2020 2019 Untreated $ 3.3 $ 3.4 $ 3.4 Treated 3.6 3.6 3.2 Total Costs $ 6.9 $ 7.0 $ 6.6 |
Schedule of operating lease ROU assets and lease liabilities | Information related to operating lease ROU assets is as follows: (In Millions) December 31, 2021 2020 ROU Asset at Lease Inception $ 7.3 $ 7.3 Accumulated Amortization (2.8 ) (2.1 ) Current ROU Asset $ 4.5 $ 5.2 |
Schedule of future minimum operating lease | The Company’s future minimum operating lease commitments as of December 31, 2021 are as follows: (In Millions) December 31, 2021 2022 $ 0.8 2023 0.8 2024 0.8 2025 0.8 2026 0.9 Thereafter 2.9 Total Lease Payments $ 7.0 Imputed Interest (1.8 ) Present Value of Lease Payments 5.2 Less Current Portion* (0.8 ) Non-Current Lease Liability $ 4.4 * Included in Other Current Liabilities |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Schedule of information regarding short-term borrowings | Information regarding the Company’s short-term borrowings for the years ended December 31, 2021 and 2020 is summarized below: (Millions of Dollars) 2021 2020 Average Amount Outstanding $ 23.7 $ 28.3 Weighted Average Interest Rate 1.12 % 1.55 % Notes Payable at Year-End $ 13.0 $ 2.0 Weighted Average Interest Rate at Year-End 1.04 % 1.04 % |
Schedule of Line of Credit | The Company maintained lines of credit aggregating $110.0 million and $140.0 million at December 31, 2021 and 2020, respectively. (Millions) As of December 31, 2021 Line of Credit Outstanding Available Maximum Credit Type Renewal Date Bank of America $ - $ 30.0 $ 30.0 Uncommitted January 26, 2023 PNC Bank 12.0 56.0 68.0 Committed January 31, 2024 CoBank 1.0 11.0 12.0 Committed November 30, 2023 $ 13.0 $ 97.0 $ 110.0 |
Capitalization (Tables)
Capitalization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CAPITALIZATION: | |
Schedule of maturities of long term debt | FMBs Series 2019A, 2019B, 2020A, 2021A and 2021B and the CoBank 2021 Amortizing Secured Note are term bonds with single maturity dates subsequent to 2026. The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below: Year (Millions of Dollars) Annual Maturities 2022 $ 6.7 2023 $ 16.1 2024 $ 6.0 2025 $ 5.6 2026 $ 5.4 |
Schedule of earnings per share | The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2021, 2020 and 2019. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series (fully converted into common stock in September 2019). (In Thousands, Except Per Share Amounts) 2021 2020 2019 Basic: Income Shares Income Shares Income Shares Net Income $ 36,543 17,492 $ 38,425 17,459 $ 33,888 16,685 Preferred Dividend (120 ) (120 ) (132 ) Earnings Applicable to Common Stock $ 36,423 17,492 $ 38,305 17,459 $ 33,756 16,685 Basic EPS $ 2.08 $ 2.19 $ 2.02 Diluted: Earnings Applicable to Common Stock $ 36,423 17,492 $ 38,305 17,459 $ 33,756 16,685 $7.00 Series Dividend 67 115 67 115 67 115 $8.00 Series Dividend - - - - 12 29 Adjusted Earnings Applicable to Common Stock $ 36,490 17,607 $ 38,372 17,574 $ 33,835 16,829 Diluted EPS $ 2.07 $ 2.18 $ 2.01 |
Schedule of carrying amount and estimated fair value of bonds | 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 consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs 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: (Thousands of Dollars) At December 31, 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value FMBs $ 98,828 $ 107,781 $ 147,667 $ 159,195 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Change in projected benefit obligation and fair value of plan assets | The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2021 and 2020. ( Thousands of Dollars) Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Change in Projected Benefit Obligation: Beginning Balance $ 115,861 $ 100,891 $ 52,776 $ 55,166 Service Cost 2,696 2,434 917 993 Interest Cost 2,706 3,099 1,236 1,699 Actuarial (Gain) Loss (4,185 ) 12,585 (4,705 ) (4,279 ) Benefits Paid (3,368 ) (3,148 ) (828 ) (803 ) Ending Balance $ 113,710 $ 115,861 $ 49,396 $ 52,776 61 Index Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Change in Fair Value of Plan Assets: Beginning Balance $ 88,921 $ 80,380 $ 44,892 $ 40,613 Actual Return on Plan Assets 11,798 8,289 5,776 3,988 Employer Contributions 3,400 3,400 828 1,094 Benefits Paid (3,369 ) (3,148 ) (828 ) (803 ) Ending Balance $ 100,750 $ 88,921 $ 50,668 $ 44,892 Funded Status $ (12,960 ) $ (26,940 ) $ 1,272 $ (7,884 ) |
Amounts recognized in balance sheet | Pension Plan Other Benefits Plan December 31, 2021 2020 2021 2020 Amounts Recognized in the Consolidated Balance Sheets consist of: Current Liability $ 398 $ 398 $ - $ - Noncurrent Liability 12,562 26,542 (1,272 ) 7,884 Net Liability Recognized $ 12,960 $ 26,940 $ (1,272 ) $ 7,884 |
Components of net benefit cost | (Thousands of Dollars) Pension Plan Other Benefits Plan Years Ended December 31, 2021 2020 2019 2021 2020 2019 Components of Net Periodic Benefit Cost Service Cost $ 2,696 $ 2,434 $ 2,171 $ 917 $ 993 $ 839 Interest Cost 2,706 3,099 3,426 1,236 1,699 1,984 Expected Return on Plan Assets (6,225 ) (5,635 ) (4,694 ) (3,142 ) (2,853 ) (2,451 ) Amortization of Net Actuarial Loss 2,868 2,059 1,618 527 1,352 1,319 Net Periodic Benefit Cost* $ 2,045 $ 1,957 $ 2,521 $ (462 ) $ 1,191 $ 1,691 *Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net. |
Amounts expected to be amortized from regulatory assets | Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2022 are as follows: (Thousands of Dollars) Pension Plan Other Benefits Plan Actuarial Loss $ 1,673 $ - |
Discount and compensation rates | The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2021, 2020 and 2019, respectively, are as follows: Pension Plan Other Benefits Plan 2021 2020 2019 2021 2020 2019 Weighted Average Assumptions: Expected Return on Plan Assets 7.00 % 7.00 % 7.00 % 7.00 % 7.00 % 7.00 % Discount Rate for: Benefit Obligation 2.72 % 2.37 % 3.12 % 2.72 % 2.37 % 3.12 % Benefit Cost 2.37 % 3.12 % 4.15 % 2.37 % 3.12 % 4.15 % Compensation Increase for: Benefit Obligation 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % Benefit Cost 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % 3.00 % |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan: (Thousands of Dollars) 1 Percentage Point Increase Decrease Effect on Current Year Service and Interest Costs $ 472 $ (359 ) Effect on Projected Benefit Obligation $ 7,882 $ (6,228 ) |
Expected benefit payments | The following benefit payments, which reflect expected future service, are expected to be paid: (Thousands of Dollars) Year Pension Plan Other Benefits Plan 2022 $ 3,735 $ 1,345 2023 3,985 1,462 2024 4,771 1,573 2025 5,179 1,675 2026 5,183 1,782 2027-2031 27,539 9,803 Totals $ 50,392 $ 17,640 |
Allocation of plan assets | The allocation of plan assets at December 31, 2021 and 2020 by asset category is as follows: Pension Plan Other Benefits Plan Asset Category 2021 2020 Target 2021 2020 Target Equity Securities 59.6 % 60.6 % 55 % 66.8 % 62.3 % 43 % Debt Securities 37.9 % 37.5 % 38 % 30.7 % 31.0 % 50 % Cash 1.0 % 1.2 % 2 % 2.5 % 6.7 % 2 % Real Estate/Commodities 1.5 % 0.7 % 5 % 0.0 % 0.0 % 5 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Fair value of plan assets | The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy: (Thousands of Dollars) As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual Funds $ 87,687 $ - $ - $ 87,687 Money Market Funds 1,057 - - 1,057 Common Equity Securities 12,006 - - 12,006 Total Investments $ 100,750 $ - $ - $ 100,750 (Thousands of Dollars) As of December 31, 2020 Level 1 Level 2 Level 3 Total Mutual Funds $ 76,026 $ - $ - $ 76,026 Money Market Funds 1,086 - - 1,086 Common Equity Securities 11,809 - - 11,809 Total Investments $ 88,921 $ - $ - $ 88,921 The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy: (Thousands of Dollars) As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual Funds $ 33,844 $ - $ - $ 33,844 Money Market Funds 1,291 - - 1,291 Agency/US/State/Municipal Debt - 15,533 - 15,533 Total Investments $ 35,135 $ 15,533 $ - $ 50,668 (Thousands of Dollars) As of December 31, 2020 Level 1 Level 2 Level 3 Total Mutual Funds $ 27,408 $ - $ - $ 27,408 Money Market Funds 3,696 - - 3,696 Agency/US/State/Municipal Debt - 13,788 - 13,788 Total Investments $ 31,104 $ 13,788 $ - $ 44,892 |
Restricted stock plan | The following table presents awarded but not yet vested share information for the plan: Shares (thousands) Unearned Compensation (thousands) Weighted Average Grant Price Balance, January 1, 2019 125 $ 1,638 Granted 18 975 $ 55.99 Vested (28 ) - Forfeited (18 ) - Amortization of Compensation Expense - (907 ) Balance, December 31, 2019 97 $ 1,706 Granted 16 982 $ 60.12 Vested (27 ) - Amortization of Compensation Expense - (851 ) Balance, December 31, 2020 86 $ 1,837 Granted 15 1,151 $ 79.02 Vested (18 ) - Amortization of Compensation Expense - (1,057 ) Balance, December 31, 2021 83 $ 1,931 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 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. (Thousands of Dollars) Years Ended December 31, Operations by Segments: 2021 2020 2019 Revenues: Regulated $ 131,531 $ 129,851 $ 123,078 Non – Regulated 12,818 12,545 12,177 Inter-segment Elimination (1,208 ) (804 ) (657 ) Consolidated Revenues $ 143,141 $ 141,592 $ 134,598 Operating Income: Regulated $ 29,577 $ 34,043 $ 31,805 Non – Regulated 3,634 3,377 3,715 Consolidated Operating Income $ 33,211 $ 37,420 $ 35,520 Depreciation: Regulated $ 20,897 $ 18,264 $ 16,481 Non – Regulated 212 208 235 Consolidated Depreciation $ 21,109 $ 18,472 $ 16,716 Other Income (Expense), Net: Regulated $ 6,112 $ 4,605 $ 3,018 Non – Regulated 279 130 (253 ) Inter-segment Elimination (433 ) (356 ) (273 ) Consolidated Other Income (Expense), Net $ 5,958 $ 4,379 $ 2,492 Interest Charges: Regulated $ 8,529 $ 7,780 $ 7,456 Non – Regulated 17 70 81 Inter-segment Elimination (432 ) (357 ) (273 ) Consolidated Interest Charges $ 8,114 $ 7,493 $ 7,264 Income Taxes: Regulated $ (6,723 ) $ (5,139 ) $ (4,317 ) Non – Regulated 1,235 1,020 1,177 Consolidated Income Taxes $ (5,488 ) $ (4,119 ) $ (3,140 ) Net Income: Regulated $ 33,849 $ 35,951 $ 31,602 Non – Regulated 2,694 2,474 2,286 Consolidated Net Income $ 36,543 $ 38,425 $ 33,888 Capital Expenditures: Regulated $ 79,195 $ 105,091 $ 88,858 Non – Regulated 183 528 267 Total Capital Expenditures $ 79,378 $ 105,619 $ 89,125 67 Index (Thousands of Dollars) As of As of December 31, 2021 December 31, 2020 Assets: Regulated $ 1,022,116 $ 998,932 Non – Regulated 7,811 8,289 Inter-segment Elimination (9,912 ) (30,751 ) Consolidated Assets $ 1,020,015 $ 976,470 |
Quarterly Data - Unaudited (Tab
Quarterly Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | Financial information for each quarter of 2021 and 2020 is as follows: (Thousands of Dollars, Except per Share Data) 2021 1 st 2 nd 3 rd 4 th Total Operating Revenues $ 32,541 $ 36,701 $ 39,874 $ 34,025 $ 143,141 Operating Income 5,634 9,814 11,424 6,339 33,211 Net Income 6,907 10,923 11,476 7,237 36,543 Basic Earnings per Share $ 0.39 $ 0.62 $ 0.65 $ 0.42 $ 2.08 Diluted Earnings per Share $ 0.39 $ 0.62 $ 0.65 $ 0.41 $ 2.07 Common Dividend Per Share $ 0.2725 $ 0.2725 $ 0.2725 $ 0.2900 $ 1.1075 High/Low Common Stock Price $ 85.92/$67.09 $ 88.61/$77.31 $ 116.40/$81.02 $ 119.37/$98.12 2020 1 st 2 nd 3 rd 4 th Total Operating Revenues $ 31,769 $ 35,277 $ 39,920 $ 34,626 $ 141,592 Operating Income 6,527 9,385 13,177 8,331 37,420 Net Income 7,668 9,713 12,737 8,307 38,425 Basic Earnings per Share $ 0.44 $ 0.55 $ 0.73 $ 0.47 $ 2.19 Diluted Earnings per Share $ 0.44 $ 0.55 $ 0.72 $ 0.47 $ 2.18 Common Dividend Per Share $ 0.2563 $ 0.2563 $ 0.2563 $ 0.2725 $ 1.0414 High/Low Common Stock Price $ 69.92/$48.79 $ 72.41/$53.70 $ 69.89/$59.61 $ 76.08/$61.81 |
Organization, Summary of Sign_4
Organization, Summary of Significant Accounting Policies and Recent Developments (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | ||||
Percent voting interest | 50.00% | |||
Percent of operating revenues | 91.00% | |||
Percent of total assets | 99.00% | |||
Allowance for doubtful accounts | $ 2.6 | $ 2.1 | ||
Bad debt expense | 0.9 | 1.1 | $ 1 | |
Write-offs | $ 0.4 | $ 0.5 | $ 0.6 | |
Artesian Wastewater Management, Inc [Member] | ||||
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | ||||
Percentage of interest acquired | 100.00% | |||
Common stock acquired | $ 6.4 | |||
Minimum [Member] | ||||
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | ||||
Estimated useful lives of non-regulated fixed assets | 3 years | |||
Maximum [Member] | ||||
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | ||||
Estimated useful lives of non-regulated fixed assets | 42 years |
Organization, Summary of Sign_5
Organization, Summary of Significant Accounting Policies and Recent Developments (Schedule of Depreciation Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Source of Supply [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.15% | 1.15% | 1.15% |
Source of Supply [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 3.44% | 3.44% | 3.44% |
Pumping [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 2.00% | 2.00% | 2.00% |
Pumping [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 5.39% | 5.39% | 5.39% |
Water Treatment [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.65% | 1.65% | 1.65% |
Water Treatment [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 7.09% | 7.09% | 7.09% |
General Plant [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 2.08% | 2.08% | 2.08% |
General Plant [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 17.84% | 17.84% | 17.84% |
Wastewater Collection [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.42% | 1.42% | 1.42% |
Wastewater Collection [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.81% | 1.81% | 1.81% |
T&D Mains [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.10% | 1.10% | 1.10% |
T&D Mains [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 3.13% | 3.13% | 3.13% |
T&D Services [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 2.12% | 2.12% | 2.12% |
T&D Services [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 3.16% | 3.16% | 3.16% |
T&D Other [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 1.61% | 1.61% | 1.61% |
T&D Other [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 4.63% | 4.63% | 4.63% |
Organization, Summary of Sign_6
Organization, Summary of Significant Accounting Policies and Recent Developments (Schedule of AFUDC Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Middlesex [Member] | |||
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | |||
Allowance for Funds Used During Construction Rates | 6.50% | 6.50% | 6.50% |
Tidewater [Member] | |||
Organization, Summary Of Significant Accounting Policies And Recent Developments [Line Items] | |||
Allowance for Funds Used During Construction Rates | 7.92% | 7.92% | 7.92% |
Organization, Summary of Sign_7
Organization, Summary of Significant Accounting Policies and Recent Developments (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Regulated Tariff Sales | |||||||||||
Residential | $ 77,699 | $ 76,798 | $ 71,487 | ||||||||
Commercial | 16,715 | 15,448 | 15,198 | ||||||||
Industrial | 8,990 | 9,512 | 9,390 | ||||||||
Fire Protection | 12,608 | 12,374 | 12,291 | ||||||||
Wholesale | 14,590 | 15,187 | 14,319 | ||||||||
Non-Regulated Contract Operations | 12,391 | 12,130 | 11,773 | ||||||||
Total Revenue from Contracts with Customers | 142,993 | 141,449 | 134,458 | ||||||||
Other Regulated Revenues | 929 | 532 | 393 | ||||||||
Other Non-Regulated Revenues | 427 | 415 | 404 | ||||||||
Inter-segment Elimination | (1,208) | (804) | (657) | ||||||||
Total Revenue | $ 34,025 | $ 39,874 | $ 36,701 | $ 32,541 | $ 34,626 | $ 39,920 | $ 35,277 | $ 31,769 | $ 143,141 | $ 141,592 | $ 134,598 |
Rate and Regulatory Matters (Na
Rate and Regulatory Matters (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2023 | Jan. 02, 2022 | Nov. 04, 2019 | Mar. 01, 2019 | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 |
Regulatory Liabilities [Line Items] | |||||||||||
Corporate tax rate | 3.35% | ||||||||||
Regulatory liabilities | $ 30,400 | $ 30,400 | $ 31,000 | ||||||||
Deferred income tax benefits | $ (10,989) | (13,490) | $ (11,719) | ||||||||
Maximum [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Corporate tax rate | 35.00% | ||||||||||
Minimum [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Corporate tax rate | 21.00% | ||||||||||
Middlesex [Member] | Within 30 Days [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Escrow deposit | $ 1,700 | ||||||||||
Tidewater [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Proceeds from net of tax refunds | $ 800 | ||||||||||
Maturity date | Mar. 31, 2046 | ||||||||||
Delaware Public Service Commission [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Percentage of consumer price index | 3.00% | ||||||||||
Maturity date | Dec. 31, 2029 | ||||||||||
Delaware Public Service Commission [Member] | Tidewater [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | 600 | ||||||||||
New Jersey Board Of Public Utilities [Member] | Pinelands Wastewater [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | $ 500 | ||||||||||
New Jersey Board Of Public Utilities [Member] | Middlesex [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | 27,700 | ||||||||||
Base rate amount | $ 513,500 | ||||||||||
Return on equity | 9.60% | ||||||||||
Regulatory liabilities | $ 3,000 | $ 3,000 | $ 14,900 | ||||||||
New Jersey Board Of Public Utilities [Member] | Middlesex [Member] | Scenario Forecast [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | $ 7,000 | ||||||||||
New Jersey Board Of Public Utilities [Member] | Middlesex [Member] | Subsequent Event [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | $ 20,700 | ||||||||||
New Jersey Board Of Public Utilities [Member] | Middlesex [Member] | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Approved increase in annual operating revenues | $ 1,100 | $ 600 |
Rate and Regulatory Matters (Sc
Rate and Regulatory Matters (Schedule of Regulatory Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 100,738 | $ 118,144 |
Retirement Benefits [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 24,926 | $ 45,419 |
Remaining recovery period | Various | Various |
Income Taxes [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 70,427 | $ 66,759 |
Remaining recovery period | Various | Various |
Rate Cases, Tank Painting, and Other [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 5,385 | $ 5,966 |
Remaining recovery period | 2-10 years | 2-10 years |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income Tax at Statutory Rate | $ 6,521 | $ 7,204 | $ 6,457 |
Tax Effect of: | |||
Utility Plant Related | (1,290) | (1,356) | (802) |
Tangible Property Repairs | (12,281) | (11,298) | (10,156) |
State Income Taxes - Net | 1,499 | 1,364 | 1,173 |
Other | 63 | (33) | 188 |
Total Income Tax (Benefit) Expense | $ (5,488) | $ (4,119) | $ (3,140) |
Income Taxes (Schedule of Inc_2
Income Taxes (Schedule of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ (8,247) | $ (4,281) | $ (3,822) |
State | 1,467 | 2,598 | 2,246 |
Deferred: | |||
Federal | 933 | (1,490) | (726) |
State | 431 | (871) | (761) |
Investment Tax Credits | (72) | (75) | (77) |
Total Income Tax (Benefit) Expense | $ (5,488) | $ (4,119) | $ (3,140) |
Income Taxes (Schedule of Net D
Income Taxes (Schedule of Net Deferred Tax Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Utility Plant Related | $ 65,107 | $ 56,868 |
Customer Advances | (3,595) | (3,626) |
Employee Benefits | 7,091 | 7,339 |
Investment Tax Credits | 373 | 445 |
Other | 524 | 271 |
Total Deferred Tax Liability and ITC | $ 69,500 | $ 61,297 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Income taxes Paid | $ (5,488) | $ (4,119) | $ (3,140) |
Tax Year 2014 Through 2017 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Interest expense | 500 | 100 | |
Income taxes Paid | $ 200 | $ 2,700 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) gal in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)gal | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commitment And Contingencies [Line Items] | |||
Budgeted construction cost for construction program, 2022 | $ 88 | ||
Budgeted construction cost for construction program, 2023 | 83 | ||
Budgeted construction cost for construction program, 2024 | 58 | ||
Rental expenses under operating leases | 0.8 | $ 0.8 | $ 0.7 |
Estimated obligation expend | $ 34 | ||
Estimated incremental borrowing rate | 4.03% | ||
Lease maturity date | 2030 | ||
NJ Water Supply Authority [Member] | |||
Commitment And Contingencies [Line Items] | |||
Purchase commitment expiration date of contract | Nov. 30, 2023 | ||
Water purchase per commitment | gal | 27 | ||
Regulated Water Authority [Member] | |||
Commitment And Contingencies [Line Items] | |||
Purchase commitment expiration date of contract | Feb. 27, 2026 | ||
Water purchase per commitment | gal | 3 | ||
City of Dover [Member] | |||
Commitment And Contingencies [Line Items] | |||
Water purchase per commitment | gal | 15 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Schedule of Purchased Water Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Purchased Water | |||
Untreated | $ 3.3 | $ 3.4 | $ 3.4 |
Treated | 3.6 | 3.6 | 3.2 |
Total Costs | $ 6.9 | $ 7 | $ 6.6 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities (Schedule of Operating Lease ROU Assets and Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
ROU Asset at Lease Inception | $ 7.3 | $ 7.3 |
Accumulated Amortization | (2.8) | (2.1) |
Current ROU Asset | $ 4.5 | $ 5.2 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities (Schedule of Future Minimum Operating Lease) (Details) $ in Millions | Dec. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 | $ 0.8 | |
2023 | 0.8 | |
2024 | 0.8 | |
2025 | 0.8 | |
2026 | 0.9 | |
Thereafter | 2.9 | |
Total Lease Payments | 7 | |
Imputed Interest | (1.8) | |
Present Value of Lease Payments | 5.2 | |
Less Current Portion | (0.8) | [1] |
Non-Current Lease Liability | $ 4.4 | |
[1] | Included in Other Current Liabilities |
Short-term Borrowings (Narrativ
Short-term Borrowings (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Abstract] | ||
Maximum Lines of credit | $ 110 | $ 140 |
Lines of credit | 60 | |
Increase line of credit | $ 140 |
Short Term Borrowings (Schedule
Short Term Borrowings (Schedule of Weighted Average Daily Amounts of Borrowings Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lines Of Credit Facility | ||
Average Outstanding | $ 23.7 | $ 28.3 |
Weighted Average Interest Rate | 1.12% | 1.55% |
Notes Payable at Year-End | $ 13 | $ 2 |
Weighted Average Interest Rate at Year-End | 1.04% | 1.04% |
Short-term Borrowings (Schedule
Short-term Borrowings (Schedule of Line of Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Outstanding | $ 13 | |
Available | 97 | |
Maximum | 110 | $ 140 |
Bank of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding | ||
Available | 30 | |
Maximum | $ 30 | |
Credit Type | Uncommitted | |
Renewal Date | Jan. 26, 2023 | |
PNC Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding | $ 12 | |
Available | 56 | |
Maximum | $ 68 | |
Credit Type | Committed | |
Renewal Date | Jan. 31, 2024 | |
CoBank [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding | $ 1 | |
Available | 11 | |
Maximum | $ 12 | |
Credit Type | Committed | |
Renewal Date | Nov. 30, 2023 |
Capitalization (Narrative) (Det
Capitalization (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 25, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | May 31, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Aug. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Mar. 31, 2018 | |
Schedule of Capitalization [Line Items] | ||||||||||||||||
Issuance of Common Stock | $ 43,700 | |||||||||||||||
Public offering, price per share | $ 60.50 | |||||||||||||||
Issuance of Common Stock in a public offering, shares | 800,000 | |||||||||||||||
Additional Shares Authorized By SEC To Be Issued | 300,000 | |||||||||||||||
Preferred Stock, Shares Authorized | 120,000 | 120,000 | ||||||||||||||
Preferred Stock, Shares Outstanding | 20,000 | 20,000 | ||||||||||||||
Long-term debt | $ 311,146 | $ 277,241 | ||||||||||||||
Other long term debt | 212,300 | 129,600 | ||||||||||||||
Customer advances | 23,529 | 23,404 | ||||||||||||||
First Mortgage Bonds - Series 2019A [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | $ 32,500 | |||||||||||||||
Interest rate | 4.00% | |||||||||||||||
First Mortgage Bonds - Series 2019B [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | $ 21,200 | |||||||||||||||
Interest rate | 5.00% | |||||||||||||||
All Long-term Debt [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Weighted average interest rate | 2.83% | 3.02% | ||||||||||||||
First Mortgage Bonds - Series 2020A [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | $ 40,000 | |||||||||||||||
First Mortgage Bonds - Series 2021 [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | 65,000 | |||||||||||||||
Private placement loan [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Percentage of principal with stated interest rate | 2.90% | |||||||||||||||
Proceeds from private placement | $ 45,500 | |||||||||||||||
Maturity date | Nov. 30, 2051 | |||||||||||||||
Delaware State Revolving Fund [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Maximum borrowing amount | $ 900 | |||||||||||||||
Delaware State Revolving Fund [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Maximum borrowing amount | $ 10,000 | |||||||||||||||
Maximum borrowing capacity, construction loan | $ 5,000 | $ 1,700 | ||||||||||||||
Long-term debt | 7,500 | |||||||||||||||
Maturity date | Nov. 30, 2044 | |||||||||||||||
Series 2018A [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Proceeds from issuance of first mortgage bond | $ 7,100 | |||||||||||||||
Amortizing Secured Notes [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | 47,600 | |||||||||||||||
New Jersey Economic Development Authority [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Long-term debt | $ 63,600 | |||||||||||||||
New Jersey Infrastructure Bank [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Maximum borrowing capacity, construction loan | $ 8,700 | $ 43,500 | ||||||||||||||
Percentage of principal with stated interest rate | 75.00% | |||||||||||||||
Percentage of principal with market interest rate | 25.00% | |||||||||||||||
Long-term debt | $ 87,400 | |||||||||||||||
Interest rate | 0.00% | |||||||||||||||
Construction Loan [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Interest rate | 0.00% | |||||||||||||||
FMB [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Percentage of principal with stated interest rate | 2.79% | 2.90% | ||||||||||||||
Proceeds from private placement | $ 19,500 | $ 40,000 | ||||||||||||||
Maturity date | Nov. 30, 2041 | Nov. 30, 2050 | ||||||||||||||
Amount of maximum redeem martgage bonds | $ 45,500 | |||||||||||||||
FMB [Member] | Series RR [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Amount of maximum redeem martgage bonds | 22,500 | |||||||||||||||
FMB [Member] | Series SS [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Amount of maximum redeem martgage bonds | $ 23,000 | |||||||||||||||
New Jersey Board Of Public Utilities [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Proceeds from issuance of first mortgage bond | $ 100,000 | |||||||||||||||
Maturity date | Dec. 31, 2023 | |||||||||||||||
Tidewater [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Percentage of principal with stated interest rate | 3.94% | |||||||||||||||
Maturity date | Mar. 31, 2046 | |||||||||||||||
Other long term debt | $ 20,000 | |||||||||||||||
First Mortgage Bonds [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Maximum borrowing capacity, construction loan | $ 60,800 | $ 53,700 | ||||||||||||||
New Jersey Economic Development Authority [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Proceeds from issuance of first mortgage bond | $ 140,000 | |||||||||||||||
Maturity date | Dec. 31, 2022 | |||||||||||||||
Convertible Preferred Stock $7.00 Series [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Percentage of stock that may be redeemed in a given calander year | 10.00% | |||||||||||||||
Outside Director Stock Compensation Plan [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Issuance of Common Stock | $ 12,700 | |||||||||||||||
Common stock granted and issued under plan | 3,444 | 4,074 | 3,521 | |||||||||||||
Maximum number of shares authorized for grant | 100,000 | |||||||||||||||
Shares remain available for future awards | 49,125 | |||||||||||||||
Preferred Stock, Shares Authorized | 120,000 | 120,000 | ||||||||||||||
Preferred Stock, Shares Outstanding | 21,000 | 21,000 | ||||||||||||||
Dividend Reinvestment and Common Stock Purchase Plan [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Issuance of Common Stock | $ 3,800 | |||||||||||||||
Percentage of discount purchase of common stock in investment plan | 3.00% | |||||||||||||||
Number of shares offering for discount | 200,000 | |||||||||||||||
Dividend Reinvestment and Common Stock Purchase Plan [Member] | Subsequent Event [Member] | ||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||
Number of shares offering for discount | 44,323 |
Capitalization (Schedule of Mat
Capitalization (Schedule of Maturities of Long-term Debt) (Details) $ in Millions | Dec. 31, 2021USD ($) |
CAPITALIZATION: | |
2022 | $ 6.7 |
2023 | 16.1 |
2024 | 6 |
2025 | 5.6 |
2026 | $ 5.4 |
Capitalization (Schedule of Ear
Capitalization (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic: | |||||||||||
Net Income | $ 7,237 | $ 11,476 | $ 10,923 | $ 6,907 | $ 8,307 | $ 12,737 | $ 9,713 | $ 7,668 | $ 36,543 | $ 38,425 | $ 33,888 |
Preferred Dividend | (120) | (120) | (132) | ||||||||
Earnings Applicable to Common Stock | $ 36,423 | $ 38,305 | $ 33,756 | ||||||||
Weighted-average number of basic shares outstanding, shares | 17,492 | 17,459 | 16,685 | ||||||||
Basic EPS | $ 0.42 | $ 0.65 | $ 0.62 | $ 0.39 | $ 0.47 | $ 0.73 | $ 0.55 | $ 0.44 | $ 2.08 | $ 2.19 | $ 2.02 |
Diluted: | |||||||||||
$7.00 Series Preferred Dividend | $ 67 | $ 67 | $ 67 | ||||||||
$8.00 Series Preferred Dividend | 12 | ||||||||||
Adjusted Earnings Applicable to Common Stock | $ 36,490 | $ 38,372 | $ 33,835 | ||||||||
Incremental common shares attributable to $7.00 series preferred shares, shares | 115 | 115 | 115 | ||||||||
Incremental common shares attributable to $8.00 series preferred shares, shares | 29 | ||||||||||
Weighted-average diluted shares outstanding, shares | 17,607 | 17,574 | 16,829 | ||||||||
Diluted EPS | $ 0.41 | $ 0.65 | $ 0.62 | $ 0.39 | $ 0.47 | $ 0.72 | $ 0.55 | $ 0.44 | $ 2.07 | $ 2.18 | $ 2.01 |
Capitalization (Schedule of Car
Capitalization (Schedule of Carrying Amount and Fair Value of Bonds) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying amount [Member] | ||
Bonds | $ 98,828 | $ 147,667 |
Fair value [Member] | ||
Bonds | $ 107,781 | $ 159,195 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 100.4 | $ 101.7 | |
Increase (decrease) in annual rate per capita cost of covered healthcare benefits, next year | 7.50% | ||
Increase (decrease) in annual rate per capita cost of covered healthcare benefits, 2023-2028 | 0.50% | ||
Increase (decrease) in annual rate per capita cost of covered healthcare benefits, 2028 | 4.50% | ||
Number of hours required to participate in contribution plan | 1,000 | ||
Percent of participants contributions matched by company, below one percent of participants compensation | 100.00% | ||
Percent of participants contributions matched by company, above one percent of participants compensation | 50.00% | ||
Threshold percentage of participants compensation at which matching decreases | 1.00% | ||
Matching contributions, percent | 6.00% | ||
Matching contributions | $ 0.7 | 0.7 | $ 0.7 |
Discretionary contributions, percent | 5.00% | ||
Discretionary contributions | $ 0.8 | $ 0.7 | $ 0.7 |
Maximum number of shares authorized for grant | 300,000 | ||
Equity Securities [Member] | Middlesex [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 0.00% | 1.60% | |
Common stock in plan, value | $ 0 | $ 1.4 | |
Other Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 100.00% | 100.00% | |
Benfit plan, Cash contributions | $ 0.8 | ||
Other Benefits Plan [Member] | Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benfit plan, Cash contributions | $ 0.8 | ||
Pension Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 100.00% | 100.00% | |
Benfit plan, Cash contributions | $ 3.4 | ||
Pension Benefit Plan [Member] | Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benfit plan, Cash contributions | $ 3.4 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Change in Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefit Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Beginning Balance | $ 115,861 | $ 100,891 | |
Service Cost | 2,696 | 2,434 | $ 2,171 |
Interest Cost | 2,706 | 3,099 | 3,426 |
Actuarial (Gain) Loss | (4,185) | 12,585 | |
Benefits Paid | (3,368) | (3,148) | |
Ending Balance | 113,710 | 115,861 | 100,891 |
Other Benefits Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Beginning Balance | 52,776 | 55,166 | |
Service Cost | 917 | 993 | 839 |
Interest Cost | 1,236 | 1,699 | 1,984 |
Actuarial (Gain) Loss | (4,705) | (4,279) | |
Benefits Paid | (828) | (803) | |
Ending Balance | $ 49,396 | $ 52,776 | $ 55,166 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Change in Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefit Plan [Member] | ||
Change in Fair Value of Plan Assets: | ||
Beginning Balance | $ 88,921 | $ 80,380 |
Actual Return on Plan Assets | 11,798 | 8,289 |
Employer Contributions | 3,400 | 3,400 |
Benefits Paid | (3,369) | (3,148) |
Ending Balance | 100,750 | 88,921 |
Funded Status | (12,960) | (26,940) |
Other Benefits Plan [Member] | ||
Change in Fair Value of Plan Assets: | ||
Beginning Balance | 44,892 | 40,613 |
Actual Return on Plan Assets | 5,776 | 3,988 |
Employer Contributions | 828 | 1,094 |
Benefits Paid | (828) | (803) |
Ending Balance | 50,668 | 44,892 |
Funded Status | $ 1,272 | $ (7,884) |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Employee Benefit Plans Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefit Plan [Member] | ||
Current Liability | $ 398 | $ 398 |
Noncurrent Liability (Assets) | 12,562 | 26,542 |
Net Liability (Asset) Recognized | 12,960 | 26,940 |
Other Benefits Plan [Member] | ||
Current Liability | ||
Noncurrent Liability (Assets) | (1,272) | 7,884 |
Net Liability (Asset) Recognized | $ (1,272) | $ 7,884 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule of Periodic Costs For Employee Retirement Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Pension Benefit Plan [Member] | ||||
Periodic costs for employee retirement benefit plans | ||||
Service Cost | $ 2,696 | $ 2,434 | $ 2,171 | |
Interest Cost | 2,706 | 3,099 | 3,426 | |
Expected Return on Plan Assets | (6,225) | (5,635) | (4,694) | |
Amortization of Net Actuarial Loss | 2,868 | 2,059 | 1,618 | |
Net Periodic Benefit Cost | [1] | 2,045 | 1,957 | 2,521 |
Other Benefits Plan [Member] | ||||
Periodic costs for employee retirement benefit plans | ||||
Service Cost | 917 | 993 | 839 | |
Interest Cost | 1,236 | 1,699 | 1,984 | |
Expected Return on Plan Assets | (3,142) | (2,853) | (2,451) | |
Amortization of Net Actuarial Loss | 527 | 1,352 | 1,319 | |
Net Periodic Benefit Cost | [1] | $ (462) | $ 1,191 | $ 1,691 |
[1] | Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net. |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule of Amounts Expected to be Amortized from Regulatory Assets to Net Periodic Benefit Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Benefit Plan [Member] | |
Actuarial Loss | $ 1,673 |
Other Benefits Plan [Member] | |
Actuarial Loss |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule of Discount and Compensation Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefit Plan [Member] | |||
Weighted Average Assumptions: | |||
Expected Return on Plan Assets | 7.00% | 7.00% | 7.00% |
Discount Rate for: | |||
Benefit Obligation | 2.72% | 2.37% | 3.12% |
Benefit Cost | 2.37% | 3.12% | 4.15% |
Compensation Increase for: | |||
Benefit Obligation | 3.00% | 3.00% | 3.00% |
Benefit Cost | 3.00% | 3.00% | 3.00% |
Other Benefits Plan [Member] | |||
Weighted Average Assumptions: | |||
Expected Return on Plan Assets | 7.00% | 7.00% | 7.00% |
Discount Rate for: | |||
Benefit Obligation | 2.72% | 2.37% | 3.12% |
Benefit Cost | 2.37% | 3.12% | 4.15% |
Compensation Increase for: | |||
Benefit Obligation | 3.00% | 3.00% | 3.00% |
Benefit Cost | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule of Effect of One-percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Benefit Plan [Member] | |
Effect on Current Year Service and Interest Costs - Increase | $ 472 |
Effect on Projected Benefit Obligation - Increase | 7,882 |
Other Benefits Plan [Member] | |
Effect on Current Year Service and Interest Costs - Decrease | (359) |
Effect on Projected Benefit Obligation - Decrease | $ (6,228) |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefit Plan [Member] | |
2022 | $ 3,735 |
2023 | 3,985 |
2024 | 4,771 |
2025 | 5,179 |
2026 | 5,183 |
2027-2031 | 27,539 |
Totals | 50,392 |
Other Benefits Plan [Member] | |
2022 | 1,345 |
2023 | 1,462 |
2024 | 1,573 |
2025 | 1,675 |
2026 | 1,782 |
2027-2031 | 9,803 |
Totals | $ 17,640 |
Employee Benefit Plans (Sched_9
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefit Plan [Member] | ||
Allocation of plan assets | 100.00% | 100.00% |
Pension Benefit Plan [Member] | Commodities [Member] | ||
Allocation of plan assets | 1.50% | 0.70% |
Target plan allocations | 5.00% | |
Pension Benefit Plan [Member] | Cash [Member] | ||
Allocation of plan assets | 1.00% | 1.20% |
Target plan allocations | 2.00% | |
Pension Benefit Plan [Member] | Debt Securities [Member] | ||
Allocation of plan assets | 37.90% | 37.50% |
Target plan allocations | 38.00% | |
Pension Benefit Plan [Member] | Equity Securities [Member] | ||
Allocation of plan assets | 59.60% | 60.60% |
Target plan allocations | 55.00% | |
Other Benefits Plan [Member] | ||
Allocation of plan assets | 100.00% | 100.00% |
Other Benefits Plan [Member] | Commodities [Member] | ||
Allocation of plan assets | 0.00% | 0.00% |
Target plan allocations | 5.00% | |
Other Benefits Plan [Member] | Cash [Member] | ||
Allocation of plan assets | 2.50% | 6.70% |
Target plan allocations | 2.00% | |
Other Benefits Plan [Member] | Debt Securities [Member] | ||
Allocation of plan assets | 30.70% | 31.00% |
Target plan allocations | 50.00% | |
Other Benefits Plan [Member] | Equity Securities [Member] | ||
Allocation of plan assets | 66.80% | 62.30% |
Target plan allocations | 43.00% |
Employee Benefit Plans (Sche_10
Employee Benefit Plans (Schedule of Fair Value of Pension Plan Assets) (Details) - Pension Benefit Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of plan assets | $ 100,750 | $ 88,921 |
Mutual Funds [Member] | ||
Fair value of plan assets | 87,687 | 76,026 |
Money Market Funds [Member] | ||
Fair value of plan assets | 1,057 | 1,086 |
Equity Securities [Member] | ||
Fair value of plan assets | 12,006 | 11,809 |
Fair Value, Level 1 [Member] | ||
Fair value of plan assets | 100,750 | 88,921 |
Fair Value, Level 1 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets | 87,687 | 76,026 |
Fair Value, Level 1 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets | 1,057 | 1,086 |
Fair Value, Level 1 [Member] | Equity Securities [Member] | ||
Fair value of plan assets | 12,006 | 11,809 |
Fair Value, Level 2 [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 2 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 2 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 2 [Member] | Equity Securities [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Equity Securities [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets |
Employee Benefit Plans (Sche_11
Employee Benefit Plans (Schedule of Fair Value of Other Benefits Plan Assets) (Details) - Other Benefits Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of plan assets | $ 50,668 | $ 44,892 |
Debt Securities [Member] | ||
Fair value of plan assets | 15,533 | 13,788 |
Money Market Funds [Member] | ||
Fair value of plan assets | 1,291 | 3,696 |
Mutual Funds [Member] | ||
Fair value of plan assets | 33,844 | 27,408 |
Fair Value, Level 1 [Member] | ||
Fair value of plan assets | 35,135 | 31,104 |
Fair Value, Level 1 [Member] | Debt Securities [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 1 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets | 1,291 | 3,696 |
Fair Value, Level 1 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets | 33,844 | 27,408 |
Fair Value, Level 2 [Member] | ||
Fair value of plan assets | 15,533 | 13,788 |
Fair Value, Level 2 [Member] | Debt Securities [Member] | ||
Fair value of plan assets | 15,533 | 13,788 |
Fair Value, Level 2 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 2 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Debt Securities [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Money Market Funds [Member] | ||
Fair value of plan assets | ||
Fair Value, Level 3 [Member] | Mutual Funds [Member] | ||
Fair value of plan assets |
Employee Benefit Plans (Sche_12
Employee Benefit Plans (Schedule of Restricted Stock Plan) (Details) - 2008 Restricted Stock Plan [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Balance | 86 | 97 | 125 |
Granted | 15 | 16 | 18 |
Vested | (18) | (27) | (28) |
Forfeited | (18) | ||
Amortization of Compensation Expense | |||
Balance | 83 | 86 | 97 |
Unearned compensation | |||
Balance | $ 1,837 | $ 1,706 | $ 1,638 |
Granted | 1,151 | 982 | 975 |
Vested | |||
Forfeited | |||
Amortization of Compensation Expense | (1,057) | (851) | (907) |
Balance | $ 1,931 | $ 1,837 | $ 1,706 |
Weighted Average Grant Price | |||
Granted | $ 79.02 | $ 60.12 | $ 55.99 |
Business Segment Data (Details)
Business Segment Data (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 2 | ||||||||||
Revenues | $ 34,025 | $ 39,874 | $ 36,701 | $ 32,541 | $ 34,626 | $ 39,920 | $ 35,277 | $ 31,769 | $ 143,141 | $ 141,592 | $ 134,598 |
Operating Income | 6,339 | 11,424 | 9,814 | 5,634 | 8,331 | 13,177 | 9,385 | 6,527 | 33,211 | 37,420 | 35,520 |
Depreciation | 21,109 | 18,472 | 16,716 | ||||||||
Other Income (Expense), Net | 5,958 | 4,379 | 2,492 | ||||||||
Interest Expense | 8,114 | 7,493 | 7,264 | ||||||||
Income Taxes | (5,488) | (4,119) | (3,140) | ||||||||
Net Income | 7,237 | $ 11,476 | $ 10,923 | $ 6,907 | 8,307 | $ 12,737 | $ 9,713 | $ 7,668 | 36,543 | 38,425 | 33,888 |
Capital Expenditures | 79,378 | 105,619 | 89,125 | ||||||||
Assets | 1,020,015 | 976,470 | 1,020,015 | 976,470 | |||||||
Non - Regulated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 12,818 | 12,545 | 12,177 | ||||||||
Operating Income | 3,634 | 3,377 | 3,715 | ||||||||
Depreciation | 212 | 208 | 235 | ||||||||
Other Income (Expense), Net | 279 | 130 | (253) | ||||||||
Interest Expense | 17 | 70 | 81 | ||||||||
Income Taxes | 1,235 | 1,020 | 1,177 | ||||||||
Net Income | 2,694 | 2,474 | 2,286 | ||||||||
Capital Expenditures | 183 | 528 | 267 | ||||||||
Assets | 7,811 | 8,289 | 7,811 | 8,289 | |||||||
Regulated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 131,531 | 129,851 | 123,078 | ||||||||
Operating Income | 29,577 | 34,043 | 31,805 | ||||||||
Depreciation | 20,897 | 18,264 | 16,481 | ||||||||
Other Income (Expense), Net | 6,112 | 4,605 | 3,018 | ||||||||
Interest Expense | 8,529 | 7,780 | 7,456 | ||||||||
Income Taxes | (6,723) | (5,139) | (4,317) | ||||||||
Net Income | 33,849 | 35,951 | 31,602 | ||||||||
Capital Expenditures | 79,195 | 105,091 | 88,858 | ||||||||
Assets | 1,022,116 | 998,932 | 1,022,116 | 998,932 | |||||||
Inter-segment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (1,208) | (804) | (657) | ||||||||
Other Income (Expense), Net | (433) | (356) | (273) | ||||||||
Interest Expense | (432) | (357) | $ (273) | ||||||||
Assets | $ (9,912) | $ (30,751) | $ (9,912) | $ (30,751) |
Quarterly Data - Unaudited (Det
Quarterly Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating Revenues | $ 34,025 | $ 39,874 | $ 36,701 | $ 32,541 | $ 34,626 | $ 39,920 | $ 35,277 | $ 31,769 | $ 143,141 | $ 141,592 | $ 134,598 |
Operating Income | 6,339 | 11,424 | 9,814 | 5,634 | 8,331 | 13,177 | 9,385 | 6,527 | 33,211 | 37,420 | 35,520 |
Net Income | $ 7,237 | $ 11,476 | $ 10,923 | $ 6,907 | $ 8,307 | $ 12,737 | $ 9,713 | $ 7,668 | $ 36,543 | $ 38,425 | $ 33,888 |
Basic Earnings per Share | $ 0.42 | $ 0.65 | $ 0.62 | $ 0.39 | $ 0.47 | $ 0.73 | $ 0.55 | $ 0.44 | $ 2.08 | $ 2.19 | $ 2.02 |
Diluted Earnings per Share | 0.41 | 0.65 | 0.62 | 0.39 | 0.47 | 0.72 | 0.55 | 0.44 | 2.07 | 2.18 | 2.01 |
Common Dividend Per Share | 0.2900 | 0.2725 | 0.2725 | 0.2725 | 0.2725 | 0.2563 | 0.2563 | 0.2563 | $ 1.108 | $ 1.041 | $ 0.976 |
High Common Stock Price | 119.37 | 116.40 | 88.61 | 85.92 | 76.08 | 69.89 | 72.41 | 69.92 | |||
Low Common Stock Price | $ 98.12 | $ 81.02 | $ 77.31 | $ 67.09 | $ 61.81 | $ 59.61 | $ 53.70 | $ 48.79 |